Document ID: SEC-2010-1431-0001
Agency: sec
Document Type: Notice
Title: Joint Industry Plan: Order Granting Temporary Effectiveness of Amendment to Plan Establishing Procedures under Rule 605 of Regulation NMS
Posted Date: 2010-09-17T04:00Z

[Federal Register: September 17, 2010 (Volume 75, Number 180)]
[Notices]               
[Page 57088-57089]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr17se10-140]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62896, File No. 4-518]

 
Joint Industry Plan; Notice of Filing and Order Granting 
Temporary Effectiveness of Amendment To Plan Establishing Procedures 
Under Rule 605 of Regulation NMS

September 13, 2010.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Act'') \1\ and Rule 608 of Regulation NMS,\2\ notice is hereby 
given that on September 9, 2010, the BATS Y-Exchange, Inc. (``BYX'' or 
``Exchange'') submitted to the Securities and Exchange Commission 
(``SEC'' or ``Commission'') an amendment to the national market system 
plan that establishes procedures under Rule 605

[[Page 57089]]

of Regulation NMS (``Joint-SRO Plan'' or ``Plan'').\3\ The amendment 
proposes to add BYX as a participant to the Joint-SRO Plan. The 
Commission is publishing this notice and order to solicit comments from 
interested persons on the proposed Joint-SRO Plan amendment, and to 
grant temporary effectiveness to the proposed amendment through January 
18, 2011.
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    \1\ 15 U.S.C. 78k-1(a)(3).
    \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).
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I. Description and Purpose of the Amendment

    The current participants to the Joint-SRO Plan are the American 
Stock Exchange LLC, BATS Exchange, Inc., Boston Stock Exchange, Inc. 
(n/k/a NASDAQ OMX BX, Inc.), Chicago Board Options Exchange, 
Incorporated, Chicago Stock Exchange, Inc., Cincinnati Stock Exchange, 
Inc. (n/k/a National Stock Exchange\SM\), EDGA Exchange, Inc., EDGX 
Exchange, Inc., International Securities Exchange, LLC, The NASDAQ 
Stock Market LLC, National Association of Securities Dealers, Inc. (n/
k/a Financial Industry Regulatory Authority, 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. (n/
k/a NASDAQ OMX PHLX, Inc.). The proposed amendment would add BYX as a 
participant to the Joint-SRO Plan.
    BYX has 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. 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 11(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.

II. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed 
Joint-SRO Plan amendment is consistent with the Act. 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 4-518 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 4-518. 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 website (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 website 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. 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 available publicly. All submissions 
should refer to File Number 4-518 and should be submitted on or before 
October 18, 2010.

III. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Plan Amendment

    The Commission finds that the proposed Joint-SRO Plan amendment is 
consistent with the requirements of the Act and the rules and 
regulations thereunder.\4\ Specifically, the Commission believes that 
the proposed amendment, which permits BYX to become a participant to 
the Joint-SRO Plan, is consistent with the requirements of Section 11A 
of the Act, and Rule 608 of Regulation NMS. The Plan establishes 
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 proposed amendment to include BYX as a 
participant in the Joint-SRO Plan will 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.
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    \4\ In approving this proposed Joint-SRO Plan amendment, the 
Commission has considered the proposal's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
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    The Commission finds good cause to grant temporary effectiveness to 
the proposed Joint-SRO Plan amendment, for 120 days, until January 18, 
2011. 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 BYX to become a participant in the Joint-SRO Plan. On 
August 13, 2010, the Commission granted the application of BYX for 
registration as a national securities exchange.\5\ One of the 
conditions to operation of the BYX Exchange is participation in 
national market system plans, including the Joint-SRO Plan.\6\ As a 
Plan participant, BYX would have timely information on the Plan 
procedures as they are formulated and modified by the participants. The 
Commission finds, therefore, that granting temporary effectiveness of 
the proposed Joint-SRO Plan amendment is appropriate and consistent 
with Section 11A of the Act.\7\
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    \5\ See Securities Exchange Act Release No. 62716 (August 13, 
2010), 75 FR 51295 (August 19, 2010).
    \6\ Id. at 51305.
    \7\ 15 U.S.C. 78k-1.
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IV. Conclusion

    It is therefore ordered, pursuant to Section 11A of the Act \8\ and 
Rule 608 of Regulation NMS,\9\ that the proposed Joint-SRO Plan 
amendment is approved for 120 days, through January 18, 2011.
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    \8\ 15 U.S.C. 78k-1.
    \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\
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-23196 Filed 9-16-10; 8:45 am]
BILLING CODE 8010-01-P