Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend BATS Rule 11.13, entitled “Order Execution”, 24057-24059 [E9-11941]
Download as PDF
<![CDATA[
Federal Register / Vol. 74, No. 98 / Friday, May 22, 2009 / Notices
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) by its
terms does not become operative for 30
days of this filing, or such shorter time
as the Commission may designate if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 13 and subparagraph (f)(6) of
Rule 19b–4 thereunder.14
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative prior to 30 days after
the date of filing.15 However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay so that the proposal may become
operative immediately upon filing. In
support, the Exchange states that the
proposed reduction in the size of the
MacroShares Units may facilitate
creation and redemption activity in the
Shares, which could result in tighter
bid/ask spreads.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest.16 The
proposed rule change seeks to amend a
representation the Exchange made in
the Notice, to reflect a proposed change
in the minimum Share aggregation for
issuance and redemption from 50,000 to
10,000 MacroShares Units. The
Commision believes that this proposal
does not raise any regulatory concerns.
The Commission notes that it has
previously approved both the listing
and trading of Shares of the Trusts on
the Exchange, and an amendment to the
leverage factor of this product.17
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
13 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
15 See id. In addition, Rule 19b–4(f)(6)(iii)
requires a self-regulatory organization to provide
the Commission with written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
16 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
17 See Approval Order and Modifying Order,
supra note 6.
erowe on PROD1PC63 with NOTICES
14 17
VerDate Nov<24>2008
14:18 May 21, 2009
Jkt 217001
interest, for the protection of investors,
or otherwise in furtherance 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:
24057
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–11940 Filed 5–21–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
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–2009–43 on the
subject line.
[Release No. 34–59934; File No. SR–BATS–
2009–013]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend BATS Rule
11.13, entitled ‘‘Order Execution’’
May 15, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
• Send paper comments in triplicate
notice is hereby given that on May 12,
to Elizabeth M. Murphy, Secretary,
2009, BATS Exchange, Inc. (‘‘BATS’’ or
Securities and Exchange Commission,
the ‘‘Exchange’’) filed with the
100 F Street, NE., Washington, DC
Securities and Exchange Commission
20549–1090.
(‘‘Commission’’) the proposed rule
All submissions should refer to File
change as described in Items I and II
Number SR–NYSEArca–2009–43. This
below, which Items have been prepared
file number should be included on the
subject line if e-mail is used. To help the by the Exchange. The Exchange has
designated this proposal as a ‘‘nonCommission process and review your
controversial’’ proposed rule change
comments more efficiently, please use
only one method. The Commission will pursuant to Section 19(b)(3)(A) of the
3
post all comments on the Commission’s Act and Rule 19b–4(f)(6)(iii)
thereunder,4 which renders it effective
Internet Web site (https://www.sec.gov/
upon filing with the Commission. The
rules/sro.shtml). Copies of the
Commission is publishing this notice to
submission, all subsequent
solicit comments on the proposed rule
amendments, all written statements
change from interested persons.
with respect to the proposed rule
change that are filed with the
I. Self-Regulatory Organization’s
Commission, and all written
Statement of the Terms of Substance of
communications relating to the
the Proposed Rule Change
proposed rule change between the
The Exchange is proposing to amend
Commission and any person, other than
BATS Rule 11.13, entitled ‘‘Order
those that may be withheld from the
Execution,’’ to provide Users 5 of the
public in accordance with the
Exchange with another option with
provisions of 5 U.S.C. 552, will be
respect to the Exchange’s method of
available for inspection and copying in
processing the unfilled balance of a
the Commission’s Public Reference
limit order that returns to the Exchange
Room, 100 F Street, NE., Washington,
after being routed away to one or more
DC 20549, on official business days
6
between the hours of 10 a.m. and 3 p.m. away Trading Centers for execution.
The text of the proposed rule change
Copies of the filing also will be available
is available at the Exchange’s Web site
for inspection and copying at the
at https://www.batstrading.com, at the
principal office of the Exchange. All
principal office of the Exchange, and at
comments received will be posted
the Commission’s Public Reference
without change; the Commission does
Room.
not edit personal identifying
information from submissions. You
18 17 CFR 200.30–3(a)(12).
should submit only information that
1 15 U.S.C. 78s(b)(1).
you wish to make available publicly. All
2 17 CFR 240.19b–4.
submissions should refer to File
3 15 U.S.C. 78s(b)(3)(A).
Number SR–NYSEArca–2009–43 and
4 17 CFR 240.19b–4(f)(6).
should be submitted on or before June
5 As defined in BATS Rule 1.5(bb).
12, 2009.
6 As defined in BATS Rule 2.11.
Paper Comments
PO 00000
Frm 00074
Fmt 4703
Sfmt 4703
E:\FR\FM\22MYN1.SGM
22MYN1
24058
Federal Register / Vol. 74, No. 98 / Friday, May 22, 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
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant parts of such
statements.
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
erowe on PROD1PC63 with NOTICES
The purpose of the proposed rule
change is to provide Users of the
Exchange with another option with
respect to the Exchange’s method of
processing the unfilled balance of a
limit order that returns to the Exchange
after being routed away to one or more
away Trading Centers for execution. In
connection with this additional option,
the Exchange has also proposed various
clarifying changes related to the
functionality of the current processing
options.
The Exchange currently allows Users
to submit various types of limit orders
to the Exchange that are processed
pursuant to Rules 11.13(a)(1) and
11.13(a)(2)(B), as set forth below. Rule
11.13(a)(1) describes the process by
which an incoming order would execute
against the BATS Book.7 To the extent
an order has not been executed in its
entirety against the BATS Book, Rule
11.13(a)(2)(B) then describes the process
of routing marketable limit orders 8 to
one or more Trading Centers, including
a description of how the Exchange treats
any unfilled balance that returns to the
Exchange following the first attempt to
fill the order through the routing
process. Currently, the Exchange either
converts such unfilled balance to a
BATS Only order, and processes it in
accordance with Rule 11.9(c)(4) or again
checks the BATS Book for liquidity,
then routes the order to away Trading
Centers until the Exchange has
confirmed that no available liquidity
exists on the BATS Book or at away
7 As
defined in BATS Rule 1.5(d).
orders are also routed away, pursuant to
Rule 11.13(a)(2)(A), however the Exchange is not
proposing any changes to the treatment of routed
market orders at this time.
8 Market
VerDate Nov<24>2008
14:18 May 21, 2009
Jkt 217001
Trading Centers and the order’s limit
price has been reached.
The Exchange believes that the
proposed changes to Rule 11.13 make
the process described above more clear.
In addition, the Exchange proposes to
offer Users a third option for processing
of the unfilled balance that returns to
the Exchange. As proposed, the new
Rule 11.13(a)(2)(B) will allow Users to
instruct the Exchange to execute the
order against the BATS Book and route
the order to away Trading Centers up to
the limit price of the order. At the limit
price, the Exchange will attempt to
execute the order against the BATS
Book one time and attempt to fill the
order at one or more away Trading
Centers, and then cancel any unfilled
balance of the order back to the User.
This differs from the second option
because under the new, proposed
option, after routing the order away at
the limit price, the Exchange will not
again check the BATS Book for available
liquidity before canceling the order back
to the User.
2. Statutory Basis
The rule change proposed in this
submission is consistent with the
requirements of the Act and the rules
and regulations thereunder that are
applicable to a national securities
exchange, and, in particular, with the
requirements of Section 6(b) of the Act.9
Specifically, the proposed change is
consistent with Section 6(b)(5) of the
Act,10 because it would promote just
and equitable principles of trade,
remove impediments to, and perfect the
mechanism of, a free and open market
and a national market system, and, in
general, protect investors and the public
interest, by allowing Users to instruct
the Exchange to attempt to execute their
orders at the applicable limit price
against the BATS Book and then at one
or more away Trading Centers, but then
to promptly cancel the remaining
balance back. This functionality will
allow the Exchange to seek to execute
the order as promptly as possible but
will also provide Users with a faster
response as to whether their orders have
been executed.
(B) Self-Regulatory Organization’s
Statement of Burden on Competition
The Exchange does not believe that
the proposed rule change imposes any
burden on competition.
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
10 15
PO 00000
Frm 00075
Fmt 4703
Sfmt 4703
(C) Self-Regulatory Organization’s
Statement on Comments Regarding the
Proposed Rule Changes Received From
Members, Participants or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Changes and Timing for
Commission Action
Because the foregoing rule change
does not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 11 and Rule 19b–
4(f)(6) thereunder.12
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.13 However, Rule 19b–
4(f)(6)(iii) 14 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay. BATS states that implementation
of the order type described in this filing
will provide BATS Users with another
option with respect to the handling of
orders routed away from the Exchange
that is completely optional, and will not
require any programming changes by
BATS Users unless they choose to use
the new functionality.15 The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest because such waiver will
allow BATS Users to immediately
benefit from this minor variation to the
order handling used by the Exchange
today pursuant to the Exchange’s
existing rules. In addition, the
Commission notes that the proposal
does not raise any new substantive
issues. The Commission hereby grants
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires that a self-regulatory
organization 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 Exchange has satisfied this notice
requirement.
14 Id.
15 See SR–BATS–2009–013, Item 7.
12 17
E:\FR\FM\22MYN1.SGM
22MYN1
Federal Register / Vol. 74, No. 98 / Friday, May 22, 2009 / Notices
the Exchange’s request and designates
the proposal operative upon filing.16
At any time within 60 days of the
filing of such proposed rule change the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposal is
consistent with the Act. Comments may
be submitted by any of the following
methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–BATS–2009–013 on the subject
line.
erowe on PROD1PC63 with NOTICES
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 No.
SR–BATS–2009–013. 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 changes 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
16 For the 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).
VerDate Nov<24>2008
14:18 May 21, 2009
Jkt 217001
24059
the principal office of BATS. 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 No.
SR–BATS–2009–013 and should be
submitted on or before June 12, 2009.
Dated: May 18, 2009.
C. Miller Crouch,
Acting Assistant Secretary for Educational
and Cultural Affairs, Department of State.
[FR Doc. E9–12017 Filed 5–21–09; 8:45 am]
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–11941 Filed 5–21–09; 8:45 am]
[Docket No. WTO/DS384 and WTO/DS386]
BILLING CODE 8010–01–P
[Public Notice 6630]
Culturally Significant Objects Imported
for Exhibition Determinations: ‘‘James
Ensor’’
SUMMARY: Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236 of October 19, 1999, as
amended, and Delegation of Authority
No. 257 of April 15, 2003 [68 FR 19875],
I hereby determine that the objects to be
included in the exhibition ‘‘James
Ensor,’’ imported from abroad for
temporary exhibition within the United
States, are of cultural significance. The
objects are imported pursuant to loan
agreements with the foreign owners or
custodians. I also determine that the
exhibition or display of the exhibit
objects at The Museum of Modern Art,
New York, NY, from on or about June
28, 2009, until on or about September
21, 2009, and at possible additional
exhibitions or venues yet to be
determined, is in the national interest.
Public Notice of these Determinations is
ordered to be published in the Federal
Register.
FOR FURTHER INFORMATION CONTACT: For
further information, including a list of
the exhibit objects, contact Julie
Simpson, Attorney-Adviser, Office of
the Legal Adviser, U.S. Department of
State, telephone: (202–453–8050). The
address is U.S. Department of State, SA–
44, 301 4th Street, SW., Room 700,
Washington, DC 20547–0001.
PO 00000
CFR 200.30–3(a)(12).
Frm 00076
Fmt 4703
Sfmt 4703
OFFICE OF THE UNITED STATES
TRADE REPRESENTATIVE
WTO Dispute Settlement Proceeding
Regarding United States—Certain
Country of Origin Labeling
Requirements
AGENCY: Office of the United States
Trade Representative.
ACTION: Notice; request for comments.
DEPARTMENT OF STATE
17 17
BILLING CODE 4710–05–P
SUMMARY: The Office of the United
States Trade Representative (‘‘USTR’’) is
providing notice that the United States
received additional requests for
consultations under the Marrakesh
Agreement Establishing the World Trade
Organization (‘‘WTO Agreement’’)
concerning certain mandatory country
of origin labeling (COOL) requirements
from Canada and Mexico in separate
letters dated May 7, 2009. Those
requests may be found at https://
www.wto.org contained in documents
designated as WT/DS384/1/Add.1 for
Canada and WT/DS386/1/Add.1 for
Mexico. USTR invites written comments
from the public concerning the issues
raised in these disputes.
DATES: Although USTR will accept any
comments received during the course of
the dispute settlement proceedings,
comments should be submitted on or
before July 1, 2009, to be assured of
timely consideration by USTR.
ADDRESSES: Comments should be
submitted electronically to https://
www.regulations.gov, docket number
USTR–2009–0004. If you are unable to
provide submissions by https://
www.regulations.gov, please contact
Sandy McKinzy at (202) 395–9483 to
arrange for an alternative method of
transmission. If (as explained below),
the comment contains confidential
information, then the comment should
be submitted by fax only to Sandy
McKinzy at (202) 395–3640.
FOR FURTHER INFORMATION CONTACT: Priti
Seksaria Agrawal, Associate General
Counsel, Office of the United States
Trade Representative, 600 17th Street,
NW., Washington, DC 20508, (202) 395–
3150.
SUPPLEMENTARY INFORMATION: USTR is
providing notice that consultations have
been requested pursuant to the WTO
Understanding on Rules and Procedures
E:\FR\FM\22MYN1.SGM
22MYN1
]]>Agencies
[Federal Register Volume 74, Number 98 (Friday, May 22, 2009)]
[Notices]
[Pages 24057-24059]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-11941]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59934; File No. SR-BATS-2009-013]
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
BATS Rule 11.13, entitled ``Order Execution''
May 15, 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 May 12, 2009, BATS Exchange, Inc. (``BATS'' 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. The Exchange
has designated this proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6)(iii) 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 is proposing to amend BATS Rule 11.13, entitled
``Order Execution,'' to provide Users \5\ of the Exchange with another
option with respect to the Exchange's method of processing the unfilled
balance of a limit order that returns to the Exchange after being
routed away to one or more away Trading Centers \6\ for execution.
---------------------------------------------------------------------------
\5\ As defined in BATS Rule 1.5(bb).
\6\ As defined in BATS Rule 2.11.
---------------------------------------------------------------------------
The text of the proposed rule change is available at the Exchange's
Web site at https://www.batstrading.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.
[[Page 24058]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant 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 provide Users of the
Exchange with another option with respect to the Exchange's method of
processing the unfilled balance of a limit order that returns to the
Exchange after being routed away to one or more away Trading Centers
for execution. In connection with this additional option, the Exchange
has also proposed various clarifying changes related to the
functionality of the current processing options.
The Exchange currently allows Users to submit various types of
limit orders to the Exchange that are processed pursuant to Rules
11.13(a)(1) and 11.13(a)(2)(B), as set forth below. Rule 11.13(a)(1)
describes the process by which an incoming order would execute against
the BATS Book.\7\ To the extent an order has not been executed in its
entirety against the BATS Book, Rule 11.13(a)(2)(B) then describes the
process of routing marketable limit orders \8\ to one or more Trading
Centers, including a description of how the Exchange treats any
unfilled balance that returns to the Exchange following the first
attempt to fill the order through the routing process. Currently, the
Exchange either converts such unfilled balance to a BATS Only order,
and processes it in accordance with Rule 11.9(c)(4) or again checks the
BATS Book for liquidity, then routes the order to away Trading Centers
until the Exchange has confirmed that no available liquidity exists on
the BATS Book or at away Trading Centers and the order's limit price
has been reached.
---------------------------------------------------------------------------
\7\ As defined in BATS Rule 1.5(d).
\8\ Market orders are also routed away, pursuant to Rule
11.13(a)(2)(A), however the Exchange is not proposing any changes to
the treatment of routed market orders at this time.
---------------------------------------------------------------------------
The Exchange believes that the proposed changes to Rule 11.13 make
the process described above more clear. In addition, the Exchange
proposes to offer Users a third option for processing of the unfilled
balance that returns to the Exchange. As proposed, the new Rule
11.13(a)(2)(B) will allow Users to instruct the Exchange to execute the
order against the BATS Book and route the order to away Trading Centers
up to the limit price of the order. At the limit price, the Exchange
will attempt to execute the order against the BATS Book one time and
attempt to fill the order at one or more away Trading Centers, and then
cancel any unfilled balance of the order back to the User. This differs
from the second option because under the new, proposed option, after
routing the order away at the limit price, the Exchange will not again
check the BATS Book for available liquidity before canceling the order
back to the User.
2. Statutory Basis
The rule change proposed in this submission is consistent with the
requirements of the Act and the rules and regulations thereunder that
are applicable to a national securities exchange, and, in particular,
with the requirements of Section 6(b) of the Act.\9\ Specifically, the
proposed change is consistent with Section 6(b)(5) of the Act,\10\
because it would promote just and equitable principles of trade, remove
impediments to, and perfect the mechanism of, a free and open market
and a national market system, and, in general, protect investors and
the public interest, by allowing Users to instruct the Exchange to
attempt to execute their orders at the applicable limit price against
the BATS Book and then at one or more away Trading Centers, but then to
promptly cancel the remaining balance back. This functionality will
allow the Exchange to seek to execute the order as promptly as possible
but will also provide Users with a faster response as to whether their
orders have been executed.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
(B) Self-Regulatory Organization's Statement of Burden on Competition
The Exchange does not believe that the proposed rule change imposes
any burden on competition.
(C) Self-Regulatory Organization's Statement on Comments Regarding the
Proposed Rule Changes Received From Members, Participants or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Changes and Timing for
Commission Action
Because the foregoing rule change does not: (1) Significantly
affect the protection of investors or the public interest; (2) impose
any significant burden on competition; and (3) become operative for 30
days after the date of this filing, or such shorter time as the
Commission may designate, 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).
---------------------------------------------------------------------------
A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\13\
However, Rule 19b-4(f)(6)(iii) \14\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the 30-day operative delay. BATS states that
implementation of the order type described in this filing will provide
BATS Users with another option with respect to the handling of orders
routed away from the Exchange that is completely optional, and will not
require any programming changes by BATS Users unless they choose to use
the new functionality.\15\ The Commission believes that waiving the 30-
day operative delay is consistent with the protection of investors and
the public interest because such waiver will allow BATS Users to
immediately benefit from this minor variation to the order handling
used by the Exchange today pursuant to the Exchange's existing rules.
In addition, the Commission notes that the proposal does not raise any
new substantive issues. The Commission hereby grants
[[Page 24059]]
the Exchange's request and designates the proposal operative upon
filing.\16\
---------------------------------------------------------------------------
\13\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization 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 Exchange has satisfied this notice requirement.
\14\ Id.
\15\ See SR-BATS-2009-013, Item 7.
\16\ For the 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 such proposed rule
change the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors or otherwise in
furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposal 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 No. SR-BATS-2009-013 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 No. SR-BATS-2009-013. 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 changes 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 BATS. 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 No. SR-BATS-2009-013 and should be
submitted on or before June 12, 2009.
---------------------------------------------------------------------------
\17\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-11941 Filed 5-21-09; 8:45 am]
BILLING CODE 8010-01-P
