Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Plan for the Purpose of Developing and Implementing Procedures To Facilitate the Listing and Trading of Standardized Options To Add BATS Exchange, Inc. as a Sponsor, 8415-8416 [2010-3545]

Download as PDF Federal Register / Vol. 75, No. 36 / Wednesday, February 24, 2010 / Notices U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the Administrator’s EIDL declaration, applications for economic injury disaster loans may be filed at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Counties: Polk. Contiguous Counties: Tennessee: Bradley, McMinn, Monroe. Georgia: Fannin, Murray. North Carolina: Cherokee. The Interest Rates are: Percent Businesses & Small Agricultural Cooperatives Without Credit Available Elsewhere .................. Non-Profit Organizations Without Credit Available Elsewhere ....... 4.000 3.000 The number assigned to this disaster for economic injury is 120330. The States which received an EIDL Declaration # are Tennessee, Georgia, North Carolina. (Catalog of Federal Domestic Assistance Number 59002) Dated: February 16, 2010. Karen G. Mills, Administrator. [FR Doc. 2010–3615 Filed 2–23–10; 8:45 am] BILLING CODE 8025–01–P SECURITIES AND EXCHANGE COMMISSION Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Plan for the Purpose of Developing and Implementing Procedures To Facilitate the Listing and Trading of Standardized Options To Add BATS Exchange, Inc. as a Sponsor pwalker on DSK8KYBLC1PROD with NOTICES February 17, 2010. Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 608 thereunder,2 notice is hereby given that on February 2, 2010, BATS Exchange, Inc. (‘‘BATS’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) an amendment to the Plan for the Purpose of Developing and 2 17 U.S.C. 78k–1(a)(3). CFR 242.608. VerDate Nov<24>2008 16:49 Feb 23, 2010 Jkt 220001 I. Description and Purpose of the Amendment The current Sponsors of the OLPP are Amex, BSE, CBOE, ISE, NYSE Arca, OCC, Phlx and Nasdaq. The proposed amendment to the OLPP would add BATS as a Sponsor of the OLPP. A national securities exchange may become a Sponsor if it satisfies the requirement of Section 7 of the OLPP. Specifically an Eligible Exchange 4 may become a Sponsor of the OLPP by: (i) Executing a copy of the OLPP, as then in effect; (ii) providing each current Plan Sponsor with a copy of such executed Plan; and (iii) effecting an amendment to the OLPP, as specified in Section 7(ii) of the OLPP. Section 7(ii) of the OLPP sets forth the process by which an Eligible Exchange may effect an amendment to the OLPP. Specifically, an Eligible Exchange must: (a) execute a copy of the OLPP with the only change being the addition of the new sponsor’s name in Section 8 of the OLPP; and (b) submit the executed OLPP to the Commission. The OLPP then provides that such an amendment will be effective at the later of either the amendment being approved by the Commission or otherwise becoming effective pursuant to Section 11A of the Act. BATS has submitted a signed copy of the OLPP to the Commission in 3 On [Release No. 34–61528; File No. 4–443] 1 15 Implementing Procedures to Facilitate the Listing and Trading of Standardized Options (‘‘OLPP’’).3 The amendment proposes to add BATS as a Sponsor of the OLPP. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. July 6, 2001, the Commission approved the OLPP, which was proposed by the American Stock Exchange LLC (‘‘Amex’’), Chicago Board Options Exchange, Incorporated (‘‘CBOE’’), International Securities Exchange LLC (‘‘ISE’’), Options Clearing Corporation (‘‘OCC’’), Philadelphia Stock Exchange, Inc. (‘‘Phlx’’), and Pacific Exchange, Inc. (‘‘PCX’’) (n/ k/a NYSE Arca). See Securities Exchange Act Release No. 44521, 66 FR 36809 (July 13, 2001). On February 5, 2004, Boston Stock Exchange, Inc. (‘‘BSE’’) was added as a Sponsor to OLPP. See Securities Exchange Act Release No. 49199, 69 FR 7030 (February 12, 2004). On March 21, 2008, the Nasdaq Stock Market, LLC (‘‘Nasdaq’’) was added as a Sponsor to the OLPP. 4 The OLPP defines an ‘‘Eligible Exchange’’ as a national securities exchange registered with the Commission pursuant to Section 6(a) of the Exchange Act, 15 U.S.C. 78f(a), that (1) has effective rules for the trading of options contracts issued and cleared by the OCC approved in accordance with the provisions of the Exchange Act and the rules and regulations thereunder and (2) is a party to the Plan for Reporting Consolidated Options Last Sale Reports and Quotation Information (the ‘‘OPRA Plan’’). BATS has represented that it has met both the requirements for being considered an Eligible Exchange. See Letter from Eric Swanson, SVP, General Counsel, BATS to Johnna Dumler, Special Counsel, Division of Trading and Markets, Commission, dated February 12, 2010. PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 8415 accordance with the procedures set forth in the OLPP regarding new Plan Sponsors. II. Effectiveness of the Proposed Linkage Plan Amendment The foregoing proposed OLPP amendment has become effective pursuant to Rule 608(c)(3)(iii) 5 because it involves solely technical or ministerial matters. At any time within sixty days of the filing of this amendment, the Commission may summarily abrogate the amendment and require that it be refiled pursuant to paragraphs (b)(1) of Rule 608,6 if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors or the maintenance of fair and orderly markets, to remove impediments to, and perfect the mechanisms of, a national market system or otherwise in furtherance of the purposes of the Act. III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed amendment 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 4–443 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 4–443. 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 5 17 6 17 E:\FR\FM\24FEN1.SGM CFR 242.608(b)(3)(iii). CFR 242.608(b)(1). 24FEN1 8416 Federal Register / Vol. 75, No. 36 / Wednesday, February 24, 2010 / Notices public in accordance with the provisions of 5 U.S.C. 552, will be available for Web viewing and printing 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 BATS’ principal office. 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 No. 4–443 and should be submitted on or before March 17, 2010. Dated: February 19, 2010. Elizabeth M. Murphy, Secretary. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Florence E. Harmon, Deputy Secretary. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on January 25, 2010, NASDAQ OMX BX, Inc. (the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. The Exchange filed Amendment No 1. to the proposed rule change on February 10, 2010.3 The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. [FR Doc. 2010–3545 Filed 2–23–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION pwalker on DSK8KYBLC1PROD 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 an Open Meeting on February 24, 2010 at 10 a.m., in the Auditorium, Room L–002. Commissioner Casey, as duty officer, determined that no earlier notice thereof was possible. The subject matter of the Open Meeting will be: Item 1: The Commission will consider whether to adopt amendments to Rules 201 and 200(g) of Regulation SHO relating to short sale restrictions. Item 2: The Commission will consider whether to publish a statement regarding its continued support for a single-set of high-quality globally accepted accounting standards and its ongoing consideration of incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers. 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. 7 17 CFR 200.30–3(a)(29). VerDate Nov<24>2008 16:49 Feb 23, 2010 Jkt 220001 [FR Doc. 2010–3792 Filed 2–22–10; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61531; File No. SR–BX– 2010–009] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto Relating to the Directed Order Process on the Boston Options Exchange Facility February 17, 2010. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Rules of the Boston Options Exchange Group, LLC (‘‘BOX’’) to modify the Directed Order process on BOX. The text of the proposed rule change is available from the principal office of the Exchange, at the Commission’s Public Reference Room and also on the Exchange’s Internet website at https:// nasdaqomxbx.cchwallstreet.com/ NASDAQOMXBX/Filings/. 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 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Amendment No. 1 added clarifying language regarding the implementation of the proposed rule change and removed erroneously included information. 2 17 PO 00000 Frm 00123 Fmt 4703 Sfmt 4703 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 The Exchange is proposing modifications to the Directed Order process on BOX.4 When a BOX Market Maker indicates its interest in receiving Directed Orders, the receiving Market Maker is referred to as the Executing Participant (‘‘EP’’). Specifically, the Exchange is proposing to automate the creation of the Guaranteed Directed Order (‘‘GDO’’) and the manner in which the quote of the EP is handled during the Directed Order process. ‘Quote Shelving’ and ‘GDO’ Upon receipt of a Directed Order an EP must either submit the Directed Order to the PIP 5 or send the Directed Order to the BOX Book. Currently, when the EP sends the Directed Order to the BOX Book and the EP’s quotation on the opposite side of the market from the Directed Order is equal to the National Best Bid or Offer (‘‘NBBO’’) and the Directed Order is also executable against the NBBO, the EP must guarantee execution of the Directed Order at the current NBBO for at least the size of his quote. This guarantee is called the GDO. The EP must immediately send the Directed Order with the GDO to the Trading Host. Sending the GDO to the Trading Host enables it to simultaneously take down or ‘shelve’ the EP’s quote and any pending quote updates while the Directed Order is being exposed on the BOX Book.6 4 A Directed Order is any Customer Order to buy or sell which has been directed to a particular Market Maker by an OFP. See Chapter I, Section 1(21) (sic) of the BOX Rules. Terms not otherwise defined herein shall have the meaning assigned to them in the BOX Rules. 5 See Chapter V, Section 18 of the BOX Rules. 6 The proposal clarifies in Section 5(c)(iii)(2)(b)(2) and (3) that when the EP does not PIP the Directed Order and releases it to the BOX Book, the Directed Order will immediately execute against the BOX Book if the BOX Best Bid or Offer is equal to or better than the NBBO and GDO. Any remaining quantity not executed will immediately be exposed to BOX Participants at the better of the NBBO or GDO price. This exposure period will last three (3) seconds, during which time any Options Participant, except for the EP, may submit an order to the BOX Book in response. Any orders submitted to the BOX Book during the three second period will execute immediately against any remaining quantity of the Directed Order, in time priority. E:\FR\FM\24FEN1.SGM 24FEN1

Agencies

[Federal Register Volume 75, Number 36 (Wednesday, February 24, 2010)]
[Notices]
[Pages 8415-8416]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-3545]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61528; File No. 4-443]


Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Plan for the Purpose of Developing and Implementing 
Procedures To Facilitate the Listing and Trading of Standardized 
Options To Add BATS Exchange, Inc. as a Sponsor

February 17, 2010.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given 
that on February 2, 2010, BATS Exchange, Inc. (``BATS'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') an amendment to the Plan for the Purpose of Developing 
and Implementing Procedures to Facilitate the Listing and Trading of 
Standardized Options (``OLPP'').\3\ The amendment proposes to add BATS 
as a Sponsor of the OLPP. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ On July 6, 2001, the Commission approved the OLPP, which was 
proposed by the American Stock Exchange LLC (``Amex''), Chicago 
Board Options Exchange, Incorporated (``CBOE''), International 
Securities Exchange LLC (``ISE''), Options Clearing Corporation 
(``OCC''), Philadelphia Stock Exchange, Inc. (``Phlx''), and Pacific 
Exchange, Inc. (``PCX'') (n/k/a NYSE Arca). See Securities Exchange 
Act Release No. 44521, 66 FR 36809 (July 13, 2001). On February 5, 
2004, Boston Stock Exchange, Inc. (``BSE'') was added as a Sponsor 
to OLPP. See Securities Exchange Act Release No. 49199, 69 FR 7030 
(February 12, 2004). On March 21, 2008, the Nasdaq Stock Market, LLC 
(``Nasdaq'') was added as a Sponsor to the OLPP.
---------------------------------------------------------------------------

I. Description and Purpose of the Amendment

    The current Sponsors of the OLPP are Amex, BSE, CBOE, ISE, NYSE 
Arca, OCC, Phlx and Nasdaq. The proposed amendment to the OLPP would 
add BATS as a Sponsor of the OLPP. A national securities exchange may 
become a Sponsor if it satisfies the requirement of Section 7 of the 
OLPP. Specifically an Eligible Exchange \4\ may become a Sponsor of the 
OLPP by: (i) Executing a copy of the OLPP, as then in effect; (ii) 
providing each current Plan Sponsor with a copy of such executed Plan; 
and (iii) effecting an amendment to the OLPP, as specified in Section 
7(ii) of the OLPP.
---------------------------------------------------------------------------

    \4\ The OLPP defines an ``Eligible Exchange'' as a national 
securities exchange registered with the Commission pursuant to 
Section 6(a) of the Exchange Act, 15 U.S.C. 78f(a), that (1) has 
effective rules for the trading of options contracts issued and 
cleared by the OCC approved in accordance with the provisions of the 
Exchange Act and the rules and regulations thereunder and (2) is a 
party to the Plan for Reporting Consolidated Options Last Sale 
Reports and Quotation Information (the ``OPRA Plan''). BATS has 
represented that it has met both the requirements for being 
considered an Eligible Exchange. See Letter from Eric Swanson, SVP, 
General Counsel, BATS to Johnna Dumler, Special Counsel, Division of 
Trading and Markets, Commission, dated February 12, 2010.
---------------------------------------------------------------------------

    Section 7(ii) of the OLPP sets forth the process by which an 
Eligible Exchange may effect an amendment to the OLPP. Specifically, an 
Eligible Exchange must: (a) execute a copy of the OLPP with the only 
change being the addition of the new sponsor's name in Section 8 of the 
OLPP; and (b) submit the executed OLPP to the Commission. The OLPP then 
provides that such an amendment will be effective at the later of 
either the amendment being approved by the Commission or otherwise 
becoming effective pursuant to Section 11A of the Act. BATS has 
submitted a signed copy of the OLPP to the Commission in accordance 
with the procedures set forth in the OLPP regarding new Plan Sponsors.

II. Effectiveness of the Proposed Linkage Plan Amendment

    The foregoing proposed OLPP amendment has become effective pursuant 
to Rule 608(c)(3)(iii) \5\ because it involves solely technical or 
ministerial matters. At any time within sixty days of the filing of 
this amendment, the Commission may summarily abrogate the amendment and 
require that it be refiled pursuant to paragraphs (b)(1) of Rule 
608,\6\ if it appears to the Commission that such action is necessary 
or appropriate in the public interest, for the protection of investors 
or the maintenance of fair and orderly markets, to remove impediments 
to, and perfect the mechanisms of, a national market system or 
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \5\ 17 CFR 242.608(b)(3)(iii).
    \6\ 17 CFR 242.608(b)(1).
---------------------------------------------------------------------------

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed 
amendment 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 4-443 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 4-443. 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

[[Page 8416]]

public in accordance with the provisions of 5 U.S.C. 552, will be 
available for Web viewing and printing 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 BATS' 
principal office. 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 No. 4-443 and 
should be submitted on or before March 17, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(29).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-3545 Filed 2-23-10; 8:45 am]
BILLING CODE 8011-01-P
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