10586 Federal Register / Vol. 77, No. 35 / Wednesday, February 22, 2012 / Notices 

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

9 17 CFR 240.19b–4(f)(6). 10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See NYSE Rule 98(b)(2). ‘‘DMM unit’’ means 

any member organization, aggregation unit within 

a member organization, or division or department 

within an integrated proprietary aggregation unit of 

a member organization that (i) has been approved 

by NYSE Regulation pursuant to section (c) of 

NYSE Rule 98, (ii) is eligible for allocations under 

NYSE Rule 103B as a DMM unit in a security listed 

on the Exchange, and (iii) has met all registration 

and qualification requirements for DMM units 

assigned to such unit. The term ‘‘DMM’’ means any 

individual qualified to act as a DMM on the Floor 

of the Exchange under NYSE Rule 103. See also 

NYSE Amex Equities Rule 2(i). Rule 2(i) defines the 

term ‘‘DMM’’ to mean an individual member, 

officer, partner, employee or associated person of a 

DMM unit who is approved by the Exchange to act 

in the capacity of a DMM. NYSE Amex Equities 

Rule 2(j) defines the term ‘‘DMM unit’’ as a member 

organization or unit within a member organization 

that has been approved to act as a DMM unit under 

NYSE Amex Equities Rule 98. 

4Securities Exchange Act Release Nos. 65735 

(November 10, 2011), 76 FR 71405 (SR– 

NYSEAmex–2011–86) and 65736 (November 10, 

2011), 76 FR 71399 (SR–NYSE–2011–56). 

pursuant to NYSE Amex Equities Rule 

123C(5) and (6) both during regular 

trading and during a Short Sale Period 

pursuant to NYSE Amex Equities Rule 

440B. Specifically, these rule changes 

provide transparency of how LOC 

interest priced equal to the last sale 

price will be used to offset a Buy or Sell 

Imbalance and how Sell Short interest 

will be treated for the imbalance 

calculation during a Short Sale Period. 

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 and Rule 19b–4(f)(6)(iii) 

thereunder. 

At any time within 60 days of the 

filing of such 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 email to rule-comments@

sec.gov. Please include File No. SR– 

NYSEAmex–2012–07 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–2012–07. This file 

number should be included on the 

subject line if email 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–2012–07 and should be 

submitted on or before March 14, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–4079 Filed 2–21–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66397; File Nos. SR–NYSE– 

2011–56; SR–NYSEAmex–2011–86] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; NYSE 

Amex LLC; Order Instituting 

Proceedings To Determine Whether To 

Disapprove Proposed Rule Changes 

To Codify Certain Traditional Trading 

Floor Functions That May Be 

Performed by Designated Market 

Makers and To Permit Designated 

Market Makers and Floor Brokers 

Access to Disaggregated Order 

Information 

February 15, 2012. 

I. Introduction 

On October 31, 2011, the New York 

Stock Exchange LLC (‘‘NYSE’’) and 

NYSE Amex LLC (‘‘NYSE Amex’’) 

(collectively, the ‘‘SROs’’) each filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 proposed rule 

changes (the ‘‘SRO Proposals’’) to 

amend certain of their respective rules 

relating to Designated Market Makers 

(‘‘DMMs’’) 3 and Floor brokers. The SRO 

Proposals were published for comment 

in the Federal Register on November 17, 

2011.4 The Commission received no 

comment letters on the proposals. 

On December 22, 2011, the 

Commission extended the time period 

in which to either approve the SRO 

Proposals, disapprove the SRO 

Proposals, or to institute proceedings to 

determine whether to disapprove the 


srobinson on DSK4SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 35 / Wednesday, February 22, 2012 / Notices 10587 

5See Securities Exchange Act Release No. 66036, 

76 FR 82011 (December 29, 2011). 

6See 2004 Floor Official Manual, Market 

Surveillance June 2004 Edition, Chapter Two, 

Section I. 

7See id. at Section I.A. at 7 (‘‘specialist helps 

ensure that such markets are fair, orderly, 

operationally efficient and competitive with all 

other markets in those securities’’). 

8See id. at Section I.B.3. at 10–11 (‘‘[i]n opening 

and reopening trading in a listed security, a 

specialist should * * * [s]erve as the market 

coordinator for the securities in which the specialist 

is registered by exercising leadership and managing 

trading crowd activity and promptly identifying 

unusual market conditions that may affect orderly 

trading in those securities, seeking the advice and 

assistance of Floor Officials when appropriate’’ and 

‘‘[a]ct as a catalyst in the markets for the securities 

in which the specialist is registered, making all 

reasonable efforts to bring buyers and sellers 

together to facilitate the public pricing of orders, 

without acting as principal unless reasonably 

necessary’’). 

9See id. at Section I.B.4. at 11 (‘‘In view of the 

specialist’s central position in the Exchange’s 

continuous two-way agency auction market, a 

specialist should proceed as follows * * * [e]qually 

and impartially provide accurate and timely market 

information to all inquiring members in a 

professional and courteous manner.’’). 

10See id. at Section I.B.5. at 12 (A specialist 

should ‘‘[p]romptly provide information when 

necessary to research the status of an order or a 

questioned trade and cooperate with other members 

in resolving and adjusting errors.’’). 

11Exchange systems currently make available to 

DMMs aggregate information about the following 

interest in securities in which the DMM is 

registered: (a) All displayable interest submitted by 

off-Floor participants; (b) all Minimum Display 

Reserve orders, including the reserve portion; (c) all 

displayable Floor broker agency interest files 

(‘‘e-Quotes’’); (d) all Minimum Display Reserve eQuotes, including the reserve portion; and (e) the 

reserve quantity of Non-Display Reserve e-Quotes, 

unless the Floor broker elects to exclude that 

reserve quantity from availability to the DMM. 

12For the latter two categories, the DMM also 

would have access to entering and clearing firm 

information for each order and, as applicable, the 

badge number of the Floor broker representing the 

order. According to the SROs, the systems would 

not contain any information about the ultimate 

customer (i.e., the name of the member or member 

organization’s customer) in a transaction. 

13The SROs previously permitted DMMs to have 

access to Exchange systems that contained the 

disaggregated order information described above. 

The SROs stopped making such information 

available to DMMs on January 19, 2011. See NYSE 

and NYSE Amex Information Memo 11–03. 

SRO Proposals, to February 15, 2012.5

This order institutes proceedings under 

Section 19(b)(2)(B) of the Act to 

determine whether to disapprove the 

SRO Proposals. 

II. Description of the Proposals 

The SRO Proposals seek to amend the 

SROs’ rules in several ways. First, the 

SROs propose to codify certain Trading 

Floor functions that may be performed 

by DMMs. Second, the SROs propose to 

allow DMMs to access Exchange 

systems that would provide DMMs with 

additional order information about the 

securities in which they are registered. 

Third, the SROs propose to make certain 

conforming amendments to their rules 

to reflect the additional order 

information that would be available to 

DMMs through Exchange systems, and 

to specify what information about 

e-Quotes is available to the DMM. 

Finally, the SROs propose to modify the 

terms under which DMMs would be 

permitted to provide market information 

to Floor brokers and others. 

A. Trading Floor Functions 

The SROs propose to codify certain 

Trading Floor functions formerly 

performed by specialists that are to be 

performed by DMMs, and were 

described in each SRO’s respective 

Floor Official Manual.6

The proposed rules would specify 

four categories of Trading Floor 

functions that DMMs could perform: (1) 

Maintaining order among Floor brokers 

manually trading at the DMM’s assigned 

panel; 7 (2) bringing Floor brokers 

together to facilitate trading; 8 (3) 

assisting Floor brokers with respect to 

their orders by providing information 

regarding the status of a Floor broker’s 

orders, helping to resolve errors or 

questioned trades, adjusting errors, and 

cancelling or inputting Floor broker 

agency interest on behalf of a Floor 

broker; 9 and (4) researching the status 

of orders or questioned trades.10

B. DMM Access to Additional Order 

Information 

Each SRO proposes to make systems 

available to a DMM at the post that 

display the following types of 

information about securities in which 

the DMM is registered: (A) Aggregated 

information about buying and selling 

interest; 11 (B) disaggregated information 

about the price and size of any 

individual order or Floor broker agency 

interest file (also known as ‘‘e-Quotes),’’ 

and the entering and clearing firm 

information for such orders, except that 

Exchange systems would not make 

available to DMMs information about 

any order or e-Quote, or portion thereof, 

that a market participant has elected not 

to display to a DMM; and (C) post-trade 

information.12 The proposals would 

make available to DMMs disaggregated 

information about the following interest 

in securities in which the DMM is 

registered: (a) The price and size of all 

displayable interest submitted by offFloor participants; and (b) all e-Quotes, 

including reserve e-Quotes, that the 

Floor broker has not elected to exclude 

from availability to the DMM.13

C. Conforming Amendments and Floor 

Broker e-Quote Information 

The SROs also propose to make 

conforming amendments to their rules 

to reflect the additional order 

information that would be available to 

DMMs through Exchange systems, and 

to specify what information about 

e-Quotes is available to the DMM. 

Specifically, the SROs propose to revise 

NYSE Rule 70 and NYSE Amex Rule 70 

governing Floor broker e-Quotes to 

reflect that disaggregated order 

information would be available to the 

DMM except as elected otherwise. The 

SROs would allow a Floor broker to 

enter e-Quotes with reserve interest 

(‘‘Reserve e-Quote’’) with or without a 

displayable portion. 

A Reserve e-Quote with a displayable 

portion would participate in manual 

and automatic executions. Order 

information at each price point, 

including the reserve portion, would be 

included in the aggregate interest 

available to the DMM. Order 

information at each price point would 

be available to the DMM on a 

disaggregated basis as well. If the Floor 

broker chooses to exclude the Reserve 

e-Quote with a displayable portion from 

the DMM, then the DMM would have 

access to the entire portion on an 

aggregated basis but would not have 

access to any of that interest on a 

disaggregated basis. 

A Floor broker Reserve e-Quote with 

an undisplayable portion would also 

participate in manual and automatic 

executions. Like the Reserve e-Quote 

with a displayable portion, order 

information at each price point would 

be included in the aggregate interest 

available to DMM. Again, like the 

Reserve e-Quote with a displayable 

portion, order information at each price 

point would be available to DMM on a 

disaggregated basis as well. If the Floor 

broker chooses to exclude the Reserve eQuote with an undisplayable portion 

from the DMM, however, then the DMM 

would not have access to such interest 

on either an aggregated basis or a 

disaggregated basis. Such interest would 

not participate in manual executions. 

In addition, the SROs propose to 

delete rules which currently prohibit 

DMMs from using the Display Book 

system to access information about 

Floor broker agency interest excluded 

from the aggregated agency interest and 

Minimum Display Reserve Order 

information, other than for the purpose 

of effecting transactions that are 

reasonably imminent where such Floor 

broker agency and Minimum Display 


srobinson on DSK4SPTVN1PROD with NOTICES
10588 Federal Register / Vol. 77, No. 35 / Wednesday, February 22, 2012 / Notices 

14See proposed deletions to NYSE Rule 104(a)(6) 

and NYSE Amex Rule 104(a)(b). 

15The SROs are also proposing conforming 

amendments to correct cross-references to the 

former rule. 

16Because DMMs on the Trading Floor do not 

have access to CCS interest information, the 

proposed rule does not specify that DMMs would 

not be disseminating such information. 

17According to the SROs, prior to adoption of the 

Hybrid Market, Exchange specialists historically 

had been permitted to provide disaggregated order 

information to Floor brokers. 

18 15 U.S.C. 78f(b)(5). 

19See, e.g., Securities Exchange Act Release No. 

58845 (October 24, 2008), 73 FR 64379 (October 29, 

2008) (SR–NYSE–2008–46) (‘‘New Market Model 

Order’’), at 64388. See also Securities Exchange Act 

Release No. 58092 (July 3, 2008), 73 FR 40144 (July 

11, 2008) at 40148. 

20See New Market Model Order at 64388. See 

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

21See New Market Model Order at 64388. At the 

time NYSE adopted its New Market Model, the 

Commission believed that the rules reflected ‘‘an 

appropriate balance of DMM obligations against the 

benefits provided to DMMs under [the] proposal.’’ 

Id. 

Reserve Order interest information is 

necessary to effect such transaction.14

D. Ability of DMMs To Provide Market 

Information on the Trading Floor 

The SROs also propose to modify the 

manner under which DMMs would be 

permitted to provide market information 

to Floor brokers and visitors on the 

Trading Floor. Specifically, the 

proposed rules would permit a DMM to 

provide the market information to 

which he or she has access to a: (1) 

Floor broker in response to an inquiry 

in the normal course of business; or (2) 

visitor to the Trading Floor for the 

purpose of demonstrating methods of 

trading. As such, Floor brokers would 

be able to access disaggregated order 

information that market participants 

have not otherwise elected to be hidden 

from the DMM. A Floor broker would 

not be able to submit such an inquiry for 

market information by electronic means, 

and the DMM’s response containing 

market information could not be 

through electronic means. 

Because the proposed rule expands on 

and incorporates the current SRO rules 

regarding disclosure of order 

information by DMMs, the SROs are 

proposing to delete these rules.15 The 

current rules provide that a DMM may 

disclose market information for three 

purposes. First, a DMM may disclose 

market information for the purpose of 

demonstrating the methods of trading to 

visitors to the Trading Floor. This aspect 

of the current rule is replicated in the 

proposed rules. Second, a DMM may 

disclose market information to other 

market centers in order to facilitate the 

operation of the Intermarket Trading 

System (‘‘ITS’’). According to the SROs, 

this text is obsolete as the ITS Plan has 

been eliminated and therefore the SROs 

are proposing to delete it. Third, a DMM 

may, while acting in a market making 

capacity, provide information about 

buying or selling interest in the market, 

including (a) aggregated buying or 

selling interest contained in Floor 

broker agency interest files other than 

interest the broker has chosen to 

exclude from the aggregated buying and 

selling interest, (b) aggregated interest of 

Minimum Display Reserve Orders and 

(c) the interest included in DMM 

interest files, excluding Capital 

Commitment Schedule (‘‘CCS’’) interest 

as described in Rule 1000(c), in 

response to an inquiry from a member 

conducting a market probe in the 

normal course of business. 

The proposed rules would permit 

DMMs to provide Floor brokers not only 

with the same aggregated order 

information that DMMs currently are 

permitted to provide under current 

rules, but also with the disaggregated 

and post-trade order information 

described above.16 In the SROs’ view, 

broadening the scope of information 

that DMMs can provide Floor brokers 

would assist DMMs with carrying out 

their historical function of bringing 

Floor brokers together to facilitate 

trading.17 The SROs believe, among 

other things, that providing Floor 

brokers access to disaggregated order 

information would increase their ability 

to source liquidity and provide price 

discovery for block transactions. 

The proposed rules would permit a 

DMM to provide market information to 

a Floor broker in response to a specific 

request by the Floor broker to the DMM 

at the post, rather than specifying that 

the information must be provided ‘‘in 

response to an inquiry from a member 

conducting a market probe in the 

normal course of business,’’ as currently 

provided in the SRO rules. According to 

the SROs, the term ‘‘market probe’’ no 

longer accurately reflects the manner in 

which DMMs and Floor brokers interact 

on the Trading Floor. Rather, the SROs 

stated that the Floor broker’s normal 

course of business, as an agent for 

customers, includes both seeking market 

probes into the depth of the market as 

well as seeking out willing contra-side 

buyers and sellers in a particular 

security. Under the proposed rule 

change, Floor brokers would not have 

access to Exchange systems that provide 

disaggregated order information, and 

they would only be able to access such 

market information through a direct 

interaction with a DMM at the post. 

III. Proceedings To Determine Whether 

To Disapprove SR–NYSE–2011–56 and 

SR–NYSEAmex–2011–86 and Grounds 

for Disapproval Under Consideration 

The Commission is instituting 

proceedings pursuant to Section 

19(b)(2)(B) of the Act to determine 

whether the SRO Proposals should be 

disapproved. Institution of such 

proceedings is appropriate at this time 

in view of the legal and policy issues 

raised by the SRO Proposals that are 

discussed below. Institution of 

disapproval proceedings does not 

indicate that the Commission has 

reached any conclusions with respect to 

any of the issues involved. Rather, as 

described in greater detail below, the 

Commission seeks and encourages 

interested persons to provide additional 

comment on the SRO Proposals. 

Pursuant to Section 19(b)(2)(B), the 

Commission is providing notice of the 

grounds for disapproval under 

consideration. In particular, Section 

6(b)(5) of the Act 18 requires that the 

rules of an exchange be designed, 

among other things, 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. In addition, Section 

6(b)(5) prohibits the rules of an 

exchange from being designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

As the Commission has previously 

recognized, the participation of market 

makers in exchange markets may benefit 

public customers by promoting more 

liquid and efficient trading, and an 

exchange may legitimately confer 

benefits on market participants willing 

to accept substantial responsibilities to 

contribute to market quality.19 While 

the rules of an exchange may confer 

special or unique benefits upon certain 

types of participants, however, such 

rules still must ensure, among other 

things, that investors and the public 

interest are protected.20 Accordingly, 

the Commission carefully reviews 

trading rule proposals that seek to offer 

special advantages to market makers 

and others. Although an exchange may 

reward such participants for the benefits 

they provide to the exchange’s market, 

such rewards must not be 

disproportionate to the services 

provided.21

In their proposals, the SROs take the 

position that providing DMMs with 

disaggregated order information would 


srobinson on DSK4SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 35 / Wednesday, February 22, 2012 / Notices 10589 

22The Commission further notes that, while 

DMMs have certain special obligations to the SROs, 

including those relating to the maintenance of a fair 

and orderly market, Floor brokers do not have 

similar obligations. 

23Section 19(b)(2) of the Act, as amended by the 

Securities Act Amendments of 1975, Public Law 

94–29 (June 4, 1975), grants the Commission 

flexibility to determine what type of proceeding— 

either oral or notice and opportunity for written 

comments—is appropriate for consideration of a 

particular proposal by a self-regulatory 

organization. See Securities Act Amendments of 

1975, Senate Comm. on Banking, Housing & Urban 

Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 

(1975). 24 17 CFR 200.30–3(a)(57). 

assist them in carrying out their trading 

floor functions, such as maintaining 

order among Floor brokers manually 

trading at the DMM’s assigned panel, 

bringing Floor brokers together to 

facilitate trading, assisting Floor brokers 

with respect to their orders, and 

researching the status of orders or 

questioned trades. The SROs also 

believe that providing this information 

to Floor brokers would serve a valuable 

function by increasing the ability of 

Floor brokers to source liquidity and 

provide price discovery for block 

transactions. 

While the SRO proposals may 

improve the ability of DMMs and Floor 

brokers to trade on the SROs, they also 

would provide DMMs and Floor brokers 

access to potentially valuable 

information about individual orders on 

the SROs that is not available to other 

exchange members or market 

participants. This information would 

include the price and size of individual 

orders on the SROs, as well as the 

entering and clearing firm for such 

orders. It also would include 

information about trading interest that is 

not available to other exchange 

members or market participants even in 

aggregated form, such as Floor broker 

Reserve e-Quotes (unless there has been 

an affirmative election to withhold this 

information). As noted above, while the 

Commission has recognized that 

exchanges may legitimately confer 

special benefits on market participants 

willing to accept substantial 

responsibilities to contribute to market 

quality, such benefits must not be 

disproportionate to the services 

provided. In this case, the SROs have 

not proposed to require of DMMs or 

Floor brokers any additional obligations 

to the market that might correspond to 

the proposed informational benefits.22

Nor have the SROs clearly explained 

how the proposals might materially 

improve the quality of the SROs’ 

markets, particularly given the 

increasing amount of automated 

transactions on the SROs and the 

reduced role of the Exchange floors. As 

a result, the Commission is concerned 

that the SROs’ proposals, among other 

things, may unfairly discriminate in 

favor of DMMs and Floor brokers, may 

not be designed to protect the broad 

group of investors that trade on the 

SROs, and otherwise may be 

inequitable. 

The Commission therefore believes 

that questions remain as to whether the 

SRO Proposals are consistent with the 

requirements of Sections 6(b)(5) of the 

Act, including whether they would 

promote just and equitable principles of 

trade, perfect the mechanism of a free 

and open market and the national 

market system, protect investors and the 

public interest, and not permit unfair 

discrimination. 

IV. Solicitation of Comments 

The Commission requests that 

interested persons provide written 

submissions of their views, data and 

arguments with respect to the concerns 

identified above, as well as any others 

they may have with the SRO Proposals. 

In particular, the Commission invites 

the written views of interested persons 

concerning whether the SRO Proposals 

are inconsistent with Section 6(b)(5) or 

any other provision of the Act, or the 

rules and regulation thereunder. 

Although there do not appear to be any 

issues relevant to approval or 

disapproval which would be facilitated 

by an oral presentation of views, data, 

and arguments, the Commission will 

consider, pursuant to Rule 19b–4, any 

request for an opportunity to make an 

oral presentation.23

Interested persons are invited to 

submit written data, views and 

arguments regarding whether the SRO 

Proposals should be disapproved by 

March 14, 2012. Any person who 

wishes to file a rebuttal to any other 

person’s submission must file that 

rebuttal by March 28, 2012. 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 email to rulecomments@sec.gov. Please include File 

Numbers SR–NYSE–2011–56 and SR– 

NYSEAmex–2011–86 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 

Numbers SR–NYSE–2011–56 and SR– 

NYSEAmex–2011–86. These file 

numbers should be included on the 

subject line if email 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 SRO Proposals that 

are filed with the Commission, and all 

written communications relating to the 

SRO Proposals 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 filings also will be 

available for inspection and copying at 

the principal office of the Exchanges. 

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 

Numbers SR–NYSE–2011–56 and SR– 

NYSEAmex–2011–86 and should be 

submitted on or before March 14, 2012. 

Rebuttal comments should be submitted 

by March 28, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–4003 Filed 2–21–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66398; File No. SR–NSCC– 

2012–02] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Filing of 

Proposed Rule Change To Enhance Its 

Margining Methodology as Applied to 

Municipal and Corporate Bonds 

February 15, 2012. 

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

Securities Exchange Act of 1934 


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