Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend Post Regular Trading Hours Trading Session, 48402-48404 [2010-19652]
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48402
Federal Register / Vol. 75, No. 153 / Tuesday, August 10, 2010 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received comments on the proposed
rule change.
Commission summarily may
temporarily suspend 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.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms does not become
operative for 30 days after the date of
this filing, 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 18 and
Rule 19b–4(f)(6) thereunder.19
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing. However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange requests that the Commission
waive the 30-day operative delay so that
the Exchange can list and trade options
on the Sprott Physical Gold Trust
immediately. The Commission believes
that waiving the 30-day operative delay
is consistent with the protection of
investors and the public interest to
permit the Exchange to list and trade
options on the Sprott Physical Gold
Trust without delay.20 The Commission
notes the proposal is substantively
identical to proposals that were recently
approved by the Commission, and does
not raise any new regulatory issues.21
For these reasons, the Commission
designates the proposed rule change as
operative upon filing.
At any time within 60 days of the
filing of the proposed rule change, the
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:
18 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). 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.
20 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
21 See Securities Exchange Act Release No. 62463
(July 7, 2010), 75 FR 40005 (July 13, 2010) (SR–
CBOE–2010–043).
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19 17
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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–2010–053 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities Exchange Commission, 100 F
Street, NE., Washington, DC 20549–
1090.
All submissions should refer to File
Number SR–BX–2010–053. 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,22 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
22 The text of the proposed rule change is
available on the Commission’s Web site at https://
www.sec.gov.
PO 00000
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submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–BX–
2010–053 and should be submitted on
or before August 31, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–19654 Filed 8–9–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62643; File No. SR–NSX–
2010–10]
Self-Regulatory Organizations;
National Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Extend
Post Regular Trading Hours Trading
Session
August 4, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 30,
2010, National Stock Exchange, Inc.
(‘‘NSX®’’ or ‘‘Exchange’’) 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 Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
solicit comment on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NSX proposes to extend the
Exchange’s post regular trading hours
session.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.nsx.com, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
23 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
1 15
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Federal Register / Vol. 75, No. 153 / Tuesday, August 10, 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, 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
sroberts on DSKB9S0YB1PROD with NOTICES
1. Purpose
With this rule change, the Exchange is
proposing to extend the Exchange’s post
regular trading hours trading session
from 6:30 p.m. Eastern Time (‘‘ET’’) until
8 p.m. ET.
Currently, the Exchange’s Regular
Trading Hours, as such term is defined
in NSX Rule 1(R)(1), are from 9:30 a.m.
until 4 p.m. ET. The pre-Regular
Trading Hours trading session is from 8
a.m. until 9:30 a.m. ET, and the postRegular Trading Hours trading session is
from 4 p.m. until 6:30 p.m. ET. Pursuant
to Rule 11.1(a), the Board of Directors of
the Exchange has determined to extend
the post-Regular Trading Hours trading
session until 8 p.m. ET.5 Pursuant to
Rule 11.1(a), the Board’s determination
to extend the Exchange’s post-Regular
Trading Hours to 8:00 p.m. ET will be
noticed to ETP Holders pursuant to
Regulatory Circular. In addition, the text
of Rule 11.1(a) is supplemented to
reflect proposed Exchange business
hours.
The Exchange’s surveillance programs
and resources presently in force with
respect to the Exchange’s current postRegular Trading Hours trading session,
which (prior to the proposed operative
date of August 2, 2010 of the instant
rule filing) closes at 6:30 p.m. ET, will
be utilized to effectively surveil
activities on the Exchange during the
additional hour and a half of postRegular Trading Hours proposed under
the instant rule filing. The Exchange
believes that its current surveillance and
other regulatory programs are
sufficiently robust and capable of
fulfilling the Exchange’s regulatory
obligations with respect to the proposed
extended post-Regular Trading Hours.
The Exchange will continue to monitor
its market to identify any need for, and
to implement, such regulatory
enhancements and additional actions as
may be necessary from time to time.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6(b) of the
Act,6 in general, and furthers the
objectives of Section 6(b)(5) 7 in
particular in that it is designed, among
other things, to promote clarity,
transparency and full disclosure, in so
doing, to prevent fraudulent and
manipulative acts and practices, 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.
Moreover, the proposed rule change is
not discriminatory in that all ETP
Holders are eligible to participate (or
elect to not participate) in effectuating
transactions on the Exchange outside of
Regular Trading Hours on the same
terms and conditions.
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 Exchange Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
does not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) thereunder.9
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
6 15
5 Each
of Nasdaq, Arca, ISE, and DirectEdge (A
and X) operate extended trading sessions until 8
p.m. ET.
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U.S.C. 78f(b).
U.S.C. 78f(b)(5).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6).
7 15
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48403
become operative prior to 30 days after
the date of filing.10 However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission notes that the
Exchange’s proposal is substantially
similar to the rules of other national
securities exchanges and does not raise
any new substantive issues.11 Based on
the foregoing, the Commission believes
that waiving the 30-day operative delay
is consistent with the protection of
investors and the public interest and
hereby designates the proposal
operative upon filing.12
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend 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.13
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
10 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written
notice of its intent to file the proposed rule change,
along with a brief description and text of the
proposed rule change, at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
11 See supra note 5. The Commission previously
has waived the operative delay for similar rule
change proposals of other exchanges under Rule
19b–4(f)(6) on the same basis. See, e.g., Securities
Exchange Act Release No. 59136 (December 22,
2008), 73 FR 80484 (December 31, 2008) (SR–ISE–
2008–95) (wherein the Commission waived the 30day operative delay of a rule filing extending ISE’s
post regular trading hours from 5 p.m. to 8:00 p.m.
ET). See also Securities Exchange Act Release No.
59963 (May 21, 2009), 74 FR 25787 (May 29, 2009)
(SR–BATS–2009–012) and Securities Exchange Act
Release No. 58685 (September 30, 2008), 73 FR
58277 (October 6, 2008) (SR–ISE–2008–73) (in each
case, the Commission waived the 30-day operative
delay of rule filings establishing post-regular
trading hours sessions until 5 p.m. ET).
12 For the purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
13 15 U.S.C. 78s(b)(3)(C).
E:\FR\FM\10AUN1.SGM
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48404
Federal Register / Vol. 75, No. 153 / Tuesday, August 10, 2010 / Notices
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NSX–2010–10 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
and C below, of the most significant
aspects of such statements.
[Release No. 34–62642; File No. SR–CHX–
2010–19]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations; The
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Amend
Its Order Cancellation Fee
August 4, 2010.
All submissions should refer to File
Number SR–NSX–2010–10. 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 will
also be available for inspection and
copying at the principal office of the
self-regulatory organization. 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–NSX–2010–10 and should
be submitted on or before August 31,
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 30,
2010, the Chicago Stock Exchange, Inc.
(‘‘CHX’’ or ‘‘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 Exchange. CHX has filed the
proposal pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(2)
thereunder,4 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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
In its filing with the Commission, the
CHX included statements concerning
the purpose of and basis for the
proposed rule changes and discussed
any comments it received regarding the
proposal. The text of these statements
may be examined at the places specified
in Item IV below. The CHX has prepared
summaries, set forth in sections A, B
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[FR Doc. 2010–19652 Filed 8–9–10; 8:45 am]
BILLING CODE 8010–01–P
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The CHX proposes to amend its
Schedule of Participant Fees and
Assessments (the ‘‘Fee Schedule’’),
effective August 1, 2010, to amend its
order cancellation fee for Participants
entering and subsequently cancelling
orders under certain circumstances. The
text of this proposed rule change is
available on the Exchange’s Web site at
https://www.chx.com/rules/
proposed_rules.htm and in the
Commission’s Public Reference Room,
100 F Street, NE., Washington, DC
20549.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
2 17
14 17
CFR 200.30–3(a)(12).
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Fmt 4703
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1. Purpose
Through this proposal, the Exchange
is seeking to amend its Fee Schedule to
exempt from its existing Order
Cancellation Fee all orders, transactions
and cancellation activity in Exchange
Traded Funds (‘‘ETFs’’), Exchange
Traded Notes (‘‘ETNs’’) or Exchange
Traded Vehicles (‘‘ETVs’’), collectively
referred to as Exchange Traded Products
(‘‘ETPs’’). The Order Cancellation Fee
would continue in its current form and
effect with respect to all other securities.
Beginning in January 2010, the
Exchange’s published Fee Schedule
imposed a charge for order cancellations
submitted by Participants whose orders
rarely are at or near the National Best
Bid or Offering (‘‘NBBO’’).5 The
application of the order cancellation fee
depends on a calculation (done on a
Participant-by-Participant basis)
involving the number of wide orders
(defined as display-eligible orders in the
Matching System which are 2 or more
cents away from the NBBO), quotable
orders (all other display-eligible orders),
the number of trades executed and
number of cancellations submitted by a
Participant in a month.6 The purpose of
the order cancellation fee was to incent
Participants to submit orders which are
close to the NBBO (and are therefore
more likely to be executed) or
compensate the Exchange for the
systems and operational costs and
burdens associated with handling and
recording orders which rarely execute.
Since the imposition of the order
cancellation fee, however, the Exchange
has observed that the number of
unexecuted and displayed orders has
actually increased for certain
Participants. In order to avoid
application of the cancellation fee,
certain Participants are submitting
Quotable orders (i.e., those within 2
cents of the NBBO) to the CHX’s
Matching System, but for an extremely
short duration (e.g., 20 milliseconds).
Due to the short duration of the order,
the amount of trade activity generated
by such orders is negligible. This
5 See Securities Exchange Act Release No. 61392
(Jan. 21, 2010), 75 FR 4436 (Jan. 27, 2010) (SR–
CHX–2010–02).
6 The activity also must have occurred in our
Regular Trading Session and be in securities priced
$1 per share or more. Cancellations arising from
Immediate or Cancel or Fill or Kill order types are
excluded from the calculation. Executions of cross
orders are also excluded.
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]]>Agencies
[Federal Register Volume 75, Number 153 (Tuesday, August 10, 2010)]
[Notices]
[Pages 48402-48404]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-19652]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62643; File No. SR-NSX-2010-10]
Self-Regulatory Organizations; National Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Extend Post Regular Trading Hours Trading Session
August 4, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 30, 2010, National Stock Exchange, Inc. (``NSX[supreg]''
or ``Exchange'') 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 Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comment on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NSX proposes to extend the Exchange's post regular trading hours
session.
The text of the proposed rule change is available on the Exchange's
Web site at https://www.nsx.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.
[[Page 48403]]
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 parts of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
With this rule change, the Exchange is proposing to extend the
Exchange's post regular trading hours trading session from 6:30 p.m.
Eastern Time (``ET'') until 8 p.m. ET.
Currently, the Exchange's Regular Trading Hours, as such term is
defined in NSX Rule 1(R)(1), are from 9:30 a.m. until 4 p.m. ET. The
pre-Regular Trading Hours trading session is from 8 a.m. until 9:30
a.m. ET, and the post-Regular Trading Hours trading session is from 4
p.m. until 6:30 p.m. ET. Pursuant to Rule 11.1(a), the Board of
Directors of the Exchange has determined to extend the post-Regular
Trading Hours trading session until 8 p.m. ET.\5\ Pursuant to Rule
11.1(a), the Board's determination to extend the Exchange's post-
Regular Trading Hours to 8:00 p.m. ET will be noticed to ETP Holders
pursuant to Regulatory Circular. In addition, the text of Rule 11.1(a)
is supplemented to reflect proposed Exchange business hours.
---------------------------------------------------------------------------
\5\ Each of Nasdaq, Arca, ISE, and DirectEdge (A and X) operate
extended trading sessions until 8 p.m. ET.
---------------------------------------------------------------------------
The Exchange's surveillance programs and resources presently in
force with respect to the Exchange's current post-Regular Trading Hours
trading session, which (prior to the proposed operative date of August
2, 2010 of the instant rule filing) closes at 6:30 p.m. ET, will be
utilized to effectively surveil activities on the Exchange during the
additional hour and a half of post-Regular Trading Hours proposed under
the instant rule filing. The Exchange believes that its current
surveillance and other regulatory programs are sufficiently robust and
capable of fulfilling the Exchange's regulatory obligations with
respect to the proposed extended post-Regular Trading Hours. The
Exchange will continue to monitor its market to identify any need for,
and to implement, such regulatory enhancements and additional actions
as may be necessary from time to time.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) of the Act,\6\ in general, and
furthers the objectives of Section 6(b)(5) \7\ in particular in that it
is designed, among other things, to promote clarity, transparency and
full disclosure, in so doing, to prevent fraudulent and manipulative
acts and practices, 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. Moreover, the proposed rule change
is not discriminatory in that all ETP Holders are eligible to
participate (or elect to not participate) in effectuating transactions
on the Exchange outside of Regular Trading Hours on the same terms and
conditions.
---------------------------------------------------------------------------
\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 Exchange Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change does not: (1) Significantly
affect the protection of investors or the public interest; (2) impose
any significant burden on competition; and (3) become operative for 30
days after the date of this filing, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative prior to 30 days after the date of filing.\10\
However, Rule 19b-4(f)(6)(iii) permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the 30-day operative delay. The Commission notes that
the Exchange's proposal is substantially similar to the rules of other
national securities exchanges and does not raise any new substantive
issues.\11\ Based on the foregoing, the Commission believes that
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest and hereby designates the proposal
operative upon filing.\12\
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\10\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization submit to
the Commission written notice of its intent to file the proposed
rule change, along with a brief description and text of the proposed
rule change, at least five business days prior to the date of filing
of the proposed rule change, or such shorter time as designated by
the Commission. The Exchange has satisfied this requirement.
\11\ See supra note 5. The Commission previously has waived the
operative delay for similar rule change proposals of other exchanges
under Rule 19b-4(f)(6) on the same basis. See, e.g., Securities
Exchange Act Release No. 59136 (December 22, 2008), 73 FR 80484
(December 31, 2008) (SR-ISE-2008-95) (wherein the Commission waived
the 30-day operative delay of a rule filing extending ISE's post
regular trading hours from 5 p.m. to 8:00 p.m. ET). See also
Securities Exchange Act Release No. 59963 (May 21, 2009), 74 FR
25787 (May 29, 2009) (SR-BATS-2009-012) and Securities Exchange Act
Release No. 58685 (September 30, 2008), 73 FR 58277 (October 6,
2008) (SR-ISE-2008-73) (in each case, the Commission waived the 30-
day operative delay of rule filings establishing post-regular
trading hours sessions until 5 p.m. ET).
\12\ For the purposes only of waiving the 30-day operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend 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.\13\
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\13\ 15 U.S.C. 78s(b)(3)(C).
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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 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
[[Page 48404]]
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NSX-2010-10 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-NSX-2010-10. 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 will also be available for
inspection and copying at the principal office of the self-regulatory
organization. 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-NSX-
2010-10 and should be submitted on or before August 31, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-19652 Filed 8-9-10; 8:45 am]
BILLING CODE 8010-01-P
