Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending NYSE Amex Equities Rule 123C(8)(a)(1) To Extend the Operation of the Extreme Order Imbalances Pilot, 53539-53541 [E9-25110]

Download as PDF Federal Register / Vol. 74, No. 200 / Monday, October 19, 2009 / Notices protection of investors or the public interest; (B) does not impose any significant burden on competition, and (C) does not have the effect of limiting the access to or availability of the system. The Exchange believes that the instant proposal is consistent with these provisions in that the enhancements to Exchange systems allow Floor broker hand-held devices to receive and process orders containing non-regular way instruction and do not change the operation of the rule in any other way. 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: 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–NYSEAmex–2009–68 and should be submitted on or before November 9, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–25112 Filed 10–16–09; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–60808; File No. SR– NYSEAmex–2009–70] 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–NYSEAmex–2009–68 on the subject line. Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending NYSE Amex Equities Rule 123C(8)(a)(1) To Extend the Operation of the Extreme Order Imbalances Pilot 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–NYSEAmex–2009–68. 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 Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on October 5, 2009, NYSE Amex LLC (the ‘‘Exchange’’ or ‘‘NYSE Amex’’) filed with the Securities and Exchange Commission (the ‘‘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. VerDate Nov<24>2008 16:51 Oct 16, 2009 Jkt 220001 October 9, 2009. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend NYSE Amex Equities Rule 123C(8)(a)(1) to extend the operation of the pilot to temporarily suspend certain NYSE requirements relating to the closing of 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 53539 securities on the Exchange until the earlier of Securities and Exchange Commission approval to make such pilot permanent or December 31, 2009. 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 NYSE Amex Equities Rule 123C(8)(a)(1) allows the Exchange to temporarily suspend certain rule requirements at the close when extreme order imbalances may cause significant dislocation to the closing price. The rule has operated on a pilot basis since April 2009 (‘‘Extreme Order Imbalances Pilot’’ or Pilot).4 Through this filing, NYSE Amex proposes to extend the Pilot until the earlier of Securities and Exchange Commission approval to make such Pilot permanent or December 31, 2009.5 Background Pursuant to NYSE Amex Equities Rule 123C(8)(a)(1), the Exchange may suspend NYSE Amex Equities Rules 52 (Hours of Operation) to resolve an extreme order imbalance that may result in a closing price dislocation at the close as a result of an order entered into Exchange systems, or represented to a DMM orally at or near the close.6 The provisions of NYSE Amex Equities Rule 123C(8)(a)(1) operate as the Extreme Order Imbalance Pilot. As a condition of the approval to operate the Pilot, the Exchange committed to provide the Commission with information regarding: (i) How 4 See Securities and Exchange Act Release No. 597755 [sic] (April 13, 2009) 74 FR 18009 (April 20, 2009) (SR–NYSEALTR–2009–15). 5 The Exchange notes that parallel changes are proposed to be made to the rules of New York Stock Exchange LLC. See SR–NYSE–2009–104. 6 See NYSE Amex Equities Rule 123C(8)(a)(1). E:\FR\FM\19OCN1.SGM 19OCN1 53540 Federal Register / Vol. 74, No. 200 / Monday, October 19, 2009 / Notices sroberts on DSKD5P82C1PROD with NOTICES often a Rule 52 temporary suspension pursuant to the Pilot was invoked during the six months following its approval; and (ii) the Exchange’s determination as to how to proceed with technical modifications to reconfigure Exchange systems to accept orders electronically after 4 p.m. The Extreme Order Imbalance Pilot is scheduled to end operation on October 13, 2009. The Exchange is currently preparing a rule filing seeking permission to make the provisions of the Pilot permanent with certain modifications but does not expect that filing to be completed and approved by the Commission before October 13, 2009. Proposal To Extend the Operation of the Extreme Order Imbalance Pilot The Exchange established the Extreme Order Imbalance Pilot to create a mechanism for ensuring a fair and orderly close when interest is received at or near the close that could negatively affect the closing transaction. The Exchange believes that this tool has proved very useful to resolve an extreme order imbalance that may result in a closing price dislocation at the close as a result of an order entered into Exchange systems, or represented to a DMM orally at or near the close. As the Exchange has previously stated, invocation of the provisions NYSE Amex Equities Rule 123C(8) to attract offsetting interest is intended to be used for extreme, and likely rare circumstances where there exists such a large imbalance at the close that a DMM is unable to close the security without significantly dislocating the price of the security. This is evidenced by the fact that during the course of the Pilot, the Exchange invoked the provisions of NYSE Amex Equities Rule 123C(8), including the provisions of the Extreme Order Imbalance Pilot pursuant to NYSE Amex Equities Rule 123C(8)(a)(1), in only two securities on June 26, 2009, the date of the annual rebalancing of Russell Indexes. In addition, during the operation of the Pilot, the Exchange determined that it would not be as onerous, as previously believed, to modify Exchange systems to accept orders electronically after 4 p.m. The Exchange anticipates that such system modifications could be completed by December 31, 2009. Given the above, the Exchange believes that provisions governing the Extreme Order Imbalance Pilot should be made permanent. Through this filing the Exchange seeks to extend the current operation of the Pilot in order to allow the Exchange to formally submit VerDate Nov<24>2008 16:51 Oct 16, 2009 Jkt 220001 a filing to the Commission to convert the provisions governing the Pilot to permanent rules and complete the technological modifications required to accept orders electronically after 4 p.m. The Exchange therefore request and [sic] extension from the current expiration date of October 13, 2009, until the earlier of Securities and Exchange Commission approval to make such Pilot permanent or December 31, 2009. 2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under Section 6(b)(5) 7 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. The Exchange believes that the instant filing is consistent with these principles. Specifically an extension will allow the Exchange to: (i) Prepare and submit a filing to make the provisions governing the Extreme Order Imbalance Pilot permanent; (ii) have such filing complete public notice and comment period; and (iii) complete the 19b–4 approval process. The rule operates to protect investors and the public interest by ensuring that the closing price at the Exchange is not significantly dislocated from the last sale price by virtue of an extreme order imbalance at or near the close. 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 The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) 8 of the Act and Rule 19b–4(f)(6) 9 thereunder. Because the foregoing proposed rule change: (1) Does not significantly affect the protection of investors or the public 7 15 U.S.C. 78f(b)(5). U.S.C. 78s(b)(3)(A)(iii). 9 17 CFR 240.19b–4(f)(6). 8 15 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 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 filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b–4(f)(6) thereunder. A proposed rule change filed under Rule 19b–4(f)(6) normally does not become operative for 30 days after the date of filing.10 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 requested that the Commission waive the 30-day operative delay, as specified in Rule 19b– 4(f)(6)(iii),11 which would make the rule change operative immediately. The Exchange believes that continuation of the Pilot does not burden competition and would operate to protect investors and the public interest by ensuring that the closing price at the Exchange is not significantly dislocated from the last sale price by virtue of an extreme order imbalance at or near the close. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because it would allow the Pilot to continue without interruption while the Exchange works towards submitting a separate proposal to make the Pilot permanent. Accordingly, the Commission designates the proposed rule change as operative upon filing with the Commission.12 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.13 10 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 19b–4(f)(6)(iii) requires the self-regulatory organization to give the Commission 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. NYSE Amex has satisfied this requirement. 11 17 CFR 240.19b–4(f)(6)(iii). 12 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 13 15 U.S.C. 78s(b)(3)(C). E:\FR\FM\19OCN1.SGM 19OCN1 Federal Register / Vol. 74, No. 200 / Monday, October 19, 2009 / Notices 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: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–25110 Filed 10–16–09; 8:45 am] BILLING CODE 8011–01–P Electronic Comments DEPARTMENT OF STATE • 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–NYSEAmex–2009–70 on the subject line. [Public Notice 6787] Paper Comments 30-Day Notice of Proposed Information Collection: Form DS–3097, Exchange Visitor Program Annual Report, OMB Control Number 1405–0151 ACTION: Notice of request for public comment and submission to OMB of proposed collection of information. SUMMARY: The Department of State has submitted the following information collection request to the Office of Management and Budget (OMB) for approval in accordance with the Paperwork Reduction Act of 1995. • Title of Information Collection: All submissions should refer to File Number SR–NYSEAmex–2009–70. This Exchange Visitor Program Annual Report. file number should be included on the • OMB Control Number: 1405–0151. subject line if e-mail is used. To help the • Type of Request: Revision of a Commission process and review your Currently Approved Collection. comments more efficiently, please use • Originating Office: Educational and only one method. The Commission will Cultural Affairs, Office of Designation, post all comments on the Commission’s ECA/EC/D/PS. Internet Web site (https://www.sec.gov/ • Form Number: Form DS–3097. rules/sro.shtml). Copies of the • Respondents: designated J–1 submission, all subsequent program sponsors. amendments, all written statements • Estimated Number of Respondents: with respect to the proposed rule 1460. change that are filed with the • Estimated Number of Responses: Commission, and all written 1460 annually. • Average Hours per Response: 2 communications relating to the hours. proposed rule change between the • Total Estimated Burden: 2920 Commission and any person, other than hours. those that may be withheld from the • Frequency: Annually. public in accordance with the • Obligation to Respond: Required to provisions of 5 U.S.C. 552, will be Retain a Benefit. available for inspection and copying in DATES: Submit comments to the Office the Commission’s Public Reference of Management and Budget (OMB) for Room, 100 F Street, NE., Washington, up to 30 days from October 19, 2009. DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. ADDRESSES: Direct comments to the Department of State Desk Officer in the Copies of such filing also will be Office of Information and Regulatory available for inspection and copying at Affairs at the Office of Management and the principal office of the Exchange. All Budget (OMB). You may submit comments received will be posted comments by the following methods: without change; the Commission does • E-mail: not edit personal identifying oira_submission@omb.eop.gov. You information from submissions. You must include the DS form number, should submit only information that information collection title, and OMB you wish to make available publicly. All control number in the subject line of submissions should refer to File your message. Number SR–NYSEAmex–2009–70 and • Fax: 202–395–5806. Attention: Desk should be submitted on or before Officer for Department of State. November 9, 2009. sroberts on DSKD5P82C1PROD with NOTICES • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. 14 17 VerDate Nov<24>2008 16:51 Oct 16, 2009 Jkt 220001 PO 00000 CFR 200.30–3(a)(12). Frm 00080 Fmt 4703 Sfmt 4703 53541 FOR FURTHER INFORMATION CONTACT: You may obtain copies of the proposed information collection and supporting documents from Stanley S. Colvin, Deputy Assistant Secretary for Private Sector Exchanges, Department of State, 2200 C Street, NW., 5th Floor, Washington, DC 20522–0505, who may be reached on (202) 632–6090, fax at 202–632–2701 or e-mail at JExchanges@state.gov. SUPPLEMENTARY INFORMATION: We are soliciting public comments to permit the Department to: • Evaluate whether the proposed information collection is necessary to properly perform our functions. • Evaluate the accuracy of our estimate of the burden of the proposed collection, including the validity of the methodology and assumptions used. • Enhance the quality, utility, and clarity of the information to be collected. • Minimize the reporting burden on those who are to respond. Abstract of Proposed Collection Annual reports from designated program sponsors assist the Department in oversight and administration of the J–1 visa program. The reports provide statistical data on the number of exchange participants an organization sponsored per category. Program sponsors include government agencies, academic institutions, not-for-profit and for-profit organizations. Methodology Annual reports are run through the Student and Exchange Visitor Information System (SEVIS) and then printed and sent to the Department. The Department allows sponsors to submit annual reports by mail or fax at this time. There are measures being taken to allow sponsors to submit the reports electronically through SEVIS in the future. Dated: October 6, 2009. Stanley S. Colvin, Deputy Assistant Secretary for Private Sector Exchanges, Bureau of Educational and Cultural Affairs, U.S. Department of State. [FR Doc. E9–24945 Filed 10–16–09; 8:45 am] BILLING CODE 4710–05–P DEPARTMENT OF STATE [Public Notice 6788] Culturally Significant Objects Imported for Exhibition Determinations: ‘‘The Lost World of Old Europe: The Danube Valley 5000–3500BC’’ SUMMARY: Notice is hereby given of the following determinations: Pursuant to E:\FR\FM\19OCN1.SGM 19OCN1

Agencies

[Federal Register Volume 74, Number 200 (Monday, October 19, 2009)]
[Notices]
[Pages 53539-53541]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-25110]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60808; File No. SR-NYSEAmex-2009-70]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending NYSE 
Amex Equities Rule 123C(8)(a)(1) To Extend the Operation of the Extreme 
Order Imbalances Pilot

October 9, 2009.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on October 5, 2009, NYSE Amex LLC (the ``Exchange'' or 
``NYSE Amex'') filed with the Securities and Exchange Commission (the 
``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 Amex Equities Rule 
123C(8)(a)(1) to extend the operation of the pilot to temporarily 
suspend certain NYSE requirements relating to the closing of securities 
on the Exchange until the earlier of Securities and Exchange Commission 
approval to make such pilot permanent or December 31, 2009. 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
    NYSE Amex Equities Rule 123C(8)(a)(1) allows the Exchange to 
temporarily suspend certain rule requirements at the close when extreme 
order imbalances may cause significant dislocation to the closing 
price. The rule has operated on a pilot basis since April 2009 
(``Extreme Order Imbalances Pilot'' or Pilot).\4\ Through this filing, 
NYSE Amex proposes to extend the Pilot until the earlier of Securities 
and Exchange Commission approval to make such Pilot permanent or 
December 31, 2009.\5\
---------------------------------------------------------------------------

    \4\ See Securities and Exchange Act Release No. 597755 [sic] 
(April 13, 2009) 74 FR 18009 (April 20, 2009) (SR-NYSEALTR-2009-15).
    \5\ The Exchange notes that parallel changes are proposed to be 
made to the rules of New York Stock Exchange LLC. See SR-NYSE-2009-
104.
---------------------------------------------------------------------------

Background
    Pursuant to NYSE Amex Equities Rule 123C(8)(a)(1), the Exchange may 
suspend NYSE Amex Equities Rules 52 (Hours of Operation) to resolve an 
extreme order imbalance that may result in a closing price dislocation 
at the close as a result of an order entered into Exchange systems, or 
represented to a DMM orally at or near the close.\6\ The provisions of 
NYSE Amex Equities Rule 123C(8)(a)(1) operate as the Extreme Order 
Imbalance Pilot.
---------------------------------------------------------------------------

    \6\ See NYSE Amex Equities Rule 123C(8)(a)(1).
---------------------------------------------------------------------------

    As a condition of the approval to operate the Pilot, the Exchange 
committed to provide the Commission with information regarding: (i) How

[[Page 53540]]

often a Rule 52 temporary suspension pursuant to the Pilot was invoked 
during the six months following its approval; and (ii) the Exchange's 
determination as to how to proceed with technical modifications to 
reconfigure Exchange systems to accept orders electronically after 4 
p.m.
    The Extreme Order Imbalance Pilot is scheduled to end operation on 
October 13, 2009. The Exchange is currently preparing a rule filing 
seeking permission to make the provisions of the Pilot permanent with 
certain modifications but does not expect that filing to be completed 
and approved by the Commission before October 13, 2009.
Proposal To Extend the Operation of the Extreme Order Imbalance Pilot
    The Exchange established the Extreme Order Imbalance Pilot to 
create a mechanism for ensuring a fair and orderly close when interest 
is received at or near the close that could negatively affect the 
closing transaction. The Exchange believes that this tool has proved 
very useful to resolve an extreme order imbalance that may result in a 
closing price dislocation at the close as a result of an order entered 
into Exchange systems, or represented to a DMM orally at or near the 
close.
    As the Exchange has previously stated, invocation of the provisions 
NYSE Amex Equities Rule 123C(8) to attract offsetting interest is 
intended to be used for extreme, and likely rare circumstances where 
there exists such a large imbalance at the close that a DMM is unable 
to close the security without significantly dislocating the price of 
the security. This is evidenced by the fact that during the course of 
the Pilot, the Exchange invoked the provisions of NYSE Amex Equities 
Rule 123C(8), including the provisions of the Extreme Order Imbalance 
Pilot pursuant to NYSE Amex Equities Rule 123C(8)(a)(1), in only two 
securities on June 26, 2009, the date of the annual rebalancing of 
Russell Indexes.
    In addition, during the operation of the Pilot, the Exchange 
determined that it would not be as onerous, as previously believed, to 
modify Exchange systems to accept orders electronically after 4 p.m. 
The Exchange anticipates that such system modifications could be 
completed by December 31, 2009.
    Given the above, the Exchange believes that provisions governing 
the Extreme Order Imbalance Pilot should be made permanent. Through 
this filing the Exchange seeks to extend the current operation of the 
Pilot in order to allow the Exchange to formally submit a filing to the 
Commission to convert the provisions governing the Pilot to permanent 
rules and complete the technological modifications required to accept 
orders electronically after 4 p.m. The Exchange therefore request and 
[sic] extension from the current expiration date of October 13, 2009, 
until the earlier of Securities and Exchange Commission approval to 
make such Pilot permanent or December 31, 2009.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(5) \7\ 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. The Exchange believes that the 
instant filing is consistent with these principles. Specifically an 
extension will allow the Exchange to: (i) Prepare and submit a filing 
to make the provisions governing the Extreme Order Imbalance Pilot 
permanent; (ii) have such filing complete public notice and comment 
period; and (iii) complete the 19b-4 approval process. The rule 
operates to protect investors and the public interest by ensuring that 
the closing price at the Exchange is not significantly dislocated from 
the last sale price by virtue of an extreme order imbalance at or near 
the close.
---------------------------------------------------------------------------

    \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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) \8\ of the Act and Rule 19b-4(f)(6) \9\ thereunder. 
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 filing, or such 
shorter time as the Commission may designate if consistent with the 
protection of investors and the public interest, the proposed rule 
change has become effective pursuant to Section 19(b)(3)(A) of the Act 
and Rule 19b-4(f)(6) thereunder.
---------------------------------------------------------------------------

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

    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative for 30 days after the date of filing.\10\ 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 requested that the Commission waive 
the 30-day operative delay, as specified in Rule 19b-4(f)(6)(iii),\11\ 
which would make the rule change operative immediately. The Exchange 
believes that continuation of the Pilot does not burden competition and 
would operate to protect investors and the public interest by ensuring 
that the closing price at the Exchange is not significantly dislocated 
from the last sale price by virtue of an extreme order imbalance at or 
near the close.
---------------------------------------------------------------------------

    \10\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires the self-regulatory organization to give the 
Commission 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. NYSE Amex has satisfied this requirement.
    \11\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    The Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because it would allow the Pilot to continue without interruption while 
the Exchange works towards submitting a separate proposal to make the 
Pilot permanent. Accordingly, the Commission designates the proposed 
rule change as operative upon filing with the Commission.\12\
---------------------------------------------------------------------------

    \12\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of 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.\13\
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(3)(C).

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

[[Page 53541]]

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-NYSEAmex-2009-70 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-NYSEAmex-2009-70. 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 available publicly. All 
submissions should refer to File Number SR-NYSEAmex-2009-70 and should 
be submitted on or before November 9, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-25110 Filed 10-16-09; 8:45 am]
BILLING CODE 8011-01-P
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