Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Available Without Charge the EDGX Book Feed and To Add a Description of the EDGX Book Feed to New Rule 13.8, 39944-39946 [2011-17033]
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<![CDATA[
39944
Federal Register / Vol. 76, No. 130 / Thursday, July 7, 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–NASDAQ–2011–087 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.
sroberts on DSK5SPTVN1PROD with NOTICES
All submissions should refer to File
Number SR–NASDAQ–2011–087. This
file number should be included on the
subject line if e-mail is used.
To help the Commission process and
review your comments more efficiently,
please use only one method. The
Commission will post all comments on
the Commission’s Internet Web site
(https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room on official business
days between the hours of 10 a.m. and
3 p.m. Copies of such filing also will be
available for inspection and copying at
the principal offices 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–NASDAQ–2011–087, and
should be submitted on or before July
28, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–17062 Filed 7–6–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64791; File No. SR–EDGX–
2011–18]
Self-Regulatory Organizations; EDGX
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Make Available
Without Charge the EDGX Book Feed
and To Add a Description of the EDGX
Book Feed to New Rule 13.8
July 1, 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 June 29,
2011, EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘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 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 the Substance
of the Proposed Rule Change
The Exchange proposes to make
available without charge the EDGX book
feed (‘‘EDGX Book Feed’’), an EDGX
data feed that displays depth of book
information. The Exchange also
proposes to add a description of the
EDGX Book Feed to new Rule 13.8. 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.
1 15
7 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
16:26 Jul 06, 2011
2 17
Jkt 223001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00134
Fmt 4703
Sfmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to describe the availability of
the EDGX Book Feed, a data feed that
contains all orders for securities trading
on the Exchange. The EDGX Book Feed
is available to all EDGX members
equally at no charge, and offers all firms
real-time data concerning EDGX’s depth
of book. EDGX makes the EDGX Book
Feed available to all market participants
via subscription through an established
connection to EDGX through extranets,
direct connection, and service bureaus.
The EDGX Book Feed is available in
multicast and unicast formats.
The EDGX Book Feed contains the
following data elements: all displayed
orders for listed securities trading on
EDGX, order executions, order
cancellations, order modifications, order
identification numbers, and
administrative messages.
By making the EDGX Book Feed data
available, EDGX enhances market
transparency and fosters competition
among orders and markets. Member
firms may use the EDGX Book Feed to
more accurately price their orders based
on EDGX’s view of the depth of book
information, such as all displayed limit
orders at any point in time.
Additionally, Members can track their
own orders from order entry to
execution.
The Exchange proposes to add the
definition of EDGX Book Feed to new
Rule 13.8(a). In addition, the Exchange
proposes to add to Rule 13.8(b) the
process by which a Member can
obfuscate their unique order
identification number on the EDGX
Book Feed for subsequent
replenishments of reserve orders per
Market Participant Identifier (‘‘MPID’’)
for all logical ports or specific logical
ports, as designated by the Member. In
order to do so, and have a randomly
generated order identification number
applied to the replenishment of
Member’s reserve orders, the Member
would contact Member Services via email or phone. Such feature would be
enabled the next trading day by the
Exchange for the Member-selected MPID
for all logical ports or specific logical
ports until further instructions are
received by Member Services from the
Member. The Exchange believes that the
random order identification number
would help deter other market
participants from being able to trace the
life of a specific order, including short-
E:\FR\FM\07JYN1.SGM
07JYN1
Federal Register / Vol. 76, No. 130 / Thursday, July 7, 2011 / Notices
term price movements and trading
patterns.
At this time, EDGX does not have
plans to charge an additional fee
associated with the receipt of the EDGX
Book Feed. Should EDGX determine to
charge fees associated with the EDGX
Book Feed, EDGX will submit a
proposed rule change to the
Commission in order to implement
those fees.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 of the Act,3
in general, and furthers the objectives of
Section 6(b)(5),4 in particular, as 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, in
general, to protect investors and the
public interest. EDGX believes that this
proposal is in keeping with those
principles by promoting increased
transparency through the dissemination
of the EDGX Book Feed and by
codifying its availability.
In addition, EDGX is making a
voluntary decision to make this data
available. EDGX is not required by the
Act in the first instance to make the data
available, unlike the best bid and offer
which must be made available under the
Act. EDGX chooses to make the data
available as proposed in order to
improve market quality, to attract order
flow, and to increase transparency.
Once this filing becomes effective,
EDGX will be required to continue
making the data available until such
time as EDGX changes its rule.
sroberts on DSK5SPTVN1PROD 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
3 15
4 15
U.S.C. 78f.
U.S.C. 78f(b)(5).
VerDate Mar<15>2010
16:26 Jul 06, 2011
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
Because the foregoing 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 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 5 and Rule 19b–
4(f)(6)(iii) thereunder.6
A proposed rule change filed under
Rule 19b–4(f)(6) 7 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),8 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 that the
Commission waive the 30-day preoperative waiting period contained in
Rule 19b–4(f)(6)(iii).9 The Exchange has
requested such waiver because it
believes that such waiver is consistent
with the protection of investors and the
public interest because it would permit
EDGX to immediately provide the
information regarding the EDGX Book
Feed access requirements to market
participants. Specifically, the Exchange
believes that, because the EDGX Book
Feed is already available, strictly
voluntary, and free to receive, waiver is
consistent with the protection of
investors and the public interest. For
these reasons, the Commission sees no
reason to delay implementation of the
proposed rule change. 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.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.
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6)(iii).
7 17 CFR 240.19b–4(f)(6).
8 17 CFR 240.19b–4(f)(6)(iii).
9 Id.
10 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).
PO 00000
5 15
6 17
Frm 00135
Fmt 4703
Sfmt 4703
39945
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–2011–18 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–2011–18. This file
number should be included on the
subject line if e-mail is used.
To help the Commission process and
review your comments more efficiently,
please use only one method. The
Commission will post all comments on
the Commission’s Internet Web site
(https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room on official business
days between the hours of 10 a.m. and
3 p.m. Copies of such filing also will be
available for inspection and copying at
the principal offices 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–2011–18, and
should be submitted on or before July
28, 2011.
E:\FR\FM\07JYN1.SGM
07JYN1
39946
Federal Register / Vol. 76, No. 130 / Thursday, July 7, 2011 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Cathy H. Ahn,
Deputy Secretary.
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.
[FR Doc. 2011–17033 Filed 7–6–11; 8:45 am]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
1. Purpose
[Release No. 34–64785; File No. SR–NYSE–
2011–27]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Deleting NYSE
Rule 351(a)–(d) and Supplementary
Material .10 and .13, Adopting the Text
of FINRA Rule 4530, and Making
Certain Conforming Changes
June 30, 2011.
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 June 20,
2011, 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, II, and III below, which Items
have been substantially 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 delete
NYSE Rule 351(a)–(d) and
Supplementary Material .10 and .13,
adopt the text of FINRA Rule 4530, and
make certain conforming changes. The
text of the proposed rule change is
available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
sroberts on DSK5SPTVN1PROD with NOTICES
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
16:26 Jul 06, 2011
Jkt 223001
The Exchange proposes to delete
NYSE Rule 351(a)–(d) and
Supplementary Material .10 and .13,
adopt the text of FINRA Rule 4530, and
make certain conforming changes.
Background
On July 30, 2007, FINRA’s
predecessor, the National Association of
Securities Dealers, Inc. (‘‘NASD’’), and
NYSE Regulation, Inc. (‘‘NYSER’’)
consolidated their member firm
regulation operations into a combined
organization, FINRA.4 Pursuant to Rule
17d–2 under the Act, NYSE, NYSER and
FINRA entered into an agreement (the
‘‘Agreement’’) to reduce regulatory
duplication for their members by
allocating to FINRA certain regulatory
responsibilities for certain NYSE rules
and rule interpretations (‘‘FINRA
Incorporated NYSE Rules’’). NYSE
Amex LLC (‘‘NYSE Amex’’) became a
party to the Agreement effective
December 15, 2008.5
As part of its effort to reduce
regulatory duplication and relieve firms
that are members of FINRA, NYSE and
NYSE Amex of conflicting or
unnecessary regulatory burdens, FINRA
is now engaged in the process of
reviewing and amending the NASD and
FINRA Incorporated NYSE Rules in
order to create a consolidated FINRA
rulebook.6
4 See Securities Exchange Act Release No. 62970
(Sept. 22, 2010), 75 FR 59771 (Sept. 28, 2010) (order
approving SR–FINRA–2010–37).
5 See Securities Exchange Act Release Nos. 56148
(July 26, 2007), 72 FR 42146 (August 1, 2007) (order
approving the Agreement); 56147 (July 26, 2007), 72
FR 42166 (August 1, 2007) (SR–NASD–2007–054)
(order approving the incorporation of certain NYSE
Rules as ‘‘Common Rules’’); and 60409 (July 30,
2009), 74 FR 39353 (August 6, 2009) (order
approving the amended and restated Agreement,
adding NYSE Amex LLC as a party). Paragraph 2(b)
of the Agreement sets forth procedures regarding
proposed changes by FINRA, NYSE or NYSE Amex
to the substance of any of the Common Rules.
6 FINRA’s rulebook currently has three sets of
rules: (1) NASD Rules, (2) FINRA Incorporated
NYSE Rules, and (3) consolidated FINRA Rules.
The FINRA Incorporated NYSE Rules apply only to
those members of FINRA that are also members of
the NYSE (‘‘Dual Members’’), while the
consolidated FINRA Rules apply to all FINRA
members. For more information about the FINRA
rulebook consolidation process, see FINRA
Information Notice, March 12, 2008.
PO 00000
Frm 00136
Fmt 4703
Sfmt 4703
In connection with the rule
consolidation efforts between the
Exchange and FINRA, the Commission
has recently approved FINRA Rule
4530,7 which is modeled after NYSE
Rule 351(a)–(d) and NASD Rule 3070.8
FINRA Rule 4530 requires member
firms to: (1) Report to FINRA certain
specified events and quarterly statistical
and summary information regarding
written customer complaints; and (2)
file with FINRA copies of certain
criminal actions, civil complaints and
arbitration claims. FINRA uses the
information for regulatory purposes to
identify and initiate investigations of
firms, offices and associated persons
that may pose a risk. In most cases, the
requirements of FINRA Rule 4530 are
based on similar requirements in the
NASD and NYSE rules.
Proposed Rule Change
The Exchange proposes to adopt the
text of FINRA Rule 4530 as NYSE Rule
4530, with certain technical changes.
For consistency with Exchange rules,
the Exchange proposes to change all
references to ‘‘members’’ to ‘‘member
organizations’’ and add a definition of
‘‘person associated with a member
organization.’’ The Exchange proposes
to delete NYSE Rule 351(a)–(d) and
Supplementary Material .10 and .13 and
make conforming amendments in NYSE
Rules 342, 401A, and 476A, which
contain references to NYSE Rule 351,
and delete an unnecessary crossreference in NYSE Rule 311. The
Exchange proposes to make NYSE Rule
4530 effective on the same date as
FINRA makes FINRA Rule 4530
effective.9
7 See Securities Exchange Act Release No. 63260
(November 5, 2010), 75 FR 69508 (November 12,
2010) (SR–FINRA–2010–034). See also Securities
Exchange Act Release No. 64560 (May 27, 2011), 76
FR 32246 (June 3, 2011) (SR–FINRA–2011–024).
8 NYSE Rule 351(e) and NYSE Rule Interpretation
351(e)/01 (Reports of Investigation) govern trade
investigation reporting requirements. NYSE Rules
351(f), 351.11 and 351.12 govern the annual
attestation requirement of the research analyst
conflict of interest rules. These provisions will be
addressed as part of the supervision rules and
research analyst conflict of interest rules,
respectively. See Regulatory Notice 08–24
(Proposed Consolidated FINRA Rules Governing
Supervision and Supervisory Controls) and
Regulatory Notice 08–55 (FINRA Requests
Comment on Proposed Research Registration and
Conflict of Interest Rules) NYSE Rule 351(e) and (f)
are addressed by a separate FINRA harmonization
proposal. NYSE Rules 351(a)–(d) would be marked
as ‘‘Reserved’’ until such time as NYSE Rule 351
is fully harmonized with FINRA rules.
9 See FINRA Regulatory Notice 11–06. The
implementation date is currently scheduled for July
1, 2011. NYSE Amex also has submitted a
companion rule filing amending its rules in
accordance with FINRA’s rule changes. See SR–
NYSEAmex–2011–42.
E:\FR\FM\07JYN1.SGM
07JYN1
]]>Agencies
[Federal Register Volume 76, Number 130 (Thursday, July 7, 2011)]
[Notices]
[Pages 39944-39946]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-17033]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64791; File No. SR-EDGX-2011-18]
Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Make
Available Without Charge the EDGX Book Feed and To Add a Description of
the EDGX Book Feed to New Rule 13.8
July 1, 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 June 29, 2011, EDGX Exchange, Inc. (the ``Exchange'' or
``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 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 the
Substance of the Proposed Rule Change
The Exchange proposes to make available without charge the EDGX
book feed (``EDGX Book Feed''), an EDGX data feed that displays depth
of book information. The Exchange also proposes to add a description of
the EDGX Book Feed to new Rule 13.8. 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 purpose of the proposed rule change is to describe the
availability of the EDGX Book Feed, a data feed that contains all
orders for securities trading on the Exchange. The EDGX Book Feed is
available to all EDGX members equally at no charge, and offers all
firms real-time data concerning EDGX's depth of book. EDGX makes the
EDGX Book Feed available to all market participants via subscription
through an established connection to EDGX through extranets, direct
connection, and service bureaus. The EDGX Book Feed is available in
multicast and unicast formats.
The EDGX Book Feed contains the following data elements: all
displayed orders for listed securities trading on EDGX, order
executions, order cancellations, order modifications, order
identification numbers, and administrative messages.
By making the EDGX Book Feed data available, EDGX enhances market
transparency and fosters competition among orders and markets. Member
firms may use the EDGX Book Feed to more accurately price their orders
based on EDGX's view of the depth of book information, such as all
displayed limit orders at any point in time. Additionally, Members can
track their own orders from order entry to execution.
The Exchange proposes to add the definition of EDGX Book Feed to
new Rule 13.8(a). In addition, the Exchange proposes to add to Rule
13.8(b) the process by which a Member can obfuscate their unique order
identification number on the EDGX Book Feed for subsequent
replenishments of reserve orders per Market Participant Identifier
(``MPID'') for all logical ports or specific logical ports, as
designated by the Member. In order to do so, and have a randomly
generated order identification number applied to the replenishment of
Member's reserve orders, the Member would contact Member Services via
e-mail or phone. Such feature would be enabled the next trading day by
the Exchange for the Member-selected MPID for all logical ports or
specific logical ports until further instructions are received by
Member Services from the Member. The Exchange believes that the random
order identification number would help deter other market participants
from being able to trace the life of a specific order, including short-
[[Page 39945]]
term price movements and trading patterns.
At this time, EDGX does not have plans to charge an additional fee
associated with the receipt of the EDGX Book Feed. Should EDGX
determine to charge fees associated with the EDGX Book Feed, EDGX will
submit a proposed rule change to the Commission in order to implement
those fees.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\3\ in general, and
furthers the objectives of Section 6(b)(5),\4\ in particular, as 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,
in general, to protect investors and the public interest. EDGX believes
that this proposal is in keeping with those principles by promoting
increased transparency through the dissemination of the EDGX Book Feed
and by codifying its availability.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f.
\4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
In addition, EDGX is making a voluntary decision to make this data
available. EDGX is not required by the Act in the first instance to
make the data available, unlike the best bid and offer which must be
made available under the Act. EDGX chooses to make the data available
as proposed in order to improve market quality, to attract order flow,
and to increase transparency. Once this filing becomes effective, EDGX
will be required to continue making the data available until such time
as EDGX changes its rule.
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: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
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 \5\ and Rule 19b-
4(f)(6)(iii) thereunder.\6\
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\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(6)(iii).
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A proposed rule change filed under Rule 19b-4(f)(6) \7\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\8\ 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
that the Commission waive the 30-day pre-operative waiting period
contained in Rule 19b-4(f)(6)(iii).\9\ The Exchange has requested such
waiver because it believes that such waiver is consistent with the
protection of investors and the public interest because it would permit
EDGX to immediately provide the information regarding the EDGX Book
Feed access requirements to market participants. Specifically, the
Exchange believes that, because the EDGX Book Feed is already
available, strictly voluntary, and free to receive, waiver is
consistent with the protection of investors and the public interest.
For these reasons, the Commission sees no reason to delay
implementation of the proposed rule change. 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.\10\
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\7\ 17 CFR 240.19b-4(f)(6).
\8\ 17 CFR 240.19b-4(f)(6)(iii).
\9\ Id.
\10\ 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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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:
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-2011-18 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-2011-18. This file
number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for Web site
viewing and printing in the Commission's Public Reference Room on
official business days between the hours of 10 a.m. and 3 p.m. Copies
of such filing also will be available for inspection and copying at the
principal offices 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-2011-18, and should be submitted on or before July
28, 2011.
[[Page 39946]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-17033 Filed 7-6-11; 8:45 am]
BILLING CODE 8011-01-P
