[Federal Register Volume 75, Number 175 (Friday, September 10, 2010)]
[Notices]
[Pages 55391-55392]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-22557]
[[Page 55391]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62832; File No. SR-NYSE-2010-64]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Extending the Pilot Period To Receive Inbound Routes of Certain
Equities Orders From Archipelago Securities LLC
September 2, 2010.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on August 31, 2010, 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 self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to extend the pilot period of the Exchange's
prior approvals to receive inbound routes of certain equities orders
from Archipelago Securities LLC (``Arca Securities''), an NYSE
affiliated member. The text of the proposed rule change is available at
the Exchange, the Commission's Public Reference Room, and http://www.nyse.com.
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
Currently, Arca Securities is the approved outbound order routing
facility of the Exchange.\3\ Arca Securities is also the approved
outbound order routing facility of NYSE Arca, Inc. (``NYSE Arca'') and
NYSE Amex LLC (``NYSE Amex'').\4\ The Exchange has also been previously
approved to receive inbound routes of equities orders by Arca
Securities in its capacity as an order routing facility of NYSE Arca
and NYSE Amex.\5\ The Exchange's authority to receive inbound routes of
equities orders by Arca Securities is subject to a pilot period ending
September 30, 2010.\6\ The Exchange hereby seeks to extend the
previously approved pilot period (with the attendant obligations and
conditions) for an additional six months, through March 31, 2011.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 55590 (April 5,
2007), 72 FR 18707 (April 13, 2007) (notice of immediate
effectiveness of SR-NYSE-2007-29); see also, Securities and [sic]
Exchange Act Release No. 58680 (September 29, 2008), 73 FR 58283
(October 6, 2008) (order approving SR-NYSE-2008-76).
\4\ See Securities Exchange Act Release No. 54238 (July 28,
2006), 71 FR 44758 (August 7, 2006) (order approving SR-NYSEArca-
2006-13); see also, Securities Exchange Act Release No. 52497
(September 22, 2005), 70 FR 56949 (September 29, 2005) (SR-PCX-2005-
90); see also, Securities Exchange Act Release No. 44983 (October
25, 2001), 66 FR 55225 (November 1, 2001) (SR-PCX-00-25); see also,
Securities Exchange Act Release No. 58681 (September 29, 2008), 73
FR 58285 (October 6, 2008) (order approving NYSEArca-2008-90). See
Securities Exchange Act Release No. 59009 (November 24, 2008), 73 FR
73363 (December 2, 2008) (order approving SR-NYSEALTR-2008-07); see
also, Securities Exchange Act Release No. 59473 (February 27, 2009),
74 FR 9853 (March 6, 2009) (order approving SR-NYSEALTR-2009-18).
\5\ See Securities and [sic] Exchange Act Release No. 58680
(September 29, 2008), 73 FR 58283 (October 6, 2008) (order approving
SR-NYSE-2008-76); see Securities Exchange Act Release No. 59011
(November 24, 2008), 73 FR 73360 (December 2, 2008) (order approving
SR-NYSE-2008-122); see also Securities Exchange Act Release No.
60255 (July 7, 2009), 74 FR 34065 (July 14, 2009) (order approving
SR-NYSE-2009-58).
\6\ See Securities Exchange Act Release No. 61814 (March 31,
2010), 75 FR 17814 (April 7, 2010) (Notice of immediate
effectiveness of SR-NYSE-2010-27).
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) \7\ of the
Securities Exchange Act of 1934 (the ``Act''), in general, and furthers
the objectives of Section 6(b)(5),\8\ in particular, in that it 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 facilitating transactions in
securities, and to remove impediments to and perfect the mechanism of a
free and open market and a national market system. Specifically, the
proposed rule change will allow the Exchange to continue receiving
inbound routes of equities orders from Arca Securities acting in its
capacity as a facility of the NYSE Arca and NYSE Amex, in a manner
consistent with prior approvals and established protections. The
Exchange believes that extending the previously approved pilot period
for six months will permit both the Exchange and the Commission to
further assess the impact of the Exchange's authority to receive direct
inbound routes of equities orders via Arca Securities (including the
attendant obligations and conditions).\9\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
\9\ The Exchange is currently analyzing the condition regarding
non-public information and system changes in order to better reflect
the operation of Arca Securities.
---------------------------------------------------------------------------
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.
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
Because the foregoing rule change does not: (1) Significantly
affect the protection of investors or the public interest; (2) impose
any significant burden on competition; and (3) become operative for 30
days after the date of this filing, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires that a self-regulatory organization submit to the
Commission written notice of its 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.
---------------------------------------------------------------------------
[[Page 55392]]
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 (http://www.sec.gov/rules/sro.shtml); or
Send an e-mail to [email protected]. Please include
File Number SR-NYSE-2010-64 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-NYSE-2010-64. This file
number should be included on the subject line if e-mail 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 (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room on official business
days between the hours of 10 a.m. and 3 p.m. Copies of such filing also
will be available for inspection and copying at the principal 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-2010-64 and should be submitted on or before October 1, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-22557 Filed 9-9-10; 8:45 am]
BILLING CODE 8010-01-P