Federal Register / Vol. 76, No. 8 / Wednesday, January 12, 2011 / Notices 2183 

7 15 U.S.C. 78s(b)(2). 

8 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(6). 

5See Securities Exchange Act Release No. 63558 

(December 16, 2010), 75 FR 80553 (December 22, 

2010) (Order approving SR–NYSEAmex-2010–100). 

6Stock/options orders may not trade at the same 

price as a Customer order in the option leg, unless 

satisfying the Customer order first, even though the 

Customer order cannot satisfy all the terms of the 

Stock/option order. 

corresponding increase in quotes and 

market fragmentation. The Commission 

expects the Exchange to monitor the 

trading volume associated with the 

additional options series listed as a 

result of this proposal and the effect of 

these additional series on market 

fragmentation and on the capacity of the 

Exchange’s, OPRA’s, and vendors’ 

automated systems. 

In addition, the Commission notes 

that Phlx has represented that it believes 

the Exchange and the Options Price 

Reporting Authority have the necessary 

systems capacity to handle the 

additional traffic associated with the 

newly permitted listings. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,7 that the 

proposed rule change (SR–Phlx–2010– 

158) be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2011–441 Filed 1–11–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63660; File No. SR– 

NYSEArca–2010–124] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Amending NYSE Arca 

Options Rule 6.62(h) to Define Stock/ 

Complex Orders, Amending NYSE 

Arca Options Rule 6.75(g) to Update 

and Clarify the Priority of Complex 

Orders, and Amending NYSE Arca 

Options Rule 6.91 to Establish a 

Complex Order Auction 

January 6, 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 December 

30, 2010, NYSE Arca, Inc. (‘‘Exchange’’ 

or ‘‘NYSE Arca’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by NYSE Arca. NYSE Arca has 

submitted the proposed rule change 

under Section 19(b)(3)(A) of the Act 3

and Rule 19b–4(f)(6) thereunder,4 which 

renders the proposal effective upon 

filing with the Commission. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

NYSE Arca Options Rule 6.62(h) to 

define Stock/Complex Orders, amend 

NYSE Arca Options Rule 6.75(g) to 

update and clarify the priority of 

Complex Orders, and amend NYSE Arca 

Options Rule 6.91 to establish a 

Complex Order Auction. 

A copy of this filing is available on 

the Exchange’s Internet Web site at 

http://www.nyse.com, on the 

Commission’s Internet Web site at 

http://www.sec.gov, at the Exchange’s 

principal office, and at the Commission. 

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 

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 III below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this filing is to update 

and streamline the rules governing open 

outcry trading of Complex Orders, 

including the definition of a Stock/ 

Complex Order, and to adopt new rules 

to provide for a Complex Order Auction 

(‘‘COA’’) in the Electronic Complex 

Order rules, based on rules recently 

approved for NYSE Amex LLC 

(‘‘Amex’’).5 The filing also clarifies the 

minimum trading and quoting 

increment permissible for Complex 

Orders. 

Stock/Complex Orders 

NYSE Arca proposes to amend Rule 

6.62(h) to define Stock/Complex Orders 

as orders for the purchase or sale of a 

Complex Order coupled with an order 

to buy or sell a stated number of units 

of an underlying stock or a security 

convertible into the underlying stock 

(‘‘convertible security’’) representing 

either (A) the same number of units of 

the underlying stock or convertible 

security as are represented by the 

options leg of the Complex Order with 

the least number of contracts, or (B) the 

number of units of the underlying stock 

necessary to create a delta neutral 

position, but in no case in a ratio greater 

than 8 options contracts per unit of 

trading of the underlying stock or 

convertible security established for that 

series by the Clearing Corporation, as 

represented by the options leg of the 

Complex Order with the least number of 

options contracts. 

Revision to Complex Order Open 

Outcry Rules 

NYSE Arca proposes to amend Rule 

6.75 and Commentary .01 to Rule 6.75. 

The Exchange proposes to adopt a 

provision based on NYSE Amex LLC 

(‘‘Amex’’) Rule 963NY(d) to describe the 

priority of Complex Orders in open 

outcry. The new language does not 

change the process of executing a 

Complex Order or alter the priority of 

quotes and orders; rather, it streamlines 

and updates the rule text. 

Currently, when executing a Complex 

Order, contra sided complex trading 

interest in the Trading Crowd has 

priority over individual orders and 

quotes in the leg markets at the same net 

debit or credit price, except when 

individual Customer orders in the 

Consolidated Book are present in all of 

the leg markets. When there are 

Customer orders present in all legs at 

the same net debit or credit price, the 

Complex Order must first trade with the 

individual Customer orders, and may 

then trade against complex trading 

interest in the crowd. Complex Orders 

trading against contra side complex 

trading interest in the Trading Crowd 

must otherwise trade at least one leg at 

a price that is at least one minimum 

price variation better than individual 

Customer orders in the Consolidated 

Book.6

The proposed rule change will not 

alter these procedures or priorities. 

In addition, the Exchange is clarifying 

that Stock/Complex Orders (involving 

two or more options legs and a stock 

leg) may be executed at a net debit or 

credit price with another OTP Holder 

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2184 Federal Register / Vol. 76, No. 8 / Wednesday, January 12, 2011 / Notices 

7For example, the Exchange could determine that 

a complex order with two option legs are eligible 

for a COA to the extent they are less than two ticks 

away from the ‘‘top of the book,’’ which would be 

the best price considering the net prices available 

among Complex Orders in the Consolidated Book 

and the individual component legs in the 

Consolidated Book. All pronouncements, including 

changes hereto, regarding COA eligibility and 

Response Time Intervals will be announced to OTP 

Holders via Regulatory Circular. 

8See Securities Exchange Act Release No. 58361 

(August 14, 2008), 73 FR 49529 (August 21, 2008) 

(approving SR–Phlx–2008–50). 

without giving priority to equivalent 

bids (offers) in the individual series legs 

that are represented in the Trading 

Crowd or Customer limit orders in the 

Consolidated Book, provided at least 

one options leg of the order betters the 

corresponding Customer bid (offer) in 

the Consolidated Book by at least one 

minimum trading increment. 

NYSE Arca also proposes to delete 

Commentary.01 to Rule 6.75. The 

proposed Rule 6.75 (g) describes priority 

for all Complex Orders and Stock/ 

Option Orders, while Commentary .01 

to Rule 6.75 generally only describes the 

procedures for executing complex 

transactions; it does not define or 

describe any execution priority, 

obligation, or privilege that was not 

already described in other rules. 

Additionally, those procedures did not 

lay out procedures for all complex 

transactions; it narrowly described only 

simple Complex Orders with two option 

legs. The proposed rule change 

specifically eliminates the description 

of a ‘‘locked book market’’ in 

Commentary .01(f). This provision was 

a description of a narrow circumstance, 

and was more appropriate when the 

Public Customer Book was maintained 

by an Order Book Official. At that time, 

the Order Book had priority to trade at 

a given price if it held an order. 

Paragraph (f) described a situation 

where the Order Book had orders at all 

of the prices where a Complex Order 

might trade, but the orders in the leg 

markets could not satisfy the terms of 

the Complex Order. The proposed new 

language addresses this and similar 

circumstances in a more clear manner. 

Complex Order Auction 

Additionally, the Exchange proposes 

to adopt rules establishing an Electronic 

Complex Order Auction, based on rules 

approved for use by NYSE Amex LLC. 

Amex Rule 980NY(e) describes the 

process for a Complex Order Request for 

Responses (‘‘RFR’’) Auction. NYSE Arca 

proposes a similar auction under Rule 

6.91. 

Proposed paragraph (c) of Rule 6.91 

will describe the COA process. The 

proposed rule change will give the 

Exchange the authority to determine, on 

a class by class basis, which incoming 

orders are eligible for a COA based on 

marketability (defined as a number of 

ticks from the current market), size, and 

Complex Order type (‘‘COA-eligible 

orders’’).7

Upon receiving a COA-eligible order 

and a request by the OTP Holder 

representing the order that it be COA’d, 

the Exchange will send an RFR message 

to OTP Holders with an interface 

connection to NYSE Arca that have 

elected to receive such RFR messages. 

This RFR message will identify the 

component series, the size of the COAeligible order and any contingencies, if 

applicable. However, the RFR will not 

identify the side of the market (i.e., 

whether the COA-eligible order is to buy 

or sell). 

Market Makers with an appointment 

in the relevant options class, and OTP 

Holders acting as agent for orders 

resting at the top of the Consolidated 

Book in the relevant options series, may 

electronically submit responses (‘‘RFR 

Responses’’), and modify, but not 

withdraw, the RFR response at anytime 

during the request response time 

interval (the ‘‘Response Time Interval’’). 

RFR responses must be in a permissible 

ratio, and may be expressed on a net 

price basis in a one cent increment. In 

addition, RFR Responses will be visible 

to those who have subscribed to RFRs. 

The applicable Response Time Interval 

will be determined by the Exchange on 

a class by class basis, and, in any event, 

will not exceed one second. Proposed 

Rule 6.91(c)(3) also clarifies that the 

obligations of Rule 6.47A, Order 

Exposure Requirements—OX, are 

separate from the duration of the 

Response Time Interval. 

When the Response Time Interval 

expires, the COA-eligible order will be 

executed and allocated to the extent it 

is marketable, or route to the 

Consolidated Book to the extent it is not 

marketable. If executed, the rules of 

trading priority will provide that the 

COA-eligible order be executed based 

first on net price, and, at the same price: 

(i) Pre-existing interest in the leg 

markets: individual orders and quotes 

in the leg markets resting in the 

Consolidated Book prior to the initiation 

of a COA will have first priority to trade 

against a COA-eligible order; 

(ii) Customer Complex interest 

received during the Auction: Customer 

Electronic Complex Orders resting in 

the Consolidated Book before or that are 

received during, the Response Time 

Interval and Customer RFR Responses 

shall, collectively have second priority 

to trade against a COA-eligible order. 

The allocation of a COA-eligible order 

against the Customer Electronic 

Complex Orders resting in the 

Consolidated Book shall be on a Size 

Pro Rata basis; 

(iii) Non-Customer Complex trading 

interest: Non-Customer interest, 

comprised of Electronic Complex 

Orders resting in the Consolidated Book, 

Electronic Complex Orders placed in 

the Consolidated Book during the 

Response Time Interval, and RFR 

Responses, will collectively have third 

priority. The allocation of COA-eligible 

orders against these contra sided orders 

will be on a Size Pro Rata basis; 

(iv) Trading Interest that improves the 

derived Complex Best Bid/Offer: 

Individual orders and quotes in the leg 

markets that cause the derived Complex 

Best Bid/Offer to be improved during 

the COA, and which match the best RFR 

Response and/or Complex Orders 

received during the Response Time 

Interval, will be filled after Complex 

Orders and RFR Responses at the same 

net price.8 Allocations within the first 

category above (individual orders and 

quotes in the leg markets in the 

Consolidated Book) shall be in time, 

with Customer orders having priority 

ahead of non-customer orders and 

quotes at the same price. Allocations 

within the second category above 

(Customer Electronic Complex Orders 

resting in the Consolidated Book and 

Customer RFR responses) shall be based 

on a Size Pro Rata basis when multiple 

Customer Complex Orders or RFR 

responses exist at the same price. 

Allocations within the third category 

(non-Customer Electronic Complex 

Orders in the Consolidated Book and 

non-Customer RFR responses) shall be 

based on a Size Pro Rata basis when 

multiple non-Customer interests exist at 

the same price. Allocations among the 

fourth category (individual orders or 

quotes in the leg markets that cause the 

derived BBO to be improved) shall be 

filled on a Customer order/size pro rata 

basis. 

The following is an example of a 

COA: assume the Exchange’s derived 

complex market, based on individual 

series orders and quotes in the 

Consolidated Book, is offered at $1.15 

for 20 contracts. In addition, assume a 

Customer Electronic Complex Order 

resting in the Consolidated Book is 

offered at $1.15 for five contracts and 

two non-Customer orders resting in the 

Consolidated Book are offered at $1.15 

for five contracts each (for a total of 10 

contracts). A COA-eligible order is then 

received to buy the complex strategy 

100 times paying $1.15. COA will 

auction the order. An RFR message is 

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Federal Register / Vol. 76, No. 8 / Wednesday, January 12, 2011 / Notices 2185 

sent to subscribers indicating the 

Complex Order series and the size of 

100 contracts (but not the side of the 

market). The Response Time Interval for 

submitting RFR Responses will be for no 

more than one second. Before the 

conclusion of the Response Time 

Interval, the following RFR Responses 

on the other side are received: Customer 

RFR Responses to sell five at $1.14 and 

five at $1.15; and non-Customer RFR 

Responses to sell 15 at a price of $1.13, 

35 at a price of $1.14, and 100 at a price 

of $1.15. The execution of the COAeligible order will proceed as follows: 

• 15 contracts get filled at $1.13 

(against non-Customer RFR Responses); 

• 40 contracts get filled at $1.14 (five 

contracts against Customer RFR 

Responses, then 35 contracts against 

non-Customer RFR Responses); and 

• 45 contracts get filled at $1.15 (20 

contracts against the individual series 

legs in the Consolidated Book, then 10 

contracts against Customer Electronic 

Complex Orders in the Consolidated 

Book and Customer RFR Responses 

allocated on a Size Pro Rata basis. The 

non-Customer interest is allocated on a 

Size Pro Rata basis as follows: 1 contract 

((5/110) x 15) for each of the nonCustomer Electronic Complex Orders 

resting in the Consolidated Book before 

the COA began, and 13 contracts ((100/ 

110) x 15) against the non-Customer 

RFR Response). 

The proposed rule change also 

describes the handing of unrelated 

incoming Electronic Complex Orders 

that may be received prior to the 

expiration of the COA. Specifically, the 

proposed rule change provides the 

following: 

• An incoming Electronic Complex 

Order received prior to the expiration of 

the Response Time Interval for a 

pending COA (the ‘‘original COA’’) that 

is on the opposite side of the original 

COA-eligible order and is marketable 

against the starting price of the original 

COA-eligible order will be ranked in 

price time with RFR Responses by 

account type. The original COA-eligible 

order will be executed and allocated as 

described in proposed subparagraph 

(c)(6) of Rule 6.91. Any remaining 

balance of either the initiating COAeligible order or the incoming Electronic 

Complex order will be placed in the 

Consolidated Book and ranked as 

described in subparagraph (a)(1) of Rule 

6.91. 

• Incoming COA-eligible orders that 

are received prior to the expiration of 

the Response Time Interval for the 

original COA that are on the same side 

of the market, that are price [sic] equal 

to the original COA-eligible order will 

join the COA. A message with the 

updated size will be published. The 

new order will be ranked and executed 

with the initiating COA-eligible order in 

price time order. Any remaining balance 

of either the initiating COA-eligible 

order and/or the incoming Electronic 

Complex order will be placed in the 

Consolidated Book and ranked as 

described in subparagraph (a)(1) of Rule 

6.91. 

• Incoming COA-eligible orders 

received during the Response Time 

Interval for the original COA-eligible 

order that are on the same side of the 

market, and that are priced worse than 

the initiating order, will join the COA. 

The new order(s) will be ranked and 

executed with the initiating COAeligible order in price time order. Any 

remaining balance of either the 

initiating COA-eligible order and/or the 

incoming Electronic Complex order(s) 

will be placed in the Consolidated Book 

and ranked as described in 

subparagraph (a)(1) of Rule 6.91. 

• An incoming COA-eligible order 

that is received prior to the expiration 

of the Response Time Interval for the 

original COA that is on the same side of 

the market and at a better price than the 

original COA-eligible order will cause 

the auction to end. The initiating COAeligible order will be executed in 

accordance with subparagraph (c)(6). 

The COA-eligible order that caused the 

auction to end will then be executed in 

accordance with subparagraph (c)(6), 

and any unexecuted portion will either 

be (i) placed in the Consolidated Book, 

or (ii) if marketable, initiate another 

COA. 

The Exchange is proposing to amend 

Commentary .02 to Rule 6.91 to clarify 

that if the class has been designated as 

eligible for Complex Order Auctions 

then at least one leg of the order must 

trade at a price that is better than the 

corresponding price of the customer 

bids or offers in the Consolidated Book 

for the same series, by at least one cent 

($.01). 

New Commentary .03 to Rule 6.91 is 

also proposed to clarify the priority of 

Stock/Option Orders and Stock/ 

Complex Orders to (a) confirm that the 

execution of the stock component must 

be executed consistent with the rules of 

the stock execution venue; (b) clarify the 

priority of the option component of a 

stock option order over bids and offers 

in the Consolidated Book, but not over 

Customer orders at the same price in the 

Consolidated Book; (c) clarify that 

Stock/Option Orders and Stock/ 

Complex Orders submitted to the 

Complex Matching Engine will trade 

first against other Stock/Option or 

Stock/Complex Orders resting in the 

Consolidated Book, then against 

individual orders and quotes on the 

Exchange, and lastly against orders and 

quotes subsequently entered by Market 

Participants; and (d) clarify the priority 

of the option components of a Stock/ 

Complex Order over bids and offers in 

the Consolidated Book, unless there are 

Customer bids and offers in the 

Consolidated Book on each of the 

component leg markets. 

Proposed Commentary .04 states that 

a pattern or practice of submitting 

unrelated orders that cause a COA to 

conclude early will be deemed conduct 

inconsistent with just and equitable 

principles of trade. Dissemination of 

information related to COA-eligible 

orders to third parties will also be 

deemed as conduct inconsistent with 

just and equitable principles of trade. 

Finally, NYSE Arca is proposing the 

RFR Responses can be modified but not 

withdrawn at any time before the end of 

the Response Time Interval. RFR 

Responses are firm only with respect to 

COA-eligible orders and RFR Responses 

received during the Response Time 

Interval. Any RFR response not 

accepted to trade either in whole or in 

a permissible ratio, would expire at the 

end of the Response Time Interval and 

would not be eligible to trade with the 

Consolidated Book. 

Complex Order Minimum Increments 

NYSE Arca is proposing to revise and 

clarify the minimum increments that are 

permissible for bids and offers on 

Complex Orders. The Exchange believes 

these changes will facilitate the orderly 

execution of Complex Orders in open 

outcry and via the Consolidated Book 

and the COA mechanism. With respect 

to minimum increments, currently 

Rules 6.75 and 6.91 provide that the 

Complex Orders may generally be 

expressed in any increments regardless 

of the minimum increment otherwise 

appropriate to the individual legs of the 

order. Thus, for example, a Complex 

Order could be entered at a net debit or 

credit price of $1.03 even though the 

standard minimum increment for the 

individual series is generally $0.05 or 

$0.10. The Exchange is proposing to 

clarify in Rule 6.75 and 6.91 that 

Complex Orders entered onto the 

Exchange, and/or resting in the 

Consolidated Book may be expressed on 

a net price basis in a multiple of the 

minimum increment (i.e., $0.01, $0.05, 

or $0.10, as applicable) or in a one-cent 

increment as determined by the 

Exchange on a class-by class basis. 

NYSE Arca represents that any 

Customer Electronic Complex Orders 

entered to the NYSE Arca System must 

comply with the order exposure 

requirements of Rule 6.47A, which 

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2186 Federal Register / Vol. 76, No. 8 / Wednesday, January 12, 2011 / Notices 

9 15 U.S.C. 78f(b)(5). 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6). Rule 19b–4(f)(6)(iii) 

also requires an exchange to provide the 

Commission with written notice of its 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 

the proposed rule change or such shorter time as 

the Commission may designate. The Exchange 

satisfied this requirement. 

12For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposal’s impact on efficiency, competition, and 

capital formation. See 15 U.S.C. 78c(f). 

13See note 5, supra. 14 17 CFR 200.30–3(a)(12). 

prohibits a User from executing as 

principal against an order it represents 

as agent, unless the agency order is first 

exposed on the Exchange for at least one 

(1) second, or the User has been bidding 

or offering on the Exchange for at least 

one (1) second, prior to receiving an 

agency order that is excutable against 

such bid or offer. 

NYSE Arca notes that all components 

of a Complex Order, a Stock/Option 

Order, or a Stock/Complex Order must 

be entered into the NYSE Arca System 

and displayed at a total or net debit or 

credit, and that all components of a 

Complex Order, a Stock/Option Order, 

or a Stock/Complex Order, including 

the stock component of a Stock/Option 

Order or Stock/Complex Order, must be 

traded as a complete package. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with and 

furthers the objectives of Section 6(b)(5) 

of the Act 9 in that it is designed to 

promote just and equitable principles of 

trade, remove impediments to and 

perfect the mechanisms of a free and 

open market and a national market 

system and, in general, to protect 

investors and the public interest. In 

particular, investors will have greater 

opportunities to manage risk with the 

Exchange defining Stock/Complex 

Orders, by the Exchange revising the 

coverage under Rule 6.75(g) to clarify its 

applicability, and with the removal of 

ambiguity by deleting obsolete text in 

Commentary .01 to Rule 6.75. The 

proposed adoption of rules governing a 

Complex Order Auction will facilitate 

the execution of Complex Orders while 

providing opportunities for price 

improvement. 

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 

The Exchange has designated the 

proposed rule change as one that: (1) 

Does not significantly affect the 

protection of investors or the public 

interest; (2) does not impose any 

significant burden on competition; and 

(3) does not become operative for 30 

days from the date of filing, or such 

shorter time as the Commission may 

designate if consistent with the 

protection of investors and the public 

interest. Therefore, the proposed rule 

change has become effective pursuant to 

Section 19(b)(3)(A) of the Act 10 and 

Rule 19b–4(f)(6) thereunder.11

NYSE Arca has requested that the 

Commission waive the 30-day operative 

delay. Because the Commission believes 

that waiving the 30-day operative delay 

is consistent with the protection of 

investors and the public interest, the 

Commission grants NYSE Arca’s 

request.12 As noted above, the proposal 

is based on Amex rules that the 

Commission recently approved.13 The 

Commission received no comments 

regarding the Amex’s proposal. In 

addition, the Commission believes that 

the proposal could enhance competition 

for Complex Orders on the Exchange by 

establishing an electronic COA for 

Complex Orders. 

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 rulecomments@sec.gov. Please include File 

Number SR–NYSEArca–2010–124 on 

the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2010–124. 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 such filing 

also will be available for inspection and 

copying at the NYSE’s principal office 

and on its Internet Web site at http:// 

www.nyse.com. 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 

publicly available. All submissions 

should refer to File Number SR– 

NYSEArca–2010–124 and should be 

submitted on or before February 2, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2011–446 Filed 1–11–11; 8:45 am] 

BILLING CODE 8011–01–P 

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