In the Matter of GenX Corporation; Order of Suspension of Trading, 32657 [E9-16040]
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Federal Register / Vol. 74, No. 129 / Wednesday, July 8, 2009 / Notices
using its facilities; Section 6(b)(5) of the
Act,8 which requires, among other
things, that the rules of a national
securities exchange not be designed to
permit unfair discrimination between
customers, issuers, brokers, or dealers;
and Section 6(b)(8) of the Act,9 which
requires that the rules of a national
securities exchange do not impose any
burden on competition not necessary or
appropriate in furtherance of the Act.
Accordingly, the Commission believes
that the procedures provided by Section
19(b)(2) of the Act 10 will provide a more
appropriate mechanism for determining
whether the proposed rule change is
consistent with the Act. Therefore, the
Commission finds that it is appropriate
in the public interest, for the protection
of investors, and otherwise in
furtherance of the purposes of the Act,
to abrogate the proposed rule change.
It is therefore ordered, pursuant to
Section 19(b)(3)(C) of the Act,11 that File
No. SR–NASDAQ–2009–053, be and
hereby is, summarily abrogated. If
NASDAQ chooses to re-file the
proposed rule change, it must do so
pursuant to Sections 19(b)(1) 12 and
19(b)(2) of the Act.13
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–15998 Filed 7–7–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
In the Matter of GenX Corporation;
Order of Suspension of Trading
mstockstill on DSKH9S0YB1PROD with NOTICES
July 2, 2009.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of GenX
Corporation because of questions about
the accuracy and adequacy of publicly
disseminated information appearing in
stock promotional materials, and
elsewhere, concerning among other
things the company’s purported
partnerships and other relationships
with certain individuals and entities.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the company listed
above.
8 15
U.S.C. 78f(b)(5).
U.S.C. 78f(b)(8).
10 Id.
11 15 U.S.C. 78s(b)(3)(C).
12 15 U.S.C. 78s(b)(1).
13 15 U.S.C. 78s(b)(2).
9 15
VerDate Nov<24>2008
17:23 Jul 07, 2009
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the
securities of the above listed company is
suspended for the period from 9:30 a.m.
EDT on July 2, 2009, through 11:59 p.m.
EDT, on July 16, 2009.
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below.
NASDAQ has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E9–16040 Filed 7–2–09; 4:15 pm]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE P
1. Purpose
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60186; File No. SR–
NASDAQ–2009–056]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing of a Proposed Rule Change To
Adopt Rules To Implement the Options
Order Protection and Locked/Crossed
Market Plan
June 29, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 23,
2009, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by NASDAQ. 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 adopt rules
to implement the Options Order
Protection and Locked/Crossed Market
Plan (the ‘‘Plan’’), and to delete
provisions which will no longer be
applicable following adoption of the
Plan. The text of the proposed rule
change is available at https://
nasdaqomx.cchwallstreet.com/, at
NASDAQ’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,
NASDAQ included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
1 15
2 17
Jkt 217001
32657
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Fmt 4703
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On May 7, 2008, NASDAQ filed an
executed copy of the Options Order
Protection and Locked/Crossed Market
Plan (‘‘Plan’’), joining all other approved
options markets in proposing the Plan.
The Plan requires each options
exchange to adopt rules implementing
various requirements specified in the
Plan. This proposal is designed to fulfill
that obligation.
Background
The Plan will replace the current Plan
for the Purpose of Creating and
Operating an lntermarket Option
Linkage (‘‘Linkage Plan’’). That plan
requires its participant exchanges to
operate a stand-alone system or
‘‘Linkage’’ for sending order-flow
between exchanges to limit tradethroughs. The Options Clearing
Corporation (‘‘OCC [sic]) operates the
Linkage system (the ‘‘System’’). The
Linkage rules provide for unique types
of Linkage orders, with a complicated
set of requirements as to who may send
such orders and under what conditions.
Before a market maker can trade through
another exchange’s quote, it first must
send a Linkage order and then wait
three seconds for a response.
While the Linkage largely has
operated satisfactorily, it is under
significant strain. When the
Commission approved the Linkage Plan
in 2000, average daily volume (‘‘ADV’’)
in the options market was
approximately 2.6 million contracts
across all exchanges. Now the ADV has
increased four-fold to more than 10.8
million contracts, putting added strain
on the ability of market makers to
comply with the complex Linkage rules.
At the same time, the options markets
have been moving towards quoting in
pennies. This greatly increases the
number of price changes in an option,
giving rise to greater chances of tradethroughs and missing markets as market
makers send Linkage orders and have to
wait three seconds for a response.
Based upon experience in the equities
markets following the adoption of
Regulation NMS in 2005, the options
exchanges have determined to replace
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[Federal Register Volume 74, Number 129 (Wednesday, July 8, 2009)]
[Notices]
[Page 32657]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-16040]
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SECURITIES AND EXCHANGE COMMISSION
[File No. 500-1]
In the Matter of GenX Corporation; Order of Suspension of Trading
July 2, 2009.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
GenX Corporation because of questions about the accuracy and adequacy
of publicly disseminated information appearing in stock promotional
materials, and elsewhere, concerning among other things the company's
purported partnerships and other relationships with certain individuals
and entities.
The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the company listed above.
Therefore, it is ordered, pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that trading in the securities of the
above listed company is suspended for the period from 9:30 a.m. EDT on
July 2, 2009, through 11:59 p.m. EDT, on July 16, 2009.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E9-16040 Filed 7-2-09; 4:15 pm]
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