Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 2.4, 37515-37516 [2010-15748]

Download as PDF Federal Register / Vol. 75, No. 124 / Tuesday, June 29, 2010 / Notices Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEArca–2010–51. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of NYSE Arca. 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 publicly available. All submissions should refer to File Number SR–NYSEArca–2010–51 and should be submitted on or before July 20, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–15750 Filed 6–28–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION emcdonald on DSK2BSOYB1PROD with NOTICES4 [Release No. 34–62343; File No. SR– NYSEArca–2010–45] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 2.4 June 21, 2010. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that on June 2, 2010, NYSE Arca, Inc. (‘‘NYSE Arca’’ 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. NYSE Arca filed the proposed rule change as a ‘‘non-controversial’’ proposal pursuant to Section 19(b)(3)(A) of the Act 4 and Rule 19b–4(f)(6) thereunder,5 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend NYSE Arca Rule 2.4 governing Options Trading Permit Application Procedures. The text of the proposed rule change is available on the Exchange’s Web site at https://www.nyse.com, on the Commission’s Web site at https:// www.sec.gov, at the Exchange, and at the Commission’s Public Reference Room. 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. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend NYSE Arca Rule 2.4 to permit the Exchange to offer an expedited application process for NYSE Arca 2 15 U.S.C. 78a. CFR 240.19b–4. 4 15 U.S.C. 78s(b)(3)(A). 5 17 CFR 240.19b–4(f)(6). Options Trading Permit (‘‘OTP’’) applicants that are NYSE Arca Equities Trading Permit Holders (‘‘ETP Holders’’) in good standing. Currently, the NYSE Arca OTP application process does not take into consideration an applicant’s ETP status. This creates a duplicative application review because the requirements to become a NYSE Arca ETP Holder are substantially similar to the NYSE Arca OTP requirements and satisfy the criteria reviewed in the NYSE Arca OTP application process. Additionally, the rules related to registration are substantially similar for both OTP and ETP applicants. This proposed rule would eliminate inefficiencies and unnecessary burdens by creating an expedited application process for applicants who are NYSE Arca ETP Holders. This proposal is substantially similar to previously approved Nasdaq Rule 1013(a)(5)(C) and Nasdaq OMX BX Rule 1013(a)(5)(C). Accordingly, the Exchange proposes to revise NYSE Arca Rule 2.4 by adding the following as new subsection (b): An applicant that is an approved NYSE Arca ETP Holder may apply to become an OTP Holder through an expedited process, by submitting a Short Form OTP Holder Application and an NYSE Arca User Agreement. The Short Form OTP Holder Application shall contain information sufficient to establish the identity of the applicant as an approved NYSE Arca ETP Holder, its proposed activity on the Exchange, and certain contact personnel, in addition to any other information that may be required by the Exchange. In doing so, the Exchange will offer NYSE Arca ETP Holders an expedited and efficient OTP application process consistent with procedures established on other exchanges. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) 6 of the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’), in general, and furthers the objectives of Section 6(b)(5) 7 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. The Exchange seeks to revise its membership rules so that OTP Holder 3 17 20 17 1 15 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). VerDate Mar<15>2010 19:55 Jun 28, 2010 Jkt 220001 PO 00000 Frm 00141 Fmt 4703 6 15 7 15 Sfmt 4703 37515 E:\FR\FM\29JNN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(5). 29JNN1 37516 Federal Register / Vol. 75, No. 124 / Tuesday, June 29, 2010 / Notices Electronic Comments applicants are not unnecessarily burdened by duplicative oversight procedures. 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 The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 8 and Rule 19b–4(f)(6) thereunder.9 Because the 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 prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 10 and Rule 19b–4(f)(6)(iii) thereunder.11 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: 8 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 19b–4(f)(6)(iii) requires a self-regulatory organization to provide the Commission with 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 fulfilled this requirement. emcdonald on DSK2BSOYB1PROD with NOTICES4 9 17 VerDate Mar<15>2010 19:55 Jun 28, 2010 Jkt 220001 • 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–NYSEArca–2010–45 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. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62328; File No. SR– NYSEArca–2010–48] Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by NYSE Arca, Inc. Relating to the Guaranteed Allocation for Lead Market Makers and Directed Order Market Makers June 21, 2010. 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 June 8, All submissions should refer to File 2010, NYSE Arca, Inc. (‘‘NYSE Arca’’ or Number SR–NYSEArca–2010–45. This the ‘‘Exchange’’) filed with the Securities file number should be included on the subject line if e-mail is used. To help the and Exchange Commission (the ‘‘Commission’’) the proposed rule Commission process and review your change as described in Items I, II, and comments more efficiently, please use III below, which Items have been only one method. The Commission will prepared by the self-regulatory post all comments on the Commission’s organization. The Commission is Internet Web site (https://www.sec.gov/ publishing this notice to solicit rules/sro.shtml). Copies of the comments on the proposed rule change submission, all subsequent from interested persons. amendments, all written statements I. Self-Regulatory Organization’s with respect to the proposed rule Statement of the Terms of Substance of change that are filed with the the Proposed Rule Change Commission, and all written communications relating to the The Exchange proposes to amend proposed rule change between the Rule 6.76A, Order Execution—OX, to Commission and any person, other than eliminate guaranteed allocations in those that may be withheld from the certain circumstances. The text of the public in accordance with the proposed rule change is available on the provisions of 5 U.S.C. 552, will be Exchange’s Web site at https:// available for Web site viewing and www.nyse.com, on the Commission’s printing in the Commission’s Public Web site at https://www.sec.gov, at the Reference Room, 100 F Street, NE., Exchange, and at the Commission’s Public Reference Room. A copy of this Washington, DC 20549, on official filing is available on the Exchange’s business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also Web site at https://www.nyse.com, at the Exchange’s principal office and at the will be available for inspection and Commission’s Public Reference Room. copying at the principal office of the Exchange. All comments received will II. Self-Regulatory Organization’s be posted without change; the Statement of the Purpose of, and Commission does not edit personal Statutory Basis for, the Proposed Rule identifying information from Change submissions. You should submit only In its filing with the Commission, the information that you wish to make self-regulatory organization included available publicly. All submissions statements concerning the purpose of, should refer to File Number SR– and basis for, the proposed rule change NYSEArca–2010–45 and should be and discussed any comments it received submitted on or before July 20, 2010. on the proposed rule change. The text For the Commission, by the Division of of those statements may be examined at Trading and Markets, pursuant to delegated the places specified in Item IV below. authority.12 The Exchange has prepared summaries, Florence E. Harmon, set forth in sections A, B, and C below, of the most significant parts of such Deputy Secretary. statements. [FR Doc. 2010–15748 Filed 6–28–10; 8:45 am] BILLING CODE 8010–01–P 1 15 U.S.C.78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 12 17 PO 00000 CFR 200.30–3(a)(12). Frm 00142 Fmt 4703 Sfmt 4703 E:\FR\FM\29JNN1.SGM 29JNN1

Agencies

[Federal Register Volume 75, Number 124 (Tuesday, June 29, 2010)]
[Notices]
[Pages 37515-37516]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-15748]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62343; File No. SR-NYSEArca-2010-45]


 Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Amending Rule 2.4

June 21, 2010.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given 
that on June 2, 2010, NYSE Arca, Inc. (``NYSE Arca'' 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. NYSE Arca filed the proposed rule change as a ``non-
controversial'' proposal pursuant to Section 19(b)(3)(A) of the Act \4\ 
and Rule 19b-4(f)(6) thereunder,\5\ which renders the proposal 
effective upon filing with the Commission. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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

    The Exchange proposes to amend NYSE Arca Rule 2.4 governing Options 
Trading Permit Application Procedures. The text of the proposed rule 
change is available on the Exchange's Web site at https://www.nyse.com, 
on the Commission's Web site at https://www.sec.gov, at the Exchange, 
and at the Commission's Public Reference Room. 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.

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

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

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

1. Purpose
    The Exchange proposes to amend NYSE Arca Rule 2.4 to permit the 
Exchange to offer an expedited application process for NYSE Arca 
Options Trading Permit (``OTP'') applicants that are NYSE Arca Equities 
Trading Permit Holders (``ETP Holders'') in good standing.
    Currently, the NYSE Arca OTP application process does not take into 
consideration an applicant's ETP status. This creates a duplicative 
application review because the requirements to become a NYSE Arca ETP 
Holder are substantially similar to the NYSE Arca OTP requirements and 
satisfy the criteria reviewed in the NYSE Arca OTP application process. 
Additionally, the rules related to registration are substantially 
similar for both OTP and ETP applicants. This proposed rule would 
eliminate inefficiencies and unnecessary burdens by creating an 
expedited application process for applicants who are NYSE Arca ETP 
Holders.
    This proposal is substantially similar to previously approved 
Nasdaq Rule 1013(a)(5)(C) and Nasdaq OMX BX Rule 1013(a)(5)(C). 
Accordingly, the Exchange proposes to revise NYSE Arca Rule 2.4 by 
adding the following as new subsection (b):

    An applicant that is an approved NYSE Arca ETP Holder may apply 
to become an OTP Holder through an expedited process, by submitting 
a Short Form OTP Holder Application and an NYSE Arca User Agreement. 
The Short Form OTP Holder Application shall contain information 
sufficient to establish the identity of the applicant as an approved 
NYSE Arca ETP Holder, its proposed activity on the Exchange, and 
certain contact personnel, in addition to any other information that 
may be required by the Exchange.

    In doing so, the Exchange will offer NYSE Arca ETP Holders an 
expedited and efficient OTP application process consistent with 
procedures established on other exchanges.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \6\ of the 
Securities Exchange Act of 1934 (the ``Exchange Act''), in general, and 
furthers the objectives of Section 6(b)(5) \7\ 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. 
The Exchange seeks to revise its membership rules so that OTP Holder

[[Page 37516]]

applicants are not unnecessarily burdened by duplicative oversight 
procedures.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 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 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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\ 
Because the 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 prior to 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6)(iii) thereunder.\11\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires a self-regulatory organization to provide the 
Commission with 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 fulfilled this requirement.
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSEArca-2010-45 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-NYSEArca-2010-45. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for Web site 
viewing and printing in the Commission's Public Reference Room, 100 F 
Street, NE., Washington, DC 20549, on official business days between 
the hours of 10 a.m. and 3 p.m. Copies of 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-
NYSEArca-2010-45 and should be submitted on or before July 20, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-15748 Filed 6-28-10; 8:45 am]
BILLING CODE 8010-01-P
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