Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Alternext U.S. LLC To Permit Two Trading Officials To Modify the Required Bid/Ask Differentials, 10981-10983 [E9-5386]
Download as PDF
<![CDATA[
Federal Register / Vol. 74, No. 48 / Friday, March 13, 2009 / Notices
accommodating these transactions.
Extending the Pilot Program until March
1, 2010 will allow the Exchange to keep
these fees low and thus continue to
attract liquidity.
OTP Holders and OTP Firms who
wish to benefit from the fee cap will be
required to submit to the Exchange
forms with supporting documentation
(e.g., clearing firm transaction data) to
qualify for the cap.
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:
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
The proposal is consistent with
11 of the Act, in general, and
• Send an e-mail to ruleSection 6(b)
Section 6(b)(4),12 in particular, in that it comments@sec.gov. Please include File
Number SR–NYSEArca–2009–16 on the
provides for the equitable allocation of
subject line.
dues, fees and other charges among its
members. The Exchange believes that,
Paper Comments
as proposed, the cap on transaction fees
for Strategy Executions applies equally
• Send paper comments in triplicate
to each member (ETP holder) of the
to Elizabeth M. Murphy, Secretary,
Exchange. The Exchange further
Securities and Exchange Commission,
believes that by keeping fees low with
100 F Street, NE., Washington, DC
the proposed cap, the Exchange is able
20549–1090.
to attract liquidity by accommodating
All submissions should refer to File
these transactions.
Number SR–NYSEArca–2009–16. This
B. Self-Regulatory Organization’s
file number should be included on the
Statement on Burden on Competition
subject line if e-mail is used. To help the
Commission process and review your
The Exchange does not believe that
comments more efficiently, please use
the proposed rule change will impose
only one method. The Commission will
any burden on competition that is not
post all comments on the Commission’s
necessary or appropriate in furtherance
Internet Web site (https://www.sec.gov/
of the purposes of the Act.
rules/sro.shtml). Copies of the
C. Self-Regulatory Organization’s
submission, all subsequent
Statement on Comments on the
amendments, all written statements
Proposed Rule Change Received From
with respect to the proposed rule
Members, Participants, or Others
change that are filed with the
Commission, and all written
The Exchange has neither solicited
communications relating to the
nor received written comments on the
proposed rule change between the
proposed rule change.
Commission and any person, other than
III. Date of Effectiveness of the
those that may be withheld from the
Proposed Rule Change and Timing for
public in accordance with the
Commission Action
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
The foregoing proposed rule change
the Commission’s Public Reference
has become effective upon filing
Room, 100 F Street, NE., Washington,
pursuant to Section 19(b)(3)(A) of the
DC 20549, on official business days
13 and Rule 19b–4(f)(2) 14 thereunder
Act
between the hours of 10 a.m. and 3 p.m.
because it establishes or changes a due,
Copies of such filing also will be
fee, or other charge imposed by the
available for inspection and copying at
Exchange. At any time within 60 days
of the filing of the proposed rule change, the principal office of the Exchange. All
comments received will be posted
the Commission may summarily
without change; the Commission does
abrogate such rule change if it appears
not edit personal identifying
to the Commission that such action is
information from submissions. You
necessary or appropriate in the public
should submit only information that
interest, for the protection of investors,
you wish to make available publicly. All
or otherwise in furtherance of the
submissions should refer to File
purposes of the Act.
Number SR–NYSEArca–2009–16 and
should be submitted on or before April
11 15 U.S.C. 78f(b).
3, 2009.
12 15 U.S.C. 78f(b)(4).
sroberts on PROD1PC70 with NOTICES
14 17
U.S.C. 78s(b)(3)(A).
CFR 19b–4(f)(2).
VerDate Nov<24>2008
17:55 Mar 12, 2009
15 17
Jkt 217001
PO 00000
CFR 200.30–3(a)(12).
Frm 00105
Fmt 4703
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–5388 Filed 3–12–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
2. Statutory Basis
13 15
10981
Sfmt 4703
[Release No. 34–59517; File No. SR–
NYSEALTR–2009–23]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Alternext U.S. LLC To Permit Two
Trading Officials To Modify the
Required Bid/Ask Differentials
March 5, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that, on March 3,
2009, NYSE Alternext U.S. LLC (‘‘NYSE
Amex’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Exchange filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6) thereunder,4
which renders it 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 amend
Exchange Rule 925NY—Obligations of
Market Makers. The text of the proposed
rule change is attached as Exhibit 5. 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
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
E:\FR\FM\13MRN1.SGM
13MRN1
10982
Federal Register / Vol. 74, No. 48 / Friday, March 13, 2009 / Notices
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.
sroberts on PROD1PC70 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to adopt a provision which
will allow the Exchange to establish
different quote differentials other than
what is provided for in Rule
925NY(b)(5). The proposed rule
language is substantially similar to what
has been approved for, and is presently
in place at, the Chicago Board Options
Exchange (‘‘CBOE’’).5
Pursuant to Rule 925NY(b), Market
Makers on NYSE Amex are required to
submit electronic quotations within
certain bid/ask differentials. Subsection
(5) of this rule states that following an
Auction, options traded on NYSE Amex
may be quoted with a difference not to
exceed $5 between the bid and offer.
NYSE Amex now proposes to add a
provision that will allow the Exchange
to establish different bid/ask
differentials for certain series.
Situations may arise where the $5
differential provided for in Rule
925NY(b)(5) is overly restrictive; this
has shown to be the case when extreme
price fluctuations coupled with
increased volatility in an underlying
security makes it extremely difficult to
accurately calculate the price of a given
options series. To address these
concerns, the CBOE has established
modified bid/ask differentials in certain
options series, pursuant to CBOE Rule
8.7(b)(iv).6 This proposed rule change
seeks only to allow the Exchange to
offer NYSE Amex Market Makers the
same quote relief that is offered to
Market Makers on the CBOE.
The Exchange envisions establishing
quote differentials wider than $5 in very
limited situations. In addition, if the
Exchange were to establish modified
bid/ask differentials it would do so with
the contingency that the disseminated
markets in affected series would remain
competitive and remain narrower than
the relief granted, whenever possible.
The CBOE rule states that ‘‘the
Exchange’’ may establish bid/ask
differences other than what is provided
5 See
CBOE Rule 8.7(b)(iv)(C)(ii).
CBOE Bid/Ask Circular 09–02 (January 7,
2009) establishing modified bid/ask differentials
pursuant to CBOE Rule 8.7(b)(iv).
6 See
VerDate Nov<24>2008
17:55 Mar 12, 2009
Jkt 217001
for in their rules. NYSE Amex proposes
that the decision to establish different
quote differentials will be made by two
Trading Officials.7 In the case of NYSE
Amex, two Trading Officials will
collectively make the determination on
behalf of the Exchange. This is the only
difference between the CBOE rule text
and the proposed rule text for NYSE
Amex.
The Exchange notes than Rule
925NY(b) was adopted when the
Commission approved SR–NYSEALTR–
2008–14, on February 27, 2009.8 This
rule change was filed in conjunction
with the NYSE Amex move to a new
trading facility and the implementation
of a new electronic trading system. Prior
to the rule change, NYSE Amex Rule
958–ANTE governed the bid-ask
differentials for eleconic quoting on
NYSE Amex. Rule 958–ANTE(c)(i)
contained a similar provision to what is
proposed in this filing, which
authorized the Exchange to establish
differences other than what was
prescribed in the rule. So, while this
proposal does amend the rules presently
in effect for NYSE Amex, the concept of
allowing the Exchange to establish
quote differentials, other than what is
prescribed in the rules, in not without
precedent.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 9 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 10 in particular, because it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system. The Exchange believes that the
proposed rule change is appropriate in
that it creates a mechanism whereas
Market Makers will be able to provide
two side quotations even in situations
where it is difficult to accurately
calculate the price of given options
series.
7 A Trading Official is an Exchange Employee that
has been designated as such by the Chief Executive
Officer, or the Chief Regulatory Officer, pursuant to
Rule 900.2NY(82).
8 See Securities and Exchange Act Release No.
34–59472, February 27, 2009. This Approval Order
had not yet been published in the Federal Register
at the time this proposal was filed.
9 15 U.S.C. 78f (b).
10 15 U.S.C. 78f (b)(5).
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
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 solicited
or received with respect to the proposed
rule change.
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, 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 11 and Rule 19b–4(f)(6)
thereunder.12
The Exchange has asked the
Commission to waive the 30-day
operative delay. The Commission
hereby grants the Exchange’s request.13
The proposed rule change is
substantially similar to a rule of the
CBOE and does not raise any novel or
significant issues. Therefore, the
Commission believes that waiving the
30-day period to allow the proposed
rule change to become operative upon
filing is consistent with the protection
of investors and the public interest and
designates the proposal as 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
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the self-regulatory organization
to submit to the Commission 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
Commission is waiving the five-day pre-filing
requirement in this case.
13 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).
12 17
E:\FR\FM\13MRN1.SGM
13MRN1
Federal Register / Vol. 74, No. 48 / Friday, March 13, 2009 / Notices
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
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Small Business Administration.
Notice.
AGENCY:
ACTION:
VerDate Nov<24>2008
17:55 Mar 12, 2009
SUMMARY:
nizations Without Credit Available Elsewhere .........................
CFR 200.30–3(a)(12).
Jkt 217001
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Roger B. Garland,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. E9–5410 Filed 3–12–09; 8:45 am]
BILLING CODE 8025–01–P
DEPARTMENT OF TRANSPORTATION
This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of Indiana (FEMA—1828—
DR), dated 03/05/2009.
Paper Comments
Incident: Severe Winter Storm.
Incident Period: 01/26/2009 through
• Send paper comments in triplicate
01/28/2009.
to Elizabeth M. Murphy, Secretary,
Dates: Effective Date: 03/05/2009.
Securities and Exchange Commission,
Physical Loan Application Deadline
100 F Street, NE., Washington, DC
Date: 05/04/2009.
20549–1090.
Economic Injury (EIDL) Loan
All submissions should refer to File
Application Deadline Date: 12/05/2009.
Number SR–NYSEALTR–2009–23. This
ADDRESSES: Submit completed loan
file number should be included on the
subject line if e-mail is used. To help the applications to: U.S. Small Business
Administration, Processing and
Commission process and review your
Disbursement Center, 14925 Kingsport
comments more efficiently, please use
only one method. The Commission will Road, Fort Worth, TX 76155.
post all comments on the Commission’s FOR FURTHER INFORMATION CONTACT: A
Escobar, Office of Disaster Assistance,
Internet Web site (https://www.sec.gov/
U.S. Small Business Administration,
rules/sro.shtml). Copies of the
409 3rd Street, SW., Suite 6050,
submission, all subsequent
Washington, DC 20416.
amendments, all written statements
SUPPLEMENTARY INFORMATION: Notice is
with respect to the proposed rule
hereby given that as a result of the
change that are filed with the
President’s major disaster declaration on
Commission, and all written
03/05/2009, Private non-profit
communications relating to the
organizations that provide essential
proposed rule change between the
Commission and any person, other than services of governmental nature may file
disaster loan applications at the address
those that may be withheld from the
listed above or other locally announced
public in accordance with the
locations.
provisions of 5 U.S.C. 552, will be
The following areas have been
available for inspection and copying in
determined to be adversely affected by
the Commission’s Public Reference
Room on official business days between the disaster:
the hours of 10 a.m. and 3 p.m. Copies
Primary Counties: Clark, Crawford,
of such filing also will be available for
Dubois, Floyd Gibson, Harrison,
inspection and copying at the principal
Jackson, Jefferson, Orange, Perry,
office of the Exchange. All comments
Spencer, Switzerland, Vanderburgh,
received will be posted without change;
Warrick, Washington
the Commission does not edit personal
The Interest Rates are:
identifying information from
submissions. You should submit only
Percent
information that you wish to make
available publicly. All submissions
Other (Including Non-Profit Organizations) With Credit Available
should refer to File Number SR–
Elsewhere .................................
4.500
NYSEALTR–2009–23 and should be
Businesses and Non-Profit Orgasubmitted on or before April 3, 2009.
14 17
The number assigned to this disaster
for physical damage is 11686B and for
economic injury is 11687B.
[Disaster Declaration #11686 and #11687]
Indiana Disaster #IN–00029
• 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–2009–23 on
the subject line.
sroberts on PROD1PC70 with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–5386 Filed 3–12–09; 8:45 am]
10983
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
4.000
Federal Railroad Administration
[Docket No. FRA–2009–0016]
Metrics and Standards for Intercity
Passenger Rail Service Under Section
207 of Public Law 110–432
AGENCY: Federal Railroad
Administration (FRA), Department of
Transportation (DOT).
ACTION: Notice and request for
comments.
SUMMARY: In compliance with section
207 of the Passenger Rail Investment
and Improvement Act of 2008 (Division
B of Pub. L. 110–432), the FRA and the
National Railroad Passenger Corporation
(Amtrak) have jointly drafted
performance metrics and standards for
intercity passenger rail service, and are
requesting comments on that draft from
the Surface Transportation Board, rail
carriers over whose rail lines Amtrak
trains operate, States, Amtrak
employees, nonprofit employee
organizations representing Amtrak
employees, and groups representing
Amtrak passengers. The draft document,
entitled ‘‘Proposed Metrics and
Standards for Intercity Passenger Rail
Service,’’ is available on the FRA’s Web
site at https://www.fra.dot.gov/us/
content/2165. Comments may be
submitted to the corresponding docket
(number FRA–2009–0016) at
regulations.gov and will be considered
before the finalized Section 207 metrics
and standards are adopted.
DATES: The comment period will
commence on Friday, March 13, 2009
and Comments must be received by
Friday, March 27, 2009. Comments
received after that date will be
considered to the extent possible
without incurring additional expenses
or delays.
ADDRESSES: Comments for Docket No.
FRA–2009–0016 should be filed at the
Federal portal https://
www.regulations.gov. Follow the Web
site’s online instructions for submitting
comments.
E:\FR\FM\13MRN1.SGM
13MRN1
]]>Agencies
[Federal Register Volume 74, Number 48 (Friday, March 13, 2009)]
[Notices]
[Pages 10981-10983]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-5386]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59517; File No. SR-NYSEALTR-2009-23]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Alternext U.S. LLC To
Permit Two Trading Officials To Modify the Required Bid/Ask
Differentials
March 5, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on March 3, 2009, NYSE Alternext U.S. LLC (``NYSE Amex'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposed rule change pursuant to Section 19(b)(3)(A) of the
Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders it 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 amend Exchange Rule 925NY--Obligations of
Market Makers. The text of the proposed rule change is attached as
Exhibit 5. 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
[[Page 10982]]
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 the proposed rule change is to adopt a provision
which will allow the Exchange to establish different quote
differentials other than what is provided for in Rule 925NY(b)(5). The
proposed rule language is substantially similar to what has been
approved for, and is presently in place at, the Chicago Board Options
Exchange (``CBOE'').\5\
---------------------------------------------------------------------------
\5\ See CBOE Rule 8.7(b)(iv)(C)(ii).
---------------------------------------------------------------------------
Pursuant to Rule 925NY(b), Market Makers on NYSE Amex are required
to submit electronic quotations within certain bid/ask differentials.
Subsection (5) of this rule states that following an Auction, options
traded on NYSE Amex may be quoted with a difference not to exceed $5
between the bid and offer. NYSE Amex now proposes to add a provision
that will allow the Exchange to establish different bid/ask
differentials for certain series.
Situations may arise where the $5 differential provided for in Rule
925NY(b)(5) is overly restrictive; this has shown to be the case when
extreme price fluctuations coupled with increased volatility in an
underlying security makes it extremely difficult to accurately
calculate the price of a given options series. To address these
concerns, the CBOE has established modified bid/ask differentials in
certain options series, pursuant to CBOE Rule 8.7(b)(iv).\6\ This
proposed rule change seeks only to allow the Exchange to offer NYSE
Amex Market Makers the same quote relief that is offered to Market
Makers on the CBOE.
---------------------------------------------------------------------------
\6\ See CBOE Bid/Ask Circular 09-02 (January 7, 2009)
establishing modified bid/ask differentials pursuant to CBOE Rule
8.7(b)(iv).
---------------------------------------------------------------------------
The Exchange envisions establishing quote differentials wider than
$5 in very limited situations. In addition, if the Exchange were to
establish modified bid/ask differentials it would do so with the
contingency that the disseminated markets in affected series would
remain competitive and remain narrower than the relief granted,
whenever possible.
The CBOE rule states that ``the Exchange'' may establish bid/ask
differences other than what is provided for in their rules. NYSE Amex
proposes that the decision to establish different quote differentials
will be made by two Trading Officials.\7\ In the case of NYSE Amex, two
Trading Officials will collectively make the determination on behalf of
the Exchange. This is the only difference between the CBOE rule text
and the proposed rule text for NYSE Amex.
---------------------------------------------------------------------------
\7\ A Trading Official is an Exchange Employee that has been
designated as such by the Chief Executive Officer, or the Chief
Regulatory Officer, pursuant to Rule 900.2NY(82).
---------------------------------------------------------------------------
The Exchange notes than Rule 925NY(b) was adopted when the
Commission approved SR-NYSEALTR-2008-14, on February 27, 2009.\8\ This
rule change was filed in conjunction with the NYSE Amex move to a new
trading facility and the implementation of a new electronic trading
system. Prior to the rule change, NYSE Amex Rule 958-ANTE governed the
bid-ask differentials for eleconic quoting on NYSE Amex. Rule 958-
ANTE(c)(i) contained a similar provision to what is proposed in this
filing, which authorized the Exchange to establish differences other
than what was prescribed in the rule. So, while this proposal does
amend the rules presently in effect for NYSE Amex, the concept of
allowing the Exchange to establish quote differentials, other than what
is prescribed in the rules, in not without precedent.
---------------------------------------------------------------------------
\8\ See Securities and Exchange Act Release No. 34-59472,
February 27, 2009. This Approval Order had not yet been published in
the Federal Register at the time this proposal was filed.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \9\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \10\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
The Exchange believes that the proposed rule change is appropriate in
that it creates a mechanism whereas Market Makers will be able to
provide two side quotations even in situations where it is difficult to
accurately calculate the price of given options series.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f (b).
\10\ 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
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 solicited or received with respect to the
proposed rule change.
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, 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 \11\
and Rule 19b-4(f)(6) thereunder.\12\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the self-regulatory organization to submit to the
Commission 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 Commission is waiving the five-day pre-filing
requirement in this case.
---------------------------------------------------------------------------
The Exchange has asked the Commission to waive the 30-day operative
delay. The Commission hereby grants the Exchange's request.\13\ The
proposed rule change is substantially similar to a rule of the CBOE and
does not raise any novel or significant issues. Therefore, the
Commission believes that waiving the 30-day period to allow the
proposed rule change to become operative upon filing is consistent with
the protection of investors and the public interest and designates the
proposal as operative upon filing.
---------------------------------------------------------------------------
\13\ 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
[[Page 10983]]
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-NYSEALTR-2009-23 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-2009-23. 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 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 available publicly. All submissions should refer to
File Number SR-NYSEALTR-2009-23 and should be submitted on or before
April 3, 2009.
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-5386 Filed 3-12-09; 8:45 am]
BILLING CODE 8011-01-P
