Sunshine Act Meeting, 64103 [E9-29135]
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Federal Register / Vol. 74, No. 233 / Monday, December 7, 2009 / Notices
or send an e-mail to:
PRA_Mailbox@sec.gov.
SECURITIES AND EXCHANGE
COMMISSION
Dated: December 1, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–29046 Filed 12–4–09; 8:45 am]
[Release No. 34–61072; File No. SR–NYSE–
2009–106]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
erowe on DSK5CLS3C1PROD with NOTICES
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a Closed Meeting
on Wednesday, December 9, 2009 at 2
p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (6), (7), 9(B) and
(10) and 17 CFR 200.402(a)(3), (5), (6),
(7), 9(ii) and (10), permit consideration
of the scheduled matters at the Closed
Meeting.
Commissioner Aguilar, as duty
officer, voted to consider the items
listed for the Closed Meeting in a closed
session.
The subject matter of the Closed
Meeting scheduled for Wednesday,
December 9, 2009 will be:
Institution and settlement of
injunctive actions;
institution and settlement of
administrative proceedings;
adjudicatory matters;
a collection matter;
post argument discussion; and
other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
Dated: December 2, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–29135 Filed 12–3–09; 11:15 am]
BILLING CODE 8011–01–P
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Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Amendment No. 1 and Order
Granting Accelerated Approval to a
Proposed Rule Change, as Modified by
Amendment No. 1 Thereto, Amending
Rule 70 in Order To Update d-Quote
Functionality and Provide for e-Quotes
To Peg to the National Best Bid or
Offer
November 30, 2009.
I. Introduction
On October 26, 2009, New York Stock
Exchange LLC (‘‘NYSE’’ or the
‘‘Exchange’’), filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend Rule 70 in order to update dQuote functionality and provide for eQuotes to peg to the National best bid
or offer. The proposed rule change was
published for comment in the Federal
Register on November 3, 2009.3 NYSE
filed Amendment No. 1 to the proposed
rule change on November 19, 2009.4
The Commission received no comment
letters on the proposed rule change.
This notice and order provides notice of
filing of Amendment No. 1 to the
proposed rule change, and grants
accelerated approval to the proposed
rule change, as modified by Amendment
No. 1.
Description of the Proposed Rule, as
Modified by Amendment No. 1
Background 5
Rule 70.25 governs the entry,
validation, and execution of bids and
offers represented electronically by a
Floor broker on the Floor of the
Exchange that include discretionary
instructions as to size and/or price.6 The
discretionary instructions that a Floor
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 60888
(October 27, 2009), 74 FR 56902 (‘‘Notice’’).
4 The text of Amendment No. 1 is available on the
Exchange’s Web site (https://www.nyse.com), at the
Exchange, and at the Commission’s Public
Reference Room.
5 The Notice contains additional discussion and
examples regarding the current operation of dQuotes and e-Quotes. See supra note 3.
6 For purposes of these rules, floor broker agency
interest files (that is, electronic bids or offers from
the Floor) are referred to as ‘‘e-Quotes.’’ E-quotes
that include discretionary instructions are referred
to a ‘‘d-Quotes.’’
2 17
PO 00000
Frm 00059
Fmt 4703
Sfmt 4703
64103
broker may include with an e-Quote can
relate to the price range within which
the e-Quote may trade and the number
of shares to which the discretionary
price instruction applies. D-Quote
functionality is available for both
displayed and reserve interest.
In particular, Rule 70.25(a) provides
that d-Quotes are eligible for execution
only when they are at or join the
existing Exchange BBO, would establish
a new Exchange BBO, or at the opening
and closing transactions. Under current
rules, d-Quotes at or joining the
Exchange BBO may be displayed or
undisplayed interest. In addition, Rule
70.25(d)(ii) currently provides that, once
it has been activated, a d-Quote will
automatically execute against a contraside order if the contra-side order’s
price is within the discretionary pricing
instructions and the contra-side order’s
size meets any minimum or maximum
size requirements that have been set for
the d-Quote.
Rule 70.26 provides for the entry,
validation, and execution of an e-Quote
that remains available for execution at
the Exchange BBO as the Exchange BBO
moves. Floor brokers are able to
designate a range of prices within which
their e-Quotes and d-Quotes will peg
and, as long as the Exchange BBO is
within that range, the e-Quote and dQuote will be included in the quote.
Proposed Amendments 7
D-Quotes Active When Their Filed Price
is Not at the Exchange BBO
The Exchange proposes to amend
Rule 70.25(a)(ii) to provide that dQuotes would be active and available to
execute whenever incoming interest
satisfies the discretionary instructions,
without regard to whether the d-Quote’s
filed price is or becomes the Exchange
BBO.
The Exchange also proposes to add
clarifying language to Rule 70.25(a)(i) to
provide that d-Quotes that exercise
discretion would be considered nondisplayable interest for purposes of Rule
72, and to amend Rule 70.25(d)(i) (as
proposed Rule 70.25(e)(i)) to provide
that a d-Quote with discretionary
pricing instructions above the best bid
if a buy order or below the best offer if
a sell order would seek to secure the
largest execution for the d-Quote using
the least amount of price discretion to
exercise at or above the bid if a buy
order or at or below the offer if a sell
order. The Exchange proposes to further
clarify that a d-Quote with discretionary
pricing instructions equal to or less than
7 The Notice contains additional discussion and
examples regarding the proposed operation of dQuotes and e-Quotes. See supra note 3.
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]]>Agencies
[Federal Register Volume 74, Number 233 (Monday, December 7, 2009)]
[Notices]
[Page 64103]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-29135]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold a Closed Meeting on Wednesday,
December 9, 2009 at 2 p.m.
Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters also may be
present.
The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (6), (7), 9(B) and (10) and 17 CFR
200.402(a)(3), (5), (6), (7), 9(ii) and (10), permit consideration of
the scheduled matters at the Closed Meeting.
Commissioner Aguilar, as duty officer, voted to consider the items
listed for the Closed Meeting in a closed session.
The subject matter of the Closed Meeting scheduled for Wednesday,
December 9, 2009 will be:
Institution and settlement of injunctive actions;
institution and settlement of administrative proceedings;
adjudicatory matters;
a collection matter;
post argument discussion; and
other matters relating to enforcement proceedings.
At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact:
The Office of the Secretary at (202) 551-5400.
Dated: December 2, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-29135 Filed 12-3-09; 11:15 am]
BILLING CODE 8011-01-P
