Document ID: SEC-2011-1476-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes
Posted Date: 2011-10-03T04:00Z

[Federal Register Volume 76, Number 191 (Monday, October 3, 2011)]
[Notices]
[Pages 61121-61122]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-25353]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65410; File No. 4-631]

Joint Industry Plan; Notice of Designation of a Longer Period for 
Commission Action on the National Market System Plan To Address 
Extraordinary Market Volatility by 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., NASDAQ OMX BX, Inc., 
NASDAQ OMX PHLX LLC, The Nasdaq Stock Market LLC, National Stock 
Exchange, Inc., New York Stock Exchange LLC, NYSE Amex LLC, and NYSE 
Arca, Inc.

September 27, 2011.
    On April 5, 2011, NYSE Euronext, on behalf of New York Stock 
Exchange LLC (``NYSE''), NYSE Amex LLC (``NYSE Amex''), and NYSE Arca, 
Inc. (``NYSE Arca''), and the following parties to the proposed 
National Market System Plan: 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., NASDAQ OMX BX, Inc., NASDAQ OMX 
PHLX LLC, the Nasdaq Stock Market LLC, and National Stock Exchange, 
Inc. (collectively with NYSE, NYSE Amex, and NYSE Arca, the 
``Participants''), filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 11A of the Securities Exchange 
Act of 1934 (``Act''),\1\ and Rule 608 of Regulation NMS (``Rule 608'') 
thereunder,\2\ a proposed Plan to Address Extraordinary Market 
Volatility (``Plan'').\3\ The proposed Plan was published for comment 
in the Federal Register on June 1, 2011.\4\ The Commission received 18 
comments on the proposed Plan.\5\
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ See Letter from Janet M. McGinness, Senior Vice President, 
Legal and Corporate Secretary, NYSE Euronext, to Elizabeth M. 
Murphy, Secretary, Commission, dated April 5, 2011.
    \4\ See Securities Exchange Act Release No. 64547 (May 25, 
2011), 76 FR 31647.
    \5\ See Letter from Steve Wunsch, Wunsch Auction Associates, 
LLC, to Elizabeth M. Murphy, Secretary, Commission, dated June 2, 
2011; Letter from Peter J. Driscoll, Investment Professional, 
Chicago, IL, to Elizabeth M. Murphy, Secretary, Commission, dated 
June 17, 2011; Letter from Stuart J. Kaswell, Executive Vice 
President & Managing Director, General Counsel, Managed Funds 
Association, to Elizabeth M. Murphy, Secretary, Commission, dated 
June 21, 2011; Letter from George U. Sauter, Managing Director and 
Chief Investment Officer, The Vanguard Group, Inc., to Elizabeth M. 
Murphy, Secretary, Commission, dated June 22, 2011; Letter from 
Karrie McMillan, General Counsel, Investment Company Institute, to 
Elizabeth M. Murphy, Secretary, Commission, dated June 22, 2011; 
Letter from Manisha Kimmel, Executive Director, Financial 
Information Forum, to Elizabeth M. Murphy, Secretary, Commission, 
dated June 22, 2011; Letter from Craig S. Donohue, Chief Executive 
Officer, CME Group Inc., to Elizabeth M. Murphy, Secretary, 
Commission, dated June 22, 2011; Letter from Joseph N. Cangemi, 
Chairman, and Jim Toes, President and Chief Executive Officer, 
Security Traders Association, to Elizabeth M. Murphy, Secretary, 
Commission, dated June 22, 2011; Letter from Leonard J. Amoruso, 
General Counsel, Knight Capital Group, Inc., to Elizabeth M. Murphy, 
Secretary, Commission, dated June 22, 2011; Letter from Ann L. 
Vlcek, Managing Director and Associate General Counsel, Securities 
Industry and Financial Markets Association, to Elizabeth M. Murphy, 
Secretary, Commission, dated June 22, 2011; Letter from Jamie 
Selway, Managing Director, and Patrick Chi, Chief Compliance 
Officer, ITG Inc., to Elizabeth M. Murphy, Secretary, Commission, 
dated June 23, 2011; Letter from Jose Marques, Managing Director and 
Global Head of Electronic Equity Trading, Deutsche Bank Securities 
Inc., to Elizabeth M. Murphy, Secretary, Commission, dated June 23, 
2011; Letter from Kimberly Unger, Esq., Executive Director, The 
Security Traders Association of New York, Inc., to Elizabeth M. 
Murphy, Secretary, Commission, dated June 23, 2011; Letter from 
James J. Angel, PhD, CFA, Associate Professor of Finance, Georgetown 
University, McDonough School of Business, to Commission, dated June 
24, 2011; Letter from John A. McCarthy, General Counsel, GETCO, to 
Elizabeth M. Murphy, Secretary, Commission, dated June 24, 2011; 
Letter from Andrew C. Small, Executive Director and General Counsel, 
Scottrade, Inc., to Elizabeth M. Murphy, Secretary, Commission, 
dated July 5, 2011; Letter from Peter Skopp, President, Molinete 
Trading Inc., to Elizabeth M. Murphy, Secretary, Commission, dated 
July 19, 2011; and Letter from Sal Arnuk, Joe Saluzzi, and Paul 
Zajac, Themis Trading, LLC, to Elizabeth M. Murphy, Secretary, 
Commission. Copies of all comments received on the proposed Plan are 
available on the Commission's Web site, located at http://www.sec.gov/comments/4-631/4-631.shtml. Comments are also 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 ET.
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    Rule 608 \6\ under Section 11A of the Act \7\ provides that within 
120 days of the date of publication of notice of filing of a national 
market system plan or an amendment to an effective national market 
system plan, or within such longer period as the Commission may 
designate up to 180 days of such date if it finds such longer period to 
be appropriate and publishes its reasons

[[Page 61122]]

for so finding or as to which the sponsors consent, the Commission 
shall approve such plan or amendment, with such changes or subject to 
such conditions as the Commission may deem necessary or appropriate, if 
it finds that such plan or amendment is necessary or appropriate in the 
public interest, for the protection of investors and the maintenance of 
fair and orderly markets, to remove impediments to, and perfect the 
mechanisms of, a national market system, or otherwise in furtherance of 
the purposes of the Act. The 120th day for this notice of filing of a 
national market system plan is September 29, 2011.
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    \6\ 17 CFR 242.608.
    \7\ 15 U.S.C. 78k-1.
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    The Commission is hereby extending the 120-day time period for 
Commission action on the proposed rule change. The Commission finds 
that it is appropriate to designate a longer period within which to 
take action on the proposed rule change. In particular, the extension 
of time will ensure that the Commission has sufficient time to consider 
and take action on the Participants' proposal, in light of, among other 
things, the comments received on the proposal.
    Accordingly, pursuant to Section 11A of the Act \8\ and Rule 608 
thereunder,\9\ the Commission designates November 28, 2011 as the date 
by which the Commission shall approve the proposed Plan (File Number 4-
631), with such changes or subject to such conditions as the Commission 
may deem necessary or appropriate, if it finds that such plan or 
amendment is necessary or appropriate in the public interest, for the 
protection of investors and the maintenance of fair and orderly 
markets, to remove impediments to, and perfect the mechanisms of, a 
national market system, or otherwise in furtherance of the purposes of 
the Act.
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    \8\ Id.
    \9\ 17 CFR 242.608.
    \10\ 17 CFR 200.30-3(a)(42).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-25353 Filed 9-30-11; 8:45 am]
BILLING CODE 8011-01-P