Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by BATS Exchange, Inc. To Adopt BYX Rule 11.21, entitled “Input of Accurate Information”, 12204-12206 [2011-4888]
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12204
Federal Register / Vol. 76, No. 43 / Friday, March 4, 2011 / Notices
the close in violation of the Short Sale
Price Test established in that rule. To
that end, the proposed rule change will,
among other things, amend the
Exchange’s procedures for determining
the closing price by treating short sale
orders as orders subject to tick
restrictions during a period when a
Short Sale Price Test is in effect.
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
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 30 and Rule
19b–4(f)(6) thereunder.31 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 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, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 32 and Rule 19b–4(f)(6)(iii)
thereunder.33
A proposed rule change filed under
Rule 19b–4(f)(6) 34 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),35 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
30 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
32 15 U.S.C. 78s(b)(3)(A)(iii).
33 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6) requires a self-regulatory organization to
give the Commission written notice of its intent to
file 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.
34 17 CFR 240.19b–4(f)(6).
35 17 CFR 240.19b–4(f)(6)(iii).
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31 17
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operative delay so that the proposal may
become operative immediately upon
filing. The Commission hereby grants
the request.36 Waiving the 30-day
operative delay will allow the Exchange
to implement the proposed amendments
by February 28, 2011, which, as noted
by the Exchange, is the compliance date
for amendments to Regulation SHO
under the Act. By waiving the operative
delay, the Exchange will be able to
comply with the amendments to
Regulation SHO by February 28, 2011.
Therefore, the Commission believes it is
consistent with the protection of
investors and the public interest to
waive the 30-day operative delay and
designates the proposal as operative
upon filing.
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.
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 20549–1090. Copies of
the filing will also be available for
inspection and copying at the
Exchange’s principal office and on its
Internet Web site at https://
www.nyse.com. 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–2011–09 and should be
submitted on or before March 25, 2011.
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.37
Cathy H. Ahn,
Deputy Secretary.
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–2011–09 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–2011–09. 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
36 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule change’s impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
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[FR Doc. 2011–4890 Filed 3–3–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63970; File No. SR–BYX–
2011–004]
Self-Regulatory Organizations; BATS
Y-Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change by BATS Exchange, Inc.
To Adopt BYX Rule 11.21, entitled
‘‘Input of Accurate Information’’
February 25, 2011.
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 February
18, 2011, BATS Y-Exchange, Inc.
(‘‘Exchange’’ or ‘‘BYX’’) 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 has
designated this proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A) of the
37 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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Federal Register / Vol. 76, No. 43 / Friday, March 4, 2011 / Notices
Act 3 and Rule 19b–4(f)(6)(iii)
thereunder,4 which renders it 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 Substance of
the Proposed Rule Change
The Exchange proposes to adopt new
BYX Rule 11.21 to require Members to
identify each order accurately as a
Principal, Agency, or Riskless Principal
Order.
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.
jlentini on DSKJ8SOYB1PROD with NOTICES
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to add new
BYX Rule 11.21 for the purpose of
increasing transparency and to enhance
the surveillance database and audit trail
of transaction data used by the
Exchange in surveillance of its market.
The proposed rule change would
require Members to identify the capacity
of each order accurately as a Principal,
Agency, or Riskless Principal Order. For
purposes of surveillance, the Exchange
currently identifies the capacity of each
order as Principal, Agency, or Riskless
Principal; however, several other
capacities are accepted upon order
entry, including no response, which are
thereafter mapped to one of the abovelisted order capacities. By limiting the
order capacity upon entry to Principal,
Agency, or Riskless Principal and
requiring Members to accurately submit
an order capacity for each order, the
Exchange will be able to more precisely
identify the type of order received and
more effectively surveil for abusive
trading.
BYX does not have a rule that makes
an explicit statement regarding a
3 15
4 17
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6)(iii).
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Member’s obligation to input accurate
information into the System.
Notwithstanding, BYX believes that
disciplinary cases against Members
entering inaccurate or incomplete
information may be brought
appropriately under BYX Rule 3.1,
which requires Members to observe high
standards of commercial honor and just
and equitable principles of trade. Rule
3.1 protects the investing public and the
securities industry from dishonest
practices that are unfair to investors or
hinder the functioning of a free and
open market, even though those
practices may not be illegal or violate a
specific rule or regulation. Because of
the regulatory importance of accurate
information input in the System, BYX
believes a rule that directly addresses
Members’ obligation to provide accurate
information is warranted. The proposed
rule makes clear Members’ obligation to
input accurate information into the
System and that failure to do so would
be considered a violation of BYX Rules.
BYX notes that the Commission has
previously approved rules proposed by
the Nasdaq Stock Market LLC
(‘‘Nasdaq’’) requiring participants to
ensure that accurate information is
entered into Nasdaq’s system, including
but not limited to the capacity of the
participant.5 Thus, the proposed rule
change would bring BYX Rules in line
with those of other self-regulatory
organizations.
In order to allow Members sufficient
time to review and complete any
systems changes necessitated by this
filing, the Exchange has proposed an
operative date of April 4, 2011.
2. Statutory Basis
The rule change proposed in this
submission is consistent with the
requirements of the Act and the rules
and regulations thereunder that are
applicable to a national securities
exchange, and, in particular, with the
requirements of Section 6(b) of the Act.6
Specifically, for the reasons described
above, the proposed change is
consistent with Section 6(b)(5) of the
Act,7 because 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 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
5 See Securities Exchange Act Release 59547
(March 10, 2009), 74 FR 11386 (March 17, 2009).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
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Fmt 4703
Sfmt 4703
12205
open market and a national market
system, and to protect investors and the
public interest. Specifically, the changes
proposed herein will serve to promote
the accuracy of information input into
the Exchange. Accurate information is
necessary for the efficient and fair
operation of the Exchange, and will
assist the Exchange in surveilling the
markets for fraudulent activity.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change imposes any
burden on competition.
(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 Changes and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 8 and Rule 19b–4(f)(6) 9
thereunder because the proposal does
not: (i) Significantly affect the
protection of investors or the public
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.10
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.11
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.
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
10 In addition, Rule 19b–4(f)(6)(iii) requires the
Exchange to give the Commission written notice of
the Exchange’s 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 15 U.S.C. 78s(b)(3)(C).
9 17
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12206
Federal Register / Vol. 76, No. 43 / Friday, March 4, 2011 / Notices
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–BYX–2011–004 on the
subject line.
Paper Comments
jlentini on DSKJ8SOYB1PROD with NOTICES
• 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
[Release No. 34–63967; File No. SR–Phlx–
2011–27]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NASDAQ
OMX PHLX LLC Relating to
Amendments to Rules 200(g) and 201
of Regulation SHO Applicable to
Complex Orders
February 25, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 2 thereunder,
notice is hereby given that on February
23, 2011, NASDAQ OMX PHLX LLC
All submissions should refer to File
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Number SR–BYX–2011–004. This file
Securities and Exchange Commission
number should be included on the
(‘‘SEC’’ or ‘‘Commission’’) the proposed
subject line if e-mail is used. To help the rule change as described in Items I and
Commission process and review your
II below, which Items have been
comments more efficiently, please use
substantially prepared by the Exchange.
only one method. The Commission will The Commission is publishing this
post all comments on the Commission’s notice to solicit comments on the
Internet Web site (https://www.sec.gov/
proposed rule change from interested
rules/sro.shtml). Copies of the
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
The Exchange proposes to amend
Commission, and all written
Rule 1080.08 respecting complex orders
communications relating to the
to reflect the marking requirements of
proposed rule change between the
Commission and any person, other than Regulation SHO and to address the
handling of certain orders marked
those that may be withheld from the
‘‘short’’ in compliance with Rule 201 of
public in accordance with the
Regulation SHO, as explained further
provisions of 5 U.S.C. 552, will be
below.
available for website viewing and
The text of the proposed rule change
printing in the Commission’s Public
is available on the Exchange’s Web site
Reference Room, 100 F Street, NE.,
at https://www.nasdaqtrader.com/
Washington, DC 20549, on official
micro.aspx?id=PHLXRulefilings, at the
business days between the hours of 10
principal office of the Exchange, and at
a.m. and 3 p.m. Copies of such filing
also will be available for inspection and the Commission’s Public Reference
Room.
copying at the principal office of the
Exchange. All comments received will
II. Self-Regulatory Organization’s
be posted without change; the
Statement of the Purpose of, and
Commission does not edit personal
Statutory Basis for, the Proposed Rule
identifying information from
Change
submissions. You should submit only
In its filing with the Commission, the
information that you wish to make
Exchange included statements
available publicly. All submissions
concerning the purpose of and basis for
should refer to File Number SR–BYX–
the proposed rule change and discussed
2011–004 and should be submitted on
any comments it received on the
or before March 25, 2011.
proposed rule change. The text of these
For the Commission, by the Division of
statements may be examined at the
Trading and Markets, pursuant to delegated
places specified in Item IV below. The
12
authority.
Exchange has prepared summaries, set
Cathy H. Ahn,
forth in sections A, B, and C below, of
Deputy Secretary.
the most significant aspects of such
[FR Doc. 2011–4888 Filed 3–3–11; 8:45 am]
statements.
BILLING CODE 8011–01–P
1 15
12 17
CFR 200.30–3(a)(12).
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19:16 Mar 03, 2011
2 17
Jkt 223001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00194
Fmt 4703
Sfmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Recently, the Exchange received
approval from the Commission to make
various enhancements to its complex
orders system, including to accept
complex orders where one component is
the underlying security of the options
components.3 Specifically, the
underlying stock or ETF can now be one
component of a complex order.4 Nasdaq
Options Services LLC (‘‘NOS’’), a
registered broker-dealer and member of
Financial Industry Regulatory
Authority, is responsible for the
execution of the stock or ETF
component of a complex order as agent
of the stock or ETF component.5 This is
described in Rule 1080.08(h). A
complex order with one component that
is a stock or ETF is received by the
Exchange with a net debit or credit
price. The individual option leg(s) and
stock/ETF component prices are not
specified; rather, there is a single net
debit or credit price on the order which
is used by Phlx and NOS to determine
the price of each component, including
the stock/ETF. Specifically, although
Phlx is calculating the price of the
options components, a sophisticated
algorithm is simultaneously causing
NOS to calculate and execute the stock
or ETF component of the Complex
Order, which has been electronically
communicated to NOS by the Exchange.
Thus, because the execution of one
component is contingent upon the
execution of all others, the entire
package is processed as a single
transaction and both the option leg and
stock/ETF components are
simultaneously processed.
In the Complex Order rule filing, the
Exchange explained that with respect to
short sale regulation, the proposed
handling of the stock/ETF component of
a complex order did not raise any issues
of compliance with the currently
operative provisions of Regulation
SHO.6 When a complex order has a
3 See Securities Exchange Act Release No. 63777
(January 26, 2011), 76 FR 5630 (February 1, 2011)
(SR–Phlx–2010–157) (‘‘Complex Order rule filing’’).
4 A complex order is a an order involving the
simultaneous purchase and/or sale of two or more
different options series in the same underlying
security or a stock-option order, priced as a net
debit or credit, based on the relative prices of the
individual components, for the same account, for
the purpose of executing a particular investment
strategy. See Rule 1080.08(a).
5 The NASDAQ OMX Group, Inc. owns both the
Exchange and NOS; therefore, the Exchange and
NOS are affiliates.
6 17 CFR 242.200 et seq.
E:\FR\FM\04MRN1.SGM
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]]>Agencies
[Federal Register Volume 76, Number 43 (Friday, March 4, 2011)]
[Notices]
[Pages 12204-12206]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-4888]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63970; File No. SR-BYX-2011-004]
Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change by BATS
Exchange, Inc. To Adopt BYX Rule 11.21, entitled ``Input of Accurate
Information''
February 25, 2011.
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 February 18, 2011, BATS Y-Exchange, Inc. (``Exchange'' or
``BYX'') 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
has designated this proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A) of the
[[Page 12205]]
Act \3\ and Rule 19b-4(f)(6)(iii) thereunder,\4\ which renders it
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\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to adopt new BYX Rule 11.21 to require
Members to identify each order accurately as a Principal, Agency, or
Riskless Principal Order.
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
The Exchange proposes to add new BYX Rule 11.21 for the purpose of
increasing transparency and to enhance the surveillance database and
audit trail of transaction data used by the Exchange in surveillance of
its market. The proposed rule change would require Members to identify
the capacity of each order accurately as a Principal, Agency, or
Riskless Principal Order. For purposes of surveillance, the Exchange
currently identifies the capacity of each order as Principal, Agency,
or Riskless Principal; however, several other capacities are accepted
upon order entry, including no response, which are thereafter mapped to
one of the above-listed order capacities. By limiting the order
capacity upon entry to Principal, Agency, or Riskless Principal and
requiring Members to accurately submit an order capacity for each
order, the Exchange will be able to more precisely identify the type of
order received and more effectively surveil for abusive trading.
BYX does not have a rule that makes an explicit statement regarding
a Member's obligation to input accurate information into the System.
Notwithstanding, BYX believes that disciplinary cases against Members
entering inaccurate or incomplete information may be brought
appropriately under BYX Rule 3.1, which requires Members to observe
high standards of commercial honor and just and equitable principles of
trade. Rule 3.1 protects the investing public and the securities
industry from dishonest practices that are unfair to investors or
hinder the functioning of a free and open market, even though those
practices may not be illegal or violate a specific rule or regulation.
Because of the regulatory importance of accurate information input in
the System, BYX believes a rule that directly addresses Members'
obligation to provide accurate information is warranted. The proposed
rule makes clear Members' obligation to input accurate information into
the System and that failure to do so would be considered a violation of
BYX Rules.
BYX notes that the Commission has previously approved rules
proposed by the Nasdaq Stock Market LLC (``Nasdaq'') requiring
participants to ensure that accurate information is entered into
Nasdaq's system, including but not limited to the capacity of the
participant.\5\ Thus, the proposed rule change would bring BYX Rules in
line with those of other self-regulatory organizations.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release 59547 (March 10, 2009),
74 FR 11386 (March 17, 2009).
---------------------------------------------------------------------------
In order to allow Members sufficient time to review and complete
any systems changes necessitated by this filing, the Exchange has
proposed an operative date of April 4, 2011.
2. Statutory Basis
The rule change proposed in this submission is consistent with the
requirements of the Act and the rules and regulations thereunder that
are applicable to a national securities exchange, and, in particular,
with the requirements of Section 6(b) of the Act.\6\ Specifically, for
the reasons described above, the proposed change is consistent with
Section 6(b)(5) of the Act,\7\ because 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 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 to protect
investors and the public interest. Specifically, the changes proposed
herein will serve to promote the accuracy of information input into the
Exchange. Accurate information is necessary for the efficient and fair
operation of the Exchange, and will assist the Exchange in surveilling
the markets for fraudulent activity.
---------------------------------------------------------------------------
\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 imposes
any burden on competition.
(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 Changes and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) \9\ thereunder because
the proposal does not: (i) Significantly affect the protection of
investors or the public 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.\10\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to
give the Commission written notice of the Exchange's 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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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.\11\
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\11\ 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.
[[Page 12206]]
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-BYX-2011-004 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-BYX-2011-004. 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 website 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-BYX-2011-004 and should be
submitted on or before March 25, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-4888 Filed 3-3-11; 8:45 am]
BILLING CODE 8011-01-P
