Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca Equities Rules 7.31(x) and 7.31(kk), 34383-34385 [E9-16711]

Download as PDF Federal Register / Vol. 74, No. 134 / Wednesday, July 15, 2009 / Notices 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 10 and Rule 19b–4(f)(6) thereunder.11 A proposed rule change filed under Rule 19b–4(f)(6) normally does not become operative for 30 days after the date of filing. 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. 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 requests that the Commission waive the 30-day operative delay as well as the five business-day pre-filing requirement so that the benefits of this functionality to BATS market participants expected from the rule change will not be delayed. The Commission believes that waiving the 30-day operative delay12 to make this functionality available without delay is consistent with the protection of investors and the public interest.13 Therefore, the Commission designates the proposal operative upon filing. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: sroberts on DSKD5P82C1PROD with NOTICES 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–BATS–2009–022 on the subject line. [Release No. 34–60262; File No. SR– NYSEArca–2009–63] • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca Equities Rules 7.31(x) and 7.31(kk) All submissions should refer to File Number SR–BATS–2009–022. 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 5552, 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 should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–BATS–2009–022 and should be submitted on or before August 5, 2009. July 8, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Elizabeth M. Murphy, Secretary. [FR Doc. E9–16713 Filed 7–14–09; 8:45 am] BILLING CODE 8010–01–P U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 12 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). 13 The Commission is also waiving the five business-day pre-filing requirement. 11 17 17:21 Jul 14, 2009 Jkt 217001 SECURITIES AND EXCHANGE COMMISSION Paper Comments 10 15 VerDate Nov<24>2008 34383 PO 00000 Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that on July 2, 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. 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 NYSE Arca Equities Rule 7.31(x) and 7.31(kk) in order to amend the functionality of Primary Only Orders and Primary Sweep Orders (collectively ‘‘PO and PSO orders’’) routed to the New York Stock Exchange LLC (‘‘NYSE’’) [sic] The text of the proposed rule change is attached as Exhibit 5 to the 19b–4 form. A copy of this filing is available on the Exchange’s Web site at https://www.nyse.com, at the Exchange’s principal office and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. 1 15 U.S.C. 78s(b)(1). 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 2 14 14 17 CFR 200.30–3(a)(12). Frm 00091 Fmt 4703 Sfmt 4703 E:\FR\FM\15JYN1.SGM 15JYN1 34384 Federal Register / Vol. 74, No. 134 / Wednesday, July 15, 2009 / Notices A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change routed to the NYSE will enhance execution opportunities for Exchange Users by expanding their access to available liquidity. 1. Purpose The Exchange proposes to amend NYSE Arca Equities Rule 7.31(x) and 7.31(kk) to offer Users 4 additional execution opportunities for their PO and PSO orders routed to the NYSE. Currently, if PO or PSO orders routed to the NYSE are not marked immediate-orcancel (‘‘IOC’’), the orders are not returned to the entering party but remain at the NYSE, until executed or cancelled. For PO and PSO orders routed to the NYSE, this executed or cancelled functionality is accomplished by marking the order as Do-Not-Ship (‘‘DNS’’), a designation specific to the NYSE, which according to NYSE rules, prevents the NYSE from routing the order to away market centers.5 The Exchange proposes to offer Users the opportunity to override this DNS designation on PO and PSO orders routed to the NYSE. Where Users choose to override the DNS designation, PO and PSO orders routed to the NYSE will remain at the NYSE until executed, routed away, or cancelled. Whereas the current functionality satisfies both the User’s and the Exchange’s obligations pursuant to Regulation NMS, offering this additional functionality for PO and PSO orders routed to the NYSE will enhance execution opportunities by expanding access to available liquidity. B. Self-Regulatory Organization’s Statement on Burden on Competition sroberts on DSKD5P82C1PROD with NOTICES 2. Statutory Basis The proposed rule change is consistent with Section 6(b) 6 of the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’), in general, and furthers the objectives of Section 6(b)(5) of the Act,7 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, 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 Exchange believes the proposed functionality for PO and PSO orders 4 NYSE Arca Equities Rule 1.1(yy). The term ‘‘User’’ shall mean any ETP Holder or Sponsored Participant who is authorized to obtain access to the NYSE Arca Marketplace pursuant to Rule 7.29. 5 See NYSE Rule 13, stating that an order marked DNS ‘‘will be immediately and automatically cancelled if compliance with Exchange rules or federal securities laws requires that all or part of such order be routed to another market center for execution.’’ 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). VerDate Nov<24>2008 17:21 Jul 14, 2009 Jkt 217001 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: (1) Does not significantly affect the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) by its terms does not become operative for 30 days after the date 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) 8 of the Act and subparagraph (f)(6) of Rule 19b–4 thereunder.9 A proposed rule change filed under Rule 19b–4(f)(6) 10 normally does not become operative for 30 days after the date of filing. However, Rule 19b– 4(f)(6)(iii) 11 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange requests that the Commission waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange states that the proposed rule change does not introduce new or novel functionality, but that the Exchange is merely offering its Users certain order type functionality for PO and PSO orders consistent with other current U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 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. 10 17 CFR 240.19b–4(f)(6). 11 17 CFR 240.19b–4(f)(6)(iii). PO 00000 8 15 9 17 Frm 00092 Fmt 4703 Sfmt 4703 order types eligible for routing to or entry on the NYSE.12 The Commission believes waiving the 30-day operative delay is consistent with the protection of investors and the public interest because such waiver will allow implementation of execution opportunities for Exchange Users without delay.13 Accordingly, the Commission designates the proposed rule change operative upon filing with the Commission. 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-2009–63 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–2009–63. 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 12 See SR–NYSEArca–2009–63, Item 7. 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. 78(c)(f). 13 For E:\FR\FM\15JYN1.SGM 15JYN1 Federal Register / Vol. 74, No. 134 / Wednesday, July 15, 2009 / Notices those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No. SR–NYSEArca–2009–63 and should be submitted on or before August 5, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Elizabeth M. Murphy, Secretary. [FR Doc. E9–16711 Filed 7–14–09; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–60267; File No. SR–Phlx– 2009–42] Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change as Modified by Amendment No. 2 Thereto Relating to Complex Orders sroberts on DSKD5P82C1PROD with NOTICES July 9, 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 26, 2009, NASDAQ OMX PHLX, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. On July 2, 2009, the Exchange filed Amendment No. 1 to the proposed rule change. On July 7, 2009, Phlx filed Amendment No. 2 to the proposed rule change and withdrew Amendment No. 1. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 VerDate Nov<24>2008 17:21 Jul 14, 2009 Jkt 217001 The Exchange proposes to assess a $.01 per contract fee for Complex Orders 3 in equity options that are directed to specialists, Streaming Quote Traders (‘‘SQTs’’) 4 and Remote Streaming Quote Traders (‘‘RSQTs’’) 5 by a member or member organization and are executed electronically as part of a Complex Order. While changes to the Exchange’s fee schedule pursuant to this proposal are effective upon filing, the Exchange has designated this proposal to be effective for trades settling on or after July 1, 2009. The text of the proposed rule change is available on the Exchange’s Web site at https://www.nasdaqtrader.com/ micro.aspx?id=PHLXRulefilings, at the principal office of the Exchange, 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 BILLING CODE 8010–01–P 14 17 I. Self-Regulatory Organization’s Statement of the Terms of Substance of 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 aspects of such statements. 3 A Complex Order is composed of two or more components and is priced as a single order (a ‘‘Complex Order Strategy’’) on a net debit or credit basis. See Exchange Rule 1080, Commentary .08. For a complete description of the Exchange’s Complex Order System. [sic] See also Securities Exchange Act Release No. 58361 (August 14, 2008), 73 FR 49529 (August 21, 2008) (SR–Phlx–2008–50). 4 An SQT is an Exchange Registered Options Trader (‘‘ROT’’) who has received permission from the Exchange to generate and submit option quotations electronically through an electronic interface with AUTOM via an Exchange approved proprietary electronic quoting device in eligible options to which such SQT is assigned. See Exchange Rule 1014(b)(ii)(A). 5 An RSQT is an ROT that is a member or member organization with no physical trading floor presence who has received permission from the Exchange to generate and submit option quotations electronically through AUTOM in eligible options to which such RSQT has been assigned. An RSQT may only submit such quotations electronically from off the floor of the Exchange. See Exchange Rule 1014(b)(ii)(B). PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 34385 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 assess a $.01 per contract fee for Complex Orders 6 in equity options that are directed to specialists, Streaming Quote Traders (‘‘SQTs’’) 7 and Remote Streaming Quote Traders (‘‘RSQTs’’) (‘‘Directed Participants’’ or ‘‘Directed Specialists, RSQTs, or SQTs’’) 8 by a member or member organization (‘‘Order Flow Provider’’ or ‘‘OFP’’),9 and executed electronically on the Exchange’s electronic trading platform for options, the Phlx XL II system.10 The $0.01 per contract rate would be assessed to the Direct [sic] Participants, in lieu of the equity options transactions fees of $.22 per contract side for Registered Option Traders (‘‘ROTs’’) (on-floor) and $.21 per contract side for specialists on contracts executed electronically as part of a Complex Order.11 This fee assessment would not apply to single sided Directed Orders 12 pursuant to 6 A Complex Order is composed of two or more components and is priced as a single order (a ‘‘Complex Order Strategy’’) on a net debit or credit basis. See Exchange Rule 1080, Commentary .08. For a complete description of the Exchange’s Complex Order System. [sic] See also Securities Exchange Act Release No. 58361 (August 14, 2008), 73 FR 49529 (August 21, 2008) (SR–Phlx–2008–50). 7 An SQT is an Exchange Registered Options Trader (‘‘ROT’’) who has received permission from the Exchange to generate and submit option quotations electronically through an electronic interface with AUTOM via an Exchange approved proprietary electronic quoting device in eligible options to which such SQT is assigned. See Exchange Rule 1014(b)(ii)(A). 8 See Exchange Rule 1080(l), ‘‘* * * The term ‘Directed Specialist, RSQT, or SQT’ means a specialist, RSQT, or SQT that receives a Directed Order.’’ A Directed Participant has a higher quoting requirement as compared with a specialist, SQT or RSQT who is not acting as a Directed Participant. See Exchange Rule 1014. 9 See Exchange Rule 1080(l). ‘‘* * * The term ‘Order Flow Provider’ (‘OFP’) means any member or member organization that submits, as agent, customer orders to the Exchange.’’ 10 See Securities Exchange Act Release No. 59995 (May 28, 2009), 74 FR 26750 (June 3, 2009) (SR– Phlx–2009–32). 11 In addition the Exchange notes that currently Registered Option Traders (on-floor) and specialists that exceed 4.5 million contracts (‘‘Volume Threshold’’) in a given month are assessed $.01 per contract on contract volume above the Volume Threshold instead of the applicable options transaction charges. 12 See Exchange Rule 1080(l), ‘‘* * * The term ‘Directed Order’ means any customer order (other than a stop or stop-limit order as defined in Rule 1066) to buy or sell which has been directed to a particular specialist, RSQT, or SQT by an Order Flow Provider, as defined below. To qualify as a Directed Order, an order must be delivered to the Exchange via AUTOM.’’ See also See [sic] E:\FR\FM\15JYN1.SGM Continued 15JYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 74, Number 134 (Wednesday, July 15, 2009)]
[Notices]
[Pages 34383-34385]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-16711]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60262; File No. SR-NYSEArca-2009-63]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca
Equities Rules 7.31(x) and 7.31(kk)

July 8, 2009.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on July 2, 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. 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\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange proposes to amend NYSE Arca Equities Rule 7.31(x) and
7.31(kk) in order to amend the functionality of Primary Only Orders and
Primary Sweep Orders (collectively ``PO and PSO orders'') routed to the
New York Stock Exchange LLC (``NYSE'') [sic] The text of the proposed
rule change is attached as Exhibit 5 to the 19b-4 form. A copy of this
filing is available on the Exchange's Web site at https://www.nyse.com,
at the Exchange's principal office and at the Commission's Public
Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

[[Page 34384]]

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
The Exchange proposes to amend NYSE Arca Equities Rule 7.31(x) and
7.31(kk) to offer Users \4\ additional execution opportunities for
their PO and PSO orders routed to the NYSE. Currently, if PO or PSO
orders routed to the NYSE are not marked immediate-or-cancel (``IOC''),
the orders are not returned to the entering party but remain at the
NYSE, until executed or cancelled. For PO and PSO orders routed to the
NYSE, this executed or cancelled functionality is accomplished by
marking the order as Do-Not-Ship (``DNS''), a designation specific to
the NYSE, which according to NYSE rules, prevents the NYSE from routing
the order to away market centers.\5\ The Exchange proposes to offer
Users the opportunity to override this DNS designation on PO and PSO
orders routed to the NYSE. Where Users choose to override the DNS
designation, PO and PSO orders routed to the NYSE will remain at the
NYSE until executed, routed away, or cancelled.
---------------------------------------------------------------------------

\4\ NYSE Arca Equities Rule 1.1(yy). The term ``User'' shall
mean any ETP Holder or Sponsored Participant who is authorized to
obtain access to the NYSE Arca Marketplace pursuant to Rule 7.29.
\5\ See NYSE Rule 13, stating that an order marked DNS ``will be
immediately and automatically cancelled if compliance with Exchange
rules or federal securities laws requires that all or part of such
order be routed to another market center for execution.''
---------------------------------------------------------------------------

Whereas the current functionality satisfies both the User's and the
Exchange's obligations pursuant to Regulation NMS, offering this
additional functionality for PO and PSO orders routed to the NYSE will
enhance execution opportunities by expanding access to available
liquidity.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) \6\ of the
Securities Exchange Act of 1934 (the ``Exchange Act''), in general, and
furthers the objectives of Section 6(b)(5) of the Act,\7\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, 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 Exchange
believes the proposed functionality for PO and PSO orders routed to the
NYSE will enhance execution opportunities for Exchange Users by
expanding their access to available liquidity.
---------------------------------------------------------------------------

\6\ 15 U.S.C. 78f(b).
\7\ 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: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date 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) \8\ of the Act and subparagraph (f)(6) of Rule 19b-
4 thereunder.\9\
---------------------------------------------------------------------------

\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). 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.
---------------------------------------------------------------------------

A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative for 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii) \11\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange requests that the
Commission waive the 30-day operative delay so that the proposal may
become operative immediately upon filing. The Exchange states that the
proposed rule change does not introduce new or novel functionality, but
that the Exchange is merely offering its Users certain order type
functionality for PO and PSO orders consistent with other current order
types eligible for routing to or entry on the NYSE.\12\
---------------------------------------------------------------------------

\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ See SR-NYSEArca-2009-63, Item 7.
---------------------------------------------------------------------------

The Commission believes waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because such waiver will allow implementation of execution
opportunities for Exchange Users without delay.\13\ Accordingly, the
Commission designates the proposed rule change operative upon filing
with the Commission.
---------------------------------------------------------------------------

\13\ 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.
78(c)(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 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-2009-63 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-2009-63. 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

[[Page 34385]]

those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File No. SR-NYSEArca-2009-63 and should be
submitted on or before August 5, 2009.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-16711 Filed 7-14-09; 8:45 am]
BILLING CODE 8010-01-P

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