Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Amex Equities Rule 80C, Which Provides for Trading Pauses in Individual Securities Due to Extraordinary Market Volatility, To Extend the Pilot Until January 31, 2012, 50791-50793 [2011-20723]
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Federal Register / Vol. 76, No. 158 / Tuesday, August 16, 2011 / Notices
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 10 and Rule 19b–4(f)(6)(iii)
thereunder.11
A proposed rule change filed under
Rule 19b–4(f)(6) 12 normally does not
become operative for 30 days after the
date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii) 13 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 Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest, as it
will allow the pilot program to continue
uninterrupted, thereby avoiding the
investor confusion that could result
from a temporary interruption in the
pilot program. For this reason, the
Commission designates the proposed
rule change to be operative upon
filing.14
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:
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
emcdonald on DSK2BSOYB1PROD with NOTICES
11 17
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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
No. SR–NYSE–2011–40 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 No.
SR–NYSE–2011–40. 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 website 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 No. SR–NYSE–
2011–40 and should be submitted on or
before September 6, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–20724 Filed 8–15–11; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65089; File No. SR–
NYSEAmex–2011–57]
Self-Regulatory Organizations; NYSE
Amex LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending NYSE Amex
Equities Rule 80C, Which Provides for
Trading Pauses in Individual Securities
Due to Extraordinary Market Volatility,
To Extend the Pilot Until January 31,
2012
August 10, 2011.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on August
5, 2011, NYSE Amex LLC (the
‘‘Exchange’’ or ‘‘NYSE Amex’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
NYSE Amex Equities Rule 80C, which
provides for trading pauses in
individual securities due to
extraordinary market volatility, to
extend the effective date of the pilot by
which such rule operates from the
current scheduled expiration date of
August 11, 2011, until January 31, 2012.
The text of the proposed rule change is
available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
BILLING CODE 8011–01–P
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
15 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00077
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50791
E:\FR\FM\16AUN1.SGM
16AUN1
50792
Federal Register / Vol. 76, No. 158 / Tuesday, August 16, 2011 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
emcdonald on DSK2BSOYB1PROD with NOTICES
1. Purpose
The Exchange proposes to amend
NYSE Amex Equities Rule 80C, which
provides for trading pauses in
individual securities due to
extraordinary market volatility, to
extend the effective date of the pilot by
which such rule operates from the
current scheduled expiration date of
August 11, 2011,4 until January 31,
2012.
NYSE Amex Equities Rule 80C
requires the Exchange to pause trading
in an individual security listed on the
Exchange if the price moves by a
specified percentage as compared to
prices of that security in the preceding
five-minute period during a trading day,
which period is defined as a ‘‘Trading
Pause.’’ The pilot was developed and
implemented as a market-wide initiative
by the Exchange and other national
securities exchanges in consultation
with the Commission staff and is
currently applicable to all NMS stocks
and specified exchange-traded
products.5
The extension proposed herein would
allow the pilot to continue to operate
4 See Securities Exchange Act Release No. 64206
(April 6, 2011), 76 FR 20418 (April 12, 2011) (SR–
NYSEAmex–2011–23).
5 The Exchange notes that the other national
securities exchanges and the Financial Industry
Regulatory Authority have adopted the pilot in
substantially similar form. See Securities Exchange
Act Release No. 62252 (June 10, 2010), 75 FR 34186
(June 16, 2010) (File Nos. SR–BATS–2010–014; SR–
EDGA–2010–01; SR–EDGX–2010–01; SR–BX–2010–
037; SR–ISE–2010–48; SR–NYSE–2010–39; SR–
NYSEAmex–2010–46; SR–NYSEArca–2010–41; SR–
NASDAQ–2010–061; SR–CHX–2010–10; SR–NSX–
2010–05; and SR–CBOE–2010–047) and Securities
Exchange Act Release No. 62251 (June 10, 2010), 75
FR 34183 (June 16, 2010) (SR–FINRA–2010–025).
See also Securities Exchange Act Release No. 62884
(September 10, 2010), 75 FR 56618 (September 16,
2010) (File Nos. SR–BATS–2010–018; SR–BX–
2010–044; SR–CBOE–2010–065; SR–CHX–2010–14;
SR–EDGA–2010–05; SR–EDGX–2010–05; SR–ISE–
2010–66; SR–NASDAQ–2010–079; SR–NYSE–
2010–49; SR–NYSEAmex–2010–63; SR–NYSEArca–
2010–61; and SR–NSX–2010–08 and Securities
Exchange Act Release No. 62883 (September 10,
2010), 75 FR 56608 (September 16, 2010) (SR–
FINRA–2010–033). See also Securities Exchange
Act Release No. 63501 (December 9, 2010), 75 FR
78307 (December 15, 2010) (SR–NYSEAmex–2010–
117). A recent proposal to, among other things,
expand the pilot to include all NMS stocks not
already included therein will be implemented on
August 8, 2011. See Securities Exchange Act
Release No. 64735 (June 23, 2011), 76 FR 38243
(June 29, 2011) (File Nos. SR–BATS–2011–016; SR–
BYX–2011–011; SR–BX–2011–025; SR–CBOE–
2011–049; SR–CHX–2011–09; SR–EDGA–2011–15;
SR–EDGX–2011–14; SR–FINRA–2011–023; SR–
ISE–2011–028; SR–NASDAQ–2011–067; SR–
NYSE–2011–21; SR–NYSEAmex–2011–32; SR–
NYSEArca–2011–26; SR–NSX–2011–06; and SR–
Phlx–2011–64).
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18:07 Aug 15, 2011
Jkt 223001
without interruption while the
Exchange, other national securities
exchanges and the Commission further
assess the effect of the pilot on the
marketplace or whether other initiatives
should be adopted in lieu of the current
pilot.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Securities Exchange Act of 1934
(the ‘‘Act’’),6 in general, and furthers the
objectives of Section 6(b)(5) of the Act,7
in particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, 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. The Exchange believes
that the change proposed herein meets
these requirements in that it promotes
uniformity across markets concerning
decisions to pause trading in a security
when there are significant price
movements. Additionally, extension of
the pilot until January 31, 2012 would
allow the pilot to continue to operate
without interruption while the
Exchange and the Commission further
assess the effect of the pilot on the
marketplace or whether other initiatives
should be adopted in lieu of the current
pilot.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 8 and Rule
19b–4(f)(6) thereunder.9 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
8 15 U.S.C. 78s(b)(3)(A)(iii).
9 17 CFR 240.19b–4(f)(6).
7 15
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 10 and Rule 19b–4(f)(6)(iii)
thereunder.11
A proposed rule change filed under
Rule 19b–4(f)(6) 12 normally does not
become operative for 30 days after the
date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii) 13 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 Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest, as it
will allow the pilot program to continue
uninterrupted, thereby avoiding the
investor confusion that could result
from a temporary interruption in the
pilot program. For this reason, the
Commission designates the proposed
rule change to be operative upon
filing.14
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:
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
11 17
E:\FR\FM\16AUN1.SGM
16AUN1
Federal Register / Vol. 76, No. 158 / Tuesday, August 16, 2011 / Notices
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–NYSEAmex–2011–57 on the
subject line.
Paper Comments
emcdonald on DSK2BSOYB1PROD with NOTICES
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65088; File No. SR–
NYSEArca-2011–55]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending NYSE Arca
Equities Rule 7.11, Which Provides for
Trading Pauses in Individual Securities
Due to Extraordinary Market Volatility,
To Extend the Pilot Until January 31,
2012
August 10, 2011.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
All submissions should refer to File No.
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
SR–NYSEAmex–2011–57. This file
notice is hereby given that, on August
number should be included on the
5, 2011, NYSE Arca, Inc. (the
subject line if e-mail is used. To help the
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
Commission process and review your
the Securities and Exchange
comments more efficiently, please use
Commission (the ‘‘Commission’’) the
only one method. The Commission will proposed rule change as described in
post all comments on the Commission’s Items I and II below, which Items have
Internet Web site (https://www.sec.gov/
been prepared by the self-regulatory
rules/sro.shtml). Copies of the
organization. The Commission is
submission, all subsequent
publishing this notice to solicit
amendments, all written statements
comments on the proposed rule change
with respect to the proposed rule
from interested persons.
change that are filed with the
I. Self-Regulatory Organization’s
Commission, and all written
Statement of the Terms of Substance of
communications relating to the
the Proposed Rule Change
proposed rule change between the
The Exchange proposes to amend
Commission and any person, other than
NYSE Arca Equities Rule 7.11, which
those that may be withheld from the
provides for trading pauses in
public in accordance with the
individual securities due to
provisions of 5 U.S.C. 552, will be
extraordinary market volatility, to
available for Web site viewing and
extend the effective date of the pilot by
printing in the Commission’s Public
which such rule operates from the
Reference Room, 100 F Street, NE.,
current scheduled expiration date of
Washington, DC 20549, on official
August 11, 2011, until January 31, 2012.
business days between the hours of 10
The text of the proposed rule change is
a.m. and 3 p.m. Copies of such filing
available at the Exchange, the
also will be available for inspection and Commission’s Public Reference Room,
copying at the principal office of the
and https://www.nyse.com.
Exchange. All comments received will
II. Self-Regulatory Organization’s
be posted without change; the
Statement of the Purpose of, and
Commission does not edit personal
Statutory Basis for, the Proposed Rule
identifying information from
Change
submissions. You should submit only
In its filing with the Commission, the
information that you wish to make
self-regulatory organization included
available publicly. All submissions
statements concerning the purpose of,
should refer to File No. SR–
and basis for, the proposed rule change
NYSEAmex–2011–57 and should be
and discussed any comments it received
submitted on or September 6, 2011.
on the proposed rule change. The text
For the Commission, by the Division of
of those statements may be examined at
Trading and Markets, pursuant to delegated
the places specified in Item IV below.
authority.15
The Exchange has prepared summaries,
Elizabeth M. Murphy,
set forth in sections A, B, and C below,
Secretary.
of the most significant parts of such
statements.
[FR Doc. 2011–20723 Filed 8–15–11; 8:45 am]
BILLING CODE 8011–01–P
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
15 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
18:07 Aug 15, 2011
Jkt 223001
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
50793
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
NYSE Arca Equities Rule 7.11, which
provides for trading pauses in
individual securities due to
extraordinary market volatility, to
extend the effective date of the pilot by
which such rule operates from the
current scheduled expiration date of
August 11, 2011,4 until January 31,
2012.
NYSE Arca Equities Rule 7.11
requires the Exchange to pause trading
in an individual security listed on the
Exchange if the price moves by a
specified percentage as compared to
prices of that security in the preceding
five-minute period during a trading day,
which period is defined as a ‘‘Trading
Pause.’’ The pilot was developed and
implemented as a market-wide initiative
by the Exchange and other national
securities exchanges in consultation
with the Commission staff and is
currently applicable to all NMS stocks
and specified exchange-traded
products.5
The extension proposed herein would
allow the pilot to continue to operate
4 See Securities Exchange Act Release No. 64209
(April 6, 2011), 76 FR 20422 (April 12, 2011) (SR–
NYSEArca–2011–14).
5 The Exchange notes that the other national
securities exchanges and the Financial Industry
Regulatory Authority have adopted the pilot in
substantially similar form. See Securities Exchange
Act Release No. 62252 (June 10, 2010), 75 FR 34186
(June 16, 2010) (File Nos. SR–BATS–2010–014; SR–
EDGA–2010–01; SR–EDGX–2010–01; SR–BX–2010–
037; SR–ISE–2010–48; SR–NYSE–2010–39; SR–
NYSEAmex–2010–46; SR–NYSEArca–2010–41; SR–
NASDAQ–2010–061; SR–CHX–2010–10; SR–NSX–
2010–05; and SR–CBOE–2010–047) and Securities
Exchange Act Release No. 62251 (June 10, 2010), 75
FR 34183 (June 16, 2010) (SR–FINRA–2010–025).
See also Securities Exchange Act Release No. 62884
(September 10, 2010), 75 FR 56618 (September 16,
2010) (File Nos. SR–BATS–2010–018; SR–BX–
2010–044; SR–CBOE–2010–065; SR–CHX–2010–14;
SR–EDGA–2010–05; SR–EDGX–2010–05; SR–ISE–
2010–66; SR–NASDAQ–2010–079; SR–NYSE–
2010–49; SR–NYSEAmex–2010–63; SR–NYSEArca–
2010–61; and SR–NSX–2010–08 and Securities
Exchange Act Release No. 62883 (September 10,
2010), 75 FR 56608 (September 16, 2010) (SR–
FINRA–2010–033). See also Securities Exchange
Act Release No. 63496 (December 9, 2010), 75 FR
78285 (December 15, 2010) (SR–NYSEArca–2010–
114). A recent proposal to, among other things,
expand the pilot to include all NMS stocks not
already included therein will be implemented on
August 8, 2011. See Securities Exchange Act
Release No. 64735 (June 23, 2011), 76 FR 38243
(June 29, 2011) (File Nos. SR–BATS–2011–016; SR–
BYX–2011–011; SR–BX–2011–025; SR–CBOE–
2011–049; SR–CHX–2011–09; SR–EDGA–2011–15;
SR–EDGX–2011–14; SR–FINRA–2011–023; SR–
ISE–2011–028; SR–NASDAQ–2011–067; SR–
NYSE–2011–21; SR–NYSEAmex–2011–32; SR–
NYSEArca–2011–26; SR–NSX–2011–06; and SR–
Phlx–2011–64).
E:\FR\FM\16AUN1.SGM
16AUN1
]]>Agencies
[Federal Register Volume 76, Number 158 (Tuesday, August 16, 2011)]
[Notices]
[Pages 50791-50793]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-20723]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65089; File No. SR-NYSEAmex-2011-57]
Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending NYSE Amex
Equities Rule 80C, Which Provides for Trading Pauses in Individual
Securities Due to Extraordinary Market Volatility, To Extend the Pilot
Until January 31, 2012
August 10, 2011.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on August 5, 2011, NYSE Amex LLC (the ``Exchange'' or
``NYSE Amex'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. 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\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend NYSE Amex Equities Rule 80C, which
provides for trading pauses in individual securities due to
extraordinary market volatility, to extend the effective date of the
pilot by which such rule operates from the current scheduled expiration
date of August 11, 2011, until January 31, 2012. The text of the
proposed rule change is available at the Exchange, the Commission's
Public Reference Room, and https://www.nyse.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
[[Page 50792]]
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend NYSE Amex Equities Rule 80C, which
provides for trading pauses in individual securities due to
extraordinary market volatility, to extend the effective date of the
pilot by which such rule operates from the current scheduled expiration
date of August 11, 2011,\4\ until January 31, 2012.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 64206 (April 6,
2011), 76 FR 20418 (April 12, 2011) (SR-NYSEAmex-2011-23).
---------------------------------------------------------------------------
NYSE Amex Equities Rule 80C requires the Exchange to pause trading
in an individual security listed on the Exchange if the price moves by
a specified percentage as compared to prices of that security in the
preceding five-minute period during a trading day, which period is
defined as a ``Trading Pause.'' The pilot was developed and implemented
as a market-wide initiative by the Exchange and other national
securities exchanges in consultation with the Commission staff and is
currently applicable to all NMS stocks and specified exchange-traded
products.\5\
---------------------------------------------------------------------------
\5\ The Exchange notes that the other national securities
exchanges and the Financial Industry Regulatory Authority have
adopted the pilot in substantially similar form. See Securities
Exchange Act Release No. 62252 (June 10, 2010), 75 FR 34186 (June
16, 2010) (File Nos. SR-BATS-2010-014; SR-EDGA-2010-01; SR-EDGX-
2010-01; SR-BX-2010-037; SR-ISE-2010-48; SR-NYSE-2010-39; SR-
NYSEAmex-2010-46; SR-NYSEArca-2010-41; SR-NASDAQ-2010-061; SR-CHX-
2010-10; SR-NSX-2010-05; and SR-CBOE-2010-047) and Securities
Exchange Act Release No. 62251 (June 10, 2010), 75 FR 34183 (June
16, 2010) (SR-FINRA-2010-025). See also Securities Exchange Act
Release No. 62884 (September 10, 2010), 75 FR 56618 (September 16,
2010) (File Nos. SR-BATS-2010-018; SR-BX-2010-044; SR-CBOE-2010-065;
SR-CHX-2010-14; SR-EDGA-2010-05; SR-EDGX-2010-05; SR-ISE-2010-66;
SR-NASDAQ-2010-079; SR-NYSE-2010-49; SR-NYSEAmex-2010-63; SR-
NYSEArca-2010-61; and SR-NSX-2010-08 and Securities Exchange Act
Release No. 62883 (September 10, 2010), 75 FR 56608 (September 16,
2010) (SR-FINRA-2010-033). See also Securities Exchange Act Release
No. 63501 (December 9, 2010), 75 FR 78307 (December 15, 2010) (SR-
NYSEAmex-2010-117). A recent proposal to, among other things, expand
the pilot to include all NMS stocks not already included therein
will be implemented on August 8, 2011. See Securities Exchange Act
Release No. 64735 (June 23, 2011), 76 FR 38243 (June 29, 2011) (File
Nos. SR-BATS-2011-016; SR-BYX-2011-011; SR-BX-2011-025; SR-CBOE-
2011-049; SR-CHX-2011-09; SR-EDGA-2011-15; SR-EDGX-2011-14; SR-
FINRA-2011-023; SR-ISE-2011-028; SR-NASDAQ-2011-067; SR-NYSE-2011-
21; SR-NYSEAmex-2011-32; SR-NYSEArca-2011-26; SR-NSX-2011-06; and
SR-Phlx-2011-64).
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The extension proposed herein would allow the pilot to continue to
operate without interruption while the Exchange, other national
securities exchanges and the Commission further assess the effect of
the pilot on the marketplace or whether other initiatives should be
adopted in lieu of the current pilot.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Securities Exchange Act of 1934 (the ``Act''),\6\ in
general, and furthers the objectives of Section 6(b)(5) of the Act,\7\
in particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, 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. The Exchange
believes that the change proposed herein meets these requirements in
that it promotes uniformity across markets concerning decisions to
pause trading in a security when there are significant price movements.
Additionally, extension of the pilot until January 31, 2012 would allow
the pilot to continue to operate without interruption while the
Exchange and the Commission further assess the effect of the pilot on
the marketplace or whether other initiatives should be adopted in lieu
of the current pilot.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6)(iii) thereunder.\11\
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\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally
does not become operative for 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii) \13\ 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.
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\12\ 17 CFR 240.19b-4(f)(6).
\13\ 17 CFR 240.19b-4(f)(6)(iii).
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The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest, as
it will allow the pilot program to continue uninterrupted, thereby
avoiding the investor confusion that could result from a temporary
interruption in the pilot program. For this reason, the Commission
designates the proposed rule change to be operative upon filing.\14\
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\14\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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:
[[Page 50793]]
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 No. SR-NYSEAmex-2011-57 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 No. SR-NYSEAmex-2011-57. 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 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 No. SR-NYSEAmex-2011-57 and should be
submitted on or September 6, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-20723 Filed 8-15-11; 8:45 am]
BILLING CODE 8011-01-P
