Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending NYSE Amex Equities Rule 14 To Be Consistent With the New System Capability To Receive Orders for Execution on the Exchange Containing Settlement Instructions of “Cash,” “Next Day” and “Seller's Option” Directly to a Floor Broker's Hand-Held Device, 53537-53539 [E9-25112]
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Federal Register / Vol. 74, No. 200 / Monday, October 19, 2009 / Notices
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the
Act,11 in general, and Section 6(b)(5) of
the Act,12 in particular, in that it is
designed to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism for a free and open market
and a national market system and, in
general, to protect investors and the
public interest, by expanding the ability
of investors to hedge risks associated
with stocks trading at or under $3. The
proposal should create greater trading
and hedging opportunities and
flexibility and provide customers with
the ability to more closely tailor
investment strategies to the price
movement of the underlying stocks,
trading in many of which is highly
liquid.
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 not
necessary or appropriate in furtherance
of the purposes of the Act.
The Exchange has requested that the
Commission waive the 30-day operative
delay to permit the Exchange to
compete effectively with other options
exchanges offering a similar $.50 Strike
Program. The Commission recently
approved SR–Phlx–2009–65,15 and
therefore finds that waiver of the
operative delay is consistent with the
protection of investors and the public
interest because such waiver will
encourage fair competition among the
exchanges. Therefore, the Commission
designates the proposal operative upon
filing.16
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
53537
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 the filing also will be available
for inspection and copying at the
principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–BX–2009–063 and should
be submitted on or before November 9,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–25114 Filed 10–16–09; 8:45 am]
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received comments on the proposed
rule change.
• 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–BX–2009–063 on the
subject line.
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 after the date of
the filing, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, it has
become effective pursuant to 19(b)(3)(A)
of the Act 13 and Rule 19b–4(f)(6)
thereunder.14
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
• Send paper comments in triplicate
of Proposed Rule Change by NYSE
to Elizabeth M. Murphy, Secretary,
Amex LLC Amending NYSE Amex
Securities and Exchange Commission,
Equities Rule 14 To Be Consistent With
100 F Street, NE., Washington, DC
the New System Capability To Receive
20549–1090.
Orders for Execution on the Exchange
All submissions should refer to File
Containing Settlement Instructions of
Number SR–BX–2009–063. This file
‘‘Cash,’’ ‘‘Next Day’’ and ‘‘Seller’s
number should be included on the
Option’’ Directly to a Floor Broker’s
subject line if e-mail is used. To help the Hand-Held Device
Commission process and review your
October 9, 2009.
comments more efficiently, please use
Pursuant to Section 19(b)(1) 1 of the
only one method. The Commission will
Securities Exchange Act of 1934
post all comments on the Commission’s
(‘‘Act’’) 2 and Rule 19b-4 thereunder,3
Internet Web site (https://www.sec.gov/
notice is hereby given that on October
rules/sro.shtml). Copies of the
1, 2009, NYSE Amex LLC (‘‘Exchange’’
submission, all subsequent
or ‘‘NYSE Amex’’) filed with the
15 See Securities Exchange Act Release No. 60694
Securities and Exchange Commission
(September 18, 2009), 74 FR 49048 (September 25,
(‘‘Commission’’) the proposed rule
2009) (SR–Phlx–2009–65) (order approving a $0.50
change as described in Items I, II, and
sroberts on DSKD5P82C1PROD with NOTICES
11 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
13 15 U.S.C. 78s(b)(3)(A).
14 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 Exchange has satisfied this
requirement.
12 15
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NYSEAmex–2009–68]
Paper Comments
strike program substantially the same as the $0.50
Strike Program proposed by the Exchange).
16 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).
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
17 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
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53538
Federal Register / Vol. 74, No. 200 / Monday, October 19, 2009 / Notices
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 Exchange proposes to amend
NYSE Amex Equities Rule 14 (‘‘NonRegular Way Settlement Instructions for
Orders’’) to be consistent with the new
system capability to receive orders for
execution on the Exchange containing
settlement instructions of ‘‘cash,’’ ‘‘next
day’’ and ‘‘seller’s option’’ directly to a
Floor broker’s hand-held device. The
text of the proposed rule change is
available at the Exchange, the
Commission’s Public Reference Room,
and 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
sroberts on DSKD5P82C1PROD with NOTICES
The Exchange proposes to amend
NYSE Amex Equities Rule 14 (‘‘NonRegular Way Settlement Instructions for
Orders’’) to be consistent with its new
system capability to receive orders
containing settlement instructions of
‘‘cash,’’ ‘‘next day’’ and ‘‘seller’s option’’
(collectively referred to herein as ‘‘non-
VerDate Nov<24>2008
16:51 Oct 16, 2009
Jkt 220001
regular way settlement’’ 4) directly to a
Floor broker’s hand-held device.5
Currently, Designated Market Maker
units do not have order handling
responsibility for orders containing nonregular way settlement instructions.
Moreover, Exchange systems that route
orders to the Display Book do not accept
orders containing non-regular way
instructions. Routing orders directly to
a Floor broker booth location via the
Broker Booth Support System (‘‘BBSS’’)
for representation on the Floor is the
only acceptable way for orders with
non-regular way settlement instructions
to be transmitted to the Exchange.
Pursuant to NYSE Amex Equities Rule
14 customers that seek to execute orders
containing non-regular way settlement
instructions must directly transmit
those orders via BBSS directly to a Floor
broker for representation in the trading
crowd because at the time the Exchange
established this capability, BBSS was
the only Exchange system capable of
accepting such orders. As a result
customers are currently prohibited from
transmitting orders containing nonregular settlement instructions directly
to a Floor broker’s hand-held device.
The Exchange has currently enhanced
its systems to enable hand-held devices
to receive and process orders containing
non-regular way settlement
instructions.6 As such, through this
filing the Exchange seeks to provide its
customers that seek to execute orders
containing non-regular way settlement
instructions with an additional systemic
option for transmitting such orders to a
Floor broker for representation on the
Floor. The Exchange therefore proposes
to amend NYSE Amex Equities Rule
14(a)(ii) to remove the words ‘‘booth
system’’ and permit customers to
4 Orders indicating cash settlement instructions
require delivery of the securities on the same day
as the trade date. Next day settlement instructions
require delivery of the securities on the first
business day following the trade date. Orders that
have settlement instructions of seller’s option afford
the seller the right to deliver the security or bond
at any time within a specified period, ranging from
not less than two business days to not more than
sixty days for securities and not less than two
business days and no more than sixty days for U.S.
government securities.
Odd-lot orders containing non-regular way
settlement instructions are not permitted.
5 The Exchange notes that parallel changes are
proposed to be made to the rules of New York Stock
Exchange LLC. See SR–NYSE–2009–102.
6 Orders sent directly to the hand-held device,
including those containing non-regular way
settlement instructions, are systemically
transmitted to the ‘‘Front End Systemic Capture’’
(‘‘FESC’’) consistent with the requirements of NYSE
Amex Equities Rule 123, which requires floor
brokers to enter the details of an order, including
any modification or cancellation, into a system
which electronically timestamps the time of entry
prior to representing or executing that order on the
Floor.
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
transmit orders containing non-regular
way settlement instructions to a Floor
broker via either BBSS or a Floor
broker’s hand-held device.
The Exchange believes that the instant
proposal better facilitates the needs of
its customers to submit orders
containing instructions for non-regular
way settlement and maintains effective
representation of such customer orders
in the Exchange’s current market.
The Exchange will commence
installation of the new technology in
Floor broker hand-held devices on or
about October 5, 2009, with expected
completion no later than October 30,
2009.
2. Statutory Basis
The basis under the Securities
Exchange Act of 1934 (the ‘‘Act’’) [sic]
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 instant filing
accomplishes these goals by providing
its customers with an additional method
to enter orders containing non-regular
way settlement instructions, without
changing the ability of such orders to be
represented at the point of sale in the
Exchange’s auction 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
The proposed rule change is filed
pursuant to paragraph (A) of Section
19(b)(3) 8 and Rule 19b–4(f)(5).9 This
proposed rule change effects a change in
an existing order entry or trading system
of a self-regulatory organization that: (A)
Does not significantly affect the
7 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(5).
8 15
E:\FR\FM\19OCN1.SGM
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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
]]>Agencies
[Federal Register Volume 74, Number 200 (Monday, October 19, 2009)]
[Notices]
[Pages 53537-53539]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-25112]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60811; File No. SR-NYSEAmex-2009-68]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending NYSE
Amex Equities Rule 14 To Be Consistent With the New System Capability
To Receive Orders for Execution on the Exchange Containing Settlement
Instructions of ``Cash,'' ``Next Day'' and ``Seller's Option'' Directly
to a Floor Broker's Hand-Held Device
October 9, 2009.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on October 1, 2009, NYSE Amex LLC (``Exchange'' or ``NYSE Amex'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and
[[Page 53538]]
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.
---------------------------------------------------------------------------
\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 14 (``Non-
Regular Way Settlement Instructions for Orders'') to be consistent with
the new system capability to receive orders for execution on the
Exchange containing settlement instructions of ``cash,'' ``next day''
and ``seller's option'' directly to a Floor broker's hand-held device.
The text of the proposed rule change is available at the Exchange, the
Commission's Public Reference Room, and 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 amend NYSE Amex Equities Rule 14 (``Non-
Regular Way Settlement Instructions for Orders'') to be consistent with
its new system capability to receive orders containing settlement
instructions of ``cash,'' ``next day'' and ``seller's option''
(collectively referred to herein as ``non-regular way settlement'' \4\)
directly to a Floor broker's hand-held device.\5\
---------------------------------------------------------------------------
\4\ Orders indicating cash settlement instructions require
delivery of the securities on the same day as the trade date. Next
day settlement instructions require delivery of the securities on
the first business day following the trade date. Orders that have
settlement instructions of seller's option afford the seller the
right to deliver the security or bond at any time within a specified
period, ranging from not less than two business days to not more
than sixty days for securities and not less than two business days
and no more than sixty days for U.S. government securities.
Odd-lot orders containing non-regular way settlement
instructions are not permitted.
\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-
102.
---------------------------------------------------------------------------
Currently, Designated Market Maker units do not have order handling
responsibility for orders containing non-regular way settlement
instructions. Moreover, Exchange systems that route orders to the
Display Book do not accept orders containing non-regular way
instructions. Routing orders directly to a Floor broker booth location
via the Broker Booth Support System (``BBSS'') for representation on
the Floor is the only acceptable way for orders with non-regular way
settlement instructions to be transmitted to the Exchange.
Pursuant to NYSE Amex Equities Rule 14 customers that seek to
execute orders containing non-regular way settlement instructions must
directly transmit those orders via BBSS directly to a Floor broker for
representation in the trading crowd because at the time the Exchange
established this capability, BBSS was the only Exchange system capable
of accepting such orders. As a result customers are currently
prohibited from transmitting orders containing non-regular settlement
instructions directly to a Floor broker's hand-held device.
The Exchange has currently enhanced its systems to enable hand-held
devices to receive and process orders containing non-regular way
settlement instructions.\6\ As such, through this filing the Exchange
seeks to provide its customers that seek to execute orders containing
non-regular way settlement instructions with an additional systemic
option for transmitting such orders to a Floor broker for
representation on the Floor. The Exchange therefore proposes to amend
NYSE Amex Equities Rule 14(a)(ii) to remove the words ``booth system''
and permit customers to transmit orders containing non-regular way
settlement instructions to a Floor broker via either BBSS or a Floor
broker's hand-held device.
---------------------------------------------------------------------------
\6\ Orders sent directly to the hand-held device, including
those containing non-regular way settlement instructions, are
systemically transmitted to the ``Front End Systemic Capture''
(``FESC'') consistent with the requirements of NYSE Amex Equities
Rule 123, which requires floor brokers to enter the details of an
order, including any modification or cancellation, into a system
which electronically timestamps the time of entry prior to
representing or executing that order on the Floor.
---------------------------------------------------------------------------
The Exchange believes that the instant proposal better facilitates
the needs of its customers to submit orders containing instructions for
non-regular way settlement and maintains effective representation of
such customer orders in the Exchange's current market.
The Exchange will commence installation of the new technology in
Floor broker hand-held devices on or about October 5, 2009, with
expected completion no later than October 30, 2009.
2. Statutory Basis
The basis under the Securities Exchange Act of 1934 (the ``Act'')
[sic] 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 instant filing accomplishes these goals by providing its customers
with an additional method to enter orders containing non-regular way
settlement instructions, without changing the ability of such orders to
be represented at the point of sale in the Exchange's auction market.
---------------------------------------------------------------------------
\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 proposed rule change is filed pursuant to paragraph (A) of
Section 19(b)(3) \8\ and Rule 19b-4(f)(5).\9\ This proposed rule change
effects a change in an existing order entry or trading system of a
self-regulatory organization that: (A) Does not significantly affect
the
[[Page 53539]]
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.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(5).
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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:
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-2009-68 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-2009-68. 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 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\
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\10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-25112 Filed 10-16-09; 8:45 am]
BILLING CODE 8011-01-P
