Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay the Implementation Date for Non-Display of Primary Pegged Orders With an Offset Amount, 41845-41847 [2012-17274]
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Federal Register / Vol. 77, No. 136 / Monday, July 16, 2012 / Notices
srobinson on DSK4SPTVN1PROD with NOTICES
Opening Session 19 and After Hours
Trading Session (‘‘Extended Hours
Market Maker Peg Orders’’).20 During
the Pre-Opening Session and After
Hours Trading Session, the wider
Designated Percentage and Defined
Limit associated with the 9:30 a.m.–9:45
a.m. and 3:35 p.m.–4 p.m. periods under
Rule 11.8(e) will be applied to Extended
Hours Market Maker Peg Orders for
which the market maker has not
designated an offset more aggressive
than the Designated Percentage.
BYX believes that this order-based
approach is superior in terms of the ease
in complying with the requirements of
the Market Access Rule and Regulation
SHO while also providing similar quote
adjusting functionality to its market
makers. Market makers would have
control of order origination, as required
by the Market Access Rule, while also
allowing market makers to make
marking and locate determinations prior
to order entry, as required by Regulation
SHO. As such, market makers are fully
able to comply with the requirements of
the Market Access Rule and Regulation
SHO, as they would when placing any
order, while also meeting their
Exchange market making obligations. In
this regard, the Market Maker Peg Order,
like the current market maker quoter
functionality, does not ensure that the
market maker is satisfying the
requirements of Regulation SHO,
including the satisfaction of the locate
requirement of Rule 203(b)(1) or an
exception thereto.
2. Statutory Basis
The statutory basis for the proposed
rule change is Section 6(b)(5) of the
Act,21 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) 22 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 minimum
market maker quotation requirements
and member obligations to comply with
the regulatory requirements of the
19 The Pre-Opening Session means the time
between 8 a.m. and 9:30 a.m. Eastern Time.
20 The After Hours Trading Session means the
time between 4 p.m. and 5 p.m. Eastern Time.
21 15 U.S.C. 78f(b)(5).
22 15 U.S.C. 78k–1(a)(1).
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16:32 Jul 13, 2012
Jkt 226001
Market Access Rule and Regulation
SHO. The Exchange also believes that
providing Exchange market makers with
a transition period, during which they
may adequately test the new
functionality, will serve to minimize the
potential market impact caused by the
implementation of the order type.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change imposes any
burden on competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
41845
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–BYX–
2012–012 and should be submitted on
or before August 6, 2012.
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
A. By order approve or disapprove
such proposed rule change; or
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
Kevin M. O’Neill,
Deputy Secretary.
IV. Solicitation of Comments
[FR Doc. 2012–17200 Filed 7–13–12; 8:45 am]
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:
BILLING CODE 8011–01–P
Electronic Comments
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Delay the
Implementation Date for Non-Display
of Primary Pegged Orders With an
Offset Amount
• 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–BYX–2012–012 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–BYX–2012–012. This file
number should be included on the
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67389; File No. SR–
NASDAQ–2012–81]
July 10, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’)1, and Rule 19b–42 thereunder,
notice is hereby given that, on June 28,
2012, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
23 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\16JYN1.SGM
16JYN1
41846
Federal Register / Vol. 77, No. 136 / Monday, July 16, 2012 / Notices
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘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.
offset for compliance purposes, so tying
the change to the MMPO release allows
for them to continue to have a pegging
option to meet this requirement. While
the exact implementation date is
uncertain, NASDAQ will announce the
exact date through a publicly
disseminated alert.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
2. Statutory Basis
NASDAQ believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,5 in
general, and with Section 6(b)(5) of the
Act,6 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, NASDAQ
believes that delaying the
implementation date of non-display of
primary pegged orders with an offset
amount until adoption and
implementation of the proposed new
Market Maker pegged order will allow
market participants to adjust their
systems for both changes at the same
time, providing efficiencies that will
benefit investors and the public interest
and encourage more efficient order
entry practices by all market
participants.
The Exchange proposes a rule change
to delay the implementation date for its
rule change that provides for nondisplay of Primary Pegged Orders with
an offset amount. The text of the
proposed rule change is available at
https://nasdaq.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
srobinson on DSK4SPTVN1PROD with NOTICES
1. Purpose
NASDAQ recently submitted a
proposed rule change to provide that
Primary Pegged Orders with an offset
amount will not be displayed,3 a change
that will improve system and intermarket price stability. In order to
implement this change
contemporaneous with the proposed
adoption of a new Market Maker Peg
order type,4 NASDAQ is delaying the
implementation date of this rule change
until the third quarter of 2012. The new
Market Maker Peg order with custom
offset will allow market makers
currently using the primary peg with
offset for attributable orders to smoothly
migrate to use of that order type. Some
market makers use the primary peg with
3 Securities Exchange Act Release No. 66699
(March 31, 2012), 77 FR 20658 (April 5 15, 2012)
[sic] (SR–NASDAQ–2012–041).
4 Securities Exchange Act Release No. 67203
(June 14, 2012) 77 FR 37086 (June 20, 2012) (SR–
NASDAQ–2012–066).
VerDate Mar<15>2010
16:32 Jul 13, 2012
Jkt 226001
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NASDAQ 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.
NASDAQ believes that the proposed
delay in the implementation of the
change 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
PO 00000
5 15
6 15
U.S.C. 78f.
U.S.C. 78f(b)(5).
Frm 00106
Fmt 4703
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.
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
Number SR–NASDAQ–2012–81 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2012–81. 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
7 15
Sfmt 4703
E:\FR\FM\16JYN1.SGM
U.S.C. 78s(b)(3)(A)(i).
16JYN1
Federal Register / Vol. 77, No. 136 / Monday, July 16, 2012 / Notices
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–2012–81 and should be
submitted on or before August 6, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–17274 Filed 7–13–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67380; File No. SR–EDGA–
2012–29]
Self-Regulatory Organizations; EDGA
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Amendments
to the EDGA Exchange, Inc. Fee
Schedule
July 10, 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 June 29,
2012, EDGA Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGA’’) 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 self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
srobinson on DSK4SPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
fees and rebates applicable to Members 3
of the Exchange pursuant to EDGA Rule
15.1(a) and (c). All of the changes
described herein are applicable to EDGA
Members. The text of the proposed rule
change is available on the Exchange’s
Internet Web site at https://
www.directedge.com, at the Exchange’s
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 A Member is any registered broker or dealer, or
any person associated with a registered broker or
dealer, that has been admitted to membership in the
Exchange.
1 15
VerDate Mar<15>2010
16:32 Jul 13, 2012
Jkt 226001
principal office, and at the Public
Reference Room of the Commission.
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 these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization 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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Flag DM is yielded where nondisplayed orders add or remove
liquidity using the Mid-Point
Discretionary order type.4 In order to
provide additional transparency to
Members and for the reasons discussed
below, Flag DM is proposed to be
bifurcated into two flags: Flag DM (adds
liquidity in the discretionary range) and
Flag DT (removes liquidity in the
discretionary range). The Exchange
proposes to continue to charge a fee of
$0.0005 per share for Flags DM and DT.5
In addition, the Exchange proposes to
delete Footnote 18 that is appended to
Flag DM in the fee schedule because the
proposed Flags DM and DT will count
towards volume tiers as the Exchange
can now differentiate between nondisplayed liquidity that adds liquidity
in the discretionary range from nondisplayed liquidity that removes
liquidity in the discretionary range.6
The Exchange also proposes to amend
Flag K to only apply to Members’ orders
routed to NASDAQ OMX PSX (‘‘PSX’’)
using the ROUC or ROUE routing
strategy as defined in Rule 11.9(b)(3).
The Exchange proposes to reduce the
rate from $0.0025 per share to $0.0005
per share, which represents a passthrough of the Exchange’s rate for
4 See Securities Exchange Act Release No. 67226
(June 20, 2012), 77 FR 38113 (June 26, 2012) (SR–
EDGA–2012–22).
5 See SR–EDGA–2012–24 (June 19, 2012)
(describing the Exchange’s proposal to amend its
fee schedule pursuant to Rule 15.1(a) and (c)
regarding Flag DM).
6 See SR–EDGA–2012–24 (June 19, 2012) (where
the Exchange excluded the volume generated from
Flag DM from counting towards the volume tiers
because a Member could potentially receive Flag
DM if the Member either added or removed
liquidity using the Midpoint Discretionary Order).
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
41847
routing orders to PSX, in response to the
proposed pricing changes in PSX’s
pending filing with the Commission.7
Accordingly, where Members’ orders are
routed to the BATS BZX Exchange
(‘‘BATS BZX’’) using the ROBA routing
strategy (EDGA + BATS), the Exchange
proposes to apply Flag X, which is
yielded when Members route orders
through EDGA and the Exchange
assesses a charge of $0.0029 per share.
Similarly, the Exchange also proposes
to amend the rate for Flag RS, which is
yielded when Members route orders to
PSX that add liquidity. The Exchange
proposes to amend the pricing for Flag
RS from a rebate of $0.0024 per share to
a charge of $0.0005 per share in
response to PSX’s pending filing, which
represents a pass-through of the
Exchange’s rate for routing orders to
PSX.
The Exchange proposes to implement
these amendments to its fee schedule on
July 1, 2012.
2. Statutory Basis
The Exchange believes that the
proposed rule changes are consistent
with the objectives of Section 6 of the
Act,8 in general, and furthers the
objectives of Section 6(b)(4),9 in
particular, as it is designed to provide
for the equitable allocation of reasonable
dues, fees and other charges among its
Members and other persons using its
facilities.
The Exchange believes that the
proposed technical amendment to
bifurcate Flag DM into Flags DM and DT
promotes market transparency and
improves investor protection by adding
additional transparency to its fee
schedule by more precisely delineating
for Members whether they are ‘‘adders
of liquidity’’ or ‘‘removers of liquidity’’
for purposes of Members’ non-displayed
orders using the Mid-Point
Discretionary order type. In addition,
the Exchange believes that counting
Flags DM and DT towards volume tiers
is reasonable and equitable as the
Exchange can now differentiate between
non-displayed liquidity that adds
liquidity in the discretionary range from
non-displayed liquidity that removes
liquidity in the discretionary range, as
explained above. Including Flags DM
and DT in volume tiers allows their
associated volume to be tracked by the
Exchange in the appropriate tier(s),
which may incent Members to increase
use of the volume tiers in the fee
7 See PSX’s Equity Trader Alert #2012–28 at
https://www.nasdaqtrader.com/
TraderNews.aspx?id=ETA2012–28 (discussing
PSX’s pending fee changes effective July 2, 2012).
8 15 U.S.C. 78f.
9 15 U.S.C. 78f(b)(4).
E:\FR\FM\16JYN1.SGM
16JYN1
]]>Agencies
[Federal Register Volume 77, Number 136 (Monday, July 16, 2012)]
[Notices]
[Pages 41845-41847]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-17274]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67389; File No. SR-NASDAQ-2012-81]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Delay the Implementation Date for Non-Display of Primary Pegged Orders
With an Offset Amount
July 10, 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 28, 2012, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the
[[Page 41846]]
Securities and Exchange Commission (``SEC'' or ``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 Substance
of the Proposed Rule Change
The Exchange proposes a rule change to delay the implementation
date for its rule change that provides for non-display of Primary
Pegged Orders with an offset amount. The text of the proposed rule
change is available at https://nasdaq.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
NASDAQ recently submitted a proposed rule change to provide that
Primary Pegged Orders with an offset amount will not be displayed,\3\ a
change that will improve system and inter-market price stability. In
order to implement this change contemporaneous with the proposed
adoption of a new Market Maker Peg order type,\4\ NASDAQ is delaying
the implementation date of this rule change until the third quarter of
2012. The new Market Maker Peg order with custom offset will allow
market makers currently using the primary peg with offset for
attributable orders to smoothly migrate to use of that order type. Some
market makers use the primary peg with offset for compliance purposes,
so tying the change to the MMPO release allows for them to continue to
have a pegging option to meet this requirement. While the exact
implementation date is uncertain, NASDAQ will announce the exact date
through a publicly disseminated alert.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 66699 (March 31, 2012),
77 FR 20658 (April 5 15, 2012) [sic] (SR-NASDAQ-2012-041).
\4\ Securities Exchange Act Release No. 67203 (June 14, 2012) 77
FR 37086 (June 20, 2012) (SR-NASDAQ-2012-066).
---------------------------------------------------------------------------
2. Statutory Basis
NASDAQ believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\5\ in general, and with Section
6(b)(5) of the Act,\6\ 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, NASDAQ
believes that delaying the implementation date of non-display of
primary pegged orders with an offset amount until adoption and
implementation of the proposed new Market Maker pegged order will allow
market participants to adjust their systems for both changes at the
same time, providing efficiencies that will benefit investors and the
public interest and encourage more efficient order entry practices by
all market participants.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f.
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
NASDAQ 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. NASDAQ believes
that the proposed delay in the implementation of the change 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(i).
---------------------------------------------------------------------------
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-NASDAQ-2012-81 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NASDAQ-2012-81. 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
[[Page 41847]]
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-2012-81 and should be submitted
on or before August 6, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
Kevin M. O'Neill,
Deputy Secretary.
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\8\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2012-17274 Filed 7-13-12; 8:45 am]
BILLING CODE 8011-01-P
