Federal Register / Vol. 76, No. 3 / Wednesday, January 5, 2011 / Notices 617 

8 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. 58845 

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

(SR–NYSE–2008–46); See also Securities Exchange 

Act Release Nos. 60756 (October 1, 2009), 74 FR 

51628 (October 7, 2009) (SR–NYSE–2009–100) 

(extending Pilot to November 30, 2009); 61031 

(November 19, 2009), 74 FR 62368 (November 27, 

2009) (SR–NYSE–2009–113) (extending Pilot to 

March 30, 2010); 61724 (March 17, 2010), 75 FR 

14221 (March 24, 2010) (SR–NYSE–2010–25) 

(extending Pilot to September 30, 2010); and 62819 

(September 1, 2010), 75 FR 54937 (September 9, 

2010) (SR–NYSE–2010–61) (extending Pilot to 

January 31, 2011). 

4See SR–NYSE Amex–2010–122. 

5The information contained herein is a summary 

of the NMM Pilot. See supra note 1 [sic] for a fuller 

description. 

6See NYSE Rule 103. 

7See NYSE Rule 104. 

8See NYSE Rule 60; see also NYSE Rules 104 and 

1000. 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–BX–2010–092. 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 will 

also be available for inspection and 

copying at the principal office of the 

self-regulatory organization. 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–BX–2010–092 and should 

be submitted on or before January 26, 

2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–33257 Filed 1–4–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63618; File No. SR–NYSE– 

2010–85] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Extending the 

Operation of Its New Market Model 

Pilot Until the Earlier of Securities and 

Exchange Commission Approval To 

Make Such Pilot Permanent or August 

1, 2011 

December 29, 2010. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) and Rule 19b–4 thereunder,2

notice is hereby given that on December 

17, 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 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 extend the 

operation of its New Market Model 

Pilot, currently scheduled to expire on 

January 31, 2011, until the earlier of 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) approval to 

make such pilot permanent or August 1, 

2011. 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to extend the 

operation of its New Market Model Pilot 

(‘‘NMM Pilot’’),3 currently scheduled to 

expire on January 31, 2011, until the 

earlier of Securities and Exchange 

Commission approval to make such 

pilot permanent or August 1, 2011. 

The Exchange notes that parallel 

changes are proposed to be made to the 

rules of the NYSE Amex LLC.4

Background 5

In October 2008, the NYSE 

implemented significant changes to its 

market rules, execution technology and 

the rights and obligations of its market 

participants all of which were designed 

to improve execution quality on the 

Exchange. These changes are all 

elements of the Exchange’s enhanced 

market model. Certain of the enhanced 

market model changes were 

implemented through a pilot program. 

As part of the NMM Pilot, NYSE 

eliminated the function of specialists on 

the Exchange creating a new category of 

market participant, the Designated 

Market Maker or DMM.6 The DMMs, 

like specialists, have affirmative 

obligations to make an orderly market, 

including continuous quoting 

requirements and obligations to re-enter 

the market when reaching across to 

execute against trading interest. Unlike 

specialists, DMMs have a minimum 

quoting requirement7 in their assigned 

securities and no longer have a negative 

obligation. DMMs are also no longer 

agents for public customer orders.8

In addition, the Exchange 

implemented a system change that 

allowed DMMs to create a schedule of 

additional non-displayed liquidity at 

various price points where the DMM is 


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618 Federal Register / Vol. 76, No. 3 / Wednesday, January 5, 2011 / Notices 

9See NYSE Rule 1000. 

10The Display Book system is an order 

management and execution facility. The Display 

Book system receives and displays orders to the 

DMMs, contains the order information, and 

provides a mechanism to execute and report 

transactions and publish the results to the 

Consolidated Tape. The Display Book system is 

connected to a number of other Exchange systems 

for the purposes of comparison, surveillance, and 

reporting information to customers and other 

market data and national market systems. 

11See NYSE Rule 72(a)(ii). 

12See supra note 1 [sic]. 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

provide the Commission with 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 

Exchange has fulfilled this requirement. 

willing to interact with interest and 

provide price improvement to orders in 

the Exchange’s system. This schedule is 

known as the DMM Capital 

Commitment Schedule (‘‘CCS’’).9 CCS 

provides the Display Book ® 10 with the 

amount of shares that the DMM is 

willing to trade at price points outside, 

at and inside the Exchange Best Bid or 

Best Offer (‘‘BBO’’). CCS interest is 

separate and distinct from other DMM 

interest in that it serves as the interest 

of last resort. 

The NMM Pilot further modified the 

logic for allocating executed shares 

among market participants having 

trading interest at a price point upon 

execution of incoming orders. The 

modified logic rewards displayed orders 

that establish the Exchange’s BBO. 

During the operation of the NMM Pilot 

orders, or portions thereof, that establish 

priority11 retain that priority until the 

portion of the order that established 

priority is exhausted. Where no one 

order has established priority, shares are 

distributed among all market 

participants on parity. 

The NMM Pilot was originally 

scheduled to end operation on October 

1, 2009, or such earlier time as the 

Commission may determine to make the 

rules permanent. The Exchange filed to 

extend the operation of the Pilot on four 

occasions in order to prepare a rule 

filing seeking permission to make the 

above described changes permanent.12

The Exchange is currently still 

preparing such formal submission but 

does not expect that filing to be 

completed and approved by the 

Commission before January 31, 2011. 

Proposal To Extend the Operation of the 

NMM Pilot 

The NYSE established the NMM Pilot 

to provide incentives for quoting, to 

enhance competition among the existing 

group of liquidity providers and to add 

a new competitive market participant. 

The Exchange believes that the NMM 

Pilot allows the Exchange to provide its 

market participants with a trading 

venue that utilizes an enhanced market 

structure to encourage the addition of 

liquidity, facilitate the trading of larger 

orders more efficiently and operates to 

reward aggressive liquidity providers. 

As such, the Exchange believes that the 

rules governing the NMM Pilot should 

be made permanent. Through this filing 

the Exchange seeks to extend the 

current operation of the NMM Pilot 

until August 1, 2011, in order to allow 

the Exchange time to formally submit a 

filing to the Commission to convert the 

pilot rules to permanent rules. 

2. Statutory Basis 

The basis under the Securities 

Exchange Act of 1934 (the ‘‘Act’’) for this 

proposed rule change is the requirement 

under Section 6(b)(5) that an exchange 

have rules that are designed 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 instant filing is consistent with 

these principles because the NMM Pilot 

provides its market participants with a 

trading venue that utilizes an enhanced 

market structure to encourage the 

addition of liquidity, facilitate the 

trading of larger orders more efficiently 

and operates to reward aggressive 

liquidity providers. Moreover, the 

instant filing requesting an extension of 

the NMM Pilot will permit adequate 

time for: (i) The Exchange to prepare 

and submit a filing to make the rules 

governing the NMM Pilot permanent; 

(ii) public notice and comment; and (iii) 

completion of the 19b–4 approval 

process. 

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 proposed rule 

change: (1) Does not significantly affect 

the protection of investors or the public 

interest; (2) does not impose any 

significant burden on competition; and 

(3) by its terms does not become 

operative for 30 days after the date of 

this filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest, the proposed rule 

change has become effective pursuant to 

Section 19(b)(3)(A) of the Act 13 and 

Rule 19b–4(f)(6) thereunder.14

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–NYSE–2010–85 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–2010–85. 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 


jlentini on DSKJ8SOYB1PROD with NOTICES
Federal Register / Vol. 76, No. 3 / Wednesday, January 5, 2011 / Notices 619 

15The text of the proposed rule change is 

available on the Commission’s Web site at http:// 

www.sec.gov. 

16 17 CFR 200.30–3(a)(12). 

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.15 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– 

2010–85 and should be submitted on or 

before January 26, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–33258 Filed 1–4–11; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #12427 and #12428] 

Arizona Disaster #AZ–00014 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Arizona (FEMA–1950–DR), 

dated 12/21/2010. 

Incident: Severe Storms and Flooding. 

Incident Period: 10/03/2010 through 

10/06/2010. 

Effective Date: 12/21/2010. 

Physical Loan Application Deadline 

Date: 02/21/2011. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 09/21/2011. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

12/21/2010, Private Non-Profit 

organizations that provide essential 

services of governmental nature may file 

disaster loan applications at the address 

listed above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Area: The Sovereign Tribal 

Nation of the Havasupai Tribe Within 

Coconino County. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Non-Profit Organizations With 

Credit Available Elsewhere ... 3.625 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 3.000 

For Economic Injury: 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 3.000 

The number assigned to this disaster 

for physical damage is 12427B and for 

economic injury is 12428B. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

James E. Rivera, 

Associate Administrator for Disaster 

Assistance. 

[FR Doc. 2010–33274 Filed 1–4–11; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #12429 and #12430] 

Vermont Disaster #VT–00015 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Vermont (FEMA–1951–DR), 

dated 12/22/2010. 

Incident: Severe Storm. 

Incident Period: 12/01/2010 through 

12/05/2010. 

Effective Date: 12/22/2010. 

Physical Loan Application Deadline 

Date: 02/21/2011. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 09/22/2011. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

12/22/2010, Private Non-Profit 

organizations that provide essential 

services of governmental nature may file 

disaster loan applications at the address 

listed above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Chittenden, 

Franklin, Lamoille. 

The Interest Rates are: 

For Physical Damage: 

Non-Profit Organizations With Credit 

Available Elsewhere: 3.250. 

Non-Profit Organizations Without 

Credit Available Elsewhere: 3.000. 

For Economic Injury: 

Non-Profit Organizations Without 

Credit Available Elsewhere: 3.000. 

The number assigned to this disaster 

for physical damage is 12429B and for 

economic injury is 12430B. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

James E. Rivera, 

Associate Administrator for Disaster 

Assistance. 

[FR Doc. 2010–33275 Filed 1–4–11; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[License No. 06/06–0335] 

Escalate Capital Partners SBIC I, L.P.; 

Notice Seeking Exemption Under 

Section 312 of the Small Business 

Investment Act, Conflicts of Interest 

Notice is hereby given that Escalate 

Capital Partners, SBIC I, L.P., 300 W. 6th 

Street, Suite 2250, Austin, TX 78701, a 

Federal Licensee under the Small 

Business Investment Act of 1958, as 

amended (‘‘the Act’’), in connection with 

the financing of a small concern, has 

sought an exemption under Section 312 

of the Act and Section 107.730, 

Financings which Constitute Conflicts 

of Interest of the Small Business 

Administration (‘‘SBA’’) Rules and 

Regulations (13 CFR 107.730). Escalate 

Capital Partners, SBIC I, L.P. proposes to 

provide debt security financing to LDR 

Holding Corporation, 4030 West Braker 

Lane, Suite 360, Austin, TX 78759. The 

financing is contemplated to provide 

capital for operations and expansion. 

The financing is brought within the 

purview of § 107.730(a)(1) of the 

Regulations because AV–EC Partners I, 

L.P., an Associate of Escalate Capital 


jlentini on DSKJ8SOYB1PROD with NOTICES