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]
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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,
https://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.
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19:06 Aug 08, 2011
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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
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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
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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
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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 (https://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 https://
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 (https://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
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19:06 Aug 08, 2011
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PO 00000
CFR 200.30–3(a)(12).
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Fund.
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]]>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.
---------------------------------------------------------------------------
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\
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\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.
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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 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\
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\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).
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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. 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 (https://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 (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for Web site
viewing and printing in the Commission's Public Reference Room, 100 F
Street, NE., Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of the filing also will be
available for inspection and copying at the principal office of the
Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
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
