Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the NASDAQ Stock Market LLC Relating to the Opening of Trading in the NASDAQ Options Market, 23825-23827 [2010-10275]
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Federal Register / Vol. 75, No. 85 / Tuesday, May 4, 2010 / Notices
mstockstill on DSKH9S0YB1PROD with NOTICES
add postal products to the Mail
Classification Schedule. This notice
addresses procedural steps associated
with this filing.
DATES: Comments are due: May 19,
2010.
ADDRESSES: Submit comments
electronically via the Commission’s
Filing Online system at https://
www.prc.gov. Commenters who cannot
submit their views electronically should
contact the person identified in the FOR
FURTHER INFORMATION CONTACT section
by telephone for advice on alternatives
to electronic filing.
FOR FURTHER INFORMATION CONTACT:
Stephen L. Sharfman, General Counsel,
202–789–6820 and
stephen.sharfman@prc.gov.
SUPPLEMENTARY INFORMATION: On April
26, 2010, the Postal Service filed a
notice of an amendment to the Mail
Classification Schedule (MCS) language
for the stamped envelope price category
in the Ancillary Services product in
Special Services.1 In its filing, the Postal
Service points out that the current MCS
language for the stamped envelope price
category includes pricing for
personalized stamped envelopes, but
omits applicable shipping charges. Id. at
1.
The Postal Service states that while
orders for personalized stamped
envelopes are placed with its Stamp
Fulfillment Services office, orders are
actually fulfilled by a private printer
located in another state. Currently
effective shipping charges for orders
fulfilled by that printer are set forth in
the Ordering Instructions for
Personalized Stamped Envelopes (PS
Form 3202–X, October 2009). Id.,
Attachment A.
The Postal Service states further its
belief that the appropriate place to
include shipping charges for stamped
envelopes is in the Stamped Envelope
section of the MCS, rather than in the
new Stamp Fulfillment Services product
that it has requested be added to the
MCS.2 Attachment B to the Notice
shows the proposed changes to the
Stamped Envelope MCS language in
section 1505.19 of the MCS. These
charges are a continuation of the
1 Notice of the United States Postal Service of
Classification Change to Add Existing Shipping
Charges to the Mail Classification Schedule for
Stamped Envelopes, April 26, 2010 (Notice).
2 See Docket No. MC2009–19, Request of the
United States Postal Service to Add Stamp
Fulfillment Services to the Mail Classification
Schedule in Response to Order No. 391, April 26,
2010 (Request). The Request was filed at the
direction of the Commission. See Order Approving
Addition of Postal Services to the Mail
Classification Schedule Product Lists, January 13,
2010 at 31, Ordering Paragraph 5.
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18:58 May 03, 2010
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existing charges already being paid by
customers.
The Commission hereby provides
public notice of the Postal Service’s
filing and affords interested persons the
opportunity to express views and offer
comments on the proposed MCS
classification change. Comments are due
May 19, 2010.
The Commission appoints Emmett
Rand Costich to serve as Public
Representative in this docket.
It is ordered:
1. The Commission establishes Docket
No. MC2010–23 for consideration of the
matters raised in this docket.
2. Pursuant to 39 U.S.C. 505, Emmett
Rand Costich is appointed to serve as
officer of the Commission (Public
Representative) to represent the
interests of the general public in these
proceedings.
3. Comments by interested persons in
this proceeding are due no later than
May 19, 2010.
4. The Secretary shall arrange for
publication of this order in the Federal
Register.
By the Commission.
Shoshana M. Grove,
Secretary.
[FR Doc. 2010–10399 Filed 5–3–10; 8:45 am]
BILLING CODE S
23825
A litigation matter;
An adjudicatory matter; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact: The Office of the Secretary at
(202) 551–5400.
Dated: April 29, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–10490 Filed 4–30–10; 11:15 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61991; File No. SR–
NASDAQ–2010–050]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
NASDAQ Stock Market LLC Relating to
the Opening of Trading in the NASDAQ
Options Market
April 27, 2010.
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a Closed Meeting
on Thursday, May 6, 2010 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(5), (7), 9(B) and (10) and
17 CFR 200.402(a)(5), (7), 9(ii) and (10),
permit consideration of the scheduled
matters at the Closed Meeting.
Commissioner Paredes, as duty
officer, voted to consider the items
listed for the Closed Meeting in a closed
session.
The subject matter of the Closed
Meeting scheduled for Thursday, May 6,
2010 will be:
Settlement of injunctive actions;
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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 April 15,
2010, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
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
Nasdaq is filing a proposal for the
NASDAQ Options Market (‘‘NOM’’ or
‘‘Exchange’’) to to [sic] modify Chapter
VI, Section 8 of the Exchange’s rules,
dealing with the Nasdaq Opening Cross.
The text of the proposed rule change
is available from Nasdaq’s Web site at
https://nasdaq.cchwallstreet.com, at
Nasdaq’s principal office, and at the
Commission’s Public Reference Room.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Federal Register / Vol. 75, No. 85 / Tuesday, May 4, 2010 / Notices
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
NASDAQ 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.
NASDAQ 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
mstockstill on DSKH9S0YB1PROD with NOTICES
1. Purpose
Nasdaq proposes to modify Chapter
VI, Section 8 of the rules governing
NOM, and in particular governing the
opening of trading in that market.
Currently, pursuant to Chapter VI,
Section 8(b) of NOM’s rules, the Nasdaq
Opening Cross occurs once certain
preconditions are met. Section 8(b) of
Chapter VI permits the Opening Cross to
occur at or after 9:30 if there is no
Imbalance 3, if the dissemination of a
quote or trade by the Market for the
Underlying Security 4 has occurred (or,
in the case of index options, the
Exchange has received the opening
price of the underlying index) and if a
certain number (as the Exchange may
determine from time to time) of other
options exchanges have disseminated a
firm quote on the Options Price
Reporting Authority (‘‘OPRA’’).5
Section 8(c) of Chapter VI governs
situations in which the requisite
number of firm quotes have not been
disseminated for an option by other
options exchanges. No Opening Cross
will occur if firm quotes are not
disseminated for an option by the
3 ‘‘Imbalance’’ is defined in Section 8(a)(1) of
Chapter VI as the number of contracts of Eligible
Interest that may not be matched with other order
contracts at a particular price at any given time.
4 Section 8(a)(5) of Chapter VI defines ‘‘Market for
the Underlying Security’’ as meaning either the
primary listing market, the primary volume market
(defined as the market with the most liquidity in
that underlying security for the previous two
calendar months), or the first market to open the
underlying security, as determined by the Exchange
on an issue-by-issue basis and announced to the
membership on the Exchange’s Web site.
5 If all the conditions specified in Section 8(b) of
Chapter VI have been met except that there is an
Imbalance, Section 8(b)(5) requires one additional
Order Imbalance Indicator message to be
disseminated, after which the Opening Cross
occurs, executing the maximum number of
contracts. Any remaining Imbalance that is not
executable in the Opening Cross is canceled.
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predetermined number of options
exchanges until such time during the
day that the Exchange determines. In
that case, provided dissemination of a
quote or trade by the Market for the
Underlying Security has occurred (or, in
the case of index options, the Exchange
has received the opening price of the
underlying index) the option will open
for trading.6
The Exchange is proposing to amend
both Section 8(b) and 8(c) of Chapter VI
to clarify in each case that the
dissemination of a quote or trade by the
Market for the Underlying Security must
occur during regular trading hours in
order for the NOM opening cross to
occur in that option. These amendments
would establish clearly that this
precondition for opening trading in an
option on NOM would not be met if, for
example, the Market for the Underlying
Security were to both open and then
halt trading prior to regular trading
hours which currently begin at 9:30 a.m.
The Exchange is also proposing to
amend Section 8(c)(2) of Chapter VI to
clarify that if opening quotes or orders
lock or cross each other such that an
Opening Cross can be initiated, the
Exchange may open for trading in that
option even if the orders that would be
executed in the Opening Cross are not
cancelled or modified so that they no
longer lock or cross each other, if and
when the number of options exchanges
required under the introductory
language of Section 8(b) of Chapter VI
for the opening of trading of System
securities have disseminated a firm
quote on OPRA. This amendment will
not make a change in the operation of
the trading system, but will merely
clarify the intended NOM opening
process.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 7 in general, and furthers the
objectives of Section 6(b)(5) of the Act 8
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest.
Nasdaq believes that the proposal is
consistent with this standard because
the proposed rule change is designed to
6 If there is interest in the Opening Cross, the
option will not open for trading in that option until
the orders that would be executed in the Opening
Cross are resolved through the cancellation or
modification of the orders by the entering party or
parties.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
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clarify its rules for the benefit of all
market participants.
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
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange believes that the
foregoing proposed rule change may
take effect upon filing with the
Commission pursuant to Section
19(b)(3)(A) of the Act 9 and Rule 19b–
4(f)(6) 10 thereunder because the
foregoing proposed rule change does
not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
the filing, or such shorter time as the
Commission may designate.
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–NASDAQ–2010–050 on the
subject line.
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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. Nasdaq has satisfied this requirement.
10 17
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Federal Register / Vol. 75, No. 85 / Tuesday, May 4, 2010 / Notices
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–NASDAQ–2010–050. 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,11 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. Copies of the filing also will be
available for inspection and copying at
the principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–NASDAQ–2010–050 and
should be submitted on or before May
25, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–10275 Filed 5–3–10; 8:45 am]
mstockstill on DSKH9S0YB1PROD with NOTICES
BILLING CODE 8010–01–P
text of the proposed rule change is
available on the Commission’s Web site at https://
www.sec.gov/rules/sro.shtml.
12 17 CFR 200.30–3(a)(12).
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61993; File No. SR–BX–
2010–029]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NASDAQ
OMX BX, Inc. To Amend the By-Laws
of The NASDAQ OMX Group, Inc.
April 27, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1, and Rule 19b–4 2 thereunder,
notice is hereby given that on April 9,
2010, NASDAQ OMX BX, Inc. (‘‘BX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. 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 file a
proposed rule change relating to the ByLaws of its parent corporation, The
NASDAQ OMX Group, Inc. (‘‘NASDAQ
OMX’’).
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.nasdaqtrader.com/
micro.aspx?id=BXRulefilings, at the
principal office of the Exchange, on the
Commission’s Web site at https://
www.sec.gov, 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
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
11 The
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18:58 May 03, 2010
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1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00164
Fmt 4703
Sfmt 4703
23827
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
NASDAQ OMX has proposed making
certain amendments to its By-Laws to
make improvements in its governance.
In SR–NASDAQ–2010–025, The
NASDAQ Stock Market LLC (‘‘NASDAQ
Exchange’’) sought Commission
approval to adopt these By-Laws
changes as part of the rules of NASDAQ
Exchange, and the Commission granted
approval to these changes in an order
dated April 8, 2010.3 The Exchange is
now submitting this filing on an
immediately effective basis to adopt the
same By-Law changes as rules of the
Exchange.
The NASDAQ OMX By-Laws
previously provided that each director
receiving a plurality of the votes at any
election of directors at which a quorum
is present is duly elected to the Board.
Under Corporate Governance Guidelines
adopted by the Board, however, any
director in an uncontested election who
received a greater number of votes
‘‘withheld’’ from his or her election than
votes ‘‘for’’ such election was required to
tender his or her resignation promptly
following receipt of the certification of
the stockholder vote. The NASDAQ
OMX Nominating & Governance
Committee then considered the
resignation offer and recommended to
the Board whether to accept it. Within
90 days after the certification of the
election results, the Board determined
whether to accept or reject the
resignation. Promptly thereafter, the
Board announced its decision by means
of a press release. In a contested election
(i.e., where the number of nominees
exceeds the number of directors to be
elected), the unqualified plurality
standard controls.
Uncontested Election
NASDAQ OMX recently amended its
By-Laws to adopt a majority vote
standard, specifically By-Law Article IV,
Section 4.4 of the By-Laws was
amended to provide that, in an
uncontested election, directors shall be
elected by holders of a majority of the
votes cast at any meeting for the election
of directors at which a quorum is
present.4 Under the majority voting
standard, a nominee who fails to receive
the requisite vote will not be duly
3 See Securities Exchange Act Release No. 61876
(April 8, 2010), 75 FR 19436 (April 14, 2010) (SR–
NASDAQ–2010–025).
4 NASDAQ OMX also amended its Corporate
Governance Guidelines to reflect the majority vote
standard for uncontested director elections.
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]]>Agencies
[Federal Register Volume 75, Number 85 (Tuesday, May 4, 2010)]
[Notices]
[Pages 23825-23827]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-10275]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61991; File No. SR-NASDAQ-2010-050]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the NASDAQ Stock Market LLC
Relating to the Opening of Trading in the NASDAQ Options Market
April 27, 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 April 15, 2010, The NASDAQ Stock Market LLC (``Nasdaq'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. 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
Nasdaq is filing a proposal for the NASDAQ Options Market (``NOM''
or ``Exchange'') to to [sic] modify Chapter VI, Section 8 of the
Exchange's rules, dealing with the Nasdaq Opening Cross.
The text of the proposed rule change is available from Nasdaq's Web
site at https://nasdaq.cchwallstreet.com, at Nasdaq's principal office,
and at the Commission's Public Reference Room.
[[Page 23826]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NASDAQ 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. NASDAQ 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
Nasdaq proposes to modify Chapter VI, Section 8 of the rules
governing NOM, and in particular governing the opening of trading in
that market. Currently, pursuant to Chapter VI, Section 8(b) of NOM's
rules, the Nasdaq Opening Cross occurs once certain preconditions are
met. Section 8(b) of Chapter VI permits the Opening Cross to occur at
or after 9:30 if there is no Imbalance \3\, if the dissemination of a
quote or trade by the Market for the Underlying Security \4\ has
occurred (or, in the case of index options, the Exchange has received
the opening price of the underlying index) and if a certain number (as
the Exchange may determine from time to time) of other options
exchanges have disseminated a firm quote on the Options Price Reporting
Authority (``OPRA'').\5\
---------------------------------------------------------------------------
\3\ ``Imbalance'' is defined in Section 8(a)(1) of Chapter VI as
the number of contracts of Eligible Interest that may not be matched
with other order contracts at a particular price at any given time.
\4\ Section 8(a)(5) of Chapter VI defines ``Market for the
Underlying Security'' as meaning either the primary listing market,
the primary volume market (defined as the market with the most
liquidity in that underlying security for the previous two calendar
months), or the first market to open the underlying security, as
determined by the Exchange on an issue-by-issue basis and announced
to the membership on the Exchange's Web site.
\5\ If all the conditions specified in Section 8(b) of Chapter
VI have been met except that there is an Imbalance, Section 8(b)(5)
requires one additional Order Imbalance Indicator message to be
disseminated, after which the Opening Cross occurs, executing the
maximum number of contracts. Any remaining Imbalance that is not
executable in the Opening Cross is canceled.
---------------------------------------------------------------------------
Section 8(c) of Chapter VI governs situations in which the
requisite number of firm quotes have not been disseminated for an
option by other options exchanges. No Opening Cross will occur if firm
quotes are not disseminated for an option by the predetermined number
of options exchanges until such time during the day that the Exchange
determines. In that case, provided dissemination of a quote or trade by
the Market for the Underlying Security has occurred (or, in the case of
index options, the Exchange has received the opening price of the
underlying index) the option will open for trading.\6\
---------------------------------------------------------------------------
\6\ If there is interest in the Opening Cross, the option will
not open for trading in that option until the orders that would be
executed in the Opening Cross are resolved through the cancellation
or modification of the orders by the entering party or parties.
---------------------------------------------------------------------------
The Exchange is proposing to amend both Section 8(b) and 8(c) of
Chapter VI to clarify in each case that the dissemination of a quote or
trade by the Market for the Underlying Security must occur during
regular trading hours in order for the NOM opening cross to occur in
that option. These amendments would establish clearly that this
precondition for opening trading in an option on NOM would not be met
if, for example, the Market for the Underlying Security were to both
open and then halt trading prior to regular trading hours which
currently begin at 9:30 a.m.
The Exchange is also proposing to amend Section 8(c)(2) of Chapter
VI to clarify that if opening quotes or orders lock or cross each other
such that an Opening Cross can be initiated, the Exchange may open for
trading in that option even if the orders that would be executed in the
Opening Cross are not cancelled or modified so that they no longer lock
or cross each other, if and when the number of options exchanges
required under the introductory language of Section 8(b) of Chapter VI
for the opening of trading of System securities have disseminated a
firm quote on OPRA. This amendment will not make a change in the
operation of the trading system, but will merely clarify the intended
NOM opening process.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \7\ in general, and furthers the objectives of Section
6(b)(5) of the Act \8\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest.
Nasdaq believes that the proposal is consistent with this standard
because the proposed rule change is designed to clarify its rules for
the benefit of all market participants.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition 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
The Exchange believes that the foregoing proposed rule change may
take effect upon filing with the Commission pursuant to Section
19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) \10\ thereunder because
the foregoing proposed rule change does not: (i) Significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days after the date of the filing, or such shorter time as the
Commission may designate.
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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.
Nasdaq has satisfied this requirement.
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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-NASDAQ-2010-050 on the subject line.
[[Page 23827]]
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-NASDAQ-2010-050. 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,\11\ 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. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2010-050 and should
be submitted on or before May 25, 2010.
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\11\ The text of the proposed rule change is available on the
Commission's Web site at https://www.sec.gov/rules/sro.shtml.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-10275 Filed 5-3-10; 8:45 am]
BILLING CODE 8010-01-P
