[Federal Register Volume 76, Number 45 (Tuesday, March 8, 2011)]
[Notices]
[Pages 12773-12774]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-5192]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64014; File No. SR-NYSEAmex-2011-10]
Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Extending the Pilot
Period of the Exchange's Prior Approvals To Receive Inbound Routes of
Equities Orders From Archipelago Securities LLC
March 2, 2011.
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 February 24, 2011, NYSE Amex LLC (the ``Exchange'' or ``NYSE
Amex'') 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 NYSE Amex. 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
The Exchange proposes to extend the pilot period of the Exchange's
prior approvals to receive inbound routes of equities orders from
Archipelago Securities LLC (``Arca Securities''), an NYSE Amex
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 the New York Stock Exchange
(``NYSE'') and NYSE Arca, Inc. (``NYSE Arca'').\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 the NYSE and NYSE Arca.\5\ The Exchange's authority to receive
inbound routes of equities orders by Arca Securities is subject to a
pilot period ending March 31, 2011.\6\ The Exchange hereby seeks to
extend the previously approved pilot period (with the attendant
obligations and conditions) for an additional six months, through
September 30, 2011.
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\3\ 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).
\4\ 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 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. 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).
\5\ See Securities Exchange Act Release No. 58673 (September 29,
2008), 73 FR 57707 (October 3, 2008) (order approving SR-Amex-2008-
62). See also Securities Exchange Act Release No. 58705 (October 1,
2008), 73 FR 58995 (October 8, 2008) (order approving SR-AMEX-2008-
63).
\6\ See Securities Exchange Act Release No. 62831 (September 2,
2010), 75 FR 55388 (September 10, 2010) (Notice of immediate
effectiveness of SR-NYSEAmex-2010-91).
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2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\7\ 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 and NYSE
Arca, 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\
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\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.
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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: (i) Significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
30 days after the date on which it was filed, or such shorter time
[[Page 12774]]
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\
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
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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 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-NYSEAmex-2011-10 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-NYSEAmex-2011-10. 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, 100 F
Street, NE., Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of the 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-
NYSEAmex-2011-10 and should be submitted on or before March 29, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-5192 Filed 3-7-11; 8:45 am]
BILLING CODE 8011-01-P