Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend NASDAQ Stock Market Equities Trading Rules 4757 and 4758 and NASDAQ Options Market Rules Chapter VI, 44076-44078 [2011-18492]
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44076
Federal Register / Vol. 76, No. 141 / Friday, July 22, 2011 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
investors, or otherwise in furtherance of
the purposes of the Act.
No written comments were either
solicited or received.
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:
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 19(b)(3)(A)
of the Act 7 and Rule 19b–4(f)(6)
thereunder.8
A proposed rule change filed under
Rule 19b–4(f)(6) 9 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),10 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
operative delay so that the proposal may
become operative immediately upon
filing. The Exchange notes that waiving
the 30-day operative delay will permit
the Exchange’s affiliated broker-dealers,
NOS, to comply with Rule 15c3–5 under
the Act by July 14, 2011; 11 the
compliance date for Rule 15c3–5. For
this reason, the Commission believes
that waiving the 30-day operative delay
is consistent with the protection of
investors and the public interest, and
designates the proposed rule change to
be operative upon filing with the
Commission.12
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
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). 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. Phlx has satisfied this requirement.
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
11 17 CFR 240.15c3–5.
12 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
mstockstill on DSK4VPTVN1PROD with NOTICES
8 17
VerDate Mar<15>2010
17:59 Jul 21, 2011
Jkt 223001
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–18494 Filed 7–21–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64899; File No. SR–
NASDAQ–2011–097]
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–Phlx–2011–99 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.
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
NASDAQ Stock Market Equities
Trading Rules 4757 and 4758 and
NASDAQ Options Market Rules
Chapter VI
July 18, 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 July 13,
2011, The NASDAQ Stock Market LLC
(the ‘‘Exchange’’ or ‘‘NASDAQ’’) filed
All submissions should refer to File
with the Securities and Exchange
Number SR–Phlx–2011–99. This file
Commission (‘‘Commission’’) the
number should be included on the
subject line if e-mail is used. To help the proposed rule change as described in
Items I and II below, which Items have
Commission process and review your
been prepared by the Exchange. The
comments more efficiently, please use
only one method. The Commission will Commission is publishing this notice to
post all comments on the Commission’s solicit comments on the proposed rule
change from interested persons.
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
I. Self-Regulatory Organization’s
submission, all subsequent
Statement of the Terms of Substance of
amendments, all written statements
the Proposed Rule Change
with respect to the proposed rule
The Exchange is filing this proposed
change that are filed with the
rule change to amend NASDAQ Stock
Commission, and all written
Market equities trading Rules 4757 and
communications relating to the
4758 and NASDAQ Options Market
proposed rule change between the
Commission and any person, other than Rules Chapter VI, Section 10 and 11.
The text of the proposed rule change
those that may be withheld from the
is available at https://
public in accordance with the
nasdaq.cchwallstreet.com/, at
provisions of 5 U.S.C. 552, will be
NASDAQ’s principal office, and at the
available for Web site viewing and
Commission’s Public Reference Room.
printing in the Commission’s Public
Reference Room, 100 F Street, NE.,
II. Self-Regulatory Organization’s
Washington, DC 20549, on official
Statement of the Purpose of, and
business days between the hours of
Statutory Basis for, the Proposed Rule
10 a.m. and 3 p.m. Copies of such filing Change
also will be available for inspection and
In its filing with the Commission, the
copying at the principal office of the
Exchange included statements
Exchange. All comments received will
concerning the purpose of, and basis for,
be posted without change; the
the proposed rule change and discussed
Commission does not edit personal
any comments it received on the
identifying information from
proposed rule change. The text of those
submissions. You should submit only
statements may be examined at the
information that you wish to make
places specified in Item IV below. The
available publicly. All submissions
should refer to File Number SR–Phlx–
13 17 CFR 200.30–3(a)(12).
2011–99 and should be submitted on or
1 15 U.S.C.78s(b)(1).
before August 12, 2011.
2 17 CFR 240.19b–4.
PO 00000
Frm 00096
Fmt 4703
Sfmt 4703
E:\FR\FM\22JYN1.SGM
22JYN1
Federal Register / Vol. 76, No. 141 / Friday, July 22, 2011 / Notices
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
mstockstill on DSK4VPTVN1PROD with NOTICES
1. Purpose
On November 3, 2010, the
Commission adopted the Market Access
Rule,3 pursuant to which, among other
things, broker-dealers providing market
access are required to implement certain
pre-order entry checks in order to
manage the financial, regulatory, and
other risks associated with providing its
customers with market access. In
anticipation of the upcoming July 14,
2011 compliance date for the Market
Access Rule, the Exchange is proposing
to amend NASDAQ Stock Market
equities trading Rules 4757 and 4758
and NASDAQ Options Market Rules
Chapter VI, Section 10 and 11 to
describe the manner in which the
Exchange’s affiliated routing brokerdealers, NASDAQ Execution Services
(‘‘NES’’) and NASDAQ Options Services
(‘‘NOS’’) will handle routable orders
consistent with the Market Access Rule.
In order to comply with the Market
Access Rule, NES and NOS propose to
implement, as part of the procedures of
NES and NOS, certain tests, on both an
order-by-order basis and over a short
period of time, that are designed to limit
the financial exposure that could arise
as a result of market access and to
ensure compliance with all regulatory
requirements that are applicable in
connection with market access.
Consistent with the requirements of the
Market Access Rule, these tests are
designed to reject orders that NES and
NOS deem to be erroneous or
duplicative, would cause the entering
Member’s credit exposure to exceed a
preset credit threshold, or are noncompliant with pre-trade regulatory
requirements (as defined in the Market
Access Rule). To the extent NES and
NOS determine, based on these
procedures, that an order should be
rejected, NES and NOS may also seek to
cancel orders that have already been
routed away.
Jkt 223001
NASDAQ does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
Rather, the change will promote greater
competition by allowing NASDAQ to
adopt functionality already in use at
competing national securities
exchanges.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
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 19(b)(3)(A)
of the Act 6 and Rule 19b–4(f)(6)
thereunder.7
A proposed rule change filed under
Rule 19b–4(f)(6) 8 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
6 15 U.S.C. 78s(b)(3)(A).
7 17 CFR 240.19b–4(f)(6). 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. NASDAQ has satisfied this
requirement.
8 17 CFR 240.19b–4(f)(6).
5 15
3 See Securities Exchange Act Release No. 63241
(November 3, 2010), 75 FR 69792 (November 15,
2010).
17:59 Jul 21, 2011
B. Self-Regulatory Organization’s
Statement on Burden on Competition
4 15
2. Statutory Basis
The Exchange believes that its
proposal is consistent with the
requirements of the Act and the rules
and regulations thereunder that are
applicable to a national securities
VerDate Mar<15>2010
exchange, and, in particular, with the
requirements of Section 6(b) of the Act.4
In particular, the proposed change is
consistent with Section 6(b)(5) of the
Act,5 because it would promote just and
equitable principles of trade, and, in
general, protect investors and the public
interest. The proposed rule is consistent
with the requirements of the Act
because the change is necessary for the
Exchange’s affiliated broker-dealer, NES
and NOS, to comply with the Market
Access Rule. The Exchange also believes
that the proposed changes will benefit
Members of the Exchange because it
provides clarity on the procedures
employed by NES and NOS consistent
with the Market Access Rule.
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
44077
to Rule 19b–4(f)(6)(iii),9 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 operative delay so that
the proposal may become operative
immediately upon filing. The Exchange
notes that waiving the 30-day operative
delay will permit the Exchange’s
affiliated broker-dealers, NES and NOS,
to comply with Rule 15c3–5 under the
Act by July 14, 2011; 10 the compliance
date for Rule 15c3–5. For this reason,
the Commission believes that waiving
the 30-day operative delay is consistent
with the protection of investors and the
public interest, and designates the
proposed rule change to be operative
upon filing with the Commission.11
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 rulecomments@sec.gov. Please include File
Number SR–NASDAQ–2011–097 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–NASDAQ–2011–097. 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
9 17
CFR 240.19b–4(f)(6)(iii).
CFR 240.15c3–5.
11 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
10 17
E:\FR\FM\22JYN1.SGM
22JYN1
44078
Federal Register / Vol. 76, No. 141 / Friday, July 22, 2011 / Notices
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official
business days between the hours of
10 a.m. and 3 p.m. Copies of such filing
also will be available for inspection and
copying at the principal office of the
Exchange. All comments received will
be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NASDAQ–2011–097 and should be
submitted on or before August 12, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–18492 Filed 7–21–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64911; File No. SR–EDGX–
2011–20]
Self-Regulatory Organizations; EDGX
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of
Amendment to EDGX Rule 11.9
mstockstill on DSK4VPTVN1PROD with NOTICES
July 18, 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 July 13,
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, II, and
III 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 amend
Rule 11.9 to make certain changes
consistent with the upcoming
implementation of the adoption of Rule
15c3–5 under the Act (the ‘‘Market
Access Rule’’).3 The text of the proposed
rule change 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
Purpose
On November 3, 2010, the
Commission adopted the Market Access
Rule,4 pursuant to which, among other
things, broker-dealers providing market
access are required to implement certain
pre-order entry checks in order to
manage the financial, regulatory, and
other risks associated with providing its
customers with market access. In
anticipation of the upcoming July 14,
2011 compliance date for the Market
Access Rule, the Exchange is proposing
to amend EDGX Rule 11.9 to describe
the manner in which the Exchange’s
affiliated routing broker-dealer, Direct
Edge ECN, LLC d/b/a DE Route (‘‘DE
Route’’) will handle routable orders
consistent with the Market Access Rule.
In order to comply with the Market
Access Rule, DE Route proposes to
implement, as part of the procedures of
DE Route, certain tests, on both an
order-by-order basis and over a short
period of time, that are designed to limit
3 17
CFR 15c3–5.
Securities Exchange Act Release No. 63241
(November 3, 2010), 75 FR 69792 (November 15,
2010).
12 17
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
VerDate Mar<15>2010
17:59 Jul 21, 2011
4 See
Jkt 223001
PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
the financial exposure that could arise
as a result of market access and to
ensure compliance with all regulatory
requirements that are applicable in
connection with market access.
Consistent with the requirements of the
Market Access Rule, these tests are
designed to reject orders that DE Route
deems to be erroneous or duplicative,
would cause the entering Member’s
credit exposure to exceed a preset credit
threshold, or are non-compliant with
applicable pre-trade regulatory
requirements (as defined in the Market
Access Rule). To the extent DE Route
determines, based on its procedures,
that an order should be rejected, DE
Route may also seek to cancel orders
that have already been routed away.
Basis
The Exchange believes that its
proposal 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.5
In particular, the proposed change is
consistent with Section 6(b)(5) of the
Act,6 because it would promote just and
equitable principles of trade, and, in
general, protect investors and the public
interest. The proposed rule is consistent
with the requirements of the Act
because the change is necessary for the
Exchange’s affiliated broker-dealer, DE
Route, to comply with the Market
Access Rule. The Exchange also believes
that the proposed changes will benefit
Members of the Exchange because it
provides clarity on the procedures
employed by DE Route consistent with
the Market Access 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.
5 15
6 15
E:\FR\FM\22JYN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
22JYN1
]]>Agencies
[Federal Register Volume 76, Number 141 (Friday, July 22, 2011)]
[Notices]
[Pages 44076-44078]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-18492]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64899; File No. SR-NASDAQ-2011-097]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend NASDAQ Stock Market Equities Trading Rules 4757 and 4758 and
NASDAQ Options Market Rules Chapter VI
July 18, 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 July 13, 2011, The NASDAQ Stock Market LLC (the ``Exchange''
or ``NASDAQ'') 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 Substance
of the Proposed Rule Change
The Exchange is filing this proposed rule change to amend NASDAQ
Stock Market equities trading Rules 4757 and 4758 and NASDAQ Options
Market Rules Chapter VI, Section 10 and 11.
The text of the proposed rule change is available at https://nasdaq.cchwallstreet.com/, at NASDAQ's principal office, and at the
Commission's Public Reference Room.
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 those statements may be examined at the places specified in
Item IV below. The
[[Page 44077]]
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
On November 3, 2010, the Commission adopted the Market Access
Rule,\3\ pursuant to which, among other things, broker-dealers
providing market access are required to implement certain pre-order
entry checks in order to manage the financial, regulatory, and other
risks associated with providing its customers with market access. In
anticipation of the upcoming July 14, 2011 compliance date for the
Market Access Rule, the Exchange is proposing to amend NASDAQ Stock
Market equities trading Rules 4757 and 4758 and NASDAQ Options Market
Rules Chapter VI, Section 10 and 11 to describe the manner in which the
Exchange's affiliated routing broker-dealers, NASDAQ Execution Services
(``NES'') and NASDAQ Options Services (``NOS'') will handle routable
orders consistent with the Market Access Rule.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 63241 (November 3,
2010), 75 FR 69792 (November 15, 2010).
---------------------------------------------------------------------------
In order to comply with the Market Access Rule, NES and NOS propose
to implement, as part of the procedures of NES and NOS, certain tests,
on both an order-by-order basis and over a short period of time, that
are designed to limit the financial exposure that could arise as a
result of market access and to ensure compliance with all regulatory
requirements that are applicable in connection with market access.
Consistent with the requirements of the Market Access Rule, these tests
are designed to reject orders that NES and NOS deem to be erroneous or
duplicative, would cause the entering Member's credit exposure to
exceed a preset credit threshold, or are non-compliant with pre-trade
regulatory requirements (as defined in the Market Access Rule). To the
extent NES and NOS determine, based on these procedures, that an order
should be rejected, NES and NOS may also seek to cancel orders that
have already been routed away.
2. Statutory Basis
The Exchange believes that its proposal 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.\4\ In particular, the
proposed change is consistent with Section 6(b)(5) of the Act,\5\
because it would promote just and equitable principles of trade, and,
in general, protect investors and the public interest. The proposed
rule is consistent with the requirements of the Act because the change
is necessary for the Exchange's affiliated broker-dealer, NES and NOS,
to comply with the Market Access Rule. The Exchange also believes that
the proposed changes will benefit Members of the Exchange because it
provides clarity on the procedures employed by NES and NOS consistent
with the Market Access Rule.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
NASDAQ does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended. Rather, the change
will promote greater competition by allowing NASDAQ to adopt
functionality already in use at competing national securities
exchanges.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
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 19(b)(3)(A) of the Act \6\ and Rule 19b-4(f)(6)
thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6). 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.
NASDAQ has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \8\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\9\ 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 operative delay so that the proposal
may become operative immediately upon filing. The Exchange notes that
waiving the 30-day operative delay will permit the Exchange's
affiliated broker-dealers, NES and NOS, to comply with Rule 15c3-5
under the Act by July 14, 2011; \10\ the compliance date for Rule 15c3-
5. For this reason, the Commission believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest, and designates the proposed rule change to be
operative upon filing with the Commission.\11\
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\8\ 17 CFR 240.19b-4(f)(6).
\9\ 17 CFR 240.19b-4(f)(6)(iii).
\10\ 17 CFR 240.15c3-5.
\11\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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-NASDAQ-2011-097 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-NASDAQ-2011-097. 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
[[Page 44078]]
Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the
submission, all subsequent amendments, all written statements with
respect to the proposed rule change that are filed with the Commission,
and all written communications relating to the proposed rule change
between the Commission and any person, other than those that may be
withheld from the public in accordance with the provisions of 5 U.S.C.
552, will be available for Web site viewing and printing in the
Commission's Public Reference Room, 100 F Street, NE., Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such filing also will be available for inspection and
copying at the principal office of the Exchange. All comments received
will be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2011-097 and should be submitted
on or before August 12, 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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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-18492 Filed 7-21-11; 8:45 am]
BILLING CODE 8011-01-P
