Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Pilot Period To Receive Inbound Routes From Archipelago Securities LLC, 55388-55389 [2010-22556]
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Federal Register / Vol. 75, No. 175 / Friday, September 10, 2010 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62831; File No. SR–
NYSEAmex–2010–91]
Self-Regulatory Organizations; NYSE
Amex LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Extending the Pilot
Period To Receive Inbound Routes
From Archipelago Securities LLC
September 2, 2010.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) and Rule 19b–4 thereunder,2
notice is hereby given that, on August
31, 2010, NYSE Amex LLC (the
‘‘Exchange’’ or ‘‘NYSE Amex’’) 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. 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 extend the
pilot period of the Exchange’s prior
approvals to receive inbound routes of
orders from Archipelago Securities LLC
(‘‘Arca Securities’’), an NYSE Amex
affiliated member. The text of the
proposed rule change is available at the
Exchange, the Commission’s Public
Reference Room, and https://
www.nyse.com.
srobinson on DSKHWCL6B1PROD with 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
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.
1 15
2 17
U.S.C.78s(b)(1).
CFR 240.19b-4.
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1. Purpose
Currently, Arca Securities is the
approved outbound order routing
facility of the Exchange.3 Arca
Securities is also the approved
outbound order routing facility of the
New York Stock Exchange (‘‘NYSE’’) and
NYSE Arca, Inc. (‘‘NYSE Arca’’).4 The
Exchange has also been previously
approved to receive inbound routes of
orders by Arca Securities in its capacity
as an order routing facility of NYSE
Arca and the NYSE.5 The Exchange’s
authority to receive inbound routes of
orders by Arca Securities is subject to a
pilot period ending September 30,
2010.6 The Exchange hereby seeks to
extend the previously approved pilot
period (with the attendant obligations
and conditions) for an additional six
months, through March 31, 2011.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) 7 of the
Securities Exchange Act of 1934 (the
‘‘Act’’), in general, and furthers the
objectives of Section 6(b)(5),8 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
3 See Securities Exchange Act Release No. 59009
(November 24, 2008), 73 FR 73363 (December 2,
2008) (order approving SR–NYSEALTR–2008–07);
see also, Securities Exchange Act Release No. 59473
(February 27, 2009) 74 FR 9853 (March 6, 2009)
(order approving SR–NYSEALTR–2009–18).
4 See Securities Exchange Act Release No. 55590
(April 5, 2007), 72 FR 18707 (April 13, 2007) (notice
of immediate effectiveness of SR–NYSE–2007–29);
see also, Securities Exchange Act Release No. 58680
(September 29, 2008), 73 FR 58283 (October 6,
2008) (order approving SR–NYSE–2008–76). See
Securities Exchange Act Release No. 54238 (July 28,
2006), 71 FR 44758 (August 7, 2006) (order
approving SR–NYSEArca–2006–13); see also,
Securities Exchange Act Release No. 52497
(September 22, 2005), 70 FR 56949 (September 29,
2005)(SR–PCX–2005–90); see also, Securities
Exchange Act Release No. 44983 (October 25, 2001),
66 FR 55225 (November 1, 2001) (SR–PCX–00–25);
see also, Securities Exchange Act Release No. 58681
(September 29, 2008), 73 FR 58285 (October 6,
2008) (order approving NYSEArca-2008–90).
5 See Securities Exchange Act Release No. 58673
(September 29, 2008), 73 FR 57707 (October 3,
2008) (order approving SR–Amex–2008–62). See
also, Securities Exchange Act Release No. 58705
(October 1, 2008), 73 FR 58995 (October 8, 2008)
(order approving SR–AMEX–2008–63).
6 See Securities Exchange Act Release No. 61815
(March 31, 2010), 75 FR 17817 (April 7, 2010)
(Notice of immediate effectiveness of SR–
NYSEAmex–2010–32).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
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transactions in securities, and to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system.
Specifically, the proposed rule change
will allow the Exchange to continue
receiving inbound routes of equities
orders from Arca Securities acting in its
capacity as a facility of the NYSE and
NYSE Arca, in a manner consistent with
prior approvals and established
protections. The Exchange believes that
extending the previously approved pilot
period for six months will permit both
the Exchange and the Commission to
further assess the impact of the
Exchange’s authority to receive direct
inbound routes of equities orders via
Arca Securities (including the attendant
obligations and conditions).9
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
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 10 and Rule 19b–
4(f)(6) thereunder.11
At any time within 60 days of the
filing of such proposed rule change the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
9 The Exchange is currently analyzing the
condition regarding non-public information and
system changes in order to better reflect the
operation of Arca Securities.
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6). 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.
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Federal Register / Vol. 75, No. 175 / Friday, September 10, 2010 / Notices
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
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–22556 Filed 9–9–10; 8:45 am]
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:
BILLING CODE 8010–01–P
Electronic Comments
Self-Regulatory Organizations;
National Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Amend
Rule 11.13 Regarding Maximum
Permissible Response Time for Users
of Order Delivery
• 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–NYSEAmex–2010–91 on
the subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62822; File No. SR–NSX–
2010–11]
September 1, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
• Send paper comments in triplicate
notice is hereby given that on August
to Elizabeth M. Murphy, Secretary,
31, 2010, National Stock Exchange, Inc.
Securities and Exchange Commission,
(‘‘NSX ®’’ or ‘‘Exchange’’) filed with the
100 F Street, NE., Washington, DC
Securities and Exchange Commission
20549–1090.
(‘‘Commission’’) the proposed rule
All submissions should refer to File
change, as described in Items I and II
Number SR–NYSEAmex–2010–91. This below, which Items have been prepared
file number should be included on the
by the Exchange. The Exchange filed the
subject line if e-mail is used. To help the proposal as a ‘‘non-controversial’’
Commission process and review your
proposed rule change pursuant to
comments more efficiently, please use
Section 19(b)(3)(A)(iii) of the Act 3 and
only one method. The Commission will Rule 19b–4(f)(6) thereunder.4 The
post all comments on the Commission’s Commission is publishing this notice to
Internet Web site (https://www.sec.gov/
solicit comment on the proposed rule
rules/sro.shtml). Copies of the
change from interested persons.
submission, all subsequent
I. Self-Regulatory Organization’s
amendments, all written statements
Statement of the Terms of Substance of
with respect to the proposed rule
the Proposed Rule Change
change that are filed with the
Commission, and all written
NSX is proposing to amend NSX Rule
communications relating to the
11.13(b)(2) concerning the time within
proposed rule change between the
which ETP Holders submitting
Commission and any person, other than displayed orders utilizing the Order
those that may be withheld from the
Delivery mode of order interaction must
public in accordance with the
respond to an inbound order before the
ETP Holder’s displayed is cancelled.
provisions of 5 U.S.C. 552, will be
The text of the proposed rule change
available for Web site viewing and
is available on the Exchange’s Web site
printing in the Commission’s Public
at https://www.nsx.com, at the principal
Reference Room on official business
office of the Exchange, and at the
days between the hours of 10 a.m. and
Commission’s Public Reference Room.
3 p.m. Copies of such filing also will be
available for inspection and copying at
II. Self-Regulatory Organization’s
the principal office of the Exchange. All Statement of the Purpose of, and
comments received will be posted
Statutory Basis for, the Proposed Rule
without change; the Commission does
Change
not edit personal identifying
In its filing with the Commission, the
information from submissions. You
Exchange included statements
should submit only information that
you wish to make available publicly. All
12 17 CFR 200.30–3(a)(12).
submissions should refer to File
1 15 U.S.C. 78s(b)(1).
Number SR–NYSEAmex–2010–91 and
2 17 CFR 240.19b–4.
should be submitted on or before
3 15 U.S.C. 78s(b)(3)(A)(iii).
October 1, 2010.
4 17 CFR 240.19b–4(f)(6).
srobinson on DSKHWCL6B1PROD with NOTICES
Paper Comments
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55389
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
The Exchange is proposing to amend
its Rule 11.13(b)(2) concerning the time
within which an ETP Holders
submitting displayed orders utilizing
the Order Delivery mode of order
interaction (‘‘Order Delivery’’) 5 must
respond to an inbound order before NSX
BLADE ® cancels the ETP Holder’s
order. Under the proposed rule change,
if no response to an inbound order is
received within 300 milliseconds, the
ETP Holder’s order will be cancelled.6
Currently, Rule 11.13(b)(2) provides
that an ETP Holder’s displayed order in
Order Delivery will be cancelled ‘‘if no
response to an inbound order is
received within c of a second.’’ Under
the instant rule change, the Exchange
proposes to replace reference to ‘‘1/2 of
a second’’ with ‘‘300 milliseconds,’’
which timeframe the Exchange
considers appropriate at the present
time and in conformity with industry
standards. Utilization of the proposed
300 millisecond response time
requirement represents no change to
current Exchange practice.7
Effective Date
The Exchange requests that the
instant rule change be approved by the
Securities and Exchange Commission
(the ‘‘Commission’’) immediately upon
filing, and in any case not more than
thirty days after the date of filing of this
rule change, or such earlier date as the
Commission determines, because the
5 The Exchange’s two modes of order interaction
are described in NSX Rule 11.13(b).
6 In addition, Rule 11.13(b)(2) provides that, to be
eligible for Order Delivery service, an ETP Holder
‘‘must demonstrate to Exchange examiners that the
User’s system can automatically process the
inbound order and respond immediately.’’
Interpretation and Policy .01 provides that the
Exchange ‘‘currently considers 100 milliseconds’’ to
be the maximum permissible response time to an
inbound order. The current rule filing does not
propose to change this standard.
7 The Exchange is currently conducting a study
regarding the time standards referenced in Rule
11.13, and will submit a rule change proposing
modifications to those standards as necessary and
appropriate.
E:\FR\FM\10SEN1.SGM
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]]>Agencies
[Federal Register Volume 75, Number 175 (Friday, September 10, 2010)]
[Notices]
[Pages 55388-55389]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-22556]
[[Page 55388]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62831; File No. SR-NYSEAmex-2010-91]
Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Extending the Pilot
Period To Receive Inbound Routes From Archipelago Securities LLC
September 2, 2010.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on August 31, 2010, NYSE Amex LLC (the ``Exchange'' or ``NYSE
Amex'') 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. 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[dash]4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to extend the pilot period of the Exchange's
prior approvals to receive inbound routes of orders from Archipelago
Securities LLC (``Arca Securities''), an NYSE Amex affiliated member.
The text of the proposed rule change is available at the Exchange, the
Commission's Public Reference Room, and https://www.nyse.com.
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
Currently, Arca Securities is the approved outbound order routing
facility of the Exchange.\3\ Arca Securities is also the approved
outbound order routing facility of the New York Stock Exchange
(``NYSE'') and NYSE Arca, Inc. (``NYSE Arca'').\4\ The Exchange has
also been previously approved to receive inbound routes of orders by
Arca Securities in its capacity as an order routing facility of NYSE
Arca and the NYSE.\5\ The Exchange's authority to receive inbound
routes of orders by Arca Securities is subject to a pilot period ending
September 30, 2010.\6\ The Exchange hereby seeks to extend the
previously approved pilot period (with the attendant obligations and
conditions) for an additional six months, through March 31, 2011.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 59009 (November 24,
2008), 73 FR 73363 (December 2, 2008) (order approving SR-NYSEALTR-
2008-07); see also, Securities Exchange Act Release No. 59473
(February 27, 2009) 74 FR 9853 (March 6, 2009) (order approving SR-
NYSEALTR-2009-18).
\4\ See Securities Exchange Act Release No. 55590 (April 5,
2007), 72 FR 18707 (April 13, 2007) (notice of immediate
effectiveness of SR-NYSE-2007-29); see also, Securities Exchange Act
Release No. 58680 (September 29, 2008), 73 FR 58283 (October 6,
2008) (order approving SR-NYSE-2008-76). See Securities Exchange Act
Release No. 54238 (July 28, 2006), 71 FR 44758 (August 7, 2006)
(order approving SR-NYSEArca-2006-13); see also, Securities Exchange
Act Release No. 52497 (September 22, 2005), 70 FR 56949 (September
29, 2005)(SR-PCX-2005-90); see also, Securities Exchange Act Release
No. 44983 (October 25, 2001), 66 FR 55225 (November 1, 2001) (SR-
PCX-00-25); see also, Securities Exchange Act Release No. 58681
(September 29, 2008), 73 FR 58285 (October 6, 2008) (order approving
NYSEArca-2008-90).
\5\ See Securities Exchange Act Release No. 58673 (September 29,
2008), 73 FR 57707 (October 3, 2008) (order approving SR-Amex-2008-
62). See also, Securities Exchange Act Release No. 58705 (October 1,
2008), 73 FR 58995 (October 8, 2008) (order approving SR-AMEX-2008-
63).
\6\ See Securities Exchange Act Release No. 61815 (March 31,
2010), 75 FR 17817 (April 7, 2010) (Notice of immediate
effectiveness of SR-NYSEAmex-2010-32).
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) \7\ of the
Securities Exchange Act of 1934 (the ``Act''), in general, and furthers
the objectives of Section 6(b)(5),\8\ 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. Specifically, the
proposed rule change will allow the Exchange to continue receiving
inbound routes of equities orders from Arca Securities acting in its
capacity as a facility of the NYSE and NYSE Arca, in a manner
consistent with prior approvals and established protections. The
Exchange believes that extending the previously approved pilot period
for six months will permit both the Exchange and the Commission to
further assess the impact of the Exchange's authority to receive direct
inbound routes of equities orders via Arca Securities (including the
attendant obligations and conditions).\9\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
\9\ The Exchange is currently analyzing the condition regarding
non-public information and system changes in order to better reflect
the operation of Arca Securities.
---------------------------------------------------------------------------
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
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 \10\ and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). 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.
---------------------------------------------------------------------------
At any time within 60 days of the filing of such proposed rule
change the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such
[[Page 55389]]
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-NYSEAmex-2010-91 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-NYSEAmex-2010-91. 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 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 available publicly. All submissions should refer to
File Number SR-NYSEAmex-2010-91 and should be submitted on or before
October 1, 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. 2010-22556 Filed 9-9-10; 8:45 am]
BILLING CODE 8010-01-P
