55388 Federal Register / Vol. 75, No. 175 / Friday, September 10, 2010 / Notices 

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

2 17 CFR 240.19b-4. 

3See Securities Exchange Act Release No. 59009 

(November 24, 2008), 73 FR 73363 (December 2, 

2008) (order approving SR–NYSEALTR–2008–07); 

see also, Securities Exchange Act Release No. 59473 

(February 27, 2009) 74 FR 9853 (March 6, 2009) 

(order approving SR–NYSEALTR–2009–18). 

4See Securities Exchange Act Release No. 55590 

(April 5, 2007), 72 FR 18707 (April 13, 2007) (notice 

of immediate effectiveness of SR–NYSE–2007–29); 

see also, Securities Exchange Act Release No. 58680 

(September 29, 2008), 73 FR 58283 (October 6, 

2008) (order approving SR–NYSE–2008–76). See 

Securities Exchange Act Release No. 54238 (July 28, 

2006), 71 FR 44758 (August 7, 2006) (order 

approving SR–NYSEArca–2006–13); see also, 

Securities Exchange Act Release No. 52497 

(September 22, 2005), 70 FR 56949 (September 29, 

2005)(SR–PCX–2005–90); see also, Securities 

Exchange Act Release No. 44983 (October 25, 2001), 

66 FR 55225 (November 1, 2001) (SR–PCX–00–25); 

see also, Securities Exchange Act Release No. 58681 

(September 29, 2008), 73 FR 58285 (October 6, 

2008) (order approving NYSEArca-2008–90). 

5See Securities Exchange Act Release No. 58673 

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

2008) (order approving SR–Amex–2008–62). See 

also, Securities Exchange Act Release No. 58705 

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

(order approving SR–AMEX–2008–63). 

6See Securities Exchange Act Release No. 61815 

(March 31, 2010), 75 FR 17817 (April 7, 2010) 

(Notice of immediate effectiveness of SR– 

NYSEAmex–2010–32). 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

9The Exchange is currently analyzing the 

condition regarding non-public information and 

system changes in order to better reflect the 

operation of Arca Securities. 

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

11 17 CFR 240.19b–4(f)(6). 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. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62831; File No. SR– 

NYSEAmex–2010–91] 

Self-Regulatory Organizations; NYSE 

Amex LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Extending the Pilot 

Period To Receive Inbound Routes 

From Archipelago Securities LLC 

September 2, 2010. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) and Rule 19b–4 thereunder,2

notice is hereby given that, on August 

31, 2010, NYSE Amex LLC (the 

‘‘Exchange’’ or ‘‘NYSE Amex’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

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 the 

pilot period of the Exchange’s prior 

approvals to receive inbound routes of 

orders from Archipelago Securities LLC 

(‘‘Arca Securities’’), an NYSE Amex 

affiliated member. 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Currently, Arca Securities is the 

approved outbound order routing 

facility of the Exchange.3 Arca 

Securities is also the approved 

outbound order routing facility of the 

New York Stock Exchange (‘‘NYSE’’) and 

NYSE Arca, Inc. (‘‘NYSE Arca’’).4 The 

Exchange has also been previously 

approved to receive inbound routes of 

orders by Arca Securities in its capacity 

as an order routing facility of NYSE 

Arca and the NYSE.5 The Exchange’s 

authority to receive inbound routes of 

orders by Arca Securities is subject to a 

pilot period ending September 30, 

2010.6 The Exchange hereby seeks to 

extend the previously approved pilot 

period (with the attendant obligations 

and conditions) for an additional six 

months, through March 31, 2011. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) 7 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’), in general, and furthers the 

objectives of Section 6(b)(5),8 in 

particular, in that it is designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities, and to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system. 

Specifically, the proposed rule change 

will allow the Exchange to continue 

receiving inbound routes of equities 

orders from Arca Securities acting in its 

capacity as a facility of the NYSE and 

NYSE Arca, in a manner consistent with 

prior approvals and established 

protections. The Exchange believes that 

extending the previously approved pilot 

period for six months will permit both 

the Exchange and the Commission to 

further assess the impact of the 

Exchange’s authority to receive direct 

inbound routes of equities orders via 

Arca Securities (including the attendant 

obligations and conditions).9

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 

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

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 


srobinson on DSKHWCL6B1PROD with NOTICES
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