Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Effective Date of the Rule Governing the Exchange's Directed Order Process on the Boston Options Exchange, 9464-9466 [2010-4236]
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9464
Federal Register / Vol. 75, No. 40 / Tuesday, March 2, 2010 / Notices
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
Conforming Changes Relating to the
New FINRA Name and Other Technical
Changes
FINRA is proposing to implement
certain other non-substantive changes to
all articles of the NASD Dispute
Resolution By-Laws. The proposed rule
change would make certain nonsubstantive changes to the NASD
Dispute Resolution By-Laws as follows:
• ‘‘The NASD’’ or ‘‘NASD’’ would be
replaced with ‘‘FINRA’’ or ‘‘the
Corporation;’’
• ‘‘NASD Dispute Resolution’’ would
be changed to ‘‘FINRA Dispute
Resolution;’’
• ‘‘The Rules of the Association’’
would be replaced with ‘‘the Rules of
the Corporation;’’
• ‘‘National Nominating Committee’’
would be replaced with ‘‘Nominating
Committee;’’
• A reference to ‘‘FINRA Regulation’’
would be added; and
• ‘‘Association’’ would be replaced
with ‘‘Corporation.’’
FINRA is also proposing to amend
Article II, section 2.1 to change the
name and address of the registered agent
from The Corporation Trust Company,
1209 Orange Street, Wilmington, DE
19801 to Corporation Creations Network
Inc., 1308 Delaware Avenue,
Wilmington, DE 19806.
2. Statutory Basis
FINRA believes that the proposed rule
change is consistent with the provisions
of Section 15A of the Act, including
Section 15A(b)(2) of the Act,48 in that it
provides for the organization of FINRA
and FINRA Dispute Resolution in a
manner that will permit FINRA to carry
out the purposes of the Act, to comply
with the Act, and to enforce compliance
by FINRA members and persons
associated with FINRA members with
the Act, the rules and regulations
thereunder, FINRA and NASD rules and
the Federal securities laws. FINRA
further believes that the proposed rule
change is consistent with Section
15A(b)(4) of the Act,49 which requires,
among other things, that FINRA’s rules
assure a fair representation of its
members in the selection of its directors
and administration of its affairs and
provides that one or more directors shall
be representative of issuers and
investors and not be associated with a
member of FINRA, broker or dealer.
FINRA believes that the proposed
composition of its Dispute Resolution
Board would fairly and effectively
represent users of the dispute resolution
forum, and would help resolve dispute
48 15
49 15
U.S.C. 78o–3(b)(2).
U.S.C. 78o–3(b)(4).
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resolution issues in a manner that will
redound to the benefit of investors.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
FINRA does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received by FINRA.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve such proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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 Web site viewing and
printing in the Commission’s Public
Reference Room. 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 the File Number SR–FINRA–2010–
007 and should be submitted on or
before March 23, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.50
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–4235 Filed 3–1–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
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–FINRA–2010–007 on the
subject line.
[Release No. 34–61577; File No. SR–BX–
2010–017]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Extending the
Effective Date of the Rule Governing
the Exchange’s Directed Order
Process on the Boston Options
Exchange
February 24, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
Paper Comments
notice is hereby given that on February
• Send paper comments in triplicate
23, 2010, NASDAQ OMX BX, Inc. (the
to Elizabeth M. Murphy, Secretary,
‘‘Exchange’’) filed with the Securities
Securities and Exchange Commission,
and Exchange Commission
100 F Street, NE., Washington, DC
(‘‘Commission’’) the proposed rule
20549–1090.
change as described in Items I and II
All submissions should refer to File
below, which Items have been prepared
Number SR–FINRA–2010–007. This file by the self-regulatory organization. The
number should be included on the
Exchange filed the proposed rule change
subject line if e-mail is used. To help the pursuant to Section 19(b)(3)(A) of the
Commission process and review your
comments more efficiently, please use
50 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
only one method. The Commission will
2 17 CFR 240.19b–4.
post all comments on the Commission’s
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Federal Register / Vol. 75, No. 40 / Tuesday, March 2, 2010 / Notices
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
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend the
effective date of the amended rule
governing the Exchange’s Directed
Order process on the Boston Options
Exchange (‘‘BOX’’) from February 26,
2010 to April 30, 2010. 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 Web site 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
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
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
1. Purpose
On March 14, 2006, the Exchange
proposed an amendment to the BOX
Rules governing the Directed Order 5
process on BOX.6 The Rules were
amended to clearly state that the BOX
Trading Host identifies to an Executing
Participant (‘‘EP’’) the identity of the
firm entering a Directed Order. The
amended rule was to be effective until
June 30, 2006, (‘‘Pilot Program’’) while
the Securities and Exchange
Commission (‘‘Commission’’) considered
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 Capitalized terms not otherwise defined herein
shall have the meanings prescribed within the BOX
Rules.
6 See Securities Exchange Act Release No. 53516
(March 20, 2006), 71 FR 15232 (March 27, 2006)
(SR–BSE–2006–14).
4 17
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a corresponding Exchange proposal 7 to
amend its rules to permit EPs to choose
the firms from whom they will accept
Directed Orders, while providing
complete anonymity of the firm entering
a Directed Order.
On June 20, 2006, the Exchange
proposed extending the effective date of
the rule governing its Directed Order
process on BOX from June 30, 2006 to
September 30, 2006,8 while the
Commission continued to consider the
corresponding Exchange proposal.
On September 11, 2006, January 16,
2007, July 2, 2007, January 18, 2008,
January 26, 2009, May 21, 2009 and
November 24, 2009 the Exchange
proposed extending the effective date of
the amended rule governing the
Directed Order process on BOX from
September 30, 2006 until January 31,
2007,9 from January 31, 2007 until July
31, 2007,10 from July 31, 2007 until
January 31, 2008,11 from January 31,
2008 until January 31, 2009,12 from
January 31, 2009 until May 29, 2009,13
from May 29, 2009 until November 30,
2009 14 and from November 30, 2009
until February 26, 2010,15 respectively,
while the Commission considered the
corresponding Exchange proposal to
amend the BOX Rules to permit EPs to
choose the firms from whom they will
accept Directed Orders, while providing
complete anonymity of the firm entering
a Directed Order.
This filing from the Exchange again
proposes extending the effective date of
the amended rule governing its Directed
Order process on BOX, from February
26, 2010 to April 30, 2010.16 In the
7 See Securities Exchange Act Release No. 53357
(February 23, 2006), 71 FR 10730 (March 2, 2006)
(SR–BSE–2005–52).
8 See Securities Exchange Act Release No. 54082
(June 30, 2006), 71 FR 38913 (July 10, 2006) (SR–
BSE–2006–29).
9 See Securities Exchange Act Release No. 54469
(September 19, 2006), 71 FR 56201 (September 26,
2006) (SR–BSE–2006–38).
10 See Securities Exchange Act Release No. 55139
(January 19, 2007), 72 FR 3448 (January 25, 2007)
(SR–BSE–2007–01).
11 See Securities Exchange Act Release No. 56014
(July 5, 2007), 72 FR 38104 (July 12, 2007) (SR–
BSE–2007–31).
12 See Securities Exchange Act Release No. 57195
(January 24, 2008), 73 FR 5610 (January 30, 2008)
(SR–BSE–2008–04).
13 See Securities Exchange Act Release No. 59311
(January 28, 2009), 74 FR 6071 (February 4, 2009)
(SR–BX–2009–007).
14 See Securities Exchange Act Release No. 59983
(May 27, 2009), 74 FR 26445 (June 2, 2009) (SR–
BX–2009–027).
15 See Securities Exchange Act Release No. 61065
(November 25, 2009), 74 FR 62860 (December 1,
2009) (SR–BX–2009–076).
16 In the event that the issue of anonymity in the
Directed Order process is not resolved by April 30,
2010 the Exchange will consider whether to submit
another filing under Rule 19b–4(f)(6) extending this
rule and system process.
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9465
event the Commission reaches a
decision with respect to the
corresponding Exchange proposal to
amend the BOX Rules before April 30,
2010, the amended rule governing the
Directed Order process on the BOX will
cease to be effective at the time of that
decision.
2. Basis
The amended rule is designed to
clarify the information contained in a
Directed Order. This proposed rule
filing seeks to extend the amended
rule’s effectiveness from February 26,
2010 to April 30, 2010. This extension
will afford the Commission the
necessary time to consider the
Exchange’s corresponding proposal to
amend the BOX rule to permit EPs to
choose the firms from whom they will
accept Directed Orders while providing
complete anonymity of the firm entering
a Directed Order. Accordingly, the
Exchange believes that the proposal is
consistent with the requirements of
Section 6(b) of the Act,17 in general, and
Section 6(b)(5) of the Act,18 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
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 proposed rule
change: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms does not become
operative for 30 days after the date of
this filing, or such shorter time as the
17 15
18 15
E:\FR\FM\02MRN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
02MRN1
9466
Federal Register / Vol. 75, No. 40 / Tuesday, March 2, 2010 / Notices
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) 19 of the Act and
Rule 19b–4(f)(6) thereunder.20
A proposed rule change filed under
Rule 19b–4(f)(6) 21 normally may not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) 22 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange requests that the Commission
waive the 30-day operative delay, as
specified in Rule 19b–4(f)(6)(iii),23
which would make the rule change
effective and operative upon filing. 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 continue to conform the BOX
rules to BOX’s current practice without
interruption and clarify that Directed
Orders on BOX are not anonymous.24
Accordingly, the Commission
designates the proposed rule change
operative upon filing with the
Commission.
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:
19 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). 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 change, or such
shorter time as designated by the Commission. The
Commission deems this requirement to have been
met.
21 17 CFR 240.19b–4(f)(6).
22 17 CFR 240.19b–4(f)(6)(iii).
23 Id.
24 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
20 17
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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–2010–017 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.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61579: File No. SR–BX–
2010–015]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Codify
Certain Provisions of the Options
Listing Procedures Plan Into the Rules
of the Boston Options Exchange
Facility
February 24, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
All submissions should refer to File
notice is hereby given that on February
Number SR–BX–2010–017. This file
10, 2010, NASDAQ OMX BX, Inc. (the
number should be included on the
‘‘Exchange’’) filed with the Securities
subject line if e-mail is used. To help the
and Exchange Commission
Commission process and review your
(‘‘Commission’’) the proposed rule
comments more efficiently, please use
change as described in Items I, II, and
only one method. The Commission will III below, which Items have been
post all comments on the Commission’s prepared by the self-regulatory
Internet Web site (https://www.sec.gov/
organization. The Exchange filed the
rules/sro.shtml). Copies of the
proposed rule change pursuant to
submission, all subsequent
Section 19(b)(3)(A)(iii) of the Act 3 and
amendments, all written statements
Rule 19b–4(f)(6) thereunder,4 which
with respect to the proposed rule
renders the proposal effective upon
change that are filed with the
filing with the Commission. The
Commission, and all written
Commission is publishing this notice to
communications relating to the
solicit comments on the proposed rule
proposed rule change between the
change from interested persons.
Commission and any person, other than
I. Self-Regulatory Organization’s
those that may be withheld from the
Statement of the Terms of Substance of
public in accordance with the
the Proposed Rule Change
provisions of 5 U.S.C. 552, will be
The Exchange proposes to amend the
available for Web site viewing and
Rules of the Boston Options Exchange
printing in the Commission’s Public
Group, LLC (‘‘BOX’’) to codify certain
Reference Room on official business
provisions of the Options Listing
days between the hours of 10 a.m. and
Procedures Plan (‘‘OLPP’’) into the BOX
3 p.m., located at 100 F Street, NE.,
Rules. The text of the proposed rule
Washington, DC 20549. Copies of such
change is available from the principal
filing also will be available for
office of the Exchange, at the
inspection and copying at the principal
Commission’s Public Reference Room,
office of the Exchange. All comments
on the Exchange’s Internet Web site at
received will be posted without change; https://nasdaqomxbx.cchwallstreet.com/
the Commission does not edit personal
NASDAQOMXBX/Filings/, and on the
identifying information from
Commission’s Web site at https://
submissions. You should submit only
www.sec.gov.
information that you wish to make
II. Self-Regulatory Organization’s
available publicly. All submissions
Statement of the Purpose of, and
should refer to File Number SR–BX–
Statutory Basis for, the Proposed Rule
2010–017 and should be submitted on
Change
or before March 23, 2010.
In its filing with the Commission, the
For the Commission, by the Division of
self-regulatory organization included
Trading and Markets, pursuant to delegated
statements concerning the purpose of,
authority.25
and basis for, the proposed rule change
Florence E. Harmon,
and discussed any comments it received
Deputy Secretary.
on the proposed rule change. The text
[FR Doc. 2010–4236 Filed 3–1–10; 8:45 am]
1 15
BILLING CODE 8011–01–P
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
25 17
PO 00000
CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 75, Number 40 (Tuesday, March 2, 2010)]
[Notices]
[Pages 9464-9466]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4236]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61577; File No. SR-BX-2010-017]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Extending
the Effective Date of the Rule Governing the Exchange's Directed Order
Process on the Boston Options Exchange
February 24, 2010.
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 February 23, 2010, NASDAQ OMX BX, Inc. (the ``Exchange'') filed with
the Securities and Exchange Commission (``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 pursuant to Section 19(b)(3)(A) of the
[[Page 9465]]
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 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 extend the effective date of the amended
rule governing the Exchange's Directed Order process on the Boston
Options Exchange (``BOX'') from February 26, 2010 to April 30, 2010.
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 Web site 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 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 March 14, 2006, the Exchange proposed an amendment to the BOX
Rules governing the Directed Order \5\ process on BOX.\6\ The Rules
were amended to clearly state that the BOX Trading Host identifies to
an Executing Participant (``EP'') the identity of the firm entering a
Directed Order. The amended rule was to be effective until June 30,
2006, (``Pilot Program'') while the Securities and Exchange Commission
(``Commission'') considered a corresponding Exchange proposal \7\ to
amend its rules to permit EPs to choose the firms from whom they will
accept Directed Orders, while providing complete anonymity of the firm
entering a Directed Order.
---------------------------------------------------------------------------
\5\ Capitalized terms not otherwise defined herein shall have
the meanings prescribed within the BOX Rules.
\6\ See Securities Exchange Act Release No. 53516 (March 20,
2006), 71 FR 15232 (March 27, 2006) (SR-BSE-2006-14).
\7\ See Securities Exchange Act Release No. 53357 (February 23,
2006), 71 FR 10730 (March 2, 2006) (SR-BSE-2005-52).
---------------------------------------------------------------------------
On June 20, 2006, the Exchange proposed extending the effective
date of the rule governing its Directed Order process on BOX from June
30, 2006 to September 30, 2006,\8\ while the Commission continued to
consider the corresponding Exchange proposal.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 54082 (June 30,
2006), 71 FR 38913 (July 10, 2006) (SR-BSE-2006-29).
---------------------------------------------------------------------------
On September 11, 2006, January 16, 2007, July 2, 2007, January 18,
2008, January 26, 2009, May 21, 2009 and November 24, 2009 the Exchange
proposed extending the effective date of the amended rule governing the
Directed Order process on BOX from September 30, 2006 until January 31,
2007,\9\ from January 31, 2007 until July 31, 2007,\10\ from July 31,
2007 until January 31, 2008,\11\ from January 31, 2008 until January
31, 2009,\12\ from January 31, 2009 until May 29, 2009,\13\ from May
29, 2009 until November 30, 2009 \14\ and from November 30, 2009 until
February 26, 2010,\15\ respectively, while the Commission considered
the corresponding Exchange proposal to amend the BOX Rules to permit
EPs to choose the firms from whom they will accept Directed Orders,
while providing complete anonymity of the firm entering a Directed
Order.
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 54469 (September 19,
2006), 71 FR 56201 (September 26, 2006) (SR-BSE-2006-38).
\10\ See Securities Exchange Act Release No. 55139 (January 19,
2007), 72 FR 3448 (January 25, 2007) (SR-BSE-2007-01).
\11\ See Securities Exchange Act Release No. 56014 (July 5,
2007), 72 FR 38104 (July 12, 2007) (SR-BSE-2007-31).
\12\ See Securities Exchange Act Release No. 57195 (January 24,
2008), 73 FR 5610 (January 30, 2008) (SR-BSE-2008-04).
\13\ See Securities Exchange Act Release No. 59311 (January 28,
2009), 74 FR 6071 (February 4, 2009) (SR-BX-2009-007).
\14\ See Securities Exchange Act Release No. 59983 (May 27,
2009), 74 FR 26445 (June 2, 2009) (SR-BX-2009-027).
\15\ See Securities Exchange Act Release No. 61065 (November 25,
2009), 74 FR 62860 (December 1, 2009) (SR-BX-2009-076).
---------------------------------------------------------------------------
This filing from the Exchange again proposes extending the
effective date of the amended rule governing its Directed Order process
on BOX, from February 26, 2010 to April 30, 2010.\16\ In the event the
Commission reaches a decision with respect to the corresponding
Exchange proposal to amend the BOX Rules before April 30, 2010, the
amended rule governing the Directed Order process on the BOX will cease
to be effective at the time of that decision.
---------------------------------------------------------------------------
\16\ In the event that the issue of anonymity in the Directed
Order process is not resolved by April 30, 2010 the Exchange will
consider whether to submit another filing under Rule 19b-4(f)(6)
extending this rule and system process.
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2. Basis
The amended rule is designed to clarify the information contained
in a Directed Order. This proposed rule filing seeks to extend the
amended rule's effectiveness from February 26, 2010 to April 30, 2010.
This extension will afford the Commission the necessary time to
consider the Exchange's corresponding proposal to amend the BOX rule to
permit EPs to choose the firms from whom they will accept Directed
Orders while providing complete anonymity of the firm entering a
Directed Order. Accordingly, the Exchange believes that the proposal is
consistent with the requirements of Section 6(b) of the Act,\17\ in
general, and Section 6(b)(5) of the Act,\18\ 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.
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\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
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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 proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date of this filing, or such shorter time as the
[[Page 9466]]
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) \19\ of the Act and Rule 19b-4(f)(6)
thereunder.\20\
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\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 17 CFR 240.19b-4(f)(6). 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 change, or such shorter time as designated by the
Commission. The Commission deems this requirement to have been met.
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A proposed rule change filed under Rule 19b-4(f)(6) \21\ normally
may not become operative prior to 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii) \22\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange requests that the
Commission waive the 30-day operative delay, as specified in Rule 19b-
4(f)(6)(iii),\23\ which would make the rule change effective and
operative upon filing. 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 continue to conform the BOX
rules to BOX's current practice without interruption and clarify that
Directed Orders on BOX are not anonymous.\24\ Accordingly, the
Commission designates the proposed rule change operative upon filing
with the Commission.
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\21\ 17 CFR 240.19b-4(f)(6).
\22\ 17 CFR 240.19b-4(f)(6)(iii).
\23\ Id.
\24\ For purposes only of waiving the operative delay for this
proposal, 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.
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-2010-017 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-2010-017. 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 Web site viewing and
printing in the Commission's Public Reference Room on official business
days between the hours of 10 a.m. and 3 p.m., located at 100 F Street,
NE., Washington, DC 20549. 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-2010-017 and should be
submitted on or before March 23, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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\25\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-4236 Filed 3-1-10; 8:45 am]
BILLING CODE 8011-01-P
