Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify the Functioning of the Post-Only Order in NASDAQ OMX PSX, 40922-40924 [2012-16875]
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40922
Federal Register / Vol. 77, No. 133 / Wednesday, July 11, 2012 / Notices
Notice of modification to
existing system of records.
ACTION:
The United States Postal
Service® is proposing to modify a
Customer Privacy Act System of
Records. These modifications reflect the
addition of language preferences
selected by the customer and an update
to the system manager’s title.
DATES: The revision will become
effective without further notice on
August 10, 2012 unless comments
received on or before that date result in
a contrary determination.
ADDRESSES: Comments may be mailed
or delivered to the Records Office,
United States Postal Service, 475
L’Enfant Plaza SW., Room 9431,
Washington, DC 20260–2201. Copies of
all written comments will be available
at this address for public inspection and
photocopying between 8 a.m. and 4
p.m., Monday through Friday.
FOR FURTHER INFORMATION CONTACT: Jane
Eyre, Manager, Records Office, 202–
268–2608.
SUPPLEMENTARY INFORMATION: This
notice is in accordance with the Privacy
Act requirement that agencies publish
their amended systems of records in the
Federal Register when there is a
revision, change, or addition. The Postal
ServiceTM has reviewed this system of
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Customer Privacy Act System of
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the System Manager(s) and Address.
SUMMARY:
III. Description of Changes to Systems
of Records
The Postal Service is modifying one
system of records listed below. Pursuant
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persons are invited to submit written
data, views, or arguments on this
proposal. A report of the proposed
modifications has been sent to Congress
and to the Office of Management and
Budget for their evaluation. The Postal
Service does not expect this amended
notice to have any adverse effect on
individual privacy rights. The affected
system is as follows:
USPS 810.100.
System Name: www.usps.com
Registration.
Accordingly, for the reasons stated,
the Postal Service proposes changes in
the existing system of records as
follows:
USPS 810.100
SYSTEM NAME:
www.usps.com Registration
CATEGORIES OF RECORDS IN THE SYSTEM
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4. Customer preferences: Preferences
to receive USPS marketing information,
preferences to receive marketing
information from USPS partners,
preferred means of contact, preferred
email language and format, preferred
on-screen viewing language, product
and/or service marketing preference.
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SYSTEM MANAGER(S) AND ADDRESS:
I. Background
*
In July 2011, the Postal Service
introduced a re-designed usps.com Web
site with the first launch of multilingual
functionality in October 2011 and added
translated content in January 2012.
Additionally, in June 2012 the Postal
Service made additional management
and organizational changes.
srobinson on DSK4SPTVN1PROD with NOTICES
II. Rationale for Changes to USPS
Privacy Act Systems of Records
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Jkt 226001
Stanley F. Mires,
Attorney, Legal Policy & Legislative Advice.
[FR Doc. 2012–16869 Filed 7–10–12; 8:45 am]
BILLING CODE 7710–12–P
The Customer Experience
Improvement Project enables a broader
audience to successfully interact with
the Postal Service in the customer’s
preferred language. As a result, these
updates will allow customers to
permanently select which language they
want to use when receiving emails from
the Postal Service and when visiting
usps.com.
Also, in regards to the system
manager title update, there is a
continuing need to reflect changes in
the identity or title of responsible
officials.
VerDate Mar<15>2010
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Chief Marketing/Sales Officer and
Executive Vice President, United States
Postal Service, 475 L’Enfant Plaza SW.,
Washington, DC 20260.
*
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SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold an Open Meeting
on July 11, 2012 at 10 a.m., in the
Auditorium, Room L–002.
The subject matter of the Open
Meeting will be:
PO 00000
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The Commission will consider whether to
adopt Rule 613 under Section 11A of the
Securities Exchange Act, to require national
securities exchanges and national securities
associations to submit a national market
system (‘‘NMS’’) plan to develop, implement,
and maintain a consolidated order tracking
system, or consolidated audit trail, with
respect to the trading of NMS securities, that
would capture customer and order event
information for orders in NMS securities,
across all markets, from the time of order
inception through routing, cancellation,
modification, or execution.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
Commissioner Gallagher, as duty
officer, determined that no earlier notice
thereof was possible.
For further information and to
ascertain what, if any, matters have been
added, deleted, or postponed, please
contact: The Office of the Secretary at
(202) 551–5400.
Dated: July 6, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–16991 Filed 7–9–12; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67351; File No. SR–Phlx–
2012–84]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Clarify the
Functioning of the Post-Only Order in
NASDAQ OMX PSX
July 5, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 2 thereunder,
notice is hereby given that, on June 22,
2012, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘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 clarify the
functioning of the Post-Only Order in
NASDAQ OMX PSX (‘‘PSX’’). If the
1 15
2 17
E:\FR\FM\11JYN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
11JYN1
Federal Register / Vol. 77, No. 133 / Wednesday, July 11, 2012 / Notices
Commission waives the pre-operative
delay provided for in Rule 19b–4(f)(6),3
Phlx proposes to implement the
proposed rule change immediately. The
text of the proposed rule change is
available at https://
nasdaqomxphlx.cchwallstreet.com/
nasdaqomxphlx/phlx/, at Phlx’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.
srobinson on DSK4SPTVN1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Phlx proposes to clarify the
functionality associated with its existing
Post-Only Order on PSX. Last year, Phlx
submitted a proposed rule change that
changed the functionality of this order
type.4 In the course of describing and
clarifying the order’s then-existing
functionality, however, SR–Phlx–2011–
70 erroneously characterized one aspect
of the functioning of the order and, as
a result, introduced erroneous language
into the rule text describing the rule.
If a Post-Only Order would lock an
order on PSX at the time of entry, the
order is re-priced and displayed by the
System to one minimum price
increment (i.e., $0.01 or $0.0001) below
the current low offer (for bids) or above
the current best bid (for offers). Thus, if
the best bid and best offer on the PSX
book were $10.00 x $10.05, and a
market participant entered a Post-Only
Order to buy at $10.05, the order would
be re-priced and displayed at $10.04.
However, SR–Phlx–2011–70
erroneously stated that if a Post-Only
Order would cross an order on the
System, the order would be repriced as
described above unless the value of
price improvement associated with
executing against a resting order equals
3 17
CFR 240.19b–4(f)(6).
Exchange Act Release No. 64563 (May
27, 2011), 76 FR 32255 (June 3, 2011) (SR–Phlx–
2011–70).
4 Securities
VerDate Mar<15>2010
18:11 Jul 10, 2012
Jkt 226001
or exceeds the sum of fees charged for
such execution and the value of any
rebate that would be provided if the
order posted to the book and
subsequently provided liquidity, in
which case the order will execute. In
fact, in a case where the order crosses
an order on the System, the order will
be repriced, and will not execute.
Accordingly, Phlx is deleting language
from the rule that states otherwise.5
The error occurred because the
functionality to consider pricing was
described in the original filing to
establish a Post-Only Order on The
NASDAQ Stock Market LLC
(‘‘NASDAQ’’) and was implemented on
that market, but was not fully reflected
in the text of NASDAQ Rule 4751.6
Subsequently, Phlx adopted identical
rule text when it established PSX as its
new facility for trading cash equity
securities, but did not implement the
price consideration functionality due to
its inconsistency with model of
allocating executions of incoming orders
among posted orders pro rata based on
their size.7 In May 2011, NASDAQ filed
a proposed rule change to modify the
repricing behavior of its Post-Only
Order, and added rule language to
clarify the existing price-consideration
functionality of its order.8 When Phlx
opted to make a corresponding change
to the repricing behavior of its PostOnly Order, it was assumed that a
corresponding change to describe price
consideration behavior was also
required. In fact, no such change was
needed since the behavior of the PSX
order is not identical to that of the
NASDAQ order.
2. Statutory Basis
Phlx believes that the proposed rule
change is consistent with the provisions
of Section 6 of the Act,9 in general, and
with Section 6(b)(5) of the Act,10 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. Phlx believes that the
change is necessary to reflect accurately
the functioning of PSX’s Post-Only
Order.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Phlx 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 11 and Rule
19b–4(f)(6) thereunder.12 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 13 and
Rule 19b–4(f)(6)(iii) thereunder.14
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative prior to 30 days after
the date of the filing.15 However,
pursuant to Rule 19b–4(f)(6)(iii),16 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
11 15
is also correcting a typographical error in
the rule text.
6 See Securities Exchange Act Release No. 59392
(February 11, 2009), 74 FR 7943 (February 20, 2009)
(SR–NASDAQ–2009–006).
7 Securities Exchange Act Release No. 62877
(September 9, 2010), 75 FR 56633 (September 16,
2010) (SR–Phlx–2010–79).
8 Securities Exchange Act Release No. 64552 (May
26, 2011), 76 FR 31998 (June 2, 2011) (SR–
NASDAQ–2011–070).
9 15 U.S.C. 78f.
10 15 U.S.C. 78f(b)(5).
PO 00000
5 Phlx
Frm 00078
Fmt 4703
Sfmt 4703
40923
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
13 15 U.S.C. 78s(b)(3)(A).
14 17 CFR 240.19b–4(f)(6)(iii).
15 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 the 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 pre-filing requirement.
16 17 CFR 240.19b–4(f)(6)(iii).
12 17
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Federal Register / Vol. 77, No. 133 / Wednesday, July 11, 2012 / Notices
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–Phlx–
2012–84 and should be submitted on or
before August 1, 2012.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Elizabeth M. Murphy,
Secretary.
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–Phlx–2012–84 on the
subject line.
srobinson on DSK4SPTVN1PROD with NOTICES
filing. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because doing so will allow the rule text
describing the Post-Only Order to
describe its functionality accurately
without delay. Accordingly, the
Commission designates the proposed
rule change as operative upon filing
with the Commission.17
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.
SECURITIES AND EXCHANGE
COMMISSION
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–Phlx–2012–84. 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
17 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
VerDate Mar<15>2010
18:11 Jul 10, 2012
Jkt 226001
[FR Doc. 2012–16875 Filed 7–10–12; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–67354; File No. SR–BX–
2012–049]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Establish
TradeInfo BX and BX Options
Maintenance Tool and Related Fees
July 5, 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 June 29,
2012, NASDAQ OMX BX, Inc. (‘‘BX’’ or
the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a 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
BX proposes to establish two services,
TradeInfo BX for Options and BX
Options Maintenance Tool, and related
fees for BX Options Participants.
PO 00000
18 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
Frm 00079
Fmt 4703
Sfmt 4703
The text of the proposed rule change
is available at https://
nasdaqomxbx.cchwallstreet.com/, at
BX’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
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 III 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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange filed and received
approval to operate a new options
market.3 The new market, called
NASDAQ OMX BX Options, or BX
Options, is an all-electronic trading
platform with no physical trading floor.
At this time BX proposes to adopt fees
associated with two services, TradeInfo
BX for Options and BX Options
Maintenance Tool.
TradeInfo BX will allow a BX Options
Participant to scan for all orders it
submitted to BX Options in a particular
security or all orders of a particular
type, regardless of their status (open,
canceled, executed, etc.) Also, a BX
Options Participant will be able to
cancel open orders at the port or firm
mnemonic level. For example, after
scanning for open orders, a subscribing
member is able to select an open order
and cancel the order. TradeInfo also
permits users to scan other order
statuses, such as executed, cancelled,
broken, rejected and suspended orders
and generate reports of execution, order
or cancel information, which can be
exported into a spreadsheet for review.
TradeInfo allows a BX Options
Participant to manage its order flow and
mitigate risk by giving users the ability
to view its orders and executions, as
well as the ability to perform cancels at
the port or firm mnemonic level.
Finally, TradeInfo BX has the ability to
3 See Securities Exchange Act Release No. 67256
(June 26, 2012), 77 FR 39277 (July 2, 2012) (Order
Granting Approval of a Proposed Rule Change
Relating to the Establishment of a New Options
Market, NASDAQ OMX BX Options).
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]]>Agencies
[Federal Register Volume 77, Number 133 (Wednesday, July 11, 2012)]
[Notices]
[Pages 40922-40924]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-16875]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67351; File No. SR-Phlx-2012-84]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Clarify
the Functioning of the Post-Only Order in NASDAQ OMX PSX
July 5, 2012.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that, on June 22, 2012, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``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 clarify the functioning of the Post-Only
Order in NASDAQ OMX PSX (``PSX''). If the
[[Page 40923]]
Commission waives the pre-operative delay provided for in Rule 19b-
4(f)(6),\3\ Phlx proposes to implement the proposed rule change
immediately. The text of the proposed rule change is available at
https://nasdaqomxphlx.cchwallstreet.com/nasdaqomxphlx/phlx/, at Phlx's
principal office, and at the Commission's Public Reference Room.
---------------------------------------------------------------------------
\3\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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
Phlx proposes to clarify the functionality associated with its
existing Post-Only Order on PSX. Last year, Phlx submitted a proposed
rule change that changed the functionality of this order type.\4\ In
the course of describing and clarifying the order's then-existing
functionality, however, SR-Phlx-2011-70 erroneously characterized one
aspect of the functioning of the order and, as a result, introduced
erroneous language into the rule text describing the rule.
---------------------------------------------------------------------------
\4\ Securities Exchange Act Release No. 64563 (May 27, 2011), 76
FR 32255 (June 3, 2011) (SR-Phlx-2011-70).
---------------------------------------------------------------------------
If a Post-Only Order would lock an order on PSX at the time of
entry, the order is re-priced and displayed by the System to one
minimum price increment (i.e., $0.01 or $0.0001) below the current low
offer (for bids) or above the current best bid (for offers). Thus, if
the best bid and best offer on the PSX book were $10.00 x $10.05, and a
market participant entered a Post-Only Order to buy at $10.05, the
order would be re-priced and displayed at $10.04. However, SR-Phlx-
2011-70 erroneously stated that if a Post-Only Order would cross an
order on the System, the order would be repriced as described above
unless the value of price improvement associated with executing against
a resting order equals or exceeds the sum of fees charged for such
execution and the value of any rebate that would be provided if the
order posted to the book and subsequently provided liquidity, in which
case the order will execute. In fact, in a case where the order crosses
an order on the System, the order will be repriced, and will not
execute. Accordingly, Phlx is deleting language from the rule that
states otherwise.\5\
---------------------------------------------------------------------------
\5\ Phlx is also correcting a typographical error in the rule
text.
---------------------------------------------------------------------------
The error occurred because the functionality to consider pricing
was described in the original filing to establish a Post-Only Order on
The NASDAQ Stock Market LLC (``NASDAQ'') and was implemented on that
market, but was not fully reflected in the text of NASDAQ Rule 4751.\6\
Subsequently, Phlx adopted identical rule text when it established PSX
as its new facility for trading cash equity securities, but did not
implement the price consideration functionality due to its
inconsistency with model of allocating executions of incoming orders
among posted orders pro rata based on their size.\7\ In May 2011,
NASDAQ filed a proposed rule change to modify the repricing behavior of
its Post-Only Order, and added rule language to clarify the existing
price-consideration functionality of its order.\8\ When Phlx opted to
make a corresponding change to the repricing behavior of its Post-Only
Order, it was assumed that a corresponding change to describe price
consideration behavior was also required. In fact, no such change was
needed since the behavior of the PSX order is not identical to that of
the NASDAQ order.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 59392 (February 11,
2009), 74 FR 7943 (February 20, 2009) (SR-NASDAQ-2009-006).
\7\ Securities Exchange Act Release No. 62877 (September 9,
2010), 75 FR 56633 (September 16, 2010) (SR-Phlx-2010-79).
\8\ Securities Exchange Act Release No. 64552 (May 26, 2011), 76
FR 31998 (June 2, 2011) (SR-NASDAQ-2011-070).
---------------------------------------------------------------------------
2. Statutory Basis
Phlx believes that the proposed rule change is consistent with the
provisions of Section 6 of the Act,\9\ in general, and with Section
6(b)(5) of the Act,\10\ 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. Phlx believes that the
change is necessary to reflect accurately the functioning of PSX's
Post-Only Order.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f.
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Phlx 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 \11\ and Rule 19b-4(f)(6) thereunder.\12\
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 \13\ and Rule 19b-
4(f)(6)(iii) thereunder.\14\
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\11\ 15 U.S.C. 78s(b)(3)(A)(iii).
\12\ 17 CFR 240.19b-4(f)(6).
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
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A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative prior to 30 days after the date of the filing.\15\
However, pursuant to Rule 19b-4(f)(6)(iii),\16\ 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
[[Page 40924]]
filing. The Commission believes that waiving the 30-day operative delay
is consistent with the protection of investors and the public interest
because doing so will allow the rule text describing the Post-Only
Order to describe its functionality accurately without delay.
Accordingly, the Commission designates the proposed rule change as
operative upon filing with the Commission.\17\
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\15\ 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 the 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 pre-filing requirement.
\16\ 17 CFR 240.19b-4(f)(6)(iii).
\17\ For purposes only of waiving the operative delay for 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 email to rule-comments@sec.gov. Please include
File Number SR-Phlx-2012-84 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-Phlx-2012-84. 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-Phlx-2012-84 and should be
submitted on or before August 1, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-16875 Filed 7-10-12; 8:45 am]
BILLING CODE 8011-01-P
