Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay the Implementation Date for Its Excess Order Fee, 34114-34115 [2012-13894]
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<![CDATA[
34114
Federal Register / Vol. 77, No. 111 / Friday, June 8, 2012 / Notices
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. All comments received will
be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NASDAQ–2012–065 and should be
submitted on or before June 29, 2012.
solicit comments on the proposed rule
change from interested persons.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.38
Kevin M. O’Neill,
Deputy Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2012–13895 Filed 6–7–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67103; File No. SR–BX–
2012–038]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Delay the
Implementation Date for Its Excess
Order Fee
mstockstill on DSK4VPTVN1PROD with NOTICES
June 4, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 24,
2012, NASDAQ OMX BX, Inc. (‘‘BX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
38 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
16:23 Jun 07, 2012
Jkt 226001
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes a rule change
to delay the implementation date for its
Excess Order Fee. The text of the
proposed rule change is available at
https://nasdaqomxbx.cchwallstreet.com/,
at the Exchange’s principal office, and at
the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
1. Purpose
BX recently submitted a proposed
rule change to introduce an Excess
Order Fee,3 aimed at reducing
inefficient order entry practices of
certain market participants that place
excessive burdens on the systems of BX
and its members and that may
negatively impact the usefulness and
life cycle cost of market data. In order
to provide market participants with
additional time to enhance their
efficiency so as to avoid the fee, BX is
delaying the implementation date of the
fee until July 2, 2012.
2. Statutory Basis
BX believes that the proposed rule
change is consistent with the provisions
of Section 6 of the Act,4 in general, and
with Section 6(b)(5) of the Act,5 in
particular, in that the proposal 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
3 Securities Exchange Act Release No. 67007 (May
17, 2012), 77 FR 30579 (May 23, 2012) (SR–BX–
2012–033).
4 15 U.S.C. 78f.
5 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, 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. Specifically, BX believes
that delaying the implementation date
of the Excess Order Fee will provide
market participants with additional time
to enhance the efficiency of their
systems, and that implementation of the
fee on July 2, 2012 will benefit investors
and the public interest by encouraging
more efficient order entry practices by
all market participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
BX 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.
Specifically, BX believes that the fee
will constrain market participants from
pursuing certain inefficient and
potentially abusive trading strategies. To
the extent that this change may be
construed as a burden on competition,
BX believes that it is appropriate in
order to further the purposes of Section
6(b)(5) of the Act.6 BX further believes
that the proposed delay of one month in
the implementation of the fee will not
have any effect on competition.
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 foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(i) of the Act.7 At any time
within 60 days of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act. If the Commission
takes such action, the Commission shall
institute proceedings to determine
whether the proposed rule should be
approved or disapproved.
6 15
7 15
E:\FR\FM\08JNN1.SGM
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(a)(i) [sic].
08JNN1
Federal Register / Vol. 77, No. 111 / Friday, June 8, 2012 / Notices
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
[FR Doc. 2012–13894 Filed 6–7–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
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
Number SR–BX–2012–038 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–2012–038. This file
number should be included on the
subject line if email is used.
mstockstill on DSK4VPTVN1PROD with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Kevin M. O’Neill,
Deputy Secretary.
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 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 offices 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–2012–038, and should
be submitted on or before June 29, 2012.
[Release No. 34–67101; File No. SR–
NYSEArca–2012–48]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change Amending NYSE Arca
Equities Rule 7.31(h) To Add a PL
Select Order Type
June 4, 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 May 22,
2012, NYSE Arca, Inc. (the ‘‘Exchange’’
or ‘‘NYSE Arca’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III 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 amend
NYSE Arca Equities Rule 7.31(h) to add
a PL Select Order type. The text of the
proposed rule change is available on the
Exchange’s Web site at www.nyse.com,
at the principal office of the Exchange,
and at the Commission’s Public
Reference Room.
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.
1 15
8 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
16:23 Jun 07, 2012
2 17
Jkt 226001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00113
Fmt 4703
Sfmt 4703
34115
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
NYSE Arca Equities Rule 7.31(h) to add
a PL Select Order type.
Pursuant to NYSE Arca Equities Rule
7.31(h)(4), a Passive Liquidity (‘‘PL’’)
Order is an order to buy or sell a stated
amount of a security at a specified,
undisplayed price. The PL Order was
initially designed to attract liquidity to
the Exchange by permitting market
participants to express their trading
interest more accurately than was
possible with other order types available
at the time.3 PL Orders were also
designed to offer potential price
improvement to incoming marketable
orders submitted by any User.4
The Exchange believes that it is
appropriate to provide Users who enter
PL Orders with the flexibility to be able
to select what type of contra-side
interest that would interact with their
PL Order. The Exchange believes that by
restricting specified contra-side interest
from interacting with PL Orders, Users
may be incentivized to enter largersized, more aggressively-priced orders.
In particular, the Exchange believes that
market participants interested in
providing liquidity that would offer
potential price improvement should be
provided the option to select that their
‘‘provider’’ interest would not interact
with pure ‘‘taker’’ interest, i.e., interest
that will execute immediately with
interest at the Exchange without ever
resting on the Exchange’s order book.
The Exchange also believes that it
would be able to attract larger-sized,
more aggressively priced PL Orders if
the User has the choice not to execute
against contra-side orders that are larger
sized than the resting PL Order. Because
large-sized orders are more likely to
trade at multiple price points, such an
incoming order would likely sweep up
the PL order as it executes through
multiple price points. In such scenario,
the PL Order would not serve its
primary function of providing price
improvement, but would instead be an
execution among many that would
ultimately be at an inferior price. The
Exchange believes that if Users entering
PL Orders can select not to trade with
an incoming order that is larger in size,
3 See Securities Exchange Act Release No. 54511
(September 26, 2006), 71 FR 58460, 58461 (October
3, 2006) (SR–PCX–2005–53).
4 Id. The term ‘‘User’’ means any ETP Holder or
Sponsored Participant who is authorized to obtain
access to the NYSE Arca Marketplace pursuant to
Rule 7.29. See NYSE Arca Equities Rule 1.1(yy).
E:\FR\FM\08JNN1.SGM
08JNN1
]]>Agencies
[Federal Register Volume 77, Number 111 (Friday, June 8, 2012)]
[Notices]
[Pages 34114-34115]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-13894]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67103; File No. SR-BX-2012-038]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Delay the
Implementation Date for Its Excess Order Fee
June 4, 2012.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 24, 2012, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III 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 the
Substance of the Proposed Rule Change
The Exchange proposes a rule change to delay the implementation
date for its Excess Order Fee. The text of the proposed rule change is
available at https://nasdaqomxbx.cchwallstreet.com/, at the Exchange's
principal office, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
BX recently submitted a proposed rule change to introduce an Excess
Order Fee,\3\ aimed at reducing inefficient order entry practices of
certain market participants that place excessive burdens on the systems
of BX and its members and that may negatively impact the usefulness and
life cycle cost of market data. In order to provide market participants
with additional time to enhance their efficiency so as to avoid the
fee, BX is delaying the implementation date of the fee until July 2,
2012.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 67007 (May 17, 2012), 77
FR 30579 (May 23, 2012) (SR-BX-2012-033).
---------------------------------------------------------------------------
2. Statutory Basis
BX believes that the proposed rule change is consistent with the
provisions of Section 6 of the Act,\4\ in general, and with Section
6(b)(5) of the Act,\5\ in particular, in that the proposal 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 regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, 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. Specifically, BX believes
that delaying the implementation date of the Excess Order Fee will
provide market participants with additional time to enhance the
efficiency of their systems, and that implementation of the fee on July
2, 2012 will benefit investors and the public interest by encouraging
more efficient order entry practices by all market participants.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
BX 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. Specifically, BX
believes that the fee will constrain market participants from pursuing
certain inefficient and potentially abusive trading strategies. To the
extent that this change may be construed as a burden on competition, BX
believes that it is appropriate in order to further the purposes of
Section 6(b)(5) of the Act.\6\ BX further believes that the proposed
delay of one month in the implementation of the fee will not have any
effect on competition.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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 foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(i) of the Act.\7\ At any time within 60 days of the filing
of the proposed rule change, the Commission summarily may temporarily
suspend such rule change if it appears to the Commission that such
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act. If the Commission takes such action, the Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(a)(i) [sic].
---------------------------------------------------------------------------
[[Page 34115]]
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 Number SR-BX-2012-038 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-2012-038. 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 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 offices 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-2012-038, and should be submitted on or before June
29, 2012.
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-13894 Filed 6-7-12; 8:45 am]
BILLING CODE 8011-01-P
