Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce a Bulk-Quoting Interface, 48925-48927 [2011-20100]

Download as PDF sroberts on DSK5SPTVN1PROD with NOTICES Federal Register / Vol. 76, No. 153 / Tuesday, August 9, 2011 / Notices Filing of documents. All filings of documents in this case shall be made using the Internet (Filing Online) pursuant to Commission rules 9(a) and 10(a) at the Commission’s Web site, http://www.prc.gov, unless a waiver is obtained. See 39 CFR 3001.9(a) and 3001.10(a). Instructions for obtaining an account to file documents online may be found on the Commission’s Web site or by contacting the Commission’s docket section at prc-dockets@prc.gov or via telephone at 202–789–6846. The Commission reserves the right to redact personal information which may infringe on an individual’s privacy rights from documents filed in this proceeding. Intervention. Persons, other than Petitioner and respondent, wishing to be heard in this matter are directed to file a notice of intervention. See 39 CFR 3001.111(b). Notices of intervention in this case are to be filed on or before August 29, 2011. A notice of intervention shall be filed using the Internet (Filing Online) at the Commission’s Web site unless a waiver is obtained for hardcopy filing. See 39 CFR 3001.9(a) and 3001.10(a). Further procedures. By statute, the Commission is required to issue its decision within 120 days from the date it receives the appeal. See 39 U.S.C. 404(d)(5). A procedural schedule has been developed to accommodate this statutory deadline. In the interest of expedition, in light of the 120-day decision schedule, the Commission may request the Postal Service or other participants to submit information or memoranda of law on any appropriate issue. As required by the Commission rules, if any motions are filed, responses are due 7 days after any such motion is filed. See 39 CFR 3001.21. It is ordered: 1. The Postal Service shall file the applicable administrative record regarding this appeal no later than August 15, 2011. 2. Any responsive pleading by the Postal Service to this Notice is due no later than August 15, 2011. 3. The procedural schedule listed below is hereby adopted. 4. Pursuant to 39 U.S.C. 505, Kenneth E. Richardson is designated officer of the Commission (Public Representative) to represent the interests of the general public. 5. The Secretary shall arrange for publication of this notice and order in the Federal Register. VerDate Mar<15>2010 19:06 Aug 08, 2011 Jkt 223001 By the Commission. Ruth Ann Abrams, Acting Secretary. Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. PROCEDURAL SCHEDULE July 29, 2011 August 15, 2011. Filing of appeal. Deadline for the Postal Service to file the applicable administrative record in this appeal. Deadline for the Postal Service to file any responsive pleading. Deadline for notices to intervene (see 39 CFR 3001.111(b)). Deadline for Petitioners’ Form 61 or initial brief in support of petition (see 39 CFR 3001.115(a) and (b)). Deadline for answering brief in support of the Postal Service (see 39 CFR 3001.115(c)). Deadline for reply briefs in response to answering briefs (see 39 CFR 3001.115(d)). Deadline for motions by any party requesting oral argument; the Commission will schedule oral argument only when it is a necessary addition to the written filings (see 39 CFR 3001.116). Expiration of the Commission’s 120-day decisional schedule (see 39 U.S.C. 404(d)(5)). August 15, 2011. August 29, 2011. September 2, 2011. September 22, 2011. October 7, 2011. October 14, 2011. November 17, 2011. [FR Doc. 2011–20101 Filed 8–8–11; 8:45 am] BILLING CODE 7710–FW–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65024; File No. SR– NASDAQ–2011–102] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce a Bulk-Quoting Interface August 3, 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 July 27, 2011, The NASDAQ Stock Market LLC (‘‘NASDAQ’’ or the ‘‘Exchange’’) 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 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00137 Fmt 4703 48925 Sfmt 4703 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change NASDAQ is filing with the Commission a proposal to introduce a bulk-quoting interface for NASDAQ market makers that will help them meet their obligations as market makers and to provide liquidity to the market in an efficient manner. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose NASDAQ currently offers an orderbased market making interface on its options trading platform (‘‘NOM’’). Market makers use this interface to provide a two-sided quotation on NOM. Since it is an order-based interface, a two-sided quotation requires the entry of both a buy and a sell order. As part of several technological enhancements NASDAQ plans to implement on NOM, NASDAQ proposes to introduce a bulk-quoting interface for market makers in order to offer an additional market making interface choice to NASDAQ market makers. The proposed bulk-quoting market making interface will be used by market makers to submit and update their quotations in the marketplace much like the current order-based interface is used today. The bulk-quoting interface, however, allows market makers to provide both a bid and an offer in one message. In addition, the bulk-quoting interface allows market makers to bundle several quote updates into one bulk message. This is a useful feature for market makers that provide quotations in many different options. Furthermore, the bulk-quoting market making interface includes certain data elements (described below) which E:\FR\FM\09AUN1.SGM 09AUN1 sroberts on DSK5SPTVN1PROD with NOTICES 48926 Federal Register / Vol. 76, No. 153 / Tuesday, August 9, 2011 / Notices provide market makers with information that will help them meet their obligations as market makers and to provide liquidity to the market in an efficient manner. NASDAQ also proposes to provide this data on the order-based market making interface (collectively, the ‘‘Interfaces’’). The data to be offered over the Interfaces either will be administrative in nature or used to attract liquidity to NASDAQ in response to an auction. NASDAQ believes the data included in this feed is necessary for participants who have written systems to interface with NASDAQ in the case of administrative messages or information regarding auctions and used to attract liquidity. Though these Interfaces are only available to market makers for quoting purposes, non-quoting firms will be allowed to connect to the Interfaces and receive the relevant information, but not send quotes or orders. Participants who have written interfaces to the NASDAQ system would use the administrative data to determine the current state of the trading system. For example, this data would show which symbols are trading on NASDAQ, the current state of an options symbol (i.e., open for trading, trading, halted or closed from trading). All of this information is vital to a participant’s quoting application and by including this information on the Interface used for quoting, participants can streamline their respective system architectures. NASDAQ holds an opening auction as an efficient and robust mechanism to start each trading day. Additionally, NASDAQ uses an auction to resume trading after a trading halt. During these auction events, NASDAQ advertises the liquidity it has available for execution. This auction information is available on other data feeds and is made available to all exchange participants. The information being added to these market making Interfaces is for convenience purposes so that market participants utilizing them have an additional means to access the information directly impacting their quoting behavior and are not required to take other feeds simply in order to have access to these data elements. A participant’s quoting application will then be able to receive these notifications over the same Interface by which it sends quotes to NASDAQ and could then use the data to respond to auctions quickly and efficiently. This data is not disseminated as a quote to the market because it represents interest that is not immediately executable, but VerDate Mar<15>2010 19:06 Aug 08, 2011 Jkt 223001 rather interest that is currently gathering in an auction. Data proposed for these interfaces will initially include the following: (1) Options Auction Notifications (e.g., opening imbalance, imbalance after a halt); (2) Options Symbol Directory Messages; (3) System Event Messages (e.g., start of messages, start of system hours, start of quoting, start of opening); and (4) Option Trading Action Messages (e.g., halts, resumes). 2. Statutory Basis NASDAQ believes that its proposal is consistent with Section 6(b) of the Act 3 in general, and furthers the objectives of Section 6(b)(5) of the Act 4 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. NASDAQ believes that this proposal is in keeping with those principles by protecting investors and the public interest, as well as promoting just and equitable principles of trade, through the addition of a new market making interface option for NASDAQ market makers, which by aiding market makers in their market making activities will help to enhance market liquidity for investors. Additionally, permitting the Interfaces to include data elements that are administrative in nature or that are used to attract liquidity to NASDAQ in response to the opening auction, serves to remove impediments to and acts to perfect the mechanism of a free and open market and a national market. 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 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 either solicited or 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 3 15 4 15 PO 00000 U.S.C. 78f(b). U.S.C. 78f(b)(5). Frm 00138 Fmt 4703 Sfmt 4703 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 5 and Rule 19b–4(f)(6) 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 19b–4(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 the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange notes that the proposed rule change is a non-controversial system change to data and would not affect the execution of trades. The Exchange also notes that it is important to its internal technology roll-out to be able to have this proposed change in place by August 15, 2011, in order for other technological plans to be implemented, and that prompt implementation would extend the benefits and new features to users more quickly. For these reasons, 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.9 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. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 5 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. The Exchange has satisfied this requirement. 7 17 CFR 240.19b–4(f)(6). 8 17 CFR 240.19b–4(f)(6)(iii). 9 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). 6 17 E:\FR\FM\09AUN1.SGM 09AUN1 Federal Register / Vol. 76, No. 153 / Tuesday, August 9, 2011 / Notices 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 sroberts on DSK5SPTVN1PROD with NOTICES • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NASDAQ–2011–102 on the subject line. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–20100 Filed 8–8–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 29743; File No. 812–13860] 48927 551–6876, or Dalia Osman Blass, Branch Chief, at (202) 551–6821 (Division of Investment Management, Office of Investment Company Regulation). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commission’s Web site by searching for the file number, or an applicant using the Company name box, at http:// www.sec.gov/search/search.htm or by calling (202) 551–8090. Applicants’ Representations 1. The Trust is a Massachusetts business trust registered under the Act as an open-end management investment August 3, 2011. company and offers multiple series AGENCY: Securities and Exchange (each a ‘‘Fund’’).1 Paper Comments Commission (‘‘Commission’’). 2. The Adviser, a Georgia corporation ACTION: Notice of an application under with its principal office in Atlanta, • Send paper comments in triplicate section 6(c) of the Investment Company serves as investment adviser to the to Elizabeth M. Murphy, Secretary, Act of 1940 (‘‘Act’’) for an exemption Funds and is registered under the Securities and Exchange Commission, from section 15(a) of the Act and rule Investment Advisers Act of 1940 (the 100 F Street, NE., Washington, DC 18f–2 under the Act. ‘‘Advisers Act’’) pursuant to an 20549–1090. investment advisory agreement with the SUMMARY OF THE APPLICATION: Trust (‘‘Advisory Agreement’’). The All submissions should refer to File Applicants request an order that would Adviser is a wholly owned subsidiary of Number SR–NASDAQ–2011–102. This permit them to enter into and materially SunTrust Banks, Inc. The Advisory file number should be included on the subject line if e-mail is used. To help the amend subadvisory agreements without Agreement was approved by the board shareholder approval. of trustees of the Trust (‘‘Board’’),2, Commission process and review your APPLICANTS: RidgeWorth Funds (the including a majority of the trustees who comments more efficiently, please use are not ‘‘interested persons’’ (as defined only one method. The Commission will ‘‘Trust’’) and RidgeWorth Capital Management, Inc. (the ‘‘Adviser’’). in section 2(a)(19) of the Act) of the post all comments on the Commission’s DATES: Filing Dates: The application was Trust or the Adviser (the ‘‘Independent Internet Web site (http://www.sec.gov/ filed on January 20, 2011 and amended Trustees’’) and was approved by the rules/sro.shtml). Copies of the on June 29, 2011. initial shareholder of each Fund in the submission, all subsequent manner required by sections 15(a) and HEARING OR NOTIFICATION OF HEARING: amendments, all written statements (c) of the Act and rule 18f–2 thereunder. An order granting the application will with respect to the proposed rule be issued unless the Commission orders With respect to new Funds offered in change that are filed with the the future, the Advisory Agreement will a hearing. Interested persons may Commission, and all written be approved by the initial shareholder request a hearing by writing to the communications relating to the of the Fund in the manner required by Commission’s Secretary and serving proposed rule change between the sections 15(a) and (c) of the Act and rule applicants with a copy of the request, Commission and any person, other than personally or by mail. Hearing requests 18f–2 thereunder. Applicants are not those that may be withheld from the seeking any exemptions from the should be received by the Commission public in accordance with the provisions of the Act with respect to the by 5:30 p.m. on August 29, 2011 and provisions of 5 U.S.C. 552, will be should be accompanied by proof of 1 Applicants request that any relief granted available for Web site viewing and service on applicants, in the form of an pursuant to the application also apply to (a) All printing in the Commission’s Public affidavit or, for lawyers, a certificate of other existing or future open-end management Reference Room, 100 F Street, NE., service. Hearing requests should state investment companies or series thereof that (i) are Washington, DC 20549, on official the nature of the writer’s interest, the advised by the Adviser or any entity controlling, controlled by or under common control with the business days between the hours of 10 reason for the request, and the issues Adviser or its successors (each such entity included a.m. and 3 p.m. Copies of the filing also contested. Persons who wish to be in the term ‘‘Adviser’’), (ii) are registered under the notified of a hearing may request will be available for inspection and Act, (iii) use the manager of managers structure (as notification by writing to the copying at the principal office of the described in the application), and (iv) comply with the terms and conditions in the application (such Commission’s Secretary. Exchange. All comments received will companies or series included in the term ‘‘Funds’’); ADDRESSES: Secretary, U.S. Securities be posted without change; the and (b) the Adviser. Each existing entity that and Exchange Commission, 100 F Commission does not edit personal currently intends to rely on the requested order is named as an Applicant. Any existing or future Street, NE., Washington, DC 20549– identifying information from 1090. Applicants, 3333 Piedmont Road, entity that relies on the order in the future will do submissions. You should submit only so only in accordance with the terms and NE., Suite 1500, Atlanta, GA 30305– information that you wish to make conditions in the application. If the name of any 1740. Fund relying on the requested relief contains the available publicly. All submissions name of a Subadviser (defined below), the name should refer to File Number SR– FOR FURTHER INFORMATION CONTACT: ‘‘RidgeWorth’’ or other name being used by the Deepak T. Pai, Senior Counsel, at (202) NASDAQ–2011–102 and should be Adviser will precede the name of the Subadviser. 2 The Board is also the board of each individual submitted on or before August 30, 2011. RidgeWorth Funds and RidgeWorth Capital Management, Inc.; Notice of Application 10 17 VerDate Mar<15>2010 19:06 Aug 08, 2011 Jkt 223001 PO 00000 CFR 200.30–3(a)(12). Frm 00139 Fmt 4703 Sfmt 4703 Fund. E:\FR\FM\09AUN1.SGM 09AUN1

Agencies

[Federal Register Volume 76, Number 153 (Tuesday, August 9, 2011)]
[Notices]
[Pages 48925-48927]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-20100]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65024; File No. SR-NASDAQ-2011-102]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Introduce a Bulk-Quoting Interface

August 3, 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 July 27, 2011, The NASDAQ Stock Market LLC (``NASDAQ'' or the 
``Exchange'') 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NASDAQ is filing with the Commission a proposal to introduce a 
bulk-quoting interface for NASDAQ market makers that will help them 
meet their obligations as market makers and to provide liquidity to the 
market in an efficient manner.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    NASDAQ currently offers an order-based market making interface on 
its options trading platform (``NOM''). Market makers use this 
interface to provide a two-sided quotation on NOM. Since it is an 
order-based interface, a two-sided quotation requires the entry of both 
a buy and a sell order.
    As part of several technological enhancements NASDAQ plans to 
implement on NOM, NASDAQ proposes to introduce a bulk-quoting interface 
for market makers in order to offer an additional market making 
interface choice to NASDAQ market makers. The proposed bulk-quoting 
market making interface will be used by market makers to submit and 
update their quotations in the marketplace much like the current order-
based interface is used today. The bulk-quoting interface, however, 
allows market makers to provide both a bid and an offer in one message. 
In addition, the bulk-quoting interface allows market makers to bundle 
several quote updates into one bulk message. This is a useful feature 
for market makers that provide quotations in many different options. 
Furthermore, the bulk-quoting market making interface includes certain 
data elements (described below) which

[[Page 48926]]

provide market makers with information that will help them meet their 
obligations as market makers and to provide liquidity to the market in 
an efficient manner. NASDAQ also proposes to provide this data on the 
order-based market making interface (collectively, the ``Interfaces'').
    The data to be offered over the Interfaces either will be 
administrative in nature or used to attract liquidity to NASDAQ in 
response to an auction. NASDAQ believes the data included in this feed 
is necessary for participants who have written systems to interface 
with NASDAQ in the case of administrative messages or information 
regarding auctions and used to attract liquidity. Though these 
Interfaces are only available to market makers for quoting purposes, 
non-quoting firms will be allowed to connect to the Interfaces and 
receive the relevant information, but not send quotes or orders.
    Participants who have written interfaces to the NASDAQ system would 
use the administrative data to determine the current state of the 
trading system. For example, this data would show which symbols are 
trading on NASDAQ, the current state of an options symbol (i.e., open 
for trading, trading, halted or closed from trading). All of this 
information is vital to a participant's quoting application and by 
including this information on the Interface used for quoting, 
participants can streamline their respective system architectures.
    NASDAQ holds an opening auction as an efficient and robust 
mechanism to start each trading day. Additionally, NASDAQ uses an 
auction to resume trading after a trading halt. During these auction 
events, NASDAQ advertises the liquidity it has available for execution. 
This auction information is available on other data feeds and is made 
available to all exchange participants. The information being added to 
these market making Interfaces is for convenience purposes so that 
market participants utilizing them have an additional means to access 
the information directly impacting their quoting behavior and are not 
required to take other feeds simply in order to have access to these 
data elements.
    A participant's quoting application will then be able to receive 
these notifications over the same Interface by which it sends quotes to 
NASDAQ and could then use the data to respond to auctions quickly and 
efficiently. This data is not disseminated as a quote to the market 
because it represents interest that is not immediately executable, but 
rather interest that is currently gathering in an auction.
    Data proposed for these interfaces will initially include the 
following:
    (1) Options Auction Notifications (e.g., opening imbalance, 
imbalance after a halt);
    (2) Options Symbol Directory Messages;
    (3) System Event Messages (e.g., start of messages, start of system 
hours, start of quoting, start of opening); and
    (4) Option Trading Action Messages (e.g., halts, resumes).
2. Statutory Basis
    NASDAQ believes that its proposal is consistent with Section 6(b) 
of the Act \3\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \4\ 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.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    NASDAQ believes that this proposal is in keeping with those 
principles by protecting investors and the public interest, as well as 
promoting just and equitable principles of trade, through the addition 
of a new market making interface option for NASDAQ market makers, which 
by aiding market makers in their market making activities will help to 
enhance market liquidity for investors. Additionally, permitting the 
Interfaces to include data elements that are administrative in nature 
or that are used to attract liquidity to NASDAQ in response to the 
opening auction, serves to remove impediments to and acts to perfect 
the mechanism of a free and open market and a national market.

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 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 either solicited or 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 \5\ and Rule 19b-4(f)(6) 
thereunder.\6\
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(3)(A).
    \6\ 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. 
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    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 19b-4(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 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative immediately upon filing. The Exchange notes that 
the proposed rule change is a non-controversial system change to data 
and would not affect the execution of trades. The Exchange also notes 
that it is important to its internal technology roll-out to be able to 
have this proposed change in place by August 15, 2011, in order for 
other technological plans to be implemented, and that prompt 
implementation would extend the benefits and new features to users more 
quickly. For these reasons, 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.\9\
---------------------------------------------------------------------------

    \7\ 17 CFR 240.19b-4(f)(6).
    \8\ 17 CFR 240.19b-4(f)(6)(iii).
    \9\ 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).
---------------------------------------------------------------------------

    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. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

[[Page 48927]]

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 (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NASDAQ-2011-102 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-2011-102. 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 (http://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-
NASDAQ-2011-102 and should be submitted on or before August 30, 2011.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-20100 Filed 8-8-11; 8:45 am]
BILLING CODE 8011-01-P