Federal Register / Vol. 75, No. 240 / Wednesday, December 15, 2010 / Notices 78301 

5 15 U.S.C. 78s(b)(2). 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 62271 

(June 10, 2010), 75 FR 34493 (June 17, 2010) (SR– 

ISE–2010–58). 

4See Securities Exchange Act Release No. 62884 

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

2010) (SR–ISE–2010–66). 

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

6 15 U.S.C. 78k–1(a)(1). 

7 15 U.S.C. 78s(b)(3)(A). 

8 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. 

9 17 CFR 240.19b–4(f)(6)(iii). 

10 Id. 

action on the proposed rule change so 

that it has sufficient time to consider the 

Exchange’s proposal, which would 

establish, for the first time, standards for 

listing securities of companies whose 

business plan is to buy and hold 

commodities. 

Accordingly, pursuant to Section 

19(b)(2) of the Act,5 the Commission 

designates February 1, 2011 as the date 

by which the Commission should either 

approve or disapprove, or institute 

proceedings to determine whether to 

disapprove, the proposed rule change 

(File Number SR–NASDAQ–2010–134). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–31485 Filed 12–14–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63506; File No. SR–ISE– 

2010–117) 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Amend ISE Rule 2102 To 

Extend the Pilot Program 

December 9, 2010. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on December 

7, 2010, the International Securities 

Exchange, LLC (the ‘‘Exchange’’ or ‘‘ISE’’) 

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 

Rule 2102 (Hours of Business) to extend 

the expiration of the pilot rule to April 

11, 2011. 

The text of the proposed rule change 

is available on the Exchange’s Internet 

Web site at http://www.ise.com, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

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 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 proposes to amend ISE 

Rule 2102 to extend the expiration of 

the pilot rule. Initial amendments to ISE 

Rule 2102 to allow the Exchange to 

pause trading in an individual stock 

when the primary listing market for 

such stock issues a trading pause were 

approved by the Securities and 

Exchange Commission (‘‘Commission’’) 

on June 10, 2010 on a pilot basis to end 

on December 10, 2010.3 On September 

10, 2010, ISE Rule 2102 was amended 

again to expand the pilot rule to apply 

to the Russell 1000® Index and other 

specified exchange traded products.4

The Exchange now proposes to extend 

the date by which this pilot rule will 

expire to April 11, 2011. Extending this 

pilot program will provide the 

exchanges with a continued opportunity 

to assess the effect of this rule proposal 

on the markets. 

2. Statutory Basis 

The statutory basis for the proposed 

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

Act,5 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 rule 

change also is designed to support the 

principles of Section 11A(a)(1) 6 of the 

Act in that it seeks to assure fair 

competition among brokers and dealers 

and among exchange markets. The 

Exchange believes that the proposed 

rule meets these requirements in that it 

promotes uniformity across markets 

concerning decisions to pause trading in 

a security when there are significant 

price movements. 

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: (1) Significantly affect 

the protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) 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 7 and Rule 19b– 

4(f)(6) thereunder.8

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.9 However, Rule 19b– 

4(f)(6) 10 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 


hsrobinson on DSK69SOYB1PROD with NOTICES
78302 Federal Register / Vol. 75, No. 240 / Wednesday, December 15, 2010 / Notices 

11For the purposes only of waiving the operative 

date 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). 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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.11

Therefore, 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 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–ISE–2010–117 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–ISE–2010–117. 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–ISE– 

2010–117 and should be submitted on 

or before January 5, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–31484 Filed 12–14–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63505; File No. SR– 

NASDAQ–2010–162] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Extend the 

Pilot Period of the Trading Pause for 

Individual Stocks Contained in the 

Standard & Poor’s 500 Index, Russell 

1000 Index, and Specified Exchange 

Traded Products That Experience a 

Price Change of 10% or More During a 

Five-Minute Period 

December 9, 2010. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on December 

7, 2010, The NASDAQ Stock Market 

LLC (‘‘Nasdaq’’ or ‘‘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 extend the 

pilot period of the trading pause for 

individual stocks contained in the 

Standard & Poor’s 500 Index, Russell 

1000 Index, and specified Exchange 

Traded Products that experience a price 

change of 10% or more during a fiveminute period, so that the pilot will 

now expire on April 11, 2011. 

The text of the proposed rule change 

is below. Proposed new language is in 

italics; proposed deletions are in 

brackets. 

* * * * * 

4120. Trading Halts 

(a) Authority To Initiate Trading Halts 

or Pauses 

In circumstances in which Nasdaq 

deems it necessary to protect investors 

and the public interest, Nasdaq, 

pursuant to the procedures set forth in 

paragraph (c): 

(1)–(10) No change. 

(11) shall, between 9:45 a.m. and 3:35 

p.m., or in the case of an early 

scheduled close, 25 minutes before the 

close of trading, immediately pause 

trading for 5 minutes in any Nasdaqlisted security when the price of such 

security moves 10 percent or more 

within a 5-minute period. At the end of 

the trading pause, Nasdaq will re-open 

the security using the Halt Cross process 

set forth in Nasdaq Rule 4753. In the 

event of a significant imbalance at the 

end of a trading pause, Nasdaq may 

delay the re-opening of a security. 

Nasdaq will issue a notification if it 

cannot resume trading for a reason other 

than a significant imbalance. 

Price moves under this paragraph will 

be calculated by changes in each 

consolidated last-sale price 

disseminated by a network processor 

over a five-minute rolling period 

measured continuously. Only regular 

way in-sequence transactions qualify for 

use in calculations of price moves. 

Nasdaq can exclude a transaction price 

from use if it concludes that the 

transaction price resulted from an 

erroneous trade. 

If a trading pause is triggered under 

this paragraph, Nasdaq shall 

immediately notify the single plan 

processor responsible for consolidation 

of information for the security pursuant 

to Rule 603 of Regulation NMS under 

the Securities Exchange Act of 1934. If 

a primary listing market issues an 

individual stock trading pause, Nasdaq 

will pause trading in that security until 

trading has resumed on the primary 


hsrobinson on DSK69SOYB1PROD with NOTICES