Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Alternext US, LLC Amending Rule 916 To Eliminate the $3 Market Price Per Share Requirement, 6683-6685 [E9-2656]
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Federal Register / Vol. 74, No. 26 / Tuesday, February 10, 2009 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59354; File No. SR–NYSE–
2008–101]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Approving Proposed Rule Change To
Establish the Risk Management
Gateway Service
February 3, 2009.
I. Introduction
On December 12, 2008, New York
Stock Exchange LLC (‘‘Exchange’’ or
‘‘NYSE’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
proposed rule change to establish the
Risk Management Gateway (‘‘RMG’’)
service. The proposed rule change was
published for comment in the Federal
Register on December 31, 2008.3 The
Commission received no comment
letters on the proposed rule change.
This order approves the proposed rule
change.
II. Description of the Proposed Rule
Change
The Exchange proposes to offer,
through its wholly-owned subsidiary
NYSE Euronext Advanced Trading
Solutions, Inc., the RMG service to
NYSE members and member
organizations pursuant to voluntary,
contractual arrangements.4 NYSE
Transact Tools, Inc, a division of the
NYSE Euronext Advanced Trading
Solutions Group (‘‘NYXATS’’), owns
RMG.5 NYSE Rule 123B.30 permits
NYSE members and member
organizations (a ‘‘Sponsoring Member
Organization’’) to provide sponsored
access to non-member firms or
customers (‘‘Sponsored Participants’’) to
Exchange trading systems. Pursuant to
this proposal, the Exchange would offer
RMG to facilitate a Sponsoring Member
Organization’s ability to monitor and
supervise the trading activity of its
Sponsored Participants. RMG is a risk
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 59145
(December 22, 2008), 73 FR 80492.
4 A similar service has been approved for NYSE
Alternext. See Securities Exchange Act Release No.
59353 (February 3, 2009) (SR–NYSEAlternext2008–12).
5 NYXATS will host the RMG software on its
infrastructure. After passing through the RMG
software, each order will enter the NYSE Common
Customer Gateway for connectivity to the
Exchange’s matching engine. According to the
Exchange, in the future, NYXATS may integrate
RMG into the NYSE CCG for more direct access to
the Exchange’s matching engine.
erowe on PROD1PC63 with NOTICES
2 17
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14:17 Feb 09, 2009
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filter that verifies orders entered by
Sponsored Participants prior to the
receipt of the order by the Exchange’s
trading systems. Specifically, RMG
verifies whether a Sponsored
Participant’s order complies with order
criteria established by the Sponsoring
Member Organization for the Sponsored
Participant, including, amongst other
things, criteria related to order size (per
order or daily quantity limits), credit
limits (per order or daily value), specific
symbols or end users. If the order is
consistent with the parameters set by
the Sponsoring Member Organization,
after RMG’s verification, the order
would be permitted to continue along
its path to the Exchange’s trading
systems. However, if the order did not
meet the specified parameters, RMG
would return the order to the Sponsored
Participant.
RMG would only interact with a
Sponsored Participant’s order prior to
the order’s receipt by the Exchange’s
trading system. In addition, RMG would
only return an order to the Sponsored
Participant if the order did not meet the
criteria set by the Sponsoring Member
Organization. RMG would not provide
order execution or trade reporting
capabilities, but RMG would maintain
records of all messages related to
Sponsored Participants’ transactions
and provide the applicable Sponsoring
Member Organization copies of those
records.
The Sponsoring Member
Organization, and not RMG, will have
full responsibility for ensuring that
Sponsored Participants’ sponsored
access to the Exchange complies with
the Exchange’s sponsored access rules.
The use of the RMG by a Member
Organization does not automatically
constitute compliance with Exchange
rules.
The Exchange proposes to make RMG
available to its members and member
organizations pursuant to contractual
arrangements. The Exchange states that
it believes that RMG will offer its
members and member organizations
another option in the efficient risk
management of its Sponsored
Participant’s access to the NYSE.
III. Discussion and Commission’s
Findings
After careful review, the Commission
finds that the Exchange’s proposal to
establish its RMG service is consistent
with the Act and the rules and
regulations thereunder applicable to a
national securities exchange.6 In
6 In approving this proposed rule change, 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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Fmt 4703
Sfmt 4703
6683
particular, the Commission finds that
the proposal is consistent with Section
6(b)(5) of the Act,7 which requires that
an Exchange have rules that are
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 Commission
believes that RMG should be a useful
risk management tool for NYSE member
firms that provide sponsored access to
the Exchange.
For the foregoing reasons, the
Commission believes that the proposal
to establish the RMG service is
consistent with the Act.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,8 that the
proposed rule change (SR–NYSE–2008–
101) be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–2700 Filed 2–9–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59348; File No. SR–
NYSEALTR–2009–08]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Alternext US, LLC Amending Rule 916
To Eliminate the $3 Market Price Per
Share Requirement
February 3, 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 February
2, 2009, NYSE Alternext US, LLC
(‘‘NYSE Amex’’ 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 the Exchange. NYSE
Amex has designated the proposed rule
change as constituting a noncontroversial rule change under Rule
19b–4(f)(6) under the Act,3 which
renders the proposal effective upon
filing with the Commission. The
7 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(2).
9 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
8 15
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6684
Federal Register / Vol. 74, No. 26 / Tuesday, February 10, 2009 / Notices
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 amend
Rule 916, Withdrawal of Approval of
Underlying Securities, to eliminate the
$3 market price per share requirement
from the Exchange’s requirements for
continued approval for an underlying
security and eliminate the prohibition
against listing additional series of
options on an underlying security at any
time when the price per share of such
underlying security is less than $3.
Changes to the rule text are shown in
the attached Exhibit 5. Changes to the
rule text are shown in the attached
Exhibit 5.4 A copy of this filing is
available on the Exchange’s Web site at
https://www.nyse.com, at the Exchange’s
principal office and at the Commission’s
Public Reference Room.
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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
erowe on PROD1PC63 with NOTICES
1. Purpose
The purpose of this proposed rule
change is to eliminate the $3 market
price per share requirement from the
Exchange’s requirements for continued
approval for an underlying security
from Rule 916. In addition, the rule
filing would further amend Rule 916 by
eliminating the prohibition against
listing additional series of options on an
underlying security at any time when
the price per share of such underlying
security is less than $3.
The Exchange believes that the $3
market price per share requirement is no
4 The Commission notes that while provided in
Exhibit 5 to the filing, the text of the proposed rule
change is not attached to this notice but is available
at the Exchange, the Commission’s Public Reference
Room, and at https://www.nyse.com.
VerDate Nov<24>2008
14:17 Feb 09, 2009
Jkt 217001
longer necessary or appropriate, and
states that only those underlying
securities meeting the remaining
maintenance listing criteria set forth in
Rule 5.4 will be eligible for continued
listing and the listing of additional
option series. The Exchange believes
that the current $3 market price per
share requirement could have a negative
effect on investors. For example, in the
current volatile market environment, the
Exchange is currently unable to list new
series on underlying securities trading
below $3. If there is market demand for
series while the underlying is below $3,
the Exchange would be unable to
accommodate such requests and
investors would be unable to hedge
their positions with new options series.
As of January 2, 2009, the Exchange
had 161 underlying issues that closed
below $3 per share, and an additional
114 that closed between $3 and $5 per
share, out of a total of 1646 underlying
classes.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with and
furthers the objectives of Section 6(b)(5)
of the Act, in that it is designed to
promote just and equitable principles of
trade, remove impediments to and
perfect the mechanisms of a free and
open market and a national market
system and, in general, to protect
investors and the public interest, as it
provides for the continued listing of
options overlying securities that meet
all requirements except for share price.
By continuing the listing, investors will
be able to continue managing risk in
these securities.
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 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
No written comments were either
solicited or received.
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
PO 00000
Frm 00116
Fmt 4703
Sfmt 4703
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 5 and Rule 19b–
4(f)(6) thereunder.6
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 7 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6) 8
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. NYSE Amex requests
that the Commission waive the 30-day
operative delay. The Commission notes
that this proposed rule change is
substantially identical to a proposed
rule change that was approved by the
Commission after an opportunity for
public comment,9 and does not raise
any new substantive issues. The
Exchange requests the waiver of the 30day operative delay so that the proposed
rule change may become effective and
operative on or near the date that the
CBOE proposal is operative. For these
reasons, the Commission believes that
waiving the 30-day operative delay 10 is
consistent with the protection of
investors and the public interest and
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:
5 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 Amex has satisfied this
requirement.
7 17 CFR 240.19b–4(f)(6).
8 17 CFR 240.19b–4(f)(6).
9 NYSE Amex’s proposed rule change is
substantially identical to a proposed rule change by
the Chicago Board Options Exchange (‘‘CBOE’’)
recently approved by the Commission. See
Securities Exchange Act Release No. 59336
(February 2, 2009) (SR–CBOE–2008–127).
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).
6 17
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6685
Federal Register / Vol. 74, No. 26 / Tuesday, February 10, 2009 / Notices
Electronic Comments
SMALL BUSINESS ADMINISTRATION
• 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–NYSEALTR–2009–08 on
the subject line.
[Disaster Declaration #11640]
AGENCY: U.S. Small Business
Administration.
ACTION: Notice.
[Disaster Declaration #11641 and #11642]
This is a notice of an
Economic Injury Disaster Loan (EIDL)
• Send paper comments in triplicate
declaration for the State of Washington,
to Elizabeth M. Murphy, Secretary,
dated 01/30/2009.
Incident: December 2008 Snowstorms.
Securities and Exchange Commission,
Incident Period: 12/12/2008 through
100 F Street, NE., Washington, DC
01/05/2009.
20549–1090.
EFFECTIVE DATE: 01/30/2009.
All submissions should refer to File
EIDL Loan Application Deadline Date:
Number SR–NYSEALTR–2009–08. This 10/30/2009.
file number should be included on the
ADDRESSES: Submit completed loan
subject line if e-mail is used. To help the applications to: U.S. Small Business
Commission process and review your
Administration, Processing And
comments more efficiently, please use
Disbursement Center, 14925 Kingsport
only one method. The Commission will Road, Fort Worth, TX 76155.
post all comments on the Commission’s FOR FURTHER INFORMATION CONTACT: A.
Internet Web site (https://www.sec.gov/
Escobar, Office of Disaster Assistance,
rules/sro.shtml). Copies of the
U.S. Small Business Administration,
submission, all subsequent
409 3rd Street, SW., Suite 6050,
amendments, all written statements
Washington, DC 20416.
with respect to the proposed rule
SUPPLEMENTARY INFORMATION: Notice is
change that are filed with the
hereby given that as a result of the
Commission, and all written
Administrator’s EIDL declaration,
communications relating to the
applications for economic injury
proposed rule change between the
disaster loans may be filed at the
Commission and any person, other than address listed above or other locally
those that may be withheld from the
announced locations.
The following areas have been
public in accordance with the
determined to be adversely affected by
provisions of 5 U.S.C. 552, will be
the disaster:
available for inspection and copying in
Primary Counties:
the Commission’s Public Reference
Clark, Cowlitz, Garfield, Grays
Room, 100 F Street, NE., Washington,
Harbor, Island, Jefferson, King,
DC 20549, on official business days
Kitsap, Kittitas, Klickitat, Lewis,
between the hours of 10 a.m. and 3 p.m.
Okanogan, Pierce, San Juan, Skagit,
Copies of such filing also will be
Snohomish, Spokane, Stevens,
available for inspection and copying at
Thurston, Walla Walla, Whitman.
the principal office of the Exchange. All
Contiguous Counties:
comments received will be posted
Washington: Adams, Asotin, Benton,
without change; the Commission does
Chelan, Clallam, Columbia,
not edit personal identifying
Douglas, Ferry, Franklin, Grant,
information from submissions. You
Lincoln, Mason, Pacific, Pend
should submit only information that
Oreille, Skamania, Wahkiakum,
you wish to make publicly available. All
Whatcom, Yakima.
submissions should refer to File
Idaho: Benewah, Bonner, Kootenai,
Number SR–NYSEALTR–2009–08 and
Latah, Nez Perce.
should be submitted on or before March
Oregon: Columbia, Gilliam, Hood
3, 2009.
River, Morrow, Multnomah,
Sherman, Umatilla, Wallowa,
For the Commission, by the Division of
Wasco.
Trading and Markets, pursuant to delegated
authority.11
The Interest Rate is: 4.000.
The number assigned to this disaster
Florence E. Harmon,
for economic injury is 116400.
Deputy Secretary.
The States which received an EIDL
[FR Doc. E9–2656 Filed 2–9–09; 8:45 am]
Declaration # are Washington, Idaho,
BILLING CODE 8011–01–P
Oregon.
11 17
(Catalog of Federal Domestic Assistance
Number 59002 )
CFR 200.30–3(a)(12).
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14:17 Feb 09, 2009
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PO 00000
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BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
SUMMARY:
Paper Comments
erowe on PROD1PC63 with NOTICES
Washington Disaster #WA–00020
Declaration of Economic Injury
Dated: January 30, 2009.
Darryl K. Hairston,
Acting Administrator.
[FR Doc. E9–2673 Filed 2–9–09; 8:45 am]
Washington Disaster #WA–00019
AGENCY: U.S. Small Business
Administration.
ACTION: Notice.
SUMMARY: This is a Notice of the
Presidential declaration of a major
disaster for the State of Washington
(FEMA–1817–DR), dated 01/30/2009.
Incident: Severe Winter Storm,
Landslides, Mudslides, and Flooding.
Incident Period: 01/06/2009 through
01/16/2009.
EFFECTIVE DATE: 01/30/2009.
Physical Loan Application Deadline
Date: 03/31/2009.
Economic Injury (EIDL) Loan
Application Deadline Date: 10/30/2009.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing And
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
01/30/2009, applications for disaster
loans may be filed at the address listed
above or other locally announced
locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties (Physical Damage and
Economic Injury Loans):
King, Lewis, Mason, Pacific, Pierce,
Snohomish, Thurston, Wahkiakum.
Contiguous Counties (Economic Injury
Loans Only):
Washington: Chelan, Cowlitz, Grays
Harbor, Island, Jefferson, Kitsap,
Kittitas, Skagit, Skamania, Yakima.
Oregon: Clatsop, Columbia.
The Interest Rates are:
Percent
For Physical Damage:
Homeowners With
Available Elsewhere
Homeowners Without
Available Elsewhere
E:\FR\FM\10FEN1.SGM
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Credit
..........
5.375
2.687
]]>Agencies
[Federal Register Volume 74, Number 26 (Tuesday, February 10, 2009)]
[Notices]
[Pages 6683-6685]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-2656]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59348; File No. SR-NYSEALTR-2009-08]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Alternext US, LLC
Amending Rule 916 To Eliminate the $3 Market Price Per Share
Requirement
February 3, 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 February 2, 2009, NYSE Alternext US, LLC (``NYSE Amex'' 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 the Exchange. NYSE Amex has
designated the proposed rule change as 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
[[Page 6684]]
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 amend Rule 916, Withdrawal of Approval of
Underlying Securities, to eliminate the $3 market price per share
requirement from the Exchange's requirements for continued approval for
an underlying security and eliminate the prohibition against listing
additional series of options on an underlying security at any time when
the price per share of such underlying security is less than $3.
Changes to the rule text are shown in the attached Exhibit 5. Changes
to the rule text are shown in the attached Exhibit 5.\4\ A copy of this
filing is available on the Exchange's Web site at https://www.nyse.com,
at the Exchange's principal office and at the Commission's Public
Reference Room.
---------------------------------------------------------------------------
\4\ The Commission notes that while provided in Exhibit 5 to the
filing, the text of the proposed rule change is not attached to this
notice but is available at the Exchange, the Commission's Public
Reference Room, and at https://www.nyse.com.
---------------------------------------------------------------------------
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 those 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 parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this proposed rule change is to eliminate the $3
market price per share requirement from the Exchange's requirements for
continued approval for an underlying security from Rule 916. In
addition, the rule filing would further amend Rule 916 by eliminating
the prohibition against listing additional series of options on an
underlying security at any time when the price per share of such
underlying security is less than $3.
The Exchange believes that the $3 market price per share
requirement is no longer necessary or appropriate, and states that only
those underlying securities meeting the remaining maintenance listing
criteria set forth in Rule 5.4 will be eligible for continued listing
and the listing of additional option series. The Exchange believes that
the current $3 market price per share requirement could have a negative
effect on investors. For example, in the current volatile market
environment, the Exchange is currently unable to list new series on
underlying securities trading below $3. If there is market demand for
series while the underlying is below $3, the Exchange would be unable
to accommodate such requests and investors would be unable to hedge
their positions with new options series.
As of January 2, 2009, the Exchange had 161 underlying issues that
closed below $3 per share, and an additional 114 that closed between $3
and $5 per share, out of a total of 1646 underlying classes.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
and furthers the objectives of Section 6(b)(5) of the Act, in that it
is designed to promote just and equitable principles of trade, remove
impediments to and perfect the mechanisms of a free and open market and
a national market system and, in general, to protect investors and the
public interest, as it provides for the continued listing of options
overlying securities that meet all requirements except for share price.
By continuing the listing, investors will be able to continue managing
risk in these securities.
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 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
No written comments were either solicited or received.
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 \5\ and Rule 19b-
4(f)(6) thereunder.\6\
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 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 Amex has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \7\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6) \8\ permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. NYSE Amex requests
that the Commission waive the 30-day operative delay. The Commission
notes that this proposed rule change is substantially identical to a
proposed rule change that was approved by the Commission after an
opportunity for public comment,\9\ and does not raise any new
substantive issues. The Exchange requests the waiver of the 30-day
operative delay so that the proposed rule change may become effective
and operative on or near the date that the CBOE proposal is operative.
For these reasons, the Commission believes that waiving the 30-day
operative delay \10\ is consistent with the protection of investors and
the public interest and designates the proposal operative upon filing.
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\7\ 17 CFR 240.19b-4(f)(6).
\8\ 17 CFR 240.19b-4(f)(6).
\9\ NYSE Amex's proposed rule change is substantially identical
to a proposed rule change by the Chicago Board Options Exchange
(``CBOE'') recently approved by the Commission. See Securities
Exchange Act Release No. 59336 (February 2, 2009) (SR-CBOE-2008-
127).
\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).
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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:
[[Page 6685]]
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-NYSEALTR-2009-08 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-NYSEALTR-2009-08. 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-NYSEALTR-2009-08 and should
be submitted on or before March 3, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-2656 Filed 2-9-09; 8:45 am]
BILLING CODE 8011-01-P
