77024 Federal Register / Vol. 75, No. 237 / Friday, December 10, 2010 / Notices 

8 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. 55496 

(March 20, 2007), 72 FR 14631 (March 28, 2007) 

(SR–NYSE–2006–37). 

5The NYSE intends to submit a separate fee filing 

to address the proposed bond trading license. 

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–NASDAQ–2010–152 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–2010–152. 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 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–2010–152 and should be 

submitted on or before January 3, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–31099 Filed 12–9–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63444; File No. SR–NYSE– 

2010–74] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing of Proposed Rule Change To 

Create a Bond Trading License for 

Member Organizations and Establish 

Bonds Liquidity Providers as a New 

Market Class on NYSE Under a Pilot 

Program 

December 6, 2010. 

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 

November 23, 2010, 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, II, and 

III 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 establish a 

twelve-month pilot program to: (1) 

Create a bond trading license for 

member organizations that desire to 

trade only debt securities on the 

Exchange; and (2) establish a new class 

of NYSE market participants, ‘‘Bonds 

Liquidity Providers’’ (‘‘BLPs’’). 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 

NYSE proposes a twelve-month pilot 

program to: (1) Adopt new Rule 87 to 

create a bond trading license for 

member organizations that desire to 

trade only debt securities on the NYSE; 

and (2) adopt new Rule 88 to establish 

BLPs, a new class of debt market 

participants, and provide them with 

financial incentives for bringing 

liquidity to the Exchange’s bond market. 

The purpose of the proposed rule 

change is to encourage market 

participants to bring additional liquidity 

to the Exchange’s bond marketplace. 

Background on the Current NYSE Bond 

Trading Platform 

The Exchange began trading bonds 

electronically in 1977 with the 

introduction of the Automated Bond 

System (‘‘ABS’’). In 2007, the Exchange 

retired the ABS system, moved the 

platform to its Archipelago technology, 

and replaced former Rule 86 

(‘‘Automated Bond System’’) with new 

Rule 86 (‘‘NYSE Bonds’’).4 The Exchange 

also filed Rules 1400 and 1401, 

expanding the number of debt issues 

that could be traded on the exchange. 

Bonds eligible to trade on the NYSE 

Bonds platform include any debt 

instrument that is listed on the NYSE 

and any corporate debt of a listed 

company of the Exchange. 

Despite these changes, the Exchange 

has failed to attract meaningful trading 

volume. The NYSE Bonds platform 

executes between 0 and 20 trades per 

day, with an average sized trade of 20 

bonds. Currently, there are no incentive 

programs in place to provide liquidity to 

NYSE Bonds. The Exchange believes 

that the pilot incentive programs 

proposed in this filing will attract 

providers to NYSE Bonds and create 

more liquidity and transparency in the 

retail corporate bond market. 

Bond Trading License 

The Exchange proposes to establish a 

new bonds-only trading license to 

encourage more member organizations 

to trade debt securities on the NYSE.5

Currently, an approved member 

organization may obtain a trading 

license pursuant to Rule 300, which 

permits them to trade all debt and 

equity securities listed on the Exchange. 

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Federal Register / Vol. 75, No. 237 / Friday, December 10, 2010 / Notices 77025 

6See Securities Exchange Act Release No. 58877 

(October 29, 2008), 73 FR 65904 (November 5, 2008) 

(SR–NYSE–2008–108) (establishing SLP Pilot); 

Securities Exchange Act Release No. 58845 (October 

24, 2008), 73 FR 64379 (October 29, 2008) (SR– 

NYSE–2008–46) (establishing New Market Model 

Pilot); Securities Exchange Act Release No. 62814 

(September 1, 2010), 75 FR 54671 (September 8, 

2010) (SR–NYSE–2010–61 (extending the Pilots 

until January 31, 2011). 

7See Securities Exchange Act Release No. 62455 

(July 6, 2010), 75 FR 40004 (July 13, 2010) (SR– 

NYSE–2010–51); see also Securities Exchange Act 

Release No. 57176 (January 18, 2008), 73 FR 4929 

(January 28, 2008) (SR–NYSE–2008–04). The pilot 

program, which is scheduled to expire in December 

31, 2010, provides for the following transaction fee 

schedule: (1) When the liquidity taker purchases or 

sells from one to 10 bonds, the Exchange charges 

an execution fee of $0.50 per bond; (2) when the 

liquidity taker purchases or sells from 11 to 25 

bonds, the Exchange charges an execution fee of 

$0.20 per bond, and (3) when the liquidity taker 

purchases or sells 26 bonds or more, the Exchange 

charges an execution fee of $0.10 per bond. There 

is a $100 execution fee cap per transaction. The 

Exchange intends to submit a separate filing to 

make the pilot program permanent. 

8The absence of such data makes it difficult to 

evaluate the quality of such markets. 

Under proposed Rule 87, a member 

organization that chooses to trade only 

bonds, or a new member organization 

who desires to trade only bonds, could 

apply for a bond trading license (‘‘BTL’’) 

under proposed Rule 87. A BTL would 

be available to any approved NYSE 

member organization. A BTL license 

would not be transferable and could not, 

in whole or in part, be transferred, 

assigned, sublicensed or leased. 

However, the holder of the BTL could, 

with the prior written consent of the 

Exchange, transfer a BTL to a qualified 

and approved member organization (i) 

that is an affiliate or (ii) that continues 

substantially the same business of such 

BTL holder without regard to the form 

of the transaction used to achieve such 

continuation, e.g., merger, sale of 

substantially all assets, reincorporation, 

reorganization or the like. 

Background on BLPs 

The Exchange also proposes to create 

a new class of market participant, BLPs, 

which would serve a function similar to 

the function served by Supplemental 

Liquidity Providers (‘‘SLPs’’) trading 

equity securities in the Exchange’s New 

Market Model.6 The structure of the 

corporate bond market consists of 

thousands of bonds, with liquidity 

spread inconsistently across many 

issues. Under proposed Rule 88, the 

Exchange would provide incentives for 

quoting and adding liquidity to the 

bond market via the BLP program. 

Under a current pilot program, bond 

platform participants are only charged a 

graduated fee for liquidity taking 

transactions.7 Proposed Rule 88 seeks to 

provide an additional incentive in the 

form of a rebate to BLPs who provide 

liquidity to the Exchange’s bond market. 

The Exchange believes that the rebate 

would encourage the additional 

utilization of, and interaction with, the 

NYSE and improve price discovery and 

liquidity and encourage competitive 

quotes and price improvement 

opportunities. These incentives should 

encourage BLPs to make more liquid 

and competitive markets. 

Responsibilities of BLPs 

(A) Quoting Requirements 

Under proposed Rule 88(a), a BLP 

would be required to maintain: (1) A bid 

at least seventy percent (70%) of the 

trading day for a bond; (2) an offer at 

least seventy percent (70%) of the 

trading day for a bond; and (3) a bid or 

offer at the Exchange’s Best Bid (‘‘BB’’) 

or Exchange’s Best Offer (‘‘BO’’) at least 

five percent (5%) of the trading day in 

each of its bonds in the aggregate. To 

create a financial incentive to serve as 

a BLP, proposed Rule 88(b) provides 

that a BLP that meets the quoting 

requirement for a bond as described in 

paragraph (a) would receive the 

liquidity provider rebate set forth in the 

Exchange’s Price List. The Exchange 

intends to submit a separate filing that 

would set the liquidity provider rebate 

at $0.05 per bond, with a $50 rebate cap 

per transaction. 

Currently, there are no live quote 

obligations in the corporate bond 

market.8 The proposed live quoting 

obligation, combined with the 

additional obligation of being on the BB 

or BO at least five percent of the day, 

presents a significant market and 

technological change for fixed income 

dealers. As such, NYSE believes that the 

proposed rule change would strike an 

appropriate balance between the 

quoting obligations and financial 

incentives offered to BLPs. Nonetheless, 

in keeping with the pilot status of the 

proposed rule changes, the Exchange 

would monitor and evaluate this 

balance during the course of the pilot; 

as more liquidity is brought to the NYSE 

bond marketplace, the Exchange may 

consider revising the incentive and 

quoting structure as needed. 

(B) Qualifications 

To qualify as a BLP under proposed 

Rule 88(c), a member organization 

would be required to: (1) Demonstrate 

an ability to meet the quoting 

requirements of a BLP; (2) have 

mnemonics that identify to the 

Exchange BLP trading activity in 

assigned BLP bonds; (3) have adequate 

trading infrastructure and technology to 

support electronic trading. 

Because a BLP would only be 

permitted to trade electronically from 

off the Floor of the Exchange, a member 

organization’s off-Floor technology must 

be fully automated to accommodate the 

Exchange’s trading and reporting 

systems that are relevant to operating as 

a BLP. If a member organization were 

unable to support the relevant electronic 

trading and reporting systems of the 

Exchange for BLP trading activity, it 

would not qualify as a BLP. 

(C) Application Process 

Under proposed Rule 88(d), to 

become a BLP, a member organization 

would be required to submit a BLP 

application form with all supporting 

documentation to the Exchange. The 

Exchange would determine whether an 

applicant was qualified to become a BLP 

as set forth above. After an applicant 

submitted a BLP application to the 

Exchange, with supporting 

documentation, the Exchange would 

notify the applicant member 

organization of its decision. If an 

applicant were approved by the 

Exchange to act as a BLP, the applicant 

would be required to establish 

connectivity with relevant Exchange 

systems before the applicant would be 

permitted to trade as a BLP on the 

Exchange. In the event an applicant is 

disapproved or disqualified under 

proposed Rule 88(d)(4) or (i)(2) by the 

Exchange, such applicant may request 

an appeal of such disapproval or 

disqualification by the Exchange as 

provided in proposed Rule 88(j) of the 

Rule, and/or reapply for BLP status 

three (3) months after the month in 

which the applicant received 

disapproval or disqualification notice 

from the Exchange. 

(D) Voluntary Withdrawal of BLP Status 

A BLP would be permitted to 

withdraw from the status of a BLP by 

giving notice to the Exchange. Such 

withdrawal would become effective 

when those bonds assigned to the 

withdrawing BLP are reassigned to 

another BLP. After the Exchange 

receives the notice of withdrawal from 

the withdrawing BLP, the Exchange 

would reassign such bonds as soon as 

practicable, but no later than 30 days of 

the date the notice was received by the 

Exchange. If the reassignment of bonds 

takes longer than the 30-day period, the 

withdrawing BLP would have no further 

obligations and would not be held 

responsible for any matters concerning 

its previously assigned BLP bonds. 

(E) Calculation of Quoting Requirements 

Beginning with the first month of 

operation as a BLP, the BLP must satisfy 

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77026 Federal Register / Vol. 75, No. 237 / Friday, December 10, 2010 / Notices 

9 ‘‘Trading day’’ means any day on which the 

Exchange is scheduled to be open for business. 

Days on which the Exchange closes prior to 4 p.m. 

(Eastern Time) for any reason, which may include 

any regulatory halt or trading halt, are considered 

a trading day. 

the 70% quoting requirement for each of 

its assigned BLP bonds. The Exchange 

would determine whether a BLP met its 

70% quoting requirement by 

determining the average percentage of 

time a BLP was at a bid (offer) in each 

of its BLP bonds during the regular 

trading day 9 on a daily and monthly 

basis. The Exchange would determine 

whether a BLP has met this requirement 

by calculating the following: 

• A ‘‘Daily Bid Quoting Percentage’’ 

would be calculated by determining the 

percentage of time a BLP had at least 10 

displayed BLP bonds at a single price 

level in an Exchange bid during each 

trading day for a calendar month; 

• A ‘‘Daily Offer Quoting Percentage’’ 

would be calculated by determining the 

percentage of time a BLP had at least 10 

displayed BLP bonds at a single price 

level in an Exchange offer during each 

trading day for a calendar month; 

• A ‘‘Monthly Average Bid Quoting 

Percentage’’ would be calculated for 

each BLP bond by summing the bond’s 

‘‘Daily Bid Quoting Percentages’’ for 

each trading day in a calendar month 

then dividing the resulting sum by the 

total number of trading days in such 

calendar month; and 

• A ‘‘Monthly Average Offer Quoting 

Percentage’’ would be calculated for 

each BLP bond by summing the bond’s 

‘‘Daily Offer Quoting Percentage’’ for 

each trading day in a calendar month 

then dividing the resulting sum by the 

total number of trading days in such 

calendar month. 

Only displayed orders entered 

throughout the trading day would be 

used when calculating whether a BLP is 

in compliance with its 70% average 

quoting requirements. 

The BLP’s 5% quoting requirements 

would not be in effect during the first 

two months of operation as a BLP in 

order to allow the BLP time to achieve 

this quoting metric. The 5% quoting 

requirement would take effect in the 

third month of a BLP’s operation. At 

that time, a BLP would be required to 

satisfy the 5% quoting requirement for 

each assigned BLP bond. The Exchange 

would determine whether a BLP had 

met its 5% quoting requirement by 

determining the average percentage of 

time a BLP was at the BB or BO in each 

of its assigned BLP bonds during the 

regular trading day on a daily and 

monthly basis, as follows: 

• A ‘‘Daily BB Quoting Percentage’’ 

would be calculated by determining the 

percentage of time a BLP had at least 

one displayed BLP bond in an Exchange 

bid at the BB during each trading day 

for a calendar month; 

• A ‘‘Daily BO Quoting Percentage’’ 

would be calculated by determining the 

percentage of time a BLP had at least 

one displayed BLP bond in an Exchange 

offer at the BO during each trading day 

for a calendar month; 

• A ‘‘Daily BBO Quoting Percentage’’ 

would be calculated for each trading 

day by summing the ‘‘Daily BB Quoting 

Percentage’’ and the ‘‘Daily BO Quoting 

Percentage’’ in each BLP bond; and 

• A ‘‘Monthly Average BBO Quoting 

Percentage’’ would be calculated for 

each BLP bond by summing the bond’s 

‘‘Daily BBO Quoting Percentages’’ for 

each trading day in a calendar month 

then dividing the resulting sum by the 

total number of trading days in such 

calendar month. 

Only displayed orders at the BB and 

BO throughout the trading day would be 

used when calculating whether a BLP is 

in compliance with its 5% average 

quoting requirement. 

(F) Matching of BLPs and Issuers 

During the proposed pilot program, an 

issuer may be represented by only one 

BLP. Prior to the commencement of the 

pilot, the Exchange would match issuers 

with BLPs that have been approved 

under proposed Rule 88(d) in the 

following manner. In the first round of 

matching, the Exchange would match 

BLPs to issuers that have at least one 

debt issue with a current outstanding 

principal of $500 million or greater. 

BLPs would be permitted to select the 

issuers that they want to represent from 

this group; the order in which BLPs 

would be permitted to make their 

selections would be determined by 

lottery. Each BLP would make one 

selection in the random order 

determined by the lottery, and the 

process would continue until all BLPs 

have exhausted their selections for this 

group of issuers. 

In the second round of matching, the 

Exchange would match BLPs to issuers 

with one of more debt issues that each 

has a current outstanding principal of 

less than $500 million. Each BLP would 

submit a list of the issuers and the 

issuer’s bonds that it would be willing 

to represent. The BLP that is willing to 

represent the most bonds for a given 

issuer would be matched to that issuer. 

In event of a tie (i.e., two or more issuers 

seeking to represent the same issuer and 

the same number of that issuer’s bonds), 

the BLP with the highest lottery number 

from the first round would be matched 

with the issuer. 

After the commencement of the 

program, matching would continue in a 

manner similar to the second round of 

matching prior to commencement of the 

program. On a monthly basis, BLPs 

would be permitted to apply for 

unrepresented issuers. The BLP willing 

to represent the most debt issuances of 

an issuer would be awarded status as a 

BLP for such issuer, with ties resolved 

by lottery. 

A BLP must represent each debt 

issuance of an issuer that has an 

outstanding principal of $500 million or 

more. A BLP also may represent any 

issuance below such level, but would 

not be required to do so. If a BLP is 

representing a debt issuance that was 

above $500 million but falls below such 

level, or has voluntarily been 

representing an issuance below the $500 

million level where the outstanding 

principal amount has since been 

reduced, the BLP may cease 

representing such issue by notifying the 

Exchange in writing by the 15th day of 

the month, in which case the BLP may 

cease acting as such on the 1st day of 

the following month. 

The Exchange believes that this 

matching process would be fair to 

approved BLPs and beneficial to issuers. 

In light of the unique nature of the debt 

market, the matching process would 

give BLPs the opportunity to select the 

issuers that they want to represent and 

thereby take into account the BLP’s 

expertise in particular issuers and 

sectors. The matching process for the 

largest issuers would be determined on 

a random basis, while the matching 

process for smaller issuers would be 

determined in favor of those BLPs 

willing to offer the broadest coverage to 

such issuers. NYSE anticipates that this 

process would result in the broadest 

coverage of issuers and sectors upon 

commencement of the pilot. 

(G) Failure To Meet Quoting 

Requirements 

If, in any given calendar month after 

the first two months a BLP acted as a 

BLP, a BLP fails to meet any of the 

quoting requirements set forth in 

paragraph (a) of proposed Rule 88, the 

BLP would no longer be eligible for the 

rebate for the affected bond. If a BLP’s 

failure to meet the quoting requirements 

continues for three consecutive calendar 

months in any assigned BLP bond, the 

Exchange could, in its discretion, take 

one or more of the following actions: (i) 

Revoke the assignment of all of the 

affected issuer’s bonds from the BLP; (ii) 

revoke the assignment of an additional 

unaffected issuer from a BLP; or (iii) 

disqualify a member organization from 

its status as a BLP. 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 75, No. 237 / Friday, December 10, 2010 / Notices 77027 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(5). 12 17 CFR 200.30–3(a)(12). 

The Exchange, in its sole discretion, 

would determine if and when a member 

organization is disqualified from its 

status as a BLP. One calendar month 

prior to any such determination, the 

Exchange would notify a BLP of such 

impending disqualification in writing. 

When disqualification determinations 

are made, the Exchange would provide 

a disqualification notice to the member 

organization. 

If a member organization were 

disapproved pursuant to paragraph 

(d)(2) of the proposed Rule or 

disqualified from its status as a BLP 

pursuant to paragraph (i)(1)(C) of the 

proposed Rule, such member 

organization could re-apply for BLP 

status three calendar months after the 

month in which the member 

organization received its 

disqualification notice. 

(H) Appeal of Disapproval or 

Disqualification 

In the event a member organization 

disputes the Exchange’s decision to 

disapprove or disqualify it under Rule 

88(d)(4) or (i)(2), such member 

organization (‘‘appellant’’) may request, 

within five (5) business days of 

receiving notice of the decision, the 

Bond Liquidity Provider Panel (‘‘BLP 

Panel’’) to review all such decisions to 

determine if such decisions were 

correct. 

In the event a member organization is 

disqualified from its status as a BLP 

pursuant to proposed Rule 88(i)(2), the 

Exchange will not reassign the 

appellant’s bonds to a different BLP 

until the BLP Panel has informed the 

appellant of its ruling. 

The BLP Panel will consist of the 

NYSE’s Chief Regulatory Officer 

(‘‘CRO’’), or a designee of the CRO, and 

two (2) officers of the Exchange 

designated by the Co-Head of U.S. 

Listings and Cash Execution. The BLP 

Panel will review the facts and render 

a decision within the time frame 

prescribed by the Exchange. The BLP 

Panel may overturn or modify an action 

taken by the Exchange and all 

determinations by the BLP Panel will 

constitute final action by the Exchange 

on the matter at issue. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,10 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,11

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 

the proposed rule changes are consistent 

with these principles in that they seek 

to expand the number of member 

organizations that can trade debt 

securities on the NYSE, establish a new 

class of market participants, BLPs, that 

will provide additional liquidity to the 

bond market, and in general promote a 

free and open market. The Exchange 

believes that investors will benefit from 

increased transparency, competition 

and liquidity in its bond marketplace. 

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 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve or disapprove 

the proposed rule change, or 

(B) Institute proceedings to determine 

whether the proposed rule change 

should be 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 rulecomments@sec.gov. Please include File 

Number SR–NYSE–2010–74 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–2010–74. 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 Section, 100 F Street, NE., 

Washington, DC 20549–1090, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing will 

also be available for inspection and 

copying at the NYSE’s principal office 

and on its Web site at http:// 

www.nyse.com. 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– 

2010–74 and should be submitted on or 

before January 3, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–31102 Filed 12–9–10; 8:45 am] 

BILLING CODE 8011–01–P 

mstockstill on DSKH9S0YB1PROD with NOTICES