Federal Register / Vol. 76, No. 158 / Tuesday, August 16, 2011 / Notices 50791 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s 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 satisfied this requirement. 

12 17 CFR 240.19b–4(f)(6). 

13 17 CFR 240.19b–4(f)(6)(iii). 

14For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

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 10 and Rule 19b–4(f)(6)(iii) 

thereunder.11

A proposed rule change filed under 

Rule 19b–4(f)(6) 12 normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

Rule 19b–4(f)(6)(iii) 13 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. 

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. For this reason, the 

Commission designates the proposed 

rule change to be operative upon 

filing.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 

No. SR–NYSE–2011–40 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 No. 

SR–NYSE–2011–40. 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 website 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 No. SR–NYSE– 

2011–40 and should be submitted on or 

before September 6, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2011–20724 Filed 8–15–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–65089; File No. SR– 

NYSEAmex–2011–57] 

Self-Regulatory Organizations; NYSE 

Amex LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending NYSE Amex 

Equities Rule 80C, Which Provides for 

Trading Pauses in Individual Securities 

Due to Extraordinary Market Volatility, 

To Extend the Pilot Until January 31, 

2012 

August 10, 2011. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on August 

5, 2011, 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 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 amend 

NYSE Amex Equities Rule 80C, which 

provides for trading pauses in 

individual securities due to 

extraordinary market volatility, to 

extend the effective date of the pilot by 

which such rule operates from the 

current scheduled expiration date of 

August 11, 2011, until January 31, 2012. 

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. 


emcdonald on DSK2BSOYB1PROD with NOTICES
50792 Federal Register / Vol. 76, No. 158 / Tuesday, August 16, 2011 / Notices 

4See Securities Exchange Act Release No. 64206 

(April 6, 2011), 76 FR 20418 (April 12, 2011) (SR– 

NYSEAmex–2011–23). 

5The Exchange notes that the other national 

securities exchanges and the Financial Industry 

Regulatory Authority have adopted the pilot in 

substantially similar form. See Securities Exchange 

Act Release No. 62252 (June 10, 2010), 75 FR 34186 

(June 16, 2010) (File Nos. SR–BATS–2010–014; SR– 

EDGA–2010–01; SR–EDGX–2010–01; SR–BX–2010– 

037; SR–ISE–2010–48; SR–NYSE–2010–39; SR– 

NYSEAmex–2010–46; SR–NYSEArca–2010–41; SR– 

NASDAQ–2010–061; SR–CHX–2010–10; SR–NSX– 

2010–05; and SR–CBOE–2010–047) and Securities 

Exchange Act Release No. 62251 (June 10, 2010), 75 

FR 34183 (June 16, 2010) (SR–FINRA–2010–025). 

See also Securities Exchange Act Release No. 62884 

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

2010) (File Nos. SR–BATS–2010–018; SR–BX– 

2010–044; SR–CBOE–2010–065; SR–CHX–2010–14; 

SR–EDGA–2010–05; SR–EDGX–2010–05; SR–ISE– 

2010–66; SR–NASDAQ–2010–079; SR–NYSE– 

2010–49; SR–NYSEAmex–2010–63; SR–NYSEArca– 

2010–61; and SR–NSX–2010–08 and Securities 

Exchange Act Release No. 62883 (September 10, 

2010), 75 FR 56608 (September 16, 2010) (SR– 

FINRA–2010–033). See also Securities Exchange 

Act Release No. 63501 (December 9, 2010), 75 FR 

78307 (December 15, 2010) (SR–NYSEAmex–2010– 

117). A recent proposal to, among other things, 

expand the pilot to include all NMS stocks not 

already included therein will be implemented on 

August 8, 2011. See Securities Exchange Act 

Release No. 64735 (June 23, 2011), 76 FR 38243 

(June 29, 2011) (File Nos. SR–BATS–2011–016; SR– 

BYX–2011–011; SR–BX–2011–025; SR–CBOE– 

2011–049; SR–CHX–2011–09; SR–EDGA–2011–15; 

SR–EDGX–2011–14; SR–FINRA–2011–023; SR– 

ISE–2011–028; SR–NASDAQ–2011–067; SR– 

NYSE–2011–21; SR–NYSEAmex–2011–32; SR– 

NYSEArca–2011–26; SR–NSX–2011–06; and SR– 

Phlx–2011–64). 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(5). 

8 15 U.S.C. 78s(b)(3)(A)(iii). 

9 17 CFR 240.19b–4(f)(6). 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s 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 satisfied this requirement. 

12 17 CFR 240.19b–4(f)(6). 

13 17 CFR 240.19b–4(f)(6)(iii). 

14For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

NYSE Amex Equities Rule 80C, which 

provides for trading pauses in 

individual securities due to 

extraordinary market volatility, to 

extend the effective date of the pilot by 

which such rule operates from the 

current scheduled expiration date of 

August 11, 2011,4 until January 31, 

2012. 

NYSE Amex Equities Rule 80C 

requires the Exchange to pause trading 

in an individual security listed on the 

Exchange if the price moves by a 

specified percentage as compared to 

prices of that security in the preceding 

five-minute period during a trading day, 

which period is defined as a ‘‘Trading 

Pause.’’ The pilot was developed and 

implemented as a market-wide initiative 

by the Exchange and other national 

securities exchanges in consultation 

with the Commission staff and is 

currently applicable to all NMS stocks 

and specified exchange-traded 

products.5

The extension proposed herein would 

allow the pilot to continue to operate 

without interruption while the 

Exchange, other national securities 

exchanges and the Commission further 

assess the effect of the pilot on the 

marketplace or whether other initiatives 

should be adopted in lieu of the current 

pilot. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Securities Exchange Act of 1934 

(the ‘‘Act’’),6 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,7

in particular, in that it is designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. The Exchange believes 

that the change proposed herein meets 

these requirements in that it promotes 

uniformity across markets concerning 

decisions to pause trading in a security 

when there are significant price 

movements. Additionally, extension of 

the pilot until January 31, 2012 would 

allow the pilot to continue to operate 

without interruption while the 

Exchange and the Commission further 

assess the effect of the pilot on the 

marketplace or whether other initiatives 

should be adopted in lieu of the current 

pilot. 

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 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 8 and Rule 

19b–4(f)(6) thereunder.9 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 10 and Rule 19b–4(f)(6)(iii) 

thereunder.11

A proposed rule change filed under 

Rule 19b–4(f)(6) 12 normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

Rule 19b–4(f)(6)(iii) 13 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. 

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. For this reason, the 

Commission designates the proposed 

rule change to be operative upon 

filing.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: 


emcdonald on DSK2BSOYB1PROD with NOTICES
Federal Register / Vol. 76, No. 158 / Tuesday, August 16, 2011 / Notices 50793 

15 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 64209 

(April 6, 2011), 76 FR 20422 (April 12, 2011) (SR– 

NYSEArca–2011–14). 

5The Exchange notes that the other national 

securities exchanges and the Financial Industry 

Regulatory Authority have adopted the pilot in 

substantially similar form. See Securities Exchange 

Act Release No. 62252 (June 10, 2010), 75 FR 34186 

(June 16, 2010) (File Nos. SR–BATS–2010–014; SR– 

EDGA–2010–01; SR–EDGX–2010–01; SR–BX–2010– 

037; SR–ISE–2010–48; SR–NYSE–2010–39; SR– 

NYSEAmex–2010–46; SR–NYSEArca–2010–41; SR– 

NASDAQ–2010–061; SR–CHX–2010–10; SR–NSX– 

2010–05; and SR–CBOE–2010–047) and Securities 

Exchange Act Release No. 62251 (June 10, 2010), 75 

FR 34183 (June 16, 2010) (SR–FINRA–2010–025). 

See also Securities Exchange Act Release No. 62884 

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

2010) (File Nos. SR–BATS–2010–018; SR–BX– 

2010–044; SR–CBOE–2010–065; SR–CHX–2010–14; 

SR–EDGA–2010–05; SR–EDGX–2010–05; SR–ISE– 

2010–66; SR–NASDAQ–2010–079; SR–NYSE– 

2010–49; SR–NYSEAmex–2010–63; SR–NYSEArca– 

2010–61; and SR–NSX–2010–08 and Securities 

Exchange Act Release No. 62883 (September 10, 

2010), 75 FR 56608 (September 16, 2010) (SR– 

FINRA–2010–033). See also Securities Exchange 

Act Release No. 63496 (December 9, 2010), 75 FR 

78285 (December 15, 2010) (SR–NYSEArca–2010– 

114). A recent proposal to, among other things, 

expand the pilot to include all NMS stocks not 

already included therein will be implemented on 

August 8, 2011. See Securities Exchange Act 

Release No. 64735 (June 23, 2011), 76 FR 38243 

(June 29, 2011) (File Nos. SR–BATS–2011–016; SR– 

BYX–2011–011; SR–BX–2011–025; SR–CBOE– 

2011–049; SR–CHX–2011–09; SR–EDGA–2011–15; 

SR–EDGX–2011–14; SR–FINRA–2011–023; SR– 

ISE–2011–028; SR–NASDAQ–2011–067; SR– 

NYSE–2011–21; SR–NYSEAmex–2011–32; SR– 

NYSEArca–2011–26; SR–NSX–2011–06; and SR– 

Phlx–2011–64). 

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 

No. SR–NYSEAmex–2011–57 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 No. 

SR–NYSEAmex–2011–57. 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 No. SR– 

NYSEAmex–2011–57 and should be 

submitted on or September 6, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2011–20723 Filed 8–15–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–65088; File No. SR– 

NYSEArca-2011–55] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending NYSE Arca 

Equities Rule 7.11, Which Provides for 

Trading Pauses in Individual Securities 

Due to Extraordinary Market Volatility, 

To Extend the Pilot Until January 31, 

2012 

August 10, 2011. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on August 

5, 2011, NYSE Arca, Inc. (the 

‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 amend 

NYSE Arca Equities Rule 7.11, which 

provides for trading pauses in 

individual securities due to 

extraordinary market volatility, to 

extend the effective date of the pilot by 

which such rule operates from the 

current scheduled expiration date of 

August 11, 2011, until January 31, 2012. 

The text of the proposed rule change is 

available at the Exchange, the 

Commission’s Public Reference Room, 

and http://www.nyse.com. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

NYSE Arca Equities Rule 7.11, which 

provides for trading pauses in 

individual securities due to 

extraordinary market volatility, to 

extend the effective date of the pilot by 

which such rule operates from the 

current scheduled expiration date of 

August 11, 2011,4 until January 31, 

2012. 

NYSE Arca Equities Rule 7.11 

requires the Exchange to pause trading 

in an individual security listed on the 

Exchange if the price moves by a 

specified percentage as compared to 

prices of that security in the preceding 

five-minute period during a trading day, 

which period is defined as a ‘‘Trading 

Pause.’’ The pilot was developed and 

implemented as a market-wide initiative 

by the Exchange and other national 

securities exchanges in consultation 

with the Commission staff and is 

currently applicable to all NMS stocks 

and specified exchange-traded 

products.5

The extension proposed herein would 

allow the pilot to continue to operate 


emcdonald on DSK2BSOYB1PROD with NOTICES