Document ID: SEC-2012-1207-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2012-07-26T04:00Z

[Federal Register Volume 77, Number 144 (Thursday, July 26, 2012)]
[Notices]
[Page 43879]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-18216]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67475; File No. SR-NYSEArca-2012-48]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proposed Rule 
Change Amending NYSE Arca Equities Rule 7.31(h) To Add a PL Select 
Order Type

July 20, 2012.
    On May 22, 2012, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change 
amending NYSE Arca Equities Rule 7.31(h) to add a PL Select Order type. 
The proposed rule change was published for comment in the Federal 
Register on June 8, 2012.\3\ The Commission received no comments on the 
proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 67101 (June 4, 
2012), 77 FR 34115 (June 8, 2012) (``Notice'').
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    Section 19(b)(2) of the Act \4\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day for this filing is July 23, 2012. The Commission is extending 
this 45-day time period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the proposal. Pursuant to NYSE Arca 
Equities Rule 7.31(h)(4), a Passive Liquidity (``PL'') Order is an 
order to buy or sell a stated amount of a security at a specified, 
undisplayed price. The PL Select Order would be a subset of the PL 
Order that would not interact with certain contra-side interest, 
specifically, any incoming order that: (i) Has an immediate-or-cancel 
(``IOC'') time in force condition, (ii) is an ISO, or (iii) is larger 
than the size of the PL Select Order.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates September 6, 2012, as the date by which the 
Commission should either approve or disapprove or institute proceedings 
to determine whether to disapprove the proposed rule change.
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    \5\ 15 U.S.C. 78s(b)(2).
    \6\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-18216 Filed 7-25-12; 8:45 a.m.]
BILLING CODE 8011-01-P