Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Deleting NYSE Amex Equities Rules 132A, 132B, and 132C, Adopting the Text of the FINRA Rule 7400 Series, the Order Audit Trail System (“OATS”) Rules, and Making Certain Conforming Changes, 64151-64154 [2011-26671]

Download as PDF Federal Register / Vol. 76, No. 200 / Monday, October 17, 2011 / Notices • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NASDAQ–2011–129 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–2011–129. 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; theCommission 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–2011–129 and should be submitted on or before November 7, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Elizabeth M. Murphy, Secretary. jlentini on DSK4TPTVN1PROD with NOTICES [FR Doc. 2011–26674 Filed 10–14–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65524; File No. SR– NYSEAMEX–2011–74] Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Deleting NYSE Amex Equities Rules 132A, 132B, and 132C, Adopting the Text of the FINRA Rule 7400 Series, the Order Audit Trail System (‘‘OATS’’) Rules, and Making Certain Conforming Changes October 7, 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 October 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 Exchange. The Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change pursuant to Section 19(b)(3)(A) of the Act 4 and Rule 19b–4(f)(6) 5 thereunder. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to delete NYSE Amex Equities Rules 132A, 132B, and 132C, adopt the text of the FINRA Rule 7400 Series, the Order Audit Trail System (‘‘OATS’’) Rules, and make certain conforming changes. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https:// www.nyse.com. 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, 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 4 15 U.S.C. 78s(b)(3)(A). 5 17 CFR 240.19b–4(f)(6). 2 15 14 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 16:32 Oct 14, 2011 Jkt 226001 PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 64151 set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to delete NYSE Amex Equities Rules 132A, 132B, and 132C (relating to the Exchange’s ‘‘Order Tracking System’’ or ‘‘OTS’’), adopt the text of the FINRA Rules 7400 Series, the OATS Rules, and make certain conforming changes. The Exchange proposes this rule filing in order to prevent the imposition of duplicative regulatory burdens on Exchange member organizations that are also members of FINRA (‘‘Dual Members’’). By adopting OATS, Dual Members will need to use only a single system for recording order audit trail information, and will only need to submit such information both for FINRA and Exchange OATS requirements to FINRA, and will not need to make separate OATS submissions to the Exchange.6 Background The Commission has recently approved amendments to the FINRA Rule 7400 Series to extend the OATS recording and reporting requirements to all NMS stocks and to exclude certain firms that have limited trading activities.7 The FINRA Rule 7400 Series imposes obligations on FINRA members to record in electronic form and report to FINRA, on a daily basis, certain information with respect to orders originated, received, transmitted, modified, canceled, or executed by members in OTC equity securities and equity securities listed and traded on NASDAQ. This information is used by FINRA staff to conduct surveillance and investigations of member firms for 6 The proposed rule change would also require NYSE Amex member organizations that are not members of FINRA, which all meet the definition of a Proprietary Trading Firm in proposed NYSE Amex Equities Rule 7410(p) and which must currently comply with OTS, to also meet certain OATS requirements. However, all NYSE Amex nonFINRA members are currently already a member [sic] of The NASDAQ Stock Market, Inc. (‘‘NASDAQ’’) and therefore are already subject to substantially similar OATS requirements by virtue of the NASDAQ membership. See NASDAQ Rule 6950 Series. Moreover, all such non-FINRA NYSE Amex member organizations have been receiving notices from the Exchange concerning upcoming OATS requirements. See infra note 5 [sic]. 7 See Securities Exchange Act Release No. 63311 (November 12, 2010), 75 FR 70757 (November 18, 2010) (SR–FINRA–2010–044) (‘‘FINRA Adopting Release’’). E:\FR\FM\17OCN1.SGM 17OCN1 64152 Federal Register / Vol. 76, No. 200 / Monday, October 17, 2011 / Notices violations of FINRA rules and federal securities laws. By extending the OATS requirements to all NMS stocks, all NYSE Amex, New York Stock Exchange LLC (‘‘NYSE’’), and NYSE Arca, Inc.-listed securities will become subject to the OATS requirement beginning October 17, 2011. As noted by FINRA in its rule proposal, by capturing OATS information for all NMS stocks, FINRA will be able to expand its existing surveillance patterns to conduct more comprehensive cross-market surveillance,8 which is in furtherance of the Exchange’s outsourcing of its surveillance and other regulatory functions to FINRA pursuant to a Regulatory Services Agreement. The Exchange currently requires its member organizations to maintain order information pursuant to NYSE Amex Equities Rule 132B, which is its OTS rule. While the type of information required to be maintained pursuant to OTS is substantially similar to the OATS requirements, member organizations are required to maintain different systems to meet the OTS and OATS requirements. Currently, Dual Members use OATS for NASDAQ-listed securities and OTS for NYSE Amex Equities- and NYSE-listed securities, and there is no duplication. jlentini on DSK4TPTVN1PROD with NOTICES Proposed Rule Change Beginning October 17, 2011, Dual Members will become subject to the new FINRA OATS requirements by virtue of their status as FINRA members. Accordingly, by that date, Dual Members will need to update their existing OATS systems to accommodate all NMS stocks, including NYSE Amexlisted securities.9 The Exchange proposes to harmonize its order tracking rules with the FINRA OATS requirements in order to prevent regulatory duplication for Dual Members. In particular, the Exchange’s proposal to adopt the OATS requirements will not require Dual Members to program their OATS systems any differently than they are already required to do so as a result of the FINRA OATS expansion. Moreover, because FINRA provides regulatory services on behalf of the Exchange, Dual Members would only need to report OATS information to FINRA once, both 8 Id. at 70758. has been actively working with all of its members, including Dual Members, to provide technical specifications for FINRA members to update their OATS systems to be compliant by the October 17, 2011 deadline. See e.g., https:// www.finra.org/Industry/Compliance/ MarketTransparency/OATS/ TechnicalSpecifications/. 9 FINRA VerDate Mar<15>2010 16:32 Oct 14, 2011 Jkt 226001 to meet the FINRA and proposed Exchange OATS requirements. With respect to NYSE Amex member organizations that are not members of FINRA, currently, all such member organizations are already members of NASDAQ, which has certain OATS obligations for proprietary trading firms under the NASDAQ Rule 6950 Series. The proposed OATS obligations for NYSE Amex member organizations that are not FINRA members are substantially similar to the existing NASDAQ OATS requirements for the same firms. The information required to be reported for member organizations under OATS will be identical to the information required to be reported under OTS. As with OTS, the information captured by OATS will continue to be reported to FINRA and will be used for regulatory purposes only. Because the FINRA OATS requirements will now capture the same type of information as the Exchange’s OTS rules, the Exchange proposes to replace its OTS rules with the OATS requirements by adopting the text of the FINRA Rule 7400 Series as the NYSE Amex Equities Rule 7400 Series, with certain changes.10 The Exchange believes that by retiring OTS and adopting the OATS rules, the Exchange will further promote cross-market surveillance, reduce duplicative regulatory burdens for Dual Members, and enhance FINRA’s ability to conduct surveillance and investigations for the Exchange under the Regulatory Services Agreement.11 10 See FINRA Adopting Release at 70758 (noting the expectation that Exchange would retire OTS upon the expansion of OATS to all NMS securities). In anticipation of both FINRA’s expansion of its OATS requirements to all NMS stocks, including NYSE Amex Equities-listed securities, as well as this proposed rule change, the Exchange has been issuing notifications to member organizations regarding the transition to OATS. Specifically, the Exchange has provided and continues to provide member organizations with details of technological changes that they would need to make both [sic] to comply with the OATS requirements. See e.g., NYSE Euronext Trader Updates dated June 7 and September 1, 2011, available at https:// markets.nyx.com/nyse/trader-updates/view/9760, and https://markets.nyx.com/nyse/trader-updates/ view/10099, respectively. 11 The Exchange further notes that the proposed rule change would exempt from the OATS requirements those orders received by firms that waived into FINRA membership pursuant to NASD IM–1013–l or IM–1013–2 and that limit their business operations to ‘‘permitted floor activities.’’ Although these orders would not be required to be reported to OATS under the proposed rule change, much of the information regarding these orders once they are routed to the Exchange would be captured by the Exchange’s Front End Systemic Capture System (‘‘FESC’’) pursuant to NYSE Amex Equities Rule 123(e). Consequently, information about the order would either be captured by FESC PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 The proposed NYSE Amex Equities Rule 7400 Series consists of NYSE Amex Equities Rules 7410 through 7470. Proposed NYSE Amex Equities Rule 7410 includes certain definitions to harmonize the NYSE Amex Equities Rule 7400 Series with the FINRA Rule 7400 Series. Proposed NYSE Amex Equities Rule 7410 will include all of the definitions of FINRA Rule 7410, with a few additions. In particular, FINRA Rule 7410(g) and (m) cross reference Exchange rules for the definitions of index arbitrage and program trading. Because the Exchange will be deleting the rules that include those definitions, the Exchange proposes to move the definitions, unchanged, from Rule 132B.10 to proposed NYSE Amex Equities Rule 7410(g) and (m). In addition, similar to NASDAQ Rule 6951(n), the Exchange proposes to add a definition of a proprietary trading firm in NYSE Amex Equities Rule 7410(p). Finally, for clarity, the Exchange proposes to add a definition of ‘‘Exchange System,’’ to mean the service provided by the Exchange that provides for the automated execution and reporting of transactions in NMS stocks. Proposed NYSE Amex Equities Rule 7420 establishes the applicability of the rule to all member organizations and their associated persons and all executed or unexecuted orders for all NMS stocks traded on the Exchange. To harmonize fully with the FINRA requirements, the Exchange proposes to add Supplementary Material .01 with the definition of ‘‘associated person,’’ which is not currently defined under the NYSE Amex Equities rules. Proposed NYSE Amex Equities Rule 7430, which is substantially the same as FINRA Rule 7430, requires member organizations to synchronize and maintain their business clocks that are used for purposes of recording the date and time of any event that must be recorded pursuant to the NYSE Amex Equities rules with reference to a time source designated by the Exchange. Proposed NYSE Amex Equities Rule 7440, which is based on Nasdaq Rule 6954, incorporates the FINRA Rule 7440 order data recording requirements. FINRA Rule 7440 requires members to record specified order information, including order origination and receipt information and order transmittal information, in a format specified by FINRA. Proposed NYSE Amex Equities Rule 7440 makes clear that pursuant to or be reported to OATS. FINRA’s existing surveillances already review certain Floor broker trading activity based on FESC data and not OTS data; therefore, the change to OATS will not impact these Floor broker surveillances. E:\FR\FM\17OCN1.SGM 17OCN1 jlentini on DSK4TPTVN1PROD with NOTICES Federal Register / Vol. 76, No. 200 / Monday, October 17, 2011 / Notices NYSE Amex Equities Rule 0 and the Exchange’s Regulatory Services Agreement with FINRA, FINRA will continue to capture order information on behalf of the Exchange and that FINRA Rules 7420 through 7460 will be construed as NYSE Amex Equities Rules 7420 through 7460 for compliance purposes. As such, complying with FINRA Rule 7440 and submitting OATS reports to FINRA will meet the requirements of proposed NYSE Amex Equities Rule 7440; Dual Members will not need to make separate submissions to the Exchange. Proposed NYSE Amex Equities Rule 7440 requires member organizations to assign and enter a unique order identifier to all orders that are electronically transmitted to the Exchange System. Member organizations already use such unique order identifiers when submitting orders to the Exchange and such unique order identifiers will be linked to work with OATS data; thus, the proposed rule change would not impose new or different requirements than currently exist. As with proposed NYSE Amex Equities Rule 7440, proposed NYSE Amex Equities Rule 7450 requires member organizations to comply with the FINRA Rule 7450 order data transmission requirements as if FINRA Rule 7450 were part of the Exchange’s rules. Accordingly, Dual Members who meet the FINRA order data submission requirements will also be meeting the Exchange order data transmission requirements. Similar to Nasdaq Rule 6955, proposed NYSE Amex Equities Rule 7450 will require Proprietary Trading Firms to comply with the order data transmission requirements only when they receive a request from the Exchange, i.e., FINRA, to submit order information. Proposed NYSE Amex Equities Rule 7460, which is substantially the same as FINRA Rule 7460, states that a violation of the OATS Rules is a violation of NYSE Amex Equities Rule 2010. Finally, proposed NYSE Amex Equities Rule 7470 establishes the exemptions to the order recording and data transmission requirements for manual orders if the exemption is consistent with the protection of investors and the public interest, subject to certain criteria. The exemption is limited to a period of two years; however, subsequent exemptions may be requested. This proposed rule is also substantially the same as FINRA Amex Equities Rule 7470. The Exchange proposes several technical changes to FINRA’s OATS rule text. First, for consistency with Exchange rules, the Exchange proposes VerDate Mar<15>2010 16:32 Oct 14, 2011 Jkt 226001 to (i) Change all references from ‘‘members’’ to ‘‘member organizations’’ and from ‘‘FINRA’’ or ‘‘NASDAQ’’ to ‘‘the Exchange,’’ 12 respectively, (ii) add or modify the definitions for ‘‘Exchange System,’’ ‘‘Proprietary Trading Firm,’’ ‘‘associated person,’’ ‘‘Index Arbitrage’’ and ‘‘Program Trading,’’ as described above and (iii) delete references to ‘‘OTC equity security,’’ which do [sic] not trade at the Exchange and thus is a moot reference. Second, rather than adopt the full text of FINRA Rules 7440 and 7450, which detail the recording of order information and order data transmission requirements, the Exchange modeled its proposed NYSE Amex Equities Rules 7440 and 7450 on NASDAQ’s Rules 6954 and 6955, which instead cross-reference such requirements.13 Third, consistent with a recent FINRA rule filing, the Exchange has adopted the July 10, 2015 extension date in NYSE Amex Equities Rule 7470.14 Finally, the Exchange proposes to delete its OTS requirements as set forth in NYSE Amex Equities Rules 132A,15 132B, and 132C and make conforming amendments in NYSE Amex Equities Rules 70, 98, and 123 which contain references to NYSE Amex Equities Rule 132B. The Exchange proposes to implement the NYSE Amex Equities Rule 7400 Series at the same time that FINRA implements its Rule 7400 Series amendments.16 12 The Exchange notes that pursuant to NYSE Amex Equities Rule 0, references to the ‘‘Exchange’’ in its rules may also refer to FINRA. The Exchange will advise member organizations via an Information Memo whether a reference to the Exchange in the proposed Rule 7400 Series will require a member organization to report directly to the Exchange or to FINRA on the Exchange’s behalf. However, the Exchange anticipates that all OATS reporting will be submitted directly to FINRA, on behalf of the Exchange. To the extent that the Exchange or any of its facilities collect OATS data on behalf of member organizations, such information will be used for regulatory purposes only. 13 See Securities Exchange Act Release No. 53128 (Jan. 13, 2006), 71 FR 3550 (Jan. 23, 2006) (File No. 10–131). 14 See Securities Exchange Act Release No. 64717 (June 21, 2011), 76 FR 37384 (June 27, 2011) (SR– FINRA–2011–029). 15 NYSE Amex Equities Rule 132A (Synchronization of Member Business Clocks) is being replaced by proposed Rule 7430 (Synchronization of Member Organization Business Clocks). 16 FINRA has announced that it will begin to phase-in the new recording and reporting requirements under its Rule 7400 Series beginning on October 17, 2011. See SR–FINRA–2011–055. FINRA also has announced that members may elect to report all NMS stocks beginning on October 17, 2011; however, only those securities required to be reported within each phase will be subject to all OATS matching processing, with all NMS stocks being reported by November 28, 2011. See https:// www.finra.org/Industry/Compliance/ MarketTransparency/OATS/OATSReport/P124073. PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 64153 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ‘‘Act’’),17 in general, and furthers the objectives of Section 6(b)(5),18 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. Specifically, the Exchange believes that the proposed rule change supports the objectives of the Act by providing greater harmonization between NYSE Amex Equities Rules and FINRA Rules of similar purpose, resulting in less burdensome and more efficient regulatory compliance. In particular, Dual Members will no longer need to maintain separate systems for reporting order audit trail information to the Exchange and FINRA. Rather, beginning October 17, 2011, Dual Members will only need to maintain a single system, OATS, and report all such OATS information directly to FINRA, thereby reducing their regulatory burden. The changes that Dual Members will be required to make for the FINRA OATS requirements will meet the requirements of the Exchange’s proposed adoption of OATS. To the extent the Exchange has proposed changes that differ from the FINRA version of the Rules, such changes are generally technical in nature and do not change the substance of the proposed NYSE Amex Equities Rules. 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. Until a security is phased-in in accordance with FINRA’s schedule, NYSE Amex member organizations must continue to comply with OTS Rules. In other words, NYSE Amex member organizations may not use OATS for all securities on October 17, 2011. 17 15 U.S.C. 78f(b). 18 15 U.S.C. 78f(b)(5). E:\FR\FM\17OCN1.SGM 17OCN1 64154 Federal Register / Vol. 76, No. 200 / Monday, October 17, 2011 / Notices III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action 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 for 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 19 and Rule 19b–4(f)(6)(iii) 20 thereunder. A proposed rule change filed under Rule 19b–4(f)(6) 21 normally does not become operative for 30 days after the date of the filing. However, pursuant to Rule 19b–4(f)(6)(iii),22 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 is waiving the 30-day operative period.23 The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest as the waiver will allow the Exchange’s OATS requirements to be in place on the same date as the new FINRA OATS requirements. Further, the Commission notes that the proposed rule change is consistent with FINRA and Nasdaq rules previously approved by the Commission. The Commission, therefore, designates the proposed rule change to be operative upon filing with the Commission. 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 19 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6)(iii). Rule 19b–4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its 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. 21 17 CFR 240.19b–4(f)(6). 22 17 CFR 240.19b–4(f)(6)(iii). 23 For purposes only of waiving the operative delay of this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). jlentini on DSK4TPTVN1PROD with NOTICES 20 17 VerDate Mar<15>2010 16:32 Oct 14, 2011 Jkt 226001 investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSEAMEX–2011–74 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–NYSEAMEX–2011–74. 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 Number SR– NYSEAMEX–2011–74 and should be submitted on or before November 7, 2011. 24 17 PO 00000 CFR 200.30–3(a)(12). Frm 00085 Fmt 4703 Sfmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.24 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–26671 Filed 10–14–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65523; File No. SR–NYSE– 2011–49] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Deleting NYSE Rules 132A, 132B, and 132C, Adopting the Text of the FINRA Rule 7400 Series, the Order Audit Trail System (‘‘OATS’’) Rules, and Making Certain Conforming Changes October 7, 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 September 30, 2011, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change pursuant to Section 19(b)(3)(A) of the Act 4 and Rule 19b–4(f)(6) 5 thereunder. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to delete NYSE Rules 132A, 132B, and 132C, adopt the text of the FINRA Rule 7400 Series, the Order Audit Trail System (‘‘OATS’’) Rules, and make certain conforming changes. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https:// www.nyse.com. 1 15 U.S.C.78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 4 15 U.S.C. 78s(b)(3)(A). 5 17 CFR 240.19b–4(f)(6). 2 15 E:\FR\FM\17OCN1.SGM 17OCN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 76, Number 200 (Monday, October 17, 2011)]
[Notices]
[Pages 64151-64154]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-26671]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65524; File No. SR-NYSEAMEX-2011-74]

Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Deleting NYSE Amex
Equities Rules 132A, 132B, and 132C, Adopting the Text of the FINRA
Rule 7400 Series, the Order Audit Trail System (``OATS'') Rules, and
Making Certain Conforming Changes

October 7, 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 October 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 Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A) of the Act \4\ and Rule 19b-4(f)(6) \5\
thereunder. 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.
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange proposes to delete NYSE Amex Equities Rules 132A,
132B, and 132C, adopt the text of the FINRA Rule 7400 Series, the Order
Audit Trail System (``OATS'') Rules, and make certain conforming
changes. The text of the proposed rule change is available at the
Exchange, the Commission's Public Reference Room, and https://www.nyse.com.

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.

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 delete NYSE Amex Equities Rules 132A,
132B, and 132C (relating to the Exchange's ``Order Tracking System'' or
``OTS''), adopt the text of the FINRA Rules 7400 Series, the OATS
Rules, and make certain conforming changes. The Exchange proposes this
rule filing in order to prevent the imposition of duplicative
regulatory burdens on Exchange member organizations that are also
members of FINRA (``Dual Members''). By adopting OATS, Dual Members
will need to use only a single system for recording order audit trail
information, and will only need to submit such information both for
FINRA and Exchange OATS requirements to FINRA, and will not need to
make separate OATS submissions to the Exchange.\6\
---------------------------------------------------------------------------

\6\ The proposed rule change would also require NYSE Amex member
organizations that are not members of FINRA, which all meet the
definition of a Proprietary Trading Firm in proposed NYSE Amex
Equities Rule 7410(p) and which must currently comply with OTS, to
also meet certain OATS requirements. However, all NYSE Amex non-
FINRA members are currently already a member [sic] of The NASDAQ
Stock Market, Inc. (``NASDAQ'') and therefore are already subject to
substantially similar OATS requirements by virtue of the NASDAQ
membership. See NASDAQ Rule 6950 Series. Moreover, all such non-
FINRA NYSE Amex member organizations have been receiving notices
from the Exchange concerning upcoming OATS requirements. See infra
note 5 [sic].
---------------------------------------------------------------------------

Background
The Commission has recently approved amendments to the FINRA Rule
7400 Series to extend the OATS recording and reporting requirements to
all NMS stocks and to exclude certain firms that have limited trading
activities.\7\ The FINRA Rule 7400 Series imposes obligations on FINRA
members to record in electronic form and report to FINRA, on a daily
basis, certain information with respect to orders originated, received,
transmitted, modified, canceled, or executed by members in OTC equity
securities and equity securities listed and traded on NASDAQ. This
information is used by FINRA staff to conduct surveillance and
investigations of member firms for

[[Page 64152]]

violations of FINRA rules and federal securities laws.
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\7\ See Securities Exchange Act Release No. 63311 (November 12,
2010), 75 FR 70757 (November 18, 2010) (SR-FINRA-2010-044) (``FINRA
Adopting Release'').
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By extending the OATS requirements to all NMS stocks, all NYSE
Amex, New York Stock Exchange LLC (``NYSE''), and NYSE Arca, Inc.-
listed securities will become subject to the OATS requirement beginning
October 17, 2011. As noted by FINRA in its rule proposal, by capturing
OATS information for all NMS stocks, FINRA will be able to expand its
existing surveillance patterns to conduct more comprehensive cross-
market surveillance,\8\ which is in furtherance of the Exchange's
outsourcing of its surveillance and other regulatory functions to FINRA
pursuant to a Regulatory Services Agreement.
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\8\ Id. at 70758.
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The Exchange currently requires its member organizations to
maintain order information pursuant to NYSE Amex Equities Rule 132B,
which is its OTS rule. While the type of information required to be
maintained pursuant to OTS is substantially similar to the OATS
requirements, member organizations are required to maintain different
systems to meet the OTS and OATS requirements. Currently, Dual Members
use OATS for NASDAQ-listed securities and OTS for NYSE Amex Equities-
and NYSE-listed securities, and there is no duplication.
Proposed Rule Change
Beginning October 17, 2011, Dual Members will become subject to the
new FINRA OATS requirements by virtue of their status as FINRA members.
Accordingly, by that date, Dual Members will need to update their
existing OATS systems to accommodate all NMS stocks, including NYSE
Amex-listed securities.\9\ The Exchange proposes to harmonize its order
tracking rules with the FINRA OATS requirements in order to prevent
regulatory duplication for Dual Members. In particular, the Exchange's
proposal to adopt the OATS requirements will not require Dual Members
to program their OATS systems any differently than they are already
required to do so as a result of the FINRA OATS expansion. Moreover,
because FINRA provides regulatory services on behalf of the Exchange,
Dual Members would only need to report OATS information to FINRA once,
both to meet the FINRA and proposed Exchange OATS requirements.
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\9\ FINRA has been actively working with all of its members,
including Dual Members, to provide technical specifications for
FINRA members to update their OATS systems to be compliant by the
October 17, 2011 deadline. See e.g., https://www.finra.org/Industry/Compliance/MarketTransparency/OATS/TechnicalSpecifications/.
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With respect to NYSE Amex member organizations that are not members
of FINRA, currently, all such member organizations are already members
of NASDAQ, which has certain OATS obligations for proprietary trading
firms under the NASDAQ Rule 6950 Series. The proposed OATS obligations
for NYSE Amex member organizations that are not FINRA members are
substantially similar to the existing NASDAQ OATS requirements for the
same firms.
The information required to be reported for member organizations
under OATS will be identical to the information required to be reported
under OTS. As with OTS, the information captured by OATS will continue
to be reported to FINRA and will be used for regulatory purposes only.
Because the FINRA OATS requirements will now capture the same type
of information as the Exchange's OTS rules, the Exchange proposes to
replace its OTS rules with the OATS requirements by adopting the text
of the FINRA Rule 7400 Series as the NYSE Amex Equities Rule 7400
Series, with certain changes.\10\ The Exchange believes that by
retiring OTS and adopting the OATS rules, the Exchange will further
promote cross-market surveillance, reduce duplicative regulatory
burdens for Dual Members, and enhance FINRA's ability to conduct
surveillance and investigations for the Exchange under the Regulatory
Services Agreement.\11\
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\10\ See FINRA Adopting Release at 70758 (noting the expectation
that Exchange would retire OTS upon the expansion of OATS to all NMS
securities). In anticipation of both FINRA's expansion of its OATS
requirements to all NMS stocks, including NYSE Amex Equities-listed
securities, as well as this proposed rule change, the Exchange has
been issuing notifications to member organizations regarding the
transition to OATS. Specifically, the Exchange has provided and
continues to provide member organizations with details of
technological changes that they would need to make both [sic] to
comply with the OATS requirements. See e.g., NYSE Euronext Trader
Updates dated June 7 and September 1, 2011, available at https://markets.nyx.com/nyse/trader-updates/view/9760, and https://markets.nyx.com/nyse/trader-updates/view/10099, respectively.
\11\ The Exchange further notes that the proposed rule change
would exempt from the OATS requirements those orders received by
firms that waived into FINRA membership pursuant to NASD IM-1013-l
or IM-1013-2 and that limit their business operations to ``permitted
floor activities.'' Although these orders would not be required to
be reported to OATS under the proposed rule change, much of the
information regarding these orders once they are routed to the
Exchange would be captured by the Exchange's Front End Systemic
Capture System (``FESC'') pursuant to NYSE Amex Equities Rule
123(e). Consequently, information about the order would either be
captured by FESC or be reported to OATS. FINRA's existing
surveillances already review certain Floor broker trading activity
based on FESC data and not OTS data; therefore, the change to OATS
will not impact these Floor broker surveillances.
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The proposed NYSE Amex Equities Rule 7400 Series consists of NYSE
Amex Equities Rules 7410 through 7470. Proposed NYSE Amex Equities Rule
7410 includes certain definitions to harmonize the NYSE Amex Equities
Rule 7400 Series with the FINRA Rule 7400 Series. Proposed NYSE Amex
Equities Rule 7410 will include all of the definitions of FINRA Rule
7410, with a few additions. In particular, FINRA Rule 7410(g) and (m)
cross reference Exchange rules for the definitions of index arbitrage
and program trading. Because the Exchange will be deleting the rules
that include those definitions, the Exchange proposes to move the
definitions, unchanged, from Rule 132B.10 to proposed NYSE Amex
Equities Rule 7410(g) and (m). In addition, similar to NASDAQ Rule
6951(n), the Exchange proposes to add a definition of a proprietary
trading firm in NYSE Amex Equities Rule 7410(p). Finally, for clarity,
the Exchange proposes to add a definition of ``Exchange System,'' to
mean the service provided by the Exchange that provides for the
automated execution and reporting of transactions in NMS stocks.
Proposed NYSE Amex Equities Rule 7420 establishes the applicability
of the rule to all member organizations and their associated persons
and all executed or unexecuted orders for all NMS stocks traded on the
Exchange. To harmonize fully with the FINRA requirements, the Exchange
proposes to add Supplementary Material .01 with the definition of
``associated person,'' which is not currently defined under the NYSE
Amex Equities rules.
Proposed NYSE Amex Equities Rule 7430, which is substantially the
same as FINRA Rule 7430, requires member organizations to synchronize
and maintain their business clocks that are used for purposes of
recording the date and time of any event that must be recorded pursuant
to the NYSE Amex Equities rules with reference to a time source
designated by the Exchange.
Proposed NYSE Amex Equities Rule 7440, which is based on Nasdaq
Rule 6954, incorporates the FINRA Rule 7440 order data recording
requirements. FINRA Rule 7440 requires members to record specified
order information, including order origination and receipt information
and order transmittal information, in a format specified by FINRA.
Proposed NYSE Amex Equities Rule 7440 makes clear that pursuant to

[[Page 64153]]

NYSE Amex Equities Rule 0 and the Exchange's Regulatory Services
Agreement with FINRA, FINRA will continue to capture order information
on behalf of the Exchange and that FINRA Rules 7420 through 7460 will
be construed as NYSE Amex Equities Rules 7420 through 7460 for
compliance purposes. As such, complying with FINRA Rule 7440 and
submitting OATS reports to FINRA will meet the requirements of proposed
NYSE Amex Equities Rule 7440; Dual Members will not need to make
separate submissions to the Exchange. Proposed NYSE Amex Equities Rule
7440 requires member organizations to assign and enter a unique order
identifier to all orders that are electronically transmitted to the
Exchange System. Member organizations already use such unique order
identifiers when submitting orders to the Exchange and such unique
order identifiers will be linked to work with OATS data; thus, the
proposed rule change would not impose new or different requirements
than currently exist.
As with proposed NYSE Amex Equities Rule 7440, proposed NYSE Amex
Equities Rule 7450 requires member organizations to comply with the
FINRA Rule 7450 order data transmission requirements as if FINRA Rule
7450 were part of the Exchange's rules. Accordingly, Dual Members who
meet the FINRA order data submission requirements will also be meeting
the Exchange order data transmission requirements. Similar to Nasdaq
Rule 6955, proposed NYSE Amex Equities Rule 7450 will require
Proprietary Trading Firms to comply with the order data transmission
requirements only when they receive a request from the Exchange, i.e.,
FINRA, to submit order information.
Proposed NYSE Amex Equities Rule 7460, which is substantially the
same as FINRA Rule 7460, states that a violation of the OATS Rules is a
violation of NYSE Amex Equities Rule 2010.
Finally, proposed NYSE Amex Equities Rule 7470 establishes the
exemptions to the order recording and data transmission requirements
for manual orders if the exemption is consistent with the protection of
investors and the public interest, subject to certain criteria. The
exemption is limited to a period of two years; however, subsequent
exemptions may be requested. This proposed rule is also substantially
the same as FINRA Amex Equities Rule 7470.
The Exchange proposes several technical changes to FINRA's OATS
rule text. First, for consistency with Exchange rules, the Exchange
proposes to (i) Change all references from ``members'' to ``member
organizations'' and from ``FINRA'' or ``NASDAQ'' to ``the Exchange,''
\12\ respectively, (ii) add or modify the definitions for ``Exchange
System,'' ``Proprietary Trading Firm,'' ``associated person,'' ``Index
Arbitrage'' and ``Program Trading,'' as described above and (iii)
delete references to ``OTC equity security,'' which do [sic] not trade
at the Exchange and thus is a moot reference. Second, rather than adopt
the full text of FINRA Rules 7440 and 7450, which detail the recording
of order information and order data transmission requirements, the
Exchange modeled its proposed NYSE Amex Equities Rules 7440 and 7450 on
NASDAQ's Rules 6954 and 6955, which instead cross-reference such
requirements.\13\ Third, consistent with a recent FINRA rule filing,
the Exchange has adopted the July 10, 2015 extension date in NYSE Amex
Equities Rule 7470.\14\ Finally, the Exchange proposes to delete its
OTS requirements as set forth in NYSE Amex Equities Rules 132A,\15\
132B, and 132C and make conforming amendments in NYSE Amex Equities
Rules 70, 98, and 123 which contain references to NYSE Amex Equities
Rule 132B.
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\12\ The Exchange notes that pursuant to NYSE Amex Equities Rule
0, references to the ``Exchange'' in its rules may also refer to
FINRA. The Exchange will advise member organizations via an
Information Memo whether a reference to the Exchange in the proposed
Rule 7400 Series will require a member organization to report
directly to the Exchange or to FINRA on the Exchange's behalf.
However, the Exchange anticipates that all OATS reporting will be
submitted directly to FINRA, on behalf of the Exchange. To the
extent that the Exchange or any of its facilities collect OATS data
on behalf of member organizations, such information will be used for
regulatory purposes only.
\13\ See Securities Exchange Act Release No. 53128 (Jan. 13,
2006), 71 FR 3550 (Jan. 23, 2006) (File No. 10-131).
\14\ See Securities Exchange Act Release No. 64717 (June 21,
2011), 76 FR 37384 (June 27, 2011) (SR-FINRA-2011-029).
\15\ NYSE Amex Equities Rule 132A (Synchronization of Member
Business Clocks) is being replaced by proposed Rule 7430
(Synchronization of Member Organization Business Clocks).
---------------------------------------------------------------------------

The Exchange proposes to implement the NYSE Amex Equities Rule 7400
Series at the same time that FINRA implements its Rule 7400 Series
amendments.\16\
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\16\ FINRA has announced that it will begin to phase-in the new
recording and reporting requirements under its Rule 7400 Series
beginning on October 17, 2011. See SR-FINRA-2011-055. FINRA also has
announced that members may elect to report all NMS stocks beginning
on October 17, 2011; however, only those securities required to be
reported within each phase will be subject to all OATS matching
processing, with all NMS stocks being reported by November 28, 2011.
See https://www.finra.org/Industry/Compliance/MarketTransparency/OATS/OATSReport/P124073. Until a security is phased-in in accordance
with FINRA's schedule, NYSE Amex member organizations must continue
to comply with OTS Rules. In other words, NYSE Amex member
organizations may not use OATS for all securities on October 17,
2011.
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2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\17\ in general, and
furthers the objectives of Section 6(b)(5),\18\ in particular, in that
it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
Specifically, the Exchange believes that the proposed rule change
supports the objectives of the Act by providing greater harmonization
between NYSE Amex Equities Rules and FINRA Rules of similar purpose,
resulting in less burdensome and more efficient regulatory compliance.
In particular, Dual Members will no longer need to maintain separate
systems for reporting order audit trail information to the Exchange and
FINRA. Rather, beginning October 17, 2011, Dual Members will only need
to maintain a single system, OATS, and report all such OATS information
directly to FINRA, thereby reducing their regulatory burden. The
changes that Dual Members will be required to make for the FINRA OATS
requirements will meet the requirements of the Exchange's proposed
adoption of OATS. To the extent the Exchange has proposed changes that
differ from the FINRA version of the Rules, such changes are generally
technical in nature and do not change the substance of the proposed
NYSE Amex Equities Rules.
---------------------------------------------------------------------------

\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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.

[[Page 64154]]

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

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 for 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 \19\ and Rule 19b-
4(f)(6)(iii) \20\ thereunder.
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\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 17 CFR 240.19b-4(f)(6)(iii). Rule 19b-4(f)(6)(iii) requires
a self-regulatory organization to give the Commission written notice
of its 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) \21\ normally
does not become operative for 30 days after the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\22\ 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 is waiving
the 30-day operative period.\23\ The Commission believes that waiving
the 30-day operative delay is consistent with the protection of
investors and the public interest as the waiver will allow the
Exchange's OATS requirements to be in place on the same date as the new
FINRA OATS requirements. Further, the Commission notes that the
proposed rule change is consistent with FINRA and Nasdaq rules
previously approved by the Commission. The Commission, therefore,
designates the proposed rule change to be operative upon filing with
the Commission.
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\21\ 17 CFR 240.19b-4(f)(6).
\22\ 17 CFR 240.19b-4(f)(6)(iii).
\23\ For purposes only of waiving the operative delay of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEAMEX-2011-74 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-NYSEAMEX-2011-74. 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 Number SR-
NYSEAMEX-2011-74 and should be submitted on or before November 7, 2011.
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\24\ 17 CFR 200.30-3(a)(12).

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-26671 Filed 10-14-11; 8:45 am]
BILLING CODE 8011-01-P

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