Federal Register / Vol. 75, No. 182 / Tuesday, September 21, 2010 / Notices 57541 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release Nos. 62312 

(June 17, 2010), 75 FR 36138; and 62311 (June 17, 

2010), 75 FR 36140 (each a ‘‘Notice’’ and 

collectively, the ‘‘Notices’’). 

4See Anonymous Letter dated July 14, 2010 

(‘‘Comment Letter’’) and NYSE Response Letter from 

Janet M. Kissane, Senior Vice President—Legal & 

Corporate Secretary, NYSE Euronext, dated August 

10, 2010 (‘‘NYSE Response Letter’’). 

5References to the rules herein refer to both the 

relevant NYSE and NYSE Amex Equities rules 

unless otherwise noted. The rule texts of NYSE 

Rule 123C(6) and NYSE Amex Rule 123C(6) are 

identical and the proposed additions to Rule 

124C(6)(b) are identical. 

6On any day that the scheduled close of trading 

on the Exchange is earlier than 4 p.m., the 

information will be disseminated beginning two 

hours prior to the scheduled close of trading. 

7See Rule 123C(3) and (9). 

8See Rule 115. 

9See Notices for a description of the history of 

the dissemination of the MOC/LOC imbalance 

information to Floor brokers. 

10NYSE noted that ‘‘[g]enerally, MOC and LOC 

orders account for less than 1% of total NYSE 

orders on any given trading day, both in terms of 

Continued 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62923; File Nos. SR–NYSE– 

2010–20 and SR–NYSEAmex–2010–25] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC and NYSE 

Amex LLC; Order Approving Proposed 

Rule Changes Amending Rule 123C To 

Allow Exchange Systems To Provide 

Order Imbalance Information With 

Respect to Market At-The-Close and 

Marketable Limit At-The-Close Interest 

to Floor Brokers Beginning Two Hours 

and Until Fifteen Minutes Prior to the 

Scheduled Close of Trading on Every 

Trading Day 

September 15, 2010. 

I. Introduction 

On June 9, 2010, New York Stock 

Exchange LLC (‘‘NYSE’’) and NYSE 

Amex LLC (‘‘NYSE Amex’’ and, with 

NYSE, each an ‘‘Exchange’’ and 

collectively, the ‘‘Exchanges’’) each filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’), 

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

Securities Exchange Act of 1934 

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

proposed rule change to modify the 

manner in which the systems of each 

Exchange provide order imbalance 

information to Floor brokers. The 

proposed rule changes were published 

for comment in the Federal Register on 

June 24, 2010.3 The Commission 

received one comment letter opposing 

NYSE’s proposal and received a letter 

from NYSE responding to the comment 

letter.4 This order approves the 

proposed rule changes. 

II. Description of the Proposals 

The Exchanges each propose to 

amend their Rule 123C(6) 5 to specify 

that, beginning at 2 p.m. on every 

trading day,6 Floor brokers will receive 

an electronic communication from the 

Exchanges’ systems that provides the 

amount of, and any imbalance between, 

Market ‘‘At-The-Close’’ (‘‘MOC’’) interest 

and marketable Limit ‘‘At-The-Close’’ 

(‘‘LOC’’) interest to buy and sell in 

certain securities (‘‘Order Imbalance 

Information’’). MOC/LOC interest is 

executable only on the close and is 

subject to cancellation at any time 

before 3:45 p.m.7

The Exchanges’ current rules do not 

allow for Exchange systems to send 

Order Imbalance Information to Floor 

brokers electronically. However, under 

Rule 115, Designated Market Makers 

(‘‘DMMs’’), while acting in a market 

making capacity, may provide 

information about buying or selling 

interest in the market ‘‘in response to an 

inquiry from a member conducting a 

market probe in the normal course of 

business’’ (‘‘market probe’’).8 Thus, for 

Floor brokers to obtain the Order 

Imbalance Information, they must 

manually request the information from 

DMMs, who are permitted to provide 

such information in response to a Floor 

broker’s ‘‘market probe.’’ 

The Exchanges propose to amend 

Rule 123C(6) to state that, between 

2 p.m. and 3:45 p.m. on any trading day 

(or two hours prior to the closing 

transaction until 15 minutes prior to the 

closing transaction on any day that the 

scheduled close of trading on the 

Exchange is earlier than 4 p.m.), the 

Exchanges’ systems would 

automatically provide the Order 

Imbalance Information to Floor brokers, 

approximately every 15 seconds, for any 

security in which the Floor broker is 

representing an order and in any 

security that the Floor broker 

specifically requests.9 Thus, for Order 

Imbalance Information, Floor brokers 

would no longer need to request such 

information from DMMs as part of a 

Rule 115 ‘‘market probe.’’ The 

Exchanges’ electronic dissemination of 

this information would be limited to 

Floor brokers’ hand-held devices, which 

cannot automatically forward or retransmit the electronic datafeed to any 

other location, although Floor brokers 

are permitted to provide their customers 

with specific data points from the feed. 

In addition, specific requests for 

information by Floor brokers would not 

carry over to the next trading day and 

would need to be re-entered on each 

trade date. 

Beginning at 3:45 p.m., Floor brokers 

may receive the Exchanges’ proprietary 

Order Imbalance Information datafeed 

pursuant to Rule 123C(6)(a)(iv), under 

which the Exchanges provide the 

datafeed to subscribers for a fee. 

The Exchanges also propose to amend 

the time period in Rule 123C(6)(a)(v) 

when the dissemination of Order 

Imbalance Information would 

commence when the scheduled closing 

is earlier than 4 p.m. Currently, the 

Exchanges’ rules state that the 

dissemination will commence 

approximately 10 minutes before the 

scheduled closing time when the 

scheduled closing is earlier than 4 p.m. 

The Exchanges state that, when they 

moved to a single imbalance publication 

at 3:45 p.m., the rule text was not 

modified at that time to reflect that 

dissemination of the Order Imbalance 

Information on any day that the 

scheduled close was prior to 4 p.m. 

would commence approximately 15 

minutes before the scheduled closing 

time consistent with the single 

imbalance publication. 

III. Summary of Comment and NYSE’s 

Response 

One commenter opposes NYSE’s 

proposal. The commenter notes that the 

Order Imbalance Information is 

material, that investors should receive 

the information at the same time as 

Floor brokers, and that NYSE has an 

obligation to ensure all participants 

(DMMs, Floor brokers, and the public) 

have the opportunity to receive the 

same data at the same time. The 

commenter also disputes NYSE’s 

rationale that Floor brokers need the 

data feed to offset the decrease in Floor 

broker personnel. The commenter 

instead suggests that Floor brokers 

should hire additional staff or NYSE 

should extend the 15 minute timeperiod prior to the close of trading if 

Floor brokers require more time to 

analyze the Order Imbalance 

Information. Finally, the commenter 

states that the proposal is similar to 

flash orders, in which select market 

participants receive material public 

information prior to other market 

participants. 

NYSE responds that the Order 

Imbalance Information does not 

represent overall supply or demand for 

a security, and is a small subset of 

buying and selling interest, subject to 

change or cancellation before the close. 

In addition, NYSE notes that MOC and 

LOC orders represent only a small 

fraction of NYSE’s activity.10 NYSE 


srobinson on DSKHWCL6B1PROD with NOTICES
57542 Federal Register / Vol. 75, No. 182 / Tuesday, September 21, 2010 / Notices 

actual number of orders and the number of shares 

represented by those orders. With respect to the 

total number of shares executed on NYSE on any 

given trading day, MOC and LOC orders generally 

account for less than 10%.’’ See NYSE’s Response 

Letter at 2. 

11See NYSE Response Letter at 3–4. 

12 In approving these proposed rule changes, 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)(5). 

14 15 U.S.C. 78f(b)(8). 

15See Notices, supra note 3. 

16See also SR–NYSE–2010–53 and SR– 

NYSEAmex–2010–71. 

17 15 U.S.C. 78s(b)(2). 

18 17 CFR 200.30–3(a)(12). 

believes that the Order Imbalance 

Information that all participants receive 

beginning at 3:45 p.m. is more accurate, 

timely, and complete, and is more 

material to investors. Finally, NYSE 

disagrees that the proposal is similar to 

flash orders. NYSE notes that the Order 

Imbalance Information is not actionable 

prior to 15 minutes before the close of 

trading and is subject to change or 

cancellation and, therefore, MOC/LOC 

orders cannot be executed before the 

public receives the information.11

IV. Discussion and Commission 

Findings 

After careful consideration, the 

Commission finds that the proposed 

rule changes are consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 

a national securities exchange.12 In 

particular, the proposed rule changes 

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

Act,13 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 changes are consistent 

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

the Act,14 which require that the rules 

of an exchange not impose any burden 

on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

The proposals would allow Exchange 

systems to disseminate the Order 

Imbalance Information directly to Floor 

brokers’ handheld devices 15 beginning 

two hours prior to the scheduled close. 

The Exchanges’ rules currently only 

permit Floor brokers to obtain this and 

other market information on a one-off 

basis from DMMs as ‘‘market probes’’ 

under Rule 115. The proposal would 

automate the process and allow Floor 

brokers to receive Order Imbalance 

Information more frequently and 

quickly. Thus, the proposal would 

permit information Floor brokers to 

obtain certain market information (i.e., 

Order Imbalance Information) that they 

are already permitted to obtain under 

the Exchanges’ current rules as part of 

‘‘market probes’’ under Rule 115, albeit 

in a more technologically advanced and 

more efficient format. The Commission 

notes that the Exchanges have 

represented that the dissemination of 

this information would be limited to the 

Floor broker’s handheld devices, and 

that the electronic datafeed cannot be 

automatically forwarded or 

retransmitted.16 The Commission finds 

that the proposal is consistent with the 

requirements of the Act. 

Finally, the Commission notes that 

this order does not approve any prior 

dissemination of Order Imbalance 

Information by the Exchanges that may 

have been inconsistent with the 

approved rules of the Exchanges then in 

effect. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,17 that the 

proposed rule changes (SR–NYSE– 

2010–20 and SR–NYSEAmex–2010–25) 

be, and they hereby are, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–23489 Filed 9–20–10; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice: 7178; OMB Control Number 

1405–0102] 

60-Day Notice of Proposed Information 

Collection: Refugee Biographic Data 

ACTION: Notice of request for public 

comments. 

SUMMARY: The Department of State is 

seeking Office of Management and 

Budget (OMB) approval for the 

information collection described below. 

The purpose of this notice is to allow 60 

days for public comment in the Federal 

Register preceding submission to OMB. 

We are conducting this process in 

accordance with the Paperwork 

Reduction Act of 1995. 

• Title of Information Collection: 

Refugee Biographic Data. 

• OMB Control Number: 1405–0102. 

• Type of Request: Revision of a 

Currently Approved Collection. 

• Originating Office: Bureau of 

Population, Refugees, and Migration, 

PRM/A. 

• Form Number: N/A. 

• Respondents: Refugee applicants for 

the U.S. Resettlement Program. 

• Estimated Number of Respondents: 

75,000. 

• Estimated Number of Responses: 

75,000. 

• Average Hours Per Response: Onehalf hour. 

• Total Estimated Burden: 37,500 

hours. 

• Frequency: Once per respondent. 

• Obligation to Respond: Required to 

Obtain a Benefit. 

DATES: The Department will accept 

comments from the public up to 60 days 

from September 21, 2010. 

ADDRESSES: You may submit comments 

by either of the following methods: 

• E-mail: spruellda@state.gov. You 

must submit information collection title 

and OMB control number in the subject 

line of your message. 

• Mail (paper, disk, or CD–ROM 

submissions): PRM/Admissions, 2025 E 

Street, NW., SA–9, 8th Floor, 

Washington, DC 20522–0908. 

FOR FURTHER INFORMATION CONTACT: 

Direct requests for additional 

information regarding the collection 

listed in this notice, including requests 

for copies of the proposed information 

collection and supporting documents, to 

Delicia Spruell, PRM/Admissions, 2025 

E Street, NW., SA–9 8th Floor, 

Washington, DC 20522–0908, who may 

be reached at 202–453–9257. 

SUPPLEMENTARY INFORMATION: We are 

soliciting public comments to permit 

the Department to: 

• Evaluate whether the proposed 

information collection is necessary for 

the proper performance of our 

functions. 

• Evaluate the accuracy of our 

estimate of the burden of the proposed 

collection, including the validity of the 

methodology and assumptions used. 

• Enhance the quality, utility, and 

clarity of the information to be 

collected. 

• Minimize the reporting burden on 

those who are to respond, including the 

use of automated collection techniques 

or other forms of technology. 

Abstract of Proposed Collection 

The Refugee Biographic Data Sheet 

describes a refugee applicant’s personal 

characteristics and is needed to match 

the refugee with a sponsoring voluntary 

agency to ensure initial reception and 


srobinson on DSKHWCL6B1PROD with NOTICES