Federal Register / Vol. 76, No. 71 / Wednesday, April 13, 2011 / Notices 20767 

15 17 CFR 200.30–3(a)(12). 

1 15 U.S.C.78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4 . 

4See Securities Exchange Act Release No. 63500 

(December 9, 2010), 75 FR 78309 (December 15, 

2010) (SR–NYSE–2010–81). 

5The Exchange notes that the other national 

securities exchanges and the Financial Industry 

Regulatory Authority have adopted the pilot in 

substantially similar form. See Securities Exchange 

Act Release No. 62252 (June 10, 2010), 75 FR 34186 

(June 16, 2010) (File Nos. SR–BATS–2010–014; SR– 

EDGA–2010–01; SR–EDGX–2010–01; SR–BX–2010– 

037; SR–ISE–2010–48; SR–NYSE–2010–39; SR– 

NYSEAmex–2010–46; SR–NYSEArca–2010–41; SR– 

NASDAQ–2010–061; SR–CHX–2010–10; SR–NSX– 

2010–05; and SR–CBOE–2010–047) and Securities 

Exchange Act Release No. 62251 (June 10, 2010), 75 

FR 34183 (June 16, 2010) (SR–FINRA–2010–025). 

See also Securities Exchange Act Release No. 62884 

(September 10, 2010), 75 FR 56618 (September 16, 

2010) (File Nos. SR–BATS–2010–018; SR–BX– 

2010–044; SR–CBOE–2010–065; SR–CHX–2010–14; 

SR–EDGA–2010–05; SR–EDGX–2010–05; SR–ISE– 

2010–66; SR–NASDAQ–2010–079; SR–NYSE– 

2010–49; SR–NYSEAmex–2010–63; SR–NYSEArca– 

2010–61; and SR–NSX–2010–08 and Securities 

Exchange Act Release No. 62883 (September 10, 

2010), 75 FR 56608 (September 16, 2010) (SR– 

FINRA–2010–033). 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(5). 

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–ISE– 

2011–23 and should be submitted on or 

before May 4, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–8856 Filed 4–12–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–64254; File No. SR–NYSE– 

2011–16] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Amending 

NYSE Rule 80C, Trading Pauses in 

Individual Securities Due to 

Extraordinary Market Volatility, To 

Extend the Effective Date of the Pilot 

Until the Earlier of August 11, 2011 or 

the Date on Which a Limit Up/Limit 

Down Mechanism To Address 

Extraordinary Market Volatility, if 

Adopted, Applies 

April 7, 2011. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on April 6, 

2011, 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 Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

NYSE Rule 80C, which provides for 

trading pauses in individual securities 

due to extraordinary market volatility, 

to extend the effective date of the pilot 

by which such rule operates from the 

current scheduled expiration date of 

April 11, 2011, until the earlier of 

August 11, 2011 or the date on which 

a limit up/limit down mechanism to 

address extraordinary market volatility, 

if adopted, applies. 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 

The Exchange proposes to amend 

NYSE Rule 80C, which provides for 

trading pauses in individual securities 

due to extraordinary market volatility, 

to extend the effective date of the pilot 

by which such rule operates from the 

current scheduled expiration date of 

April 11, 2011,4 until the earlier of 

August 11, 2011 or the date on which 

a limit up/limit down mechanism to 

address extraordinary market volatility, 

if adopted, applies. 

Rule 80C requires the Exchange to 

pause trading in an individual security 

listed on the Exchange if the price 

moves by 10% as compared to prices of 

that security in the preceding fiveminute period during a trading day, 

which period is defined as a ‘‘Trading 

Pause.’’ The pilot was developed and 

implemented as a market-wide initiative 

by the Exchange and other national 

securities exchanges in consultation 

with the Commission staff and is 

currently applicable to all S&P 500 

Index securities, Russell 1000 Index 

securities, and specified exchangetraded products.5

The extension proposed herein would 

allow the pilot to continue to operate 

without interruption while the 

Exchange, other national securities 

exchanges and the Commission further 

assess the effect of the pilot on the 

marketplace or whether other initiatives 

should be adopted in lieu of the current 

pilot. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Securities Exchange Act of 1934 

(the ‘‘Act’’),6 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,7

in particular, in that it is designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, 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 Exchange believes 

that the change proposed herein meets 

these requirements in that it promotes 

uniformity across markets concerning 

decisions to pause trading in a security 

when there are significant price 

movements. Additionally, extension of 

the pilot until the earlier of August 11, 

2011 or the date on which a limit up/ 

limit down mechanism to address 

extraordinary market volatility, if 

adopted, applies would allow the pilot 

to continue to operate without 

interruption while the Exchange and the 

Commission further assess the effect of 

the pilot on the marketplace or whether 

other initiatives should be adopted in 

lieu of the current pilot. 

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 

mstockstill on DSKH9S0YB1PROD with NOTICES

20768 Federal Register / Vol. 76, No. 71 / Wednesday, April 13, 2011 / Notices 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4 (f)(6). When filing a proposed 

rule change pursuant to Rule 19b–4 (f)(6) under the 

Act, an exchange is required to give 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 Commission 

notes that the Exchange has satisfied this 

requirement. 

10 17 CFR 240.19b–4(f)(6)(iii). 

11 Id. 

12For the purposes only of waiving the operative 

delay of this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

13 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

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 proposed 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 from the date on 

which it was filed, or such shorter time 

as the Commission may designate if 

consistent with the protection of 

investors and the public interest, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 8 and Rule 19b–4 

(f)(6) thereunder.9

A proposed rule change filed under 

Rule 19b–4(f)(6) normally may not 

become operative prior to 30 days after 

the date of filing.10 However, Rule 19b– 

4(f)(6) 11 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay. 

The Commission has considered the 

Exchange’s request to waive the 30-day 

operative delay. The Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest, as it will allow the pilot 

program to continue uninterrupted, 

thereby avoiding the investor confusion 

that could result from a temporary 

interruption in the pilot program.12 For 

this reason, the Commission designates 

the proposed rule change to be operative 

upon filing. 

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

change 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, as amended, 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 rulecomments@sec.gov. Please include File 

Number SR–NYSE–2011–16 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–2011–16. 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 such filing 

also will be available for inspection and 

copying at the principal offices 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–2011–16, and 

should be submitted on or before May 

4, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–8855 Filed 4–12–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–64250; File No. SR–EDGX– 

2011–08] 

Self-Regulatory Organizations; EDGX 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule To Amend EDGX Rule 11.9 To 

Introduce Additional Routing Options 

to the Rule 

April 7, 2011. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on April 1, 

2011, EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Rule 11.9 to introduce additional 

routing options to the rule. The text of 

the proposed rule change is attached as 

Exhibit 5 and is available on the 

Exchange’s Web site at http:// 

www.directedge.com, at the Exchange’s 

principal office, on the Commission’s 

Web site at http://www.sec.gov, and at 

the Public Reference Room of the 

Commission. 

mstockstill on DSKH9S0YB1PROD with NOTICES