Document ID: SEC-2008-1630-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock ExchangeLLC
Posted Date: 2008-12-02T05:00Z

[Federal Register: December 2, 2008 (Volume 73, Number 232)]
[Notices]               
[Page 73360-73363]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr02de08-110]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59011; File No. SR-NYSE-2008-122]

 
Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Order Granting Accelerated Approval of Proposed 
Rule Change To Expand the Exception to NYSE Rule 2B To Allow 
Archipelago Securities LLC To Route Orders to the NYSE in its Capacity 
as an Order Routing Facility of NYSE Alternext US LLC

November 24, 2008.
    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 November 19, 2008, the New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') 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. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons, and is approving the 
proposal on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is proposing to expand the exception to NYSE Rule 2B 
to allow Archipelago Securities LLC (``Arca Securities''), an NYSE 
affiliated member, to route orders to the NYSE, in its capacity as an 
order routing facility of NYSE Alternext US LLC (``NYSE Alternext''). A 
copy of this filing is available on the Exchange's Web site at http://
www.nyse.com, at the Exchange's principal office 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 self-regulatory organization 
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 those statements may be examined at 
the places specified in Item III 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
    On September 29, 2008, the Securities and Exchange Commission 
(``SEC'' or ``Commission'') approved the routing of orders by Arca 
Securities to the NYSE and certain revisions to Exchange Rule 2B.\3\ In 
that filing, the Exchange discussed Arca Securities' status as an order 
routing facility of NYSE Arca, Inc. (``NYSE Arca'').\4\ In its capacity 
as an order routing facility, Arca Securities receives routing 
instructions from NYSE Arca and routes orders to various away market 
centers, including the NYSE, for execution. The Exchange notes that 
Arca Securities is subject to independent oversight and enforcement by 
the Financial Industry Regulatory Authority (``FINRA''), an 
unaffiliated self-regulatory organization (``SRO'') that is Arca 
Securities' designated examining authority. In this capacity, FINRA is 
responsible for examining Arca Securities with respect to its books and 
records and capital obligations, and shares with NYSE Regulation, Inc. 
(``NYSE Regulation'') the responsibility for reviewing Arca Securities' 
compliance with intermarket trading rules such as SEC Regulation NMS. 
In addition, through an agreement between FINRA and the NYSE pursuant 
to the provisions of SEC Rule 17d-2 under the Securities Exchange Act 
of 1934, FINRA's staff reviews for Arca Securities' compliance with 
other NYSE rules through FINRA's examination program. NYSE Regulation 
monitors Arca Securities for compliance with NYSE trading rules, 
subject, of course, to SEC oversight of NYSE Regulation's regulatory 
program.
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    \3\ See Securities and Exchange Act Release No. 34-58680 
(September 29, 2008), 73 FR 58283 (October 6, 2008) (order approving 
SR-NYSE-2008-76).
    \4\ Arca Securities also currently acts as the outbound order 
routing facility of the NYSE. In this capacity, Arca Securities 
facilitates the acceptance of executions that result in an odd-lot 
or a sub-penny execution since NYSE systems are unable to accept 
such executions after Arca Securities routes an Exchange order to an 
away market center. See Securities Exchange Act Release No. 34-55590 
(April 5, 2007), 72 FR 18707 (April 13, 2007) (notice of immediate 
effectiveness of SR-NYSE-2007-29). Recently, the NYSE modified its 
electronic trading system in order to accommodate away market center 
executions in sub-pennies; implementation of this modification 
should substantially reduce the need for Arca Securities to 
facilitate sub-penny executions. See Securities Exchange Act Release 
No. 34-58936 (November 13, 2008) (notice of filing and immediate 
effectiveness of SR-NYSE-2008-117).
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    In addition, the Exchange has established certain mechanisms

[[Page 73361]]

designed to address the Commission's concerns regarding affiliated 
members. Pursuant to NYSE Rule 2B, the Exchange has established and 
implemented procedures and internal controls reasonably designed to 
ensure that Arca Securities does not develop or implement changes to 
its system on the basis of non-public information regarding planned 
changes to Exchange systems, obtained as a result of its affiliation 
with the Exchange, until such information is available generally to 
similarly situated members of the Exchange in connection with the 
provision of inbound order routing to the Exchange. In addition, NYSE 
Regulation has agreed to collect and maintain certain surveillance 
related information concerning Arca Securities. NYSE Regulation has 
further agreed to provide a report to the Exchange's Chief Regulatory 
Officer, on at least a quarterly basis, utilizing a quantitative 
approach in assessing Arca Securities' compliance with applicable NYSE 
or SEC rules. By this filing, the Exchange proposes to expand the 
exception to NYSE Rule 2B to allow Arca Securities to route orders to 
the NYSE, in its capacity as an order routing facility of NYSE 
Alternext.
    Recently, NYSE Alternext filed with the Commission a proposal to 
use Arca Securities as its approved outbound order routing facility.\5\ 
Pursuant to that proposal and NYSE Alternext rules governing its 
Routing Broker,\6\ Arca Securities will receive its routing 
instructions from NYSE Alternext and report any such executions back to 
NYSE Alternext. Arca Securities has no discretion and cannot change the 
terms of an order or the routing instructions. Moreover, each type of 
order is subject to the same principles governing the Exchange's 
authority to route orders to away market centers, namely: use of Arca 
Securities for outbound routing is only available to--and is optional 
for--NYSE Alternext members, the primary regulatory responsibility for 
Arca Securities lies with an unaffiliated SRO, and appropriate 
procedures are in place to manage any conflicts of interest or 
potential information advantages. In the capacity as a facility of NYSE 
Alternext, Arca Securities will receive routing instructions from NYSE 
Alternext and will route orders to various away market centers, 
including the NYSE, for execution.
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    \5\ See SR-NYSEALTR-2008-07 (filing seeking approval for Arca 
Securities to operate as the outbound order routing facility of NYSE 
Alternext). Arca Securities will perform only the functions 
described in SR-NYSEALTR-2008-07 and the functionality approved in 
SR-AMEX-2008-62. See Securities Exchange Act Release No. 34-58673 
(September 29, 2008), 73 FR 57707 (October 3, 2008) (order approving 
SR-AMEX-2008-62).
    \6\ NYSE Alternext recently received approval to implement Rules 
13 and 17, which define the term Routing Broker and establish the 
conditions under which its Routing Broker shall operate. See, 
Securities Exchange Act Release No. 34-58705 (October 1, 2008), 73 
FR 58995 (October 8, 2008) (order approving SR-AMEX-2008-63).
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    The Exchange is submitting this filing in order to expand the 
exception to NYSE Rule 2B to allow Arca Securities to route orders to 
the NYSE, in its capacity as an order routing facility of NYSE 
Alternext. Specifically, NYSE Regulation has agreed with the Exchange 
that it will collect and maintain the following information of which 
NYSE Regulation staff becomes aware--namely, all alerts, complaints, 
investigations and enforcement actions where Arca Securities (in its 
capacity as a facility of both NYSE Arca and NYSE Alternext, routing 
orders to the NYSE) is identified as a participant that has potentially 
violated NYSE or applicable SEC rules--in an easily accessible manner, 
so as to facilitate any review conducted by the SEC's Office of 
Compliance Inspections and Examinations. NYSE Regulation has further 
agreed with the Exchange that it will provide a report to the 
Exchange's Chief Regulatory Officer, on at least a quarterly basis, 
which: (i) Quantifies all alerts (of which NYSE Regulation is aware in 
its tracking system) that identify Arca Securities as a participant 
that has potentially violated NYSE or SEC rules and (ii) quantifies the 
number of all investigations that identify Arca Securities as a 
participant that has potentially violated NYSE or SEC rules.\7\ In 
addition, the agreement between FINRA and NYSE pursuant to the 
provisions of Rule 17d-2 under the Act, as well as the provisions of 
NYSE Rule 2B(2) will apply to routing by Arca Securities to the NYSE in 
its capacity as a facility of NYSE Alternext. The Exchange proposes 
that the Commission authorize the NYSE to receive inbound routes from 
Arca Securities (in its capacity as a facility of NYSE Alternext, 
routing orders to the NYSE) on a pilot basis. The Exchange requests 
that this pilot period run concurrently with a twelve month pilot 
period for the NYSE's receipt of ``PO+'' orders from Arca Securities, 
which commenced on September 29, 2008.\8\ The Exchange believes that 
this pilot period is of sufficient length to permit both the Exchange 
and the Commission to assess the impact of the rule change described 
herein.
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    \7\ The Exchange, NYSE Regulation, and SEC staff, may agree 
going forward to reduce the number of applicable or relevant 
surveillances that form the scope of the agreed upon report.
    \8\ See supra note 3.
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2. Statutory Basis
    The proposed rule change is consistent with section 6(b) \9\ of the 
Securities Exchange Act of 1934 (the ``Act''), 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 mechanisms of 
a free and open market and a national market system. Specifically, the 
Exchange is submitting this filing in order to expand the exception to 
NYSE Rule 2B to allow Arca Securities to route orders to the NYSE, in 
its capacity as an order routing facility of NYSE Alternext.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
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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 Act.

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

    No written comments were solicited or received with respect to the 
proposed rule change.

III. 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. 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-NYSE-2008-122 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2008-122. This file

[[Page 73362]]

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, on official business 
days between the hours of 10 a.m. and 3 p.m. Copies of the 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 SR-
NYSE-2008-122 and should be submitted on or before December 23, 2008.

IV. Commission's Findings and Order Granting Accelerated Approval of a 
Proposed Rule Change

    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange.\11\ In 
particular, the Commission finds that the proposed rule change is 
consistent with section 6(b)(5) of the Act,\12\ which requires, among 
other things, that the rules of a national securities exchange be 
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 regulating, clearing, 
settling, processing information with respect to, and facilitating 
transactions in securities; to remove impediments to and perfect the 
mechanism of a free and open market and a national market system; and, 
in general, to protect investors and the public interest; and are not 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers.
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    \11\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \12\ 15 U.S.C. 78f(b)(5).
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    In the past, the Commission has expressed concern that the 
affiliation of an exchange with one of its members raises potential 
conflicts of interest, and the potential for unfair competitive 
advantage.\13\ The proposed use of Arca Securities as the outbound 
routing facility of NYSE Alternext,\14\ which the Commission approved 
today, will expand the activities of Arca Securities in routing orders 
to the NYSE.\15\ Although the Commission continues to be concerned 
about potential unfair competition and conflicts of interest between an 
exchange's self-regulatory obligations and its commercial interests 
when the exchange is affiliated with one of its members, the Commission 
believes that it is consistent with the Act to permit Arca Securities 
to provide inbound routing to the NYSE from NYSE Alternext on a pilot 
basis, subject to the conditions described above.
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    \13\ See, e.g. , Securities Exchange Act Release Nos. 54170 
(July 18, 2006), 71 FR 42149 (July 25, 2006) (SR-NASDAQ-2006-006) 
(order approving Nasdaq's proposal to adopt Nasdaq Rule 2140, 
restricting affiliations between Nasdaq and its members); and 53382 
(February 27, 2006, 71 FR 11251 (March 6, 2006) (SR-NYSE-2005-77) 
(order approving the combination of the New York Stock Exchange, 
Inc. and Archipelago Holdings) at 11255; see also Securities 
Exchange Act Release No. 58680, supra note 3.
    \14\ See supra note 5.
    \15\ See Securities Exchange Act Release No. 59009 (November 24, 
2008) (notice of filing and order approving SR-NYSEALTR-2008-07 on 
an accelerated basis). See also supra note 5.
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    NYSE Euronext, a Delaware Corporation (``NYSE Euronext'') currently 
indirectly owns Arca Securities, a broker-dealer that is a member of 
the NYSE. In addition, NYSE Euronext indirectly owns three registered 
securities exchanges--the NYSE, NYSE Arca, and NYSE Alternext. Thus, 
Arca Securities is an affiliate of each of these exchanges.
    NYSE Rule 2B prohibits the NYSE, or any entity with which the NYSE 
is affiliated, from acquiring or maintaining an ownership interest in a 
member, absent Commission approval. Thus, Arca Securities's affiliation 
with the NYSE would violate NYSE rules, absent Commission approval.
    The Commission has approved Arca Securities affiliation with, and 
operation as a facility of, the NYSE for the provision of outbound 
routing from the NYSE to other market centers, subject to certain 
conditions.\16\ Arca Securities's operation as a facility providing 
outbound routing for the NYSE is subject to the conditions that: (1) 
Arca Securities is operated and regulated as a facility of the NYSE; 
(2) Arca Securities only provide outbound routing services unless 
otherwise approved by the Commission; \17\ (3) the primary regulatory 
responsibility for Arca Securities lies with an unaffiliated SRO; and 
(4) the use of Arca Securities's for outbound routing is available only 
to NYSE members and the use of Arca Securities's routing function 
remains optional.\18\ Arca Securities also operates as a facility of 
NYSE Arca and similarly provides outbound routing from NYSE Arca to 
other market centers, subject to conditions similar to those listed 
above; \19\ and today the Commission also approved Arca Securities 
operation as a facility of NYSE Alternext to provide outbound routing 
from NYSE Alternext under similar terms.\20\
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    \16\ See Securities Exchange Act Release No. 58680 supra note 3. 
See also Securities Exchange Act Release No. 55590, supra note 4; 
and supra 4.
    \17\ See NYSE Rule 17(b)2.
    \18\ Id. See also NYSE Rule 17.
    \19\ See Securities Exchange Act Release No. 52497 (September 
22, 2005), 70 FR 56949 (September 29, 2005) (SR-PCX-2005-90) (order 
approving proposed rule changes in connection with the acquisition 
of the Pacific Exchange, Inc. (``PCX,'' n/k/a NYSE Arca) by 
Archipelago Holdings, Inc.). See also Securities Exchange Act 
Release Nos. 58681 (September 29, 2008), 73 FR 58285 (October 6, 
2008) (SR-NYSEArca-2008-90).
    \20\ See Securities Exchange Act Release No. 59009, supra note 
15. See also supra note 5.
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    The operation of Arca Securities as a facility of NYSE Alternext 
providing outbound routing services from that exchange will be subject 
to NYSE Alternext oversight, as well as Commission oversight. NYSE 
Alternext will be responsible for ensuring that Arca Securities's 
outbound routing function is operated consistent with section 6 of the 
Act and NYSE Alternext rules. In addition, NYSE Alternext, must file 
with the Commission rule changes and fees relating to Arca Securities's 
outbound routing function.
    Recognizing that the Commission has previously expressed concern 
regarding the potential for conflicts of interest in instances where a 
member firm is affiliated with an exchange to which it is routing 
orders, the NYSE previously proposed, and the Commission approved, 
limitations and conditions on its acceptance of orders routed from its 
affiliate, Arca Securities, in its capacity as a facility of the 
NYSE.\21\ The Exchange now proposes to accept inbound orders that Arca 
Securities routes in its capacity as a facility of NYSE Alternext, 
subject to the same limitations and conditions:
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    \21\ See Securities Exchange Act Release No. 58680, supra note 
3.
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     First, NYSE Arca states that the agreement between FINRA 
and the NYSE pursuant to Rule 17d-2 under the Act will apply to routing 
by Arca

[[Page 73363]]

Securities to the NYSE in its capacity as a facility of NYSE Alternext. 
Pursuant to this agreement, FINRA is allocated regulatory 
responsibilities to review Arca Securities' compliance with certain 
NYSE rules.\22\
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    \22\ NYSE Arca also states that Arca Securities is subject to 
independent oversight by FINRA, its Designated Examining Authority, 
for compliance with financial responsibility requirements. See supra 
section II.A.1.
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     Second, NYSE Regulation \23\ will monitor Arca Securities 
for compliance with the NYSE's trading rules, and will collect and 
maintain certain related information.\24\
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    \23\ NYSE Regulation is a wholly owned subsidiary of the NYSE 
that performs the regulatory functions of the NYSE pursuant to a 
delegation agreement. NYSE Regulation also performs many of the 
regulatory functions of NYSE pursuant to a regulatory services 
agreement. See Securities Exchange Act Release No. 53382 (February 
27, 2006), 71 FR 11251 (March 6, 2006) (SR-NYSE-2005-77) (``NYSE/
Arca Order'') at 11255.
    \24\ Specifically, NYSE Regulation ``will collect and maintain 
the following information of which NYSE Regulation staff becomes 
aware--namely, all alerts, complaints, investigations and 
enforcement actions where Arca Securities (in its capacity as a 
facility of both the NYSE Arca and NYSE Alternext, routing orders to 
NYSE Arca) is identified as a participant that has potentially 
violated NYSE or applicable SEC rules--in an easily accessible 
manner so as to facilitate any review conducted by the SEC's Office 
of Compliance Inspections and Examination.'' See supra section 
II.A.1.
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     Third, the NYSE states that NYSE Regulation has agreed 
with the NYSE that it will provide a report to the NYSE's CRO, on a 
quarterly basis, that: (i) Quantifies all alerts (of which NYSE 
Regulation is aware) that identify Arca Securities as a participant 
that has potentially violated NYSE or Commission rules, and (ii) 
quantifies the number of all investigations that identify Arca 
Securities as a participant that has potentially violated NYSE or 
Commission rules.\25\
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    \25\ See supra section II.A.1.
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     Fourth, NYSE Rule 2B(2), which requires NYSE Euronext, as 
the holding company owning both the NYSE and Arca Securities, to 
establish and maintain procedures and internal controls reasonably 
designed to ensure that Arca Securities does not develop or implement 
changes to its system, based on non-public information obtained 
regarding planned changes to NYSE systems as a result of its 
affiliation with the NYSE, until such information is available 
generally to similarly situated members of NYSE, in connection with the 
provision of inbound order routing to the NYSE, will apply.\26\
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    \26\ See id. See also NYSE Rule 2B(2).
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     Fifth, the NYSE proposes that routing from Arca Securities 
to NYSE, in Arca Securities's capacity as a facility of NYSE Alternext, 
be authorized for a pilot period to run concurrently with a twelve 
month pilot period for the NYSE's receipt of ``PO+'' orders from Arca 
Securities, which commenced on September 29, 2008.\27\
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    \27\ See supra note 8 and accompanying text.
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    The Commission believes that these conditions mitigate its concerns 
about potential conflicts of interest and unfair competitive advantage. 
In particular, the Commission believes that FINRA's oversight of Arca 
Securities,\28\ combined with NYSE Regulation's monitoring of Arca 
Securities' compliance with the NYSE's trading rules and quarterly 
reporting to the NYSE's CRO, will help to protect the independence of 
the NYSE's regulatory responsibilities with respect to Arca Securities. 
Furthermore, the Commission believes that the NYSE's proposal to allow 
Arca Securities to route orders inbound to the NYSE from NYSE 
Alternext, on a pilot basis, will provide the NYSE and the Commission 
an opportunity to assess the impact of any conflicts of interest of 
allowing an affiliated member of the NYSE to route orders inbound to 
the NYSE and whether such affiliation provides an unfair competitive 
advantage.
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    \28\ This oversight will be accomplished through the 17d-2 
agreement between FINRA and NYSE.
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    The NYSE has asked the Commission to accelerate approval of the 
proposed rule change. The NYSE in part that the proposed changes are 
``required due to NYSE Alternext's planned implementation of a new 
trading system and the use of Arca Securities as its outbound routing 
facility.''\29\ The NYSE also states that accelerated approval ``will 
permit the Exchange to amend its mechanisms that are designed to 
address the Commission's concerns regarding affiliated members in time 
to provide these protections at the time of NYSE Alternext's 
implementation of its new trading system, which is targeted for 
December 1, 2008.'' \30\ The Commission finds good cause for approving 
the proposed rule change before the thirtieth day after the date of 
publication of notice of filing thereof in the Federal Register. The 
Commission notes that the protections proposed by the NYSE, which are 
designed to address conflicts of interest concerns identified by the 
Commission in connection with the inbound routing of orders to an 
exchange when the routing broker-dealer is an affiliate of that 
exchange, are substantially the same as the conditions the Exchange 
currently has in place to address inbound routing from NYSE Arca, which 
were previously approved by the Commission.\31\ The Commission also 
notes that no comments were received in connection with SR-NYSE-2008-
76. Accordingly, the Commission finds good cause, consistent with 
section 19(b)(2) of the Act,\32\ to approve the proposed rule change on 
an accelerated basis for a pilot period expiring September 29, 2009.
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    \29\ See SR-NYSE-2008-122, Item 7.
    \30\ Id.
    \31\ See Securities Exchange Act Release No. 58680, supra note 
3. See also Securities Exchange Act Release Nos. 58673, supra note 
5, and 58681, supra note 19, (establishing similar protections for 
inbound routing from Arca Securities to Alternext and NYSE Arca, 
respectively).
    \32\ 15 U.S.C. 78s(b)(2).
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V.Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the Act, 
that the proposed rule change (SR-NYSE-2008-122) is hereby approved on 
an accelerated basis for a pilot period to expire on September 29, 
2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\33\
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    \33\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
 [FR Doc. E8-28499 Filed 12-1-08; 8:45 am]

BILLING CODE 8011-01-P