Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Fee Schedule To Add Two New Routing Options, 78272-78274 [2010-31435]
Download as PDF
<![CDATA[
78272
Federal Register / Vol. 75, No. 240 / Wednesday, December 15, 2010 / Notices
opening cross. Since the Exchange
routes to multiple trading centers for the
opening cross, such as NYSE, the
Exchange proposes to amend the
description of the ‘‘O’’ flag to state that
it applies to orders routed to the
primary exchange’s opening cross.
The Exchange proposes to add an
additional rebate and corresponding
new flag to its fee schedule. Orders that
are routed to BATS BYX Exchange that
remove liquidity using order types
ROUC or ROBY will yield a ‘‘BY’’ flag
and be rebated $0.0003 per share.
Finally, the Exchange proposes to
clarify in the Flag K description that the
BATS Exchange referred to is the BATS
BZX Exchange.
EDGX Exchange proposes to
implement these amendments to the
Exchange fee schedule on December 1,
2010.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 of the Act,4
in general, and furthers the objectives of
Section 6(b)(4),5 in particular, as it is
designed to provide for the equitable
allocation of reasonable dues, fees and
other charges among its members and
other persons using its facilities. The
Exchange notes that it operates in a
highly competitive market in which
market participants can readily direct
order flow to competing venues if they
deem fee levels at a particular venue to
be excessive. The proposed rule change
reflects a competitive pricing structure
designed to incent market participants
to direct their order flow to the
Exchange. The Exchange believes that
the proposed rates are equitable in that
they apply uniformly to all Members.
The Exchange believes the fees and
credits remain competitive with those
charged by other venues and therefore
continue to be reasonable and equitably
allocated to Members.
hsrobinson on DSK69SOYB1PROD with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
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
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
4 15
U.S.C. 78f.
5 15 U.S.C. 78f(b)(4).
VerDate Mar<15>2010
19:10 Dec 14, 2010
Jkt 223001
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3) of
the Act 6 and Rule 19b–4(f)(2) 7
thereunder. 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 rulecomments@sec.gov. Please include File
Number SR–EDGX–2010–20 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–EDGX–2010–20. 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,8 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
6 15
U.S.C. 78s(b)(3)(A).
7 17 CFR 19b-4(f)(2).
8 The text of the proposed rule change is available
on Exchange’s Web site at https://
www.directedge.com, on the Commission’s Web site
at https://www.sec.gov, at EDGX, and at the
Commission’s Public Reference Room.
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. All comments received will
be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–EDGX–
2010–20 and should be submitted on or
before January 5, 2011.
For the Commission, by the Division
of Trading and Markets, pursuant to
delegated authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–31432 Filed 12–14–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63468; File No. SR–EDGX–
2010–19]
Self-Regulatory Organizations; EDGX
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Its Fee
Schedule To Add Two New Routing
Options
December 8, 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 December
1, 2010, the EDGX Exchange, Inc. (the
‘‘Exchange’’ or the ‘‘EDGX’’) 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 self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
fee schedule, which contains a list of
routing options, to add two new
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\15DEN1.SGM
15DEN1
Federal Register / Vol. 75, No. 240 / Wednesday, December 15, 2010 / Notices
additional ones. The text of the
proposed rule change is attached as
Exhibit 5 and is available on the
Exchange’s Web site at https://
www.directedge.com, at the Exchange’s
principal office, and at the Public
Reference Room of the Commission.
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
self-regulatory organization 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
hsrobinson on DSK69SOYB1PROD with NOTICES
1. Purpose
The Exchange’s fee schedule contains
a current list of routing options. The
Exchange proposes to amend this
schedule to add certain new routing
options, effective upon filing with the
Commission. The Exchange intends to
implement the rule change on or about
December 1, 2010.
The Exchange proposes to introduce
the ROBX and ROBY routing options
and add these to its routing table, which
is part of the Exchange fee schedule.
The Exchange proposes to add the
following descriptions of the ROBY and
ROBX routing strategies to its routing
table: For the ROBY strategy, the order
sweeps the EDGX book and routes to
BATS BYX Exchange as an immediate
or cancel (IOC) order, with the
remainder being cancelled if there is no
execution. For the ROBX strategy, the
order sweeps the EDGX book and routes
to Nasdaq BX Exchange as an immediate
or cancel (IOC) order, with the
remainder being cancelled if there is no
execution.
The Exchange believes that the
proposed introduction of the ROBX and
ROBY routing strategies will provide
market participants with greater
flexibility in routing orders, without
having to develop their own
complicated routing strategies.
Finally, the Exchange proposes to
clarify in the description of the ROBA
routing strategy that the BATS Exchange
referred to is the BATS BZX Exchange.
VerDate Mar<15>2010
19:10 Dec 14, 2010
Jkt 223001
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b)(5) of the Act,3 which
requires the rules of an exchange 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. The
proposed change to introduce the ROBX
and ROBY routing options will provide
market participants with greater
flexibility in routing orders without
developing complicated order routing
strategies on their own. In addition, it
will provide additional clarity and
specificity to the Exchange’s fee
schedule regarding routing strategies
and will further enhance transparency
with respect to Exchange routing
offerings.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
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
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed 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 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, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 4 and Rule 19b–
4(f)(6) thereunder.5
3 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires the Exchange to give 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 on which the
Exchange filed the proposed rule change, or such
shorter time as designated by the Commission. The
Commission has waived the five-day pre-filing
requirement.
4 15
PO 00000
Frm 00071
Fmt 4703
Sfmt 4703
78273
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.6 However, Rule 19b–
4(f)(6) 7 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 so that the proposal may become
operative upon filing. The Commission
notes (i) The proposal could provide
market participants with more options
to route orders; (ii) it presents no novel
issues; and (iii) it may provide a benefit
to market participants. For these
reasons, the Commission believes it is
consistent with the protection of
investors and the public interest to
waive the 30-day operative delay, and
hereby grants such waiver.8
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 rulecomments@sec.gov. Please include File
Number SR–EDGX–2010–19 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–EDGX–2010–19. 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
6 17
CFR 240.19b–4(f)(6)(iii).
7 Id.
8 For the purposes only of waiving the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
E:\FR\FM\15DEN1.SGM
15DEN1
78274
Federal Register / Vol. 75, No. 240 / Wednesday, December 15, 2010 / Notices
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,9 all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. All comments received will
be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–EDGX–
2010–19 and should be submitted on or
before January 5, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–31435 Filed 12–14–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63479; File No. SR–NYSE–
2010–80]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Amending
NYSE Rule 128, Which Governs Clearly
Erroneous Executions, To Extend the
Effective Date of the Pilot
December 9, 2010.
hsrobinson on DSK69SOYB1PROD with NOTICES
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on December
9 The text of the proposed rule change is available
on Exchange’s Web site at https://
www.directedge.com, on the Commission’s Web site
at https://www.sec.gov, at EDGX, and at the
Commission’s Public Reference Room.
10 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
VerDate Mar<15>2010
19:10 Dec 14, 2010
Jkt 223001
7, 2010, New York Stock Exchange LLC
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
NYSE Rule 128, which governs clearly
erroneous executions, to extend the
effective date of the pilot by which
portions of such Rule operate until the
earlier of approval by the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) to make such pilot
permanent or April 11, 2011. The text
of the proposed rule change is available
at the Exchange, the Commission’s
Public Reference Room, https://
www.sec.gov, 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
The Exchange proposes to amend
NYSE Rule 128, which governs clearly
erroneous executions, to extend the
effective date of the pilot by which
portions of such Rule operate, until the
earlier of Commission approval to make
such pilot permanent or April 11, 2011.
The pilot is currently scheduled to
expire on December 10, 2010.4
On September 10, 2010, the
Commission approved, on a pilot basis,
market-wide amendments to exchanges’
rules for clearly erroneous executions to
set forth clearer standards and curtail
4 See Securities Exchange Act Release No. 62886
(September 10, 2010), 75 FR 56613 (September 16,
2010) (SR–NYSE–2010–47).
PO 00000
Frm 00072
Fmt 4703
Sfmt 4703
discretion with respect to breaking
erroneous trades. In connection with
this pilot initiative, the Exchange
amended NYSE Rule 128(c), (e)(2), (f),
and (g). The amendments provide for
uniform treatment of clearly erroneous
execution reviews (1) in Multi-Stock
Events 5 involving twenty or more
securities, and (2) in the event
transactions occur that result in the
issuance of an individual security
trading pause by the primary market
and subsequent transactions that occur
before the trading pause is in effect on
the Exchange.6 The amendments also
eliminated appeals of certain rulings
made in conjunction with other
exchanges with respect to clearly
erroneous transactions and limited the
Exchange’s discretion to deviate from
Numerical Guidelines set forth in the
Rule in the event of system disruptions
or malfunctions.
If the pilot were not extended, the
prior versions of paragraphs (c), (e)(2),
(f), and (g) of Rule 128 would be in
effect, and the NYSE would have
different rules than other exchanges and
greater discretion in connection with
breaking clearly erroneous transactions.
The Exchange proposes to extend the
pilot amendments to NYSE Rule 128
until the earlier of permanent approval
by the Commission or April 11, 2011 in
order to maintain uniform rules across
markets and allow the pilot to continue
to operate without interruption during
the same period that the Rule 80C
trading pause rule pilot is also in effect.
Extension of the pilot would permit the
Exchange, other national securities
exchanges and the Commission to
further assess the effect of the pilot on
the marketplace, including whether
additional measures should be added,
whether the parameters of the rule
should be modified or whether other
initiatives should be adopted in lieu of
the current pilot.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) 7 of 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
5 Terms not defined herein are defined in NYSE
Rule 128.
6 Separately, the Exchange has proposed extend
the effective date of the trading pause pilot under
NYSE Rule 80C, which requires the Exchange to
pause trading in an individual security listed on the
Exchange if the price moves by 10% as compared
to prices of that security in the preceding fiveminute period during a trading day. See SR–NYSE–
2010–81.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
E:\FR\FM\15DEN1.SGM
15DEN1
]]>Agencies
[Federal Register Volume 75, Number 240 (Wednesday, December 15, 2010)]
[Notices]
[Pages 78272-78274]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-31435]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63468; File No. SR-EDGX-2010-19]
Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its
Fee Schedule To Add Two New Routing Options
December 8, 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 December 1, 2010, the EDGX Exchange, Inc. (the ``Exchange'' or
the ``EDGX'') 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 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-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its fee schedule, which contains a
list of routing options, to add two new
[[Page 78273]]
additional ones. The text of the proposed rule change is attached as
Exhibit 5 and is available on the Exchange's Web site at https://www.directedge.com, at the Exchange's principal office, and at the
Public Reference Room of the Commission.
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 self-regulatory organization 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
The Exchange's fee schedule contains a current list of routing
options. The Exchange proposes to amend this schedule to add certain
new routing options, effective upon filing with the Commission. The
Exchange intends to implement the rule change on or about December 1,
2010.
The Exchange proposes to introduce the ROBX and ROBY routing
options and add these to its routing table, which is part of the
Exchange fee schedule.
The Exchange proposes to add the following descriptions of the ROBY
and ROBX routing strategies to its routing table: For the ROBY
strategy, the order sweeps the EDGX book and routes to BATS BYX
Exchange as an immediate or cancel (IOC) order, with the remainder
being cancelled if there is no execution. For the ROBX strategy, the
order sweeps the EDGX book and routes to Nasdaq BX Exchange as an
immediate or cancel (IOC) order, with the remainder being cancelled if
there is no execution.
The Exchange believes that the proposed introduction of the ROBX
and ROBY routing strategies will provide market participants with
greater flexibility in routing orders, without having to develop their
own complicated routing strategies.
Finally, the Exchange proposes to clarify in the description of the
ROBA routing strategy that the BATS Exchange referred to is the BATS
BZX Exchange.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b)(5) of the Act,\3\ which requires the rules of an
exchange 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. The proposed change to introduce the ROBX and ROBY
routing options will provide market participants with greater
flexibility in routing orders without developing complicated order
routing strategies on their own. In addition, it will provide
additional clarity and specificity to the Exchange's fee schedule
regarding routing strategies and will further enhance transparency with
respect to Exchange routing offerings.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not 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
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed 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 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, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \4\ and Rule 19b-
4(f)(6) thereunder.\5\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires the Exchange to give 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 on which the Exchange filed the
proposed rule change, or such shorter time as designated by the
Commission. The Commission has waived the five-day pre-filing
requirement.
---------------------------------------------------------------------------
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.\6\
However, Rule 19b-4(f)(6) \7\ 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 so that the proposal may
become operative upon filing. The Commission notes (i) The proposal
could provide market participants with more options to route orders;
(ii) it presents no novel issues; and (iii) it may provide a benefit to
market participants. For these reasons, the Commission believes it is
consistent with the protection of investors and the public interest to
waive the 30-day operative delay, and hereby grants such waiver.\8\
---------------------------------------------------------------------------
\6\ 17 CFR 240.19b-4(f)(6)(iii).
\7\ Id.
\8\ For the purposes only of waiving the operative date of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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-EDGX-2010-19 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-EDGX-2010-19. 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
[[Page 78274]]
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,\9\ all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street, NE., Washington,
DC 20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of the filing also will be available for inspection and
copying at the principal office of the Exchange. All comments received
will be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-EDGX-2010-19 and should be submitted on
or before January 5, 2011.
---------------------------------------------------------------------------
\9\ The text of the proposed rule change is available on
Exchange's Web site at https://www.directedge.com, on the
Commission's Web site at https://www.sec.gov, at EDGX, and at the
Commission's Public Reference Room.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-31435 Filed 12-14-10; 8:45 am]
BILLING CODE 8011-01-P
