Document ID: SEC-2009-1427-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend NSX Rule 11.19 Governing Clearly Erroneous Executions
Posted Date: 2009-10-08T04:00Z

[Federal Register: October 8, 2009 (Volume 74, Number 194)]
[Notices]               
[Page 51910-51914]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08oc09-100]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60762; File No. SR-NSX-2009-05]

 
Self-Regulatory Organizations; National Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend NSX Rule 11.19 Governing Clearly Erroneous Executions

October 1, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on September 30, 2009, the National Stock Exchange, Inc. (``Exchange'' 
or ``NSX'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared by the Exchange. NSX has 
designated the proposed rule change as constituting a rule change under 
Rule 19b-4(f)(6) under the Act,\3\ which renders the proposal effective 
upon filing with the Commission. 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.
    \3\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NSX is proposing to amend NSX Rule 11.19 governing clearly 
erroneous executions.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://www.nsx.com, at the principal office of the 
Exchange, 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 Exchange 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 these 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
    The Exchange proposes to amend NSX Rule 11.19 in order to improve 
the Exchange's rule regarding clearly erroneous executions. The 
proposed changes are part of a market-wide effort designed to provide 
transparency and finality with respect to clearly erroneous executions. 
This effort seeks to achieve consistent results for participants across 
U.S. equities exchanges while maintaining a fair and orderly market, 
protecting investors and protecting the public interest. The proposed 
changes are more fully discussed below.
Definition
    The Exchange will maintain the meaning of the definition of a 
clearly erroneous execution, but proposes to add clarifying language 
with respect to cancelled trades. The proposed change identifies that a 
transaction made in clearly erroneous error and agreed to be canceled 
by both parties or determined by the Corporation to be clearly 
erroneous will be removed ``from the Consolidated Tape.'' \4\ A trade 
will only be removed from the Consolidated Tape when the determination 
is deemed final and any applicable appeals have been exhausted.
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    \4\ For purposes of this Rule, ``removed from the Consolidate 
Tape'' means that a subsequent message will be sent to the 
Consolidated Tape indicating that a previously executed trade has 
been cancelled.
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ETP Holder Initiated Review Requests
    The Exchange proposes to amend NSX Rule 11.19 to update the 
procedures for requesting a review of a clearly erroneous transaction. 
First, the proposed rule would require that requests for review be made 
only by electronic mail (``e-mail'') or other electronic means 
specified from time to time by the Exchange. Under the current policy, 
the Exchange also allows requests to be made via telephone and 
facsimile. Requiring requests for review to be made via e-mail creates 
a standard format that can easily be logged and tracked. The Exchange 
will publish the e-mail address or other electronic means to be used 
for all clearly erroneous filings in a circular distributed to Equity 
Trading Permit (``ETP'') Holders.\5\
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    \5\ NSX Rule 1.5E defines an ``ETP'' as an Equity Trading Permit 
issued by the Exchange for effecting approved securities 
transactions on the Exchange's trading facilities. An ETP may be 
issued to a ``sole proprietorship, partnership, corporation, limited 
liability company or other organization which is a registered broker 
or dealer pursuant to Section 15 of the Act, and which has been 
approved by the Exchange.
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    The Exchange further proposes that requests for review must be 
received by the Exchange within 30 minutes of the execution time for 
orders initially routed to and executed on the Exchange. The Exchange 
proposes that ETP Holders submit certain essential identifying 
information with the request including the time of the transaction(s), 
security symbol(s), number of shares, price(s), side (bought or sold), 
and factual basis for believing that the trade is clearly erroneous. 
The current rule requires requests for review to be received within 15 
minutes of the execution and does not specify what information is 
required. The Exchange believes that 30 minutes is an appropriate time 
frame that offers the requesting party sufficient time to gather and 
submit all required information.
    The proposed rule also requires the Exchange to notify the 
counterparty to a trade upon receipt of a timely filed request for 
review that satisfies the numerical guidelines set forth within the 
Rule (``Numerical Guidelines''). This proposed language eliminates the 
requirement that counterparties be notified of every request for a 
ruling and instead requires notice only when a request is filed in a 
timely manner and satisfies the Numerical Guidelines. This change 
alleviates the burden on the Exchange of notifying the counterparty 
when a request for review does not merit a ruling.
    The Exchange proposes to amend NSX Rule 11.19 to allow an Officer 
of the Exchange or such other employee designee (``Officer'') to 
request additional information from each party to a transaction under 
review. Parties to the review will have 30 minutes from the time of the 
request to provide additional supporting information.

[[Page 51911]]

Routed Executions
    The Exchange proposes to give other market centers an additional 30 
minutes from the receipt of their participant's timely filing to 
request a ruling, but no longer than 60 minutes from the time of the 
execution under review. This provision accounts for those executions 
initially directed to an away market center and subsequently routed by 
that away market center to the Exchange.
    For example, assume an order is initially routed by a participant 
to Market Center A and subsequently routed to NSX, where the order is 
executed at a price outside of the Numerical Guidelines. This provision 
generally requires Market Center A to file with the Exchange within 30 
minutes from the time it receives its participant's timely filed 
request for review. This provision caps the filing deadline for an away 
market center at 60 minutes from the time of the execution under 
review.
Threshold Factors
    Currently, the Exchange's Clearly Erroneous Execution rule does not 
identify specific numeric guidelines for determining what constitutes a 
clearly erroneous transaction. The current rule simply provides that 
``an Officer of the Exchange or such other designee of the Exchange 
shall review the transaction under dispute and determine whether it is 
clearly erroneous, with a view toward maintaining a fair and orderly 
market and the protection of investors and the public interest.'' \6\ 
The Exchange proposes adding certain numerical thresholds to the Rule 
that explicitly state what constitutes a clearly erroneous execution.
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    \6\ NSX Rule 11.19(b)(i) (prior to the instant rule change).
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Numerical Guidelines
    The proposed numerical guidelines state that a transaction executed 
during Regular Trading Hours \7\ or outside Regular Trading Hours may 
be found to be clearly erroneous only if the price of the transaction 
to buy is greater, or less in the case of a sale, than the reference 
price by an amount that equals or exceeds the numerical guidelines for 
a particular transaction category. The execution time of the 
transaction under review determines whether the guidance threshold is 
Regular Trading Hours or outside Regular Trading Hours. The Reference 
Price shall be equal to the Consolidated Last Sale immediately prior to 
the execution(s) under review, unless unusual circumstances are 
present. The proposed guidelines for sales greater than $0.00 up to and 
including $25.00 are 10% for Regular Trading Hours and 20% for outside 
Regular Trading Hours. The proposed guidelines for sales greater than 
$25.00 up to and including $50.00 are 5% for Regular Trading Hours and 
10% for outside Regular Trading Hours. The proposed guidelines for 
sales greater than $50.00 are 3% for Regular Trading Hours and 6% for 
outside Regular Trading Hours. A filing involving five or more 
securities by the same ETP Holder will be aggregated into a single 
filing called a ``Multi-Stock Event.'' In the case of a Multi-Stock 
Event, the proposed guidelines are 10% for Regular Trading Hours and 
10% for outside Regular Trading Hours. In the case of Leveraged ETF/ETN 
securities, the above guidelines are to be multiplied by the leverage 
multiplier of the security. Executions that do not meet or exceed the 
Numerical Guidelines will not be eligible for review under this 
section. The following chart summarizes the proposed Numerical 
Guidelines:
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    \7\ Regular Trading Hours begin for each security at ``8:30:00 
am (Central Time) and conclude at 3:00:00 pm (Central Time).'' NSX 
Rule 1.5R.

------------------------------------------------------------------------
                                 Regular trading       Outside regular
                                 hours numerical      trading numerical
                               guidelines (subject   guidelines (subject
      Reference price:           transaction's %       transaction's %
   Consolidated last sale      difference from the   difference from the
                                consolidated last     consolidated last
                                     sale):                sale):
------------------------------------------------------------------------
Greater than $0.00 up to and  10%.................  20%.
 including $25.00.
Greater than $25.00 up to     5%..................  10%.
 and including $50.00.
Greater than $50.00.........  3%..................  6%.
Multi-Stock Event--Filings    10%.................  10%.
 involving five or more
 securities by the same ETP
 Holder will be aggregated
 into a single filing.
Leveraged ETF/ETN securities  Core Trading Session  Core Trading Session
                               Numerical             Numerical
                               Guidelines            Guidelines
                               multiplied by the     multiplied by the
                               leverage multiplier   leverage multiplier
                               (i.e. 2x).            (i.e. 2x)
------------------------------------------------------------------------

    Establishing Numerical Guidelines within the Rule brings regulatory 
transparency and consistency in the application of the rules of the 
Exchange. These Numerical Guidelines represent the general consensus 
approach and were developed based on the collective experiences of a 
market-wide group. The Exchange believes that the Thresholds 
established are fair and appropriate and apply evenly to all 
participants.
Unusual Circumstances
    NSX further proposes that in Unusual Circumstances the Exchange 
may, in its discretion and with a view toward maintaining a fair and 
orderly market and the protection of investors and the public interest, 
use a Reference Price other than the consolidated last sale. Unusual 
Circumstances may include periods of extreme market volatility, 
sustained illiquidity, or widespread system issues. Other Reference 
Prices that the Exchange may use would include the consolidated inside 
price, the consolidated opening price, the consolidated prior close, or 
the consolidated last sale prior to a series of executions.
    The following example explains the use of a Reference Price equal 
to the consolidated last sale prior to a series of executions.
    ABC has a consolidated last sale of $10.00. During Regular Trading 
Hours, Customer A enters a market order to buy 10,000 shares, although 
it had intended a market order for 1,000 shares. The size of the order 
is such that the order sweeps the NSX Book, which reflects 1,000 shares 
of liquidity offered at each of following prices. Executions occur, 
moving through the depth of the NSX Book, as follows:

Trade 1--1,000 shares @ $10.00 (9,000 remaining)
Trade 2--1,000 shares @ $10.20 (8,000 remaining)
Trade 3--1,000 shares @ $10.40 (7,000 remaining)
Trade 4--1,000 shares @ $10.60 (6,000 remaining)
Trade 5--1,000 shares @ $10.80 (5,000 remaining)
Trade 6--1,000 shares @ $11.00 (4,000 remaining)
Trade 7--1,000 shares @ $11.20 (3,000 remaining)

[[Page 51912]]

Trade 8--1,000 shares @ $11.40 (2,000 remaining)
Trade 9--1,000 shares @ $11.60 (1,000 remaining)
Trade 10--1,000 shares @ $11.80 (complete)

    Thus, to be eligible for review, a transaction must be at a price 
that is at least 10% higher than the consolidated last sale prior to 
the series of executions. Customer A could request a ruling for trades 
6 through 10, priced at $11.00 and above, but trades 
1 through 5 would not be eligible for review.
    Under the proposed rule the Exchange may also use a higher 
numerical guideline if, after market participants have been alerted to 
erroneous activity, the price of the security returns toward its prior 
trading range but continues to trade beyond the price it would have 
normally been broken.
Joint Market Rulings
    In the interest of achieving consistency across markets, the 
Exchange proposes that, in events that involve other markets, the 
Exchange would have the ability to use a different Reference Price and/
or Numerical Guideline. In these instances the Reference Price would be 
determined based on a consensus among the Exchanges where the 
transactions occurred. Furthermore, when a ruling is made across 
markets, the Exchange may determine that the ruling is not eligible for 
appeal because immediate finality is necessary to maintain a fair and 
orderly market and to protect investors and the public interest.
Additional Factors
    The proposed amendments to NSX Rule 11.19 also enumerate some 
additional factors that an officer of the Exchange or certain other 
employee designee may consider when determining whether an execution is 
clearly erroneous. These factors include, but are not limited to, 
system malfunctions or disruptions, volume and volatility for the 
security, derivative securities products that correspond to greater 
than 100% in the direction of a tracking index, news released for the 
security, whether trading in the security was recently halted/resumed, 
whether the security is an IPO, whether the security was subject to a 
stock-split, reorganization, or other corporate action, overall market 
conditions, Opening and Late Session executions, validity of the 
consolidated tapes trades and quotes, consideration of primary market 
indications, and executions inconsistent with the trading pattern in 
the stock. Each additional factor shall be considered with a view 
toward maintaining a fair and orderly market, the protection of 
investors and the public interest.
Numerical Guidelines Applicable to Volatile Market Opens
    The Exchange proposes to give the Exchange the ability to expand 
the Numerical Guidelines applicable to transactions occurring between 
9:30 a.m. and 10 a.m. (Eastern Time) \8\ based on the disseminated 
value of the S&P 500 Futures at 9:15 a.m. When the S&P Futures are up 
or down from 3% but less than 5% at 9:15 a.m., the Numerical Guidelines 
are doubled. When the S&P Futures are up or down 5% or more at 9:15 
a.m., the Numerical Guidelines are tripled. The Exchange believes that 
the S&P 500 futures contract is an appropriate and reliable barometer 
of market activity prior to the market opening due to its broad based 
market coverage and deep liquidity. Using the S&P 500 Futures 
disseminated value at 9:15 a.m. as the barometer of market activity, 
the Exchange is providing a transparent means of offering adjusted 
guidelines in times of volatile market activity.
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    \8\ All times referenced are Eastern Time (``ET'').
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Outlier Transactions
    The proposed amendments to NSX Rule 11.19 provide that an Officer 
may consider requests for review received after thirty minutes, but not 
longer than sixty minutes after the execution in question in the case 
of an Outlier Transaction. An Outlier Transaction is a transaction 
where, (1) the execution price of the security is greater than three 
times the current Numerical Guidelines or (2) the execution price of 
the security breaches the 52-week high or low, in which case the 
Exchange may consider Additional Factors to determine if the 
transaction qualifies for review or if the Corporation shall decline to 
act.
Review Procedures
Initial Determination
    The Exchange proposes removing language that currently allows an 
Officer to modify one or more of the terms of a transaction under 
review. Under the proposed rule, the Officer will only have the 
authority to break the trades or rule to let the trades stand. This 
change attempts to remove the subjectivity from the rule that is 
necessitated by an adjustment.
    The Exchange also proposes adding language stating that a 
determination shall be made generally within 30 minutes of receipt of 
the complaint, but in no case later than the start of Core Trading on 
the following trading day. Rulings made outside of 30 minutes by an 
Officer will not fail for lack of timeliness. The guideline simply 
provides participants an appropriate expectation that a ruling will 
generally be made within 30 minutes, and in no case later than the 
start of Regular Trading Hours on the following trading day.
Appeals
    The Exchange proposes to amend the appeals procedure for trades 
that are deemed to be clearly erroneous. First, the Exchange will no 
longer accept appeal requests via facsimile. Similar to the proposed 
language for an initial request for a ruling, all appeal requests must 
be made via e-mail.
    The current rule provides that the Exchange shall review and render 
a decision upon an appeal within a timeframe provided by the Exchange. 
The proposed rule offers more definite guidelines to ensure the 
expedient resolution of appeals. It requires the Exchange to review 
appeals as soon as practicable, but generally on the same day as the 
executions under review. Appeals received between 3:00 ET and the 
closing of business on the Exchange should be made as soon as 
practicable, but in no case later than the trading day following the 
date of the execution under review. Appeals will not fail for lack of 
timeliness. This revised provision provides participants a reasonable 
expectation of when a ruling on appeal will generally be made.
    Further, the proposed rule declares that any determination made by 
an Officer or by the CEE Panel shall be rendered without prejudice as 
to the right of the parties to the transaction to submit their dispute 
to arbitration. This provision simply clarifies the fact that nothing 
in the proposed rule limits or impedes the rights of the parties to 
arbitrate their dispute. Notwithstanding anything to the contrary in 
Chapter X (Adverse Action) of the NSX Rules, the proposed rule provides 
that all determinations by the CEE Panel shall constitute final action 
by the Exchange on the matter at issue.
System Disruption and Malfunctions
    Currently, within the System Disruptions and Malfunctions section 
of the rule, after an officer of the Exchange or such other senior 
level employee designee (``Senior Officer'') determines that a trade 
was clearly erroneous he may declare the transaction null and void or 
modify the trade to attempt to achieve and equitable rectification of 
the error. The proposed Rule eliminates the Exchange's ability to 
modify a

[[Page 51913]]

clearly erroneous execution. The Exchange must either uphold or nullify 
the execution based upon the findings of the Senior Officer reviewing 
the execution.
    The proposed Rule provides that, in the event of a disruption or a 
malfunction, a Senior Officer will rely on the proposed numerical 
guidelines in determining whether an execution is clearly erroneous. 
However, the Senior Officer may also use a lower Numerical Guideline if 
necessary to maintain a fair and orderly market, protect investors, and 
protect the public interest. The proposed rule also adds that actions 
taken under these circumstances must be taken within 30 minutes of 
detection of the erroneous transaction in the ordinary case, and by no 
later than the start of the Core Trading Session on the day following 
the date of the execution under review when extraordinary circumstances 
exist.
Officers Acting on Their Own Motion
    The Exchange proposes to add a section to the Rule that will grant 
Senior Officers the ability to act on their own motion to review 
potentially erroneous executions. Under the current rule, Senior 
Officers have the ability to act upon their own motion only in the 
event of a system disruption or malfunction. The proposed rule would 
allow a Senior Officer to review executions and rely on the Numerical 
Guidelines, under any circumstance. In extraordinary circumstances a 
Senior Officer may apply a lower Numerical Guideline if it is 
determined that such action is necessary to maintain a fair and orderly 
market or protect investors and the public interest. In some instances 
the Exchange may detect a single execution that breaches the Numerical 
Guidelines but is not the subject of a ruling request. This provision 
gives the Exchange the ability to review such executions. Additionally, 
in practice, clearly erroneous executions commonly involve multiple 
parties and multiple executions. In such instances, all affected 
parties may not request a ruling. The Exchange proposes this provision 
to permit a Senior Officer to rule on a group of transactions related 
to the same occurrence or event as a whole, without a formal request 
for a ruling from every affected party.
Trade Nullification for UTP Securities That Are Subject to Initial 
Public Offerings
    The proposed rule also modifies NSX's policy on trade nullification 
and for UTP securities that are subject to initial public offerings. 
Under the proposed rule, Senior Officers must either declare an opening 
transaction null and void or decline to take action, but can no longer 
be adjusted. Furthermore, the proposed rule requires that, in 
extraordinary circumstances, the reviewing Senior Officer may take 
action by no later than the start of Core Trading on the day following 
the date of the execution under review.
Effective Date
    The Exchange requests that the effective date for the instant rule 
change be October 5, 2009.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6(b) of the Act,\9\ in general, and 
furthers the objectives of Section 6(b)(5) \10\ in particular in that 
it is designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in facilitating 
transactions in securities, and to remove impediments to and perfect 
the mechanism of a free and open market and a national market system. 
The proposed rule change provides transparency and finality for 
participants and creates consistent results across U.S. equities 
exchanges with respect to clearly erroneous executions. This proposed 
change further promotes the maintenance of a fair and orderly market, 
the protection of investors and the protection of the public interest.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Exchange Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6) thereunder.\12\
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \13\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6) \14\ permits the Commission to 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange requests 
that the Commission waive the 30-day operative delay so that it may 
implement the new rule on October 5, 2009, the same date as the other 
equities exchanges. The Commission believes that waiving the 30-day 
operative delay is consistent with the protection of investors and the 
public interest because it will allow the Exchange to begin applying 
the new rule on the same date as the other equities exchanges.\15\ 
Application of the new rule on this date should help foster 
transparency and consistency among those exchanges that adopt clearly 
erroneous execution rules substantially similar to those previously 
approved by the Commission.\16\ For these reasons, the Commission 
designates that the proposed rule change become operative on October 5, 
2009.
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    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposal's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \16\ See Securities Exchange Act Release No. 60706 (September 
22, 2009) 74 FR 49416 (September 28, 2009) (NYSEArca-2009-36).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

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.

[[Page 51914]]

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 SR-NSX-2009-05 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 SR-NSX-2009-05. 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 inspection and 
copying 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 publicly available. All 
submissions should refer to File Number SR-NSX-2009-05 and should be 
submitted on or before October 29, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-24249 Filed 10-7-09; 8:45 am]

BILLING CODE 8011-01-P