Self-Regulatory Organizations; Notice of Filing of a Proposed Rule Change by NASDAQ OMX BX, Inc. To Adopt Rule 4120(a)(11) Concerning Individual Stock Trading Pauses and To Adopt Related IM-4120-3, 28828-28830 [2010-12416]
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<![CDATA[
28828
Federal Register / Vol. 75, No. 99 / Monday, May 24, 2010 / Notices
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
structured finance product (i.e., the
sponsor, underwriter, and issuer) how
they intend to market and sell the
structured finance product and how
they intend to engage in any secondary
market activities (i.e., re-sales) of the
structured finance product. An NRSRO
may choose to obtain from the arranger
a representation upon which the
NRSRO can reasonably rely that sales of
the structured finance product will meet
this condition. Factors relevant to the
analysis of whether such reliance would
be reasonable would include, but not be
limited to: (1) Ongoing or prior failures
by the arranger to adhere to its
representations; or (2) a pattern of
conduct by the arranger where it fails to
promptly correct breaches of its
representations.
V. Request for Comment
The Commission notes that it intends
to monitor the use of this temporary
exemption to evaluate whether it is
being used for transactions that meet the
above-described conditions. If the
Commission discovers that this
temporary exemption is being used
otherwise, it will consider whether
further action is appropriate, including
whether to revise or revoke the
exemption. In this connection, the
Commission requests comment on the
following:
• With respect to foreign regulators,
regulations, and laws, what specific
conflicts, if any, will arise from the
application of Rule 17g–5(a)(3)?
• Do any NRSROs, or credit rating
agencies considering applying for
registration as an NRSRO, intend to use
information required to be provided on
password-protected Internet Web sites
by Rule 17g–5(a)(3) to determine and
monitor credit ratings with respect to
credit ratings that are being exempted
from the requirements of Rule 17g–
5(a)(3)? NRSROs or credit rating
agencies that intend to use such
information to determine and monitor
credit ratings with respect to credit
ratings that are being exempted are
asked to provide specific details on
when they expect to be ready to
determine and monitor such credit
ratings.
• What are the different types of
structured finance and similar products
used outside the U.S.? What factors
should determine whether an
instrument sold entirely or primarily
outside of the U.S. is a structured
finance product?
• What actions are NRSROs taking to
prepare to comply with Rule 17g–
5(a)(3)’s application to credit ratings
that are being exempted by this order?
What specific costs—compliance,
VerDate Mar<15>2010
14:51 May 21, 2010
Jkt 220001
operational, and any others—will be
associated with that compliance,
including costs to arrangers?
Comments may be submitted by any
of the following methods:
Electronic Comments
(2) The nationally recognized
statistical rating organization has a
reasonable basis to conclude that the
structured finance product will be
offered and sold upon issuance, and that
any arranger linked to the structured
finance product will effect transactions
of the structured finance product after
issuance, only in transactions that occur
outside the U.S.
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/exorders.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number S7–04–09 on the subject line;
or
• Use the Federal eRulemaking Portal
(https://www.regulations.gov). Follow the
instructions for submitting comments.
By the Commission.
Elizabeth M. Murphy,
Secretary.
Paper Comments
SECURITIES AND EXCHANGE
COMMISSION
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F St., NE., Washington, DC 20549–
1090.
All submissions should refer to File
Number S7–04–09. This file number
should be included on the subject line
if e-mail is used. To help us 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/
exorders.shtml). Comments are also
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F St., NE.,
Washington, DC 20549 on official
business days between the hours of
10 a.m. and 3 p.m. 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.
VI. Conclusion
For the foregoing reasons, the
Commission believes it would be
necessary or appropriate in the public
interest and consistent with the
protection of investors to grant a
temporary exemption from the
requirements in Rule 17g–5(a)(3) with
respect to certain credit ratings.
Accordingly, it is hereby ordered,
pursuant to Section 36 of the Exchange
Act, that a nationally recognized
statistical rating organization is exempt
until December 2, 2010 from the
requirements in Rule 17g–5(a)(3) (17
CFR 240.17g–5(a)(3)) for credit ratings
where:
(1) The issuer of the security or
money market instrument is not a U.S.
person (as defined under Securities Act
Rule 902(k)); and
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[FR Doc. 2010–12373 Filed 5–21–10; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–62124; File No. SR–BX–
2010–037]
Self-Regulatory Organizations; Notice
of Filing of a Proposed Rule Change by
NASDAQ OMX BX, Inc. To Adopt Rule
4120(a)(11) Concerning Individual
Stock Trading Pauses and To Adopt
Related IM–4120–3
May 19, 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 May 18,
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 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 is filing this proposed
rule change to adopt Rule 4120(a)(11)
concerning individual stock trading
pauses in certain securities, and to
adopt related IM–4120–3.
The text of the proposed rule change
is below. Proposed new language is in
italics and proposed deletions are in
[brackets].3
*
*
*
*
*
4120. Trading Halts
(a) Authority to Initiate Trading Halts or
Pauses
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The text of the proposed rule change is available
from BX’s Web site at https://
nasdaqomxbx.cchwallstreet.com/NASDAQOMXBX/
Filings/, at the Exchange’s principal office, and at
the Commission’s Public Reference Room.
2 17
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Federal Register / Vol. 75, No. 99 / Monday, May 24, 2010 / Notices
In circumstances in which the Exchange
deems it necessary to protect investors and
the public interest, the Exchange, pursuant to
the procedures set forth in paragraph (c):
(1)–(10) No change.
(11) If a primary listing market issues an
individual stock trading pause in any of the
Circuit Breaker Securities, as defined in IM–
4120–3, the Exchange will pause trading in
that security until trading has resumed on
the primary listing market. If, however,
trading has not resumed on the primary
listing market and ten minutes have passed
since the individual stock trading pause
message has been received from the
responsible single plan processor, the
Exchange may resume trading in such stock.
(b)–(c) No change.
IM–4120–1. No change.
IM–4120–2. No change.
IM–4120–3. Circuit Breaker Securities Pilot
The provisions of paragraph (a)(11) of this
Rule shall be in effect during a pilot set to
end on December 10, 2010. During the pilot,
the term ‘‘Circuit Breaker Securities’’ shall
mean the securities included in the S&P
500 ® Index.
*
*
*
*
*
2. Statutory Basis
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.
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The primary listing markets for U.S.
stocks are in the process of amending
their rules so that they may, from time
to time, issue a trading pause for an
individual security if the price of such
security moves 10% or more from a sale
in a preceding five-minute period. The
Exchange is proposing the rule change
described below in consultation with
other markets and Commission staff to
provide for uniform market-wide
trading pause standards for individual
securities in the S&P 500 ® Index, as set
forth below. The Exchange is not
currently the primary listing market for
any securities, and thus, will not be
issuing any trading pauses pursuant to
its rules.
The Exchange proposes to add a new
paragraph to BX Rule 4120(a) to allow
VerDate Mar<15>2010
14:51 May 21, 2010
the Exchange to pause trading in an
individual stock when the primary
listing market for such stock issues a
trading pause in any Circuit Breaker
Securities, as defined below and in
proposed IM–4120–3. If, however,
trading has not resumed on the primary
listing market and ten minutes have
passed since the individual stock
trading pause message has been
received from the responsible single
plan processor, the Exchange may
resume trading in such stock.
The proposed rule would apply to
trading pauses issued by primary listing
markets in ‘‘Circuit Breaker Securities,’’
as defined in proposed IM–4120–3.
Specifically, on a pilot basis, set to end
on December 10, 2010, Circuit Breaker
Securities would mean the securities
included in the S&P 500 ® Index. Thus,
proposed paragraph (11) of the Rule
would be in effect only with respect to
securities in the S&P 500 ® Index.
Jkt 220001
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,4
in general, and with Sections 6(b)(5) of
the Act,5 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
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. The
proposed rule change is also designed to
support the principles of Section
11A(a)(1) 6 of the Act in that it seeks to
assure fair competition among brokers
and dealers and among exchange
markets. The Exchange believes that the
proposed rule meets these requirements
in that it promotes transparency and
uniformity across markets concerning
decisions to pause trading in a security
when there are significant price
movements.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
U.S.C. 78f.
U.S.C. 78f(b)(5).
6 15 U.S.C. 78k–1(a)(1).
28829
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve the proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.7
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 Exchange
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–BX–2010–037 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–2010–037. 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
4 15
5 15
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Frm 00053
Fmt 4703
7 The Commission notes that the Exchange has
requested accelerated approval of the filing.
Sfmt 4703
E:\FR\FM\24MYN1.SGM
24MYN1
28830
Federal Register / Vol. 75, No. 99 / Monday, May 24, 2010 / Notices
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of 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–BX–
2010–037 and should be submitted on
or before June 3, 2010.8
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–12416 Filed 5–21–10; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62128; File No. SR–
NYSEArca–2010–41]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of a
Proposed Rule Change Adding NYSE
Arca Equities Rule 7.11 To Provide for
a Trading Pause for Individual
Securities When the Price Moves 10
Percent or More
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
May 19, 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 May 18,
2010, NYSE Arca, Inc. (‘‘NYSE Arca’’ 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 NYSE Arca. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
8 The Commission believes that a 10-day
comment period is reasonable, given the urgency of
the matter. It will provide adequate time for
comment.
9 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
14:51 May 21, 2010
Jkt 220001
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
BILLING CODE 8010–01–P
VerDate Mar<15>2010
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to add NYSE
Arca Equities Rule 7.11 to provide for a
trading pause for individual securities
when the price moves 10 percent or
more. A copy of this filing is available
on the Exchange’s Web site at https://
www.nyse.com, at the Exchange’s
principal office, and at the
Commission’s Public Reference Room.
1. Purpose
The Exchange proposes to add NYSE
Arca Equities Rule 7.11 to provide for a
trading pause for individual securities
for which the Exchange is the primary
listing market if the price of such
security moves 10% or more from a sale
in a preceding five-minute period. The
Exchange is proposing this rule addition
in consultation with other markets and
staff of the Securities and Exchange
Commission to provide for uniform
market-wide trading pause standards for
individual securities in the S&P 500®
Index that experience rapid price
movement, as set forth below.
The Exchange is proposing that this
rule be implemented on a pilot basis, set
to end on December 10, 2010. During
this pilot period, the rule would be in
effect only with respect to securities
included in the S&P 500® Index
securities. During that pilot period, the
Exchange will continue to assess
whether additional securities need to be
added and whether the parameters of
the rule would need to be modified to
accommodate trading characteristics of
different securities.
As proposed, NYSE Arca Equities
Rule 7.11 would enable the Exchange to
pause trading in an individual security
listed on the Exchange if the price
moves by 10% as compared to prices of
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Fmt 4703
Sfmt 4703
that security in the preceding fiveminute period during a trading day,
which period is defined as a ‘‘Trading
Pause.’’ To enable the market to absorb
the opening price of a security and to
participate in the close, as proposed, the
proposed rule would be in effect from
6:45 a.m. to 12:35 p.m., Pacific Time.
Proposed NYSE Arca Equities Rule
7.11(b) sets forth the re-opening
procedures following a Trading Pause.
As proposed, the Exchange will re-open
trading in the security at the end of the
Trading Pause subject to the procedures
set forth in NYSE Arca Equities Rule
7.35 for a Trading Halt Auction. As
proposed, in the event of a significant
imbalance, the Exchange may delay the
re-opening of the security past the fiveminute Trading Pause period. The
Exchange will notify other markets if it
cannot reopen because of issues
unrelated to an order imbalance, thereby
enabling other markets to resume
trading even if the primary market has
not re-opened. The Exchange notes that
if it re-opens the security after other
markets have resumed trading, such
reopening is subject to Rule 611(b)(3) of
Regulation NMS as an exception to the
Order Protection Rule.
The 10% or more move in price will
be calculated every second by
comparing each last consolidated sale
price of a security (‘‘Trigger Trade’’)
during the preceding second to a
reference price (the ‘‘Calculation Time’’).
For purposes of this calculation, the
reference price shall be any transaction
in that security printed to the
Consolidated Tape during the fiveminute period before the Calculation
Time. Because the calculation period
begins at 6:45 a.m., trades occurring
after 6:45 a.m. may be a Trigger Trade,
however, the reference price(s) for such
Trigger Trades will begin at 6:45 a.m. In
such case, in the first five minutes of the
calculation period, the reference prices
for a Trigger Trade will not be based on
five minutes of trading in that security.
For example, a trade at 6:45:05 will be
compared only to trades between
6:45:00 and 6:45:05. The last potential
Trigger Trade will be at 12:35 p.m., so
that such Trading Pause will end at
12:40 p.m.
As proposed, only regular way, insequence transactions qualify as either a
Trigger Trade or a reference price. To
ensure that erroneous executions do not
trigger a Trading Pause, the Exchange
also proposes that it can exclude a
transaction price from use as a reference
price or Trigger Trade if it concludes
that the transaction price resulted from
an erroneous execution.
The proposed rule further provides
that if a Trading Pause is triggered, the
E:\FR\FM\24MYN1.SGM
24MYN1
]]>Agencies
[Federal Register Volume 75, Number 99 (Monday, May 24, 2010)]
[Notices]
[Pages 28828-28830]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-12416]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62124; File No. SR-BX-2010-037]
Self-Regulatory Organizations; Notice of Filing of a Proposed
Rule Change by NASDAQ OMX BX, Inc. To Adopt Rule 4120(a)(11) Concerning
Individual Stock Trading Pauses and To Adopt Related IM-4120-3
May 19, 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 May 18, 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 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
The Exchange is filing this proposed rule change to adopt Rule
4120(a)(11) concerning individual stock trading pauses in certain
securities, and to adopt related IM-4120-3.
The text of the proposed rule change is below. Proposed new
language is in italics and proposed deletions are in [brackets].\3\
---------------------------------------------------------------------------
\3\ The text of the proposed rule change is available from BX's
Web site at https://nasdaqomxbx.cchwallstreet.com/NASDAQOMXBX/Filings/, at the Exchange's principal office, and at the
Commission's Public Reference Room.
---------------------------------------------------------------------------
* * * * *
4120. Trading Halts
(a) Authority to Initiate Trading Halts or Pauses
[[Page 28829]]
In circumstances in which the Exchange deems it necessary to
protect investors and the public interest, the Exchange, pursuant to
the procedures set forth in paragraph (c):
(1)-(10) No change.
(11) If a primary listing market issues an individual stock
trading pause in any of the Circuit Breaker Securities, as defined
in IM-4120-3, the Exchange will pause trading in that security until
trading has resumed on the primary listing market. If, however,
trading has not resumed on the primary listing market and ten
minutes have passed since the individual stock trading pause message
has been received from the responsible single plan processor, the
Exchange may resume trading in such stock.
(b)-(c) No change.
IM-4120-1. No change.
IM-4120-2. No change.
IM-4120-3. Circuit Breaker Securities Pilot
The provisions of paragraph (a)(11) of this Rule shall be in
effect during a pilot set to end on December 10, 2010. During the
pilot, the term ``Circuit Breaker Securities'' shall mean the
securities included in the S&P 500 [supreg] Index.
* * * * *
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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The primary listing markets for U.S. stocks are in the process of
amending their rules so that they may, from time to time, issue a
trading pause for an individual security if the price of such security
moves 10% or more from a sale in a preceding five-minute period. The
Exchange is proposing the rule change described below in consultation
with other markets and Commission staff to provide for uniform market-
wide trading pause standards for individual securities in the S&P 500
[supreg] Index, as set forth below. The Exchange is not currently the
primary listing market for any securities, and thus, will not be
issuing any trading pauses pursuant to its rules.
The Exchange proposes to add a new paragraph to BX Rule 4120(a) to
allow the Exchange to pause trading in an individual stock when the
primary listing market for such stock issues a trading pause in any
Circuit Breaker Securities, as defined below and in proposed IM-4120-3.
If, however, trading has not resumed on the primary listing market and
ten minutes have passed since the individual stock trading pause
message has been received from the responsible single plan processor,
the Exchange may resume trading in such stock.
The proposed rule would apply to trading pauses issued by primary
listing markets in ``Circuit Breaker Securities,'' as defined in
proposed IM-4120-3. Specifically, on a pilot basis, set to end on
December 10, 2010, Circuit Breaker Securities would mean the securities
included in the S&P 500 [supreg] Index. Thus, proposed paragraph (11)
of the Rule would be in effect only with respect to securities in the
S&P 500 [supreg] Index.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\4\ in general, and with
Sections 6(b)(5) of the Act,\5\ 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 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. The proposed
rule change is also designed to support the principles of Section
11A(a)(1) \6\ of the Act in that it seeks to assure fair competition
among brokers and dealers and among exchange markets. The Exchange
believes that the proposed rule meets these requirements in that it
promotes transparency and uniformity across markets concerning
decisions to pause trading in a security when there are significant
price movements.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(5).
\6\ 15 U.S.C. 78k-1(a)(1).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve the proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.\7\
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\7\ The Commission notes that the Exchange has requested
accelerated approval of the filing.
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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 Exchange 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-2010-037 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-2010-037. 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
[[Page 28830]]
proposed rule change between the Commission and any person, other than
those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of 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-BX-2010-037 and should be
submitted on or before June 3, 2010.\8\
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\8\ The Commission believes that a 10-day comment period is
reasonable, given the urgency of the matter. It will provide
adequate time for comment.
\9\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-12416 Filed 5-21-10; 8:45 am]
BILLING CODE 8010-01-P
