Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Order Routing Pilot on the Boston Options Exchange Facility, 4603-4605 [2010-1692]
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Federal Register / Vol. 75, No. 18 / Thursday, January 28, 2010 / Notices
2. Statutory Basis
The Exchange believes that the
proposed rule changes are consistent
with Section 6(b) of the Act,5 in general,
and further the objectives of Section
6(b)(5) of the Act,6 in particular, in that
they are designed to prevent fraudulent
and manipulative acts and practices, 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.
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) of the Act 7 and Rule
19b–4(f)(6) thereunder.8 Because the
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
prior to 30 days from the date on which
it was filed, 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)(iii)
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 9 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),10 the
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 15 U.S.C. 78s(b)(3)(A)(iii).
8 17 CFR 240.19b–4(f)(6).
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires a self-regulatory
organization to provide the Commission with
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
mstockstill on DSKH9S0YB1PROD with NOTICES
6 15
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Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest so that
the Exchange may keep the public,
including market participants, aware of
the implementation date for the revised
Policy and thereby prevent investor
confusion. For this reason, the
Commission designates the proposed
rule change to be operative upon filing
with the Commission.11
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number NYSEAmex–2010–05 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 NYSEAmex–2010–05. 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/
change, or such shorter time as designated by the
Commission. The Exchange has fulfilled this
requirement.
11 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
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4603
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 the filing will also be available
for inspection and copying at the
principal office of the self-regulatory
organization. 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
NYSEAmex–2010–05 and should be
submitted on or before February 18,
2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–1694 Filed 1–27–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61399; File No. SR–BX–
2010–007]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to the
Order Routing Pilot on the Boston
Options Exchange Facility
January 22, 2010.
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 January
15, 2010, NASDAQ OMX BX, Inc. (the
‘‘Exchange’’ or ‘‘BX’’) 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
Exchange filed the proposed rule change
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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4604
Federal Register / Vol. 75, No. 18 / Thursday, January 28, 2010 / Notices
pursuant to Section 19(b)(3)(A) of the
Act,3 and Rule 19b–4(f)(6) thereunder,4
which renders the proposal effective
upon filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Chapter XII, Section 5 (Order Routing to
Away Exchanges) of the Rules of the
Boston Options Exchange Group, LLC
(‘‘BOX’’) to extend the effective date of
the Order Routing Pilot. The text of the
proposed rule change is available from
the principal office of the Exchange, on
the Commission’s Web site at https://
www.sec.gov and also on the Exchange’s
Web Site at https://
nasdaqomxbx.cchwallstreet.com/
NASDAQOMXBX/Filings/.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and the
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 these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
mstockstill on DSKH9S0YB1PROD with NOTICES
On October 16, 2009 the Commission
approved 5 the Exchange’s proposal to
amend Chapter XII of the BOX Rules to
provide for the use by BOX of certain
non-affiliated third party routing broker/
dealers (‘‘Routing Broker(s)’’) to route
options orders to one or more Away
Exchange(s) when such Away
Exchange(s) display the Best Bid or Best
Offer in accordance with the Options
Order Protection and Locked/Crossed
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 See Securities Exchange Act Release No. 60832
(October 16, 2009), 74 FR 54607 (October 22, 2009)
(SR–BX–2009–066) (Notice of Filing and Order
Granting Accelerated Approval of Proposed Rule
Change Relating to Chapter XII of the BOX Rules).
Terms not otherwise defined herein shall have the
meaning proscribed in the BOX Rules.
4 17
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17:16 Jan 27, 2010
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2. Statutory Basis
This proposed rule change seeks to
extend the effective date of the Order
Routing Pilot on BOX. Such an
extension will afford the Commission
further time to consider the merits and
impact of the Order Routing Pilot in
advance of any request from the
Exchange that the Order Routing Pilot
be made permanent. Accordingly, the
Exchange believes that the proposal is
consistent with the requirements of
Section 6(b) of the Act,9 in general, and
Section 6(b)(5) of the Act,10 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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
1. Purpose
3 15
Market Plan (‘‘Decentralized Plan’’).6 In
particular, the Commission approved
adding new Section 5 to Chapter XII of
the BOX Rules as new rule text that
would govern the outbound order
routing process (‘‘Order Routing Rule’’).7
The Exchange requested that the
proposal be approved on a pilot basis
for three (3) months starting from the
date of the approval of submission of
filing. The Commission approved the
Exchange’s proposal on an accelerated
basis for a pilot period to expire on
January 15, 2010 (‘‘Order Routing
Pilot’’).8
The Exchange now proposes to extend
the effective date of the Order Routing
Pilot on BOX until March 15, 2010.
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.
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.
6 See Securities Exchange Act Release No. 60405
(July 30, 2009), 74 FR 39362 (August 6, 2009) (File
No. 4–546) (Order Approving the National Market
System Plan Relating to Options Order Protection
and Locked/Crossed Market Plan).
7 See Chapter XII, Section 5 of the BOX Rules.
8 See supra note 5.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
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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 11 and Rule 19b–
4(f)(6) thereunder.12
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.13 However, Rule 19b–
4(f)(6)(iii) 14 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 Order Routing
Pilot on BOX to remain operational on
an uninterrupted basis to the benefit of
investors, and does not raise any
additional or substantive issues from
those raised when the Exchange initially
sought to implement the Order Routing
Pilot.15 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 15, 2010.
For this reason, the Commission
designates the proposed rule change to
be operative upon filing with the
Commission.16
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.
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
13 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.
14 Id.
15 See SR–BX–2010–007, Item 7.
16 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).
12 17
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Federal Register / Vol. 75, No. 18 / Thursday, January 28, 2010 / 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:
[FR Doc. 2010–1692 Filed 1–27–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
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–BX–2010–007 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.
mstockstill on DSKH9S0YB1PROD with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[Release No. 34–61401; File No. NYSE–
2010–05]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Postponing the
Implementation Date of Information
Memo 10–03, Which Provides Updated
Parameters for, and Guidance on the
Application of, the Exchange’s Gap
Quote Policy
January 22, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
All submissions should refer to File
notice is hereby given that on January
Number SR–BX–2010–007. This file
19, 2010, New York Stock Exchange
number should be included on the
subject line if e-mail is used. To help the LLC (the ‘‘Exchange’’ or ‘‘NYSE’’) filed
with the Securities and Exchange
Commission process and review your
Commission (the ‘‘Commission’’) the
comments more efficiently, please use
only one method. The Commission will proposed rule change as described in
post all comments on the Commission’s Items I and II below, which Items have
been prepared by the self-regulatory
Internet Web site (https://www.sec.gov/
organization. The Commission is
rules/sro.shtml). Copies of the
publishing this notice to solicit
submission, all subsequent
comments on the proposed rule change
amendments, all written statements
from interested persons.
with respect to the proposed rule
I. Self-Regulatory Organization’s
change that are filed with the
Statement of the Terms of Substance of
Commission, and all written
the Proposed Rule Change
communications relating to the
proposed rule change between the
The Exchange proposes to change the
Commission and any person, other than implementation date of Information
those that may be withheld from the
Memo 10–03, which provides updated
public in accordance with the
parameters for, and guidance on the
provisions of 5 U.S.C. 552, will be
application of, the Exchange’s Gap
Quote Policy (the ‘‘Policy’’). The text of
available for inspection and copying in
the proposed rule change is available at
the Commission’s Public Reference
Room on official business days between the Exchange, the Commission’s Public
Reference Room, and https://
the hours of 10 a.m. and 3 p.m. Copies
www.nyse.com.
of such filing also will be available for
inspection and copying at the principal
II. Self-Regulatory Organization’s
office of the Exchange. All comments
Statement of the Purpose of, and
received will be posted without change; Statutory Basis for, the Proposed Rule
the Commission does not edit personal
Change
identifying information from
In its filing with the Commission, the
submissions. You should submit only
self-regulatory organization included
information that you wish to make
statements concerning the purpose of,
available publicly. All submissions
and basis for, the proposed rule change
should refer to File Number SR–BX–
and discussed any comments it received
2010–007 and should be submitted on
on the proposed rule change. The text
or before February 18, 2010.
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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17:16 Jan 27, 2010
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PO 00000
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4605
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 purpose of the proposed rule
changes is to change the
implementation date of Information
Memo 10–03, which provides updated
parameters for, and guidance on the
application of, the Policy.3
The updated Policy was adopted by
the Exchange and approved by the
Commission in a separate rule filing.4 In
that filing, the Commission approved
the changes to the Policy contingent on
their implementation within 10
business days of the date of the
Commission’s approval order, i.e., by
January 19, 2010. On January 7, 2010,
the Exchange announced these changes
to the Policy through the publication of
Information Memo 10–03.
As set forth in Information Memo
10–03, the Exchange proposed to
implement the changes to the Policy on
January 11, 2010. However,
implementation of the new
requirements was delayed and did not
occur on January 11, 2010, as planned.
The Exchange notified the public of the
implementation delay by a Trader
Update Notice issued on January 11,
2010, and by Information Memo 10–06
published on January 11, 2010.
Because the Exchange will not be able
to implement the changes to the Policy
described in Information Memo 10–03
by January 19, 2010, the Exchange now
proposes that the changes to the Policy
will be implemented on or before
February 15, 2010, and that the
Exchange will notify the public of the
specific implementation date by issuing
both a Trader Update Notice and an
Information Memo. In addition, should
the Exchange again need to change the
implementation date, it will do so by
issuing a Trader Update Notice and an
Information Memo.
3 The Exchange’s corporate affiliate, NYSE Amex
LLC (‘‘NYSE Amex’’), has submitted an identical
companion filing. See SR–NYSEAmex–2010–05.
Information Memo 10–03 was issued by NYSE
Regulation, Inc. on behalf of both the Exchange and
NYSE Amex.
4 See Securities Exchange Act Release No. 61275
(January 4, 2010), 75 FR 1438 (January 11, 2010)
(SR–NYSE–2009–112) (approving Information
Memo 10–03).
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]]>Agencies
[Federal Register Volume 75, Number 18 (Thursday, January 28, 2010)]
[Notices]
[Pages 4603-4605]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-1692]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61399; File No. SR-BX-2010-007]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
the Order Routing Pilot on the Boston Options Exchange Facility
January 22, 2010.
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 January 15, 2010, NASDAQ OMX BX, Inc. (the ``Exchange'' or
``BX'') 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 Exchange filed the proposed rule change
[[Page 4604]]
pursuant to Section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(6)
thereunder,\4\ which renders the proposal effective upon filing with
the Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Chapter XII, Section 5 (Order
Routing to Away Exchanges) of the Rules of the Boston Options Exchange
Group, LLC (``BOX'') to extend the effective date of the Order Routing
Pilot. The text of the proposed rule change is available from the
principal office of the Exchange, on the Commission's Web site at
https://www.sec.gov and also on the Exchange's Web Site at https://nasdaqomxbx.cchwallstreet.com/NASDAQOMXBX/Filings/.
II. Self-Regulatory Organization's Statement of the Purpose of, and the
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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On October 16, 2009 the Commission approved \5\ the Exchange's
proposal to amend Chapter XII of the BOX Rules to provide for the use
by BOX of certain non-affiliated third party routing broker/dealers
(``Routing Broker(s)'') to route options orders to one or more Away
Exchange(s) when such Away Exchange(s) display the Best Bid or Best
Offer in accordance with the Options Order Protection and Locked/
Crossed Market Plan (``Decentralized Plan'').\6\ In particular, the
Commission approved adding new Section 5 to Chapter XII of the BOX
Rules as new rule text that would govern the outbound order routing
process (``Order Routing Rule'').\7\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 60832 (October 16,
2009), 74 FR 54607 (October 22, 2009) (SR-BX-2009-066) (Notice of
Filing and Order Granting Accelerated Approval of Proposed Rule
Change Relating to Chapter XII of the BOX Rules). Terms not
otherwise defined herein shall have the meaning proscribed in the
BOX Rules.
\6\ See Securities Exchange Act Release No. 60405 (July 30,
2009), 74 FR 39362 (August 6, 2009) (File No. 4-546) (Order
Approving the National Market System Plan Relating to Options Order
Protection and Locked/Crossed Market Plan).
\7\ See Chapter XII, Section 5 of the BOX Rules.
---------------------------------------------------------------------------
The Exchange requested that the proposal be approved on a pilot
basis for three (3) months starting from the date of the approval of
submission of filing. The Commission approved the Exchange's proposal
on an accelerated basis for a pilot period to expire on January 15,
2010 (``Order Routing Pilot'').\8\
---------------------------------------------------------------------------
\8\ See supra note 5.
---------------------------------------------------------------------------
The Exchange now proposes to extend the effective date of the Order
Routing Pilot on BOX until March 15, 2010.
2. Statutory Basis
This proposed rule change seeks to extend the effective date of the
Order Routing Pilot on BOX. Such an extension will afford the
Commission further time to consider the merits and impact of the Order
Routing Pilot in advance of any request from the Exchange that the
Order Routing Pilot be made permanent. Accordingly, the Exchange
believes that the proposal is consistent with the requirements of
Section 6(b) of the Act,\9\ in general, and Section 6(b)(5) of the
Act,\10\ 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 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 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
The Exchange has neither solicited nor received comments on 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 \11\ and Rule 19b-4(f)(6) thereunder.\12\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 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.\13\
However, Rule 19b-4(f)(6)(iii) \14\ 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 Order Routing Pilot on BOX to remain
operational on an uninterrupted basis to the benefit of investors, and
does not raise any additional or substantive issues from those raised
when the Exchange initially sought to implement the Order Routing
Pilot.\15\ 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 15, 2010. For this reason,
the Commission designates the proposed rule change to be operative upon
filing with the Commission.\16\
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\13\ 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.
\14\ Id.
\15\ See SR-BX-2010-007, Item 7.
\16\ 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).
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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.
[[Page 4605]]
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-BX-2010-007 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-BX-2010-007. 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-BX-
2010-007 and should be submitted on or before February 18, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-1692 Filed 1-27-10; 8:45 am]
BILLING CODE 8011-01-P
