Joint Industry Plan: Filing and Order Granting Temporary Effectiveness of Amendment to Plan Establishing Procedures, etc.
Federal Register: April 9, 2010 (Volume 75, Number 68)
Notices
Page 18246-18247
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
DOCID:fr09ap10-134
SECURITIES AND EXCHANGE COMMISSION
Release No. 34-61824, 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
April 1, 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 March 30, 2010, EDGA Exchange, Inc. (``EDGA'') and EDGX
Exchange, Inc. (``EDGX'') submitted to the Securities and Exchange
Commission (``SEC'' or ``Commission'') an amendment to the national market system plan that establishes procedures under Rule 605 of
Regulation NMS (``Joint-SRO Plan'' or ``Plan'').\3\ The amendment proposes to add EDGA and EDGX as participants 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
Page 18247
amendment, and to grant temporary effectiveness to the proposed amendment through August 9, 2010.
\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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Description and Purpose of the Amendment
The current participants to the Joint-SRO Plan are the American
Stock Exchange LLC (n/k/a NYSE Amex, Inc.), 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\), 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 EDGA and EDGX as participants to the Joint-SRO Plan.
Each of EDGA and EDGX 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.
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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 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 Web site (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written statements with respect to the proposed plan amendment that are filed with the Commission, and all written communications relating to the proposed plan amendment 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 Web site 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 submission 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 May 10, 2010.
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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 EDGA and EDGX to become participants 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 EDGA and EDGX as participants 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.
\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).
The Commission finds good cause to grant temporary effectiveness to the proposed Joint-SRO Plan amendment, for 120 days, until August 9, 2010. 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 EDGA and EDGX to become participants in the Joint-SRO
Plan. On March 12, 2010, the Commission granted the application of EDGA and EDGX for registration as national securities exchanges.\5\ One of the conditions to operations of EDGA and EDGX is participation in national market system plans, including the Joint-SRO Plan.\6\ As a
Plan participant, each of EDGA and EDGX 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\
\5\ See Securities Exchange Act Release No. 61698 (March 12, 2010), 75 FR 13151 (March 22, 2010).
\6\ Id.
\7\ 15 U.S.C. 78k-1.
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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 August 9, 2010.
\8\ 15 U.S.C. 78k-1.
\9\ 17 CFR 242.608.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\
\10\ 17 CFR 200.30-3(a)(29).
Florence E. Harmon,
Deputy Secretary.
FR Doc. 2010-8152 Filed 4-8-10; 8:45 am
BILLING CODE 8011-01-P
