Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC Extending Until October 4, 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, 49907-49909 [E9-23491]

Download as PDF Federal Register / Vol. 74, No. 187 / Tuesday, September 29, 2009 / Notices sending an e-mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) Charles Boucher, Director/Chief Information Officer, Securities and Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312 or send an e-mail to PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. Dated: September 23, 2009. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–23494 Filed 9–28–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–60712; File No. SR–NYSE– 2009–97] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC Extending Until October 4, 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 23, 2009. jlentini on DSKJ8SOYB1PROD with NOTICES 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 22, 2009, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’) 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend until October 4, 2009, the operation of 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 16:18 Sep 28, 2009 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 October 4, 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 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. 4 See Securities Exchange Act Release No. 57323 (February 13, 2008), 73 FR 9371 (February 20, 2008) (SR–NYSE–2008–09). 2 17 VerDate Nov<24>2008 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. Jkt 217001 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 49907 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 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 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). 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). E:\FR\FM\29SEN1.SGM 29SEN1 49908 Federal Register / Vol. 74, No. 187 / Tuesday, September 29, 2009 / Notices jlentini on DSKJ8SOYB1PROD with NOTICES 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. On September 8, 2009 the Exchange filed with the SEC a request to extend the operation of interim Rule 128 until September 15, 2009 17 to finalize review of NYSE Arca’s proposed amended CEE rule. On September 15, 2009 the Exchange filed with the SEC a request to extend the operation of interim Rule 128 until September 22, 2009 18 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 October 4, 2009. Prior to October 4, 2009, the Exchange intends to formally 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). 17 See Securities Exchange Act Release No. 60649 (September 10, 2009) 74 FR 47846 (September 17, 2009) (SR–NYSE–2009–93). 18 See Securities Exchange Act Release No. 60678 (September 16, 2009) 74 FR 48330 (September 22, 2009) (SR–NYSE–2009–95). VerDate Nov<24>2008 16:18 Sep 28, 2009 Jkt 217001 file a 19b–4 rule change amending interim Rule 128. 1. Statutory Basis The basis under the Securities Exchange Act of 1934 (the ‘‘Act’’) 19 for this proposed rule change is the requirement under Section 6(b)(5) 20 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 21 and Rule 19b– 4(f)(6) thereunder.22 19 15 U.S.C. 78f(a) [sic]. 20 15 U.S.C. 78f(b)(5). 21 15 U.S.C. 78s(b)(3)(A). 22 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. PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 23 normally does not become operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6) 24 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 25 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: 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–2009–97 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 23 17 CFR 240.19b–4(f)(6). CFR 240.19b–4(f)(6). 25 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). 24 17 E:\FR\FM\29SEN1.SGM 29SEN1 Federal Register / Vol. 74, No. 187 / Tuesday, September 29, 2009 / Notices 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2009–97. 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 filings 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–2009–97 and should be submitted on or before October 20, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.26 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–23491 Filed 9–28–09; 8:45 am] BILLING CODE 8010–01–P DEPARTMENT OF STATE [Public Notice 6773] jlentini on DSKJ8SOYB1PROD with NOTICES Waiver of Restriction on Assistance to the Central Government of Uzbekistan Related to Budget Transparency Pursuant to section 7088(c)(2) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2009 (Division H, Pub. L. 111–8) (‘‘the Act’’), and Department of State Delegation of Authority Number 245–1, I hereby determine that it is important to the national interest of the United States to 26 17 CFR 200.30–3(a)(12). VerDate Nov<24>2008 16:18 Sep 28, 2009 Jkt 217001 waive the requirements of section 7088(c)(1) of the Act with respect to the Government of Uzbekistan, and I hereby waive such restriction. This determination shall be reported to the Congress and published in the Federal Register. Dated: September 17, 2009. Jacob J. Lew, Deputy Secretary of State for Management and Resources, Department of State. [FR Doc. E9–23493 Filed 9–28–09; 8:45 am] BILLING CODE 4710–46–P DEPARTMENT OF THE TREASURY Bureau of the Public Debt Proposed Collection: Comment Request ACTION: Notice and request for comments. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104–13 (44 U.S.C. 3506(c)(2)(A). Currently the Bureau of the Public Debt within the Department of the Treasury is soliciting comments concerning the Release. DATES: Written comments should be received on or before November 16, 2009, to be assured of consideration. ADDRESSES: Direct all written comments to Bureau of the Public Debt, Judi Owens, 200 Third Street, A4–A, Parkersburg, WV 26106–1328, or e-mail to Judi.Owens@bpd.treas.gov. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions should be directed to Judi Owens, Bureau of the Public Debt, 200 Third Street, A4–A, Parkersburg, WV 26106– 1328, (304) 480–8150. SUPPLEMENTARY INFORMATION: Title: Release. OMB Number: 1535–0114. Form Number: PD F 2001. Abstract: The information is requested to ratify payment of savings bonds/notes and release the United States of America from any liability. Current Actions: None. Type of Review: Extension. Affected Public: Individuals or households. Estimated Number of Respondents: 200. PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 49909 Estimated Time per Respondent: 6 minutes. Estimated Total Annual Burden Hours: 20. Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Dated: September 15, 2009. Judi Owens, Manager, Information Management. [FR Doc. E9–23424 Filed 9–28–09; 8:45 am] BILLING CODE 4810–39–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 1138 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104–13(44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 1138, Extension of Time for Payment of Taxes by a Corporation Expecting a New Operating Loss Carryback. DATES: Written comments should be received on or before November 30, 2009 to be assured of consideration. ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224. E:\FR\FM\29SEN1.SGM 29SEN1

Agencies

[Federal Register Volume 74, Number 187 (Tuesday, September 29, 2009)]
[Notices]
[Pages 49907-49909]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-23491]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60712; File No. SR-NYSE-2009-97]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC 
Extending Until October 4, 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 23, 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 22, 2009, New York Stock Exchange LLC (``NYSE'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'' or ``SEC'') 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 October 4, 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 October 4, 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 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

[[Page 49908]]

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. On September 8, 2009 the Exchange filed with 
the SEC a request to extend the operation of interim Rule 128 until 
September 15, 2009 \17\ to finalize review of NYSE Arca's proposed 
amended CEE rule. On September 15, 2009 the Exchange filed with the SEC 
a request to extend the operation of interim Rule 128 until September 
22, 2009 \18\ 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).
    \17\ See Securities Exchange Act Release No. 60649 (September 
10, 2009) 74 FR 47846 (September 17, 2009) (SR-NYSE-2009-93).
    \18\ See Securities Exchange Act Release No. 60678 (September 
16, 2009) 74 FR 48330 (September 22, 2009) (SR-NYSE-2009-95).
---------------------------------------------------------------------------

    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 October 4, 2009. 
Prior to October 4, 2009, the Exchange intends to formally file a 19b-4 
rule change amending interim Rule 128.
1. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Act'') 
\19\ for this proposed rule change is the requirement under Section 
6(b)(5) \20\ 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.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78f(a) [sic].
    \20\ 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 \21\ and Rule 19b-
4(f)(6) thereunder.\22\
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    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 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 
Act \23\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6) \24\ 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 \25\ 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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    \23\ 17 CFR 240.19b-4(f)(6).
    \24\ 17 CFR 240.19b-4(f)(6).
    \25\ 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-2009-97 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission,

[[Page 49909]]

100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2009-97. 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 filings 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-2009-97 and should be 
submitted on or before October 20, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\26\
Florence E. Harmon,
Deputy Secretary.
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    \26\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E9-23491 Filed 9-28-09; 8:45 am]
BILLING CODE 8010-01-P
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