Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Pilot Period To Receive Inbound Routes of Certain Equities Orders From Archipelago Securities LLC, 17814-17816 [2010-7840]

Download as PDF 17814 Federal Register / Vol. 75, No. 66 / Wednesday, April 7, 2010 / Notices capacity as a facility of the NYSE and NYSE Arca, in a manner consistent with prior approvals and established protections. The Exchange believes that extending the previously approved pilot period for six months will permit both the Exchange and the Commission to further assess the impact of the Exchange’s authority to receive direct inbound routes of equities orders via Arca Securities (including the attendant obligations and conditions).9 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. 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. WReier-Aviles on DSKGBLS3C1PROD with NOTICES 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 10 and Rule 19b– 4(f)(6) thereunder.11 A proposed rule change filed under 19b–4(f)(6) normally may not become operative prior to 30 days after the date of filing.12 However, Rule 19b– 4(f)(6)(iii) 13 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay. The Exchange notes that the 9 The Exchange is currently analyzing the condition regarding non-public information and system changes in order to better reflect the operation of Arca Securities. 10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(6). 12 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. 13 Id. VerDate Nov<24>2008 17:23 Apr 06, 2010 Jkt 220001 proposal will allow the Exchange to continue receiving inbound routes of equities orders from Arca Securities, 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 September 30, 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. 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–2010–32 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–2010–32. 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 14 See supra note 9 and accompanying text. 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). 15 For PO 00000 Frm 00134 Fmt 4703 Sfmt 4703 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– NYSEAmex–2010–32 and should be submitted on or before April 28, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–7841 Filed 4–6–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61814; File No. SR–NYSE– 2010–27] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Pilot Period To Receive Inbound Routes of Certain Equities Orders From Archipelago Securities LLC March 31, 2010. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) and Rule 19b–4 thereunder,2 notice is hereby given that, on March 29, 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. 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\07APN1.SGM 07APN1 Federal Register / Vol. 75, No. 66 / Wednesday, April 7, 2010 / Notices I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend the pilot period of the Exchange’s prior approvals to receive inbound routes of certain equities orders from Archipelago Securities LLC (‘‘Arca Securities’’), an NYSE affiliated member. 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 Statutory Basis for, the Proposed Rule Change 1. Purpose WReier-Aviles on DSKGBLS3C1PROD with NOTICES Currently, Arca Securities is the approved outbound order routing facility of the Exchange.3 Arca Securities is also the approved outbound order routing facility of NYSE Arca and NYSE Amex LLC (‘‘NYSE Amex’’).4 The Exchange has also been previously approved to receive inbound routes of equities orders by Arca Securities in its capacity as an order routing facility of NYSE Arca and NYSE 3 See Securities Exchange Act Release No. 55590 (April 5, 2007), 72 FR 18707 (April 13, 2007) (notice of immediate effectiveness of SR–NYSE–2007–29); see also, Securities and [sic] Exchange Act Release No. 58680 (September 29, 2008), 73 FR 58283 (October 6, 2008) (order approving SR–NYSE– 2008–76). 4 See Securities Exchange Act Release No. 53238 (July 28, 2006), 71 FR 44758 (August 7, 2006) (order approving SR–NYSEArca–2006–13); see also, Securities Exchange Act Release No. 52497 (September 22, 2005), 70 FR 56949 (September 29, 2005) (SR–PCX–2005–90); see also, Securities Exchange Act Release No. 44983 (October 25, 2001), 66 FR 55225 (November 1, 2001) (SR–PCX–00–25); see also, Securities Exchange Act Release No. 58681 (September 29, 2008), 73 FR 58285 (October 6, 2008) (order approving NYSEArca–2008–90). See Securities Exchange Act Release No. 59009 (November 24, 2008), 73 FR 73363 (December 2, 2008) (order approving SR–NYSEALTR–2008–07); see also, Securities Exchange Act Release No. 59473 (February 27, 2009), 74 FR 9853 (March 6, 2009) (order approving SR–NYSEALTR–2009–18). VerDate Nov<24>2008 15:18 Apr 06, 2010 Jkt 220001 Amex.5 The Exchange’s authority to receive inbound routes of equities orders by Arca Securities is subject to a pilot period ending March 31, 2010.6 The Exchange hereby seeks to extend the previously approved pilot period (with the attendant obligations and conditions) for an additional six months, through September 30, 2010. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) 7 of the Securities Exchange Act of 1934 (the ‘‘Act’’), in general, and furthers the objectives of Section 6(b)(5) 8 in particular in that it 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 facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. Specifically, the proposed rule change will allow the Exchange to continue receiving inbound routes of equities orders from Arca Securities acting in its capacity as a facility of the NYSE Arca and NYSE Amex, in a manner consistent with prior approvals and established protections. The Exchange believes that extending the previously approved pilot period for six months will permit both the Exchange and the Commission to further assess the impact of the Exchange’s authority to receive direct inbound routes of equities orders via Arca Securities (including the attendant obligations and conditions).9 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. 5 See Securities and [sic] Exchange Act Release No. 58680 (September 29, 2008), 73 FR 58283 (October 6, 2008) (order approving SR–NYSE– 2008–76); see Securities Exchange Act Release No. 59011 (November 24, 2008) 73 FR 73360 (December 2, 2008) (order approving SR–NYSE–2008–122); see also Securities Exchange Act Release No. 60255 (July 7, 2009) 74 FR 34065 (July 14, 2009) (order approving SR–NYSE–2009–58). 6 See Securities Exchange Act Release No. 61268 (December 31, 2009), 75 FR 1104 (January 8, 2010) (notice of immediate effectiveness of SR–NYSE– 2009–128). 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(5). 9 The Exchange is currently analyzing the condition regarding non-public information and system changes in order to better reflect the operation of Arca Securities. PO 00000 Frm 00135 Fmt 4703 Sfmt 4703 17815 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 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 10 and Rule 19b– 4(f)(6) thereunder.11 A proposed rule change filed under 19b–4(f)(6) normally may not become operative prior to 30 days after the date of filing.12 However, Rule 19b– 4(f)(6)(iii) 13 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay. The Exchange notes that the proposal will allow the Exchange to continue receiving inbound routes of equities orders from Arca Securities, 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 September 30, 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 10 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 12 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. 13 Id. 14 See supra note 9 and accompanying text. 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). 11 17 E:\FR\FM\07APN1.SGM 07APN1 17816 Federal Register / Vol. 75, No. 66 / Wednesday, April 7, 2010 / Notices 2010–27 and should be submitted on or before April 28, 2010. 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. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Florence E. Harmon, Deputy Secretary. IV. Solicitation of Comments [FR Doc. 2010–7840 Filed 4–6–10; 8:45 am] 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: BILLING CODE 8011–01–P Electronic Comments Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC Amending NYSE Rule 1 To Provide for the Designation of Qualified Employees and NYSE Rule 51 To Clarify the Scope of Authority Vested in the Chief Executive Officer • 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–2010–27 on the subject line. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61810; File No. SR–NYSE– 2010–26] March 31, 2010. Paper Comments 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 March 25, 2010, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange All submissions should refer to File Commission (the ‘‘Commission’’) the Number SR–NYSE–2010–27. This file proposed rule change as described in number should be included on the Items I and II below, which Items have subject line if e-mail is used. To help the been prepared by the self-regulatory Commission process and review your organization. The Commission is comments more efficiently, please use publishing this notice to solicit only one method. The Commission will comments on the proposed rule change post all comments on the Commission’s from interested persons. Internet Web site (https://www.sec.gov/ 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 amend change that are filed with the NYSE Rule 1 (‘‘The Exchange’’) to Commission, and all written provide that the Exchange may formally communications relating to the designate one or more qualified proposed rule change between the employees to act in place of any person Commission and any person, other than named in a rule as having authority to those that may be withheld from the act under such rule if the named person public in accordance with the is not available to administer the rule; provisions of 5 U.S.C. 552, will be and (2) amend NYSE Rule 51 (‘‘Hours of available for inspection and copying in Business’’) to clarify the scope of the Commission’s Public Reference authority vested in the Chief Executive Room on official business days between Officer (‘‘CEO’’) and to make several the hours of 10 a.m. and 3 p.m. Copies non-substantive stylistic changes to the of such filing also will be available for rule text. The text of the proposed rule inspection and copying at the principal change is available at the Exchange, the office of the Exchange. All comments Commission’s Public Reference Room, received will be posted without change; https://www.sec.gov, and https:// the Commission does not edit personal www.nyse.com. identifying information from submissions. You should submit only 16 17 CFR 200.30–3(a)(12). information that you wish to make 1 15 U.S.C. 78s(b)(1). available publicly. All submissions 2 15 U.S.C. 78a. should refer to File Number SR–NYSE– 3 17 CFR 240.19b–4. WReier-Aviles on DSKGBLS3C1PROD with NOTICES • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. VerDate Nov<24>2008 15:18 Apr 06, 2010 Jkt 220001 PO 00000 Frm 00136 Fmt 4703 Sfmt 4703 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 NYSE proposes to amend NYSE Rule 1 to provide that the Exchange may formally designate one or more qualified employees to act in place of any person named in a rule as having authority to act under such rule in the event that the named person is not available. The Exchange believes that providing for such delegations will enable administration of NYSE rules in a more efficient manner in the event the specified individual is unavailable. Separately, the Exchange proposes to amend NYSE Rule 51 to clarify the scope of authority vested in the Chief Executive Officer (‘‘CEO’’) to take certain actions when he deems such actions necessary or appropriate for the maintenance of a fair and orderly market, the protection of investors or otherwise in the public interest, due to extraordinary circumstances. The Exchange notes that parallel changes are proposed to be made to the rules of NYSE Amex LLC (formerly the American Stock Exchange).4 NYSE Rule 1 NYSE Rule 1 provides that ‘‘the Exchange’’ is defined as the New York Stock Exchange LLC or the officer, employee, person, entity or committee to whom appropriate authority to administer such rule has been delegated by the Exchange when used with reference to the administration of any rule. Additionally, NYSE Rule 1 provides that all references to the ‘‘Board,’’ ‘‘Board of Directors,’’ ‘‘Chairman,’’ ‘‘Chairman of the Board,’’ ‘‘Chief Executive Officer’’ and ‘‘CEO’’ refer to those persons and entities of the Exchange. 4 See E:\FR\FM\07APN1.SGM SR–NYSEAmex–2009–29 [sic]. 07APN1

Agencies

[Federal Register Volume 75, Number 66 (Wednesday, April 7, 2010)]
[Notices]
[Pages 17814-17816]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-7840]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61814; File No. SR-NYSE-2010-27]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Extending the Pilot Period To Receive Inbound Routes of Certain 
Equities Orders From Archipelago Securities LLC

March 31, 2010.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') and Rule 19b-4 thereunder,\2\ notice is hereby given 
that, on March 29, 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\ 17 CFR 240.19b-4.

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[[Page 17815]]

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

    The Exchange proposes to extend the pilot period of the Exchange's 
prior approvals to receive inbound routes of certain equities orders 
from Archipelago Securities LLC (``Arca Securities''), an NYSE 
affiliated member. 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Currently, Arca Securities is the approved outbound order routing 
facility of the Exchange.\3\ Arca Securities is also the approved 
outbound order routing facility of NYSE Arca and NYSE Amex LLC (``NYSE 
Amex'').\4\ The Exchange has also been previously approved to receive 
inbound routes of equities orders by Arca Securities in its capacity as 
an order routing facility of NYSE Arca and NYSE Amex.\5\ The Exchange's 
authority to receive inbound routes of equities orders by Arca 
Securities is subject to a pilot period ending March 31, 2010.\6\ The 
Exchange hereby seeks to extend the previously approved pilot period 
(with the attendant obligations and conditions) for an additional six 
months, through September 30, 2010.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 55590 (April 5, 
2007), 72 FR 18707 (April 13, 2007) (notice of immediate 
effectiveness of SR-NYSE-2007-29); see also, Securities and [sic] 
Exchange Act Release No. 58680 (September 29, 2008), 73 FR 58283 
(October 6, 2008) (order approving SR-NYSE-2008-76).
    \4\ See Securities Exchange Act Release No. 53238 (July 28, 
2006), 71 FR 44758 (August 7, 2006) (order approving SR-NYSEArca-
2006-13); see also, Securities Exchange Act Release No. 52497 
(September 22, 2005), 70 FR 56949 (September 29, 2005) (SR-PCX-2005-
90); see also, Securities Exchange Act Release No. 44983 (October 
25, 2001), 66 FR 55225 (November 1, 2001) (SR-PCX-00-25); see also, 
Securities Exchange Act Release No. 58681 (September 29, 2008), 73 
FR 58285 (October 6, 2008) (order approving NYSEArca-2008-90). See 
Securities Exchange Act Release No. 59009 (November 24, 2008), 73 FR 
73363 (December 2, 2008) (order approving SR-NYSEALTR-2008-07); see 
also, Securities Exchange Act Release No. 59473 (February 27, 2009), 
74 FR 9853 (March 6, 2009) (order approving SR-NYSEALTR-2009-18).
    \5\ See Securities and [sic] Exchange Act Release No. 58680 
(September 29, 2008), 73 FR 58283 (October 6, 2008) (order approving 
SR-NYSE-2008-76); see Securities Exchange Act Release No. 59011 
(November 24, 2008) 73 FR 73360 (December 2, 2008) (order approving 
SR-NYSE-2008-122); see also Securities Exchange Act Release No. 
60255 (July 7, 2009) 74 FR 34065 (July 14, 2009) (order approving 
SR-NYSE-2009-58).
    \6\ See Securities Exchange Act Release No. 61268 (December 31, 
2009), 75 FR 1104 (January 8, 2010) (notice of immediate 
effectiveness of SR-NYSE-2009-128).
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2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \7\ of the 
Securities Exchange Act of 1934 (the ``Act''), in general, and furthers 
the objectives of Section 6(b)(5) \8\ in particular in that it 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 facilitating transactions in 
securities, and to remove impediments to and perfect the mechanism of a 
free and open market and a national market system. Specifically, the 
proposed rule change will allow the Exchange to continue receiving 
inbound routes of equities orders from Arca Securities acting in its 
capacity as a facility of the NYSE Arca and NYSE Amex, in a manner 
consistent with prior approvals and established protections. The 
Exchange believes that extending the previously approved pilot period 
for six months will permit both the Exchange and the Commission to 
further assess the impact of the Exchange's authority to receive direct 
inbound routes of equities orders via Arca Securities (including the 
attendant obligations and conditions).\9\
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
    \9\ The Exchange is currently analyzing the condition regarding 
non-public information and system changes in order to better reflect 
the operation of Arca Securities.
---------------------------------------------------------------------------

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.

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 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 \10\ and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 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.\12\ 
However, Rule 19b-4(f)(6)(iii) \13\ permits the Commission to designate 
a shorter time if such action is consistent with the protection of 
investors and the public interest. The Exchange has requested that the 
Commission waive the 30-day operative delay. The Exchange notes that 
the proposal will allow the Exchange to continue receiving inbound 
routes of equities orders from Arca Securities, 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 September 30, 2010. For this reason, the 
Commission designates the proposed rule change to be operative upon 
filing with the Commission.\15\
---------------------------------------------------------------------------

    \12\ 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.
    \13\ Id.
    \14\ See supra note 9 and accompanying text.
    \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

[[Page 17816]]

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-2010-27 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-2010-27. 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-
NYSE-2010-27 and should be submitted on or before April 28, 2010.
---------------------------------------------------------------------------

    \16\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-7840 Filed 4-6-10; 8:45 am]
BILLING CODE 8011-01-P
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