Document ID: SEC-2012-1037-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NASDAQ Stock Market LLC
Posted Date: 2012-07-02T04:00Z

[Federal Register Volume 77, Number 127 (Monday, July 2, 2012)]
[Notices]
[Pages 39314-39315]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-16089]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67258; File No. SR-NASDAQ-2012-059]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change To Establish ``Benchmark Orders'' Under NASDAQ 
Rule 4751(f)

June 26, 2012.
    On May 1, 2012, The NASDAQ Stock Market LLC (``NASDAQ'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to establish various ``Benchmark Orders'' under 
NASDAQ Rule 4751(f). The

[[Page 39315]]

proposed rule change was published for comment in the Federal Register 
on May 17, 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. 66972 (May 11, 
2012), 77 FR 29435 (May 17, 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 1, 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. The Benchmark Order 
would allow NASDAQ members to enter a single order in a single security 
that seeks to match the performance of one of three selected 
benchmarks--Volume Weighted Average Price, Time Weighted Average Price 
and Percent of Volume--over a pre-determined period of time. Benchmark 
Orders would not be executed by the NASDAQ matching engine, but would 
be directed to a system application dedicated to processing Benchmark 
Orders (``Application''). The Application would generate Child Orders 
to be sent to the NASDAQ matching engine or to the NASDAQ router, as 
necessary, to achieve the desired benchmark selected by the entering 
firm.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates August 15, 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. 2012-16089 Filed 6-29-12; 8:45 am]
BILLING CODE 8011-01-P