Self-Regulatory Organizations; NASDAQ OMX BX; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Pilot Period for Boston Options Exchange To Receive Inbound Routes of Orders From Nasdaq Options Services, 74121-74123 [2010-30035]
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jdjones on DSK8KYBLC1PROD with NOTICES
Federal Register / Vol. 75, No. 229 / Tuesday, November 30, 2010 / Notices
interest; (ii) impose any significant
burden on competition; and (iii) by its
terms, become operative for 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, provided that the Exchange has
given the Commission 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.18
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. However, Rule 19b–
4(f)(6)(iii) 19 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 period.
The Commission believes that waiver
of the 30-day operative delay period is
consistent with the protection of
investors and the public interest.
Specifically, the Commission notes that
the proposal is substantially identical to
Nasdaq’s listing standards for special
purpose acquisition companies
(‘‘SPACs’’) and raises no new or novel
regulatory issues. The Commission
notes that the proposal differs from
Nasdaq’s rules in three respects. First,
the proposal’s definition of ‘‘public
shareholder’’ would exclude any person
with concentrated holdings of 10% or
more. The Commission notes that this
proposed definition is consistent with
the Exchange’s current definition.20
Second, the proposal would include a
definition of ‘‘family member.’’ The
Commission notes that while the term
‘‘family member’’ is used in Nasdaq’s
SPAC rules, it is not specifically defined
in those rules because it is defined
elsewhere in Nasdaq’s rules. The
definition of ‘‘family member’’ in the
Exchange’s proposal, however, is
identical to the definition of ‘‘family
member’’ as defined in Nasdaq’s rules
and referenced in Nasdaq’s SPAC listing
standards.21 Finally, the proposal would
specify that SPACs that do not meet the
Exchange’s initial listing standards
following a business combination or
that do not comply with one of the
SPAC listing standards in proposed
Section 119 of the Guide would not be
eligible to follow the cure procedures in
Section 1009 of the Guide, which allows
listed companies up to 18 months to
cure certain continued listing standards
deficiencies. Instead, under the
proposal, the Exchange would
immediately commence delisting
proceedings pursuant to Section 1010 of
the Guide. The Commission notes that
this proposal is identical to NYSE’s
listing standards for SPACs and helps to
ensure that a SPAC unable to meet
listing standards will not remain listed
for an extended period of time.22
Accordingly, based on the above, the
Commission designates, consistent with
the protection of investors and public
interest, that the proposed rule change
be operative upon filing.23
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.24
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–NYSEAmex–2010–103 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–2010–103.
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
22 See
18 The
Exchange has satisfied the five-day prefiling notice requirement.
19 17 CFR 240.19b–4(f)(6)(iii).
20 See Section 102 of the Guide; see also supra
note 10.
21 See supra note 11.
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supra note 13.
purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
24 15 U.S.C. 78s(b)(3)(C).
23 For
PO 00000
Frm 00123
Fmt 4703
Sfmt 4703
74121
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
available publicly. All submissions
should refer to File Number SR–
NYSEAmex–2010–103 and should be
submitted on or before December 21,
2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.25
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–30087 Filed 11–29–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63364; File No. SR–BX–
2010–078]
Self-Regulatory Organizations;
NASDAQ OMX BX; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Extending the Pilot
Period for Boston Options Exchange
To Receive Inbound Routes of Orders
From Nasdaq Options Services
November 23, 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
November 17, 2010, NASDAQ OMX BX
(the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II,
25 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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74122
Federal Register / Vol. 75, No. 229 / Tuesday, November 30, 2010 / Notices
below, which Items have been prepared
by the Exchange. The Exchange has
designated the proposed rule change as
constituting a non-controversial rule
change under Rule 19b–4(f)(6) under the
Act,3 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 the Substance
of the Proposed Rule Change
The Exchange submits this proposed
rule change to extend the pilot period of
the Exchange’s prior approval for
Boston Options Exchange (‘‘BOX’’) to
receive inbound routes of certain option
orders from Nasdaq Options Services,
LLC (‘‘NOS’’) through May 18, 2011.
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
Currently, NOS is the approved
outbound routing facility of the
NASDAQ Exchange for NOM, providing
outbound routing from NOM to other
market centers.4 The Exchange and the
3 17
CFR 240.19b–4(f)(6).
Rule Chapter VI, Section 11(c). Under
NOM Rule Chapter VI, Section 11(c): (1) NOM
routes orders in options via NOS, which serves as
the sole ‘‘routing facility’’ of NOM; (2) the sole
function of the routing facility is to route orders in
options to away markets pursuant to NOM rules,
solely on behalf of NOM; (3) NOS is a member of
an unaffiliated self-regulatory organization, which
is the designated examining authority for the
broker-dealer; (4) the routing facility is subject to
regulation as a facility of the NASDAQ Exchange,
including the requirement to file proposed rule
changes under Section 19 of the Act; (5) use of NOS
to route order to other market centers is optional;
(6) NOM must establish and maintain procedures
and internal controls reasonably designed to
adequately restrict the flow of confidential and
proprietary information between the NASDAQ
Exchange and its facilities (including the routing
facility), and any other entity; and (7) the books,
jdjones on DSK8KYBLC1PROD with NOTICES
4 NOM
VerDate Mar<15>2010
15:13 Nov 29, 2010
Jkt 223001
NASDAQ Exchange have previously
adopted rules to permit BOX to receive
inbound routes of certain option orders
by NOS in its capacity as an order
routing facility of the NASDAQ
Exchange for NOM.5 The Exchange
specifically has adopted a rule to
prevent potential informational
advantages resulting from the affiliation
between BOX and NOS, as related to
NOS’s authority to route certain orders
from NOM to BOX without checking the
NOM book prior to routing.6 NOS’s
authority to route these orders to BOX
is subject to a pilot period ending
November 17, 2010.7 The Exchange
hereby seeks to extend the previously
approved pilot period (with the
attendant obligations and conditions)
for an additional 6 months, through May
18, 2011.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,8
in general, and with Section 6(b)(5) of
the Act,9 in particular, in that the
proposal is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Specifically, the proposed rule change
will allow BOX to continue receiving
inbound routes of equities orders from
NOS, acting in its capacity as a facility
of the NASDAQ Exchange, in a manner
consistent with prior approvals and
established protections. The Exchange
believes that extending the previously
approved pilot period for three [sic]
months is of sufficient length to permit
both the Exchange and the Commission
to assess the impact of the Exchange’s
authority to permit BOX to receive
records, premises, officers, directors, agents, and
employees of the routing facility, as a facility of the
NASDAQ Exchange, shall be subject at all times to
inspection and copying by the NASDAQ Exchange
and the Commission.
5 See Securities Exchange Act Release No. 60349
(July 20, 2009), 74 FR 37071 (July 27, 2009) (SR–
BX–2009–035); Securities Exchange Act Release No.
60354 (July 21, 2009), 74 FR 37074 (July 27, 2009)
(SR–NASDAQ–2009–065).
6 See Chapter XXXIX, Section 2(c) of the
Grandfathered Rules of the Exchange.
7 See Securities Exchange Act Release No. 62555
(July 22, 2010), 75 FR 44835 (July 29, 2010) (SR–
BX–2010–051).
8 15 U.S.C. 78f.
9 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00124
Fmt 4703
Sfmt 4703
direct inbound routes of certain option
orders via NOS (including the attendant
obligations 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 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 either
solicited or received.
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
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.12 However, Rule 19b–
4(f)(6)(iii) 13 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 Exchange notes that the
proposal will allow BOX to continue
receiving inbound routes of equities
orders from NOS, in a manner
consistent with prior approvals and
established protections, while also
permitting the Exchange and the
Commission to assess the impact of the
pilot.14 The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because such waiver would allow the
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12 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.
13 Id.
14 See supra Section II.A.2.
11 17
E:\FR\FM\30NON1.SGM
30NON1
Federal Register / Vol. 75, No. 229 / Tuesday, November 30, 2010 / Notices
pilot period to be extended without
interruption delay through May 18,
2011. For this reason, the Commission
designates the proposed rule change to
be operative upon filing with the
Commission.15
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
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
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–BX–2010–078 and should
be submitted on or before December 21,
2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–30035 Filed 11–29–10; 8:45 am]
BILLING CODE 8011–01–P
SOCIAL SECURITY ADMINISTRATION
[Docket No. SSA–2010–0054]
• 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–2010–078 on the
subject line.
Office of the Commissioner; Cost-ofLiving Increase and Other
Determinations for 2011; Correction
Social Security Administration.
Notice; correction.
AGENCY:
ACTION:
We published a document in the
Federal Register of October 26, 2010,
• Send paper comments in triplicate
Cost-of-Living Increase and Other
to Elizabeth M. Murphy, Secretary,
Determinations for 2011. (75 FR 65696;
Securities and Exchange Commission,
FR Doc. 2010–26983) Subsequently we
100 F Street, NE., Washington, DC
identified two wage-reporting
20549–1090.
irregularities. We have now excluded
the irregularities and posted the
All submissions should refer to File
updated AWI and corresponding
Number SR–BX–2010–078. This file
automatic adjustments on our Web site
number should be included on the
subject line if e-mail is used. To help the at https://www.ssa.gov/OACT/COLA/
index.html.
Commission process and review your
The updated notice is republished
comments more efficiently, please use
only one method. The Commission will here in its entirety.
post all comments on the Commission’s SUMMARY: Under title II of the Social
Security Act (Act), there will be no costInternet Web site (https://www.sec.gov/
of-living increase in Social Security
rules/sro.shtml). Copies of the
benefits effective for December 2010. As
submission, all subsequent
a result, the following items will remain
amendments, all written statements
at their 2010 levels:
with respect to the proposed rule
(1) The maximum Federal
change that are filed with the
Supplemental Security Income (SSI)
Commission, and all written
monthly benefit amounts for 2011,
communications relating to the
under title XVI of the Act, will remain
proposed rule change between the
$674 for an eligible individual, $1,011
Commission and any person, other than
for an eligible individual with an
those that may be withheld from the
eligible spouse, and $338 for an
public in accordance with the
essential person;
provisions of 5 U.S.C. 552, will be
(2) The special benefit amount under
available for Web site viewing and
title VIII of the Act for certain World
printing in the Commission’s Public
War II veterans will remain $505.50 in
Reference Room on official business
2011;
(3) The student earned income
15 For the purposes only of waiving the 30-day
operative delay, the Commission has considered the exclusion under title XVI of the Act will
jdjones on DSK8KYBLC1PROD with NOTICES
Paper Comments
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
VerDate Mar<15>2010
15:13 Nov 29, 2010
Jkt 223001
16 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00125
Fmt 4703
Sfmt 4703
74123
remain $1,640 per month in 2011, but
not more than $6,600 in all of 2011;
(4) The dollar fee limit for services
performed as a representative payee will
remain $37 per month ($72 per month
in the case of a beneficiary who is
disabled and has an alcoholism or drug
addiction condition that leaves him or
her incapable of managing benefits) in
2011;
(5) The dollar limit on the
administrative-cost assessment charged
to attorneys representing claimants will
remain $83 in 2011;
(6) The Old-Age, Survivors, and
Disability Insurance (OASDI)
contribution and benefit base will
remain $106,800 for remuneration paid
in 2011 and self-employment income
earned in taxable years beginning in
2011;
(7) The monthly exempt amounts
under the Social Security retirement
earnings test for taxable years ending in
calendar year 2011 will remain $1,180
and $3,140;
(8) The ‘‘old-law’’ contribution and
benefit base under title II of the Act will
remain $79,200 for 2011; and
(9) The monthly amount deemed to
constitute substantial gainful activity for
statutorily blind individuals in 2011
will remain $1,640.
The national average wage index for
2009 is $40,711.61. This index affects
the following items:
(1) The dollar amounts (‘‘bend
points’’) used in the primary insurance
amount benefit formula for workers who
become eligible for benefits, or who die
before becoming eligible, in 2011 will be
$749 and $4,517;
(2) The bend points used in the
formula for computing maximum family
benefits for workers who become
eligible for benefits, or who die before
becoming eligible, in 2011 will be $957,
$1,382, and $1,803;
(3) The amount of taxable earnings a
person must have to be credited with a
quarter of coverage in 2011 will be
$1,120;
(4) The monthly amount deemed to
constitute substantial gainful activity for
non-blind disabled persons will be
$1,000 in 2011;
(5) The earnings threshold
establishing a month as a part of a trial
work period will be $720 for 2011; and
(6) Coverage thresholds for 2011 will
be $1,700 for domestic workers and
$1,500 for election officials and election
workers.
FOR FURTHER INFORMATION CONTACT:
Susan C. Kunkel, Office of the Chief
Actuary, Social Security
Administration, 6401 Security
Boulevard, Baltimore, MD 21235, (410)
E:\FR\FM\30NON1.SGM
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]]>Agencies
[Federal Register Volume 75, Number 229 (Tuesday, November 30, 2010)]
[Notices]
[Pages 74121-74123]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-30035]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63364; File No. SR-BX-2010-078]
Self-Regulatory Organizations; NASDAQ OMX BX; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Extending the Pilot
Period for Boston Options Exchange To Receive Inbound Routes of Orders
From Nasdaq Options Services
November 23, 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 November 17, 2010, NASDAQ OMX BX (the ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II,
[[Page 74122]]
below, which Items have been prepared by the Exchange. The Exchange has
designated the proposed rule change as constituting a non-controversial
rule change under Rule 19b-4(f)(6) under the Act,\3\ 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\ 17 CFR 240.19b-4.
\3\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange submits this proposed rule change to extend the pilot
period of the Exchange's prior approval for Boston Options Exchange
(``BOX'') to receive inbound routes of certain option orders from
Nasdaq Options Services, LLC (``NOS'') through May 18, 2011.
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
Currently, NOS is the approved outbound routing facility of the
NASDAQ Exchange for NOM, providing outbound routing from NOM to other
market centers.\4\ The Exchange and the NASDAQ Exchange have previously
adopted rules to permit BOX to receive inbound routes of certain option
orders by NOS in its capacity as an order routing facility of the
NASDAQ Exchange for NOM.\5\ The Exchange specifically has adopted a
rule to prevent potential informational advantages resulting from the
affiliation between BOX and NOS, as related to NOS's authority to route
certain orders from NOM to BOX without checking the NOM book prior to
routing.\6\ NOS's authority to route these orders to BOX is subject to
a pilot period ending November 17, 2010.\7\ The Exchange hereby seeks
to extend the previously approved pilot period (with the attendant
obligations and conditions) for an additional 6 months, through May 18,
2011.
---------------------------------------------------------------------------
\4\ NOM Rule Chapter VI, Section 11(c). Under NOM Rule Chapter
VI, Section 11(c): (1) NOM routes orders in options via NOS, which
serves as the sole ``routing facility'' of NOM; (2) the sole
function of the routing facility is to route orders in options to
away markets pursuant to NOM rules, solely on behalf of NOM; (3) NOS
is a member of an unaffiliated self-regulatory organization, which
is the designated examining authority for the broker-dealer; (4) the
routing facility is subject to regulation as a facility of the
NASDAQ Exchange, including the requirement to file proposed rule
changes under Section 19 of the Act; (5) use of NOS to route order
to other market centers is optional; (6) NOM must establish and
maintain procedures and internal controls reasonably designed to
adequately restrict the flow of confidential and proprietary
information between the NASDAQ Exchange and its facilities
(including the routing facility), and any other entity; and (7) the
books, records, premises, officers, directors, agents, and employees
of the routing facility, as a facility of the NASDAQ Exchange, shall
be subject at all times to inspection and copying by the NASDAQ
Exchange and the Commission.
\5\ See Securities Exchange Act Release No. 60349 (July 20,
2009), 74 FR 37071 (July 27, 2009) (SR-BX-2009-035); Securities
Exchange Act Release No. 60354 (July 21, 2009), 74 FR 37074 (July
27, 2009) (SR-NASDAQ-2009-065).
\6\ See Chapter XXXIX, Section 2(c) of the Grandfathered Rules
of the Exchange.
\7\ See Securities Exchange Act Release No. 62555 (July 22,
2010), 75 FR 44835 (July 29, 2010) (SR-BX-2010-051).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\8\ in general, and with
Section 6(b)(5) of the Act,\9\ in particular, in that the proposal is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Specifically,
the proposed rule change will allow BOX to continue receiving inbound
routes of equities orders from NOS, acting in its capacity as a
facility of the NASDAQ Exchange, in a manner consistent with prior
approvals and established protections. The Exchange believes that
extending the previously approved pilot period for three [sic] months
is of sufficient length to permit both the Exchange and the Commission
to assess the impact of the Exchange's authority to permit BOX to
receive direct inbound routes of certain option orders via NOS
(including the attendant obligations and conditions).
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f.
\9\ 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 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 either solicited or received.
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\
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\12\
However, Rule 19b-4(f)(6)(iii) \13\ 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 Exchange notes that
the proposal will allow BOX to continue receiving inbound routes of
equities orders from NOS, in a manner consistent with prior approvals
and established protections, while also permitting the Exchange and the
Commission to assess the impact of the pilot.\14\ The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest because such waiver
would allow the
[[Page 74123]]
pilot period to be extended without interruption delay through May 18,
2011. For this reason, the Commission designates the proposed rule
change to be operative upon filing with the Commission.\15\
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\12\ 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.
\13\ Id.
\14\ See supra Section II.A.2.
\15\ 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 such 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.
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-BX-2010-078 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-BX-2010-078. 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-BX-
2010-078 and should be submitted on or before December 21, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-30035 Filed 11-29-10; 8:45 am]
BILLING CODE 8011-01-P
