Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change Amending Rule 6.47, 45683-45685 [2010-18998]
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Federal Register / Vol. 75, No. 148 / Tuesday, August 3, 2010 / Notices
maintains a market for the listing or
trading of Plan Securities 5 in
accordance with rules approved by the
Commission, which securities are
identified by one, two, or three
character symbols, on the one hand, or
four or five character symbols, on the
other hand, in each case prior to any
suffix or special conditional identifier;
(ii) it signs a current copy of the Plan;
and (iii) it pays to the other parties a
proportionate share of the aggregate
development costs, based upon the
number of symbols reserved by the new
party during the first twelve (12) months
of such party’s membership.6
EDGA and EDGX have submitted a
signed copy of the Symbology Plan to
the Commission in accordance with the
requirement set forth in the Symbology
Plan regarding new parties to the plan.
II. Effectiveness of the Proposed
Symbology Plan Amendment
The foregoing proposed Symbology
Plan amendment has become effective
pursuant to Rule 608(b)(3)(iii) 7 because
it involves solely technical or
ministerial matters. At any time within
sixty days of the filing of the
amendment, the Commission may
summarily abrogate the amendment and
require that it be refiled pursuant to
paragraph (b)(1) of Rule 608,8 if it
appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors or the maintenance of fair and
orderly markets, to remove impediments
to, and perfect the mechanisms of, a
national market system or otherwise in
furtherance of the purposes of the Act.
III. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the amendment is
consistent with the Act. Comments may
be submitted by any of the following
methods:
Electronic Comments
erowe on DSK5CLS3C1PROD with NOTICES
• 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 4–533 on the subject line.
Securities’’ are defined in the Symbology
Plan as securities that: (i) Are NMS securities as
currently defined in Rule 600(a)(46) under the Act;
and (ii) any other equity securities quoted, traded
and/or trade reported through an SRO facility.
6 Sections I(c) and V(a) of the Plan.
7 17 CFR 242.608(b)(3)(iii).
8 17 CFR 242.608(b)(1).
5 ‘‘Plan
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Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number 4–533. 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, 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 EDGA and EDGX.
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 4–533 and should be submitted
on or before August 24, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–18935 Filed 8–2–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62580; File No. SR–
NYSEArca–2010–69]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change Amending Rule 6.47
July 28, 2010.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
45683
notice is hereby given that, on July 20,
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, II, and
III 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 6.47 to describe new procedures
for executing a cross transaction. The
text of the proposed rule change is
attached as Exhibit 5 to the 19b-4 form.
A copy of this filing is available on the
Exchange’s Web site at https://
www.nyse.com, at the Exchange’s
principal office, 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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
NYSE Arca proposes to modify Rule
6.47(a) to describe new procedures for
Floor Brokers wishing to execute a NonFacilitation cross transaction.4
Currently, after requesting a market,
Floor Brokers are required to disclose
the terms of a cross, after which Market
Makers are allowed to revise their bids
and offers to block the cross.
NYSE Arca proposes that Market
Makers, after being informed of a
potential cross, should provide their
best bid and best offer, but not be
allowed to step ahead of subsequently
disclosed trading interest. The Exchange
1 15
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Fmt 4703
4 Facilitation Crosses are governed by Rule
6.47(b), and are not affected by this proposal.
Sfmt 4703
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45684
Federal Register / Vol. 75, No. 148 / Tuesday, August 3, 2010 / Notices
intends for Market Makers to make
markets and not prevent better priced
trading interests from interacting with
each other.
The proposed rule change would
allow a Floor Broker to request, without
revealing the size of the orders, a final
quote for a cross from the Trading
Crowd, and then to cross above the
highest bid, or below the lowest offer,
and, if not on a price provided by the
Crowd, to execute the cross in its
entirety. If the cross were to take place
on the price provided by the Crowd, the
Floor Broker would be obligated to trade
with that interest prior to crossing the
orders. The cross would be required to
be within the National Best Bid/Offer,
and would also be obligated to satisfy
any bids or offers in the Consolidated
Book equal to or better than the crossing
price.
For example, if the prices of the
orders to be crossed allowed for a range
of possible crossing prices, and the
Trading Crowd provided a final quote
that was two or more Minimum Price
Variations (‘‘MPV’’) wide, the Floor
Broker could bid above the Trading
Crowd’s bid and consummate the cross
without trading on a final quote price.
If, alternatively, the final quote was
only one MPV wide, (i.e., 3.10 bid for
20 contracts at 3.20 offer for 50
contracts) the Floor Broker could not
meet the obligation to the orders
without trading on a final quote price.
In this case, the Floor Broker would bid
above the final quote bid (i.e., bid 3.20)
or offer below the final quote offer (i.e.,
offer at 3.10), each instance of which is
equal to a final quote price. The Floor
Broker would then be obligated to trade
with the final quote interest at that price
(i.e., buy 50 at 3.20 or sell 20 at 3.10)
before crossing the balance of the
orders.
Additionally, if, because of movement
in the markets while the order was
being brought to the crowd, the limit on
one of the orders only allowed for a
cross to be effected at a final quote
price, regardless of the width of the final
quote, the Floor Broker would be
required to bid above the final quote bid
or offer below the final quote offer yet
still be at a final quote price. Again, the
Floor Broker would be obligated to trade
with the final quote interest at that price
before crossing the balance of the
orders. For instance, the electronic
market in the series is 3.00 bid offered
at 3.30, and the Floor Broker receives
orders to cross at 3.10 or 3.20. When the
Floor Broker requests a Final Quote, the
crowd responds with a market of 3.20
bid at 3.30. In order to meet the
obligation to execute the order, the
Floor Broker would have to offer at 3.20,
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14:41 Aug 02, 2010
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fill the bids in the crowd at 3.20, and
then cross the balance of the orders.
Additionally, the Exchange proposes
to add two commentaries to Rule 6.47.
Commentary .01 would allow an OTP
Holder to submit an order that has been
solicited prior to transmittal to the
Floor, but would not allow the new
procedures to be used to circumvent
limitations on principal transactions as
described in Rule 6.47A, nor allow the
OTP Holder to solicit a contra order
from an NYSE Arca Market Maker
assigned to the class of options to trade
against an agency order.
Commentary .02 would state it is a
violation of a Floor Broker’s duty for
best execution to cancel an agency order
to avoid execution at a better price.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with and
furthers the objectives of Section 6(b)(5)
of the Act, in that it is designed to
promote just and equitable principles of
trade, remove impediments to and
perfect the mechanisms 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 will provide
encouragement for Market Makers to
provide their best prices earlier, upon
the initial presentation of trading
interest to the crowd, and the broker
will be required to better the crowd’s
price in order to execute the cross
transaction. The proposed new process
should thus increase the possibility of
price improvement for Customer orders.
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
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
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Fmt 4703
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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.
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–NYSEArca–2010–69 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–2010–69. 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 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
publicly available. All submissions
should refer to File Number SR–
E:\FR\FM\03AUN1.SGM
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Federal Register / Vol. 75, No. 148 / Tuesday, August 3, 2010 / Notices
NYSEArca–2010–69 and should be
submitted on or before August 24, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.5
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–18998 Filed 8–2–10; 8:45 am]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
1. Purpose
[Release No. 34–62584; File No. SR–FINRA–
2010–035]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing of
Proposed Rule Change Amendments
to the Discovery Guide and Rules
12506 and 12508 of the Code of
Arbitration Procedure for Customer
Disputes
July 28, 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 July 12,
2010, the Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III below, which Items have been
prepared by FINRA. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
erowe on DSK5CLS3C1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA is proposing to amend the
Discovery Guide, which includes
Document Production Lists, and to
make conforming changes to Rules
12506 and 12508 of the Code of
Arbitration Procedure for Customer
Disputes (‘‘Customer Code’’).
The text of the proposed rule change
is available on FINRA’s Web site at
https://www.finra.org, at the principal
office of FINRA 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,
FINRA included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
5 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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14:41 Aug 02, 2010
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comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. FINRA has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
FINRA proposes to revise the
Discovery Guide (‘‘Guide’’) to expand
the guidance FINRA gives to parties and
arbitrators on the discovery process and
to update the Document Production
Lists (‘‘Lists’’). The proposal includes
conforming changes to Rules 12506 and
12508 of the Customer Code.
Background
The SEC approved the current Guide
in 1999 and FINRA made it available for
use in arbitration proceedings involving
customer disputes upon the publication
of Notice to Members (NTM) 99–90
(November 1999). The Guide provides
guidance to parties on which documents
parties should exchange without
arbitrator or staff intervention, and to
arbitrators in determining which
documents customers and member firms
or associated persons are presumptively
required to produce in customer
arbitrations.
In March 2004, FINRA determined to
review the Guide and consider whether
FINRA should update the Guide after
more than four years of use. A FINRA
Advisory Committee, the National
Arbitration and Mediation Committee
(‘‘NAMC’’), conducted the review. The
NAMC is a majority public committee
made up of attorneys who represent
investors, attorneys who represent
brokerage firms, arbitrators, and
mediators. In addition, FINRA staff met
with other frequent users of the forum
representing both the public and the
industry to listen to the concerns of
each side about the current lists, their
proposals for changes, and their
reactions to other constituents’
proposals. FINRA worked for three
years to build a consensus on revisions
to the Guide.
In 2008, FINRA filed a proposed rule
change with the SEC to update the
Guide (‘‘the 2008 proposal’’). The 2008
proposal added clarifying and
conforming language to the introduction
in the Guide and updated the Lists. The
SEC received 53 comment letters on the
2008 proposal that clearly signaled that
the consensus reached on revisions to
the Guide was not broad enough. In
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Fmt 4703
Sfmt 4703
45685
light of the comment letters, FINRA
withdrew the filing.3
FINRA staff drafted a new Guide
which would replace the current Guide
in its entirety. The starting point was
the 2008 proposal and the comment
letters submitted to the SEC on the 2008
proposal. NAMC members shared the
staff’s draft with interested parties
including, among others, attorneys who
represent investors, in-house counsel at
brokerage firms, and attorneys who
handle investor claims at Law School
clinics. The NAMC recommended that
FINRA appoint a Subcommittee to
review the proposal. The Subcommittee,
comprised of public and industry
NAMC members, reached consensus on
a number of revisions to the Guide. The
NAMC reviewed the Subcommittee’s
recommended changes and agreed to
make additional revisions. The
proposed rule change incorporates the
NAMC’s suggested revisions.
Commenters on the 2008 proposal
suggested that it may be appropriate to
eliminate the Lists for specific types of
claims since claimants are not required
to plead causes of action under the
Customer Code. In response to these
comments, FINRA proposes to replace
the 14 current Lists (two general Lists
and 12 separate Lists for specific types
of claims) with two Lists. The Lists
identify ‘‘presumptively discoverable’’
documents—one for firms/associated
persons to produce and one for
customers to produce. Although each
item on the Lists (with a few exceptions)
would be presumptively discoverable in
every customer case, parties can still
urge that certain documents should not
be discoverable. Likewise, parties can
ask arbitrators to order production of
additional documents that are not on
the Lists. The proposed rule change
emphasizes that arbitrators retain the
flexibility necessary to tailor the Guide
to the facts and circumstances of each
case. This is especially important
because, with the reduction of the Lists
from 14 to two, production is no longer
dependent on the nature of the claim.
Proposed Revisions to the Guide’s
Introduction
FINRA is proposing a number of
revisions to the Guide’s introduction
that expand the guidance given to
parties and arbitrators on the discovery
process generally and clarify how
arbitrators should apply the Guide in
arbitration proceedings.
The current Guide states that it does
not intend to remove the arbitrators’ and
parties’ flexibility in the discovery
3 FINRA filed SR–FINRA 2008–024 on June 11,
2008 and withdrew the filing on May 21, 2009.
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Agencies
[Federal Register Volume 75, Number 148 (Tuesday, August 3, 2010)]
[Notices]
[Pages 45683-45685]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-18998]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62580; File No. SR-NYSEArca-2010-69]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Amending Rule 6.47
July 28, 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 July 20, 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, II,
and III 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\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rule 6.47 to describe new procedures
for executing a cross transaction. The text of the proposed rule change
is attached as Exhibit 5 to the 19b-4 form. A copy of this filing is
available on the Exchange's Web site at https://www.nyse.com, at the
Exchange's principal office, 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
NYSE Arca proposes to modify Rule 6.47(a) to describe new
procedures for Floor Brokers wishing to execute a Non-Facilitation
cross transaction.\4\ Currently, after requesting a market, Floor
Brokers are required to disclose the terms of a cross, after which
Market Makers are allowed to revise their bids and offers to block the
cross.
---------------------------------------------------------------------------
\4\ Facilitation Crosses are governed by Rule 6.47(b), and are
not affected by this proposal.
---------------------------------------------------------------------------
NYSE Arca proposes that Market Makers, after being informed of a
potential cross, should provide their best bid and best offer, but not
be allowed to step ahead of subsequently disclosed trading interest.
The Exchange
[[Page 45684]]
intends for Market Makers to make markets and not prevent better priced
trading interests from interacting with each other.
The proposed rule change would allow a Floor Broker to request,
without revealing the size of the orders, a final quote for a cross
from the Trading Crowd, and then to cross above the highest bid, or
below the lowest offer, and, if not on a price provided by the Crowd,
to execute the cross in its entirety. If the cross were to take place
on the price provided by the Crowd, the Floor Broker would be obligated
to trade with that interest prior to crossing the orders. The cross
would be required to be within the National Best Bid/Offer, and would
also be obligated to satisfy any bids or offers in the Consolidated
Book equal to or better than the crossing price.
For example, if the prices of the orders to be crossed allowed for
a range of possible crossing prices, and the Trading Crowd provided a
final quote that was two or more Minimum Price Variations (``MPV'')
wide, the Floor Broker could bid above the Trading Crowd's bid and
consummate the cross without trading on a final quote price.
If, alternatively, the final quote was only one MPV wide, (i.e.,
3.10 bid for 20 contracts at 3.20 offer for 50 contracts) the Floor
Broker could not meet the obligation to the orders without trading on a
final quote price. In this case, the Floor Broker would bid above the
final quote bid (i.e., bid 3.20) or offer below the final quote offer
(i.e., offer at 3.10), each instance of which is equal to a final quote
price. The Floor Broker would then be obligated to trade with the final
quote interest at that price (i.e., buy 50 at 3.20 or sell 20 at 3.10)
before crossing the balance of the orders.
Additionally, if, because of movement in the markets while the
order was being brought to the crowd, the limit on one of the orders
only allowed for a cross to be effected at a final quote price,
regardless of the width of the final quote, the Floor Broker would be
required to bid above the final quote bid or offer below the final
quote offer yet still be at a final quote price. Again, the Floor
Broker would be obligated to trade with the final quote interest at
that price before crossing the balance of the orders. For instance, the
electronic market in the series is 3.00 bid offered at 3.30, and the
Floor Broker receives orders to cross at 3.10 or 3.20. When the Floor
Broker requests a Final Quote, the crowd responds with a market of 3.20
bid at 3.30. In order to meet the obligation to execute the order, the
Floor Broker would have to offer at 3.20, fill the bids in the crowd at
3.20, and then cross the balance of the orders.
Additionally, the Exchange proposes to add two commentaries to Rule
6.47. Commentary .01 would allow an OTP Holder to submit an order that
has been solicited prior to transmittal to the Floor, but would not
allow the new procedures to be used to circumvent limitations on
principal transactions as described in Rule 6.47A, nor allow the OTP
Holder to solicit a contra order from an NYSE Arca Market Maker
assigned to the class of options to trade against an agency order.
Commentary .02 would state it is a violation of a Floor Broker's
duty for best execution to cancel an agency order to avoid execution at
a better price.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
and furthers the objectives of Section 6(b)(5) of the Act, in that it
is designed to promote just and equitable principles of trade, remove
impediments to and perfect the mechanisms 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 will provide encouragement
for Market Makers to provide their best prices earlier, upon the
initial presentation of trading interest to the crowd, and the broker
will be required to better the crowd's price in order to execute the
cross transaction. The proposed new process should thus increase the
possibility of price improvement for Customer orders.
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
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.
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-2010-69 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-2010-69. 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 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
publicly available. All submissions should refer to File Number SR-
[[Page 45685]]
NYSEArca-2010-69 and should be submitted on or before August 24, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\5\
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\5\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-18998 Filed 8-2-10; 8:45 am]
BILLING CODE 8010-01-P