Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Deleting Rules 993NY and 945, 11607-11608 [2010-5221]

Download as PDF Federal Register / Vol. 75, No. 47 / Thursday, March 11, 2010 / Notices 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–2010–009 on the subject line. Paper Comments jlentini on DSKJ8SOYB1PROD with NOTICES • 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. 34–61643; File No. SR– NYSEAmex–2010–16] Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Deleting Rules 993NY and 945 March 3, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that, on February 24, 2010, NYSE Amex LLC (‘‘NYSE Amex’’ or the ‘‘Exchange’’) filed with the All submissions should refer to File Securities and Exchange Commission Number SR–FINRA–2010–009. This file (the ‘‘Commission’’) the proposed rule number should be included on the change as described in Items I, II, and subject line if e-mail is used. To help the III below, which Items have been Commission process and review your prepared by the self-regulatory comments more efficiently, please use organization. The Commission is only one method. The Commission will publishing this notice to solicit post all comments on the Commission’s comments on the proposed rule change Internet Web site (https://www.sec.gov/ from interested persons. rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s submission, all subsequent Statement of the Terms of Substance of amendments, all written statements the Proposed Rule Change with respect to the proposed rule The Exchange proposes to delete change that are filed with the Rules 993NY and 945, which governed Commission, and all written processing of orders received through communications relating to the the OCC Hub. The text of the proposed proposed rule change between the rule change is available on NYSE Commission and any person, other than Amex’s Web site at https:// those that may be withheld from the www.nyse.com, on the Commission’s public in accordance with the Web site at https://www.sec.gov, at NYSE provisions of 5 U.S.C. 552, will be Amex, and at the Commission’s Public available for Web site viewing and Reference Room. printing in the Commission’s Public II. Self-Regulatory Organization’s Reference Room, 100 F Street, NE., Statement of the Purpose of, and Washington, DC 20549, on official Statutory Basis for, the Proposed Rule business days between the hours of 10 Change a.m. and 3 p.m. Copies of such filing In its filing with the Commission, the also will be available for inspection and self-regulatory organization included copying at the principal office of statements concerning the purpose of, FINRA. All comments received will be posted without change; the Commission and basis for, the proposed rule change and discussed any comments it received does not edit personal identifying on the proposed rule change. The text information from submissions. You of those statements may be examined at should submit only information that the places specified in Item IV below. you wish to make publicly available. All The Exchange has prepared summaries, submissions should refer to File set forth in sections A, B, and C below, Number SR–FINRA–2010–009 and of the most significant parts of such should be submitted on or before April statements. 1, 2010. A. Self-Regulatory Organization’s For the Commission, by the Division of Statement of the Purpose of, and Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule authority.10 Change Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–5217 Filed 3–10–10; 8:45 am] BILLING CODE 8011–01–P 1. Purpose The purpose of this filing is to delete outdated rules related to the receipt, 1 15 10 17 CFR 200.30–3(a)(12). VerDate Nov<24>2008 16:35 Mar 10, 2010 2 17 Jkt 220001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00103 Fmt 4703 Sfmt 4703 11607 execution, and reporting of Principal (‘‘P’’) and Principal Acting as Agent (‘‘P/ A’’) entered to the Exchange through the order routing hub developed by the Options Clearing Corporation (‘‘OCC Hub’’). The affected Rules are NYSE Amex Rule 993NY—Temporary Rule Governing P and P/A orders, and Rule 945 Liability for the Options Intermarket Linkage. At the time of approval of the Options Order Protection and Locked/Crossed Market Plan (‘‘New Plan’’) and the simultaneous withdrawal of the Exchange from the Plan for the Purpose of Creating and Operating an Intermarket Options Linkage (‘‘Old Plan’’), the Exchange also filed and received approval for rules implementing the New Plan.3 Certain Participants to the New Plan did not have technology in place to take full advantage of the New Plan, and remained dependent on the OCC Hub to route orders to markets at the NBBO. The Exchange was aware that such dependence might occur, and included a Temporary Rule Governing P and P/ A Orders as part of the implementing rules for the New Plan. Additionally, because the OCC Hub remained connected to the Exchange, Rule 945, Liability for the Options Intermarket Linkage, was not eliminated with the other rules related to the Old Plan. All of the Participant Exchanges have now migrated off the OCC Hub; consequently the rules related to the OCC Hub and the Old Plan are no longer necessary. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with Section 6(b) 4 of the Securities Exchange Act of 1934 (the ‘‘Act’’), in general, and furthers the objectives of Section 6(b)(5) 5 in particular in that it is designed to promote just and equitable principles of trade, to prevent fraudulent and manipulative acts, to remove impediments to and to perfect the mechanism for a free and open market and a national market system and, in general, to protect investors and the public interest, as the rules are now obsolete and should be removed from the rule set. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose 3 Exchange Act Release No. 60526 (August 18, 2009) (NYSEAmex–2009–19) 74 FR 43185 (August 26, 2009). 4 15 U.S.C. 78f(b). 5 15 U.S.C. 78f(b)(5). E:\FR\FM\11MRN1.SGM 11MRN1 11608 Federal Register / Vol. 75, No. 47 / Thursday, March 11, 2010 / Notices any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change: (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) by its terms, does not become operative for 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act 6 and Rule 19b– 4(f)(6) thereunder.7 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 SR–NYSEAmex–2010–16 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, jlentini on DSKJ8SOYB1PROD with NOTICES 6 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires the self-regulatory organization to 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. 7 17 VerDate Nov<24>2008 16:35 Mar 10, 2010 Jkt 220001 Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEAmex–2010–16. 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, 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 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–2010–16 and should be submitted on or before April 1, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–5221 Filed 3–10–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61640; File No. SR–ISE– 2010–13] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Minimum Quantity Order Type March 3, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on February 23, 2010, the International Securities Exchange, LLC (the ‘‘Exchange’’ or the ‘‘ISE’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which items have been prepared by the Exchange. The ISE filed this proposal pursuant to Rule 19b– 4(f)(6) under the Act.3 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 adopt a minimum quantity order type. The text of the proposed rule change is as follows (deletions are in [brackets]; additions are underlined): Rule 715. Types of Orders (a) through (k) no change. (l) Minimum Quantity Orders. A minimum quantity order is an order that is available for partial execution, but each partial execution must be for a specified number of contracts or greater. If the balance of the order after one or more partial executions is less than the minimum, such balance is treated as allor-none. Rule 713. Priority of Quotes and Orders (a) through (f) no change. Supplementary Material to Rule 713 .01 No change. .02 All-or none orders, as defined in Rule 715(c), and minimum quantity orders, as defined in Rule 715(l), are contingency orders that have no priority on the book. Such orders are maintained in the system and remain available for execution after all other trading interest at the same price has been exhausted. .03 through .04 no change. Rule 717. Limitations on Orders * * * 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 2 17 8 17 PO 00000 CFR 200.30–3(a)(12). Frm 00104 Fmt 4703 Sfmt 4703 * * Supplementary Material to Rule 717 .01–.03 No Change. .04 [A] [n]Non-marketable all-or-none limit orders and non-marketable minimum quantity orders shall be deemed ‘‘exposed’’ for the purposes of paragraphs (d) and (e) one second following a broadcast notifying market participants that such an order to buy or sell a specified number of contracts at a specified price either all-or-none or with a specified minimum quantity has been received in the options series. For nonmarketable minimum quantity orders, the broadcast will specify the minimum quantity that can be executed. .05 No change. E:\FR\FM\11MRN1.SGM 11MRN1

Agencies

[Federal Register Volume 75, Number 47 (Thursday, March 11, 2010)]
[Notices]
[Pages 11607-11608]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-5221]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61643; File No. SR-NYSEAmex-2010-16]


Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Deleting Rules 
993NY and 945

March 3, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that, on February 24, 2010, NYSE Amex LLC (``NYSE Amex'' or the 
``Exchange'') filed with the Securities and Exchange Commission (the 
``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 Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to delete Rules 993NY and 945, which governed 
processing of orders received through the OCC Hub. The text of the 
proposed rule change is available on NYSE Amex's Web site at https://www.nyse.com, on the Commission's Web site at https://www.sec.gov, at 
NYSE Amex, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of those statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this filing is to delete outdated rules related to 
the receipt, execution, and reporting of Principal (``P'') and 
Principal Acting as Agent (``P/A'') entered to the Exchange through the 
order routing hub developed by the Options Clearing Corporation (``OCC 
Hub''). The affected Rules are NYSE Amex Rule 993NY--Temporary Rule 
Governing P and P/A orders, and Rule 945 Liability for the Options 
Intermarket Linkage.
    At the time of approval of the Options Order Protection and Locked/
Crossed Market Plan (``New Plan'') and the simultaneous withdrawal of 
the Exchange from the Plan for the Purpose of Creating and Operating an 
Intermarket Options Linkage (``Old Plan''), the Exchange also filed and 
received approval for rules implementing the New Plan.\3\ Certain 
Participants to the New Plan did not have technology in place to take 
full advantage of the New Plan, and remained dependent on the OCC Hub 
to route orders to markets at the NBBO. The Exchange was aware that 
such dependence might occur, and included a Temporary Rule Governing P 
and P/A Orders as part of the implementing rules for the New Plan.
---------------------------------------------------------------------------

    \3\ Exchange Act Release No. 60526 (August 18, 2009) (NYSEAmex-
2009-19) 74 FR 43185 (August 26, 2009).
---------------------------------------------------------------------------

    Additionally, because the OCC Hub remained connected to the 
Exchange, Rule 945, Liability for the Options Intermarket Linkage, was 
not eliminated with the other rules related to the Old Plan.
    All of the Participant Exchanges have now migrated off the OCC Hub; 
consequently the rules related to the OCC Hub and the Old Plan are no 
longer necessary.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section 6(b) \4\ of the Securities Exchange Act of 1934 (the ``Act''), 
in general, and furthers the objectives of Section 6(b)(5) \5\ in 
particular in that it is designed to promote just and equitable 
principles of trade, to prevent fraudulent and manipulative acts, to 
remove impediments to and to perfect the mechanism for a free and open 
market and a national market system and, in general, to protect 
investors and the public interest, as the rules are now obsolete and 
should be removed from the rule set.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b).
    \5\ 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

[[Page 11608]]

any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change: (i) Does not 
significantly affect the protection of investors or the public 
interest; (ii) does not impose any significant burden on competition; 
and (iii) by its terms, does not become operative for 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, it has become effective pursuant to Section 
19(b)(3)(A) of the Act \6\ and Rule 19b-4(f)(6) thereunder.\7\
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    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the self-regulatory organization to 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.
---------------------------------------------------------------------------

    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 rule-comments@sec.gov. Please include 
File Number SR-NYSEAmex-2010-16 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-NYSEAmex-2010-16. 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, 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 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-2010-16 and should be submitted on or before April 1, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-5221 Filed 3-10-10; 8:45 am]
BILLING CODE 8011-01-P
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