Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce a Pilot Program for NYSE Trades, 5707-5709 [E9-1981]

Download as PDF Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 10 in general, and furthers the objectives of Section 6(b)(5) of the Act 11 in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. The Exchange believes that the proposal is consistent with these obligations because clarification of the Exchange’s FCO margin rules should benefit investors and traders and be in the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. II. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the forgoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, it has become effective pursuant to Section 19(b)(3)(A) of the Act 12 and Rule 19b–4(f)(6) thereunder.13 A proposed rule change filed under Rule 19b–4(f)(6) normally may not become operative prior to 30 days after the date of filing. However, Rule 19b– 4(f)(6)(iii) permits the Commission to designate a shorter time if such action is consistent with the protection of 10 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). 12 15 U.S.C. 78s(b)(3)(A). 13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires a self-regulatory organization to provide the Commission with written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has fulfilled this requirement. mstockstill on PROD1PC66 with NOTICES 11 15 VerDate Nov<24>2008 16:54 Jan 29, 2009 Jkt 217001 investors and the public interest.14 Phlx requests that the Commission waive the 30-day operative delay. The proposed rule change is substantially similar to an ISE rule relating to margin for foreign currency options.15 The Commission believes that this proposed rule change does not raise any new, unique or substantive issues from those raised in the approved ISE filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because such waiver will allow the Phlx to apply FCO margin rules that are similar to those of other options exchanges.16 Therefore, the Commission designates the proposal operative upon filing. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Phlx–2009–01 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–Phlx–2009–01. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will 14 17 CFR 240.19b–4(f)(6). Act. Release No. 55575 (April 3, 2007), 72 FR 17963 (April 10, 2007) (SR–ISE–2006– 59). 16 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition and capital formation. See 15 U.S.C. 78c(f). 15 Exchange PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 5707 post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549 on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–Phlx–2009–01 and should be submitted on or before February 20, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–1978 Filed 1–29–09; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Release No. 34–59290; File No. SR–NYSE– 2009–05] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce a Pilot Program for NYSE Trades January 23, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on January 16, 2009, the New York Stock Exchange, LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by NYSE. NYSE has designated the proposed rule change as 17 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\30JAN1.SGM 30JAN1 5708 Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices constituting a non-controversial rule change under Rule 19b–4(f)(6) under the Act,3 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to establish a pilot program to introduce its NYSE Trades service at no charge. NYSE Trades is a new NYSE-only market data service that allows a vendor to redistribute on a real-time basis the same last sale information that NYSE reports to the Consolidated Tape Association (‘‘CTA’’) for inclusion in CTA’s consolidated data stream and certain other related data elements (‘‘NYSE Last Sale Information’’). II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in sections (A), (B) and (C) below, of the most significant aspects of such statements. mstockstill on PROD1PC66 with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose a. The Service. The Exchange proposes to establish a pilot program to introduce NYSE Trades, a new service pursuant to which it will allow vendors, broker-dealers and others (‘‘NYSE-Only Vendors’’) to make available NYSE Last Sale Information on a real-time basis.4 The Exchange will not impose any fees for the receipt and use of NYSE Trades, whether on vendors or subscribers, during the pilot period. Contemporaneously with the proposed rule change, the Exchange submitted a proposed rule change that seeks to establish a $1500 per month 3 17 CFR 240.19b–4(f)(6). Exchange notes that it will make the NYSE Last Sale Information available to vendors no earlier than it makes its last sale information available to the processor under the CTA Plan. 4 The VerDate Nov<24>2008 16:54 Jan 29, 2009 Jkt 217001 access fee for the receipt and redistribution of the NYSE Trades datafeed(s) and a $15 per month device fee for the end-use of NYSE Trades’ NYSE Last Sale Information (the ‘‘NYSE Trades Fee Filing’’). The Exchange would not commence to impose those fees until the later of Commission approval of the NYSE Trades Fee Filing and the end of the pilot period. NYSE Last Sale Information would include last sale information for all securities that are traded on the Exchange. Currently, the Exchange trades only Network A Securities. The Exchange will make NYSE Last Sale Information available through its new NYSE Trades service at the same time as it provides last sale information to the processor under the CTA Plan. In addition to the information that the Exchange provides to CTA, NYSE Last Sale Information will also include a unique sequence number that the Exchange assigns to each trade and that allows an investor to track the context of the trade through such other Exchange market data products as NYSE OpenBook® and NYSE Info Tools®. The Exchange developed NYSE Trades primarily at the request of traders who are very latency sensitive. The latency difference between accessing last sales through the NYSE datafeed or through the CTA datafeed can be measured in tens of milliseconds. The Exchange anticipates that demand for the product will derive primarily from investors and broker-dealers who desire to use NYSE Trades to power certain trading algorithms or smart order routers. The free access to NYSE Trades during the pilot period will enable investors to determine whether NYSE Trades provides value to their business models and will enable the Exchange to make the service available during the time required to obtain approval for the fees. b. Administrative Requirements. During the pilot period, the Exchange will require NYSE-Only Vendors to enter into the form of ‘‘vendor’’ agreement into which the CTA Plan requires recipients of the Network A last sale prices information datafeeds to enter (the ‘‘Network A Vendor Form’’). The Network A Vendor Form will authorize the NYSE-Only Vendor to provide the NYSE Trades service to its subscribers and customers. The Network A Participants drafted the Network A Vendor Form as a onesize-fits-all form to capture most categories of market data dissemination. It is sufficiently generic to accommodate NYSE Trades. The Network A Vendor PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 Form has been in use in substantially the same form since 1990.5 Similarly, the Exchange will require professional and non-professional subscribers to NYSE Trades to undertake to comply with the same contract, reporting, payment, and other administrative requirements as to which the Network A Participants subject them in respect of Network A last sale information under the CTA Plan. c. Duration of Pilot Program. The Exchange proposes to commence the pilot program shortly after submitting the proposed rule change to the Commission. The Exchange proposes to conduct the pilot test for 90 days from its commencement date. If, at the end of the pilot period, the Commission has not yet acted on the NYSE Trades Fee Filing, the Exchange will assess its experience with NYSE Trades and determine whether to extend or modify the pilot program. 2. Statutory Basis The bases under the Act for the proposed rule change are the requirements under Section 6(b)(5) that the rules of an exchange be designed to promote just and equitable principles of trade and not to permit unfair discrimination between customers, issuers, brokers or dealers. The pilot program would benefit investors by providing a free alternative to the last sale price information that they receive under the CTA Plan. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has discussed the pilot program with those entities that the Exchange believes would be the most likely to take advantage of the proposed NYSE Last Sale Information service by becoming NYSE-Only Vendors. While those entities have not submitted formal, written comments on the proposal, the Exchange has incorporated some of their ideas into the proposal and the proposed rule change reflects their input. The Exchange has not received any unsolicited written comments from members or other interested parties. 5 See Release Nos. 34–28407 (September 10, 1990), and 34–49185 (February 4, 2004). E:\FR\FM\30JAN1.SGM 30JAN1 Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 6 and Rule 19b– 4(f)(6) thereunder.7 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 8 normally does not become operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6) 9 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. NYSE requests that the Commission waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay 10 is consistent with the protection of investors and the public interest because such waiver will allow the Exchange to immediately provide additional information to investors at no cost. Therefore, the Commission designates the proposal operative upon filing. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: 6 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. NYSE has satisfied this requirement. 8 17 CFR 240.19b–4(f)(6). 9 17 CFR 240.19b–4(f)(6). 10 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). mstockstill on PROD1PC66 with NOTICES 7 17 VerDate Nov<24>2008 16:54 Jan 29, 2009 Jkt 217001 Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2009–05 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. 5709 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59299; File No. SR–NYSE– 2009–06] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC To Temporarily Lower Its Average Global Market Capitalization Continued Listing Standard January 27, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’),1 and Rule 19b–4 All submissions should refer to File thereunder,2 notice is hereby given that Number SR–NYSE–2009–05. This file on January 22, 2009, New York Stock number should be included on the subject line if e-mail is used. To help the Exchange, LLC (the ‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities Commission process and review your and Exchange Commission comments more efficiently, please use (‘‘Commission’’) the proposed rule only one method. The Commission will change as described in Items I and II post all comments on the Commission’s below, which Items have been prepared Internet Web site (https://www.sec.gov/ by the Exchange. The Commission is rules/sro.shtml). Copies of the publishing this notice to solicit submission, all subsequent comments on the proposed rule change amendments, all written statements from interested persons. with respect to the proposed rule I. Self-Regulatory Organization’s change that are filed with the Statement of the Terms of Substance of Commission, and all written the Proposed Rule Change communications relating to the proposed rule change between the The Exchange proposes to lower Commission and any person, other than temporarily from $25 million to $15 those that may be withheld from the million the average market public in accordance with the capitalization required of listed provisions of 5 U.S.C. 552, will be companies under Section 802.01B of the available for inspection and copying in Exchange’s Listed Company Manual (the ‘‘Manual’’). This temporary the Commission’s Public Reference reduction will apply through April 22, Room, 100 F Street, NE., Washington, 2009. The text of the proposed rule DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. change is available on the Exchange’s Web site (https://www.nyse.com), at the Copies of such filing also will be Exchange’s Office of the Secretary and available for inspection and copying at the principal office of the Exchange. All at the Commission’s Public Reference room. comments received will be posted without change; the Commission does II. Self-Regulatory Organization’s not edit personal identifying Statement of the Purpose of, and information from submissions. You Statutory Basis for, the Proposed Rule should submit only information that Change you wish to make publicly available. All In its filing with the Commission, the submissions should refer to File self-regulatory organization included Number SR–NYSE–2009–05 and should statements concerning the purpose of be submitted on or before February 20, and basis for the proposed rule change 2009. and discussed any comments it received For the Commission, by the Division of on the proposed rule change. The text Trading and Markets, pursuant to delegated of these statements may be examined at authority.11 the places specified in Item IV below. The NYSE has prepared summaries, set Florence E. Harmon, forth in Sections A, B and C below, of Deputy Secretary. the most significant aspects of such [FR Doc. E9–1981 Filed 1–29–09; 8:45 am] statements. BILLING CODE 8011–01–P 1 15 11 17 PO 00000 CFR 200.30–3(a)(12). Frm 00076 Fmt 4703 Sfmt 4703 2 17 E:\FR\FM\30JAN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 30JAN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 74, Number 19 (Friday, January 30, 2009)]
[Notices]
[Pages 5707-5709]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-1981]


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SECURITIES AND EXCHANGE COMMISSION

Release No. 34-59290; File No. SR-NYSE-2009-05]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Introduce a Pilot Program for NYSE Trades

January 23, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on January 16, 2009, the New York Stock Exchange, LLC (``NYSE'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared by NYSE. NYSE has designated 
the proposed rule change as

[[Page 5708]]

constituting a non-controversial rule change under Rule 19b-4(f)(6) 
under the Act,\3\ which renders the proposal effective upon filing with 
the Commission. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to establish a pilot program to introduce its 
NYSE Trades service at no charge. NYSE Trades is a new NYSE-only market 
data service that allows a vendor to redistribute on a real-time basis 
the same last sale information that NYSE reports to the Consolidated 
Tape Association (``CTA'') for inclusion in CTA's consolidated data 
stream and certain other related data elements (``NYSE Last Sale 
Information'').

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of and basis for the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of these statements may be examined at 
the places specified in Item IV below. The self-regulatory organization 
has prepared summaries, set forth in sections (A), (B) and (C) below, 
of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    a. The Service. The Exchange proposes to establish a pilot program 
to introduce NYSE Trades, a new service pursuant to which it will allow 
vendors, broker-dealers and others (``NYSE-Only Vendors'') to make 
available NYSE Last Sale Information on a real-time basis.\4\ The 
Exchange will not impose any fees for the receipt and use of NYSE 
Trades, whether on vendors or subscribers, during the pilot period.
---------------------------------------------------------------------------

    \4\ The Exchange notes that it will make the NYSE Last Sale 
Information available to vendors no earlier than it makes its last 
sale information available to the processor under the CTA Plan.
---------------------------------------------------------------------------

    Contemporaneously with the proposed rule change, the Exchange 
submitted a proposed rule change that seeks to establish a $1500 per 
month access fee for the receipt and redistribution of the NYSE Trades 
datafeed(s) and a $15 per month device fee for the end-use of NYSE 
Trades' NYSE Last Sale Information (the ``NYSE Trades Fee Filing''). 
The Exchange would not commence to impose those fees until the later of 
Commission approval of the NYSE Trades Fee Filing and the end of the 
pilot period.
    NYSE Last Sale Information would include last sale information for 
all securities that are traded on the Exchange. Currently, the Exchange 
trades only Network A Securities.
    The Exchange will make NYSE Last Sale Information available through 
its new NYSE Trades service at the same time as it provides last sale 
information to the processor under the CTA Plan. In addition to the 
information that the Exchange provides to CTA, NYSE Last Sale 
Information will also include a unique sequence number that the 
Exchange assigns to each trade and that allows an investor to track the 
context of the trade through such other Exchange market data products 
as NYSE OpenBook[supreg] and NYSE Info Tools[supreg].
    The Exchange developed NYSE Trades primarily at the request of 
traders who are very latency sensitive. The latency difference between 
accessing last sales through the NYSE datafeed or through the CTA 
datafeed can be measured in tens of milliseconds. The Exchange 
anticipates that demand for the product will derive primarily from 
investors and broker-dealers who desire to use NYSE Trades to power 
certain trading algorithms or smart order routers. The free access to 
NYSE Trades during the pilot period will enable investors to determine 
whether NYSE Trades provides value to their business models and will 
enable the Exchange to make the service available during the time 
required to obtain approval for the fees.
    b. Administrative Requirements. During the pilot period, the 
Exchange will require NYSE-Only Vendors to enter into the form of 
``vendor'' agreement into which the CTA Plan requires recipients of the 
Network A last sale prices information datafeeds to enter (the 
``Network A Vendor Form''). The Network A Vendor Form will authorize 
the NYSE-Only Vendor to provide the NYSE Trades service to its 
subscribers and customers.
    The Network A Participants drafted the Network A Vendor Form as a 
one-size-fits-all form to capture most categories of market data 
dissemination. It is sufficiently generic to accommodate NYSE Trades. 
The Network A Vendor Form has been in use in substantially the same 
form since 1990.\5\
---------------------------------------------------------------------------

    \5\ See Release Nos. 34-28407 (September 10, 1990), and 34-49185 
(February 4, 2004).
---------------------------------------------------------------------------

    Similarly, the Exchange will require professional and non-
professional subscribers to NYSE Trades to undertake to comply with the 
same contract, reporting, payment, and other administrative 
requirements as to which the Network A Participants subject them in 
respect of Network A last sale information under the CTA Plan.
    c. Duration of Pilot Program. The Exchange proposes to commence the 
pilot program shortly after submitting the proposed rule change to the 
Commission. The Exchange proposes to conduct the pilot test for 90 days 
from its commencement date.
    If, at the end of the pilot period, the Commission has not yet 
acted on the NYSE Trades Fee Filing, the Exchange will assess its 
experience with NYSE Trades and determine whether to extend or modify 
the pilot program.
2. Statutory Basis
    The bases under the Act for the proposed rule change are the 
requirements under Section 6(b)(5) that the rules of an exchange be 
designed to promote just and equitable principles of trade and not to 
permit unfair discrimination between customers, issuers, brokers or 
dealers.
    The pilot program would benefit investors by providing a free 
alternative to the last sale price information that they receive under 
the CTA Plan.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    The Exchange has discussed the pilot program with those entities 
that the Exchange believes would be the most likely to take advantage 
of the proposed NYSE Last Sale Information service by becoming NYSE-
Only Vendors. While those entities have not submitted formal, written 
comments on the proposal, the Exchange has incorporated some of their 
ideas into the proposal and the proposed rule change reflects their 
input. The Exchange has not received any unsolicited written comments 
from members or other interested parties.

[[Page 5709]]

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \6\ and Rule 19b-
4(f)(6) thereunder.\7\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
NYSE has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \8\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6) \9\ permits the Commission to 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. NYSE requests that the 
Commission waive the 30-day operative delay. The Commission believes 
that waiving the 30-day operative delay \10\ is consistent with the 
protection of investors and the public interest because such waiver 
will allow the Exchange to immediately provide additional information 
to investors at no cost. Therefore, the Commission designates the 
proposal operative upon filing.
---------------------------------------------------------------------------

    \8\ 17 CFR 240.19b-4(f)(6).
    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2009-05 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2009-05. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for inspection and 
copying in the Commission's Public Reference Room, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make publicly available. All 
submissions should refer to File Number SR-NYSE-2009-05 and should be 
submitted on or before February 20, 2009.
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E9-1981 Filed 1-29-09; 8:45 am]
BILLING CODE 8011-01-P

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