Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Cease Operating New York Block Exchange and Contemporaneously Delete the Text of Rule 1600, Which Governs NYBX Functionality, 10226-10228 [2013-03275]
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10226
Federal Register / Vol. 78, No. 30 / Wednesday, February 13, 2013 / Notices
may halt trading in the Shares if trading
is not occurring in the securities or the
financial instruments constituting the
Disclosed Portfolio of the Fund, or if
other unusual conditions or
circumstances detrimental to the
maintenance of a fair and orderly
market are present.32 Further, the
Commission notes that the Reporting
Authority that provides the Disclosed
Portfolio must implement and maintain,
or be subject to, procedures designed to
prevent the use and dissemination of
material non-public information
regarding the actual components of the
portfolio.33 All of the equity
investments to be held by the Fund,
including the non-U.S.-listed equity
securities, will trade in markets that are
ISG members or markets that are parties
to a comprehensive surveillance sharing
agreement with the Exchange.34 The
Exchange represents that it may obtain
information via the ISG from other
exchanges that are members of ISG or
with which the Exchange has entered
into a comprehensive surveillance
sharing agreement. The Exchange states
that it has a general policy prohibiting
the distribution of material, non-public
information by its employees. The
Exchange also states that the Adviser is
affiliated with a broker-dealer and that
the Adviser has implemented a fire wall
with respect to its broker-dealer affiliate
regarding access to information
concerning the composition and/or
changes to the portfolio.35
mstockstill on DSK4VPTVN1PROD with NOTICES
32 See
NYSE Arca Equities Rule 8.600(d)(2)(C)
(providing additional considerations for the
suspension of trading in or removal from listing of
Managed Fund Shares on the Exchange). With
respect to trading halts, the Exchange may consider
other relevant factors in exercising its discretion to
halt or suspend trading in the Shares of the Fund.
Trading in Shares of the Fund will be halted if the
circuit breaker parameters in NYSE Arca Equities
Rule 7.12 have been reached. Trading also may be
halted because of market conditions or for reasons
that, in the view of the Exchange, make trading in
the Shares inadvisable.
33 See NYSE Arca Equities Rule 8.600(d)(2)(B)(ii).
34 See supra note 14.
35 See supra note 6. An investment adviser to an
open-end fund is required to be registered under the
Investment Advisers Act of 1940 (‘‘Advisers Act’’).
As a result, the Adviser and its related personnel
are subject to the provisions of Rule 204A–1 under
the Advisers Act relating to codes of ethics. This
Rule requires investment advisers to adopt a code
of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with
other applicable securities laws. Accordingly,
procedures designed to prevent the communication
and misuse of non-public information by an
investment adviser must be consistent with Rule
204A–1 under the Advisers Act. In addition, Rule
206(4)–7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment
advice to clients unless such investment adviser has
(i) adopted and implemented written policies and
procedures reasonably designed to prevent
violation, by the investment adviser and its
supervised persons, of the Advisers Act and the
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17:21 Feb 12, 2013
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The Exchange represents that the
Shares are deemed to be equity
securities, thus rendering trading in the
Shares subject to the Exchange’s
existing rules governing the trading of
equity securities. In support of this
proposal, the Exchange has made
representations, including:
(1) The Shares will conform to the
initial and continued listing criteria
under NYSE Arca Equities Rule 8.600.
(2) The Exchange has appropriate
rules to facilitate transactions in the
Shares during all trading sessions.
(3) The Exchange’s surveillance
procedures applicable to derivative
products, which include Managed Fund
Shares, are adequate to properly
monitor Exchange trading of the Shares
in all trading sessions and to deter and
detect violations of Exchange rules and
applicable federal securities laws.36
(4) Prior to the commencement of
trading, the Exchange will inform its
Equity Trading Permit (‘‘ETP’’) Holders
in an Information Bulletin of the special
characteristics and risks associated with
trading the Shares. Specifically, the
Information Bulletin will discuss the
following: (a) The procedures for
purchases and redemptions of Shares in
Creation Units (and that Shares are not
individually redeemable); (b) NYSE
Arca Equities Rule 9.2(a), which
imposes a duty of due diligence on its
ETP Holders to learn the essential facts
relating to every customer prior to
trading the Shares; (c) the risks involved
in trading the Shares during the
Opening and Late Trading Sessions,
when an updated Portfolio Indicative
Value will not be calculated or publicly
disseminated; (d) how information
regarding the Portfolio Indicative Value
is disseminated; (e) the requirement that
ETP Holders deliver a prospectus to
investors purchasing newly issued
Shares prior to or concurrently with the
confirmation of a transaction; and (f)
trading information.
(5) For initial and continued listing,
the Fund will be in compliance with
Rule 10A–3 under the Exchange Act,37
as provided by NYSE Arca Equities Rule
5.3.
(6) While the Fund generally will
invest more than 50% of its assets in
investment-grade fixed-income
instruments, the Fund may invest up to
Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review
regarding the adequacy of the policies and
procedures established pursuant to subparagraph (i)
above and the effectiveness of their
implementation; and (iii) designated an individual
(who is a supervised person) responsible for
administering the policies and procedures adopted
under subparagraph (i) above.
36 See supra note 14.
37 17 CFR 240.10A–3.
PO 00000
Frm 00100
Fmt 4703
Sfmt 4703
35% of its total assets in high-yield debt
securities.
(7) Consistent with the Exemptive
Order, the Fund will not invest in
options contracts, futures contracts, or
swap agreements. The Fund’s
investments will be consistent with its
investment objective and will not be
used to enhance leverage.
(8) The Fund may hold up to an
aggregate amount of 15% of its net
assets in illiquid securities (calculated
at the time of investment), including
Rule 144A securities, master demand
notes, and loan participation interests.38
(9) A minimum of 100,000 Shares of
the Fund will be outstanding at the
commencement of trading on the
Exchange.
This approval order is based on all of
the Exchange’s representations and
description of the Fund, including those
set forth above and in the Notice.
For the foregoing reasons, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act39 and the rules and
regulations thereunder applicable to a
national securities exchange.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,40 that the
proposed rule change (SR–NYSEArca2012–142), as modified by Amendment
No. 1 thereto be, and it hereby is,
approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.41
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–03276 Filed 2–12–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68861; File No. SR–NYSE–
2013–12]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Cease
Operating New York Block Exchange
and Contemporaneously Delete the
Text of Rule 1600, Which Governs
NYBX Functionality
February 7, 2013.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
38 See
supra note 20.
U.S.C. 78f(b)(5).
40 15 U.S.C. 78s(b)(2).
41 17 CFR 200.30–3(a)(12).
39 15
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Federal Register / Vol. 78, No. 30 / Wednesday, February 13, 2013 / Notices
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that, on February
5, 2013, the New York Stock Exchange
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘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
contemporaneously delete the text of
Rule 1600, which governs NYBX
functionality. 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.
mstockstill on DSK4VPTVN1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange intends to cease
operating New York Block Exchange
(‘‘NYBX’’), effective February 28, 2013,
and as such, proposes to
contemporaneously delete the text of
Rule 1600, which governs NYBX’s
functionality.3 NYBX is an electronic
exchange facility that provides for the
continuous matching and execution of
all non-displayed NYBX orders with the
aggregate of liquidity in the NYBX
Facility, the NYSE Display Book® and
considers the protected quotations of all
1 15
U.S.C.78s(b)(1).
CFR 240.19b–4.
3 In 2011, the Exchange filed a similar filing to
cease operations of NYSE Matchpoint and delete
Rules related the exchange facility. See Securities
Exchange Act Release No. 63898 (February 11,
2011), 76 FR 9616 (February 18, 2011) (SR–NYSE–
2011–03).
2 17
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17:21 Feb 12, 2013
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automated trading centers for securities
listed on the NYSE. The Exchange is
ceasing operations of NYBX Facility
because after years of operations the
facility has not garnered enough volume
to achieve critical mass and does not
have strong support customers [sic]. The
Exchange will provide advance notice to
its members and member organizations
of the discontinuation of this
functionality.
The Exchange also proposes to make
conforming changes to remove
references to Rule 1600 and NYBX from
the following other Exchange rules: Rule
13, Rule 15, Supplementary Materials
.15 and .20 to Rule 79A, Rule 80C,
Supplementary Material .10 to Rule 104,
Supplementary Material .10, .12, and
.13 to Rule 104T, Supplementary
Material .40 to Rule 116, Rule 123B,
Supplementary Material .10 to Rule
123C, Supplementary Material .25 to
Rule 123D, and Supplementary Material
.11 to Rule 1000.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Securities Exchange Act of 1934
(the ‘‘Act’’),4 in general, and furthers the
objectives of Section 6(b)(5) of the Act,5
in particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, 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, in conjunction with a related
communication to members and
member organizations, will provide
advance notice to NYSE members and
member organizations that the Exchange
will cease operation of NYBX.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed changes are being made to
remove references for NYBX from the
Exchange Rules to correspond with the
Exchange ceasing operations of NYBX
facility. The Exchange is ceasing
operations of NYBX Facility because
after years of operations the facility has
not garnered enough volume to achieve
critical mass and does not have strong
support customers [sic]. The Exchange
is ceasing operations of NYBX because
4 15
5 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00101
Fmt 4703
Sfmt 4703
10227
the facility was not competitive,
therefore ceasing operations should not
have any burden on competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received with respect to the proposed
rule change.
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 6 and Rule
19b–4(f)(6) thereunder.7 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 and Rule 19b–4(f)(6)(iii)
thereunder.8
The Exchange has requested a waiver
of the 30-day operative delay so that the
Exchange can cease operations of the
NYBX Facility by February 28, 2013.
The Exchange notes that NYBX has not
achieved significant volume during its
operations and does not believe that
ceasing its operation will significantly
affect the protection of investors or the
public interest. The Exchange further
notes that discontinuing operations of
NYBX at month end will coincide with
the Exchange’s billing cycle and avoid
the expense and inconvenience of
extending operations into a partial
month. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because such waiver would allow the
Exchange to cease operations of NYBX
without incurring the expense of
extending operations into a partial
month. Therefore, the Commission
6 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
8 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19–b–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.
7 17
E:\FR\FM\13FEN1.SGM
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10228
Federal Register / Vol. 78, No. 30 / Wednesday, February 13, 2013 / Notices
designates the proposed rule change as
operative as of February 28, 2013.9
At any time within 60 days of the
filing of such 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.
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–NYSE–
2013–12 and should be submitted on or
before March 6, 2013.
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’Neill,
Deputy Secretary.
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:
mstockstill on DSK4VPTVN1PROD with NOTICES
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549.
All submissions should refer to File
Number SR–NYSE–2013–12. 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
10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for
9 For the purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
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17:21 Feb 12, 2013
Jkt 229001
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.
BILLING CODE 8011–01–P
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
1. Purpose
[FR Doc. 2013–03275 Filed 2–12–13; 8:45 am]
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–NYSE–2013–12 on the
subject line.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[Release No. 34–68860; File No. SR–CBOE–
2013–015]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the Fees
Schedule
February 7, 2013.
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
30, 2013, Chicago Board Options
Exchange, Incorporated (the ‘‘Exchange’’
or ‘‘CBOE’’) 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 the Substance
of the Proposed Rule Change
The Exchange proposes to amend its
Fees Schedule. The text of the proposed
rule change is available on the
Exchange’s Web site (https://
www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
and at the Commission.
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
The Exchange is proposing to
eliminate the customer transaction fee
for XSP index options. Currently, the
Exchange has a $0.18 customer
transaction fee per contract for all index
products, with some exceptions.3 The
Exchange is proposing to eliminate
those customer transaction fees for
transactions in XSP index options.
Eliminating the customer transaction fee
for XSP index options will allow
Trading Permit Holders who engage in
XSP options trading the opportunity to
pay lower fees for such transactions and
provide greater incentives for customers
to trade XSP index options. Thus, the
proposed changes to the customer XSP
options transaction fees are designed to
attract greater customer order flow to
the Exchange. This would bring greater
liquidity to the market, which benefits
all market participants.
The propose changes are to take effect
on February 1, 2013.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.4 Specifically,
the Exchange believes the proposed rule
change is consistent with Section 6(b)(4)
of the Act,5 which provides that
Exchange rules may provide for the
equitable allocation of reasonable dues,
fees, and other charges among its
3 See Exchange Fee Schedule which outlines
exceptions from this transaction fee. (https://
www.cboe.com/publish/feeschedule/
CBOEFeeSchedule.pdf ).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(4).
E:\FR\FM\13FEN1.SGM
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]]>Agencies
[Federal Register Volume 78, Number 30 (Wednesday, February 13, 2013)]
[Notices]
[Pages 10226-10228]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-03275]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68861; File No. SR-NYSE-2013-12]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Cease Operating New York Block Exchange and Contemporaneously Delete
the Text of Rule 1600, Which Governs NYBX Functionality
February 7, 2013.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the
[[Page 10227]]
``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that,
on February 5, 2013, the New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``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 contemporaneously delete the text of Rule
1600, which governs NYBX functionality. 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange intends to cease operating New York Block Exchange
(``NYBX''), effective February 28, 2013, and as such, proposes to
contemporaneously delete the text of Rule 1600, which governs NYBX's
functionality.\3\ NYBX is an electronic exchange facility that provides
for the continuous matching and execution of all non-displayed NYBX
orders with the aggregate of liquidity in the NYBX Facility, the NYSE
Display Book[supreg] and considers the protected quotations of all
automated trading centers for securities listed on the NYSE. The
Exchange is ceasing operations of NYBX Facility because after years of
operations the facility has not garnered enough volume to achieve
critical mass and does not have strong support customers [sic]. The
Exchange will provide advance notice to its members and member
organizations of the discontinuation of this functionality.
---------------------------------------------------------------------------
\3\ In 2011, the Exchange filed a similar filing to cease
operations of NYSE Matchpoint and delete Rules related the exchange
facility. See Securities Exchange Act Release No. 63898 (February
11, 2011), 76 FR 9616 (February 18, 2011) (SR-NYSE-2011-03).
---------------------------------------------------------------------------
The Exchange also proposes to make conforming changes to remove
references to Rule 1600 and NYBX from the following other Exchange
rules: Rule 13, Rule 15, Supplementary Materials .15 and .20 to Rule
79A, Rule 80C, Supplementary Material .10 to Rule 104, Supplementary
Material .10, .12, and .13 to Rule 104T, Supplementary Material .40 to
Rule 116, Rule 123B, Supplementary Material .10 to Rule 123C,
Supplementary Material .25 to Rule 123D, and Supplementary Material .11
to Rule 1000.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Securities Exchange Act of 1934 (the ``Act''),\4\ in
general, and furthers the objectives of Section 6(b)(5) of the Act,\5\
in particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, 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, in conjunction with a related communication to members and
member organizations, will provide advance notice to NYSE members and
member organizations that the Exchange will cease operation of NYBX.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed changes are
being made to remove references for NYBX from the Exchange Rules to
correspond with the Exchange ceasing operations of NYBX facility. The
Exchange is ceasing operations of NYBX Facility because after years of
operations the facility has not garnered enough volume to achieve
critical mass and does not have strong support customers [sic]. The
Exchange is ceasing operations of NYBX because the facility was not
competitive, therefore ceasing operations should not have any burden on
competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were solicited or received with respect to the
proposed rule change.
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 \6\ and Rule 19b-4(f)(6) thereunder.\7\
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 and Rule 19b-
4(f)(6)(iii) thereunder.\8\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 240.19b-4(f)(6).
\8\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19-b-
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.
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The Exchange has requested a waiver of the 30-day operative delay
so that the Exchange can cease operations of the NYBX Facility by
February 28, 2013. The Exchange notes that NYBX has not achieved
significant volume during its operations and does not believe that
ceasing its operation will significantly affect the protection of
investors or the public interest. The Exchange further notes that
discontinuing operations of NYBX at month end will coincide with the
Exchange's billing cycle and avoid the expense and inconvenience of
extending operations into a partial month. The Commission believes that
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest because such waiver would allow the
Exchange to cease operations of NYBX without incurring the expense of
extending operations into a partial month. Therefore, the Commission
[[Page 10228]]
designates the proposed rule change as operative as of February 28,
2013.\9\
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\9\ For the purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such 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-NYSE-2013-12 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.
All submissions should refer to File Number SR-NYSE-2013-12. 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 10:00 a.m. and
3:00 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 Number SR-NYSE-2013-12 and should be
submitted on or before March 6, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-03275 Filed 2-12-13; 8:45 am]
BILLING CODE 8011-01-P
