Document ID: SEC-2011-0123-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Inc., et al.
Posted Date: 2011-01-28T05:00Z

[Federal Register Volume 76, Number 19 (Friday, January 28, 2011)]
[Notices]
[Pages 5224-5225]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-1859]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63756; File No. S7-24-89]

Joint Industry Plan; Notice of Filing of Amendment No. 25 to the 
Joint Self-Regulatory Organization Plan Governing the Collection, 
Consolidation and Dissemination of Quotation and Transaction 
Information for Nasdaq-Listed Securities Traded on Exchanges on an 
Unlisted Trading Privileges Basis Submitted by the BATS Exchange, Inc., 
BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, 
Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., 
Financial Industry Regulatory Authority, Inc., International Securities 
Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX, Inc., Nasdaq Stock 
Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, 
NYSE Amex, Inc., and NYSE Arca, Inc.

January 21, 2011.
    Pursuant to Rule 608 of the Securities Exchange Act of 1934 (the 
``Act'') \1\ notice is hereby given that on December 23, 2010, the 
operating committee (``Operating Committee'' or ``Committee'') \2\ of 
the Joint Self-Regulatory Organization Plan Governing the Collection, 
Consolidation, and Dissemination of Quotation and Transaction 
Information for Nasdaq-Listed Securities Traded on Exchanges on an 
Unlisted Trading Privilege Basis (``Nasdaq/UTP Plan'' or ``Plan'') 
filed with the Securities and Exchange Commission (``Commission'') an 
amendment to the Plan.\3\ This amendment represents Amendment No. 25 to 
the Plan and proposes to permit ministerial amendments to the Plans 
under the signature of the Chairman of the Nasdaq/UTP Plan Operating 
Committee. The Commission is publishing this notice to solicit comments 
from interested persons on the proposed Amendment.
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    \1\ 17 CFR 242.608.
    \2\ The Plan Participants (collectively, ``Participants'') are 
the: BATS Exchange, Inc. (``BATS''); BATS Y-Exchange, Inc. (``BATS 
Y''); Chicago Board Options Exchange, Incorporated (``CBOE''); 
Chicago Stock Exchange, Inc. (``CHX''); EDGA Exchange, Inc. 
(``EDGA''); EDGX Exchange, Inc. (``EDGX''); Financial Industry 
Regulatory Authority, Inc. (``FINRA''); International Securities 
Exchange LLC (``ISE''); NASDAQ OMX BX, Inc. (``BX''); NASDAQ OMX 
PHLX, Inc. (``PHLX''); Nasdaq Stock Market LLC (``Nasdaq''); 
National Stock Exchange, Inc. (``NSX''); New York Stock Exchange LLC 
(``NYSE''); NYSE Amex, Inc. (``NYSEAmex''); and NYSE Arca, Inc. 
(``NYSEArca'').
    \3\ The Plan governs the collection, processing, and 
dissemination on a consolidated basis of quotation information and 
transaction reports in Eligible Securities for each of its 
Participants. This consolidated information informs investors of the 
current quotation and recent trade prices of Nasdaq securities. It 
enables investors to ascertain from one data source the current 
prices in all the markets trading Nasdaq securities. The Plan serves 
as the required transaction reporting plan for its Participants, 
which is a prerequisite for their trading Eligible Securities. See 
Securities Exchange Act Release No. 55647 (April 19, 2007) 72 FR 
20891 (April 26, 2007).
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I. Rule 608(a)

A. Purpose of the Amendments

    Currently, Section XVI of the Nasdaq/UTP Plan requires each 
Participant to execute most amendments to the Plan before they can 
submit Plan amendments to the Commission. 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 Plan to permit the submission of 
Plan amendments to the Commission under the signature of the Chairman 
of the Nasdaq/UTP Plan Operating Committee, in lieu of signatures from 
each Participant.
    The categories of ministerial Plan amendments that the Participants 
may submit under the signature of the Chairman include amendments to 
the Plan that pertain solely to any one or more of the following:
    (1) Admitting a new Participant into the Plan;
    (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 Plan 
(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 Plan 
(e.g., the Commission rule amending the revenue allocation formula), 
and (iii) that a majority of all Participants has voted to approve; and
    (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 ITS).
    The Participants believe that submission of these categories of 
ministerial amendments will improve the efficiency of the 
administration of the Plan and that the signature of each Participant 
provides no safeguards that are necessary or appropriate in the context 
of these categories of ministerial amendments.

[[Page 5225]]

B. Governing or Constituent Documents

    Not applicable.

C. Implementation of Amendment

    The Participants propose to implement the change upon Commission 
approval of the Amendment.

D. Development and Implementation Phases

    See Item I(C) above.

E. Analysis of Impact on Competition

    The proposed amendment does not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Exchange Act. The Participants do not believe that the proposed 
plan amendment introduces terms that are unreasonably discriminatory 
for the purposes of Section 11A(c)(1)(D) of the Exchange Act.

F. 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 amendment.

G. Approval by Sponsors in Accordance With Plan

    Each of the Plan's Participants has executed a written amendment to 
the Plan.

H. Description of Operation of Facility Contemplated by the Proposed 
Amendment

    Not applicable.

I. Terms and Conditions of Access

    Not applicable.

J. Method of Determination and Imposition, and Amount of, Fees and 
Charges

    Not applicable.

K. Method and Frequency of Processor Evaluation

    Not applicable.

L. Dispute Resolution

    Not applicable.

II. Rule 601(a)

A. Reporting Requirements

    Not applicable.

B. Manner of Collecting, Processing, Sequencing, Making Available and 
Disseminating Last Sale Information

    Not applicable.

C. Manner of Consolidation

    Not applicable.

D. Standards and Methods Ensuring Promptness, Accuracy and Completeness 
of Transaction Reports

    Not applicable.

E. Rules and Procedures Addressed to Fraudulent or Manipulative 
Dissemination

    Not applicable.

F. Terms of Access to Transaction Reports

    Not applicable.

G. Identification of Marketplace of Execution

    Not Applicable.

III. Solicitation of Comments

    The Commission seeks general comments on Amendment No. 25. 
Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposal 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 rule-comments@sec.gov. Please include 
File Number S7-24-89 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 S7-24-89. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of 
the submission, all written statements with respect to the proposed 
Plan amendment that are filed with the Commission, and all written 
communications relating to the proposed Plan amendment 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 the filing also will be available for Web site 
viewing and printing at the Office of the Secretary of the Committee, 
currently located at the CBOE, 400 S. LaSalle Street, Chicago, IL 
60605. 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 S7-24-
89 and should be submitted on or before February 18, 2011.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\4\
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    \4\ 17 CFR 200.30-3(a)(27).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-1859 Filed 1-27-11; 8:45 am]
BILLING CODE 8011-01-P