Self-Regulatory Organizations; BATS Exchange, Inc.; BATS Y-Exchange, Inc.; NASDAQ OMX BX, Inc.; Chicago Board Options Exchange, Incorporated; C2 Options Exchange, Incorporated; Chicago Stock Exchange, Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc.; Financial Industry Regulatory Authority, Inc.; International Securities Exchange LLC; The NASDAQ Stock Market LLC; New York Stock Exchange LLC; NYSE Amex LLC; NYSE Arca, Inc.; National Stock Exchange, Inc.; NASDAX OMX PHLX LLC; Notice of a Designation of a Longer Period for Commission Action on Proposed Rule Changes Relating to Trading Halts Due to Extraordinary Market Volatility, 72492-72493 [2011-30193]
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72492
Federal Register / Vol. 76, No. 226 / Wednesday, November 23, 2011 / Notices
necessary or appropriate in furtherance
of the purposes of the Act.
Comments may be submitted by any of
the following methods:
SECURITIES AND EXCHANGE
COMMISSION
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.
Electronic Comments
[Release No. 34–65770; File Nos. SR–BATS–
2011–038; SR–BYX–2011–025; SR–BX–
2011–068; SR–CBOE–2011–087; SR–C2–
2011–024; SR–CHX–2011–30; SR–EDGA–
2011–31; SR–EDGX–2011–30; SR–FINRA–
2011–054; SR–ISE–2011–61; SR–NASDAQ–
2011–131; SR–NSX–2011–11; SR–NYSE–
2011–48; SR–NYSEAmex–2011–73; SR–
NYSEArca–2011–68; SR–Phlx–2011–129]
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not significantly affect the
protection of investors or the public
interest, does not impose any significant
burden on competition, and, by its
terms, does not 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 Section
19(b)(3)(A) of the Act 10 and Rule 19b–
4(f)(6) thereunder.11
The Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission believes that
waiver of the operative delay is
consistent with the protection of
investors and the public interest
because the proposal is substantially
similar to that of another exchange that
has been approved by the
Commission.12 Therefore, the
Commission designates the proposal
operative upon filing.13
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.
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 See Securities Exchange Act Release No. 65771
(November 17, 2011) (SR–ISE–2011–60) (order
approving expansion of Short Term Option
Program).
13 For purposes only of waiving the 30-day
operative delay, 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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11 17
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• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–BX–2011–075 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–BX–2011–075. This file
number should be included on the
subject line if email 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–BX–
2011–075 and should be submitted on
or before December 14, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–30197 Filed 11–22–11; 8:45 am]
BILLING CODE 8011–01–P
14 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00106
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Self-Regulatory Organizations; BATS
Exchange, Inc.; BATS
Y-Exchange, Inc.; NASDAQ OMX BX,
Inc.; Chicago Board Options
Exchange, Incorporated; C2 Options
Exchange, Incorporated; Chicago
Stock Exchange, Inc.; EDGA
Exchange, Inc.; EDGX Exchange, Inc.;
Financial Industry Regulatory
Authority, Inc.; International Securities
Exchange LLC; The NASDAQ Stock
Market LLC; New York Stock Exchange
LLC; NYSE Amex LLC; NYSE Arca,
Inc.; National Stock Exchange, Inc.;
NASDAX OMX PHLX LLC; Notice of a
Designation of a Longer Period for
Commission Action on Proposed Rule
Changes Relating to Trading Halts Due
to Extraordinary Market Volatility
November 17, 2011.
I. Introduction
On September 27, 2011, each of BATS
Exchange, Inc. (‘‘BATS’’), BATS YExchange, Inc. (‘‘BYX’’), NASDAQ OMX
BX, Inc. (‘‘BX’’), Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’), C2
Options Exchange, Incorporated (‘‘C2’’),
Chicago Stock Exchange, Inc. (‘‘CHX’’),
EDGA Exchange, Inc (‘‘EDGA’’), EDGX
Exchange, Inc. (‘‘EDGX’’), Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’), International Securities
Exchange LLC (‘‘ISE’’), The NASDAQ
Stock Market LLC (‘‘Nasdaq’’), National
Stock Exchange, Inc. (‘‘NSX’’), New
York Stock Exchange LLC (‘‘NYSE’’),
NYSE Amex LLC (‘‘NYSE Amex’’),
NYSE Arca, Inc. (‘‘NYSE Arca’’), and
NASDAQ OMX PHLX LLC (‘‘Phlx’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) 1 of the Securities
Exchange Act of 1934 (‘‘Act’’),2 and
Rule 19b–4 thereunder,3 proposed rule
changes to amend certain of their
respective rules relating to trading halts
due to extraordinary market volatility.
The proposed rule changes were
published for comment in the Federal
Register on October 4, 2011.4 The
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 See Securities Exchange Act Release Nos. 65437
(September 28, 2011), 76 FR 61466 (October 4,
2 15
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Federal Register / Vol. 76, No. 226 / Wednesday, November 23, 2011 / Notices
sroberts on DSK5SPTVN1PROD with NOTICES
Commission received seven comment
letters on these proposals.5
Section 19(b)(2) of the Act 6 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether these
proposed rule changes should be
disapproved. The 45th day from the
publication of notice of filing of these
proposed rule changes is November 18,
2011. The Commission is extending this
45-day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on these proposed
rule changes so that it has sufficient
time to consider these proposed rule
changes, which would revise the rules
relating to trading halts due to
extraordinary market volatility, and to
consider the comment letters that have
been submitted in connection with
them.
Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Act,7
designates December 30, 2011, as the
2011); 65428 (September 28, 2011), 76 FR 61453
(October 4, 2011); 65429 (September 28, 2011), 76
FR 61432 (October 4, 2011); 65433 (September 28,
2011), 76 FR 61453 (October 4, 2011); 65438
(September 28, 2011), 76 FR 61447 (October 4,
2011); 65426 (September 28, 2011), 76 FR 61460
(October 4, 2011); 65431 (September 28, 2011), 76
FR 61425 (May 12, 2011); 65440 (September 28,
2011), 76 FR 61444 (October 4, 2011); 65430
(September 28, 2011), 76 FR 61429 (October 4,
2011); 65425 (September 28, 2011), 76 FR 61438
(October 4, 2011); 65435 (May 6, 2011), 76 FR
61416 (October 4, 2011); 65436 (September 28,
2011), 76 FR 61450 (October 4, 2011); 65427
(September 28, 2011), 76 FR 61457 (October 4,
2011); 65432 (September 28, 2011), 76 FR 61422
(October 4, 2011); 65439 (September 28, 2011), 76
FR 61463 (October 4, 2011); 65434 (September 28,
2011), 76 FR 61419 (October 4, 2011).
5 See Letter to Elizabeth M. Murphy, Secretary,
Commission, from Ann L. Vlcek, Managing Director
and Associate General Counsel, the Securities
Industry and Financial Markets Association, dated
October 27, 2011; Letter to Commission, from James
J. Angel, Ph.D., CFA, Associate Professor of
Finance, Georgetown University, McDonough
School of Business, dated October 25, 2011; Letter
to Elizabeth M. Murphy, Secretary, Commission,
from Craig S. Donohue, CME Group, Inc., dated
October 25, 2011; Letter to Elizabeth M. Murphy,
Secretary, Commission, from Commissioner Bart
Chilton, Commodity Futures Trading Commission,
dated October 25, 2011; Letter to Elizabeth M.
Murphy, Secretary, Commission, from Richard H.
Baker, President and CEO, Managed Funds
Association, dated October 25, 2011; Letter from
Suzanne H. Shatto, dated October 20, 2011; Letter
from Mark Roszak, dated October 4, 2011.
6 15 U.S.C. 78s(b)(2).
7 15 U.S.C. 78s(b)(2).
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date by which the Commission should
either approve or disapprove or institute
proceedings to determine whether to
disapprove these proposed rule changes.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Kevin O’Neill,
Deputy Secretary.
[FR Doc. 2011–30193 Filed 11–22–11; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF TRANSPORTATION
ITS Joint Program Office Webinar on
Alternative Organizational Structures
for a Certificate Management Entity;
Notice of Public Meeting
Research and Innovative
Technology Administration, U.S.
Department of Transportation.
ACTION: Notice.
AGENCY:
The U.S. Department of
Transportation (USDOT) Intelligent
Transportation System Joint Program
Office (ITS JPO) will host a free public
webinar on December 9, 2011 from
1:00–3 p.m. (EST) to seek input on a set
of high-level, alternative organizational
structures for a certificate management
entity (CME) to support a trusted and
secure connected vehicle environment.
Persons planning to attend the
webinar should register by December 5,
2011 using the following link: https://
www.itsa.org/policywebinarregistration.
For additional questions, please contact
Adam Hopps at (202) 680–0091.
The ITS JPO will present results from
an early analysis of organizational
models. This analysis will describe the
functions that need to be performed by
a CME; identify key constraints as well
as institutional and policy requirements;
model how those functions may be
organized; and present a high level
assessment of these organizational
models against a set of evaluation
criteria. Draft documentation of the
analysis will be posted for comment at
the following location on or before
December 9, 2011 at: https://
www.its.dot.gov. Stakeholders are asked
to submit comments to:
ITSCME@dot.gov by 8 p.m. (EST) on
December 14, 2011. Written comments
may be submitted to: ITS JPO, 1200 New
Jersey Ave., SE (E33–316) Washington,
DC 20590. This is not an official docket.
Stakeholders will have additional
opportunities to provide input in to this
project at later stages, including via a
public meeting planned for March 2012.
72493
Background
Through 2014, the primary focus of
the ITS JPO is a research initiative
focused on developing rapid and secure
wireless communications and trusted
data exchanges among vehicles,
roadside infrastructure, and passengers’
personal communications devices. This
innovative use of wireless
communications provides the
foundation for a connected environment
for transportation that is intended to
enable a multitude of applications to
enhance surface transportation safety,
mobility, and environmental
performance.
In the end state, users need to have
assurance that the system offers trusted
and secure communications. That is the
fundamental purpose of the Certificate
Management System (or CME): To
ensure that participants and their
vehicles receive digital certificates that
allow them to be trusted actors within
the system and to access meaningful
and trusted data that is generated by
others. If trust in the communications
breaks down, then trust in the overall
connected environment erodes and
users become reluctant to use it or rely
on it. Trust can be violated in several
ways:
• Security of communications: If
communications are not considered
secure, users will be less likely to trust
the data that is generated by or
accessible through the system.
• Private data is compromised: If
technical and policy solutions are not in
place to protect private data or users
perceive that their private data could be
made available to unauthorized third
parties without their awareness and
consent, they will not participate.
• Corrupt or inaccurate data: If the
data can be altered or corrupted through
malicious misbehavior by hackers, it
may cause more safety problems than
fixes.
The current study aims to analyze
alternative operational models that
describe potential organizational
designs, institutional capabilities, and
policies of a Certificate Management
System. It also assesses the needs for
operation, maintenance, and system
enhancements over time. (This study is
an institutional analysis only, not a
technical analysis, and it is not intended
to develop a system design.)
Issued in Washington, DC, on the 16th day
of November 2011.
John Augustine,
Managing Director, ITS Joint Program Office.
[FR Doc. 2011–30216 Filed 11–22–11; 8:45 am]
8 17
PO 00000
CFR 200.30–3(a)(31).
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]]>Agencies
[Federal Register Volume 76, Number 226 (Wednesday, November 23, 2011)]
[Notices]
[Pages 72492-72493]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-30193]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65770; File Nos. SR-BATS-2011-038; SR-BYX-2011-025; SR-
BX-2011-068; SR-CBOE-2011-087; SR-C2-2011-024; SR-CHX-2011-30; SR-EDGA-
2011-31; SR-EDGX-2011-30; SR-FINRA-2011-054; SR-ISE-2011-61; SR-NASDAQ-
2011-131; SR-NSX-2011-11; SR-NYSE-2011-48; SR-NYSEAmex-2011-73; SR-
NYSEArca-2011-68; SR-Phlx-2011-129]
Self-Regulatory Organizations; BATS Exchange, Inc.; BATS Y-
Exchange, Inc.; NASDAQ OMX BX, Inc.; Chicago Board Options Exchange,
Incorporated; C2 Options Exchange, Incorporated; Chicago Stock
Exchange, Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc.; Financial
Industry Regulatory Authority, Inc.; International Securities Exchange
LLC; The NASDAQ Stock Market LLC; New York Stock Exchange LLC; NYSE
Amex LLC; NYSE Arca, Inc.; National Stock Exchange, Inc.; NASDAX OMX
PHLX LLC; Notice of a Designation of a Longer Period for Commission
Action on Proposed Rule Changes Relating to Trading Halts Due to
Extraordinary Market Volatility
November 17, 2011.
I. Introduction
On September 27, 2011, each of BATS Exchange, Inc. (``BATS''), BATS
Y-Exchange, Inc. (``BYX''), NASDAQ OMX BX, Inc. (``BX''), Chicago Board
Options Exchange, Incorporated (``CBOE''), C2 Options Exchange,
Incorporated (``C2''), Chicago Stock Exchange, Inc. (``CHX''), EDGA
Exchange, Inc (``EDGA''), EDGX Exchange, Inc. (``EDGX''), Financial
Industry Regulatory Authority, Inc. (``FINRA''), International
Securities Exchange LLC (``ISE''), The NASDAQ Stock Market LLC
(``Nasdaq''), National Stock Exchange, Inc. (``NSX''), New York Stock
Exchange LLC (``NYSE''), NYSE Amex LLC (``NYSE Amex''), NYSE Arca, Inc.
(``NYSE Arca''), and NASDAQ OMX PHLX LLC (``Phlx'') filed with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) \1\ of the Securities Exchange Act of 1934
(``Act''),\2\ and Rule 19b-4 thereunder,\3\ proposed rule changes to
amend certain of their respective rules relating to trading halts due
to extraordinary market volatility. The proposed rule changes were
published for comment in the Federal Register on October 4, 2011.\4\
The
[[Page 72493]]
Commission received seven comment letters on these proposals.\5\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
\4\ See Securities Exchange Act Release Nos. 65437 (September
28, 2011), 76 FR 61466 (October 4, 2011); 65428 (September 28,
2011), 76 FR 61453 (October 4, 2011); 65429 (September 28, 2011), 76
FR 61432 (October 4, 2011); 65433 (September 28, 2011), 76 FR 61453
(October 4, 2011); 65438 (September 28, 2011), 76 FR 61447 (October
4, 2011); 65426 (September 28, 2011), 76 FR 61460 (October 4, 2011);
65431 (September 28, 2011), 76 FR 61425 (May 12, 2011); 65440
(September 28, 2011), 76 FR 61444 (October 4, 2011); 65430
(September 28, 2011), 76 FR 61429 (October 4, 2011); 65425
(September 28, 2011), 76 FR 61438 (October 4, 2011); 65435 (May 6,
2011), 76 FR 61416 (October 4, 2011); 65436 (September 28, 2011), 76
FR 61450 (October 4, 2011); 65427 (September 28, 2011), 76 FR 61457
(October 4, 2011); 65432 (September 28, 2011), 76 FR 61422 (October
4, 2011); 65439 (September 28, 2011), 76 FR 61463 (October 4, 2011);
65434 (September 28, 2011), 76 FR 61419 (October 4, 2011).
\5\ See Letter to Elizabeth M. Murphy, Secretary, Commission,
from Ann L. Vlcek, Managing Director and Associate General Counsel,
the Securities Industry and Financial Markets Association, dated
October 27, 2011; Letter to Commission, from James J. Angel, Ph.D.,
CFA, Associate Professor of Finance, Georgetown University,
McDonough School of Business, dated October 25, 2011; Letter to
Elizabeth M. Murphy, Secretary, Commission, from Craig S. Donohue,
CME Group, Inc., dated October 25, 2011; Letter to Elizabeth M.
Murphy, Secretary, Commission, from Commissioner Bart Chilton,
Commodity Futures Trading Commission, dated October 25, 2011; Letter
to Elizabeth M. Murphy, Secretary, Commission, from Richard H.
Baker, President and CEO, Managed Funds Association, dated October
25, 2011; Letter from Suzanne H. Shatto, dated October 20, 2011;
Letter from Mark Roszak, dated October 4, 2011.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \6\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether these proposed rule changes should be disapproved.
The 45th day from the publication of notice of filing of these proposed
rule changes is November 18, 2011. The Commission is extending this 45-
day time period.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission finds it appropriate to designate a longer period
within which to take action on these proposed rule changes so that it
has sufficient time to consider these proposed rule changes, which
would revise the rules relating to trading halts due to extraordinary
market volatility, and to consider the comment letters that have been
submitted in connection with them.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\7\ designates December 30, 2011, as the date by which the
Commission should either approve or disapprove or institute proceedings
to determine whether to disapprove these proposed rule changes.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
Kevin O'Neill,
Deputy Secretary.
[FR Doc. 2011-30193 Filed 11-22-11; 8:45 am]
BILLING CODE 8011-01-P
