Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC Extending Until September 15, 2009, the Operation of Interim NYSE Rule 128 Which Permits the Exchange To Cancel or Adjust Clearly Erroneous Executions if They Arise Out of the Use or Operation of Any Quotation, Execution or Communication System Owned or Operated by the Exchange, Including Those Executions That Occur in the Event of a System Disruption or System Malfunction, 47846-47848 [E9-22390]

Download as PDF 47846 Federal Register / Vol. 74, No. 179 / Thursday, September 17, 2009 / Notices received.16 In addition, extending the pilot through February 28, 2010 does not raise any new or novel regulatory issues that were not previously considered in approving the original pilot. Based on the above, the Commission designates the proposal as operative upon filing.17 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 proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: cprice-sewell on DSK2BSOYB1PROD 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–CBOE–2009–064 on the subject line. 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 CBOE. 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–CBOE–2009–064 and should be submitted on or before October 8, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–22367 Filed 9–16–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–60649; File No. SR–NYSE– 2009–93] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness Paper Comments of Proposed Rule Change by New York • Send paper comments in triplicate Stock Exchange LLC Extending Until to Elizabeth M. Murphy, Secretary, September 15, 2009, the Operation of Securities and Exchange Commission, Interim NYSE Rule 128 Which Permits 100 F Street, NE., Washington, DC the Exchange To Cancel or Adjust 20549–1090. Clearly Erroneous Executions if They All submissions should refer to File Arise Out of the Use or Operation of Number SR–CBOE–2009–064. This file Any Quotation, Execution or number should be included on the Communication System Owned or subject line if e-mail is used. To help the Operated by the Exchange, Including Commission process and review your Those Executions That Occur in the comments more efficiently, please use Event of a System Disruption or only one method. The Commission will System Malfunction post all comments on the Commission’s September 10, 2009. Internet Web site (https://www.sec.gov/ Pursuant to Section 19(b)(1) of the rules/sro.shtml). Copies of the Securities Exchange Act of 1934 submission, all subsequent (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 amendments, all written statements notice is hereby given that on with respect to the proposed rule September 8, 2009, New York Stock change that are filed with the Exchange LLC (‘‘NYSE’’ or the Commission, and all written ‘‘Exchange’’) filed with the Securities communications relating to the and Exchange Commission proposed rule change between the Commission and any person, other than (‘‘Commission’’) the proposed rule change as described in Items I and II those that may be withheld from the below, which Items have been prepared public in accordance with the by the Exchange. NYSE has designated 16 Securities Exchange Act Release No. 57429 the proposed rule change as constituting (March 4, 2008), 73 FR 13058 (March 11, 2008). a rule change under Rule 19b–4(f)(6) 17 For purposes only of waiving the operative delay of this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). See also 17 CFR 200.30–3(a)(59). VerDate Nov<24>2008 14:35 Sep 16, 2009 Jkt 217001 under the Act,3 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend until September 15, 2009, the operation of interim NYSE Rule 128 (‘‘Clearly Erroneous Executions for NYSE Equities’’) which permits the Exchange to cancel or adjust clearly erroneous executions if they arise out of the use or operation of any quotation, execution or communication system owned or operated by the Exchange, including those executions that occur in the event of a system disruption or system malfunction. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https://www.nyse.com. 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 Exchange proposes to extend until September 15, 2009, the operation of interim NYSE Rule 128 (‘‘Clearly Erroneous Executions for NYSE Equities’’) which permits the Exchange to cancel or adjust clearly erroneous executions if they arise out of the use or operation of any quotation, execution or communication system owned or operated by the Exchange, including those executions that occur in the event of a system disruption or system malfunction. Prior to the implementation of NYSE Rule 128 on January 28, 2008,4 the 3 17 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 14 PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 CFR 240.19b–4(f)(6). Securities Exchange Act Release No. 57323 (February 13, 2008), 73 FR 9371 (February 20, 2008) (SR–NYSE–2008–09). 4 See E:\FR\FM\17SEN1.SGM 17SEN1 Federal Register / Vol. 74, No. 179 / Thursday, September 17, 2009 / Notices cprice-sewell on DSK2BSOYB1PROD with NOTICES NYSE did not have a rule providing the Exchange with the authority to cancel or adjust clearly erroneous trades of securities executed on or through the systems and facilities of the NYSE. In order for the NYSE to be consistent with other national securities exchanges which have some version of a clearly erroneous execution rule, the Exchange is drafting an amended clearly erroneous rule which will accommodate such other exchanges but will be appropriate for the NYSE market model. The NYSE notes that the Commission approved an amended clearly erroneous execution rule for Nasdaq in May 2008.5 On July 28, 2008, the Exchange filed with the SEC a request to extend the operation of interim Rule 128 until October 1, 2008 6 in order to review the provisions of Nasdaq’s clearly erroneous rule and to consider integrating similar standards into its own amendment to Rule 128. On October 1, 2008,7 the Exchange filed with the SEC a further request to extend the operation of interim Rule 128 until January 9, 2009 in order to consider integrating similar standards into the amendment to Rule 128. On January 9, 2009,8 the Exchange filed with the SEC a request to extend the operation of interim Rule 128 until March 9, 2009, indicating that the Exchange was still in the process of reviewing the Nasdaq rule with a view towards incorporating certain provisions into the amendment of interim Rule 128. On February 10, 2009, NYSE Arca submitted a proposal to the SEC to amend its clearly erroneous rule. The NYSE Arca proposed rule differed in certain respects from the Nasdaq clearly erroneous rule. On March 9, 2009, the Exchange filed with the SEC a request to extend the operation of interim Rule 128 until June 9, 2009 9 to finalize review of NYSE Arca’s proposed amended CEE rule, which included market wide CEE initiatives, to determine if it was appropriate to incorporate such provisions into the Rule 128 amendment. Thereafter, on April 24, 2009, NYSE Arca filed a revised rule change with the 5 See Securities Exchange Act Release No. 57826 (May 15, 2008), 73 FR 29802 (May 22, 2008) (SR– NASDAQ–2007–001). 6 See Securities Exchange Act Release No. 58328 (August 8, 2008), 73 FR 47247 (August 13, 2008) (SR–NYSE–2008–63). 7 See Securities Exchange Act Release No. 58732 (October 3, 2008), 73 FR 61183 (October 15, 2008) (SR–NYSE–2008–99). 8 See Securities Exchange Act Release No. 59255 (January 15, 2009) 74 FR 4496 (January 26, 2009) (SR–NYSE–2009–02). 9 See Securities Exchange Act Release No. 59581 (March 9, 2009) 74 FR 12431 (March 24, 2009) (SR– NYSE–2009–26). VerDate Nov<24>2008 14:35 Sep 16, 2009 Jkt 217001 Commission to amend its clearly erroneous rule (NYSE Arca Rule 7.10).10 The Exchange was in the process of finalizing its review of NYSE Arca’s revised CEE rule change, which also included market wide CEE initiatives, to determine if it was appropriate to incorporate all such provisions into NYSE’s interim Rule 128 amendment. On June 9, 2009, the Exchange filed with the SEC a request to extend the operation of interim Rule 128 until July 15, 2009 11 to finalize review of NYSE Arca’s proposed amended CEE rule. On July 15, 2009 12 the Exchange filed with the SEC a request to extend the operation of interim Rule 128 until August 1, 2009 to finalize review of NYSE Arca’s proposed amended CEE rule. On July 31, 2009 the Exchange filed with the SEC a request to extend the operation of interim Rule 128 until August 10, 2009 13 to finalize review of NYSE Arca’s proposed amended CEE rule. On August 11, 2009 the Exchange filed with the SEC a request to extend the operation of interim Rule 128 until August 21, 2009 14 to finalize review of NYSE Arca’s proposed amended CEE rule. On August 21, 2009 the Exchange filed with the SEC a request to extend the operation of interim Rule 128 until August 31, 2009 15 to finalize review of NYSE Arca’s proposed amended CEE rule. On August 31, 2009 the Exchange filed with the SEC a request to extend the operation of interim Rule 128 until September 8, 2009 16 to finalize review of NYSE Arca’s proposed amended CEE rule. The Exchange anticipates finalizing proposed rule text of its clearly erroneous execution rule shortly, and is, therefore, requesting to extend the operation of interim Rule 128 until September 15, 2009. Prior to September 15, 2009, the Exchange intends to formally file a 19b–4 rule change amending interim Rule 128. 10 See Securities Exchange Act Release No. 59838 (April 28, 2009) 74 FR 20767 (May 5, 2009) (SR– NYSEArca–2009–36) (See NYSE Arca Rule 7.10). 11 See Securities Exchange Act Release No. 60131 (June 17, 2009) 74 FR 30196 (June 24, 2009) (SR– NYSE–2009–57). 12 See Securities Exchange Act Release No. 60312 (July 15, 2009) 74 FR 36298 (July 22, 2009) (SR– NYSE–2009–70). 13 See Securities Exchange Act Release No. 60419 (August 7, 2009) 74 FR 39987 (August 10, 2009) (SR–NYSE–2009–79). 14 See Securities Exchange Act Release No. 60478 (August 11, 2009) 74 FR 41769 (August 18, 2009) (SR–NYSE–2009–81). 15 See Securities Exchange Act Release No. 60563 (August 21, 2009) 74 FR 44423 (August 28, 2009) (SR–NYSE–2009–87). 16 See Securities Exchange Act Release No. 60597 (August 31, 2009) 74 FR 46281 (September 8, 2009) (SR–NYSE–2009–92). PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 47847 2. Statutory Basis The basis under the Securities Exchange Act of 1934 (the ‘‘Act’’) 17 for this proposed rule change is the requirement under Section 6(b)(5) 18 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. As articulated more fully in the ‘‘Purpose’’ Section above, the proposed rule would place the NYSE on equal footing with other national securities exchanges. This will promote the integrity of the market and protect the public interest, since it would permit all exchanges to cancel or adjust clearly erroneous trades when such trades occur, rather than canceling them on all other markets, but leaving them standing on only one market. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 19 and Rule 19b– 4(f)(6) thereunder.20 A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 17 15 U.S.C. 78f(a) [sic]. U.S.C. 78f(b)(5). 19 15 U.S.C. 78s(b)(3)(A). 20 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Commission has determined to waive the five-day pre-filing period in this case. 18 15 E:\FR\FM\17SEN1.SGM 17SEN1 47848 Federal Register / Vol. 74, No. 179 / Thursday, September 17, 2009 / Notices Act 21 normally does not become operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6) 22 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. NYSE requests that the Commission waive the 30-day operative delay because the Exchange believes that the absence of such a rule in an automated and fast-paced trading environment poses a danger to the integrity of the markets and the public interest. NYSE notes that immediate effectiveness of the proposed rule change will immediately and timely enable NYSE to cancel or adjust clearly erroneous trades that may present a risk to the integrity of the equities markets and all related markets. The Commission believes that waiving the 30-day operative delay 23 is consistent with the protection of investors and the public interest because such waiver will permit the Exchange to continue operation of interim NYSE Rule 128 on an uninterrupted basis, and therefore 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: All submissions should refer to File Number SR–NYSE–2009–93. 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 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 publicly available. All submissions should refer to File Number SR–NYSE–2009–93 and should be submitted on or before October 8, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.24 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–22390 Filed 9–16–09; 8:45 am] cprice-sewell on DSK2BSOYB1PROD 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–NYSE–2009–93 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. 21 17 CFR 240.19b–4(f)(6). CFR 240.19b–4(f)(6). 23 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). 22 17 VerDate Nov<24>2008 14:35 Sep 16, 2009 Jkt 217001 BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–60654; File No. SR–ISE– 2009–64] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of Proposed Rule Change Relating to Historical ISE Open/Close Trade Profile Fees September 11, 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 August 25, 2009, the International Securities 24 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 Exchange, LLC (the ‘‘Exchange’’ or the ‘‘ISE’’) filed with the Securities and Exchange Commission the proposed rule change as described in Items I, II, and III 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 ISE is proposing to amend its Schedule of Fees to adopt reduced subscription fees for academics for the sale of historical open and close volume data on ISE listed options. The text of the proposed rule change is available on the Exchange’s Web site (https:// www.ise.com), 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 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 these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose ISE currently sells a market data offering comprised of the entire opening and closing trade data of ISE listed options of both customers and firms, referred to by the Exchange as the ISE Open/Close Trade Profile.3 The ISE Open/Close Trade Profile offering is subdivided by origin code (i.e., customer or firm) and the customer data is then further subdivided by order size. The volume data is summarized by day and series (i.e., symbol, expiration date, strike price, call or put). The ISE Open/ Close Trade Profile enables subscribers to create their own proprietary put/call calculations. The data is compiled and formatted by ISE as an end of day file. This market data offering is currently 3 See Securities Exchange Act Release No. 56254 (August 15, 2007), 72 FR 47104 (August 22, 2007) (Approving SR–ISE–2007–70). E:\FR\FM\17SEN1.SGM 17SEN1

Agencies

[Federal Register Volume 74, Number 179 (Thursday, September 17, 2009)]
[Notices]
[Pages 47846-47848]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-22390]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60649; File No. SR-NYSE-2009-93]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC 
Extending Until September 15, 2009, the Operation of Interim NYSE Rule 
128 Which Permits the Exchange To Cancel or Adjust Clearly Erroneous 
Executions if They Arise Out of the Use or Operation of Any Quotation, 
Execution or Communication System Owned or Operated by the Exchange, 
Including Those Executions That Occur in the Event of a System 
Disruption or System Malfunction

September 10, 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 September 8, 2009, New York Stock Exchange LLC (``NYSE'' 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. NYSE has 
designated the proposed rule change as constituting a rule change under 
Rule 19b-4(f)(6) under the Act,\3\ 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 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 extend until September 15, 2009, the 
operation of interim NYSE Rule 128 (``Clearly Erroneous Executions for 
NYSE Equities'') which permits the Exchange to cancel or adjust clearly 
erroneous executions if they arise out of the use or operation of any 
quotation, execution or communication system owned or operated by the 
Exchange, including those executions that occur in the event of a 
system disruption or system malfunction. The text of the proposed rule 
change is available at the Exchange, the Commission's Public Reference 
Room, and https://www.nyse.com.

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 Exchange proposes to extend until September 15, 2009, the 
operation of interim NYSE Rule 128 (``Clearly Erroneous Executions for 
NYSE Equities'') which permits the Exchange to cancel or adjust clearly 
erroneous executions if they arise out of the use or operation of any 
quotation, execution or communication system owned or operated by the 
Exchange, including those executions that occur in the event of a 
system disruption or system malfunction.
    Prior to the implementation of NYSE Rule 128 on January 28, 
2008,\4\ the

[[Page 47847]]

NYSE did not have a rule providing the Exchange with the authority to 
cancel or adjust clearly erroneous trades of securities executed on or 
through the systems and facilities of the NYSE.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 57323 (February 13, 
2008), 73 FR 9371 (February 20, 2008) (SR-NYSE-2008-09).
---------------------------------------------------------------------------

    In order for the NYSE to be consistent with other national 
securities exchanges which have some version of a clearly erroneous 
execution rule, the Exchange is drafting an amended clearly erroneous 
rule which will accommodate such other exchanges but will be 
appropriate for the NYSE market model.
    The NYSE notes that the Commission approved an amended clearly 
erroneous execution rule for Nasdaq in May 2008.\5\ On July 28, 2008, 
the Exchange filed with the SEC a request to extend the operation of 
interim Rule 128 until October 1, 2008 \6\ in order to review the 
provisions of Nasdaq's clearly erroneous rule and to consider 
integrating similar standards into its own amendment to Rule 128. On 
October 1, 2008,\7\ the Exchange filed with the SEC a further request 
to extend the operation of interim Rule 128 until January 9, 2009 in 
order to consider integrating similar standards into the amendment to 
Rule 128. On January 9, 2009,\8\ the Exchange filed with the SEC a 
request to extend the operation of interim Rule 128 until March 9, 
2009, indicating that the Exchange was still in the process of 
reviewing the Nasdaq rule with a view towards incorporating certain 
provisions into the amendment of interim Rule 128.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 57826 (May 15, 
2008), 73 FR 29802 (May 22, 2008) (SR-NASDAQ-2007-001).
    \6\ See Securities Exchange Act Release No. 58328 (August 8, 
2008), 73 FR 47247 (August 13, 2008) (SR-NYSE-2008-63).
    \7\ See Securities Exchange Act Release No. 58732 (October 3, 
2008), 73 FR 61183 (October 15, 2008) (SR-NYSE-2008-99).
    \8\ See Securities Exchange Act Release No. 59255 (January 15, 
2009) 74 FR 4496 (January 26, 2009) (SR-NYSE-2009-02).
---------------------------------------------------------------------------

    On February 10, 2009, NYSE Arca submitted a proposal to the SEC to 
amend its clearly erroneous rule. The NYSE Arca proposed rule differed 
in certain respects from the Nasdaq clearly erroneous rule. On March 9, 
2009, the Exchange filed with the SEC a request to extend the operation 
of interim Rule 128 until June 9, 2009 \9\ to finalize review of NYSE 
Arca's proposed amended CEE rule, which included market wide CEE 
initiatives, to determine if it was appropriate to incorporate such 
provisions into the Rule 128 amendment.
---------------------------------------------------------------------------

    \9\ See Securities Exchange Act Release No. 59581 (March 9, 
2009) 74 FR 12431 (March 24, 2009) (SR-NYSE-2009-26).
---------------------------------------------------------------------------

    Thereafter, on April 24, 2009, NYSE Arca filed a revised rule 
change with the Commission to amend its clearly erroneous rule (NYSE 
Arca Rule 7.10).\10\ The Exchange was in the process of finalizing its 
review of NYSE Arca's revised CEE rule change, which also included 
market wide CEE initiatives, to determine if it was appropriate to 
incorporate all such provisions into NYSE's interim Rule 128 amendment. 
On June 9, 2009, the Exchange filed with the SEC a request to extend 
the operation of interim Rule 128 until July 15, 2009 \11\ to finalize 
review of NYSE Arca's proposed amended CEE rule. On July 15, 2009 \12\ 
the Exchange filed with the SEC a request to extend the operation of 
interim Rule 128 until August 1, 2009 to finalize review of NYSE Arca's 
proposed amended CEE rule. On July 31, 2009 the Exchange filed with the 
SEC a request to extend the operation of interim Rule 128 until August 
10, 2009 \13\ to finalize review of NYSE Arca's proposed amended CEE 
rule. On August 11, 2009 the Exchange filed with the SEC a request to 
extend the operation of interim Rule 128 until August 21, 2009 \14\ to 
finalize review of NYSE Arca's proposed amended CEE rule. On August 21, 
2009 the Exchange filed with the SEC a request to extend the operation 
of interim Rule 128 until August 31, 2009 \15\ to finalize review of 
NYSE Arca's proposed amended CEE rule. On August 31, 2009 the Exchange 
filed with the SEC a request to extend the operation of interim Rule 
128 until September 8, 2009 \16\ to finalize review of NYSE Arca's 
proposed amended CEE rule.
---------------------------------------------------------------------------

    \10\ See Securities Exchange Act Release No. 59838 (April 28, 
2009) 74 FR 20767 (May 5, 2009) (SR-NYSEArca-2009-36) (See NYSE Arca 
Rule 7.10).
    \11\ See Securities Exchange Act Release No. 60131 (June 17, 
2009) 74 FR 30196 (June 24, 2009) (SR-NYSE-2009-57).
    \12\ See Securities Exchange Act Release No. 60312 (July 15, 
2009) 74 FR 36298 (July 22, 2009) (SR-NYSE-2009-70).
    \13\ See Securities Exchange Act Release No. 60419 (August 7, 
2009) 74 FR 39987 (August 10, 2009) (SR-NYSE-2009-79).
    \14\ See Securities Exchange Act Release No. 60478 (August 11, 
2009) 74 FR 41769 (August 18, 2009) (SR-NYSE-2009-81).
    \15\ See Securities Exchange Act Release No. 60563 (August 21, 
2009) 74 FR 44423 (August 28, 2009) (SR-NYSE-2009-87).
    \16\ See Securities Exchange Act Release No. 60597 (August 31, 
2009) 74 FR 46281 (September 8, 2009) (SR-NYSE-2009-92).
---------------------------------------------------------------------------

    The Exchange anticipates finalizing proposed rule text of its 
clearly erroneous execution rule shortly, and is, therefore, requesting 
to extend the operation of interim Rule 128 until September 15, 2009. 
Prior to September 15, 2009, the Exchange intends to formally file a 
19b-4 rule change amending interim Rule 128.
2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Act'') 
\17\ for this proposed rule change is the requirement under Section 
6(b)(5) \18\ 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.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78f(a) [sic].
    \18\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    As articulated more fully in the ``Purpose'' Section above, the 
proposed rule would place the NYSE on equal footing with other national 
securities exchanges. This will promote the integrity of the market and 
protect the public interest, since it would permit all exchanges to 
cancel or adjust clearly erroneous trades when such trades occur, 
rather than canceling them on all other markets, but leaving them 
standing on only one market.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \19\ and Rule 19b-
4(f)(6) thereunder.\20\
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    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Commission has determined to waive the five-day pre-filing 
period in this case.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the

[[Page 47848]]

Act \21\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6) \22\ permits the Commission to 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. NYSE requests that the 
Commission waive the 30-day operative delay because the Exchange 
believes that the absence of such a rule in an automated and fast-paced 
trading environment poses a danger to the integrity of the markets and 
the public interest. NYSE notes that immediate effectiveness of the 
proposed rule change will immediately and timely enable NYSE to cancel 
or adjust clearly erroneous trades that may present a risk to the 
integrity of the equities markets and all related markets. The 
Commission believes that waiving the 30-day operative delay \23\ is 
consistent with the protection of investors and the public interest 
because such waiver will permit the Exchange to continue operation of 
interim NYSE Rule 128 on an uninterrupted basis, and therefore 
designates the proposal operative upon filing.
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    \21\ 17 CFR 240.19b-4(f)(6).
    \22\ 17 CFR 240.19b-4(f)(6).
    \23\ 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).
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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-NYSE-2009-93 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-NYSE-2009-93. 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 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 publicly available. All 
submissions should refer to File Number SR-NYSE-2009-93 and should be 
submitted on or before October 8, 2009.
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    \24\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-22390 Filed 9-16-09; 8:45 am]
BILLING CODE 8010-01-P
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