Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Pilot Period To Receive Inbound Routes of Orders From Nasdaq Execution Services, 16534-16535 [2010-7361]
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<![CDATA[
16534
Federal Register / Vol. 75, No. 62 / Thursday, April 1, 2010 / Notices
Act,10 in particular, in that it provides
for the equitable allocation of reasonable
dues, fees and other charges among
members and issuers and other persons
using any facility or system which
Nasdaq operates or controls. The
proposed rule change would allow the
fee changes implemented by SR–
NASDAQ–2010–014 to be applied
retroactively throughout the entire
period when the error was in the rule.
Additionally, the proposed rule change
would conform the text of the rule to the
description of the proposed rule change
that Nasdaq provided in SR–NASDAQ–
2009–072, thereby eliminating any
confusion as to the appropriate fees and
Nasdaq’s intentions.
In approving the proposed rule
change, the Commission notes that it
received no comments on the proposal,
and that Nasdaq stated it ‘‘has been
billing members in accordance with the
correct fees since the effective date of
SR–NASDAQ–2009–072 on July 24,
2009, and accordingly believes that all
of its members are cognizant of the
correct fee.’’
The Commission urges Nasdaq to
carefully proofread future proposed rule
changes before filing them with the
Commission, to minimize errors and the
additional proposed rule changes
required to correct them.
[Release No. 34–61782; File No. SR–BX–
2010–021]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Extending the
Pilot Period To Receive Inbound
Routes of Orders From Nasdaq
Execution Services
March 25, 2010.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (‘‘Act’’)
and Rule 19b–4 thereunder,2 notice is
hereby given that, on March 23, 2010,
NASDAQ OMX BX, Inc. (the ‘‘Exchange’’
or ‘‘BX’’) 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 BX. BX has
designated the proposed rule change as
constituting a non-controversial rule
change under Rule 19b–4(f)(6) under the
Act,3 which renders the proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,11 that the
proposed rule change (SR–NASDAQ–
2010–015), be, and it hereby is,
approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–7278 Filed 3–31–10; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
BX submits this proposed rule change
to extend the pilot period of BX’s prior
approval to receive inbound routes of
equities orders from Nasdaq Execution
Services, LLC (‘‘NES’’) through June 23,
2010.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
mstockstill on DSKH9S0YB1PROD with NOTICES
BILLING CODE 8011–01–P
In its filing with the Commission, BX
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. BX has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
10 15
1 15
11 15
U.S.C. 78f(b)(4).
U.S.C. 78s(b)(2).
12 17 CFR 200.30–3(a)(12).
2 17
VerDate Nov<24>2008
16:51 Mar 31, 2010
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
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Fmt 4703
Sfmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Currently, NES is the approved
outbound routing facility of the
NASDAQ Stock Market LLC
(‘‘NASDAQ’’) for cash equities,
providing outbound routing from
NASDAQ to other market centers.4 BX
also has been previously approved to
receive inbound routes of equities
orders by NES in its capacity as an order
routing facility of NASDAQ.5 The
Exchange’s authority to receive inbound
routes of equities orders by NES is
subject to a pilot period ending March
23, 2010.6 The Exchange hereby seeks to
extend the previously approved pilot
period (with the attendant obligations
and conditions) for an additional 3
months, through June 23, 2010.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,7
in general, and with Section 6(b)(5) of
the Act,8 in particular, in that the
proposal is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, 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
4 See Securities Exchange Act Release Nos. 50311
(September 3, 2004), 69 FR 54818 (September 10,
2004) (Order Granting Application for a Temporary
Conditional Exemption Pursuant To Section 36(a)
of the Exchange Act by the National Association of
Securities Dealers, Inc. Relating to the Acquisition
of an ECN by The Nasdaq Stock Market, Inc.) and
52902 (December 7, 2005), 70 FR 73810 (December
13, 2005) (SRNASD–2005–128) (Order Approving a
Proposed Rule Change To Establish Rules
Governing the Operation of the INET System). See
also Securities Exchange Act Release Nos. 58752
(October 8, 2008), 73 FR 61181 (October 15, 2008)
(SR–NASDAQ–2008–079); 58135 (July 10, 2008), 73
FR 40898 (July 16, 2008) (SR–NASDAQ–2008–061);
58069 (June 30, 2008), 73 FR 39360 (July 9, 2008)
(SR–NASDAQ–2008–054); 56708 (October 26,
2007), 72 FR 61925 (November 1, 2007) (SR–
NASDAQ–2007–078); 56867 (November 29, 2007),
72 FR 69263 (December 7, 2007) (SR–NASDAQ–
2007–065); 55335 (February 23, 2007), 72 FR 9369
(March 1, 2007) (SR–NASDAQ–2007–005); 54613
(October 17, 2006), 71 FR 62325 (October 24, 2006)
(SR–NASDAQ 2006–043); 54271 (August 3, 2006),
71 FR 45876 (August 10, 2006) (SR–NASDAQ–
2006–027); and 54155 (July 14, 2006), 71 FR 41291
(July 20, 2006) (SR–NASDAQ–2006–001).
5 See Securities Exchange Act Release No. 59154
(December 23, 2008), 73 FR 80468 (December 31,
2008).
6 See Securities Exchange Act Release No. 61271
(December 31, 2009), 75 FR 1102 (January 8, 2010).
7 15 U.S.C. 78f.
8 15 U.S.C. 78f(b)(5).
E:\FR\FM\01APN1.SGM
01APN1
Federal Register / Vol. 75, No. 62 / Thursday, April 1, 2010 / Notices
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.
Specifically, the proposed rule change
will allow the Exchange to continue
receiving inbound routes of equities
orders from NES acting in its capacity
as a facility of NASDAQ, in a manner
consistent with prior approvals and
established protections. The Exchange
believes that extending the previously
approved pilot period for 3 months is of
sufficient length to permit both the
Exchange and the Commission to assess
the impact of the Exchange’s authority
to receive direct inbound routes of
equities orders via NES (including the
attendant obligations and conditions).
B. Self-Regulatory Organization’s
Statement on Burden on Competition
BX 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
No written comments were either
solicited or received.
IV. Solicitation of Comments
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
does not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 9 and Rule 19b–
4(f)(6) thereunder.10
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.11 However, Rule 19b–
4(f)(6)(iii) 12 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. BX has
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written
notice of its intent to file the proposed rule change,
along with a brief description and text of the
proposed rule change, at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
12 Id.
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10 17
VerDate Nov<24>2008
16:51 Mar 31, 2010
Jkt 220001
requested that the Commission waive
the 30-day operative delay.13 BX notes
that the proposal will allow the
Exchange to continue receiving inbound
routes of equities orders from NES, in a
manner consistent with prior approvals
and established protections, while also
permitting the Exchange and the
Commission to assess the impact of the
pilot.14 The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because such waiver would allow the
pilot period to be extended without
interruption through June 23, 2010. For
this reason, the Commission designates
the proposed rule change to be operative
upon filing with the Commission.15
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.
16535
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room on official business days between
the hours of 10 a.m. and 3 p.m. Copies
of such filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–BX–
2010–021 and should be submitted on
or before April 22, 2010.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
Electronic Comments
BILLING CODE 8011–01–P
• 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–2010–021 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–2010–021. 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
13 E-mail from Thomas Moran, Associate General
Counsel, Office of General Counsel, NASDAQ OMX
BX, to Theodore S. Venuti, Special Counsel,
Division of Trading and Markets, Commission,
dated March 24, 2010.
14 See supra Section II.A.2.
15 For the purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
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[FR Doc. 2010–7361 Filed 3–31–10; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61780; File No. SR–NYSE–
2010–21]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Order Granting Accelerated
Approval of Proposed Rule Change To
Extend the Pilot Period for a Revised
Unit-of-Count Methodology for NYSE
OpenBook
March 25, 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 March 11,
2010, the New York Stock Exchange
LLC (‘‘NYSE’’ or ‘‘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 substantially by the
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\01APN1.SGM
01APN1
]]>Agencies
[Federal Register Volume 75, Number 62 (Thursday, April 1, 2010)]
[Notices]
[Pages 16534-16535]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-7361]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61782; File No. SR-BX-2010-021]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Extending
the Pilot Period To Receive Inbound Routes of Orders From Nasdaq
Execution Services
March 25, 2010.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on March 23, 2010, NASDAQ OMX BX, Inc. (the ``Exchange'' or
``BX'') 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 BX. BX has designated the
proposed rule change as constituting a non-controversial rule change
under Rule 19b-4(f)(6) under the Act,\3\ which renders the proposal
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
BX submits this proposed rule change to extend the pilot period of
BX's prior approval to receive inbound routes of equities orders from
Nasdaq Execution Services, LLC (``NES'') through June 23, 2010.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, BX 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. BX 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
Currently, NES is the approved outbound routing facility of the
NASDAQ Stock Market LLC (``NASDAQ'') for cash equities, providing
outbound routing from NASDAQ to other market centers.\4\ BX also has
been previously approved to receive inbound routes of equities orders
by NES in its capacity as an order routing facility of NASDAQ.\5\ The
Exchange's authority to receive inbound routes of equities orders by
NES is subject to a pilot period ending March 23, 2010.\6\ The Exchange
hereby seeks to extend the previously approved pilot period (with the
attendant obligations and conditions) for an additional 3 months,
through June 23, 2010.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release Nos. 50311 (September 3,
2004), 69 FR 54818 (September 10, 2004) (Order Granting Application
for a Temporary Conditional Exemption Pursuant To Section 36(a) of
the Exchange Act by the National Association of Securities Dealers,
Inc. Relating to the Acquisition of an ECN by The Nasdaq Stock
Market, Inc.) and 52902 (December 7, 2005), 70 FR 73810 (December
13, 2005) (SRNASD-2005-128) (Order Approving a Proposed Rule Change
To Establish Rules Governing the Operation of the INET System). See
also Securities Exchange Act Release Nos. 58752 (October 8, 2008),
73 FR 61181 (October 15, 2008) (SR-NASDAQ-2008-079); 58135 (July 10,
2008), 73 FR 40898 (July 16, 2008) (SR-NASDAQ-2008-061); 58069 (June
30, 2008), 73 FR 39360 (July 9, 2008) (SR-NASDAQ-2008-054); 56708
(October 26, 2007), 72 FR 61925 (November 1, 2007) (SR-NASDAQ-2007-
078); 56867 (November 29, 2007), 72 FR 69263 (December 7, 2007) (SR-
NASDAQ-2007-065); 55335 (February 23, 2007), 72 FR 9369 (March 1,
2007) (SR-NASDAQ-2007-005); 54613 (October 17, 2006), 71 FR 62325
(October 24, 2006) (SR-NASDAQ 2006-043); 54271 (August 3, 2006), 71
FR 45876 (August 10, 2006) (SR-NASDAQ-2006-027); and 54155 (July 14,
2006), 71 FR 41291 (July 20, 2006) (SR-NASDAQ-2006-001).
\5\ See Securities Exchange Act Release No. 59154 (December 23,
2008), 73 FR 80468 (December 31, 2008).
\6\ See Securities Exchange Act Release No. 61271 (December 31,
2009), 75 FR 1102 (January 8, 2010).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\7\ in general, and with
Section 6(b)(5) of the Act,\8\ in particular, in that the proposal is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, 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
[[Page 16535]]
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. Specifically, the proposed rule change will allow the
Exchange to continue receiving inbound routes of equities orders from
NES acting in its capacity as a facility of NASDAQ, in a manner
consistent with prior approvals and established protections. The
Exchange believes that extending the previously approved pilot period
for 3 months is of sufficient length to permit both the Exchange and
the Commission to assess the impact of the Exchange's authority to
receive direct inbound routes of equities orders via NES (including the
attendant obligations and conditions).
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
BX 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
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change does not: (1) Significantly
affect the protection of investors or the public interest; (2) impose
any significant burden on competition; and (3) become operative for 30
days after the date of this filing, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\11\
However, Rule 19b-4(f)(6)(iii) \12\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. BX has requested that the Commission
waive the 30-day operative delay.\13\ BX notes that the proposal will
allow the Exchange to continue receiving inbound routes of equities
orders from NES, in a manner consistent with prior approvals and
established protections, while also permitting the Exchange and the
Commission to assess the impact of the pilot.\14\ The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest because such waiver
would allow the pilot period to be extended without interruption
through June 23, 2010. For this reason, the Commission designates the
proposed rule change to be operative upon filing with the
Commission.\15\
---------------------------------------------------------------------------
\11\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule
19b[ndash x ]4(f)(6)(iii) requires that a self-
regulatory organization submit to the Commission written notice of
its intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
\12\ Id.
\13\ E-mail from Thomas Moran, Associate General Counsel, Office
of General Counsel, NASDAQ OMX BX, to Theodore S. Venuti, Special
Counsel, Division of Trading and Markets, Commission, dated March
24, 2010.
\14\ See supra Section II.A.2.
\15\ For the purposes only of waiving the 30-day operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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-2010-021 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-2010-021. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room on official business
days between the hours of 10 a.m. and 3 p.m. Copies of such filing also
will be available for inspection and copying at the principal office of
the Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-BX-
2010-021 and should be submitted on or before April 22, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-7361 Filed 3-31-10; 8:45 am]
BILLING CODE 8011-01-P
