Document ID: SEC-2011-1817-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes; Trading Halts Due to Extraordinary Market Volatility: BATS Exchange, Inc.; BATS Y-Exchange, Inc.; NASDAQ OMX BX, Inc., et al.
Posted Date: 2011-11-23T05:00Z

[Federal Register Volume 76, Number 226 (Wednesday, November 23, 2011)]
[Notices]
[Pages 72492-72493]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-30193]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65770; File Nos. SR-BATS-2011-038; SR-BYX-2011-025; SR-
BX-2011-068; SR-CBOE-2011-087; SR-C2-2011-024; SR-CHX-2011-30; SR-EDGA-
2011-31; SR-EDGX-2011-30; SR-FINRA-2011-054; SR-ISE-2011-61; SR-NASDAQ-
2011-131; SR-NSX-2011-11; SR-NYSE-2011-48; SR-NYSEAmex-2011-73; SR-
NYSEArca-2011-68; SR-Phlx-2011-129]

Self-Regulatory Organizations; BATS Exchange, Inc.; BATS Y-
Exchange, Inc.; NASDAQ OMX BX, Inc.; Chicago Board Options Exchange, 
Incorporated; C2 Options Exchange, Incorporated; Chicago Stock 
Exchange, Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc.; Financial 
Industry Regulatory Authority, Inc.; International Securities Exchange 
LLC; The NASDAQ Stock Market LLC; New York Stock Exchange LLC; NYSE 
Amex LLC; NYSE Arca, Inc.; National Stock Exchange, Inc.; NASDAX OMX 
PHLX LLC; Notice of a Designation of a Longer Period for Commission 
Action on Proposed Rule Changes Relating to Trading Halts Due to 
Extraordinary Market Volatility

November 17, 2011.

I. Introduction

    On September 27, 2011, each of BATS Exchange, Inc. (``BATS''), BATS 
Y-Exchange, Inc. (``BYX''), NASDAQ OMX BX, Inc. (``BX''), Chicago Board 
Options Exchange, Incorporated (``CBOE''), C2 Options Exchange, 
Incorporated (``C2''), Chicago Stock Exchange, Inc. (``CHX''), EDGA 
Exchange, Inc (``EDGA''), EDGX Exchange, Inc. (``EDGX''), Financial 
Industry Regulatory Authority, Inc. (``FINRA''), International 
Securities Exchange LLC (``ISE''), The NASDAQ Stock Market LLC 
(``Nasdaq''), National Stock Exchange, Inc. (``NSX''), New York Stock 
Exchange LLC (``NYSE''), NYSE Amex LLC (``NYSE Amex''), NYSE Arca, Inc. 
(``NYSE Arca''), and NASDAQ OMX PHLX LLC (``Phlx'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 
(``Act''),\2\ and Rule 19b-4 thereunder,\3\ proposed rule changes to 
amend certain of their respective rules relating to trading halts due 
to extraordinary market volatility. The proposed rule changes were 
published for comment in the Federal Register on October 4, 2011.\4\ 
The

[[Page 72493]]

Commission received seven comment letters on these proposals.\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ See Securities Exchange Act Release Nos. 65437 (September 
28, 2011), 76 FR 61466 (October 4, 2011); 65428 (September 28, 
2011), 76 FR 61453 (October 4, 2011); 65429 (September 28, 2011), 76 
FR 61432 (October 4, 2011); 65433 (September 28, 2011), 76 FR 61453 
(October 4, 2011); 65438 (September 28, 2011), 76 FR 61447 (October 
4, 2011); 65426 (September 28, 2011), 76 FR 61460 (October 4, 2011); 
65431 (September 28, 2011), 76 FR 61425 (May 12, 2011); 65440 
(September 28, 2011), 76 FR 61444 (October 4, 2011); 65430 
(September 28, 2011), 76 FR 61429 (October 4, 2011); 65425 
(September 28, 2011), 76 FR 61438 (October 4, 2011); 65435 (May 6, 
2011), 76 FR 61416 (October 4, 2011); 65436 (September 28, 2011), 76 
FR 61450 (October 4, 2011); 65427 (September 28, 2011), 76 FR 61457 
(October 4, 2011); 65432 (September 28, 2011), 76 FR 61422 (October 
4, 2011); 65439 (September 28, 2011), 76 FR 61463 (October 4, 2011); 
65434 (September 28, 2011), 76 FR 61419 (October 4, 2011).
    \5\ See Letter to Elizabeth M. Murphy, Secretary, Commission, 
from Ann L. Vlcek, Managing Director and Associate General Counsel, 
the Securities Industry and Financial Markets Association, dated 
October 27, 2011; Letter to Commission, from James J. Angel, Ph.D., 
CFA, Associate Professor of Finance, Georgetown University, 
McDonough School of Business, dated October 25, 2011; Letter to 
Elizabeth M. Murphy, Secretary, Commission, from Craig S. Donohue, 
CME Group, Inc., dated October 25, 2011; Letter to Elizabeth M. 
Murphy, Secretary, Commission, from Commissioner Bart Chilton, 
Commodity Futures Trading Commission, dated October 25, 2011; Letter 
to Elizabeth M. Murphy, Secretary, Commission, from Richard H. 
Baker, President and CEO, Managed Funds Association, dated October 
25, 2011; Letter from Suzanne H. Shatto, dated October 20, 2011; 
Letter from Mark Roszak, dated October 4, 2011.
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    Section 19(b)(2) of the Act \6\ 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 these proposed rule changes should be disapproved. 
The 45th day from the publication of notice of filing of these proposed 
rule changes is November 18, 2011. The Commission is extending this 45-
day time period.
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    \6\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to take action on these proposed rule changes so that it 
has sufficient time to consider these proposed rule changes, which 
would revise the rules relating to trading halts due to extraordinary 
market volatility, and to consider the comment letters that have been 
submitted in connection with them.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\7\ designates December 30, 2011, as the date by which the 
Commission should either approve or disapprove or institute proceedings 
to determine whether to disapprove these proposed rule changes.
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    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(31).
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Kevin O'Neill,
Deputy Secretary.
[FR Doc. 2011-30193 Filed 11-22-11; 8:45 am]
BILLING CODE 8011-01-P