Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Effective Date of the Rule Governing Exchange's Directed Order Process on the Boston Options Exchange, 6071-6073 [E9-2297]
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Federal Register / Vol. 74, No. 22 / Wednesday, February 4, 2009 / Notices
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
No. SR–BX–2009–005 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–2251 Filed 2–3–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59311; File No. SR–BX–
2009–007]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Extending the
Effective Date of the Rule Governing
Exchange’s Directed Order Process on
the Boston Options Exchange
January 28, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
All submissions should refer to File
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
Number SR–BX–2009–005. This file
26, 2009, NASDAQ OMX BX, Inc. (the
number should be included on the
subject line if e-mail is used. To help the ‘‘Exchange’’) filed with the Securities
and Exchange Commission
Commission process and review your
(‘‘Commission’’) the proposed rule
comments more efficiently, please use
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
by the Exchange. The Exchange has
Internet Web site (https://www.sec.gov/
designated the proposed rule change as
rules/sro.shtml). Copies of the
a ‘‘non-controversial’’ rule change
submission, all subsequent
pursuant to Section 19(b)(3)(A) of the
amendments, all written statements
Act 3 and Rule 19b–4(f)(6) thereunder,4
with respect to the proposed rule
which renders the proposal effective
change that are filed with the
upon filing with the Commission. The
Commission, and all written
Commission is publishing this notice to
communications relating to the
solicit comments on the proposed rule
proposed rule change between the
change from interested persons.
Commission and any person, other than
those that may be withheld from the
I. Self-Regulatory Organization’s
public in accordance with the
Statement of the Terms of Substance of
the Proposed Rule Change
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
The Exchange proposes to extend the
the Commission’s Public Reference
effective date of the amended rule
Room, on official business days between
governing the Exchange’s Directed
the hours of 10 a.m. and 3 p.m. Copies
Order Process on the Boston Options
of such filing also will be available for
Exchange (‘‘BOX’’) from January 31,
inspection and copying at the principal
2009 to May 29, 2009. The text of the
office of the Exchange. All comments
proposed rule change is available from
received will be posted without change;
the principal office of the Exchange, at
the Commission does not edit personal
the Commission’s Public Reference
identifying information from
Room and also on the Exchange’s
submissions. You should submit only
Internet Web site at https://
information that you wish to make
nasdaqtrader.com/
available publicly. All submissions
Trader.aspx?id=Boston_Stock
should refer to File Number SR–BX–
_Exchange.
2009–005 and should be submitted on
or before February 25, 2009.
1 15 U.S.C. 78s(b)(1).
2 17
CFR 240.19b–4.
U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
3 15
17 17
CFR 200.30–3(a)(12).
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14:33 Feb 03, 2009
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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
Exchange 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
Exchange 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 Propose Rule
Change
1. Purpose
On March 14, 2006, the Exchange
proposed an amendment to the BOX
Rules governing the Directed Order 5
process on BOX.6 The Rules were
amended to clearly state that the BOX
Trading Host identifies to an Executing
Participant (‘‘EP’’) the identity of the
firm entering a Directed Order. The
amended rule was to be effective until
June 30, 2006 (‘‘Pilot Program’’), while
the Commission considered a
corresponding Exchange proposal 7 to
amend its rules to permit EPs to choose
the firms from whom they will accept
Directed Orders, while providing
complete anonymity of the firm entering
a Directed Order.
On June 20, 2006, the Exchange
proposed extending the effective date of
the rule governing its Directed Order
process on BOX from June 30, 2006 to
September 30, 2006,8 while the
Commission continued to consider the
corresponding Exchange proposal.
On September 11, 2006; January 16,
2007; July 2, 2007; and January 18, 2008
the Exchange proposed extending the
effective date of the amended rule
governing the Directed Order process on
BOX from September 30, 2006 until
January 31, 2007; 9 from January 31,
5 Capitalized terms not otherwise defined herein
shall have the meanings prescribed within the BOX
Rules.
6 See Securities Exchange Act Release No. 53516
(March 20, 2006), 71 FR 15232 (March 27, 2006)
(SR–BSE–2006–14).
7 See Securities Exchange Act Release No. 53357
(February 23, 2006), 71 FR 10730 (March 2, 2006)
(SR–BSE–2005–52).
8 See Securities Exchange Act Release No. 54082
(June 30, 2006), 71 FR 38913 (July 10, 2006) (SR–
BSE–2006–29).
9 See Securities Exchange Act Release No. 54469
(September 19, 2006), 71 FR 56201 (September 26,
2006) (SR–BSE–2006–38).
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Federal Register / Vol. 74, No. 22 / Wednesday, February 4, 2009 / Notices
2007 until July 31, 2007; 10 from July 31,
2007 until January 31, 2008; 11 and from
January 31, 2008 until January 31,
2009,12 respectively, while the
Commission considered the
corresponding Exchange proposal to
amend the BOX Rules to permit EPs to
choose the firms from whom they will
accept Directed Orders, while providing
complete anonymity of the firm entering
a Directed Order.
This filing from the Exchange again
proposes extending the effective date of
the amended rule governing its Directed
Order process on BOX, from January 31,
2009 to May 29, 2009.13 In the event the
Commission reaches a decision with
respect to the corresponding Exchange
proposal to amend the BOX Rules before
May 29, 2009, the amended rule
governing the Directed Order process on
the BOX will cease to be effective at the
time of that decision.
2. Statutory Basis
The amended rule is designed to
clarify the information contained in a
Directed Order. This proposed rule
filing seeks to extend the amended
rule’s effectiveness from January 31,
2009 to May 29, 2009. This extension
will afford the Commission the
necessary time to consider the
Exchange’s corresponding proposal to
amend the BOX rule to permit EPs to
choose the firms from whom they will
accept Directed Orders while providing
complete anonymity of the firm entering
a Directed Order. Accordingly, the
Exchange believes that this proposal is
consistent with the requirements of
Section 6(b) of the Act,14 in general, and
Section 6(b)(5) of the Act,15 in
particular, in that it is designed to foster
cooperation and coordination with
persons engaged in regulating, clearing,
settling, processing information with
respect to, and facilitating transactions
in securities, to remove impediments to
and perfect the mechanism for a free
and open market and a national market
system and, in general, to protect
investors and the public interest.
10 See Securities Exchange Act Release No. 55139
(January 19, 2007), 72 FR 3448 (January 25, 2007)
(SR–BSE–2007–01).
11 See Securities Exchange Act Release No. 56014
(July 5, 2007), 72 FR 38104 (July 12, 2007) (SR–
BSE–2007–31).
12 See Securities Exchange Act Release No. 57195
(January 24, 2008), 73 FR 5610 (January 30, 2008)
(SR–BSE–2008–04).
13 In the event that the issue of anonymity in the
Directed Order process is not resolved by May 29,
2009 the Exchange will consider whether to submit
another filing under Rule 19b–4(f)(6) extending this
rule and system process.
14 15 U.S.C. 78f(b).
15 15 U.S.C. 78f(b)(5).
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14:33 Feb 03, 2009
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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 neither solicited
nor received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms does not become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) 16 of the Act and
Rule 19b–4(f)(6) thereunder.17 As
required under Rule 19b–4(f)(6)(iii),18
the Exchange provided 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 the
filing of the proposed rule change.
A proposed rule change filed under
Rule 19b–4(f)(6) 19 normally may not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) 20 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange requests that the Commission
waive the 30-day operative delay, as
specified in Rule 19b–4(f)(6)(iii),21
which would make the rule change
effective and operative upon 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
would continue to conform the BOX
rules to BOX’s current practice and
clarify that Directed Orders on BOX are
16 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
18 17 CFR 240.19b–4(f)(6)(iii).
19 17 CFR 240.19b–4(f)(6).
20 17 CFR 240.19b–4(f)(6)(iii).
21 Id.
17 17
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not anonymous without interruption.22
Accordingly, the Commission
designates the proposed rule change
operative upon filing with the
Commission.
At any time within 60 days of the
filing of such 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–BX–2009–007 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–BX–2009–007. 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
22 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).
E:\FR\FM\04FEN1.SGM
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Federal Register / Vol. 74, No. 22 / Wednesday, February 4, 2009 / Notices
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 available publicly. All
submissions should refer to File
Number SR–BX–2009–007 and should
be submitted on or before February 25,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–2297 Filed 2–3–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59309; File No. SR–NYSE–
2009–04]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change To
Establish Fees for NYSE Trades
January 28, 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
27, 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, II, and III below, which Items
have been prepared by the Exchange.
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 introduce
its NYSE Trades service and to establish
fees for that service. NYSE Trades is a
new NYSE-only market data service that
allows a vendor to redistribute on a realtime 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’’).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
14:33 Feb 03, 2009
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 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.3 NYSE Last Sale
Information would include last sale
information for all securities that are
traded on the Exchange.
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®.
Contemporaneously with the
proposed rule change, the Exchange
submitted a proposed rule change that
seeks to establish a pilot program for the
receipt and redistribution of the NYSE
Trades datafeed(s) without charge to
either the datafeed recipient or the enduser. The Exchange proposes to provide
that free offering on a pilot program
basis until the later of Commission
approval of the proposed rule change
and the end of the pilot period.
b. The Fees.
i. Access Fee. For the receipt of access
to the datafeeds of NYSE Last Sale
Information that the Exchange will
make available, the Exchange proposes
3 The Exchange notes that it will make NYSE
Trades available to vendors no earlier than it makes
its last sale information available to the processor
under the CTA Plan.
23 17
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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.
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6073
to charge $1500 per month. For that fee,
the datafeed recipient will receive
access to each of the NYSE Last Sale
Information datafeeds that NYSE makes
available. Currently, the Exchange
trades only Network A securities. The
Exchange does not propose to impose
any program classification charges for
the use of NYSE Trades.
ii. Device Fee. The Exchange proposes
to charge each subscriber to an NYSEOnly Vendor’s NYSE Trades service $15
per month per display device for the
receipt and use of NYSE Last Sale
Information. The Exchange does not
currently perceive a demand for a
nonprofessional subscriber fee for NYSE
Trades, but will monitor customer
response.
In a proposed rule change that the
Exchange anticipates filing
contemporaneously with the proposed
rule change (the ‘‘Unit-of-Count
Filing’’), the Exchange will propose to
revise the unit of count that determines
the device fees payable by NYSE
OpenBook® data recipients. Upon
Commission approval of that filing, the
Exchange proposes to incorporate the
unit of count set forth in the Unit-ofCount Filing into the NYSE Trades
service.
Under the Unit-of-Count Filing, the
Exchange would no longer define the
Vendor-subscriber relationship based on
the manner in which a data feed
recipient or subscriber receives data
(i.e., through controlled displays or
through data feeds). Instead, the
Exchange would adopt billing criteria
that are more objective. Those criteria
would newly define ‘‘Vendors,’’
‘‘Subscribers,’’ ‘‘Subscriber
Entitlements’’ and ‘‘Subscriber
Entitlement Controls’’ as the basis for
setting device fees. The Exchange
believes that these changes more closely
align with current data consumption
and will reduce costs for the Exchange’s
customers.
c. The Fees are Non-Discriminatory.
No investors or broker-dealers are
required to subscribe to the product, as
they can find the same NYSE last sale
prices in the Exchange’s NYSE Realtime
Reference Prices service.4 Or, they can
find them integrated with the prices that
other markets make available under the
CTA Plan. Indeed, even though NYSE
Trades’ Last Sale Information provides a
less expensive alternative to the
consolidated price information that
investors and broker-dealers receive
from CTA, the Exchange believes that
the information that NYSE contributes
to the CTA consolidated datafeed and
4 See Release No. 34–57966; 73 Federal Register
35182 (June 20, 2008); File No. SR–NYSE–2007–04.
E:\FR\FM\04FEN1.SGM
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]]>Agencies
[Federal Register Volume 74, Number 22 (Wednesday, February 4, 2009)]
[Notices]
[Pages 6071-6073]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-2297]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59311; File No. SR-BX-2009-007]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Extending
the Effective Date of the Rule Governing Exchange's Directed Order
Process on the Boston Options Exchange
January 28, 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 26, 2009, NASDAQ OMX BX, Inc. (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 the Exchange. The Exchange has designated the proposed
rule change as a ``non-controversial'' rule change pursuant to Section
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ 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\ 15 U.S.C. 78s(b)(3)(A).
\4\ 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 extend the effective date of the amended
rule governing the Exchange's Directed Order Process on the Boston
Options Exchange (``BOX'') from January 31, 2009 to May 29, 2009. The
text of the proposed rule change is available from the principal office
of the Exchange, at the Commission's Public Reference Room and also on
the Exchange's Internet Web site at https://nasdaqtrader.com/
Trader.aspx?id=Boston_Stock_Exchange.
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 Exchange 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 Exchange 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 Propose Rule Change
1. Purpose
On March 14, 2006, the Exchange proposed an amendment to the BOX
Rules governing the Directed Order \5\ process on BOX.\6\ The Rules
were amended to clearly state that the BOX Trading Host identifies to
an Executing Participant (``EP'') the identity of the firm entering a
Directed Order. The amended rule was to be effective until June 30,
2006 (``Pilot Program''), while the Commission considered a
corresponding Exchange proposal \7\ to amend its rules to permit EPs to
choose the firms from whom they will accept Directed Orders, while
providing complete anonymity of the firm entering a Directed Order.
---------------------------------------------------------------------------
\5\ Capitalized terms not otherwise defined herein shall have
the meanings prescribed within the BOX Rules.
\6\ See Securities Exchange Act Release No. 53516 (March 20,
2006), 71 FR 15232 (March 27, 2006) (SR-BSE-2006-14).
\7\ See Securities Exchange Act Release No. 53357 (February 23,
2006), 71 FR 10730 (March 2, 2006) (SR-BSE-2005-52).
---------------------------------------------------------------------------
On June 20, 2006, the Exchange proposed extending the effective
date of the rule governing its Directed Order process on BOX from June
30, 2006 to September 30, 2006,\8\ while the Commission continued to
consider the corresponding Exchange proposal.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 54082 (June 30,
2006), 71 FR 38913 (July 10, 2006) (SR-BSE-2006-29).
---------------------------------------------------------------------------
On September 11, 2006; January 16, 2007; July 2, 2007; and January
18, 2008 the Exchange proposed extending the effective date of the
amended rule governing the Directed Order process on BOX from September
30, 2006 until January 31, 2007; \9\ from January 31,
[[Page 6072]]
2007 until July 31, 2007; \10\ from July 31, 2007 until January 31,
2008; \11\ and from January 31, 2008 until January 31, 2009,\12\
respectively, while the Commission considered the corresponding
Exchange proposal to amend the BOX Rules to permit EPs to choose the
firms from whom they will accept Directed Orders, while providing
complete anonymity of the firm entering a Directed Order.
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 54469 (September 19,
2006), 71 FR 56201 (September 26, 2006) (SR-BSE-2006-38).
\10\ See Securities Exchange Act Release No. 55139 (January 19,
2007), 72 FR 3448 (January 25, 2007) (SR-BSE-2007-01).
\11\ See Securities Exchange Act Release No. 56014 (July 5,
2007), 72 FR 38104 (July 12, 2007) (SR-BSE-2007-31).
\12\ See Securities Exchange Act Release No. 57195 (January 24,
2008), 73 FR 5610 (January 30, 2008) (SR-BSE-2008-04).
---------------------------------------------------------------------------
This filing from the Exchange again proposes extending the
effective date of the amended rule governing its Directed Order process
on BOX, from January 31, 2009 to May 29, 2009.\13\ In the event the
Commission reaches a decision with respect to the corresponding
Exchange proposal to amend the BOX Rules before May 29, 2009, the
amended rule governing the Directed Order process on the BOX will cease
to be effective at the time of that decision.
---------------------------------------------------------------------------
\13\ In the event that the issue of anonymity in the Directed
Order process is not resolved by May 29, 2009 the Exchange will
consider whether to submit another filing under Rule 19b-4(f)(6)
extending this rule and system process.
---------------------------------------------------------------------------
2. Statutory Basis
The amended rule is designed to clarify the information contained
in a Directed Order. This proposed rule filing seeks to extend the
amended rule's effectiveness from January 31, 2009 to May 29, 2009.
This extension will afford the Commission the necessary time to
consider the Exchange's corresponding proposal to amend the BOX rule to
permit EPs to choose the firms from whom they will accept Directed
Orders while providing complete anonymity of the firm entering a
Directed Order. Accordingly, the Exchange believes that this proposal
is consistent with the requirements of Section 6(b) of the Act,\14\ in
general, and Section 6(b)(5) of the Act,\15\ in particular, in that it
is designed to foster cooperation and coordination with persons engaged
in regulating, clearing, settling, processing information with respect
to, and facilitating transactions in securities, to remove impediments
to and perfect the mechanism for a free and open market and a national
market system and, in general, to protect investors and the public
interest.
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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 neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date of this filing, or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest, the proposed rule change has become effective pursuant to
Section 19(b)(3)(A) \16\ of the Act and Rule 19b-4(f)(6)
thereunder.\17\ As required under Rule 19b-4(f)(6)(iii),\18\ the
Exchange provided 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 the filing of the proposed rule change.
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\16\ 15 U.S.C. 78s(b)(3)(A).
\17\ 17 CFR 240.19b-4(f)(6).
\18\ 17 CFR 240.19b-4(f)(6)(iii).
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A proposed rule change filed under Rule 19b-4(f)(6) \19\ normally
may not become operative prior to 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii) \20\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange requests that the
Commission waive the 30-day operative delay, as specified in Rule 19b-
4(f)(6)(iii),\21\ which would make the rule change effective and
operative upon 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 would continue to conform the BOX
rules to BOX's current practice and clarify that Directed Orders on BOX
are not anonymous without interruption.\22\ Accordingly, the Commission
designates the proposed rule change operative upon filing with the
Commission.
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\19\ 17 CFR 240.19b-4(f)(6).
\20\ 17 CFR 240.19b-4(f)(6)(iii).
\21\ Id.
\22\ 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).
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At any time within 60 days of the filing of such 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-BX-2009-007 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-BX-2009-007. 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
[[Page 6073]]
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
available publicly. All submissions should refer to File Number SR-BX-
2009-007 and should be submitted on or before February 25, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-2297 Filed 2-3-09; 8:45 am]
BILLING CODE 8011-01-P
