Self-Regulatory Organizations; Proposed Rule Changes:
Federal Register: April 7, 2011 (Volume 76, Number 67)
Notices
Page 19511-19512
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
DOCID:fr07ap11-115
SECURITIES AND EXCHANGE COMMISSION
Release No. 34-64165; File No. SR-Phlx-2011-39
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
QQQQ
April 1, 2011.
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 March 25, 2011, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III, 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.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange proposes to amend Section I of the Exchange's Fee
Schedule titled ``Rebates and Fees for Adding and Removing Liquidity in
Select Symbols,'' specifically to amend the trading symbol for the
PowerShares QQQ Trust.\3\
\3\ PowerShares QQQQ, formerly known the ``NASDAQ-100 Index
Tracking Stock[reg]'', is based on the Nasdaq-100 Index[reg].
The text of the proposed rule change is available on the Exchange's website at http://nasdaqtrader.com/micro.aspx?id=PHLXfilings, at the principal office of the Exchange, and at the Commission's Public
Reference Room.
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Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange 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 these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.
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Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change 1. Purpose
The purpose of the proposed rule change is to amend the list of
Select Symbols \4\ in Section I of the Exchange's Fee Schedule, titled
``Rebates and Fees for Adding and Removing Liquidity in Select
Symbols.'' Specifically, the Exchange proposes to amend the trading symbol ``QQQQ.'' The Exchange proposes to change the symbol from
``QQQQ'' to ``QQQ'' to reflect the recent change in that exchange- traded fund's ticker symbol. ``QQQQ'' would continue to be subject to the Fees and Rebates for
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Adding and Removing Liquidity in Section I of the Exchange's Fee
Schedule. The Exchange is also proposing to make conforming amendments within Section I of the Fee Schedule to change ``QQQQ'' to ``QQQ'' in the remainder of that Section.
\4\ The term ``Select Symbols'' refers to the symbols which are subject to the Rebates and Fees for Adding and Removing Liquidity in
Section I of the Exchange's Fee Schedule.
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Statutory Basis
The Exchange believes that its proposal is consistent with Section 6(b) of the Act \5\ in general, and furthers the objectives of Section 6(b)(5) of the Act \6\ in particular, in that it is designed to promote just and equitable principles of trade, 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.
The Exchange believes that updating the Exchange's Fee Schedule to amend the ``QQQQ'' symbol to ``QQQ'' will provide its members clarity as to which symbols are subject to the Fees and Rebates for Adding and
Removing Liquidity in Section I of the Exchange's Fee Schedule.
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
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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 not necessary or appropriate in furtherance of the purposes of the Act.
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Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
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Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b- 4(f)(1)\8\ thereunder, the Exchange has designated this proposal as one that constitutes a stated policy, practice or interpretation with respect to the meaning, administration, or enforcement of an existing rule of the SRO, and therefore has become effective.
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(1).
At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved.
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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 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-Phlx-2011-39 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 SR-Phlx-2011-39. 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 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 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-Phlx-2011-39 and should be submitted on or before April 28, 2011.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\
\9\ 17 CFR 200.30-3(a)(12).
Cathy H. Ahn,
Deputy Secretary.
FR Doc. 2011-8231 Filed 4-6-11; 8:45 am
BILLING CODE 8011-01-P
