Document ID: SEC-2010-0605-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Amex LLC
Posted Date: 2010-04-22T04:00Z

[Federal Register: April 22, 2010 (Volume 75, Number 77)]
[Notices]               
[Page 21088-21092]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr22ap10-135]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61936; File No. SR-NYSEAmex-2010-35]

 
 Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing 
of Proposed Rule Change To Establish the NYSE Amex Trades Service and 
the NYSE Amex BBO Service and Related Fees

April 16, 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 April 1, 2010, the NYSE Amex LLC (``NYSE Amex'' or 
``Exchange''), filed with the Securities and Exchange Commission 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NYSE Amex proposes to introduce its NYSE Amex Trades and NYSE Amex 
BBO services and to establish fees for those services. The text of the 
proposed rule change is available on the Exchange's Web site at http://
www.nyse.com, on the Commission's Web site at http://www.sec.gov, at 
NYSE Amex, 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 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    a. The Services.
    NYSE Amex Trades is a new NYSE Amex-only market data service. It 
allows a vendor to redistribute on a real-time basis the same last sale 
information that NYSE Amex reports under the CTA Plan and ``Nasdaq/UTP 
Plan'' \3\ for inclusion in those Plans' consolidated data streams and 
certain other related data elements (``NYSE Amex Last Sale 
Information''). NYSE Amex Last Sale Information would include last sale 
information for all securities that are traded on the Exchange and for 
which NYSE Amex reports quotes under the CTA Plan or the Nasdaq/UTP 
Plan. In addition to the information that the Exchange provides under 
the CTA Plan and the Nasdaq/UTP Plan, NYSE Amex Last Sale Information 
will also include a unique sequence number that the Exchange assigns to 
each trade. It allows an investor to track the context of the trade 
through such other Exchange market data products as NYSE Amex 
OpenBook[supreg]. NYSE Amex will make the NYSE Amex Trades service 
available over a single datafeed, regardless of the markets on which 
the securities are listed.
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    \3\ Formally referred to as ``the Reporting Plan for Nasdaq/
National Market System Securities Traded on an Exchange on an 
Unlisted or Listed Basis.''
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    NYSE Amex BBO is a new NYSE Amex-only market data service that 
allows a vendor to redistribute on a real-time basis the same best-bid-
and-offer information that NYSE Amex reports under the CQ Plan and the 
Nasdaq/UTP Plan for inclusion in those Plans' consolidated quotation 
information data streams (``NYSE Amex BBO Information''). NYSE Amex BBO 
information would include the best bids and offers for all securities 
that are traded on the Exchange and for which NYSE Amex reports quotes 
under the CQ Plan or the Nasdaq/UTP Plan. NYSE Amex will make the NYSE 
Amex BBO service available over a single datafeed, regardless of the 
markets on which the securities are listed.
    Both services (collectively, the ``NYSE Amex Trade and BBO 
Services'') would allow vendors, broker-dealers, private network 
providers and other entities (``NYSE AMEX-Only Vendors'') to make 
available NYSE Amex Last Sale Information and NYSE Amex BBO Information 
(collectively, ``NYSE Amex Market Data'') on a real-time basis. NYSE 
Amex-Only Vendors may distribute the NYSE Amex Trade and BBO Services 
to both professional and nonprofessional subscribers.
    The Exchange would make NYSE Amex Last Sale Information available 
through its new NYSE Amex Trades service no earlier than it provides 
last sale information to the processors under the CTA Plan and the 
Reporting Plan for Nasdaq/National Market System Securities Traded on 
an Exchange on an Unlisted or Listed Basis (the ``Nasdaq/UTP Plan''), 
as appropriate. It would make NYSE Amex BBO Information available 
through its new NYSE Amex BBO service no earlier than it makes that 
information available to the processors under the CQ Plan and the 
Nasdaq/UTP Plan.
b. Fees
    i. Access Fee.
    For the receipt of access to the NYSE Amex Trades and NYSE Amex BBO 
datafeeds, the Exchange proposes to charge $750 per month. One $750 
monthly access fee entitles an NYSE Amex-Only Vendor to receive both 
the NYSE Amex Trades datafeed as well as the NYSE Amex BBO datafeed. 
The fee

[[Page 21089]]

applies to receipt of NYSE Amex Market Data within the Vendor's 
organization or outside of it.
    ii. Professional Subscriber Fees.
    For the receipt and use of NYSE Amex Trades Information, the 
Exchange proposes to charge $10 per month per professional subscriber 
device. Similarly, for the receipt and use of NYSE Amex BBO 
Information, the Exchange proposes to charge $10 per month per 
professional subscriber device.
    For each of the NYSE Amex Trades Information service and the NYSE 
Amex BBO Information service, the Exchange proposes to offer an 
alternative methodology to the traditional device fee. Instead of 
charging $10 per month per device, it proposes to offer Vendors the 
option of paying $10 per month per ``Subscriber Entitlement''. Each fee 
entitles the end-user to receive and use NYSE Amex Market Data relating 
to all securities traded on NYSE Amex, regardless of the market on 
which a security is listed.
    For the purpose of calculating Subscriber Entitlements, the 
Exchange proposes to adopt the unit-of-count methodology that the 
Commission approved earlier this year for the proposed rule change that 
the New York Stock Exchange, LLC (``NYSE'') submitted in respect of its 
NYSE OpenBook[supreg] service (the ``Unit-of-Count Filing'').\4\
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    \4\ See Release No. 34-59544; 74 Federal Register 11162 (March 
16, 2009); File No. SR-NYSE-2008-131.
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    Under the unit-of-count methodology that the Commission approved in 
the Unit-of-Count Filing, the Exchange would not define the Vendor-
subscriber relationship based on the manner in which a datafeed 
recipient or subscriber receives data (i.e., through controlled 
displays or through data feeds). Instead, the Exchange would adopt 
billing criteria that are more objective. Those criteria would newly 
define ``Vendors,'' ``Subscribers,'' ``Subscriber Entitlements'' and 
``Subscriber Entitlement Controls'' as the basis for setting 
professional subscriber fees. The Exchange believes that these changes 
more closely align with current data consumption and will reduce costs 
for the Exchange's customers.
    The following basic principles underlie this proposal.
    A. Vendors.
     ``Vendors'' are market data vendors, broker-dealers, 
private network providers and other entities that control Subscribers' 
access to data through Subscriber Entitlement Controls.
    B. Subscribers.
     ``Subscribers'' are unique individual persons or devices 
to which a Vendor provides data. Any person or device that receives 
data from a Vendor is a Subscriber, whether the person or device works 
for or belongs to the Vendor, or works for or belongs to an entity 
other than the Vendor.
     Only a Vendor may control Subscriber access to data.
     Subscribers may not redistribute data in any manner.
    C. Subscriber Entitlements.
     A Subscriber Entitlement is a Vendor's permissioning of a 
Subscriber to receive access to data through an Exchange-approved 
Subscriber Entitlement Control.
     A Vendor may not provide data access to a Subscriber 
except through a unique Subscriber Entitlement.
     The Exchange will require each Vendor to provide a unique 
Subscriber Entitlement to each unique Subscriber.
     At prescribed intervals (normally monthly), the Exchange 
will require each Vendor to report each unique Subscriber Entitlement.
    D. Subscriber Entitlement Controls.
     A Subscriber Entitlement Control is the Vendor's process 
of permissioning Subscribers' access to data.
     Prior to using any Subscriber Entitlement Control or 
changing a previously approved Subscriber Entitlement Control, a Vendor 
must provide the Exchange with a demonstration and a detailed written 
description of the control or change and the Exchange must have 
approved it in writing.
     The Exchange will approve a Subscriber Entitlement Control 
if it allows only authorized, unique end-users or devices to access 
data or monitors access to data by each unique end-user or device.
     Vendors must design Subscriber Entitlement Controls to 
produce an audit report and make each audit report available to the 
Exchange upon request. The audit report must identify:
    1. Each entitlement update to the Subscriber Entitlement Control;
    2. The status of the Subscriber Entitlement Control; and
    3. Any other changes to the Subscriber Entitlement Control over a 
given period.
     Only the Vendor may have access to Subscriber Entitlement 
Controls.
    Subject to the rules set forth below, the Exchange will require 
NYSE Amex-Only Vendors to count every Subscriber Entitlement, whether 
it be a person or a device. This means that the Vendor must include in 
the count every person and device that has access to the data, 
regardless of the purposes for which the person or device uses the 
data. The Exchange will require Vendors to report and count all 
entitlements in accordance with the following rules.
    A. The count shall be separate for the NYSE Amex Trades and NYSE 
Amex BBO services. This means that a device that is entitled to receive 
both NYSE Amex Last Sale Information and NYSE Amex BBO Information 
would count as a Subscriber Entitlement for the purposes of the NYSE 
Amex Trades service and as a separate Subscriber Entitlement for the 
purposes of the NYSE Amex BBO service.
    B. In connection with a Vendor's external distribution of either 
type of NYSE Amex Market Data (i.e., NYSE Amex Last Sale Information or 
NYSE Amex BBO Information), the Vendor should count as one Subscriber 
Entitlement each unique Subscriber that the Vendor has entitled to have 
access to that type of Market Data. However, where a device is 
dedicated specifically to a single person, the Vendor should count only 
the person and need not count the device.
    C. In connection with a Vendor's internal distribution of a type of 
NYSE Amex Market Data, the Vendor should count as one Subscriber 
Entitlement each unique person (but not devices) that the Vendor has 
entitled to have access to that type of Market Data.
    D. The Vendor should identify and report each unique Subscriber. If 
a Subscriber uses the same unique Subscriber Entitlement to receive 
multiple services, the Vendor should count that as one Subscriber 
Entitlement. However, if a unique Subscriber uses multiple Subscriber 
Entitlements to gain access to one or more services (e.g., a single 
Subscriber has multiple passwords and user identifications), the Vendor 
should report all of those Subscriber Entitlements.
    E. The Vendor should report each Subscriber device serving multiple 
users individually as well as each person who may access the device. As 
an example, for a single device to which the Vendor has granted two 
people access, the Vendor should report three Subscriber Entitlements. 
Only a single, unique device that is dedicated to a single, unique 
person may be counted as one Subscriber Entitlement.
    F. Vendors should report each unique person who receives access 
through multiple devices as one Subscriber Entitlement so long as each 
device is dedicated specifically to that person.
    G. The Vendor should include in the count as one Subscriber 
Entitlement devices serving no users.

[[Page 21090]]

    By way of examples, if a Subscriber's device has no users or 
multiple users, the Vendor should count that device as one Subscriber 
Entitlement. If a Vendor entitles five individuals to use one of a 
Subscriber's devices, the Vendor should count five individual 
entitlements and one device entitlement, for a total of six Subscriber 
Entitlements. If a Vendor entitles an individual to receive a type of 
NYSE Amex Market Data over a Subscriber device that is dedicated to 
that individual, the Vendor should count that as one Subscriber 
Entitlement, not two.
    iii. No Program Classification Fee.
    The Exchange does not propose to impose any program classification 
charges for the use of NYSE Amex Last Sale Information or NYSE Amex BBO 
information. The Exchange recognizes that each Vendor and Subscriber 
will use NYSE Amex Market Data differently and that the Exchange is one 
of many markets with whom Vendors and Subscribers may enter into 
arrangements for the receipt and use of data. In recognition of that, 
the Exchange's proposed unit-of-count methodology does not restrict how 
Vendors may use NYSE Amex Market Data in their display services and 
encourages Vendors to create and promote innovative uses of NYSE Amex 
Market Data. For instance, a Vendor may use NYSE Amex BBO information 
to create derived information displays, such as displays that aggregate 
NYSE Amex BBO information with quotation information from other 
markets.\5\
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    \5\ In the case of derived displays, the Vendor is required to: 
A. Pay the Exchange's device fees (described below); b. include 
derived displays in its reports of NYSE Amex Market Data usage; and 
c. use reasonable efforts to assure that any person viewing a 
display of derived data understands what the display represents and 
the manner in which it was derived.
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    iv. Nonprofessional Subscriber Fee.
    The Exchange proposes to charge each NYSE Amex-Only Vendor $5.00 
per month for each nonprofessional subscriber to whom it provides NYSE 
Amex BBO Information. The Exchange proposes to impose the charge on the 
NYSE Amex-Only Vendor, rather than on the nonprofessional Subscriber. 
At this time, the Exchange does not propose to establish a 
nonprofessional subscriber fee for NYSE Amex Last Sale Information 
because the Commission recently approved an inexpensive alternative to 
that product, the NYSE Amex Realtime Reference Prices service.\6\
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    \6\ See Release No. 34-61403; 75 Federal Register 4598 (January 
28, 2010); File No. SR-NYSEAmex-2009-85.
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    In addition, the Exchange proposes to establish as an alternative 
to the fixed $5.00 monthly fee a fee of $.005 for each response that a 
NYSE Amex-Only Vendor disseminates to a nonprofessional Subscriber's 
inquiry for a best bid or offer under the NYSE Amex BBO service. The 
Exchange proposes to limit a NYSE Amex-Only Vendor's exposure under 
this alternative fee. It proposes to set at $5.00 per month, the same 
amount as the proposed fixed monthly nonprofessional Subscriber flat 
fee, as the maximum fee that a NYSE Amex-Only Vendor would have to pay 
in respect of each nonprofessional Subscriber for the receipt of the 
NYSE Amex BBO service in any calendar month.
    In order to take advantage of the per-query fee, a NYSE Amex-Only 
Vendor must document in its Exhibit A that it has the ability to 
measure accurately the number of queries from each nonprofessional 
Subscriber and must have the ability to report aggregate query 
quantities on a monthly basis.
    The Exchange will impose the per-query fee only on the 
dissemination of best bids and offers to nonprofessional Subscribers. 
The per-query charge is imposed on NYSE Amex-Only Vendors, not end-
users, and is payable on a monthly basis. NYSE Amex-Only Vendors may 
elect to disseminate the NYSE Amex BBO service pursuant to the per-
query fee rather than the fixed monthly fee.
    In establishing nonprofessional Subscriber fees for the NYSE Amex 
BBO service, the Exchange proposes to apply the same criteria for 
qualification as a ``nonprofessional subscriber'' as the CTA and CQ 
Plan Participants use. As is true under the CTA and CQ Plans, 
classification as a nonprofessional subscriber is subject to Exchange 
review and requires the subscriber to attest to his or her 
nonprofessional subscriber status. A ``nonprofessional subscriber'' is 
a natural person who uses the data solely for his personal, non-
business use and who is neither:
    A. Registered or qualified with the Securities and Exchange 
Commission, (``SEC''), the Commodities Futures Trading Commission, any 
state securities agency, any securities exchange or association, or any 
commodities or futures contract market or association,
    B. Engaged as an ``investment adviser'' as that term is defined in 
Section 202(a)(11) of the Investment Advisors Act of 1940 (whether or 
not registered or qualified under that act), nor
    C. Employed by a bank or other organization exempt from 
registration under Federal and/or State securities laws to perform 
functions that would require him/her to be so registered or qualified 
if he/she were to perform such function for an organization not so 
exempt.
    c. Justification of Fees.
    The proposed monthly access fee, professional subscriber fees and 
nonprofessional subscriber fees for the NYSE Amex Trade service and 
NYSE Amex BBO service enable NYSE Amex-Only Vendors and their 
subscribers to contribute to the Exchange's operating costs in a manner 
that is appropriate for the distribution of NYSE Amex Market Data in 
the form taken by the proposed services.
    In setting the level of the proposed fees, the Exchange took into 
consideration several factors, including:
    (i) NYSE Amex's expectation that the NYSE Amex Trades and BBO 
Services are likely to be premium services, taken by investors most 
concerned with receiving NYSE Amex Market Data on a low latency basis;
    (ii) the fees that the CTA and CQ Plan Participants, the Nasdaq/UTP 
Plan Participants, Nasdaq, NYSE and NYSE Arca are charging for similar 
services (or that NYSE Amex anticipates they will soon propose to 
charge);
    (iii) consultation with some of the entities that the Exchange 
anticipates will be the most likely to take advantage of the proposed 
service;
    (iv) the contribution of market data revenues that the Exchange 
believes is appropriate for entities that are most likely to take 
advantage of the proposed service;
    (v) the contribution that revenues accruing from the proposed fee 
will make to meet the overall costs of the Exchange's operations;
    (vi) the savings in administrative and reporting costs that the 
NYSE Amex Trades and BBO Services will provide to NYSE Amex-Only 
Vendors (relative to counterpart services under the CTA, CQ and Nasdaq/
UTP Plans); and
    (vii) the fact that the proposed fees provide alternatives to 
existing fees under the CTA, CQ and Nasdaq/UTP Plans, alternatives that 
vendors will purchase only if they determine that the perceived 
benefits outweigh the cost.
    The Exchange believes that the levels of the fees are consistent 
with the approach set forth in the order by which the Commission 
approved ArcaBook fees for NYSE Arca.\7\ In the ArcaBook Approval 
Order, the Commission stated that ``when possible, reliance on 
competitive forces is the most appropriate and effective means to

[[Page 21091]]

assess whether the terms for the distribution of non-core data are 
equitable, fair and reasonable, and not unreasonably discriminatory.'' 
\8\ It noted that if significant competitive forces apply to a 
proposal, the Commission would approve it unless a substantial 
countervailing basis exists.
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    \7\ See Release No. 59039 (December 2, 2008), 73 FR 74770 
(December 9, 2008) (SR-NYSEArca-2006-21) (the ``ArcaBook Approval 
Order'').
    \8\ Id. at 74771.
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    NYSE Amex Market Data constitutes ``non-core data.'' The Exchange 
does not require a central processor to consolidate and distribute the 
product to the public pursuant to joint-SRO plans. Rather, the Exchange 
distributes the product voluntarily.
    In the case of both the NYSE Amex Trades service and the NYSE Amex 
BBO service, both of the two types of competitive forces that the 
Commission described in the ArcaBook Approval Order are present: The 
Exchange has a compelling need to attract order flow and the product 
competes with a number of alternative products.
    The Exchange must compete vigorously for order flow to maintain its 
share of trading volume. This requires the Exchange to act reasonably 
in setting market data fees for non-core products such as the NYSE Amex 
Trades and BBO Services. The Exchange hopes that the proposed NYSE Amex 
Trades and BBO Services will enable vendors to distribute NYSE Amex 
Market Data widely among investors, and thereby provide a means for 
promoting the Exchange's visibility in the marketplace.
    In addition to the need to attract order flow, the availability of 
alternatives to the NYSE Amex Trades and BBO Services significantly 
constrain the prices at which the Exchange can market those services. 
All national securities exchanges, the several Trade Reporting 
Facilities of FINRA, and ECNs that produce proprietary data, as well as 
the core data feeds under the CTA, CQ and Nasdaq/UTP Plans, are all 
sources of competition for the NYSE Amex BBO service. Currently:
    (i) the Nasdaq Stock Market offers its last sale information and 
best-bid-and-offer information under services that would provide an 
alternative to the proposed NYSE Amex services;
    (ii) NYSE and NYSE Arca offer last sale information in services 
that are substantially similar to the NYSE Amex Trades Service; and
    (iii) the Exchange anticipates that NYSE and NYSE Arca will soon 
propose to provide best-bid-and-offer services that are substantially 
similar to the NYSE Amex BBO Service.
    As an alternative, investors can receive NYSE Amex BBO Information 
from NYSE Amex OpenBook. The information available in the NYSE Amex 
Trades and BBO Services is also included in the calculation of the 
consolidated last sale price information and best-bid-and-offer 
calculations under the CTA, CQ and Nasdaq/UTP Plans, which comprise 
core datafeeds. Investors may select the NYSE Amex Trade service or the 
NYSE Amex BBO service as less expensive alternatives to the CTA and CQ 
Plan's consolidated data streams for certain purposes. (Rule 603(c) of 
Regulation NMS requires vendors to make the consolidated, core 
datafeeds available to customers when trading and order-routing 
decisions can be implemented.)
    d. Administrative Requirements.
    The Exchange will require each Vendor to enter into the form of 
``vendor'' agreement into which the CTA and CQ Plans require recipients 
of the Network A datafeeds to enter (the ``Consolidated Vendor Form''). 
That agreement will authorize the Vendor to provide its NYSE Amex 
Market Data service to its customers or to distribute the data 
internally.
    In addition, the Exchange will require each professional end-user 
that receives NYSE Amex Market Data from a vendor or broker-dealer to 
enter into the form of professional subscriber agreement into which the 
CTA and CQ Plans require end users of Network A data to enter. It will 
also require Vendors to subject nonprofessional subscribers to the same 
contract requirements as the CTA and CQ Plan Participants require of 
Network A nonprofessional subscribers. The Network A Participants 
submitted the Consolidated Vendor Form and the professional subscriber 
form to the Commission for comment and notice.\9\
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    \9\ See Securities Exchange Act Release Nos. 34-22851 (January 
31, 1986), 34-28407 (September 10, 1990), 34-49185 (February 4, 
2004), and 34-22851 (January 31, 1986).
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2. Statutory Basis
    The bases under the Securities Exchange Act of 1934 (the ``Act'') 
for this proposed rule change are the requirement under Section 6(b)(4) 
\10\ that an exchange have rules that provide for the equitable 
allocation of reasonable dues, fees and other charges among its members 
and other persons using its facilities and the requirements under 
Section 6(b)(5) \11\ that the rules of an exchange be designed to 
promote just and equitable principles of trade and not to permit unfair 
discrimination between customers, issuers, brokers or dealers.
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    \10\ 15 U.S.C. 78f(b)(4).
    \11\ 15 U.S.C. 78f(b)(5).
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    The proposed rule change would benefit investors by facilitating 
their prompt access to real-time last sale information and best-bid-
and-offer information contained in the NYSE Amex Trades and BBO 
Services and by providing a modern methodology alternative for counting 
fee-liable units. In addition, the Exchange believes that the proposed 
fee would allow entities that are most likely to take advantage of the 
proposed service to make an appropriate contribution towards meeting 
the overall costs of the Exchange's operations.
    The Exchange notes that Nasdaq, NYSE and NYSE Arca already impose 
charges for services that are similar to the NYSE Amex Trades service 
and Nasdaq already imposes charges for services that are similar to the 
NYSE Amex BBO service. NYSE Amex anticipates NYSE and NYSE Arca will 
soon propose to establish fees for best-bid-and-offer services that are 
substantially similar to the NYSE Amex BBO service. Thus, the 
Exchange's proposed fees offer any vendor that wishes to provide its 
customers with a single market's last sale information or best-bid-and-
offer information (as opposed to a more expensive consolidated last 
sale or quotation information service) an alternative to Nasdaq, NYSE 
and NYSE Arca.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The NYSE Amex Trades and BBO Services propose to provide an 
alternative to existing services that the Participants make available 
under the CTA, CQ and Nasdaq/UTP Plans. The proposed fees do not alter 
or rescind any existing fees. In addition, it amounts to a competitive 
response to the products that Nasdaq, NYSE and NYSE Arca make available 
or will soon make available. For those reasons, the Exchange does not 
believe that this proposed rule change will result in 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

    The Exchange has discussed this proposed rules change with those 
entities that the Exchange believes would be the most likely to take 
advantage of the proposed NYSE Amex Trades and BBO Services by becoming 
NYSE Amex-Only Vendors. While those entities have not submitted formal, 
written comments on the proposal, the Exchange has incorporated some of 
their ideas into the proposal and this proposed rule change reflects 
their

[[Page 21092]]

input. The Exchange has not received any unsolicited written comments 
from members or other interested parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission will:
    (A) by order approve the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

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 rule-comments@sec.gov. Please include 
File No. SR-NYSEAmex-2010-35 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEAmex-2010-35. 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 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-2010-35 and should be submitted on or before May 13, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-9361 Filed 4-21-10; 8:45 am]
BILLING CODE 8011-01-P