[Federal Register Volume 76, Number 191 (Monday, October 3, 2011)]
[Notices]
[Pages 61121-61122]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-25353]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65410; File No. 4-631]
Joint Industry Plan; Notice of Designation of a Longer Period for
Commission Action on the National Market System Plan To Address
Extraordinary Market Volatility by BATS Exchange, Inc., BATS Y-
Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago
Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc.,
Financial Industry Regulatory Authority, Inc., NASDAQ OMX BX, Inc.,
NASDAQ OMX PHLX LLC, The Nasdaq Stock Market LLC, National Stock
Exchange, Inc., New York Stock Exchange LLC, NYSE Amex LLC, and NYSE
Arca, Inc.
September 27, 2011.
On April 5, 2011, NYSE Euronext, on behalf of New York Stock
Exchange LLC (``NYSE''), NYSE Amex LLC (``NYSE Amex''), and NYSE Arca,
Inc. (``NYSE Arca''), and the following parties to the proposed
National Market System Plan: BATS Exchange, Inc., BATS Y-Exchange,
Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock
Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial
Industry Regulatory Authority, Inc., NASDAQ OMX BX, Inc., NASDAQ OMX
PHLX LLC, the Nasdaq Stock Market LLC, and National Stock Exchange,
Inc. (collectively with NYSE, NYSE Amex, and NYSE Arca, the
``Participants''), filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 11A of the Securities Exchange
Act of 1934 (``Act''),\1\ and Rule 608 of Regulation NMS (``Rule 608'')
thereunder,\2\ a proposed Plan to Address Extraordinary Market
Volatility (``Plan'').\3\ The proposed Plan was published for comment
in the Federal Register on June 1, 2011.\4\ The Commission received 18
comments on the proposed Plan.\5\
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\1\ 15 U.S.C. 78k-1.
\2\ 17 CFR 242.608.
\3\ See Letter from Janet M. McGinness, Senior Vice President,
Legal and Corporate Secretary, NYSE Euronext, to Elizabeth M.
Murphy, Secretary, Commission, dated April 5, 2011.
\4\ See Securities Exchange Act Release No. 64547 (May 25,
2011), 76 FR 31647.
\5\ See Letter from Steve Wunsch, Wunsch Auction Associates,
LLC, to Elizabeth M. Murphy, Secretary, Commission, dated June 2,
2011; Letter from Peter J. Driscoll, Investment Professional,
Chicago, IL, to Elizabeth M. Murphy, Secretary, Commission, dated
June 17, 2011; Letter from Stuart J. Kaswell, Executive Vice
President & Managing Director, General Counsel, Managed Funds
Association, to Elizabeth M. Murphy, Secretary, Commission, dated
June 21, 2011; Letter from George U. Sauter, Managing Director and
Chief Investment Officer, The Vanguard Group, Inc., to Elizabeth M.
Murphy, Secretary, Commission, dated June 22, 2011; Letter from
Karrie McMillan, General Counsel, Investment Company Institute, to
Elizabeth M. Murphy, Secretary, Commission, dated June 22, 2011;
Letter from Manisha Kimmel, Executive Director, Financial
Information Forum, to Elizabeth M. Murphy, Secretary, Commission,
dated June 22, 2011; Letter from Craig S. Donohue, Chief Executive
Officer, CME Group Inc., to Elizabeth M. Murphy, Secretary,
Commission, dated June 22, 2011; Letter from Joseph N. Cangemi,
Chairman, and Jim Toes, President and Chief Executive Officer,
Security Traders Association, to Elizabeth M. Murphy, Secretary,
Commission, dated June 22, 2011; Letter from Leonard J. Amoruso,
General Counsel, Knight Capital Group, Inc., to Elizabeth M. Murphy,
Secretary, Commission, dated June 22, 2011; Letter from Ann L.
Vlcek, Managing Director and Associate General Counsel, Securities
Industry and Financial Markets Association, to Elizabeth M. Murphy,
Secretary, Commission, dated June 22, 2011; Letter from Jamie
Selway, Managing Director, and Patrick Chi, Chief Compliance
Officer, ITG Inc., to Elizabeth M. Murphy, Secretary, Commission,
dated June 23, 2011; Letter from Jose Marques, Managing Director and
Global Head of Electronic Equity Trading, Deutsche Bank Securities
Inc., to Elizabeth M. Murphy, Secretary, Commission, dated June 23,
2011; Letter from Kimberly Unger, Esq., Executive Director, The
Security Traders Association of New York, Inc., to Elizabeth M.
Murphy, Secretary, Commission, dated June 23, 2011; Letter from
James J. Angel, PhD, CFA, Associate Professor of Finance, Georgetown
University, McDonough School of Business, to Commission, dated June
24, 2011; Letter from John A. McCarthy, General Counsel, GETCO, to
Elizabeth M. Murphy, Secretary, Commission, dated June 24, 2011;
Letter from Andrew C. Small, Executive Director and General Counsel,
Scottrade, Inc., to Elizabeth M. Murphy, Secretary, Commission,
dated July 5, 2011; Letter from Peter Skopp, President, Molinete
Trading Inc., to Elizabeth M. Murphy, Secretary, Commission, dated
July 19, 2011; and Letter from Sal Arnuk, Joe Saluzzi, and Paul
Zajac, Themis Trading, LLC, to Elizabeth M. Murphy, Secretary,
Commission. Copies of all comments received on the proposed Plan are
available on the Commission's Web site, located at http://www.sec.gov/comments/4-631/4-631.shtml. Comments are also 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 ET.
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Rule 608 \6\ under Section 11A of the Act \7\ provides that within
120 days of the date of publication of notice of filing of a national
market system plan or an amendment to an effective national market
system plan, or within such longer period as the Commission may
designate up to 180 days of such date if it finds such longer period to
be appropriate and publishes its reasons
[[Page 61122]]
for so finding or as to which the sponsors consent, the Commission
shall approve such plan or amendment, with such changes or subject to
such conditions as the Commission may deem necessary or appropriate, if
it finds that such plan or amendment is necessary or appropriate in the
public interest, for the protection of investors and the maintenance of
fair and orderly markets, to remove impediments to, and perfect the
mechanisms of, a national market system, or otherwise in furtherance of
the purposes of the Act. The 120th day for this notice of filing of a
national market system plan is September 29, 2011.
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\6\ 17 CFR 242.608.
\7\ 15 U.S.C. 78k-1.
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The Commission is hereby extending the 120-day time period for
Commission action on the proposed rule change. The Commission finds
that it is appropriate to designate a longer period within which to
take action on the proposed rule change. In particular, the extension
of time will ensure that the Commission has sufficient time to consider
and take action on the Participants' proposal, in light of, among other
things, the comments received on the proposal.
Accordingly, pursuant to Section 11A of the Act \8\ and Rule 608
thereunder,\9\ the Commission designates November 28, 2011 as the date
by which the Commission shall approve the proposed Plan (File Number 4-
631), with such changes or subject to such conditions as the Commission
may deem necessary or appropriate, if it finds that such plan or
amendment is necessary or appropriate in the public interest, for the
protection of investors and the maintenance of fair and orderly
markets, to remove impediments to, and perfect the mechanisms of, a
national market system, or otherwise in furtherance of the purposes of
the Act.
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\8\ Id.
\9\ 17 CFR 242.608.
\10\ 17 CFR 200.30-3(a)(42).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-25353 Filed 9-30-11; 8:45 am]
BILLING CODE 8011-01-P