Document ID: SEC-2009-0201-0001
Agency: sec
Document Type: Notice
Title: Joint Industry Plan: BATS Exchange, Inc.
Posted Date: 2009-02-11T05:00Z

[Federal Register: February 11, 2009 (Volume 74, Number 27)]
[Notices]
[Page 6925]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr11fe09-93]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59361, File No. 4-518]

Joint Industry Plan; Order Approving Amendment To Add the BATS
Exchange, Inc. as Participant to National Market System Plan
Establishing Procedures Under Rule 605 of Regulation NMS

February 5, 2009.

I. Introduction

    On September 19, 2008, the BATS Exchange, Inc. (``BATS'' or ``BATS
Exchange'') submitted to the Securities and Exchange Commission
(``SEC'' or ``Commission'') in accordance with Section 11A of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 608 of
Regulation NMS,\2\ a proposed amendment to the national market system
plan establishing procedures under Rule 605 of Regulation NMS (``Joint-
SRO Plan'' or ``Plan'').\3\ Under the proposed amendment, BATS would be
added as a participant to the Joint-SRO Plan. Notice of filing and an
order granting temporary effectiveness of the proposal through February
5, 2009 were published in the Federal Register on October 8, 2008.\4\
The Commission did not receive any comments on the proposed amendment.
This order approves the amendment on a permanent basis.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ 17 CFR 242.605. On April 12, 2001, the Commission approved a
national market system plan for the purpose of establishing
procedures for market centers to follow in making their monthly
reports available to the public under Rule 11Ac1-5 under the Act (n/
k/a Rule 605 of Regulation NMS). See Securities Exchange Act Release
No. 44177 (April 12, 2001), 66 FR 19814 (April 17, 2001).
    \4\ See Securities Exchange Act Release No. 58695 (September 30,
2008), 73 FR 58993.
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II. Discussion

    The Joint-SRO Plan establishes procedures for market centers to
follow in making their monthly reports required pursuant to Rule 605 of
Regulation NMS, available to the public in a uniform, readily
accessible, and usable electronic format. The current participants to
the Joint-SRO Plan are the American Stock Exchange LLC, Boston Stock
Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago
Stock Exchange, Inc., Cincinnati Stock Exchange, Inc. (n/k/a National
Stock Exchange SM), International Securities Exchange LLC,
The NASDAQ Stock Market LLC, National Association of Securities
Dealers, Inc., New York Stock Exchange, Inc. (n/k/a New York Stock
Exchange LLC), Pacific Exchange, Inc. (n/k/a NYSE Arca, Inc.), and
Philadelphia Stock Exchange, Inc. The proposed amendment would add BATS
as a participant to the Joint-SRO Plan.
    Section III(b) of the Joint-SRO Plan provides that a national
securities exchange or national securities association may become a
party to the Plan by: (i) Executing a copy of the Plan, as then in
effect (with the only changes being the addition of the new
participant's name in Section II(a) of the Plan and the new
participant's single-digit code in Section VI(a)(1) of the Plan) and
(ii) submitting such executed plan to the Commission for approval. BATS
submitted a signed copy of the Joint-SRO Plan to the Commission in
accordance with the procedures set forth in the Plan regarding new
participants.
    The Commission finds that the amendment to the Joint-SRO Plan is
consistent with the requirements of the Act and the rules and
regulations thereunder. Specifically, the Commission finds that the
proposed amendment is consistent with the requirements of Section 11A
of the Act,\5\ and Rule 608 of Regulation NMS.\6\ The Plan established
appropriate procedures for market centers to follow in making their
monthly reports required pursuant to Rule 605 of Regulation NMS
available to the public in a uniform, readily accessible, and usable
electronic format. The amendment to include BATS as a participant in
the Joint-SRO Plan should contribute to the maintenance of fair and
orderly markets and remove impediments to and perfect the mechanisms of
a national market system by facilitating the uniform public disclosure
of order execution information by all market centers. The Commission
believes that it is necessary and appropriate in the public interest,
for the maintenance of fair and orderly markets, to remove impediments
to, and perfect mechanisms of, a national market system to allow BATS
to become a participant in the Joint-SRO Plan. The Commission finds,
therefore, that approving the amendment to the Joint-SRO Plan is
appropriate and consistent with Section 11A of the Act.\7\
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    \5\ 15 U.S.C. 78k-1.
    \6\ 17 CFR 242.608.
    \7\ 15 U.S.C. 78k-1.
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III. Conclusion

    It is therefore ordered, pursuant to Section 11A(a)(3)(B) of the
Act \8\ and Rule 608 of Regulation NMS,\9\ that the amendment to the
Joint-SRO Plan to add BATS as a participant is approved and BATS is
authorized to act jointly with the other participants to the Joint-SRO
Plan in planning, developing, operating, or regulating the Plan as a
means of facilitating a national market system.
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    \8\ 15 U.S.C. 78k-1(a)(3)(B).
    \9\ 17 CFR 242.608.
    \10\ 17 CFR 200.30-3(a)(29).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-2857 Filed 2-10-09; 8:45 am]

BILLING CODE 8011-01-P