[Federal Register Volume 75, Number 209 (Friday, October 29, 2010)]
[Notices]
[Pages 66811-66812]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-27336]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63151; File No. SR-NASDAQ-2010-132]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change by The NASDAQ Stock Market LLC
To Clarify the Implementation Date of the NASDAQ Options Market
Professional Filing
October 21, 2010.
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 October 14, 2010, The NASDAQ Stock Market LLC (``NASDAQ'')
filed with the 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 NASDAQ. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1)
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NASDAQ is filing with the Securities and Exchange Commission
(``SEC'' or ``Commission'') a proposal that clarifies when the NASDAQ
Options Market (``NOM'' or ``Exchange'') intends to implement a recent
filing that adopted a definition of ``Professional'' on the Exchange
and required that all Professional orders be appropriately marked (the
``NOM Professional filing'').
The text of the proposed rule change is available from NASDAQ's Web
site at http://nasdaq.cchwallstreet.com/Filings/, at NASDAQ'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, NASDAQ included statements
concerning the purpose of and basis for the proposed rule change and
discussed
[[Page 66812]]
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.
NASDAQ 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
The purpose of this filing is to clarify when the Exchange intends
to implement the recent NOM Professional filing that amended Chapter I,
Section 1 (Definitions) to adopt a definition of ``Professional'' on
the Exchange and require that all Professional orders be appropriately
marked by Exchange Participants or members.
In the NOM Professional filing, the Exchange indicated that it
intended to notify its Participants (members) via an Options Trading
Alert (``OTA'') or Options Regulatory Alert (``ORA'') that the proposal
would be implemented on the first trading day of the month after
approval of the proposal, which would be November 1, 2010.\3\ The
Exchange has heard from Participants that would be responsible for
appropriately marking Professional orders that the November 1
implementation date is too short in light of internal technological
requirements. As a result, the Exchange is proposing to clarify that it
intends to implement the NOM Professional filing on the first trading
day of December 2010, and will so notify its Participants via an OTA or
ORA.
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\3\ See Securities Exchange Act Release No. 62724 (August 16,
2010), 75 FR 51509 (August 20, 2010) (SR-NASDAQ-2010-099) (notice of
filing). See also Securities Exchange Act Release Nos. 63028
(October 1, 2010), 75 FR 62443 (October 8, 2010) (SR-NASDAQ-2010-
099) (approval order).
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2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\4\ in general, and with Section
6(b)(5) of the Act,\5\ 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. The proposed rule change
proposes to clarify for Participants the implementation date of a
recently-approved Professional designation filing.
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\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(5).
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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.
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
Pursuant to Section 19(b)(3)(A) of the Act \6\ and Rule 19b-4(f)(3)
thereunder,\7\ Nasdaq has designated this proposal as one that is
concerned solely with the administration of the self-regulatory
organization. Accordingly, Nasdaq believes that its proposal should
become immediately effective.
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(3).
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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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) 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 (http://www.sec.gov/rules/sro.shtml); or
Send an e-mail to [email protected]. Please include
File Number SR-NASDAQ-2010-132 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-2010-132. 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-NASDAQ-2010-132 and should be submitted on or before
November 19, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-27336 Filed 10-28-10; 8:45 am]
BILLING CODE 8011-01-P