[Federal Register Volume 75, Number 180 (Friday, September 17, 2010)]
[Notices]
[Pages 57088-57089]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-23196]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62896, File No. 4-518]
Joint Industry Plan; Notice of Filing and Order Granting
Temporary Effectiveness of Amendment To Plan Establishing Procedures
Under Rule 605 of Regulation NMS
September 13, 2010.
Pursuant to Section 11A(a)(3) of the Securities Exchange Act of
1934 (``Act'') \1\ and Rule 608 of Regulation NMS,\2\ notice is hereby
given that on September 9, 2010, the BATS Y-Exchange, Inc. (``BYX'' or
``Exchange'') submitted to the Securities and Exchange Commission
(``SEC'' or ``Commission'') an amendment to the national market system
plan that establishes procedures under Rule 605
[[Page 57089]]
of Regulation NMS (``Joint-SRO Plan'' or ``Plan'').\3\ The amendment
proposes to add BYX as a participant to the Joint-SRO Plan. The
Commission is publishing this notice and order to solicit comments from
interested persons on the proposed Joint-SRO Plan amendment, and to
grant temporary effectiveness to the proposed amendment through January
18, 2011.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78k-1(a)(3).
\2\ 17 CFR 242.608.
\3\ 17 CFR 242.605. On April 12, 2001, the Commission approved a
national market system plan for the purpose of establishing
procedures for market centers to follow in making their monthly
reports available to the public under Rule 11Ac1-5 under the Act (n/
k/a Rule 605 of Regulation NMS). See Securities Exchange Act Release
No. 44177 (April 12, 2001), 66 FR 19814 (April 17, 2001).
---------------------------------------------------------------------------
I. Description and Purpose of the Amendment
The current participants to the Joint-SRO Plan are the American
Stock Exchange LLC, BATS Exchange, Inc., Boston Stock Exchange, Inc.
(n/k/a NASDAQ OMX BX, Inc.), Chicago Board Options Exchange,
Incorporated, Chicago Stock Exchange, Inc., Cincinnati Stock Exchange,
Inc. (n/k/a National Stock Exchange\SM\), EDGA Exchange, Inc., EDGX
Exchange, Inc., International Securities Exchange, LLC, The NASDAQ
Stock Market LLC, National Association of Securities Dealers, Inc. (n/
k/a Financial Industry Regulatory Authority, Inc.), New York Stock
Exchange, Inc. (n/k/a New York Stock Exchange LLC), Pacific Exchange,
Inc. (n/k/a NYSE Arca, Inc.), and Philadelphia Stock Exchange, Inc. (n/
k/a NASDAQ OMX PHLX, Inc.). The proposed amendment would add BYX as a
participant to the Joint-SRO Plan.
BYX has submitted a signed copy of the Joint-SRO Plan to the
Commission in accordance with the procedures set forth in the Plan
regarding new participants. Section III(b) of the Joint-SRO Plan
provides that a national securities exchange or national securities
association may become a party to the Plan by: (i) Executing a copy of
the Plan, as then in effect (with the only changes being the addition
of the new participant's name in Section 11(a) of the Plan and the new
participant's single-digit code in Section VI(a)(1) of the Plan) and
(ii) submitting such executed plan to the Commission for approval.
II. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed
Joint-SRO Plan amendment 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 4-518 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 4-518. 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 website (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 website 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 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 4-518 and should be submitted on or before
October 18, 2010.
III. Commission's Findings and Order Granting Accelerated Approval of
Proposed Plan Amendment
The Commission finds that the proposed Joint-SRO Plan amendment is
consistent with the requirements of the Act and the rules and
regulations thereunder.\4\ Specifically, the Commission believes that
the proposed amendment, which permits BYX to become a participant to
the Joint-SRO Plan, is consistent with the requirements of Section 11A
of the Act, and Rule 608 of Regulation NMS. The Plan establishes
appropriate procedures for market centers to follow in making their
monthly reports required pursuant to Rule 605 of Regulation NMS,
available to the public in a uniform, readily accessible, and usable
electronic format. The proposed amendment to include BYX as a
participant in the Joint-SRO Plan will contribute to the maintenance of
fair and orderly markets and remove impediments to and perfect the
mechanisms of a national market system by facilitating the uniform
public disclosure of order execution information by all market centers.
---------------------------------------------------------------------------
\4\ In approving this proposed Joint-SRO Plan amendment, the
Commission has considered the proposal's impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
The Commission finds good cause to grant temporary effectiveness to
the proposed Joint-SRO Plan amendment, for 120 days, until January 18,
2011. The Commission believes that it is necessary and appropriate in
the public interest, for the maintenance of fair and orderly markets,
to remove impediments to, and perfect mechanisms of, a national market
system to allow BYX to become a participant in the Joint-SRO Plan. On
August 13, 2010, the Commission granted the application of BYX for
registration as a national securities exchange.\5\ One of the
conditions to operation of the BYX Exchange is participation in
national market system plans, including the Joint-SRO Plan.\6\ As a
Plan participant, BYX would have timely information on the Plan
procedures as they are formulated and modified by the participants. The
Commission finds, therefore, that granting temporary effectiveness of
the proposed Joint-SRO Plan amendment is appropriate and consistent
with Section 11A of the Act.\7\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 62716 (August 13,
2010), 75 FR 51295 (August 19, 2010).
\6\ Id. at 51305.
\7\ 15 U.S.C. 78k-1.
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Section 11A of the Act \8\ and
Rule 608 of Regulation NMS,\9\ that the proposed Joint-SRO Plan
amendment is approved for 120 days, through January 18, 2011.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78k-1.
\9\ 17 CFR 242.608.
\10\ 17 CFR 200.30-3(a)(29).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-23196 Filed 9-16-10; 8:45 am]
BILLING CODE 8010-01-P