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

Federal Register / Vol. 76, No. 71 / Wednesday, April 13, 2011 / Notices 20769 

3 15 U.S.C. 78f(b)(5). 

4 15 U.S.C. 78s(b)(3)(A). 

5 17 CFR 240.19b–4(f)(6)(iii). 

6 17 CFR 240.19b–4(f)(6)(iii). 

7 Id. 

8For the purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

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 

Exchange 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 these 

statements may be examined at the 

places specified in Item IV below. The 

self-regulatory organization 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 Exchange’s current list of routing 

options are codified in Rule 11.9(b)(3). 

In this filing, the Exchange proposes to 

amend Rule 11.9(b)(3) to add two new 

additional strategies. 

In Rule 11.9(b)(3), the Exchange 

describes that its system (‘‘System’’) 

provides a variety of routing options. 

Routing options may be combined with 

all available order types and times-inforce, with the exception of order types 

and times-in-force whose terms are 

inconsistent with the terms of a 

particular routing option. The System 

will consider the quotations only of 

accessible markets. The term ‘‘System 

routing table’’ refers to the proprietary 

process for determining the specific 

trading venues to which the System 

routes orders and the order in which it 

routes them. The Exchange reserves the 

right to maintain a different System 

routing table for different routing 

options and to modify the System 

routing table at any time without notice. 

The new System routing options are 

described in more detail below. 

The Exchange proposes to describe 

the ROUQ routing strategy and add it to 

Rule 11.9(b)(3)(c)(iv). ROUQ is a routing 

option under which an order checks the 

System for available shares and then is 

sent to destinations on the System 

routing table. 

The Exchange proposes to describe 

the ROUZ routing strategy and add it to 

Rule 11.9(b)(3)(c)(v). ROUZ is a routing 

option under which an order checks the 

System for available shares and then is 

sent to destinations on the System 

routing table. 

The differences between the latter two 

strategies lies in the differences in the 

System routing tables for the ROUQ/ 

ROUZ strategies. The ROUQ routing 

strategy goes to fewer low cost 

destinations than does the ROUZ 

routing strategy. 

The Exchange also proposes to move 

the existing descriptions of ROUE, 

ROUT, and ROUX into Rule 

11.9(b)(3)(c)(i)–(iii), respectively. 

Formerly, the descriptions were in 

Rules 11.9(b)(3)(c) for ROUE, 

11.9(b)(3)(h) for ROUT, and 11.9(b)(3)(i) 

for ROUX. 

The Exchange proposes to make 

conforming changes to the rest of the 

rule to re-letter the sections accordingly. 

The Exchange believes that the 

proposed introduction of these routing 

options, described above, will provide 

market participants with greater 

flexibility in routing orders, without 

having to develop their own 

complicated routing strategies. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b)(5) of the Act,3 which 

requires the rules of an exchange 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 

proposed change to introduce the 

routing options described above will 

provide market participants with greater 

flexibility in routing orders without 

developing complicated order routing 

strategies on their own. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

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 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any 

unsolicited written comments from 

members or other interested parties. 

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, it has 

become effective pursuant to Section 

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

4(f)(6)(iii) thereunder.5

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.6 However, Rule 19b– 

4(f)(6) 7 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 so that the proposal may become 

operative upon filing. The Exchange 

notes that waiver of this requirement 

will allow the Exchange to immediately 

offer Exchange users new routing 

strategies, and the inability to 

immediately offer the new routing 

strategies would put the Exchange at a 

competitive disadvantage. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because such waiver 

would allow the new routing strategies 

to become immediately available to 

Exchange users. For this reason, the 

Commission designates the proposed 

rule change to be operative upon filing 

with the Commission.8

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 rulecomments@sec.gov. Please include File 

Number SR–EDGX–2011–08 on the 

subject line. 

mstockstill on DSKH9S0YB1PROD with NOTICES

20770 Federal Register / Vol. 76, No. 71 / Wednesday, April 13, 2011 / Notices 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 62886 

(September 10, 2010), 75 FR 

56613 (September 16, 2010) (SR–EDGA–2010– 

03). 

4 Id. 

5See Securities Exchange Act Release No. 63517 

(December 10, 2010), 75 FR 78318 (December 15, 

2010) (SR–EDGA–2010–24). 

6 15 U.S.C. 78f(b)(5). 

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–EDGX–2011–08. 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–EDGX–2011–08 and should 

be submitted on or before May 4, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–8850 Filed 4–12–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–64230; File No. SR–EDGA– 

2011–12] 

Self-Regulatory Organizations; EDGA 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend EDGA Rule 

11.13 To Extend the Operation of a 

Pilot 

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 5, 

2011, the EDGA Exchange, Inc. (the 

‘‘Exchange’’ or the ‘‘EDGA’’) 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 self-regulatory 

organization. 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 

EDGA Rule 11.13 to extend the 

operation of a pilot pursuant to the Rule 

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 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. 

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 

Exchange 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 these 

statements may be examined at the 

places specified in Item IV below. The 

self-regulatory organization 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 extend 

the effectiveness of the Exchange’s 

current rule applicable to Clearly 

Erroneous Executions, Rule 11.13. The 

rule, explained in further detail below, 

was approved to operate under a pilot 

program set to expire on December 10, 

2010. Then, it was subsequently 

extended by the Exchange to April 11, 

2011. The Exchange now proposes to 

extend the pilot program to extend 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. 

On September 10, 2010, the 

Commission approved, on a pilot basis, 

changes to EDGA Rule 11.13 to provide 

for uniform treatment: (1) Of clearly 

erroneous execution reviews in multistock events involving twenty or more 

securities; and (2) in the event 

transactions occur that result in the 

issuance of an individual stock trading 

pause by the primary market and 

subsequent transactions that occur 

before the trading pause is in effect on 

the Exchange.3 The Exchange also 

adopted additional changes to Rule 

11.13 that reduced the ability of the 

Exchange to deviate from the objective 

standards set forth in Rule 11.13.4 The 

pilot was subsequently extended to 

April 11, 2011.5 The Exchange believes 

the benefits to market participants from 

the more objective clearly erroneous 

executions rule should be approved to 

continue on a pilot basis. 

2. Statutory Basis 

The statutory basis for the proposed 

rule change is Section 6(b)(5) of the 

Act,6 which requires the rules of an 

exchange 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 proposed rule meets these 

requirements in that it promotes 

transparency and uniformity across 

mstockstill on DSKH9S0YB1PROD with NOTICES