Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Permit the Listing of Series with $0.50 and $1 Strike Price Increments on Certain Options Used To Calculate Volatility Indexes, 23632-23634 [2011-10195]
Download as PDF
<![CDATA[
23632
Federal Register / Vol. 76, No. 81 / Wednesday, April 27, 2011 / Notices
for each hour, which consists only of
internal labor costs. There are no
external labor costs associated with
sending the notice to issuers.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of functions for the agency,
including whether the information shall
have practical utility; (b) the accuracy of
the agency’s estimate of the burden of
the proposed collection of information;
(c) ways to enhance the quality, utility,
and clarity of the information to be
collected; and (d) ways to minimize the
burden of the collection of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
The Commission may not conduct or
sponsor a collection of information
unless it displays a currently valid
control number. No person shall be
subject to any penalty for failing to
comply with a collection of information
subject to the PRA that does not display
a valid Office of Management and
Budget (OMB) control number.
Please direct your written comments
to Thomas Bayer, Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
6432 General Green Way, Alexandria,
Virginia 22312; or send an e-mail to:
PRA_Mailbox@sec.gov.
Dated: April 22, 2011.
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–10193 Filed 4–26–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
Upon Written Request, Copies Available
From: U.S. Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension:
Rule 15c2–5, SEC File No. 270–195, OMB
Control No. 3235–0198.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 15c2–5 (17 CFR
240.15c2–5) under the Securities
VerDate Mar<15>2010
15:36 Apr 26, 2011
Jkt 223001
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (‘‘Exchange Act’’). The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 15c2–5 prohibits a broker-dealer
from arranging or extending certain
loans to persons in connection with the
offer or sale of securities unless, before
any element of the transaction is entered
into, the broker-dealer: (1) Delivers to
the person a written statement
containing the exact nature and extent
of the person’s obligations under the
loan arrangement; the risks and
disadvantages of the loan arrangement;
and all commissions, discounts, and
other remuneration received and to be
received in connection with the
transaction by the broker-dealer or
certain related persons (unless the
person receives certain materials from
the lender or broker-dealer which
contain the required information); and
(2) obtains from the person information
on the person’s financial situation and
needs, reasonably determines that the
transaction is suitable for the person,
and retains on file and makes available
to the person on request a written
statement setting forth the brokerdealer’s basis for determining that the
transaction was suitable. The collection
of information required by Rule 15c2–5
is necessary to execute the
Commission’s mandate under the
Exchange Act to prevent fraudulent,
manipulative, and deceptive acts and
practices by broker-dealers.
The Commission estimates that there
are approximately 50 respondents that
require an aggregate total of 600 hours
to comply with Rule 15c2–5. Each of
these approximately 50 registered
broker-dealers makes an estimated six
annual responses, for an aggregate total
of 300 responses per year. Each
response takes approximately two hours
to complete. Thus, the total compliance
burden per year is 600 burden hours.
The approximate cost per hour is $50.00
for clerical labor, resulting in a total
compliance cost of $30,000 (600 hours
@ $50.00 per hour). These reflect
internal labor costs; there are no
external labor, capital, or start-up costs.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
The Commission may not conduct or
sponsor a collection of information
unless it displays a currently valid
control number. No person shall be
subject to any penalty for failing to
comply with a collection of information
subject to the Paperwork Reduction Act
that does not display a valid OMB
control number.
Please direct your written comments
to: Thomas Bayer, Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
6432 General Green Way, Alexandria,
Virginia 22312 or send an e-mail to:
PRA_Mailbox@sec.gov.
Dated: April 20, 2011.
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–10107 Filed 4–26–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64325; File No. SR–
NYSEAmex–2011–26]
Self-Regulatory Organizations; NYSE
Amex LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Permit the Listing of
Series with $0.50 and $1 Strike Price
Increments on Certain Options Used
To Calculate Volatility Indexes
April 22, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that, on April 19,
2011, NYSE Amex LLC (the ‘‘Exchange’’
or ‘‘NYSE Amex’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. 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
Commentary .13 to NYSE Amex Rule
903 to permit the listing of strike prices
1 15
2 17
E:\FR\FM\27APN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
27APN1
Federal Register / Vol. 76, No. 81 / Wednesday, April 27, 2011 / Notices
in $0.50 intervals where the strike price
is less than $75, and strike prices in
$1.00 intervals where the strike price is
between $75 and $150 for option series
used to calculate volatility indexes. The
text of the proposed rule change is
available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
1. Purpose
The purpose of this proposed rule
change is to permit the Exchange to list
strike prices in $0.50 intervals where
the strike price is less than $75, and
strike prices in $1.00 intervals where
the strike price is between $75 and $150
for option series used to calculate
volatility indexes. The proposal is based
on a recently approved rule change by
the Chicago Board Options Exchange
(‘‘CBOE’’).3
To effect this change, the Exchange is
proposing to add new Commentary .13
to Rule 903, Series of Options Open for
Trading. The new provisions will
permit the listing of strike prices in
$0.50 intervals where the strike price is
less than $75, and strike prices in $1.00
intervals where the strike price is
between $75 and $150 for option series
used to calculate volatility indexes.4
Volatility indexes are calculated and
disseminated by the CBOE, which also
list options on the resulting index. At
this time, NYSE Amex has no intention
3 See Exchange Act Release No. 64189 (April 5,
2011), 76 FR 20066 (April 11, 2011).
4 For example, CBOE calculates the CBOE Gold
ETF Volatility Index (‘‘GVZ’’), which is based on the
VIX methodology applied to options on the SPDR
Gold Trust (‘‘GLD’’). The current filing would permit
$0.50 strike price intervals for GLD options where
the strike price is $75 or less. NYSE Amex is
currently permitted to list strike prices in $1
intervals for GLD options (where the strike price is
$200 or less), as well as for other exchange-traded
fund (‘‘ETF’’) options. See Rule 903, Commentary
.05
VerDate Mar<15>2010
15:36 Apr 26, 2011
Jkt 223001
of listing volatility options, and will not
be selecting options on any equity
securities, Exchange-Traded Fund
Shares, Trust Issued Receipts, Exchange
Traded Notes, Index-Linked Securities,
or indexes to be the basis of a volatility
index.
To the extent that the CBOE or
another exchange selects a multiply
listed product as the basis of a volatility
index, proposed Commentary .13 would
permit NYSE Amex to list and compete
in all series listed by the CBOE for
purposes of calculating a volatility
index.
NYSE Amex has analyzed its capacity
and represents that it believes the
Exchange and the Options Price
Reporting Authority have the necessary
systems capacity to handle the
additional traffic associated with the
listing of strike prices in $0.50 intervals
where the strike price is less than $75,
and strike prices in $1.00 intervals
where the strike price is between $75
and $150 for option series used to
calculate volatility indexes in securities
selected by the CBOE.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Securities Exchange Act of 1934 5
(the ‘‘Act’’) in general, and furthers the
objectives of Section 6(b)(5) of the Act 6
in particular, in that it is designed 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, by
allowing the Exchange to offer a full
range of all available option series in a
given class, including those selected by
other exchanges to be the basis of a
volatility index. While this proposal
will generate additional quote traffic,
the Exchange does not believe that this
increased traffic will become
unmanageable since the proposal is
restricted to a limited number of classes.
Further, the Exchange does not believe
that the proposal will result in a
material proliferation of additional
series because it is restricted to a limited
number of classes.
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.
5 15
6 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00098
Fmt 4703
Sfmt 4703
23633
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not significantly affect the
protection of investors or the public
interest, does not impose any significant
burden on competition, and, by its
terms, does not become operative for
30 days from the date on which it was
filed, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 7 and Rule 19b–
4(f)(6) thereunder.8
The Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission believes that
waiver of the operative delay is
consistent with the protection of
investors and the public interest
because the proposal is substantially
similar to that of another exchange that
has been approved by the Commission.9
Therefore, the Commission designates
the proposal operative upon filing.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.
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:
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). 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 the five-day prefiling requirement.
9 See supra note 3.
10 For 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).
8 17
E:\FR\FM\27APN1.SGM
27APN1
23634
Federal Register / Vol. 76, No. 81 / Wednesday, April 27, 2011 / Notices
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–2011–26 on
the subject line.
Paper Comments
WReier-Aviles on DSKGBLS3C1PROD 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. 34–64319; File No. SR–CHX–
2011–04]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Add the
CHX Only Order Type
April 21, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 19,
2011, the Chicago Stock Exchange, Inc.
(‘‘CHX’’ or ‘‘Exchange’’) filed with the
All submissions should refer to File
Securities and Exchange Commission
Number SR–NYSEAmex–2011–26. This (‘‘Commission’’) the proposed rule
file number should be included on the
change as described in Items I and II
subject line if e-mail is used. To help the below, which Items have been prepared
Commission process and review your
by the Exchange. The Commission is
comments more efficiently, please use
publishing this notice to solicit
only one method. The Commission will comments on the proposed rule change
post all comments on the Commission’s from interested persons.
Internet Web site (https://www.sec.gov/
I. Self-Regulatory Organization’s
rules/sro.shtml). Copies of the
Statement of the Terms of Substance of
submission, all subsequent
the Proposed Rule Change
amendments, all written statements
CHX proposes to amend CHX Article
with respect to the proposed rule
1, Rule 2 (Order Types and Conditions)
change that are filed with the
and Article 20, Rules 4 (Eligible Orders)
Commission, and all written
and 8 (Operation of the Matching
communications relating to the
System) to add the CHX Only order
proposed rule change between the
type. The text of this proposed rule
Commission and any person, other than change is available on the Exchange’s
those that may be withheld from the
Web site at (https://www.chx.com) and in
public in accordance with the
the Commission’s Public Reference
provisions of 5 U.S.C. 552, will be
Room.
available for Web site viewing and
II. Self-Regulatory Organization’s
printing in the Commission’s Public
Statement of the Purpose of, and
Reference Room, 100 F Street, NE.,
Statutory Basis for, the Proposed Rule
Washington, DC 20549, on official
Change
business days between the hours of
In its filing with the Commission, the
10 a.m. and 3 p.m. Copies of the filing
also will be available for inspection and CHX included statements concerning
the purpose of and basis for the
copying at the principal office of the
proposed rule changes [sic] and
Exchange. All comments received will
discussed any comments it received
be posted without change; the
regarding the proposal. The text of these
Commission does not edit personal
statements may be examined at the
identifying information from
places specified in Item IV below. The
submissions. You should submit only
CHX has prepared summaries, set forth
information that you wish to make
in sections A, B and C below, of the
available publicly. All submissions
most significant aspects of such
should refer to File Number SR–
statements.
NYSEAmex–2011–26 and should be
A. Self-Regulatory Organization’s
submitted on or before May 18, 2011.
Statement of the Purpose of, and
For the Commission, by the Division of
Statutory Basis for, the Proposed Rule
Trading and Markets, pursuant to delegated
Change
11
authority.
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–10195 Filed 4–26–11; 8:45 am]
BILLING CODE 8011–01–P
1. Purpose
The Exchange proposes to amend
CHX Article 1, Rule 2 (Order Types and
Conditions) and Article 20, Rules 4
1 15
11 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
15:36 Apr 26, 2011
2 17
Jkt 223001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00099
Fmt 4703
Sfmt 4703
(Eligible Orders) and 8 (Operation of the
Matching System) to add the CHX Only
order type. CHX Only orders are
designed to encourage displayed
liquidity on the Exchange and reduce
automatic cancellations by the
Exchange’s core trading facility, the
Matching System, for orders which lock
or cross the best displayed quotes in the
National Market System. CHX Only
orders will be automatically repriced by
the Exchange, if necessary as discussed
below, to reside in the Matching System
and be displayed to the national market
system at prices which are in
conformity with Regulation NMS and
the short sale price test restrictions of
Rule 201 of Regulation SHO. An order
sender can enter instructions to have all
limit orders default to ‘‘CHX Only’’ and
therefore be subject to the repricing
process. In addition, an order sender
can enter instructions to only use the
repricing process if the CHX Only order
locks the NBBO at the time of order
entry, and not if it crosses the NBBO.
Such instructions can be submitted on
either an order-by-order or global basis
by the order sending firm. If such
instructions are given and the order
crosses the NBBO, it will be rejected
from the Matching System.
As a general matter, CHX Only orders
are limit orders which are ranked and
executed on the Exchange according to
the provisions of Rule 8 of Article 20.
By their nature, CHX Only orders are
not eligible for routing away by the
Exchange to another trading center.3
In addition to the foregoing, a CHX
Only order which, at the time of entry
to the Matching System, would cross a
Protected Quotation, as defined in
Regulation NMS Rule 600(b)(58), will be
automatically repriced by the Exchange
to the locking price and ranked at such
price in the Matching System. A CHX
Only order that, if at the time of entry,
would create a violation of Rule 610(d)
of Regulation NMS by locking or
crossing a Protected Quotation will be
displayed by the Matching System at
one minimum price variation below the
current NBO (for bids) or to one
minimum price variation above the
current NBB (for offers) (the ‘‘NMS
repricing process’’).4 In the event that
3 The CHX Only order type is therefore similar to
the ‘‘Do Not Route’’ order defined in Article 20, Rule
4.b(10), which also cannot be routed to another
destination. The repricing process defined in this
filing does not apply, however, to Do Not Route
orders.
4 Such orders will be ranked at the locking price
at the time they are received by the Matching
System. As noted above, an order sender is
permitted to submit an instruction that only orders
which lock the NBBO at the time of order entry be
subject to the repricing process. Orders which cross
E:\FR\FM\27APN1.SGM
27APN1
]]>Agencies
[Federal Register Volume 76, Number 81 (Wednesday, April 27, 2011)]
[Notices]
[Pages 23632-23634]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-10195]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64325; File No. SR-NYSEAmex-2011-26]
Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Permit the
Listing of Series with $0.50 and $1 Strike Price Increments on Certain
Options Used To Calculate Volatility Indexes
April 22, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on April 19, 2011, NYSE Amex LLC (the ``Exchange'' or ``NYSE
Amex'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. 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 adopt Commentary .13 to NYSE Amex Rule 903
to permit the listing of strike prices
[[Page 23633]]
in $0.50 intervals where the strike price is less than $75, and strike
prices in $1.00 intervals where the strike price is between $75 and
$150 for option series used to calculate volatility indexes. The text
of the proposed rule change is available at the Exchange, the
Commission's Public Reference Room, and https://www.nyse.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this proposed rule change is to permit the Exchange
to list strike prices in $0.50 intervals where the strike price is less
than $75, and strike prices in $1.00 intervals where the strike price
is between $75 and $150 for option series used to calculate volatility
indexes. The proposal is based on a recently approved rule change by
the Chicago Board Options Exchange (``CBOE'').\3\
---------------------------------------------------------------------------
\3\ See Exchange Act Release No. 64189 (April 5, 2011), 76 FR
20066 (April 11, 2011).
---------------------------------------------------------------------------
To effect this change, the Exchange is proposing to add new
Commentary .13 to Rule 903, Series of Options Open for Trading. The new
provisions will permit the listing of strike prices in $0.50 intervals
where the strike price is less than $75, and strike prices in $1.00
intervals where the strike price is between $75 and $150 for option
series used to calculate volatility indexes.\4\
---------------------------------------------------------------------------
\4\ For example, CBOE calculates the CBOE Gold ETF Volatility
Index (``GVZ''), which is based on the VIX methodology applied to
options on the SPDR Gold Trust (``GLD''). The current filing would
permit $0.50 strike price intervals for GLD options where the strike
price is $75 or less. NYSE Amex is currently permitted to list
strike prices in $1 intervals for GLD options (where the strike
price is $200 or less), as well as for other exchange-traded fund
(``ETF'') options. See Rule 903, Commentary .05
---------------------------------------------------------------------------
Volatility indexes are calculated and disseminated by the CBOE,
which also list options on the resulting index. At this time, NYSE Amex
has no intention of listing volatility options, and will not be
selecting options on any equity securities, Exchange-Traded Fund
Shares, Trust Issued Receipts, Exchange Traded Notes, Index-Linked
Securities, or indexes to be the basis of a volatility index.
To the extent that the CBOE or another exchange selects a multiply
listed product as the basis of a volatility index, proposed Commentary
.13 would permit NYSE Amex to list and compete in all series listed by
the CBOE for purposes of calculating a volatility index.
NYSE Amex has analyzed its capacity and represents that it believes
the Exchange and the Options Price Reporting Authority have the
necessary systems capacity to handle the additional traffic associated
with the listing of strike prices in $0.50 intervals where the strike
price is less than $75, and strike prices in $1.00 intervals where the
strike price is between $75 and $150 for option series used to
calculate volatility indexes in securities selected by the CBOE.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Securities Exchange Act of 1934 \5\ (the ``Act'') in
general, and furthers the objectives of Section 6(b)(5) of the Act \6\
in particular, in that it is designed 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, by allowing the Exchange
to offer a full range of all available option series in a given class,
including those selected by other exchanges to be the basis of a
volatility index. While this proposal will generate additional quote
traffic, the Exchange does not believe that this increased traffic will
become unmanageable since the proposal is restricted to a limited
number of classes. Further, the Exchange does not believe that the
proposal will result in a material proliferation of additional series
because it is restricted to a limited number of classes.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest, does not
impose any significant burden on competition, and, by its terms, does
not become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6). 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 the five-day prefiling requirement.
---------------------------------------------------------------------------
The Exchange has requested that the Commission waive the 30-day
operative delay. The Commission believes that waiver of the operative
delay is consistent with the protection of investors and the public
interest because the proposal is substantially similar to that of
another exchange that has been approved by the Commission.\9\
Therefore, the Commission designates the proposal operative upon
filing.\10\
---------------------------------------------------------------------------
\9\ See supra note 3.
\10\ For 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).
---------------------------------------------------------------------------
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.
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:
[[Page 23634]]
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEAmex-2011-26 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-2011-26. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for Web site
viewing and printing in the Commission's Public Reference Room, 100 F
Street, NE., Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of the filing 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-2011-26 and should be submitted on or before May 18, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-10195 Filed 4-26-11; 8:45 am]
BILLING CODE 8011-01-P
