Federal Register / Vol. 73, No. 162 / Wednesday, August 20, 2008 / Notices 49225 

1The records required by Rule 15c2–5 would be 

available only to the examination of the 

Commission staff, state securities authorities and 

the SROs. Subject to the provisions of the Freedom 

of Information Act, 5 U.S.C. 522, and the 

Commission’s rules thereunder (17 CFR 

200.80(b)(4)(iii)), the Commission does not 

generally publish or make available information 

contained in any reports, summaries, analyses, 

letters, or memoranda arising out of, in anticipation 

of, or in connection with an examination or 

inspection of the books and records of any person 

or any other investigation. 

1 15 U.S.C. 78k–1. 

2 17 CFR 242.608. 

3Each Participant executed the proposed 

amendment. The Participants are the American 

Stock Exchange LLC; Boston Stock Exchange, Inc.; 

Chicago Board Options Exchange, Incorporated; 

Chicago Stock Exchange, Inc.; Financial Industry 

Regulatory Authority, Inc., International Securities 

Exchange, LLC; The NASDAQ Stock Market LLC 

(‘‘NASDAQ’’); National Stock Exchange, Inc.; New 

York Stock Exchange LLC; NYSE Arca, Inc.; and 

Philadelphia Stock Exchange, Inc. 

4See Securities Exchange Act Release Nos. 10787 

(May 10, 1974), 39 FR 17799 (order approving CTA 

Plan); 15009 (July 28, 1978), 43 FR 34851 (August 

7, 1978) (order temporarily approving CQ Plan); and 

16518 (January 22, 1980), 45 FR 6521 (order 

permanently approving CQ Plan). The most recent 

restatement of both Plans was in 1995. The CTA 

Plan, pursuant to which markets collect and 

disseminate last sale price information for nonNASDAQ listed securities, is a ‘‘transaction 

reporting plan’’ under Rule 601 under the Act, 17 

CFR 242.601, and a ‘‘national market system plan’’

under Rule 608 under the Act, 17 CFR 242.608. The 

CQ Plan, pursuant to which markets collect and 

disseminate bid/ask quotation information for listed 

securities, is also a ‘‘national market system plan’’

under Rule 608 under the Act, 17 CFR 242.608. 

5See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496 (June 29, 2005). 

received in connection with the 

transaction by the broker-dealer or 

certain related persons (unless the 

person receives certain materials from 

the lender or broker-dealer which 

contain the required information); and 

(2) obtains from the person information 

on the person’s financial situation and 

needs, reasonably determines that the 

transaction is suitable for the person, 

and retains on file and makes available 

to the person on request a written 

statement setting forth the brokerdealer’s basis for determining that the 

transaction was suitable. The collection 

of information required by the rule is 

necessary to execute the Commission’s 

mandate under the Securities Exchange 

Act of 1934 (15 U.S.C. 78a et seq.) 

(‘‘Exchange Act’’) to prevent fraudulent, 

manipulative, and deceptive acts and 

practices by broker-dealers. 

The Commission estimates that there 

are approximately 50 respondents that 

require an aggregate total of 600 hours 

to comply with the Rule. Each of these 

approximately 50 registered brokerdealers makes an estimated 6 annual 

responses, for an aggregate total of 300 

responses per year. Each response takes 

approximately 2 hours to complete. 

Thus, the total compliance burden per 

year is 600 burden hours. The 

approximate cost per hour is $40.00 for 

clerical labor, resulting in a total 

compliance cost of $24,000 (600 hours 

@ $40.00 per hour). 

Although Rule 15c2–5 does not 

specify a retention period or record 

keeping requirement under the Rule, 

nevertheless broker-dealers are required 

to preserve the records for a period no 

less than six years pursuant to Rule 

17a–4(c). The information required 

under Rule 15c2–5 is necessary for 

broker-dealers to engage in the lending 

activities prescribed in the Rule. Rule 

15c2–5 does not assure confidentiality 

for the information retained under the 

Rule.1 Please note that an agency may 

not conduct or sponsor, and a person is 

not required to respond to, a collection 

of information unless it displays a 

currently valid control number. 

Written comments regarding the 

above information should be directed to 

the following persons: (i) Desk Officer 

for the Securities and Exchange 

Commission, Office of Information and 

Regulatory Affairs, Office of 

Management and Budget, Room 10102, 

New Executive Office Building, 

Washington, DC 20503 or by sending an 

e-mail to Alexander_

T._Hunt@omb.eop.gov; and (ii) Lewis 

W. Walker, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Shirley 

Martinson, 6432 General Green Way, 

Alexandria, VA 22312 or send an e-mail 

to: PRA_Mailbox@sec.gov. Comments 

must be submitted to OMB within 30 

days of this notice. 

Dated: August 13, 2008. 

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19231 Filed 8–19–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58358; File No. SR–CTA/ 

CQ–2008–02] 

Consolidated Tape Association; Notice 

of Filing of the Twelfth Substantive 

Amendment to the Second 

Restatement of the Consolidated Tape 

Association Plan and Eighth 

Substantive Amendment to the 

Consolidated Quotation Plan 

August 13, 2008. 

Pursuant to Section 11A of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 608 thereunder,2

notice is hereby given that on June 19, 

2008, the Consolidated Tape 

Association (‘‘CTA’’) Plan and 

Consolidated Quotation (‘‘CQ’’) Plan 

participants (‘‘Participants’’) 3 filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) a proposal 

to amend the CTA and CQ Plans 

(collectively, the ‘‘Plans’’).4 The 

proposals represent the twelfth 

substantive amendment made to the 

Second Restatement of the CTA Plan 

(‘‘Twelfth Amendment to the CTA 

Plan’’) and the eighth substantive 

amendment to the Restated CQ Plan 

(‘‘Eighth Amendment to the CQ Plan’’), 

and reflect changes unanimously 

adopted by the participants. The 

Twelfth Amendment to the CTA Plan 

and the Eighth Amendment to the CQ 

Plan (‘‘Amendments’’) would amend the 

Plans to: (1) Permit ministerial 

amendments to the Plans to be 

submitted to the Commission under the 

signature of the Chairman of CTA and 

the CQ Plan Operating Committee, 

rather than by means of each 

Participant’s execution of a Plan 

amendment, as Section IV(b) of the CTA 

Plan and IV(c) of the CQ Plan currently 

require for most amendments to the 

Plans; (2) to accommodate recent 

changes to the names and addresses of 

certain Participants; and (3) to change 

the Plans’ references to Commission 

rules to reflect the re-designation of 

rules by Regulation NMS.5 The 

Commission is publishing this notice to 

solicit comments from interested 

persons on the proposed Amendments. 

I. Rule 608(a) 

A. Description and Purpose of the 

Amendment 

Currently, both Plans require each 

Participant to execute most amendments 

to the Plans before the amendments can 

be filed with the Commission. The 

Participants believe that this can result 

in delays and unwarranted 

administrative functioning in the 

context of certain amendments that are 

of a purely ministerial nature. For that 

reason, the Participants propose to 

amend the Plans to permit the 

submission of Plan amendments to the 

Commission under the signature of the 

Chairman of CTA and the CQ Plan 

Operating Committee, in lieu of 

requiring each Participants’ signature 

indicating that it has executed the 

Amendment as required by Section 

IV(b) of the CTA Plan and Section IV(c) 

of CQ Plan. 

The categories of ministerial Plan 

amendments that the Participants may 

submit under the signature of the 

Chairman include amendments to the 


dwashington3 on PRODPC61 with NOTICES
49226 Federal Register / Vol. 73, No. 162 / Wednesday, August 20, 2008 / Notices 

6The Commission notes that the vote of the 

Participants woudl concern the exact wording of 

conforming language, but not the change 

implemented by the Commission. 

Plans that pertain solely to any one or 

more of the following: 

(1) Admitting a new Participant into 

these Plans; 

(2) Changing the name or address of 

a Participant; 

(3) Incorporating a change that the 

Commission has implemented by rule 

and that requires no conforming 

language to the text of the Plans (e.g., 

the Commission rule establishing the 

Advisory Committee); 

(4) Incorporating a change (i) that the 

Commission has implemented by rule, 

(ii) that requires conforming language to 

the text of the Plans (e.g., the 

Commission rule amending the revenue 

allocation formula), and (iii) that a 

majority of all Participants has voted to 

approve; 6

(5) Incorporating a purely technical 

change, such as correcting an error or an 

inaccurate reference to a statutory 

provision, or removing language that 

has become obsolete (e.g., language 

regarding the Intermarket Trading 

System Plan). 

The Participants believe that 

submission of these categories of 

ministerial amendments will improve 

the efficiency of the administration of 

the Plans and that the signature of each 

Participant provides no safeguards that 

are necessary or appropriate in the 

context of these categories of ministerial 

amendments. 

In addition, the Participants propose 

to amend the Plans to reflect changes in 

the corporate names of the Chicago 

Board Options Exchange, Incorporated 

(formerly, Chicago Board Options 

Exchange, Inc.; ‘‘CBOE’’), the Financial 

Industry Regulatory Authority, Inc. 

(formerly, the National Association of 

Securities Dealers, Inc.) and National 

Securities Exchange, Inc. (formerly, 

National Securities Exchange) and 

changes in the street address of CBOE. 

The Participants propose to change 

references in the Plans to rules of the 

Commission to reflect the re-designation 

of certain Commission rules as a result 

of Regulation NMS. The proposed 

amendments to the names and 

addresses of Participants and to the 

references to the Commission rules 

serve as examples of ministerial 

amendments that the Participants could 

submit to the Commission under the 

signature of the Chairman if these 

Amendments are approved. 

The text of the proposed Amendments 

is available on the CTA’s Web site 

(http://www.nysedata.com/cta), at the 

principal office of the CTA, and at the 

Commission’s Public Reference Room. 

B. Additional Information Required by 

Rule 608(a) 

1. Governing or Constituent Documents 

Not applicable. 

2. Implementation of the Amendment 

The Participants propose to 

implement the change upon 

Commission approval of the 

Amendments. 

3. Development and Implementation 

Phases 

See Item I(B)(2) above. 

4. Analysis of Impact on Competition 

The Amendments will impose no 

burden on competition. 

5. Written Understanding or Agreements 

Relating to Interpretation of, or 

Participation in, Plan 

The Participants have no written 

understandings or agreements relating 

to interpretation of the Plans as a result 

of the Amendments. 

6. Approval by Sponsors in Accordance 

With Plan 

Under Section IV(b) of the CTA Plan 

and Section IV(c) of the CQ Plan, each 

Plan Participant must execute a written 

amendment to the CTA Plan before the 

amendment can become effective. The 

Amendments are so executed. 

7. Description of Operation of Facility 

Contemplated by the Proposed 

Amendment 

a. Terms and Conditions of Access 

Not applicable. 

b. Method of Determination and 

Imposition, and Amount of, Fees and 

Charges 

Not applicable. 

c. Method of Frequency of Processor 

Evaluation 

Not applicable. 

d. Dispute Resolution 

Not applicable. 

II. Rule 601(a) 

A. Equity Securities for Which 

Transaction Reports Shall be Required 

by the Plan. 

Not applicable. 

B. Reporting Requirements 

Not applicable. 

C. Manner of Collecting, Processing, 

Sequencing, Making Available and 

Disseminating Last Sale Information 

Not applicable. 

D. Manner of Consolidation 

Not applicable. 

E. Standards and Methods Ensuring 

Promptness, Accuracy and 

Completeness of Transaction Reports 

Not applicable. 

F. Rules and Procedures Addressed to 

Fraudulent or Manipulative 

Dissemination 

Not applicable. 

G. Terms of Access to Transaction 

Reports 

Not applicable. 

H. Identification of Marketplace 

Execution 

Not applicable. 

III. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed Twelfth 

Substantive Amendment to the CTA 

Plan and the Eighth Amendment to the 

CQ Plan are 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–CTA/CQ–2008–02 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–CTA/CQ–2008–02. 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 Plan amendment that 

are filed with the Commission, and all 

written communications relating to the 

Plan amendment change between the 

Commission and any person, other than 

those that may be withheld from the 


dwashington3 on PRODPC61 with NOTICES
Federal Register / Vol. 73, No. 162 / Wednesday, August 20, 2008 / Notices 49227 

7 17 CFR 200.30–3(a)(27). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 54391 

(August 31, 2006), 71 FR 52836 (September 7, 

2006), File No. SR–NSX–2006–08. This rule change 

filing was filed under Section 19(b)(2) of the 

Securities Exchange Act of 1934 (the ‘‘Act’’). 

4 In January 2007, NSX Securities’ application for 

registration as a broker-dealer was approved by the 

NASD. To date, the Exchange has not used NSX 

Securities for routing services. 

5See Securities Exchange Act Release No. 54808 

(November 21, 2006), 71 FR 69163 (November 29, 

2006), File No. SR–NSX–2006–15. 

6See Securities Exchange Act Release No. 55624 

(April 12, 2007), 72 FR 19732 (April 19, 2007), File 

No. SR–NSX–2007–04; Securities Exchange Act 

Release No. 56067 (July 13, 2007), 72 FR 39650 

(July 19, 2007), File No. SR–NSX–2007–08; 

Securities Exchange Act Release No. 56587 (October 

1, 2007), 72 FR 57087 (October 5, 2007), File No. 

SR–NSX–2007–10; and Securities Exchange Act 

Release No. 57574 (March 27, 2008), 73 FR 18026 

(April 2, 2008), File No. SR–NSX–2008–08. 

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 Amendments also will be 

available for inspection and copying at 

the principal office of the CTA. 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–CTA/CQ–2008–02 and 

should be submitted on or before 

September 10, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19229 Filed 8–19–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58354; File No. SR–NSX–

2008–15] 

Self-Regulatory Organizations; 

National Stock Exchange, Inc.; Notice 

of Filing and Immediate Effectiveness 

of a Proposed Rule Change Relating to 

the Operative Date of NSX Rule 2.11 

August 13, 2008. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on August 8, 

2008, National Stock Exchange, Inc. 

(‘‘NSX’’ 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 Exchange. 

The Commission is publishing this 

notice to solicit comment 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 National Stock Exchange, Inc. 

(‘‘NSX’’ or the ‘‘Exchange’’) is proposing 

to accelerate the effectiveness of NSX 

Rule 2.11 in order to implement 

outbound routing through NSX 

Securities, LLC (‘‘NSX Securities’’) and 

to amend NSX Rule 2.12 which relates 

to the Exchange’s provision of routing 

services procured from a third party. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://www.nsx.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 

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 

accelerate the effectiveness of NSX Rule 

2.11 in order to implement outbound 

routing with respect to orders entered in 

the Exchange’s trading system, NSX 

BLADE , through an affiliate of the 

Exchange, NSX Securities. In addition, 

the Exchange proposes to amend NSX 

Rule 2.12 which relates to the 

Exchange’s current provision of 

outbound routing of orders from the 

Exchange to other trading centers 

(‘‘Routing Services’’) using a third party. 

As background, the Exchange 

originally planned to provide Routing 

Services for orders entered into NSX 

BLADE through NSX Securities. NSX 

Rule 2.11 was approved by the 

Securities and Exchange Commission 

(‘‘Commission’’) in connection with the 

approval of the Exchange’s new trading 

rules relating to NSX BLADE on August 

31, 2006.3 The ability to route orders 

entered into NSX BLADE to away 

markets for execution at the best 

available prices is a key feature of NSX’s 

new system. NSX Rule 2.11 specifically 

provides for certain terms and 

conditions under which NSX Securities 

will provide Routing Services. Among 

other things, an ETP Holder’s use of 

NSX Securities to route orders to 

another Trading Center is optional. ETP 

Holders that do not want to route orders 

through NSX Securities may submit 

order instructions to NSX under NSX 

Rule 11.11 such as Immediate-orCancel, Post Only or NSX Only. 

However, as NSX Securities had not 

completed its registration process as a 

broker-dealer with the National 

Association of Securities Dealers, Inc. 

(‘‘NASD’’) (and thus would not be 

available to provide Routing Services) 

by the launch of NSX BLADE,4 the 

Exchange proposed the adoption of NSX 

Rule 2.12 so that the Exchange could 

route through a third party in the 

interim period.5 In the adoption of Rule 

2.12, the Exchange requested a finite 

period of effectiveness so NSX 

Securities could complete its 

registration as a broker-dealer and the 

Exchange could evaluate its options for 

providing Routing Services to ETP 

Holders. The Exchange subsequently 

filed several rule change proposals to 

extend the effective period for NSX Rule 

2.12, and to delay the effectiveness of 

NSX Rule 2.11 to certain dates, unless 

earlier amended, while the Exchange 

considered its options and made system 

and other changes to implement 

outbound routing through NSX 

Securities.6 Rule 2.12 currently provides 

that it is effective through September 30, 

2008, with the ability to route through 

NSX Securities under Rule 2.11 

becoming effective on October 1, 2008. 

In the instant proposed rule change, 

the Exchange is requesting that the 

operative date of Rule 2.11 be 

accelerated to August 8, 2008. The 

Exchange and NSX Securities have 

made all necessary changes to activate 

NSX Securities, including NSX 

Securities being approved as a brokerdealer, entering into a clearing and 

routing agreement, and making the 

required systems and regulatory 

changes. Further, because the current 

Rule 2.12 is effective until September 

30, 2008, the Exchange proposes to 

amend NSX Rule 2.12 to provide that 

during that period it be operative only 

in the event that the Exchange is not 


dwashington3 on PRODPC61 with NOTICES