[Federal Register Volume 76, Number 19 (Friday, January 28, 2011)]
[Notices]
[Pages 5224-5225]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-1859]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63756; File No. S7-24-89]
Joint Industry Plan; Notice of Filing of Amendment No. 25 to the
Joint Self-Regulatory Organization Plan Governing the Collection,
Consolidation and Dissemination of Quotation and Transaction
Information for Nasdaq-Listed Securities Traded on Exchanges on an
Unlisted Trading Privileges Basis Submitted by the BATS Exchange, Inc.,
BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated,
Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc.,
Financial Industry Regulatory Authority, Inc., International Securities
Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX, Inc., Nasdaq Stock
Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC,
NYSE Amex, Inc., and NYSE Arca, Inc.
January 21, 2011.
Pursuant to Rule 608 of the Securities Exchange Act of 1934 (the
``Act'') \1\ notice is hereby given that on December 23, 2010, the
operating committee (``Operating Committee'' or ``Committee'') \2\ of
the Joint Self-Regulatory Organization Plan Governing the Collection,
Consolidation, and Dissemination of Quotation and Transaction
Information for Nasdaq-Listed Securities Traded on Exchanges on an
Unlisted Trading Privilege Basis (``Nasdaq/UTP Plan'' or ``Plan'')
filed with the Securities and Exchange Commission (``Commission'') an
amendment to the Plan.\3\ This amendment represents Amendment No. 25 to
the Plan and proposes to permit ministerial amendments to the Plans
under the signature of the Chairman of the Nasdaq/UTP Plan Operating
Committee. The Commission is publishing this notice to solicit comments
from interested persons on the proposed Amendment.
---------------------------------------------------------------------------
\1\ 17 CFR 242.608.
\2\ The Plan Participants (collectively, ``Participants'') are
the: BATS Exchange, Inc. (``BATS''); BATS Y-Exchange, Inc. (``BATS
Y''); Chicago Board Options Exchange, Incorporated (``CBOE'');
Chicago Stock Exchange, Inc. (``CHX''); EDGA Exchange, Inc.
(``EDGA''); EDGX Exchange, Inc. (``EDGX''); Financial Industry
Regulatory Authority, Inc. (``FINRA''); International Securities
Exchange LLC (``ISE''); NASDAQ OMX BX, Inc. (``BX''); NASDAQ OMX
PHLX, Inc. (``PHLX''); Nasdaq Stock Market LLC (``Nasdaq'');
National Stock Exchange, Inc. (``NSX''); New York Stock Exchange LLC
(``NYSE''); NYSE Amex, Inc. (``NYSEAmex''); and NYSE Arca, Inc.
(``NYSEArca'').
\3\ The Plan governs the collection, processing, and
dissemination on a consolidated basis of quotation information and
transaction reports in Eligible Securities for each of its
Participants. This consolidated information informs investors of the
current quotation and recent trade prices of Nasdaq securities. It
enables investors to ascertain from one data source the current
prices in all the markets trading Nasdaq securities. The Plan serves
as the required transaction reporting plan for its Participants,
which is a prerequisite for their trading Eligible Securities. See
Securities Exchange Act Release No. 55647 (April 19, 2007) 72 FR
20891 (April 26, 2007).
---------------------------------------------------------------------------
I. Rule 608(a)
A. Purpose of the Amendments
Currently, Section XVI of the Nasdaq/UTP Plan requires each
Participant to execute most amendments to the Plan before they can
submit Plan amendments to the Commission. This can result in delays and
unwarranted administrative functioning in the context of certain
amendments that are of a purely ministerial nature. For that reason,
the Participants propose to amend the Plan to permit the submission of
Plan amendments to the Commission under the signature of the Chairman
of the Nasdaq/UTP Plan Operating Committee, in lieu of signatures from
each Participant.
The categories of ministerial Plan amendments that the Participants
may submit under the signature of the Chairman include amendments to
the Plan that pertain solely to any one or more of the following:
(1) Admitting a new Participant into the Plan;
(2) Changing the name or address of a Participant;
(3) Incorporating a change that the Commission has implemented by
rule and that requires no conforming language to the text of the Plan
(e.g., the Commission rule establishing the Advisory Committee);
(4) Incorporating a change (i) That the Commission has implemented
by rule, (ii) that requires conforming language to the text of the Plan
(e.g., the Commission rule amending the revenue allocation formula),
and (iii) that a majority of all Participants has voted to approve; and
(5) Incorporating a purely technical change, such as correcting an
error or an inaccurate reference to a statutory provision, or removing
language that has become obsolete (e.g., language regarding ITS).
The Participants believe that submission of these categories of
ministerial amendments will improve the efficiency of the
administration of the Plan and that the signature of each Participant
provides no safeguards that are necessary or appropriate in the context
of these categories of ministerial amendments.
[[Page 5225]]
B. Governing or Constituent Documents
Not applicable.
C. Implementation of Amendment
The Participants propose to implement the change upon Commission
approval of the Amendment.
D. Development and Implementation Phases
See Item I(C) above.
E. Analysis of Impact on Competition
The proposed amendment does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Exchange Act. The Participants do not believe that the proposed
plan amendment introduces terms that are unreasonably discriminatory
for the purposes of Section 11A(c)(1)(D) of the Exchange Act.
F. Written Understanding or Agreements Relating to Interpretation of,
or Participation in, Plan
The Participants have no written understandings or agreements
relating to interpretation of the Plans as a result of the amendment.
G. Approval by Sponsors in Accordance With Plan
Each of the Plan's Participants has executed a written amendment to
the Plan.
H. Description of Operation of Facility Contemplated by the Proposed
Amendment
Not applicable.
I. Terms and Conditions of Access
Not applicable.
J. Method of Determination and Imposition, and Amount of, Fees and
Charges
Not applicable.
K. Method and Frequency of Processor Evaluation
Not applicable.
L. Dispute Resolution
Not applicable.
II. Rule 601(a)
A. Reporting Requirements
Not applicable.
B. Manner of Collecting, Processing, Sequencing, Making Available and
Disseminating Last Sale Information
Not applicable.
C. Manner of Consolidation
Not applicable.
D. Standards and Methods Ensuring Promptness, Accuracy and Completeness
of Transaction Reports
Not applicable.
E. Rules and Procedures Addressed to Fraudulent or Manipulative
Dissemination
Not applicable.
F. Terms of Access to Transaction Reports
Not applicable.
G. Identification of Marketplace of Execution
Not Applicable.
III. Solicitation of Comments
The Commission seeks general comments on Amendment No. 25.
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposal 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 S7-24-89 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 S7-24-89. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of
the submission, all written statements with respect to the proposed
Plan amendment that are filed with the Commission, and all written
communications relating to the proposed Plan amendment 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 the filing also will be available for Web site
viewing and printing at the Office of the Secretary of the Committee,
currently located at the CBOE, 400 S. LaSalle Street, Chicago, IL
60605. 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 S7-24-
89 and should be submitted on or before February 18, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\4\
---------------------------------------------------------------------------
\4\ 17 CFR 200.30-3(a)(27).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-1859 Filed 1-27-11; 8:45 am]
BILLING CODE 8011-01-P