[Federal Register Volume 75, Number 215 (Monday, November 8, 2010)]
[Notices]
[Pages 68657-68658]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-28183]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63228; File No. SR-NYSEAmex-2010-102]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by NYSE Amex LLC To Increase the 
Maximum Order Size Accepted by Floor Broker Systems From 25,000,000 
Shares to 99,000,000 Shares

November 2, 2010.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that on November 1, 2010, NYSE Amex LLC (the ``Exchange'' or 
``NYSE Amex'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 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 proposes to amend NYSE Amex Equities Rule 1000 
regarding the maximum order size accepted by Floor broker systems from 
25,000,000 shares to 99,000,000 shares. The text of the proposed rule 
change is available at the Exchange, on the Commission's Web site at 
http://www.sec.gov, at the Commission's Public Reference Room, and 
http://www.nyse.com.

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 IV 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
    The Exchange proposes to amend Rule 1000 to provide that Floor 
broker systems shall accept a maximum order size of 99,000,000, an 
increase from the current 25,000,000 share limit.
a. Background
    Floor brokers receive orders from customers via telephone and 
electronic delivery to Floor broker systems. Details of orders 
delivered to Floor broker systems are automatically transmitted to a 
designated Exchange database as required by NYSE Amex Equities Rule 
123(e). Orders delivered telephonically must be manually entered by the 
broker (or clerk) into Exchange systems in order to capture the order 
details in the designated Exchange database pursuant to Rule 123(e) 
before the broker can

[[Page 68658]]

represent these orders on the Exchange. Exchange systems currently 
accept orders up to 25,000,000 shares. Exchange systems include Display 
Book[supreg], which is the Exchange's matching engine, and Floor broker 
systems, which are the systems made available to Floor brokers to 
accept orders from customers and if warranted, enter such orders into 
the Display Book. There is no limit on the size of orders that can be 
transmitted to a Floor broker telephonically. Customers who wish to 
send orders in excess of 25,000,000 million shares must break these 
orders into smaller sizes to send electronically or submit these orders 
by telephone to the broker. The broker (or clerk) must then enter these 
telephonic orders in smaller quantities into Exchange systems.
b. Proposed Amendment to NYSE Amex Equities Rule 1000
    The Exchange proposes to amend Rule 1000 to state that Floor broker 
systems shall accept a maximum order size up to 99,000,000 shares. This 
enhancement would allow more efficient electronic processing of very 
large orders sent to Floor brokers.
    Orders sent to Display Book by Floor brokers are subject to the 
same maximum order size of 25,000,000 shares as all other market 
participants.
    The Exchange notes that parallel changes are proposed to be made to 
the rules of the New York Stock Exchange LLC.\4\
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    \4\ See SR-NYSE-2010-71.
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    The Exchange will implement the systemic changes on or about 
December 10, 2010 and will notify Floor brokers when the Floor broker 
systems have been modified to accept a maximum order size up to 
99,000,000 shares.
2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Act'') 
\5\ for this proposed rule change is the requirement under Section 
6(b)(5) \6\ that an exchange have rules that are 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 the proposed rule change accomplishes these 
goals by providing efficient methods for customers to transmit orders 
to Floor brokers.
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    \5\ 15 U.S.C. 78a.
    \6\ 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. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not significantly 
affect the protection of investors or the public interest, does not 
impose any significant burden on competition, and, by its terms, does 
not become operative for 30 days from the date on which it was filed, 
or such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change, along with a 
brief description and text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission. The 
Exchange has satisfied this requirement.
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    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.

IV. 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 [email protected]. Please include 
File Number SR-NYSEAmex-2010-102 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-NYSEAmex-2010-102. 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 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 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-
NYSEAmex-2010-102 and should be submitted on or before November 29, 
2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-28183 Filed 11-5-10; 8:45 am]
BILLING CODE 8011-01-P