Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC Amending the Provisions of NYSE Rules 116 and 123C To Repeal the Temporary Provision That Allows the Exchange To Report Multiple Closing Prints to the Consolidated Tape When a Closing Transaction Exceeds 99,999,999 Shares, 9272-9273 [2010-4165]

Download as PDF 9272 Federal Register / Vol. 75, No. 39 / Monday, March 1, 2010 / Notices submission,20 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 Web site 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 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– NYSEAmex–2010–09 and should be submitted on or before March 22, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.21 Florence E. Harmon, Deputy Secretary [FR Doc. 2010–4136 Filed 2–26–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61559; File No. SR–NYSE– 2010–08] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC Amending the Provisions of NYSE Rules 116 and 123C To Repeal the Temporary Provision That Allows the Exchange To Report Multiple Closing Prints to the Consolidated Tape When a Closing Transaction Exceeds 99,999,999 Shares mstockstill on DSKH9S0YB1PROD with NOTICES February 22, 2010. 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 February 20 The text of the proposed rule change is available on the Commission’s Web site at https:// www.sec.gov. 21 17 CFR 200.30–3(a)(12). 1 15 U.S.C.78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. VerDate Nov<24>2008 16:46 Feb 26, 2010 Jkt 220001 18, 2010, 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the provisions of NYSE Rules 116 (‘‘Stop’’ Constitutes Guarantee) and 123C (Market On The Close Policy And Expiration Procedures) to repeal the temporary provision that allows the Exchange to report multiple closing prints to the Consolidated Tape when a closing transaction exceeds 99,999,999 shares. 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) proposes to amend the provisions of NYSE Rules 116 (‘‘Stop’’ Constitutes Guarantee) and 123C (Market On The Close Policy And Expiration Procedures) to repeal the temporary provision that allows the Exchange to report multiple closing prints to the Consolidated Tape when a closing transaction exceeds 99,999,999 shares. The Exchange amended NYSE Rules 116.40(C) and 123C(3) to report multiple closing prints to the Consolidated Tape last sale reporting system in order to compensate for a temporary size limitation in a new market data PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 distribution system.4 At that time, Exchange’s market data distribution system was unable to support prints greater than 99,999,999 shares. Executions of greater than 99,999,999 shares had to be sent to the Consolidated Tape in multiple prints. The multiple prints reflected the cumulative volume of the single closing transaction. The Exchange’s market data distribution system is now capable of reporting in a single transaction, executions that exceed 99,999,999 shares to the Consolidated Tape last sale reporting system in a single print.5 The Exchange therefore seeks to remove the temporary amendments to Rules 116.40(C) and 123C(3) and once again require all closing transactions to be reported in a single print. The Exchange also proposes to add an inadvertently omitted parenthesis in the second paragraph of Rule 123C(3)(A). 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ‘‘Act’’),6 in general, and furthers the objectives of Section 6(b)(5) of the Act,7 in particular, in that it is 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. The Exchange believes the proposed rule change will facilitate the timely and efficient reporting of the closing transaction on the Exchange and thus ultimately serve 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. 4 See Securities Exchange Act Release No. 61235 (December 23, 2009), 75 FR 168 (January 4, 2010) (SR–NYSE–2009–126). The Exchange represented that it anticipated correction of the limitation no later than the end of February 2010. Id. at Footnote 3. 5 The size limitation was corrected as of January 25, 2010. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). E:\FR\FM\01MRN1.SGM 01MRN1 Federal Register / Vol. 75, No. 39 / Monday, March 1, 2010 / Notices 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. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. 9273 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61570; File No. SR–Phlx2010–19] 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: mstockstill on DSKH9S0YB1PROD with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change is effective upon filing pursuant to Section 19(b)(3)(A) of the Act 8 and Rule 19b–4(f)(5).9 The Exchange submits that the proposed rule change qualifies for immediate effectiveness in that it effects a change in an existing order-entry or trading system of a self-regulatory organization that does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) have the effect of limiting the access to or availability of the system. This proposed rule change simply seeks to remove a temporary amendment that was implemented to compensate for a systemic limitation in its market data distribution system. The resolution of the systemic limitation obviates the need for the work-around implemented by the temporary rule. The instant filing simply reinstates provisions for printing the closing transactions to their original state now that the market data system is functioning correctly. 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. Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of All submissions should refer to File Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Number SR–NYSE–2010–08. This file Amendment No. 1, Relating to Routing number should be included on the subject line if e-mail is used. To help the Fees Commission process and review your February 23, 2010. comments more efficiently, please use Pursuant to Section 19(b)(1) of the only one method. The Commission will Securities Exchange Act of 1934 post all comments on the Commission’s (‘‘Act’’), 1 and Rule 19b-4 thereunder,2 Internet Web site (https://www.sec.gov/ notice is hereby given that on February rules/sro.shtml). Copies of the 2, 2010, NASDAQ OMX PHLX, Inc. submission,10 all subsequent (‘‘Phlx’’ or ‘‘Exchange’’) filed with the amendments, all written statements Securities and Exchange Commission with respect to the proposed rule (‘‘SEC’’ or ‘‘Commission’’) the proposed change that are filed with the rule change as described in Items I, II, Commission, and all written and III, below, which Items have been communications relating to the substantially prepared by the Exchange. proposed rule change between the On February 19, 2010, the Exchange Commission and any person, other than filed Amendment No. 1 to the proposed rule change.3 The Commission is those that may be withheld from the publishing this notice to solicit public in accordance with the comments on the proposed rule change, provisions of 5 U.S.C. 552, will be as modified by Amendment No. 1, from available for Web site viewing and interested persons. printing in the Commission’s Public Reference Room, 100 F Street, NE., I. Self-Regulatory Organization’s Washington, DC 20549, on official Statement of the Terms of Substance of business days between the hours of the Proposed Rule Change 10 a.m. and 3 p.m. Copies of the filing The Exchange proposes to amend its will also be available for inspection and Routing Fees. copying at the principal office of the The text of the proposed rule change self-regulatory organization. All is available on the Exchange’s Web site comments received will be posted at https://nasdaqtrader.com/ without change; the Commission does micro.aspx?id=PHLXfilings, on the not edit personal identifying Commission’s Web site at https:// information from submissions. You www.sec.gov, at the principal office of should submit only information that the Exchange, and at the Commission’s you wish to make available publicly. All Public Reference Room. submissions should refer to File Number SR–NYSE–2010–08 and should II. Self-Regulatory Organization’s Statement of the Purpose of, and be submitted on or before March 22, Statutory Basis for, the Proposed Rule 2010. Change For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. 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–2010–08 on the subject line. 8 15 9 17 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(5). VerDate Nov<24>2008 16:46 Feb 26, 2010 Jkt 220001 [FR Doc. 2010–4165 Filed 2–26–10; 8:45 am] BILLING CODE 8011–01–P In its filing with the Commission, the Exchange 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 Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. 1 15 10 The text of the proposed rule change is available on the Commission’s Web site at https:// www.sec.gov. 11 17 CFR 200.30–3(a)(12). PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Partial Amendment No. 1 includes minor clarifications to the purpose section of the proposed rule change, and makes a non-substantive change to the rule text itself. 2 17 E:\FR\FM\01MRN1.SGM 01MRN1

Agencies

[Federal Register Volume 75, Number 39 (Monday, March 1, 2010)]
[Notices]
[Pages 9272-9273]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4165]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61559; File No. SR-NYSE-2010-08]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC 
Amending the Provisions of NYSE Rules 116 and 123C To Repeal the 
Temporary Provision That Allows the Exchange To Report Multiple Closing 
Prints to the Consolidated Tape When a Closing Transaction Exceeds 
99,999,999 Shares

February 22, 2010.
    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 February 18, 2010, 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\ 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 the provisions of NYSE Rules 116 
(``Stop'' Constitutes Guarantee) and 123C (Market On The Close Policy 
And Expiration Procedures) to repeal the temporary provision that 
allows the Exchange to report multiple closing prints to the 
Consolidated Tape when a closing transaction exceeds 99,999,999 shares. 
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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') proposes 
to amend the provisions of NYSE Rules 116 (``Stop'' Constitutes 
Guarantee) and 123C (Market On The Close Policy And Expiration 
Procedures) to repeal the temporary provision that allows the Exchange 
to report multiple closing prints to the Consolidated Tape when a 
closing transaction exceeds 99,999,999 shares.
    The Exchange amended NYSE Rules 116.40(C) and 123C(3) to report 
multiple closing prints to the Consolidated Tape last sale reporting 
system in order to compensate for a temporary size limitation in a new 
market data distribution system.\4\ At that time, Exchange's market 
data distribution system was unable to support prints greater than 
99,999,999 shares. Executions of greater than 99,999,999 shares had to 
be sent to the Consolidated Tape in multiple prints. The multiple 
prints reflected the cumulative volume of the single closing 
transaction.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 61235 (December 23, 
2009), 75 FR 168 (January 4, 2010) (SR-NYSE-2009-126). The Exchange 
represented that it anticipated correction of the limitation no 
later than the end of February 2010. Id. at Footnote 3.
---------------------------------------------------------------------------

    The Exchange's market data distribution system is now capable of 
reporting in a single transaction, executions that exceed 99,999,999 
shares to the Consolidated Tape last sale reporting system in a single 
print.\5\ The Exchange therefore seeks to remove the temporary 
amendments to Rules 116.40(C) and 123C(3) and once again require all 
closing transactions to be reported in a single print.
---------------------------------------------------------------------------

    \5\ The size limitation was corrected as of January 25, 2010.
---------------------------------------------------------------------------

    The Exchange also proposes to add an inadvertently omitted 
parenthesis in the second paragraph of Rule 123C(3)(A).
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Securities Exchange Act of 1934 (the ``Act''),\6\ in 
general, and furthers the objectives of Section 6(b)(5) of the Act,\7\ 
in particular, in that it is 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. The Exchange 
believes the proposed rule change will facilitate the timely and 
efficient reporting of the closing transaction on the Exchange and thus 
ultimately serve to protect investors and the public interest.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \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.

[[Page 9273]]

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 effective upon filing pursuant to 
Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(5).\9\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(5).
---------------------------------------------------------------------------

    The Exchange submits that the proposed rule change qualifies for 
immediate effectiveness in that it effects a change in an existing 
order-entry or trading system of a self-regulatory organization that 
does not (i) significantly affect the protection of investors or the 
public interest; (ii) impose any significant burden on competition; and 
(iii) have the effect of limiting the access to or availability of the 
system. This proposed rule change simply seeks to remove a temporary 
amendment that was implemented to compensate for a systemic limitation 
in its market data distribution system. The resolution of the systemic 
limitation obviates the need for the work-around implemented by the 
temporary rule. The instant filing simply reinstates provisions for 
printing the closing transactions to their original state now that the 
market data system is functioning correctly.
    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-2010-08 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-2010-08. 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,\10\ 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 Web site 
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 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 SR-NYSE-2010-08 and should be submitted on or before March 
22, 2010.
---------------------------------------------------------------------------

    \10\ The text of the proposed rule change is available on the 
Commission's Web site at https://www.sec.gov.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-4165 Filed 2-26-10; 8:45 am]
BILLING CODE 8011-01-P
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