15538 Federal Register / Vol. 74, No. 64 / Monday, April 6, 2009 / Notices 

12 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 13 15 U.S.C. 78f(b)(4). 

14 15 U.S.C. 78f(b)(5). 

15 15 U.S.C. 78f(b)(8). 

16 17 CFR 242.603(a). 

17NYSE is an exclusive processor of its last sale 

data under Section 3(a)(22)(B) of the Act, 15 U.S.C. 

78c(a)(22)(B), which defines an exclusive processor 

as, among other things, an exchange that distributes 

data on an exclusive basis on its own behalf. 

18See supra notes 3, 7, and 8. NYSE reduced the 

flat monthly fee for NYSE Realtime Reference Prices 

from $100,000 per month to $70,000 per month. See 

Securities Exchange Act Release No. 58443 (August 

29, 2008), 73 FR 52436 (September 9, 2008) (SR– 

NYSE–2008–79). 

19See supra notes 7 and 8. 

20See Securities Exchange Act Release No. 59039 

(December 2, 2008), 73 FR 74770 (December 9, 

2008) (Order Setting Aside Action by Delegated 

Authority and Approving Proposed Rule Change 

Relating to NYSE Arca Data). 

21See supra notes 3, 7, and 8. 

22The Exchange has represented that it will file 

a proposed rule change within thirty days of filing 

Amendment No. 1 to the proposal seeking to make 

the NYSE Realtime Reference Price service a 

permanent service rather than a pilot program. See 

supra note 9. 

23 15 U.S.C. 78s(b)(2). 

24 17 CFR 200.30–3(a)(12). 

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 inspection and copying 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– 

2009–34 and should be submitted on or 

before April 27, 2009. 

IV. Commission’s Findings and Order 

Granting Accelerated Approval of a 

Proposed Rule Change 

The Commission finds that the 

proposed rule change, to extend the 

pilot program for three months, is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.12 In particular, it is 

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

Act,13 which requires that the rules of 

a national securities exchange provide 

for the equitable allocation of reasonable 

dues, fees, and other charges among its 

members and issuers and other parties 

using its facilities, and Section 6(b)(5) of 

the Act,14 which requires, among other 

things, that the rules of a national 

securities exchange be 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, and 

not be designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Commission also finds that the 

proposed rule change is consistent with 

the provisions of Section 6(b)(8) of the 

Act,15 which requires that the rules of 

an exchange not impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. Finally, the 

Commission finds that the proposed 

rule change is consistent with Rule 

603(a) of Regulation NMS,16 adopted 

under Section 11A(c)(1) of the Act, 

which requires an exclusive processor 

that distributes information with respect 

to quotations for or transactions in an 

NMS stock to do so on terms that are 

fair and reasonable and that are not 

unreasonably discriminatory.17

The Commission approved the fee for 

NYSE Realtime Reference Prices for a 

pilot period which runs until March 31, 

2009.18 The Commission notes that the 

Exchange proposes to extend the pilot 

program for three months. The 

Exchange proposes no other changes to 

the existing pilot program. In addition, 

the Commission notes that it did not 

receive any comments on the previous 

extensions of the pilot program.19

On December 2, 2008, the 

Commission issued an approval order 

(‘‘Order’’) that sets forth a market-based 

approach for analyzing proposals by 

self-regulatory organizations to impose 

fees for ‘‘non-core’’ market data 

products, such as NYSE Realtime 

Reference Prices.20 The Commission 

believes that NYSE’s proposal to 

temporarily extend the pilot program is 

consistent with the Act for the reasons 

noted in the Order.21 The Commission 

believes that approving NYSE’s 

proposal to temporarily extend the pilot 

program that imposes a fee for NYSE 

Realtime Reference Prices for an 

additional three months will be 

beneficial to investors and in the public 

interest, in that it is intended to allow 

continued broad public dissemination 

of increased real-time pricing 

information. In addition, extending the 

pilot program for an additional three 

months will allow the public to 

comment on, and the Commission to 

analyze consistent with the Order and 

in light of Section 19(b) of the Act, a 

proposal to permanently approve the fee 

for NYSE Realtime Reference Prices.22

The Commission finds good cause for 

approving the proposed rule change, as 

modified by Amendment No. 1, before 

the thirtieth day after the date of 

publication of notice of filing thereof in 

the Federal Register. Accelerating 

approval of this proposal is expected to 

benefit investors by continuing to 

facilitate their access to widespread, 

free, real-time pricing information 

contained in NYSE Realtime Reference 

Prices. Therefore, the Commission finds 

good cause, consistent with Section 

19(b)(2) of the Act,23 to approve the 

proposed rule change, as modified by 

Amendment No. 1, on an accelerated 

basis to extend the operation of the pilot 

until June 30, 2009. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act, that the 

proposed rule change (SR–NYSE–2009– 

34), as modified by Amendment No. 1, 

is hereby approved on an accelerated 

basis until June 30, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–7587 Filed 4–3–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59659; File No. SR–NYSE– 

2009–36] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change by New York 

Stock Exchange LLC Extending to 

September 1, 2009, the Operative Date 

of New York Stock Exchange Rule 2 

Requirement That NYSE-Only Member 

Organizations Apply for and be 

Approved as a Member of the Financial 

Industry Regulatory Authority, Inc. 

March 31, 2009. 

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

Securities Exchange Act of 1934 


pwalker on PROD1PC71 with NOTICES
Federal Register / Vol. 74, No. 64 / Monday, April 6, 2009 / Notices 15539 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 56654 

(Oct. 12, 2007), 72 FR 59129 (Oct. 18, 2007) (SR– 

NYSE–2007–67). 

4See Securities Exchange Act Release No. 56653 

(Oct. 12, 2007), 72 FR 59127 (Oct. 18, 2007) (SR– 

NASD–2007–56. 

5See Securities Exchange Act Release No. 56953 

(Dec. 12, 2007), 72 FR 71990 (Dec. 19, 2007) (SR– 

NYSE–2007–115). 

6See Securities Exchange Act Release No. 58096 

(July 3, 2008), 73 FR 39764 (July 10, 2008) (SR– 

NYSE–2008–54). 

7See Securities Exchange Act Release No. 59143 

(Dec. 22, 2008), 73 FR 80491 (Dec. 31, 2008) (SR– 

NYSE–2008–135). 

8The proposed September 1, 2009 date conforms 

to the grace period available under NYSE Rule 

300.10T for eligible NYSE Amex US LLC (‘‘NYSE 

Amex’’) member organizations that are seeking to be 

waived in as an NYSE member organization 

pursuant to NYSE Rule 2.10. Pursuant to Rule 

300.10T, such NYSE Amex member organizations 

have six months from March 2, 2009, which is the 

date that the 86 Trinity Permits expired, to comply 

with Exchange rules, including the Rule 2(b) 

requirement pertaining to FINRA membership. 

9 15 U.S.C. 78f(b)(5). 

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

11 17 CFR 240.19b–4(f)(3). 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 25, 

2009, the New York Stock Exchange, 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to extend to 

September 1, 2009, the operative date of 

New York Stock Exchange (‘‘NYSE’’ or 

the ‘‘Exchange’’) Rule 2 requirement 

that NYSE-only member organizations 

apply for and be approved as a member 

of the Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’). The text of 

the proposed rule change is available at 

the Exchange, the Commission’s Public 

Reference Room, and http:// 

www.nyse.com. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

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

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange is proposing to extend 

to September 1, 2009, the grace period 

for NYSE-only member organizations to 

apply for and be approved as a FINRA 

member, as required by NYSE Rule 2. 

In connection with the consolidation 

of NASD and NYSE Regulation member 

firm regulation operations into FINRA, 

which closed on July 30, 2007, the 

Exchange amended NYSE Rule 2 to 

require NYSE member organizations to 

also be FINRA members.3 In connection 

with those rule changes, the 

Commission approved a 60-day grace 

period within which NYSE-only 

member organizations must apply for 

and be approved for FINRA 

membership. In that rule filing, NYSEonly member organizations were 

defined as those member organizations 

that were not NASD members as of the 

date of the closing of the FINRA 

transaction. This grace period began on 

October 12, 2007, the date of 

Commission approval of the Exchange’s 

rule filing. In furtherance of the 

consolidation, FINRA adopted NASD 

IM–1013–1 to enable eligible NYSE 

member organizations to become FINRA 

members though an expedited process 

(the ‘‘FINRA Waive-in application 

process’’).4

At the close of the 60-day grace 

period, all but two of the former NYSEonly member organizations had applied 

for and been approved as FINRA 

members. On December 12, 2007, the 

Exchange filed for an extension of the 

grace period to June 30, 2008 for those 

two firms.5 On June 30, 2008, the 

Exchange filed for another extension of 

the grace period to December 31, 2008.6

On December 22, 2009, the Exchange 

filed for an additional extension to 

March 27, 2009.7 In that filing, the 

Exchange noted that those two firms 

had unique member qualification issues 

and were ineligible to participate in the 

FINRA Waive-in application process. As 

of December 19, 2008, one of those two 

firms has been approved as a FINRA 

member. With respect to the other firm, 

because the Exchange is working on a 

rule filing to amend Rule 2 to permit a 

broker dealer to be an NYSE member 

organization without a FINRA 

membership, the Exchange believes that 

the grace period should be further 

extended so that the remaining firm 

does not have to re-apply for Exchange 

membership if the proposed change to 

Rule 2 is approved. Accordingly, the 

NYSE proposes to extend the grace 

period to September 1, 2009 for the firm 

that was an NYSE member organization 

as of July 30, 2007, but not a FINRA 

member.8

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with and 

furthers the objectives of Section 6(b)(5) 

of the Act,9 in that it is designed to 

prevent fraudulent and manipulative 

practices, to promote just and equitable 

principles of trade, to remove 

impediments to, and perfect the 

mechanisms of, a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change 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 

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 foregoing rule change is being 

filed for immediate effectiveness 

pursuant to Section 19(b)(3)(A) 10 of the 

Act and Rule 19b–4(f)(3) 11 promulgated 

thereunder. The proposed rule change 

goes solely to the administration of the 

self-regulatory organization in that it is 

not a substantive change to NYSE Rule 

2 and simply extends a pre-existing 

grace period. 

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. 


pwalker on PROD1PC71 with NOTICES
15540 Federal Register / Vol. 74, No. 64 / Monday, April 6, 2009 / Notices 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Amendment No. 1 to SR–NYSEALTR–2009–26 

replaces the original filing in its entirety. 

4On March 3, 2009, the Exchange formally 

submitted a filing with the Commission changing 

its name to NYSE Amex LLC. See SR–NYSEALTR– 

2009–24. 

5See SR–NYSE–2009–25 (formally submitted on 

March 9, 2009), as amended. 

6See Securities Exchange Act Release No. 58673 

(September 29, 2008), 73 FR 57707 (October 3, 

2008) (SR–NYSE–2008–60 and SR–Amex–2008–62) 

(approving the Merger). 

7 15 U.S.C. 78f. 

8See Securities Exchange Act Release No. 58705 

(October 1, 2008), 73 FR 58995 (October 8, 2008) 

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–2009–36 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–2009–36. 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 inspection and copying 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 publicly available. All 

submissions should refer to File 

Number SR–NYSE–2009–36 and should 

be submitted on or before April 27, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–7662 Filed 4–3–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59656; File No. SR– 

NYSEALTR–2009–26] 

Self-Regulatory Organizations; Notice 

of Filing of Proposed Rule Change by 

NYSE Alternext US LLC, as Modified 

by Amendment No. 1, Changing 

Certain NYSE Amex Equities Rules To 

Conform Them With Changes to 

Corresponding Rules Submitted in a 

Companion Filing by the New York 

Stock Exchange LLC 

March 30, 2009. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 9, 

2009, NYSE Alternext US LLC (n/k/a 

NYSE Amex LLC) (‘‘Exchange’’ or 

‘‘NYSE Amex’’) filed with the Securities 

and Exchange Commission 

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

rule change as described in Items I, II, 

and III below, which Items have been 

prepared by the self-regulatory 

organization. On March 27, 2009, the 

Exchange filed Amendment No. 1 to the 

proposed rule change.3 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, formerly the American 

Stock Exchange LLC and NYSE 

Alternext US LLC,4 proposes changes to 

certain NYSE Amex Equities Rules, 

retroactively effective to December 15, 

2008, to conform them with changes to 

corresponding rules submitted in a 

companion filing by the New York 

Stock Exchange LLC (‘‘NYSE’’).5 The 

text of the proposed rule change is 

available at the Exchange, the 

Commission’s Public Reference Room, 

and http://www.nyse.com. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

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

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

changes is to change certain NYSE 

Amex Equities Rules to conform them 

with amendments to corresponding 

NYSE Rules submitted in a companion 

filing by the NYSE. 

Background 

As described more fully in a rule 

filing,6 NYSE Euronext acquired The 

Amex Membership Corporation 

(‘‘AMC’’) pursuant to an Agreement and 

Plan of Merger, dated January 17, 2008 

(the ‘‘Merger’’). In connection with the 

Merger, the Exchange’s predecessor, the 

American Stock Exchange LLC 

(‘‘Amex’’), a subsidiary of AMC, became 

a subsidiary of NYSE Euronext called 

NYSE Amex US LLC, and continues to 

operate as a national securities exchange 

registered under Section 6 of the Act.7

The effective date of the Merger was 

October 1, 2008. 

In connection with the Merger, on 

December 1, 2008, the Exchange 

relocated all equities trading conducted 

on the Exchange legacy trading systems 

and facilities located at 86 Trinity Place, 

New York, New York, to trading systems 

and facilities located at 11 Wall Street, 

New York, New York (the ‘‘Equities 

Relocation’’). The Exchange’s equity 

trading systems and facilities at 11 Wall 

Street (the ‘‘NYSE Amex Trading 

Systems’’) are operated by the NYSE on 

behalf of the Exchange.8


pwalker on PROD1PC71 with NOTICES