Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Arca, Inc. Amending Rule 6.47 To Remove Obsolete Text Related to the SizeQuote Pilot Program, 13503-13505 [E9-6825]
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Federal Register / Vol. 74, No. 58 / Friday, March 27, 2009 / Notices
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(5) 16 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
instant proposal is in keeping with these
principles in that it seeks to price the
execution of all odd-lot orders pursuant
to one pricing methodology now that
the Exchange systemic impediments to
the implementation of one pricing
methodology are removed.
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.
mstockstill on PROD1PC66 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change is filed
pursuant to paragraph (A) of Section
19(b)(3) 17 and Rule 19b–4(f)(5).18 This
proposed rule change effects a change in
an existing order entry or trading system
of a self-regulatory organization that: (A)
Does not significantly affect the
protection of investors or the public
interest; (B) does not impose any
significant burden on competition; and
(C) does not have the effect of limiting
the access to or availability of the
system. The proposed filing does not in
any way limit access to the Exchange’s
odd-lot system; rather, the changes are
the result of technological
advancements which remove the
systemic impediments that previously
restricted the Exchange’s ability to
execute all odd-lots pursuant to a the
same pricing methodology. In so far as,
the proposal ensures that all odd-lot
orders are priced in the same manner,
it promotes the protection of investors
and serves the public interest without
16 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A).
18 17 CFR 240.19b–4(f)(5).
17 15
VerDate Nov<24>2008
17:13 Mar 26, 2009
Jkt 217001
imposing a significant burden on
competition.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSEALTR–2009–27 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–2009–27. 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 the filing also will be available
for inspection and copying at the
principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
13503
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–NYSEALTR–2009–27 and
should be submitted on or before April
17, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–6829 Filed 3–26–09; 8:45 am]
BILLING CODE
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59609; File No. SR–
NYSEArca–2009–23]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Arca, Inc. Amending Rule 6.47 To
Remove Obsolete Text Related to the
SizeQuote Pilot Program
March 20, 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
16, 2009, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II,
which Items have been prepared by the
self-regulatory organization. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 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 its
rules in order to remove obsolete rule
text related to the SizeQuote Pilot
Program. The text of the proposed rule
change is attached as Exhibit 5 to the
Form 19b–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.
19 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
1 15
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13504
Federal Register / Vol. 74, No. 58 / Friday, March 27, 2009 / Notices
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 filing is to remove
obsolete text from Rule 6.47 pertaining
to the Exchange’s SizeQuote Pilot
Program (‘‘Pilot Program’’). The Pilot
Program, which was initially
established in 2005 5 and had been
extended in three subsequent filings,6
expired on February 15, 2009.
After analyzing the effectiveness of
the Pilot Program, the Exchange
determined that it did not meet its
stated objectives and therefore the
Exchange did not extend the program
past its expiration on February 15, 2009.
This filing simply serves to remove the
obsolete rules related to the Pilot
Program.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) 7 of the Act, in general, and
furthers the objectives of Section
6(b)(5),8 in particular, in that it is
designed to facilitate transactions in
securities, to promote just and equitable
principles of trade and to protect
investors and the public interest. This
filing is intended to remove outdated
and obsolete rule text that may be
confusing to market participants that are
subject to the Exchange rules.
mstockstill on PROD1PC66 with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
17:13 Mar 26, 2009
Jkt 217001
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
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 9 and Rule
19b–4(f)(6) thereunder.10 Because the
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
prior to 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, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 11 and Rule 19b–4(f)(6)(iii)
thereunder.12
A proposed rule change filed under
Rule 19b–4(f)(6) 13 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),14 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
immediately upon filing. The
Commission believes that waiver of the
operative delay is consistent with the
protection of investors and the public
interest because such waiver will enable
the Exchange to delete obsolete rule text
without delay. The Commission notes
that the text relates to a pilot program
that has already expired and therefore
deletion of the related text does not
raise any novel or significant regulatory
issues. Therefore, the Commission
9 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
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 Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied the pre-filing requirement.
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
10 17
5 See Securities Exchange Act Release No. 51576
(April 19, 2005), 70 FR 21488 (April 26, 2005).
6 See Securities Exchange Act Release No. 53315
(Feb. 15, 2006) 71 FR 9406 (Feb. 23, 2006),
Securities Exchange Act Release No. 55312 (Feb. 16,
2007) 72 FR 8827 (Feb. 27, 2007), Securities
Exchange Act Release No. 57412 (March 3, 2008) 73
FR 12492 (March 7, 2008).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
VerDate Nov<24>2008
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
designates the proposed rule change as
operative upon filing.15
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSEArca–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–NYSEArca–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
Section, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available
for inspection and copying at NYSE
15 For purposes only of waiving the operative date
of this proposal, the Commission has considered
the rule’s impact on efficiency, competition, and
capital formation. See 15 U.S.C. 78c(f).
E:\FR\FM\27MRN1.SGM
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Federal Register / Vol. 74, No. 58 / Friday, March 27, 2009 / Notices
Arca’s principal office. 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–
NYSEArca–2009–23 and should be
submitted on or before April 17, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–6825 Filed 3–26–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59617; File No. SR–
NYSEArca–2009–19]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Amending Rule 6.37A—
Obligations of Market Makers-OX
March 20, 2009.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on March 16,
2009, NYSE Arca, Inc. (‘‘NYSE Arca’’ 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 self-regulatory organization.
NYSE Arca filed the proposed rule
change as a ‘‘non-controversial’’
proposal pursuant to Section 19(b)(3)(A)
of the Act 4 and Rule 19b–4(f)(6)
thereunder,5 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.
mstockstill on PROD1PC66 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Exchange Rule 6.37A—Obligations of
Market Makers-OX. 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
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(6).
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
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 6.37A(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’’).6
Pursuant to Rule 6.37A(b), Market
Makers on NYSE Arca 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 Arca
may be quoted with a difference not to
exceed $5 between the bid and offer.
NYSE Arca 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
6.37A(b)(5) is overly restrictive; this has
shown to be the case when extreme
market fluctuations, coupled with
increased volatility in an underlying
security makes it extremely difficult to
accurately calculate the price of 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).7 This proposed rule change
seeks only to allow the Exchange to
offer NYSE Arca Market Makers the
1 15
VerDate Nov<24>2008
17:13 Mar 26, 2009
6 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).
7 See
Jkt 217001
PO 00000
Frm 00111
Fmt 4703
Sfmt 4703
13505
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 it is ‘‘the
Exchange’’ that may establish bid/ask
differences other than what is provided
for in their rules. NYSE Arca proposes
that the decision to establish different
quote differentials will be made by two
Trading Officials.8 In the case of NYSE
Arca, 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
Arca.
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.
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.
8 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 6.1(b)(34).
9 15 U.S.C. 78f (b).
10 15 U.S.C. 78f (b)(5).
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]]>Agencies
[Federal Register Volume 74, Number 58 (Friday, March 27, 2009)]
[Notices]
[Pages 13503-13505]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-6825]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59609; File No. SR-NYSEArca-2009-23]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Arca, Inc. Amending Rule
6.47 To Remove Obsolete Text Related to the SizeQuote Pilot Program
March 20, 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 16, 2009, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and
II, which Items have been prepared by the self-regulatory organization.
The Exchange filed the proposal as a ``non-controversial'' proposed
rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and
Rule 19b-4(f)(6) thereunder.\4\ 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)(iii).
\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 its rules in order to remove
obsolete rule text related to the SizeQuote Pilot Program. The text of
the proposed rule change is attached as Exhibit 5 to the Form 19b-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.
[[Page 13504]]
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 filing is to remove obsolete text from Rule
6.47 pertaining to the Exchange's SizeQuote Pilot Program (``Pilot
Program''). The Pilot Program, which was initially established in 2005
\5\ and had been extended in three subsequent filings,\6\ expired on
February 15, 2009.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 51576 (April 19,
2005), 70 FR 21488 (April 26, 2005).
\6\ See Securities Exchange Act Release No. 53315 (Feb. 15,
2006) 71 FR 9406 (Feb. 23, 2006), Securities Exchange Act Release
No. 55312 (Feb. 16, 2007) 72 FR 8827 (Feb. 27, 2007), Securities
Exchange Act Release No. 57412 (March 3, 2008) 73 FR 12492 (March 7,
2008).
---------------------------------------------------------------------------
After analyzing the effectiveness of the Pilot Program, the
Exchange determined that it did not meet its stated objectives and
therefore the Exchange did not extend the program past its expiration
on February 15, 2009. This filing simply serves to remove the obsolete
rules related to the Pilot Program.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) \7\ of the Act, in general, and furthers the
objectives of Section 6(b)(5),\8\ in particular, in that it is designed
to facilitate transactions in securities, to promote just and equitable
principles of trade and to protect investors and the public interest.
This filing is intended to remove outdated and obsolete rule text that
may be confusing to market participants that are subject to the
Exchange rules.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
Because the 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 prior to
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, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6)(iii) thereunder.\12\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 17 CFR 240.19b-4(f)(6).
\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 Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied the pre-filing requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\14\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Commission believes
that waiver of the operative delay is consistent with the protection of
investors and the public interest because such waiver will enable the
Exchange to delete obsolete rule text without delay. The Commission
notes that the text relates to a pilot program that has already expired
and therefore deletion of the related text does not raise any novel or
significant regulatory issues. Therefore, the Commission designates the
proposed rule change as operative upon filing.\15\
---------------------------------------------------------------------------
\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ For purposes only of waiving the operative date of this
proposal, the Commission has considered the 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:
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-NYSEArca-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-NYSEArca-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 Section, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at NYSE
[[Page 13505]]
Arca's principal office. 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-NYSEArca-2009-23 and should be submitted on or before April 17,
2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-6825 Filed 3-26-09; 8:45 am]
BILLING CODE 8010-01-P
