10332 Federal Register / Vol. 75, No. 43 / Friday, March 5, 2010 / Notices 

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

2 17 CFR 240.19b–4. 

3A Member is any registered broker or dealer that 

has been admitted to membership in the Exchange. 

listed companies is suspended for the 

period from 9:30 a.m. EST on March 3, 

2010, through 11:59 p.m. EDT on March 

16, 2010. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–4801 Filed 3–3–10; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

In the Matter of: Corridor 

Communications Corp., International 

Cosmetics Marketing Co., PNV, Inc., 

Questron Technology, Inc. (n/k/a Quti 

Corp.), Tapistron International, Inc., 

Telscape International, Inc. (n/k/a 

Scapetel Debtor, Inc.), and Universal 

Beverages Holdings Corp.; Order of 

Suspension of Trading 

March 3, 2010. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Corridor 

Communications Corp. because it has 

not filed any periodic reports since the 

period ended September 30, 2004. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of 

International Cosmetics Marketing Co. 

because it has not filed any periodic 

reports since the period ended March 

31, 2003. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of PNV, Inc. 

because it has not filed any periodic 

reports since the period ended 

September 30, 2000. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Questron 

Technology, Inc. (n/k/a Quti Corp.) 

because it has not filed any periodic 

reports since the period ended 

September 30, 2001. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Tapistron 

International, Inc. because it has not 

filed any periodic reports since the 

period ended April 30, 2001. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Telscape 

International, Inc. (n/k/a Scapetel 

Debtor, Inc.) because it has not filed any 

periodic reports since the period ended 

December 31, 2000. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Universal 

Beverages Holdings Corp. because it has 

not filed any periodic reports since the 

period ended September 30, 2003. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of the above-listed 

companies. Therefore, it is ordered, 

pursuant to Section 12(k) of the 

Securities Exchange Act of 1934, that 

trading in the securities of the abovelisted companies is suspended for the 

period from 9:30 a.m. EST on March 3, 

2010, through 11:59 p.m. EDT on March 

16, 2010. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–4802 Filed 3–3–10; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

In the Matter of Xtreme Motorsports 

International, Inc.; Order of 

Suspension of Trading 

March 3, 2010. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Xtreme 

Motorsports International, Inc. (‘‘Xtreme 

Motorsports’’) because questions have 

arisen regarding trading in the 

company’s stock. Xtreme Motorsports is 

quoted on the Pink Sheets under the 

symbol ‘‘XTMM.’’ 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of the above-listed 

company. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the 

securities of the above-listed company is 

suspended for the period from 9:30 a.m. 

EST, on March 3, 2010 through 11:59 

p.m. EDT, on March 16, 2010. 

By the Commission. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–4803 Filed 3–3–10; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61592; File No. SR–BATS– 

2010–002] 

Self-Regulatory Organizations; Notice 

of Filing of Proposed Rule Change by 

BATS Exchange, Inc. to Offer Certain 

BATS Exchange Data Products 

February 25, 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 February 

2, 2010, BATS Exchange, Inc. (‘‘BATS’’ 

or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I, II, 

and III, below, which Items have been 

prepared by the Exchange. On February 

22, 2010, BATS 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 has filed a proposed 

rule change to offer certain new 

Exchange data products to Exchange 

Members 3 and other market data 

recipients. In connection with such data 

products, the Exchange is proposing to 

amend the fee schedule applicable to 

Members and non-members of the 

Exchange pursuant to BATS Rules 

15.1(a) and (c). The Exchange will 

implement the proposed rule change on 

the first day of the month immediately 

following Commission approval (or on 

the date of approval, if on the first 

business day of a month). 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://www.batstrading.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 

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 


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4The Exchange currently offers various data feeds 

free of charge, including, but not limited to, TCP 

PITCH, Multicast PITCH, and TCP FAST PITCH, 

which are depth of book data feeds containing realtime quotation and transaction data from the 

Exchange; TCP DROP, which contains order 

execution and other information (e.g., modifications 

and cancellations) specific to the Exchange activity 

of one or more Users; and TCP TOP, which contains 

real-time top of book quotation and transaction 

information from the Exchange. 

5See NASDAQ Rule 7039; Release No. 34–59598 

(March 18, 2009), 74 FR 12919 (March 25, 2009) 

(File No. SR–NYSEArca-2009–05) (order approving 

proposed rule change to establish fees for a NYSE 

Arca data service, including a last sale product); see 

also Release No. 34–61112 (December 4, 2009), 74 

FR 65569 (December 10, 2009) (File No. SR–BX– 

2009–077) (filing of an immediately effective rule 

related to introduction of a last sale feed by 

NASDAQ OMX BX). 

6See supra, note 4. 

7 17 CFR 603(a)(2). 

8 Id. 

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 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 the proposed rule 

change is to begin offering three new 

data products containing Exchange data. 

Specifically, the Exchange proposes to 

offer a new Last Sale Feed, Historical 

Data Products, and a data product called 

BATS Market Insight. The Exchange 

currently offers its data products to 

Members and other data recipients free 

of charge.4

BATS Last Sale Feed 

First, the Exchange is proposing to 

begin offering a new feed, the BATS 

Last Sale Feed, to Members and nonmembers. The BATS Last Sale Feed will 

be a direct data feed product that 

provides real-time, intraday trade 

information, including price, volume 

and time of executions. The BATS Last 

Sale Feed will not include quotation 

information. 

Currently, the Exchange provides realtime last sale information from its 

market center to the Security 

Information Processors (‘‘SIPs’’) for the 

national market system plans governing 

trading in NYSE listed securities (‘‘Tape 

A securities’’), NASDAQ listed securities 

(‘‘Tape C securities’’), and securities 

listed on exchanges other than NYSE or 

NASDAQ (‘‘Tape B securities’’). The 

SIPs then consolidate the Exchange’s 

last sale information with similar 

information from other market centers, 

and disseminate the consolidated last 

sale data to market participants, 

including market data vendors. The 

BATS Last Sale Feed will include last 

sale information regarding all Tape A, B 

and C securities with respect to activity 

occurring solely on the Exchange. 

Various data recipients may wish to 

subscribe to and use the BATS Last Sale 

Feed. For instance, data recipients that 

provide real-time market information on 

public Web sites or offer dynamic stock 

tickers, portfolio trackers, price/time 

graphs and other visual systems can use 

the Last Sale Feed in lieu of using the 

Exchange’s existing data feeds. Such 

data recipients may prefer the BATS 

Last Sale Feed because the Exchange’s 

existing data feeds contain a significant 

amount of additional information that 

such data recipients may not need, 

which may result in unnecessary 

technology costs (e.g., development, 

telecommunications or storage costs). 

The Exchange notes that similar marketspecific last sale data products are 

offered by other market centers or will 

likely be offered in the near future.5

No market participant is required to 

subscribe to the BATS Last Sale Feed 

because the same last sale prices are 

available in the Exchange’s other data 

feeds.6 Market participants can also gain 

access to BATS last sale prices that are 

integrated with the prices that other 

markets make available through the 

SIPs. Indeed, even though the BATS 

Last Sale Feed may provide to some 

participants an efficient alternative to 

the consolidated price information that 

investors and broker-dealers can receive 

on a consolidated basis from the SIPs, 

the Exchange believes that the 

information that the Exchange 

contributes to the consolidated tape and 

the increasingly lower latency of the 

data feeds offered by the SIPs will 

continue to satisfy the needs of the vast 

majority of individual and professional 

investors. Although certain data 

recipients might supplement their data 

feeds by adding the BATS Last Sale 

Feed, it is unlikely that data recipients 

or distributors will replace the 

consolidated last sale feed provided by 

the SIPs with the BATS Last Sale Feed. 

The Exchange represents that it will not 

distribute its last sale feed on a more 

timely basis than it makes available the 

data that is provided to the SIPs for 

consolidation and dissemination. 

The proposed cost of the BATS Last 

Sale Feed is $5,000 per month for any 

data recipient that chooses to receive 

the data feed for internal use only. For 

data recipients that wish to redistribute 

the BATS Last Sale Feed, the Exchange 

will not require such recipients to 

count, classify (e.g., professional or nonprofessional) or report to the Exchange 

information regarding the customers to 

which they provide the data. Instead, 

the Exchange proposes a flat fee of 

$25,000 per month for any data 

recipient that wishes to redistribute the 

BATS Last Sale Feed externally. End 

users will not have to pay the Exchange 

for the BATS Last Sale Feed or enter 

into contracts with the Exchange. The 

Exchange believes that the proposed 

pricing model is simple and easy for 

data recipients to comply with, and 

thus, will result in a minimal additional 

administrative burden for data 

recipients with respect to the BATS Last 

Sale Feed. Rule 603(a)(2) of Regulation 

NMS 7 requires markets to distribute 

market data ‘‘on terms that are not 

unreasonably discriminatory.’’ 

Regardless of a data recipient’s reasons 

for subscribing to the BATS Last Sale 

Feed, the fee for such feed applies 

equally to all data recipients that wish 

to use the feed for internal use only and 

equally to all data recipients that wish 

to redistribute the feed. Accordingly, the 

Exchange believes its proposal satisfies 

Rule 603(a)(2) of Regulation NMS.8

BATS Historical Data Products 

Second, the Exchange proposes to 

begin providing historical data to data 

recipients upon request for a fee. The 

Exchange currently provides historical 

data upon request on an ad hoc basis, 

but proposes to begin charging a fee due 

to the infrastructure costs of storing and 

providing such data. Similar to what it 

does today, the Exchange proposes to 

provide a data recipient with the 

requested historical data on an external 

hard drive provided by the Exchange. 

As an alternative means to obtain 

historical data, the Exchange will 

provide market participants with access 

to a database from which they can 

download data that is up to 3 months 

old. As proposed, the Exchange will 

offer the following three products 

through either of these distribution 

methods: (1) Historical top of book data 

from the Exchange’s TOP data feed 

(‘‘Historical TOP Data’’), (2) historical 

data from the Exchange’s PITCH data 

feed (‘‘Historical PITCH Data’’), and (3) 

historical transaction data from the 

Exchange’s Last Sale Feed (‘‘Historical 

Last Sale Data’’). BATS Historical TOP 

Data, BATS Historical PITCH Data and 

BATS Historical Last Sale Data will be 

provided to data recipients for internal 

use only, and thus, no redistribution 

will be permitted. 

Historical data provided by the 

Exchange can be used for a variety of 

purposes. For instance, data recipients 


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9See NASDAQ Rule 7022; see also http:// 

www.nyxdata.com for information regarding NYSE 

OpenBook History and ArcaBook FTP, historical 

data products offered by the NYSE and NYSE Arca, 

respectively. 

10See NASDAQ Rule 7023(d). 

11 15 U.S.C. 78f(b)(4). 

12 15 U.S.C. 78f(b)(5). 

13See Release No. 34–59039 (December 2, 2008), 

73 FR 74770 (December 9, 2008) (File No. SR–NYSE 

Arca-2006–21). 

14See Release No. 34–51808 (June 9, 2005), 70 FR 

at 37566–37567 (June 29, 2005) (File No. S7–10–04) 

(the ‘‘Regulation NMS Release’’). 

that wish to back-test certain trading 

strategies can use Historical PITCH or 

Historical TOP Data for such purpose. 

As another example, data recipients that 

provide market information through 

public websites or develop dynamic 

stock tickers, portfolio trackers, price/ 

time graphs and other visual systems 

can use Historical Last Sale data for 

such purposes. The Exchange notes that 

similar historical data products are 

offered by other market centers.9 The 

proposed cost of user-accessible BATS 

Historical TOP Data, BATS Historical 

PITCH Data or BATS Historical Last 

Sale Data is $500 per month of data 

accessed by any individual user. The 

Exchange’s databases will contain up to 

90 days of data at any point in time. For 

data that the Exchange provides on an 

external hard drive to a market 

participant the proposed cost is $2,500 

per 1 terabyte (TB) drive generated by 

the Exchange. Each of the proposed 

costs set forth above applies per data 

product. For instance, an individual 

user that obtained access to BATS 

Historical Top Data would pay $500 for 

access to a particular month’s data, and 

if that user also wanted access to BATS 

Historical Last Sale Data, the individual 

user would need to pay another $500 for 

such access. Similarly, a market 

participant would pay $2,500 for an 

external hard drive containing BATS 

Historical TOP Data that fits on a 1 TB 

drive (internal use only); such 

participant would have to pay 

separately for a 1 TB drive containing 

BATS Historical Last Sale Data or BATS 

Historical PITCH Data. 

BATS Market Insight 

Finally, the Exchange proposes to 

begin offering data that can be used to 

analyze the depth of liquidity of the 

Exchange’s book, including reserve and 

hidden interest on a historical basis. 

This data, referred to by the Exchange 

as BATS Market Insight, will provide a 

market participant with information 

regarding the depth of the market at the 

Exchange in minute increments. Data 

will become available for access by 

market participants 10 days following 

each trade date (T + 10) and will be 

available for 30 days. Specifically, a 

participant using BATS Market Insight 

will be able to obtain data regarding 

total order interest, displayed order 

interest and hidden order interest at 

each price point in specific Tape A, B 

and C securities traded on the Exchange. 

BATS Market Insight will be provided 

to data recipients for internal use only, 

and thus, no redistribution will be 

permitted. BATS Market Insight can be 

used by market participants to improve 

their trading and order routing 

strategies. The Exchange notes that a 

similar market data product is offered 

by NASDAQ.10

The proposed cost for access to BATS 

Market Insight is $1,000 per user per 

month. 

Additional Discussion Regarding 

Proposed Data Products 

In adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations and broker-dealers 

increased authority and flexibility to 

offer new and unique market data 

products to the public. The Commission 

believed this authority would expand 

the amount of data available to 

consumers, and also spur innovation 

and competition for the provision of 

market data. The data products 

proposed herein appear to be precisely 

the sort of market data product that the 

Commission envisioned when it 

adopted Regulation NMS. The BATS 

Last Sale Feed will offer BATS-specific 

data in a new form not previously 

available to market data consumers, in 

a manner similar to that provided by 

other markets. The Historical Data 

Products proposed by the Exchange will 

allow market participants to purchase 

useful historical data from the Exchange 

while at the same time enabling the 

Exchange to better cover its 

infrastructure costs and to improve its 

market technology and services. Finally, 

BATS Market Insight will enable market 

participants to conduct BATS-specific 

analysis to meet their needs. 

The bases under the Act for the 

proposed rule change are: (1) The 

requirement under Section 6(b)(4) 11

that an exchange have rules that provide 

for the equitable allocation of reasonable 

dues, fees and other charges among its 

members and other persons using its 

facilities; and (2) the requirement under 

Section 6(b)(5) 12 that the rules of an 

exchange be designed to promote just 

and equitable principles of trade and 

not to permit unfair discrimination 

between customers, issuers, brokers or 

dealers. 

In its recent ‘‘Order Setting Aside 

Action by Delegated Authority and 

Approving Proposed Rule Change 

Relating to NYSE Arca Data’’ (the ‘‘NYSE 

ArcaBook Approval Order’’),13 the 

Commission reiterated its position from 

its release approving Regulation NMS 

that it should ‘‘allow market forces, 

rather than regulatory requirements, to 

determine what, if any, additional 

quotations outside the NBBO are 

displayed to investors.’’ 14

The Exchange and its market data 

products are subject to significant 

competitive forces and the proposed 

fees represent responses to that 

competition. To start, the Exchange 

competes intensely for order flow. It 

competes with the other national 

securities exchanges that currently trade 

equities, with electronic communication 

networks, with quotes posted in 

FINRA’s Alternative Display Facility, 

with alternative trading systems, and 

with securities firms that primarily 

trade as principal with their customer 

order flow. 

In addition, the proposed data 

products would compete with a number 

of alternative products. For instance, the 

BATS Last Sale Feed does not provide 

a complete picture of all trading activity 

in a security. Rather, the other national 

securities exchanges, the several Trade 

Reporting Facilities of FINRA, and ECNs 

that produce proprietary data all 

produce trades and trade reports. Each 

is currently permitted to produce last 

sale information products, and many 

currently do, including Nasdaq and 

NYSE. In addition, market participants 

can gain access to BATS last sale prices 

through free data feeds provided by the 

Exchange or integrated with the prices 

of other markets on feeds made 

available through the SIPs. With respect 

to BATS Market Insight, the Exchange is 

proposing to offer a product that, while 

specific to the Exchange’s data, is 

similar to a product offered by Nasdaq 

with respect to executions on Nasdaq. 

Furthermore, a market participant could 

gain access to the same information 

provided through the proposed BATS 

Market Insight product through a 

combination of: (1) Existing, free data 

feeds from the Exchange (for displayed 

trading interest), and (2) information 

gathered by the market participant 

through its trading activities on the 

Exchange and/or through the 

consolidated data published by the SIPs 

reporting executions that occurred on 

the Exchange (for non-displayed trading 

interest). 

In setting the level of the proposed 

data product fees, the Exchange took 

into consideration several factors, 

including: 


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

16 15 U.S.C. 78f(b)(4). 

17 15 U.S.C. 78f(b)(5). 

18See Rule 601 of Regulation NMS. 

19See Rule 603(b) of Regulation NMS. 

20See Footnote 638 of Regulation NMS Release, 

supra note 13. 

(1) Consultation with some of the 

entities that the Exchange anticipates 

will be the most likely to take advantage 

of the products; 

(2) the contribution of market data 

revenues that the Exchange believes is 

appropriate for vendors and other 

entities that provide market data to the 

investing public; 

(3) the contribution that revenues 

accruing from the proposed fees will 

make to meeting the overall costs of the 

Exchange’s operations; 

(4) investors’, broker-dealers’ and data 

vendors’ access to the Exchange’s last 

sale prices through existing data feeds; 

and 

(5) the fact that the proposed fees 

provide an alternative to existing 

Network A and Network B fees under 

the CTA Plan and to the fees imposed 

under the Nasdaq/UTP Plan, 

alternatives that vendors will purchase 

only if they determine that the 

perceived benefits outweigh the cost. 

In the aftermath of the NYSE 

ArcaBook Approval Order, the 

Exchange believes that the competition 

among exchanges for order flow and the 

competition among exchanges for 

market data products subject the 

proposed data product fees to 

significant competitive forces. 

In addition, the Exchange believes 

that no substantial countervailing basis 

exists to support a finding that the fees 

fail to meet the requirement of the Act. 

In sum, the availability of a variety of 

alternative sources of information 

imposes significant competitive 

pressures on Exchange data products 

and the Exchange’s compelling need to 

attract order flow imposes significant 

competitive pressure on the Exchange to 

act equitably, fairly, and reasonably in 

setting the proposed data product fees. 

The proposed data product fees are, in 

part, responses to that pressure. The 

Exchange believes that the proposed 

fees would reflect an equitable 

allocation of its overall costs to users of 

its facilities. 

2. Statutory Basis 

The rule change proposed in this 

submission is consistent with the 

requirements of the Act and the rules 

and regulations thereunder that are 

applicable to a national securities 

exchange, and, in particular, with the 

requirements of Section 6(b) of the 

Act.15 Specifically, the Exchange 

believes that the proposed change is 

consistent with Section 6(b)(4) of the 

Act,16 because it provides an equitable 

allocation of reasonable dues, fees, and 

other charges among its members and 

other recipients of Exchange data. The 

Exchange believes that its proposed fees 

for the data products described herein 

are reasonable in light of the benefits to 

data recipients and the fact that the 

Exchange’s existing data feeds will 

continue to be provided free of charge. 

These products are completely optional 

in that no consumer is required to 

purchase any of them and only those 

consumers that deem such products to 

be of sufficient overall value and 

usefulness will purchase them. To the 

extent consumers do purchase the data 

products, the revenue generated will 

offset the Exchange’s fixed costs of 

operating and regulating a highly 

efficient and reliable platform for the 

trading of U.S. equities. It will also help 

the Exchange cover its costs in 

developing and running that platform, 

as well as ongoing infrastructure costs. 

The Exchange also believes that the 

proposed change is consistent with 

Section 6(b)(5) of the Act,17 which 

requires, among other things, that the 

Exchange’s rules are not designed to 

unfairly discriminate between 

customers, issuers, brokers or dealers. 

Specifically, the Exchange believes that 

the fees proposed for the new data 

products are equitable in that they are 

optional and apply uniformly to all data 

recipients irrespective of each 

recipient’s relationship to the Exchange 

(e.g., Member, non-Member data 

recipient, etc.). 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. The proposal 

to introduce certain new data products 

is designed to increase transparency and 

the efficiency of executions by enabling 

data recipients to receive and use 

Exchange data in new ways. As 

described above, there is significant 

competition for the provision of market 

data to broker-dealers and other market 

data consumers, as well as competition 

for the orders that generate the data. In 

introducing the proposed data products, 

the Exchange is providing products 

similar to data products offered by other 

market centers. 

In proposing and adopting Regulation 

NMS, the Commission rescinded the 

prior prohibition on SROs from 

disseminating their trade reports 

independently,18 subjecting that 

distribution to the ‘‘fair and reasonable’’ 

and ‘‘not unreasonably discriminatory’’ 

standards that have historically 

governed the distribution of 

consolidated data.19 The Commission 

stated, ‘‘Given that * * * SROs will 

continue to transmit trades to the 

Networks pursuant to the Plans * * *, 

the Commission believe [SIC] that SROs 

and their members also should be free 

to distribute their trades 

independently.’’ 20

The Commission rescinded the 

prohibition in recognition of the fact 

that competition in the realm of SRO 

trade-report distribution would produce 

market forces and innovation that 

would benefit the investing public. The 

NYSE ArcaBook Approval Order 

enforces this finding. By means of the 

data products proposed herein, the 

Exchange would provide vendors and 

broker-dealers with an alternative 

market data product and fee structure 

that does not exist today, without 

altering or rescinding any existing 

market data products. If they believe 

that the proposed product and fee 

structure are useful and cost-effective to 

their business model, they will embrace 

them. The only change to an existing 

data product is that the Exchange will 

now, for the first time, charge for the 

provision of historical data. The 

Exchange believes this charge is 

reasonable, however, given the cost of 

both maintaining and providing such 

data. 

Given the existence of alternative 

products containing BATS last sale 

information, the fact that the Historical 

Data Products and BATS Market Insight 

are consistent with products and 

information provided by the Exchange’s 

competitors and are purely optional 

sources of information that can be used 

by data recipients that see value in such 

information, the Exchange does not 

believe that the proposed data products 

will result in 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 written 

comments from members or other 

interested parties. 


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21 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. 

4 17 CFR 240.19b–4(f)(6). 

5See Securities Exchange Act Release No. 59996 

(May 28, 2009), 74 FR 26912 (June 4, 2009) (SR– 

NYSE–2009–48) (the ‘‘Pilot Program Notice’’). 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 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 Exchange consents, 

the Commission shall: (a) By order 

approve such 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, 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–BATS–2010–002 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–BATS–2010–002. 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–BATS–2010–002 and 

should be submitted on or before March 

26, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–4658 Filed 3–4–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61609; File No. SR–NYSE– 

2010–13] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by New York 

Stock Exchange LLC To Extend the 

Pilot Program in Relation to Certain of 

Its Continued Listing Standards 

March 1, 2010. 

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

Securities Exchange Act of 1934 (the 

‘‘Exchange Act’’),2 and Rule 19b–4 

thereunder,3 notice is hereby given that, 

on February 25, 2010, New York Stock 

Exchange LLC (the ‘‘NYSE’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission the proposed 

rule changes as described in Items I and 

II below, which items have been 

prepared by the Exchange. The 

Exchange has designated this proposal 

eligible for immediate effectiveness 

pursuant to Rule 19b–4(f)(6) 4 under the 

Exchange Act. The Commission is 

publishing this notice to solicit 

comments on the proposed rule changes 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes extend [sic] 

until June 30, 2010, the operation of an 

amendment to the continued listing 

requirements in Section 802.01B of the 

Exchange’s Listed Company Manual 

(the ‘‘Manual’’) that is currently in effect 

on a pilot program basis (the ‘‘Pilot 

Program’’). 

The text of the proposed rule change 

is available on the Exchange’s Web site 

(http://www.nyse.com), at the 

Exchange’s Office of the Secretary 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 NYSE 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 NYSE proposes to extend until 

June 30, 2010, the Pilot Program 

currently in effect in relation to the 

continued listing requirements in 

Section 802.01B of the Manual. 

Prior to the adoption of the Pilot 

Program,5 Section 802.01B(I) of the 

Manual provided that any company that 

qualified to list under the Earnings Test 

set out in Section 102.01C(I) or in 

Section 103.01B(I) (in the case of foreign 

private issuers) or pursuant to the 

requirements set forth under the Assets 

and Equity Test set forth in Section 

102.01C(IV) or the ‘‘Initial Listing 

Standard for Companies Transferring 

from NYSE Arca’’ (the ‘‘NYSE Arca 

Transfer Standard’’) set forth in Section 

102.01(C)(V) (the NYSE Arca Transfer 

Standard expired by its terms on August 

31, 2009) was considered to be below 

compliance standards if such company’s 

average global market capitalization 

over a consecutive 30 trading-day 

period was less than $75 million and, at 

the same time, total stockholders’ equity 

was less than $75 million. Under the 

Pilot Program, companies that listed 

under the initial listing standards set 

forth in the immediately preceding 

sentence are considered to be below 

compliance standards if average global 

market capitalization over a consecutive 

30 trading-day period is less than $50 

million and, at the same time, total 

stockholders’ equity is less than $50 


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