Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period of the Trading Pause for NMS Stocks Other Than Rights and Warrants, 4387-4389 [2012-1739]

Download as PDF Federal Register / Vol. 77, No. 18 / Friday, January 27, 2012 / Notices Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File No. SR– Phlx–2012–07 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. tkelley on DSK3SPTVN1PROD with NOTICES All submissions should refer to File No. SR–Phlx–2012–07. 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 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–Phlx–2012– 07 and should be submitted on or before February 17, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.22 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–1740 Filed 1–26–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–66215; File No. SR–BX– 2012–003] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Period of the Trading Pause for NMS Stocks Other Than Rights and Warrants January 23, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on January 11, 2012, NASDAQ OMX BX, Inc. (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend the pilot period of the trading pause for individual NMS stocks other than rights and warrants, so that the pilot will now expire on July 31, 2012. The text of the proposed rule change is below. Proposed new language is italicized; proposed deletions are in brackets. * * * * * IM–4120–3. Circuit Breaker Securities Pilot The provisions of paragraph (a)(11) of this Rule shall be in effect during a pilot set to end on July 31, 2012[January 31, 2012]. During the pilot, the term ‘‘Circuit Breaker Securities’’ shall mean all NMS stocks except rights and warrants. * * * * * II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The 1 15 22 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 18:14 Jan 26, 2012 2 17 Jkt 226001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00113 Fmt 4703 Sfmt 4703 4387 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 On June 10, 2010, the Commission granted accelerated approval, for a pilot period to end December 10, 2010, for a proposed rule change submitted by the Exchange, together with related rule changes of the BATS Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., International Securities Exchange LLC, The NASDAQ Stock Market LLC (‘‘NASDAQ’’), New York Stock Exchange LLC (‘‘NYSE’’), NYSE Amex LLC (‘‘NYSE Amex’’), NYSE Arca, Inc. (‘‘NYSE Arca’’), and National Stock Exchange, Inc. (collectively, the ‘‘Exchanges’’), to pause trading during periods of extraordinary market volatility in S&P 500 stocks.3 The rules require the Listing Markets 4 to issue five-minute trading pauses for individual securities for which they are the primary Listing Market if the transaction price of the security moves ten percent or more from a price in the preceding five-minute period. The Listing Markets are required to notify the other Exchanges and market participants of the imposition of a trading pause by immediately disseminating a special indicator over the consolidated tape. Under the rules, once the Listing Market issues a trading pause, the other Exchanges are required to pause trading in the security on their markets. On September 10, 2010, the Commission approved the respective rule filings of the Exchanges to expand application of the pilot to the Russell 1000® Index and specified Exchange Traded Products.5 On December 7, 2010, the Exchange filed an immediately effective filing to extend the existing pilot program for four months, so that the pilot would expire on April 11, 2011.6 On March 31, 2011, the Exchange filed an immediately effective filing to extend the pilot period 3 Securities Exchange Act Release No. 62252 (June 10, 2010), 75 FR 34186 (June 16, 2010) (SR– BX–2010–037). 4 The term ‘‘Listing Markets’’ refers collectively to NYSE, NYSE Amex, NYSE Arca, and NASDAQ. 5 Securities Exchange Act Release No. 62884 (September 10, 2010), 75 FR 56618 (September 16, 2010) (SR–BX–2010–044). 6 Securities Exchange Act Release No. 63527 (December 10, 2010), 75 FR 78781 (December 16, 2010) (SR–BX–2010–088). E:\FR\FM\27JAN1.SGM 27JAN1 4388 Federal Register / Vol. 77, No. 18 / Friday, January 27, 2012 / Notices an additional four months, so that the pilot would expire on August 11, 2011 or the date on which a limit up/limit down mechanism to address extraordinary market volatility, if adopted, applies.7 On June 23, 2011, the Commission approved the expansion of the pilot to all NMS stocks, but with different pause-triggering thresholds.8 On August 8, 2011, the Exchange filed an immediately effective filing that removed language from the rule that tied the expiration of the pilot to the adoption of a limit up/limit down mechanism to address extraordinary market volatility, and further extended the pilot period, so that the pilot would expire on January 31, 2012.9 On November 18, 2011, the Exchange filed an immediately effective filing that excluded rights and warrants from the pilot.10 The Exchange believes that the pilot program has been successful in reducing the negative impacts of sudden, unanticipated price movements in the securities covered by the pilot. The Exchange also believes that an additional extension of the pilot is warranted so that it may continue to assess whether circuit breakers are the best means to reduce the negative impacts of sudden, unanticipated price movements or whether alternative mechanisms would be more effective in achieving this goal. tkelley on DSK3SPTVN1PROD with NOTICES 2. Statutory Basis The statutory basis for the proposed rule change is Section 6(b)(5) of the Securities Exchange Act of 1934 (the ‘‘Act’’),11 which requires the rules of an exchange 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 proposed rule change also is designed to support the principles of Section 11A(a)(1) 12 of the Act in that it seeks to assure fair competition among brokers and dealers and among exchange markets. The Exchange believes that the proposed rule meets these requirements in that it 7 Securities Exchange Act Release No. 64176 (April 4, 2011), 76 FR 19821 (April 8, 2011) (SR– BX–2011–018). 8 Securities Exchange Act Release No. 64735 (June 23, 2011), 76 FR 38243 (June 29, 2011) (SR– BX–2011–025, et al.). 9 Securities Exchange Act Release No. 65093 (August 10, 2011), 76 FR 50781 (August 16, 2011) (SR–BX–2011–055). 10 Securities Exchange Act Release No. 65815 (November 23, 2011), 76 FR 74109 (November 30, 2011) (SR–BX–2011–079). 11 15 U.S.C. 78f(b)(5). 12 15 U.S.C. 78k–1(a)(1). VerDate Mar<15>2010 18:14 Jan 26, 2012 Jkt 226001 promotes transparency and uniformity across markets concerning decisions to pause trading in a security when there are significant price movements. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. 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 13 and Rule 19b–4(f)(6) thereunder.14 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 15 and Rule 19b–4(f)(6)(iii) thereunder.16 A proposed rule change filed under Rule 19b–4(f)(6) 17 normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b–4(f)(6)(iii) 18 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 13 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 15 15 U.S.C. 78s(b)(3)(A). 16 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. 17 17 CFR 240.19b–4(f)(6). 18 17 CFR 240.19b–4(f)(6)(iii). 14 17 PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 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.19 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 email to rulecomments@sec.gov. Please include File No. SR–BX–2012–003 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–BX–2012–003. 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 19 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). E:\FR\FM\27JAN1.SGM 27JAN1 Federal Register / Vol. 77, No. 18 / Friday, January 27, 2012 / Notices 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–BX–2012– 003 and should be submitted on or before February 17, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–1739 Filed 1–26–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION By the Commission. Jill M. Peterson, Assistant Secretary. [File No. 500–1] In the Matter of Tornado Gold International Corp., Twin Faces East Entertainment Corp., Universal Ice Blast, Inc., US Farms, Inc., US Microbics, Inc., and Visitel Network (a/k/a PRG Group, Inc.); Order of Suspension of Trading [FR Doc. 2012–1903 Filed 1–25–12; 11:15 am] BILLING CODE 8011–01–P DEPARTMENT OF STATE [Public Notice 7776] tkelley on DSK3SPTVN1PROD with NOTICES January 25, 2012. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Tornado Gold International Corp. because it has not filed any periodic reports since the period ended June 30, 2008. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Twin Faces East Entertainment Corp. because it has not filed any periodic reports since the period ended June 30, 2006. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Universal Ice Blast, Inc. because it has not filed any periodic reports since the period ended June 30, 2004. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of US Farms, Inc. because it has not filed any periodic 20 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 18:14 Jan 26, 2012 reports since the period ended September 30, 2008. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of US Microbics, Inc. because it has not filed any periodic reports since the period ended June 30, 2007. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Visitel Network, Inc. (a/k/a PRG Group, Inc.) because it has not filed any periodic reports since the period ended September 30, 1995. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed companies. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed companies is suspended for the period from 9:30 a.m. EST on January 25, 2012, through 11:59 p.m. EST on February 7, 2012. Jkt 226001 Persons on Whom Sanctions Have Been Imposed Under the Iran Sanctions Act of 1996 Department of State. Notice. AGENCY: ACTION: The Secretary of State has determined that the following persons have engaged in sanctionable activity described in section 5(a) of the Iran Sanctions Act of 1996 (Pub. L. 104–172) (50 U.S.C. 1701 note) (‘‘ISA’’), as amended by the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Pub. L. 111– 195) (22 U.S.C. 8501–51) (‘‘CISADA’’), and that certain sanctions should be imposed as a result: FAL Oil Company Limited; Kuo Oil (S) Pte. Ltd.; and Zhuhai Zhenrong Company. DATES: Effective Date: The sanctions on FAL Oil Company Limited; Kuo Oil (S) Pte. Ltd.; and Zhuhai Zhenrong Company are effective January 12, 2012. FOR FURTHER INFORMATION CONTACT: On general issues: Norman Galimba, Office of Terrorism Finance and Economic SUMMARY: PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 4389 Sanctions Policy, Department of State, Telephone: (202) 647–9183. For U.S. Government procurement ban issues: Daniel Walt, Office of the Procurement Executive, Department of State, Telephone: (703) 516–1696. SUPPLEMENTARY INFORMATION: Pursuant to the authority delegated to the Secretary of State in the Presidential Memorandum of September 23, 2010, 75 FR 67025 (the ‘‘Delegation Memorandum’’), the Secretary has determined that the following persons have engaged in sanctionable activity described in section 5(a) of the ISA, as amended by the CISADA: FAL Oil Company Limited; Kuo Oil (S) Pte. Ltd.; and Zhuhai Zhenrong Company. Pursuant to section 5(a) of the ISA and the Delegation Memorandum, the Secretary determined to impose on FAL Oil Company Limited the following sanctions described in section 6 of the ISA: 1. Export-Import Bank assistance for exports to sanctioned persons. The Export-Import Bank of the United States shall not give approval to the issuance of any guarantee, insurance, extension of credit, or participation in the extension of credit in connection with the export of any goods or services to FAL Oil Company Limited. 2. Export sanction. The United States Government shall not issue any specific license and shall not grant any other specific permission or authority to export any goods or technology to FAL Oil Company Limited under— a. The Export Administration Act of 1979 (50 U.S.C. Appx. §§ 2401 et seq.); b. The Arms Export Control Act (22 U.S.C. 2751 et seq.); c. The Atomic Energy Act of 1954 (42 U.S.C. 2011 et seq.); or d. Any other statute that requires the prior review and approval of the United States Government as a condition for the export or re-export of goods or services. 3. Loans from United States financial institutions. United States financial institutions shall be prohibited from making loans or providing credits to FAL Oil Company Limited totaling more than $10,000,000 in any 12-month period unless FAL Oil Company Limited is engaged in activities to relieve human suffering and the loans or credits are provided for such activities. These sanctions apply with respect to FAL Oil Company Limited and not to any subsidiary, affiliate, or shareholder thereof unless separately identified. Pursuant to section 5(a) of the ISA and the Delegation Memorandum, the Secretary determined to impose on Kuo Oil (S) Pte. Ltd. the following sanctions described in section 6 of the ISA: E:\FR\FM\27JAN1.SGM 27JAN1

Agencies

[Federal Register Volume 77, Number 18 (Friday, January 27, 2012)]
[Notices]
[Pages 4387-4389]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-1739]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66215; File No. SR-BX-2012-003]


Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Extend 
the Pilot Period of the Trading Pause for NMS Stocks Other Than Rights 
and Warrants

January 23, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on January 11, 2012, NASDAQ OMX BX, Inc. (``Exchange'') filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as described in Items I and II below, which Items have been 
prepared by the Exchange. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to extend the pilot period of the trading 
pause for individual NMS stocks other than rights and warrants, so that 
the pilot will now expire on July 31, 2012.
    The text of the proposed rule change is below. Proposed new 
language is italicized; proposed deletions are in brackets.
* * * * *

IM-4120-3. Circuit Breaker Securities Pilot

    The provisions of paragraph (a)(11) of this Rule shall be in effect 
during a pilot set to end on July 31, 2012[January 31, 2012]. During 
the pilot, the term ``Circuit Breaker Securities'' shall mean all NMS 
stocks except rights and warrants.
* * * * *

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

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
Sections A, B, and C below, of the most significant 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
    On June 10, 2010, the Commission granted accelerated approval, for 
a pilot period to end December 10, 2010, for a proposed rule change 
submitted by the Exchange, together with related rule changes of the 
BATS Exchange, Inc., Chicago Board Options Exchange, Incorporated, 
Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., 
International Securities Exchange LLC, The NASDAQ Stock Market LLC 
(``NASDAQ''), New York Stock Exchange LLC (``NYSE''), NYSE Amex LLC 
(``NYSE Amex''), NYSE Arca, Inc. (``NYSE Arca''), and National Stock 
Exchange, Inc. (collectively, the ``Exchanges''), to pause trading 
during periods of extraordinary market volatility in S&P 500 stocks.\3\ 
The rules require the Listing Markets \4\ to issue five-minute trading 
pauses for individual securities for which they are the primary Listing 
Market if the transaction price of the security moves ten percent or 
more from a price in the preceding five-minute period. The Listing 
Markets are required to notify the other Exchanges and market 
participants of the imposition of a trading pause by immediately 
disseminating a special indicator over the consolidated tape. Under the 
rules, once the Listing Market issues a trading pause, the other 
Exchanges are required to pause trading in the security on their 
markets. On September 10, 2010, the Commission approved the respective 
rule filings of the Exchanges to expand application of the pilot to the 
Russell 1000[supreg] Index and specified Exchange Traded Products.\5\ 
On December 7, 2010, the Exchange filed an immediately effective filing 
to extend the existing pilot program for four months, so that the pilot 
would expire on April 11, 2011.\6\ On March 31, 2011, the Exchange 
filed an immediately effective filing to extend the pilot period

[[Page 4388]]

an additional four months, so that the pilot would expire on August 11, 
2011 or the date on which a limit up/limit down mechanism to address 
extraordinary market volatility, if adopted, applies.\7\ On June 23, 
2011, the Commission approved the expansion of the pilot to all NMS 
stocks, but with different pause-triggering thresholds.\8\ On August 8, 
2011, the Exchange filed an immediately effective filing that removed 
language from the rule that tied the expiration of the pilot to the 
adoption of a limit up/limit down mechanism to address extraordinary 
market volatility, and further extended the pilot period, so that the 
pilot would expire on January 31, 2012.\9\ On November 18, 2011, the 
Exchange filed an immediately effective filing that excluded rights and 
warrants from the pilot.\10\
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 62252 (June 10, 2010), 
75 FR 34186 (June 16, 2010) (SR-BX-2010-037).
    \4\ The term ``Listing Markets'' refers collectively to NYSE, 
NYSE Amex, NYSE Arca, and NASDAQ.
    \5\ Securities Exchange Act Release No. 62884 (September 10, 
2010), 75 FR 56618 (September 16, 2010) (SR-BX-2010-044).
    \6\ Securities Exchange Act Release No. 63527 (December 10, 
2010), 75 FR 78781 (December 16, 2010) (SR-BX-2010-088).
    \7\ Securities Exchange Act Release No. 64176 (April 4, 2011), 
76 FR 19821 (April 8, 2011) (SR-BX-2011-018).
    \8\ Securities Exchange Act Release No. 64735 (June 23, 2011), 
76 FR 38243 (June 29, 2011) (SR-BX-2011-025, et al.).
    \9\ Securities Exchange Act Release No. 65093 (August 10, 2011), 
76 FR 50781 (August 16, 2011) (SR-BX-2011-055).
    \10\ Securities Exchange Act Release No. 65815 (November 23, 
2011), 76 FR 74109 (November 30, 2011) (SR-BX-2011-079).
---------------------------------------------------------------------------

    The Exchange believes that the pilot program has been successful in 
reducing the negative impacts of sudden, unanticipated price movements 
in the securities covered by the pilot. The Exchange also believes that 
an additional extension of the pilot is warranted so that it may 
continue to assess whether circuit breakers are the best means to 
reduce the negative impacts of sudden, unanticipated price movements or 
whether alternative mechanisms would be more effective in achieving 
this goal.
2. Statutory Basis
    The statutory basis for the proposed rule change is Section 6(b)(5) 
of the Securities Exchange Act of 1934 (the ``Act''),\11\ which 
requires the rules of an exchange 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 proposed rule change 
also is designed to support the principles of Section 11A(a)(1) \12\ of 
the Act in that it seeks to assure fair competition among brokers and 
dealers and among exchange markets. The Exchange believes that the 
proposed rule meets these requirements in that it promotes transparency 
and uniformity across markets concerning decisions to pause trading in 
a security when there are significant price movements.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b)(5).
    \12\ 15 U.S.C. 78k-1(a)(1).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act, as amended.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

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 \13\ and Rule 19b-4(f)(6) thereunder.\14\ 
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 \15\ and Rule 19b-
4(f)(6)(iii) thereunder.\16\
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 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.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \17\ normally 
does not become operative for 30 days after the date of filing. 
However, pursuant to Rule 19b-4(f)(6)(iii) \18\ 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.
---------------------------------------------------------------------------

    \17\ 17 CFR 240.19b-4(f)(6).
    \18\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    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.\19\
---------------------------------------------------------------------------

    \19\ 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).
---------------------------------------------------------------------------

    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 email to rule-comments@sec.gov. Please include 
File No. SR-BX-2012-003 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-BX-2012-003. 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

[[Page 4389]]

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-BX-2012-003 and should be submitted on or before February 
17, 2012.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-1739 Filed 1-26-12; 8:45 am]
BILLING CODE 8011-01-P
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