Federal Register / Vol. 75, No. 44 / Monday, March 8, 2010 / Notices 10533 

4 15 U.S.C. 78f(b). 

5 15 U.S.C. 78f(b)(4). 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(2). 

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

continue to be charged and do not count 

toward the $250,000 fee cap. 

NYSE Amex is continuously 

monitoring our fees in an attempt to 

ensure that we remain competitive 

while also ensuring that we allocate our 

costs equitably across all participants. 

NYSE Amex believes that proposed 

changes are equitable and apply 

uniformly to all similarly situated ATP 

Holders. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),4 in general, and Section 6(b)(4) 

of the Act,5 in particular, in that it is 

designed to provide for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members and 

other persons using its facilities. NYSE 

Amex believes that proposed changes 

are equitable and apply uniformly to all 

similarly situated ATP Holders. 

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 either 

solicited or received with respect to the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 6 of the Act and 

subparagraph (f)(2) of Rule 19b–4 7

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

NYSE Amex. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

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–NYSEAmex–2010–10 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–NYSEAmex–2010–10. 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– 

NYSEAmex–2010–10 and should be 

submitted on or before March 29, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–4737 Filed 3–5–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61616; File No. SR–NYSE– 

2010–12] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by New York 

Stock Exchange LLC as Modified by 

Amendment No. 1 Thereto Clarifying 

the Implementation Date of the 

Amendments to NYSE Rule 123C To 

Modify the Procedures for Its Closing 

Process and Make Conforming 

Changes to NYSE Rules 13 and 15 

March 1, 2010. 

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 February 

25, 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 Exchange. On 

March 1, 2010, the Exchange filed 

Amendment No. 1 to the proposed rule 

change. The Commission is publishing 

this notice to solicit comments on the 

proposed rule change, as amended, from 

interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to clarify the 

implementation date of the amendments 

to NYSE Rule 123C (Market On The 

Close Policy And Expiration 

Procedures) to modify the procedures 

for its closing process; and make 

conforming changes to NYSE Rules 13 

(‘‘Definitions of Orders’’) and 15 (‘‘PreOpening Indications’’). The text of the 

proposed rule change is available at the 

Exchange, the Commission’s Public 

Reference Room, and http:// 

www.nyse.com. 


srobinson on DSKHWCL6B1PROD with NOTICES
10534 Federal Register / Vol. 75, No. 44 / Monday, March 8, 2010 / Notices 

3 Included in these amendments were conforming 

changes related to the information disseminated 

prior to the opening transaction which are also 

proposed in this filing. 

4See Securities Exchange Release No. 34–61233 

(December 23, 2009), 74 FR 69169 (December 30, 

2009) (SR–NYSE–2009–111). 

5See SR–NYSEAmex–2010–17. 

6See definition of d-Quotes NYSE Rule 70, 

Supplementary Material .25. 

7See definition of e-Quotes NYSE Rule 70(a). 

8See Securities Exchange Release No. 59345 

(February 3, 2009), 74 FR 6444 (February 9, 2009) 

(SR–NYSE–2009–10) (Establishing a single print for 

the closing transaction). See also, Securities 

Exchange Release No. 60153 (June 19, 2009), 74 FR 

30656 (June 26, 2009) (SR–NYSE–2009–49) 

(Inclusion of d-Quotes and all other e-Quotes 

containing pegging instructions eligible to 

participate in the closing transaction NYSE Order 

Imbalance Information datafeed). 

9 In the NYSE Rules and for the purposes of this 

discussion, the terms ‘‘market-on-close’’ and ‘‘limiton-close’’ are used interchangeably with ‘‘market-atthe-close’’ and ‘‘limit-at-the-close’’. 10 15 U.S.C. 78f(b)(5). 

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 

New York Stock Exchange LLC 

(‘‘NYSE’’ or the ‘‘Exchange’’) submits this 

filing to clarify the implementation date 

of amendments to NYSE Rule 123C 

(Market On The Close Policy And 

Expiration Procedures) to modify the 

procedures for its closing process; and 

make conforming changes to NYSE 

Rules 13 (‘‘Definitions of Orders’’) and 

15 (‘‘Pre-Opening Indications’’) 

approved by the Securities and 

Exchange Commission on December 23, 

2009 (‘‘Close 3 Modifications’’).4

The Exchange notes that similar 

changes are proposed to the rules of its 

affiliate, NYSE Amex LLC.5

Background 

In 2009, the NYSE implemented 

changes designed to streamline and 

improve the efficiency of its closing 

process, which included establishing a 

single print for the closing transactions, 

activating systemic compliance filters 

for market at-the-close (‘‘MOC’’) and 

limit at-the-close (‘‘LOC’’) orders and 

enhancing the transparency of its 

informational data feed for imbalances 

by including d-Quotes 6 and all other eQuotes 7 containing pegging instructions 

eligible to participate in the closing 

transaction in the NYSE Order 

Imbalance Information datafeed.8

In addition, on December 23, 2009, 

the SEC approved the Exchanges filing 

to implement Close Modifications 

designed to further streamline the 

closing process, enhance transparency 

on the close and allow for greater 

customer participation when there is an 

imbalance in a security prior to the 

closing transaction. Pursuant to the 

Close Modifications, the NYSE amended 

NYSE Rule 123C to: (i) Extend the time 

for the entry of MOC/LOC orders 9 from 

3:40 p.m. to 3:45 p.m.; (ii) amend the 

procedures for the entry of MOC/LOC 

orders in response to imbalance 

publications and regulatory trading 

halts; (iii) change to the cancellation 

time for MOC/LOC orders to 3:58 p.m.; 

(iv) require only one mandatory 

imbalance publication; (v) rescind the 

provisions governing Expiration Friday 

Auxiliary Procedures for the Opening 

and Due Diligence Requirements; (vi) 

modify the dissemination of Order 

Imbalance Information pursuant to 

NYSE Rule 123C(6) to commence at 3:45 

p.m.; (vii) include additional 

information in both the pre-opening and 

pre-closing Order Imbalance 

Information data feeds; (viii) amend 

NYSE Rule 13 to create a conditionalinstruction limit order type called the 

Closing Offset Order (‘‘CO order’’), 

which may only be used to offset an 

existing imbalance of orders on the 

close; (ix) delete the ‘‘At the Close’’ order 

type from NYSE Rule 13 and replace it 

with the specific definitions of MOC/ 

LOC orders; and (x) codify the hierarchy 

of allocation of interest in the closing 

transaction in NYSE Rule 123(C). 

Implementation of Closing 

Modifications 

The Exchange has not made operative 

the amendments described above. Based 

on feedback from the member firm 

community, the NYSE has delayed the 

implementation of the Closing 

Modifications to March 1, 2010. The 

Exchange believes that commencing 

operation of the Closing Modifications 

on March 1, 2010, will provide 

participants with additional time to 

ensure that the member firms 

community will be systemically ready 

to comply with the new provisions of 

the Rule. 

The Exchange anticipates that the 

Close Modifications will be operative in 

all securities effective March 1, 2010; 

however, should conditions arise to 

delay the implementation of the Close 

Modifications, the Exchange will 

provide information to its constituents 

about changes to the start date via its 

Trader Update Notices that are sent via 

e-mail to subscribers and posted on the 

Exchange’s Web site. 

Deletion of Erroneously Included Text 

The Exchange further proposes to 

delete NYSE Rule 123C(5)(d). 

Specifically, NYSE Rule 123C(5)(d) is 

duplicative rule text. It addresses the 

publication of the Order Imbalance 

Information data feed in the event of an 

early close. NYSE Rule 123C(5)(d) is the 

exact same language as NYSE Rule 

123C(6)(a)(v) (‘‘Publication of Order 

Imbalance Information Data Feed’’). The 

paragraph was inadvertently copied into 

the wrong section and should therefore 

be deleted. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(5) 10 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 

instant proposal is in keeping with these 

principles in that it provides 

transparency to market participants by 

explaining the anticipated operation 

date of the Close Modifications and the 

locations where market participants 

may find information about any changes 

to the anticipated operative date. 

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. 


srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 75, No. 44 / Monday, March 8, 2010 / Notices 10535 

11 15 U.S.C. 78s(b)(3)(A)(iii). 

12 17 CFR 240.19b–4(f)(6). 

13 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 

19b–4(f)(6)(iii) requires the self-regulatory 

organization to give the Commission 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. 

NYSE has satisfied this requirement. 

14 17 CFR 240.19b–4(f)(6)(iii). 

15For purposes only of waiving the operative 

delay for this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 16 15 U.S.C. 78s(b)(3)(C). 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 11 and Rule 

19b–4(f)(6) thereunder.12 Because the 

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 

prior to 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, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act and Rule 19b–4(f)(6)(iii) 

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative prior to 30 days after 

the date of the filing.13 However, 

pursuant to Rule 19b4(f)(6)(iii), the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange requested that 

the Commission waive the 30-day 

operative delay, as specified in Rule 

19b–4(f)(6)(iii),14 which would make the 

rule change operative immediately. The 

Exchange believes that waiver of the 

operative delay is appropriate because 

the proposed rule change is merely a 

clarification of the operative date of 

previously approved amendments to the 

Exchange’s rules. 

The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because it merely clarifies the operative 

date of a previously approved rule 

change. Accordingly, the Commission 

designates the proposed rule change, as 

amended, as operative upon filing with 

the Commission.15

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

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.16

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–2010–12 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–2010–12. 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 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–NYSE–2010–12 and should 

be submitted on or before March 29, 

2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–4784 Filed 3–5–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61614; File No. SR– 

NYSEAmex–2010–17] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Amex LLC as Modified by Amendment 

No. 1 Thereto Clarifying the 

Implementation Date of the 

Amendments to NYSE Amex Equities 

Rule 123C To Modify the Procedures 

for Its Closing Process and Make 

Conforming Changes to NYSE Amex 

Equities Rules 13 and 15 

March 1, 2010. 

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 February 

25, 2010, NYSE Amex LLC (the 

‘‘Exchange’’ or ‘‘NYSE Amex’’) 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. On 

March 1, 2010, the Exchange filed 

Amendment No. 1 to the proposed rule 

change. The Commission is publishing 

this notice to solicit comments on the 

proposed rule change, as amended, from 

interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to clarify the 

implementation date of the amendments 

to NYSE Amex Equities Rule 123C 

(Market On The Close Policy And 

Expiration Procedures) to modify the 

procedures for its closing process; and 

make conforming changes to NYSE 

Amex Equities Rules 13 (‘‘Definitions of 

Orders’’) and 15 (‘‘Pre-Opening 

Indications’’). The text of the proposed 

rule change is available at the Exchange, 

the Commission’s Public Reference 

Room, and http://www.nyse.com. 


srobinson on DSKHWCL6B1PROD with NOTICES