[Federal Register Volume 73, Number 196 (Wednesday, October 8, 2008)]
[Notices]
[Pages 58993-58994]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-23762]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58695, File No. 4-518]


Joint Industry Plan; Notice of Filing and Order Granting 
Temporary Effectiveness of Amendment To Plan Establishing Procedures 
Under Rule 605 of Regulation NMS

September 30, 2008.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Act'') \1\ and Rule 608 of Regulation NMS,\2\ notice is hereby 
given that on September 19, 2008, the BATS Exchange, Inc. (``BATS'' or 
``BATS Exchange'') submitted to the Securities and Exchange Commission 
(``SEC'' or ``Commission'') an amendment to the national market system 
plan that establishes procedures under Rule 605 of Regulation NMS 
(``Joint-SRO Plan'' or ``Plan'').\3\ The amendment proposes to add BATS 
as a participant to the Joint-SRO Plan. The Commission is publishing 
this notice and order to solicit comments from interested persons on 
the proposed Joint-SRO Plan amendment, and to grant temporary 
effectiveness to the proposed amendment through February 5, 2009.
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    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ 17 CFR 242.605. On April 12, 2001, the Commission approved a 
national market system plan for the purpose of establishing 
procedures for market centers to follow in making their monthly 
reports available to the public under Rule 11Ac1-5 under the Act (n/
k/a Rule 605 of Regulation NMS). See Securities Exchange Act Release 
No. 44177 (April 12, 2001), 66 FR 19814 (April 17, 2001).
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I. Description and Purpose of the Amendment

    The current participants to the Joint-SRO Plan are the American 
Stock Exchange LLC, Boston Stock Exchange, Inc., Chicago Board Options 
Exchange, Incorporated, Chicago Stock Exchange, Inc., Cincinnati Stock 
Exchange, Inc. (n/k/a National Stock Exchange\SM\ ), International 
Securities Exchange, LLC, The NASDAQ Stock Market LLC, National 
Association of Securities Dealers, Inc. (n/k/a Financial Industry 
Regulatory Authority, Inc.), New York Stock Exchange, Inc. (n/k/a New 
York Stock Exchange LLC), Pacific Exchange, Inc. (n/k/a NYSE Arca, 
Inc.), and Philadelphia Stock Exchange, Inc. (n/k/a NASDAQ OMX PHLX, 
Inc.). The proposed amendment would add BATS as a participant to the 
Joint-SRO Plan.
    BATS has submitted a signed copy of the Joint-SRO Plan to the 
Commission in accordance with the procedures set forth in the Plan 
regarding new participants. Section III(b) of the Joint-SRO Plan 
provides that a national securities exchange or national securities 
association may become a party to the Plan by: (i) Executing a copy of 
the Plan, as then in effect (with the only changes being the addition 
of the new participant's name in Section 11(a) of the Plan and the new 
participant's single-digit code in Section VI(a)(1) of the Plan) and 
(ii) submitting such executed plan to the Commission for approval.

II. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed 
Joint-SRO Plan amendment is consistent with the Act. Comments may be 
submitted by any of the following methods:

Electronic Comments

    <bullet> Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
    <bullet> Send an e-mail to <a href="/cdn-cgi/l/email-protection#c0b2b5aca5eda3afadada5aeb4b380b3a5a3eea7afb6"><span class="__cf_email__" data-cfemail="95e7e0f9f0b8f6faf8f8f0fbe1e6d5e6f0f6bbf2fae3">[email protected]</span></a>. Please include 
File Number 4-518 on the subject line.

Paper Comments

    <bullet> Send paper comments in triplicate to Secretary, Securities 
and Exchange

[[Page 58994]]

Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number 4-518. 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 available publicly. All submissions 
should refer to File Number 4-518 and should be submitted on or before 
November 7, 2008.

III. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Plan Amendment

    The Commission finds that the proposed Joint-SRO Plan amendment is 
consistent with the requirements of the Act and the rules and 
regulations thereunder.\4\ Specifically, the Commission believes that 
the proposed amendment, which permits BATS to become a participant to 
the Joint-SRO Plan, is consistent with the requirements of Section 11A 
of the Act, and Rule 608 of Regulation NMS. The Plan establishes 
appropriate procedures for market centers to follow in making their 
monthly reports required pursuant to Rule 605 of Regulation NMS, 
available to the public in a uniform, readily accessible, and usable 
electronic format. The proposed amendment to include BATS as a 
participant in the Joint-SRO Plan will contribute to the maintenance of 
fair and orderly markets and remove impediments to and perfect the 
mechanisms of a national market system by facilitating the uniform 
public disclosure of order execution information by all market centers.
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    \4\ In approving this proposed Joint-SRO Plan amendment, the 
Commission has considered the proposal's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
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    The Commission finds good cause to grant temporary effectiveness to 
the proposed Joint-SRO Plan amendment, for 120 days, until February 5, 
2009. The Commission believes that it is necessary and appropriate in 
the public interest, for the maintenance of fair and orderly markets, 
to remove impediments to, and perfect mechanisms of, a national market 
system to allow BATS to become a participant in the Joint-SRO Plan. On 
August 18, 2008, the Commission granted the application of BATS for 
registration as a national securities exchange.\5\ One of the 
conditions to operation of the BATS Exchange is participation in 
national market system plans, including the Joint-SRO Plan.\6\ As a 
Plan participant, BATS would have timely information on the Plan 
procedures as they are formulated and modified by the participants. The 
Commission finds, therefore, that granting temporary effectiveness of 
the proposed Joint-SRO Plan amendment is appropriate and consistent 
with Section 11A of the Act.\7\
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    \5\ See Securities Exchange Act Release No. 58375 (August 18, 
2008), 73 FR 49498 (August 21, 2008).
    \6\ Id. at 49507.
    \7\ 15 U.S.C. 78k-1.
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IV. Conclusion

    It is therefore ordered, pursuant to Section 11A of the Act \8\ and 
Rule 608 of Regulation NMS,\9\ that the proposed Joint-SRO Plan 
amendment is approved for 120 days, through February 5, 2009.
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    \8\ 15 U.S.C. 78k-1.
    \9\ 17 CFR 242.608.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(29).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-23762 Filed 10-7-08; 8:45 am]
BILLING CODE 8011-01-P


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