Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Pilot Period To Receive Inbound Routes of Certain Equities Orders From Archipelago Securities LLC, 1104-1105 [2010-76]
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1104
Federal Register / Vol. 75, No. 5 / Friday, January 8, 2010 / Notices
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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
IV. Solicitation of Comments
BILLING CODE 8011–01–P
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
pwalker on DSK8KYBLC1PROD with NOTICES
• 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–2009–085 on the
subject line.
[FR Doc. 2010–78 Filed 1–7–10; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61268; File No. SR–NYSE–
2009–128]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Extending the
Pilot Period To Receive Inbound
Routes of Certain Equities Orders
From Archipelago Securities LLC
December 31, 2009.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
Paper Comments
‘‘Act’’) and Rule 19b–4 thereunder,2
notice is hereby given that, on December
• Send paper comments in triplicate
22, 2009, New York Stock Exchange
to Elizabeth M. Murphy, Secretary,
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
Securities and Exchange Commission,
with the Securities and Exchange
100 F Street, NE., Washington, DC
Commission (the ‘‘Commission’’) the
20549–1090.
proposed rule change as described in
All submissions should refer to File
Items I and II, below, which Items have
Number SR–BX–2009–085. This file
been prepared by the self-regulatory
number should be included on the
subject line if e-mail is used. To help the organization. The Commission is
publishing this notice to solicit
Commission process and review your
comments on the proposed rule change
comments more efficiently, please use
only one method. The Commission will from interested persons.
post all comments on the Commission’s I. Self-Regulatory Organization’s
Internet Web site (https://www.sec.gov/
Statement of the Terms of Substance of
rules/sro.shtml). Copies of the
the Proposed Rule Change
submission, all subsequent
The Exchange proposes to extend the
amendments, all written statements
pilot period of the Exchange’s prior
with respect to the proposed rule
approvals to receive inbound routes of
change that are filed with the
certain equities orders from Archipelago
Commission, and all written
Securities LLC (‘‘Arca Securities’’), an
communications relating to the
NYSE affiliated member. The text of the
proposed rule change between the
Commission and any person, other than proposed rule change is available at the
Exchange, the Commission’s Public
those that may be withheld from the
Reference Room, and https://
public in accordance with the
www.nyse.com.
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
II. Self-Regulatory Organization’s
the Commission’s Public Reference
Statement of the Purpose of, and
Room on official business days between Statutory Basis for, the Proposed Rule
the hours of 10 a.m. and 3 p.m. Copies
Change
of such filing also will be available for
In its filing with the Commission, the
inspection and copying at the principal
self-regulatory organization included
office of the Exchange. All comments
statements concerning the purpose of,
received will be posted without change;
and basis for, the proposed rule change
the Commission does not edit personal
and discussed any comments it received
identifying information from
on the proposed rule change. The text
submissions. You should submit only
of those statements may be examined at
information that you wish to make
the places specified in Item IV below.
available publicly. All submissions
should refer to File Number SR–BX–
14 17 CFR 200.30–3(a)(12).
2009–085 and should be submitted on
1 15 U.S.C. 78s(b)(1).
or before January 29, 2010.
2 17 CFR 240.19b–4.
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Jkt 220001
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
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
Currently, Arca Securities is the
approved outbound order routing
facility of the Exchange.3 Arca
Securities is also the approved
outbound order routing facility of NYSE
Arca and NYSE Amex LLC (‘‘NYSE
Amex’’).4 The Exchange has also been
previously approved to receive inbound
routes of equities orders by Arca
Securities in its capacity as an order
routing facility of NYSE Arca and NYSE
Amex.5 The Exchange’s authority to
receive inbound routes of equities
orders by Arca Securities is subject to a
pilot period ending December 31, 2009.6
The Exchange hereby seeks to extend
the previously approved pilot period
(with the attendant obligations and
conditions) for an additional 3 months,
through March 31, 2010.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) 7 of the
Securities Exchange Act of 1934 (the
‘‘Act’’), in general, and furthers the
3 See Securities Exchange Act Release No. 55590
(April 5, 2007), 72 FR 18707 (April 13, 2007) (notice
of immediate effectiveness of SR–NYSE–2007–29);
see also, Securities and [sic] Exchange Act Release
No. 58680 (September 29, 2008), 73 FR 58283
(October 6, 2008) (order approving SR–NYSE–
2008–76).
4 See Securities Exchange Act Release No. 53238
(July 28, 2006), 71 FR 44758 (August 7, 2006) (order
approving SR–NYSEArca–2006–13); see also,
Securities Exchange Act Release No. 52497
(September 22, 2005), 70 FR 56949 (September 29,
2005) (SR–PCX–2005–90); see also, Securities
Exchange Act Release No. 44983 (October 25, 2001),
66 FR 55225 (November 1, 2001) (SR–PCX–00–25);
see also, Securities Exchange Act Release No. 58681
(September 29, 2008), 73 FR 58285 (October 6,
2008) (order approving NYSEArca–2008–90). See
Securities Exchange Act Release No. 59009
(November 24, 2008), 73 FR 73363 (December 2,
2008) (order approving SR–NYSEALTR–2008–07);
see also, Securities and [sic] Exchange Act Release
No. 59473 (February 27, 2009), 74 FR 9853 (March
6, 2009) (order approving SR–NYSEALTR–2009–
18).
5 See Securities and [sic] Exchange Act Release
No. 58680 (September 29, 2008), 73 FR 58283
(October 6, 2008) (order approving SR–NYSE–
2008–76); see Securities Exchange Act Release No.
59011 (November 24, 2008) 73 FR 73360 (December
2, 2008) (order approving SR–NYSE–2008–122); see
also Securities and [sic] Exchange Act Release No.
60255 (July 7, 2009) 74 FR 34065 (July 14, 2009)
(order approving SR–NYSE–2009–58).
6 See Securities Exchange Act Release No. 60752
(September 30, 2009), 74 FR 51641 (October 7,
2009) (notice of immediate effectiveness of SR–
NYSE–2009–101).
7 15 U.S.C. 78f(b).
E:\FR\FM\08JAN1.SGM
08JAN1
Federal Register / Vol. 75, No. 5 / Friday, January 8, 2010 / Notices
objectives of Section 6(b)(5) 8 in
particular in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, and to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system.
Specifically, the proposed rule change
will allow the Exchange to continue
receiving inbound routes of equities
orders from Arca Securities acting in its
capacity as a facility of the NYSE Arca
and NYSE Amex, in a manner
consistent with prior approvals and
established protections. The Exchange
believes that extending the previously
approved pilot period for three months
will permit both the Exchange and the
Commission to further assess the impact
of the Exchange’s authority to receive
direct inbound routes of equities orders
via Arca Securities (including the
attendant obligations and conditions).9
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.
pwalker on DSK8KYBLC1PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
does not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 10 and Rule 19b–
4(f)(6) thereunder.11
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
8 15
U.S.C. 78f(b)(5).
Exchange is currently analyzing the
condition regarding non-public information and
system changes in order to better reflect the
operation of Arca Securities.
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6).
9 The
VerDate Nov<24>2008
16:14 Jan 07, 2010
Jkt 220001
of filing.12 However, Rule 19b–
4(f)(6)(iii) 13 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay. The Exchange notes that the
proposal will allow the Exchange to
continue receiving inbound routes of
equities orders from Arca Securities, in
a manner consistent with prior
approvals and established protections,
while also permitting the Exchange and
the Commission to assess the impact of
the pilot.14 The Commission believes
that waiving the 30-day operative delay
is consistent with the protection of
investors and the public interest
because such waiver would allow the
pilot period to be extended without
interruption through March 31, 2010.
For this reason, the Commission
designates the proposed rule change to
be operative upon filing with the
Commission.15
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 rulecomments@sec.gov. Please include File
Number SR–NYSE–2009–128 on the
subject line.
12 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written
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. The Exchange has satisfied this
requirement.
13 Id.
14 See supra note 9 and accompanying text.
15 For the 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 00080
Fmt 4703
Sfmt 9990
1105
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSE–2009–128. 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 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–NYSE–
2009–128 and should be submitted on
or before January 29, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–76 Filed 1–7–10; 8:45 am]
BILLING CODE 8011–01–P
16 17
E:\FR\FM\08JAN1.SGM
CFR 200.30–3(a)(12).
08JAN1
]]>Agencies
[Federal Register Volume 75, Number 5 (Friday, January 8, 2010)]
[Notices]
[Pages 1104-1105]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-76]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61268; File No. SR-NYSE-2009-128]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Extending the Pilot Period To Receive Inbound Routes of Certain
Equities Orders From Archipelago Securities LLC
December 31, 2009.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on December 22, 2009, New York Stock Exchange LLC (``NYSE'' or
the ``Exchange'') 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\ 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 extend the pilot period of the Exchange's
prior approvals to receive inbound routes of certain equities orders
from Archipelago Securities LLC (``Arca Securities''), an NYSE
affiliated member. 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
Currently, Arca Securities is the approved outbound order routing
facility of the Exchange.\3\ Arca Securities is also the approved
outbound order routing facility of NYSE Arca and NYSE Amex LLC (``NYSE
Amex'').\4\ The Exchange has also been previously approved to receive
inbound routes of equities orders by Arca Securities in its capacity as
an order routing facility of NYSE Arca and NYSE Amex.\5\ The Exchange's
authority to receive inbound routes of equities orders by Arca
Securities is subject to a pilot period ending December 31, 2009.\6\
The Exchange hereby seeks to extend the previously approved pilot
period (with the attendant obligations and conditions) for an
additional 3 months, through March 31, 2010.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 55590 (April 5,
2007), 72 FR 18707 (April 13, 2007) (notice of immediate
effectiveness of SR-NYSE-2007-29); see also, Securities and [sic]
Exchange Act Release No. 58680 (September 29, 2008), 73 FR 58283
(October 6, 2008) (order approving SR-NYSE-2008-76).
\4\ See Securities Exchange Act Release No. 53238 (July 28,
2006), 71 FR 44758 (August 7, 2006) (order approving SR-NYSEArca-
2006-13); see also, Securities Exchange Act Release No. 52497
(September 22, 2005), 70 FR 56949 (September 29, 2005) (SR-PCX-2005-
90); see also, Securities Exchange Act Release No. 44983 (October
25, 2001), 66 FR 55225 (November 1, 2001) (SR-PCX-00-25); see also,
Securities Exchange Act Release No. 58681 (September 29, 2008), 73
FR 58285 (October 6, 2008) (order approving NYSEArca-2008-90). See
Securities Exchange Act Release No. 59009 (November 24, 2008), 73 FR
73363 (December 2, 2008) (order approving SR-NYSEALTR-2008-07); see
also, Securities and [sic] Exchange Act Release No. 59473 (February
27, 2009), 74 FR 9853 (March 6, 2009) (order approving SR-NYSEALTR-
2009-18).
\5\ See Securities and [sic] Exchange Act Release No. 58680
(September 29, 2008), 73 FR 58283 (October 6, 2008) (order approving
SR-NYSE-2008-76); see Securities Exchange Act Release No. 59011
(November 24, 2008) 73 FR 73360 (December 2, 2008) (order approving
SR-NYSE-2008-122); see also Securities and [sic] Exchange Act
Release No. 60255 (July 7, 2009) 74 FR 34065 (July 14, 2009) (order
approving SR-NYSE-2009-58).
\6\ See Securities Exchange Act Release No. 60752 (September 30,
2009), 74 FR 51641 (October 7, 2009) (notice of immediate
effectiveness of SR-NYSE-2009-101).
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) \7\ of the
Securities Exchange Act of 1934 (the ``Act''), in general, and furthers
the
[[Page 1105]]
objectives of Section 6(b)(5) \8\ in particular in that it is designed
to prevent fraudulent and manipulative acts and practices, to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, and to remove impediments to and perfect the mechanism of a
free and open market and a national market system. Specifically, the
proposed rule change will allow the Exchange to continue receiving
inbound routes of equities orders from Arca Securities acting in its
capacity as a facility of the NYSE Arca and NYSE Amex, in a manner
consistent with prior approvals and established protections. The
Exchange believes that extending the previously approved pilot period
for three months will permit both the Exchange and the Commission to
further assess the impact of the Exchange's authority to receive direct
inbound routes of equities orders via Arca Securities (including the
attendant obligations and conditions).\9\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
\9\ The Exchange is currently analyzing the condition regarding
non-public information and system changes in order to better reflect
the operation of Arca Securities.
---------------------------------------------------------------------------
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 rule change does not: (1) Significantly
affect the protection of investors or the public interest; (2) impose
any significant burden on competition; and (3) become operative for 30
days after the date of this filing, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\12\
However, Rule 19b-4(f)(6)(iii) \13\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the 30-day operative delay. The Exchange notes that
the proposal will allow the Exchange to continue receiving inbound
routes of equities orders from Arca Securities, in a manner consistent
with prior approvals and established protections, while also permitting
the Exchange and the Commission to assess the impact of the pilot.\14\
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because such waiver would allow the pilot period to be extended without
interruption through March 31, 2010. For this reason, the Commission
designates the proposed rule change to be operative upon filing with
the Commission.\15\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization submit to
the Commission written 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. The Exchange has satisfied this requirement.
\13\ Id.
\14\ See supra note 9 and accompanying text.
\15\ For the 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).
---------------------------------------------------------------------------
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-NYSE-2009-128 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSE-2009-128. 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 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-
NYSE-2009-128 and should be submitted on or before January 29, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-76 Filed 1-7-10; 8:45 am]
BILLING CODE 8011-01-P
