Federal Register / Vol. 75, No. 175 / Friday, September 10, 2010 / Notices 55389 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5The Exchange’s two modes of order interaction 

are described in NSX Rule 11.13(b). 

6 In addition, Rule 11.13(b)(2) provides that, to be 

eligible for Order Delivery service, an ETP Holder 

‘‘must demonstrate to Exchange examiners that the 

User’s system can automatically process the 

inbound order and respond immediately.’’ 

Interpretation and Policy .01 provides that the 

Exchange ‘‘currently considers 100 milliseconds’’ to 

be the maximum permissible response time to an 

inbound order. The current rule filing does not 

propose to change this standard. 

7The Exchange is currently conducting a study 

regarding the time standards referenced in Rule 

11.13, and will submit a rule change proposing 

modifications to those standards as necessary and 

appropriate. 

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 

Number SR–NYSEAmex–2010–91 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–NYSEAmex–2010–91. 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 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 SR–NYSEAmex–2010–91 and 

should be submitted on or before 

October 1, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–22556 Filed 9–9–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62822; File No. SR–NSX– 

2010–11] 

Self-Regulatory Organizations; 

National Stock Exchange, Inc.; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change To Amend 

Rule 11.13 Regarding Maximum 

Permissible Response Time for Users 

of Order Delivery 

September 1, 2010. 

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 

31, 2010, National Stock Exchange, Inc. 

(‘‘NSX ®’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change, as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange filed the 

proposal as a ‘‘non-controversial’’ 

proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder.4 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 

NSX is proposing to amend NSX Rule 

11.13(b)(2) concerning the time within 

which ETP Holders submitting 

displayed orders utilizing the Order 

Delivery mode of order interaction must 

respond to an inbound order before the 

ETP Holder’s displayed is cancelled. 

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 amend 

its Rule 11.13(b)(2) concerning the time 

within which an ETP Holders 

submitting displayed orders utilizing 

the Order Delivery mode of order 

interaction (‘‘Order Delivery’’) 5 must 

respond to an inbound order before NSX 

BLADE ® cancels the ETP Holder’s 

order. Under the proposed rule change, 

if no response to an inbound order is 

received within 300 milliseconds, the 

ETP Holder’s order will be cancelled.6

Currently, Rule 11.13(b)(2) provides 

that an ETP Holder’s displayed order in 

Order Delivery will be cancelled ‘‘if no 

response to an inbound order is 

received within c of a second.’’ Under 

the instant rule change, the Exchange 

proposes to replace reference to ‘‘1/2 of 

a second’’ with ‘‘300 milliseconds,’’ 

which timeframe the Exchange 

considers appropriate at the present 

time and in conformity with industry 

standards. Utilization of the proposed 

300 millisecond response time 

requirement represents no change to 

current Exchange practice.7

Effective Date 

The Exchange requests that the 

instant rule change be approved by the 

Securities and Exchange Commission 

(the ‘‘Commission’’) immediately upon 

filing, and in any case not more than 

thirty days after the date of filing of this 

rule change, or such earlier date as the 

Commission determines, because the 


srobinson on DSKHWCL6B1PROD with NOTICES
55390 Federal Register / Vol. 75, No. 175 / Friday, September 10, 2010 / Notices 

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

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

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

11 17 CFR 240.19b–4(f)(6). 

12 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 

19b–4(f)(6)(iii) requires that a self-regulatory 

organization submit to the Commission written 

notice of its 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. 

13For the purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

14 15 U.S.C. 78s(b)(3)(C). 15 17 CFR 200.30–3(a)(12). 

instant rule change is non-controversial 

and presents no novel issues. 

2. Statutory Basis 

Approval of the rule change proposed 

in this submission is consistent with the 

requirements of the Act and the rules 

and regulations thereunder that are 

applicable to a national securities 

exchange, and, in particular, with the 

requirements of Section 6(b) of the Act.8

In particular, the proposed change is 

consistent with Section 6(b)(5) of the 

Act,9 because it would promote just and 

equitable principles of trade, remove 

impediments to, and perfect the 

mechanism of, a free and open market 

and a national market system, and, in 

general, protect investors and the public 

interest. The proposed rule change 

advances these objectives by 

establishing a clear and objective 

timeframe within which users of Order 

Delivery submitting displayed orders 

must respond to incoming orders before 

their orders are cancelled. 

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 Exchange Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing rule change 

does not: (1) Significantly affect the 

protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) become 

operative for 30 days after the date of 

this filing, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 10 and Rule 

19b–4(f)(6) thereunder.11

A proposed rule change filed under 

Rule 19b-4(f)(6) normally may not 

become operative prior to 30 days after 

the date of filing.12 However, Rule 19b– 

4(f)(6)(iii) permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay. The Commission notes that the 

Exchange has indicated that its proposal 

will provide a clear and objective 

timeframe, within which users of Order 

Delivery submitting displayed orders 

must respond to incoming orders before 

their orders are cancelled. The 

Commission believes that the 

Exchange’s proposal to reduce from 1⁄2

of a second to 300 milliseconds the 

timeframe for a user’s response to 

inbound orders on the Exchange’s Order 

Delivery system will update NSX’s rule 

to reflect its current practice and 

represents the first step in NSX’s efforts 

to propose a more appropriate standard 

that is more in line with current 

industry standards. Based on the 

foregoing, the Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest and 

hereby designates the proposal 

operative upon filing.13

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.14

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–NSX–2010–11 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–NSX–2010–11. 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 the filing 

will also be available for inspection and 

copying at the principal office of the 

self-regulatory organization. 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–NSX–2010–11 and should 

be submitted on or before October 1, 

2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–22551 Filed 9–9–10; 8:45 am] 

BILLING CODE 8010–01–P 


srobinson on DSKHWCL6B1PROD with NOTICES