14702 Federal Register / Vol. 76, No. 52 / Thursday, March 17, 2011 / Notices 

36 15 U.S.C. 78s(b)(2). 

37 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3PHLX Oil Service SectorSM may also be known 

as PHLX Oil Service SectorSM Index or PHLX Oil 

Service Index. 

4The Exchange notes that changing the weighting 

of the Index from price-weighting to modified 

capitalization-weighting does not by itself require a 

rule filing proposal because both weighting 

methodologies are acceptable per the current 

generic index listing standards found in Rule 

1009A(b)(2). The weighting change is included in 

this proposal only in conjunction with increasing 

the number of Index components by more than the 

amount indicated in Rule 1009A(c)(2), which 

requires a rule filing proposal. 

5The contract specifications for OSXSM options 

are available at https://www.nasdaqtrader.com/

micro.aspx?id=phlxsectorscontractspecs. 

6A narrow-based index or industry index is 

defined as: An index designed to be representative 

of a particular industry or a group of related 

industries. The term ‘‘narrow-based index’’ includes 

indices the constituents of which are all 

headquartered within a single country. Rule 

1000A(b)(12). 

7A broad-based index or market index is defined 

as: An index designed to be representative of a 

stock market as a whole or of a range of companies 

in unrelated industries. Rule 1000A(b)(11). 

8Rule 1009A establishes generic listing standards 

for options on narrow-based and broad-based 

All submissions should refer to File 

Number SR–NASDAQ–2010–074. 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 

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, on official business 

days between the hours of 10 a.m. and 

3 p.m. Copies of the filing will also 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 No. 

SR–NASDAQ–2010–074 and should be 

submitted on or before April 7, 2011. 

VII. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,36 that the 

proposed rule change (SR–NASDAQ– 

2010–074), as modified by Amendment 

Nos. 1 and 3, be, and hereby is, 

approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.37

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–6171 Filed 3–16–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–64075; File No. SR–Phlx– 

2011–28] 

Self-Regulatory Organizations; Notice 

of Filing of Proposed Rule Change by 

NASDAQ OMX PHLX LLC To Expand 

the Number of Components in the 

PHLX Oil Service SectorSM Known as 

OSX SM, on Which Options Are Listed 

and Traded 

March 11, 2011. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 2 thereunder, 

notice is hereby given that on March 2, 

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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing with the 

Commission a proposal to expand the 

number of components in the PHLX Oil 

Service SectorSM (the ‘‘Index’’ or 

‘‘OSXSM’’), on which options are listed 

and traded, and the Index weighting 

methodology [sic].3 No other changes 

are made to the Index or the options 

thereon. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http:// 

nasdaqomxphlx.cchwallstreet.com/ 

NASDAQOMXPHLX/Filings/, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

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 IV 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 the proposal is to 

expand to thirty the number of 

components in the PHLX Oil Service 

SectorSM or OSXSM, on which options 

are listed and traded, and change the 

Index weighting methodology to 

modified capitalization-weighted.4 No 

other changes are made to the Index or 

the options thereon. 

OSXSM options subsequent to this 

proposal will be identical to OSXSM

options that are currently listed and 

trading except for the number of 

components in and the weighting 

methodology of the underlying Index; 

and will trade pursuant to similar 

contract specifications (updated 

regarding components and weighting 

methodology).5 The only post-proposal 

difference in OSXSM options is that they 

will overly [sic] an Index with thirty 

components (the current Index has 

fifteen components) that will be 

modified capitalization-weighted (the 

current Index is price-weighted). 

Background 

The Exchange currently has initial 

listing and maintenance listing 

standards for options on indexes in Rule 

1009A that are designed to allow the 

Exchange to list options on narrowbased indexes 6 and broad based 

indexes7 pursuant to generic listing 

standards (the ‘‘Index Listing 

Standards’’).8 The PHLX Oil Service 


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indexes pursuant to Rule 19b–4(e) of the Act. See 

Securities Exchange Act Release No. 40761 

(December 8, 1998), 63 FR 70952 (December 22, 

1998). The listing standards in Rule 1009A are 

similar to those of other options exchanges such as, 

for example, Chicago Board Options Exchange, 

Incorporated; International Stock Exchange LLC; 

and The NASDAQ Stock Market LLC. 

9 See Securities Exchange Act Release No. 38207 

(January 27, 1997), 62 FR 5268 (February 4, 1997) 

(SR–Phlx–97–02) (notice of filing and immediate 

effectiveness of proposal to list and trade OSXSM

options on the Index). On October 21, 2008, in that 

OSXSM options met the generic Index Listing 

Standards per Rule 1009A, the Exchange filed Form 

19b–4(e) regarding such options. 10Other sector indexes on which options are 

listed and traded on the Exchange include: KBW 

Bank IndexSM (BKXSM); PHLX Gold/Silver SectorSM

(XAUSM); PHLX Housing SectorSM (HGXSM); PHLX 

Utility SectorSM (UTYSM); SIG Energy MLP IndexSM

(SVOTM); SIG Oil Exploration & Production 

IndexTM (EPXSM); PHLX Semiconductor SectorSM

(SOXSM); and NASDAQ Internet IndexSM

(QNETSM). 11Other currently available investment products 

that evaluate the oil industry, albeit differently from 

OSXSM, include the Oil Services HOLDRs ETF 

(OIH), iShares Dow Jones U.S. Oil Equipment & 

Services Index Fund (IEZ), SPDR S&P Oil & Gas 

Equip & Services ETF (XES), and PowerShares 

Dynamic Oil Services Portfolio (PX). 12 During 2010, OSXSM has traded an average of 

22,774 contracts per month and has traded as much 

as 3,826 contracts in a day (February 5, 2010). As 

of December 31, 2010, there were 11,228 contracts 

of open interest in OSXSM. 13A listing of the component securities in the 

Index is available at https://indexes.nasdaqomx.

com/weighting.aspx?IndexSymbol=

OSX&menuIndex=0> >. 

14The maintenance provisions in subsection (c) 

of Rule 1009A state, in part, as applicable to 

OSXSM: 

(1) The conditions stated in subparagraphs (b)(1), 

(3), (6), (7), (8), (9), (10), (11) and (12), must 

continue to be satisfied, provided that the 

conditions stated in subparagraph (b)(6) must be 

satisfied only as to the first day of January and July 

in each year; (2) The total number of component 

securities in the index may not increase or decrease 

by more than 331⁄3% from the number of 

component securities in the index at the time of its 

initial listing, and in no event may be less than nine 

component securities; (3) Trading volume of each 

component security in the index must be at least 

500,000 shares for each of the last six months, 

except that for each of the lowest weighted 

component securities in the index that in the 

aggregate account for no more than 10% of the 

weight of the index, trading volume must be at least 

400,000 shares for each of the last six months; (4) 

In a capitalization-weighted index, the lesser of the 

five highest weighted component securities in the 

index or the highest weighted component securities 

in the index that in the aggregate represent at least 

30% of the total number of stocks in the index each 

have had an average monthly trading volume of at 

least 1,000,000 shares over the past six months. 

15See supra note 4. While the Exchange will 

change the weighting of the Index from priceweighting to modified capitalization-weighting, 

both weighting methodologies are acceptable per 

the current Index Listing Standards. Rule 

1009A(b)(2). 

16For purposes of this document, Last Sale Price 

refers to the following: For a security listed on 

NASDAQ, it is the last sale price on NASDAQ, 

which normally would be the NASDAQ Official 

Closing Price (NOCP) when NASDAQ is closed. For 

any NYSE-listed or NYSE AMEX listed security, it 

is the last regular way trade reported on such 

security’s primary U.S. listing market. If a security 

does not trade on its primary listing market on a 

given day, the most recent last sale price from the 

primary listing market (adjusted for corporate 

actions, if any) is used. 

SectorSM is a narrow-based index and 

OSXSM options overlying the Index are 

listed and traded pursuant to Rule 

1009A(b). OSXSM options were 

originally listed and began trading in 

1997 pursuant to Exchange approval.9

The PHLX Oil Service SectorSM is a 

price-weighted index composed of 

fifteen companies that provide oil 

drilling and production services, oil 

field equipment, support services and 

geophysical/reservoir services. The 

Index provides exposure to the dynamic 

oil industry. The Index is one of several 

narrow-based sector indexes on which 

options are listed and traded on the 

Exchange.10 When investors want 

information and investment 

opportunities specific to the oil industry 

they very often turn to the Index and the 

OSXSM options traded thereon.11 The 

Index has served as an important market 

indicator and OSXSM options a viable 

trading and investing vehicle in respect 

of the oil services sector [sic].12

Recognizing the market-leading aspects 

of the Index, the Exchange is proposing 

a rule change to increase to thirty the 

number of components in the Index 13

so that OSXSM options may be listed 

and traded on this premiere index that 

even more effectively reflects the oil 

services sector. 

The Exchange submits that in the 

proposed expanded form OSXSM would 

continue to meet the relevant generic 

Index Listing Standards of Rule 1009A 

for listing options. Specifically, all the 

index maintenance requirements in 

subsection (c) of Rule 1009A applicable 

to options on narrow-based indexes 

would be met with one exception.14 The 

singular exception is the number of 

components.15 In particular, subsection 

(c)(2) of Rule 1009 [sic] indicates that 

the total number of component 

securities in the index may not increase 

or decrease by more than 331⁄3% from 

the total number of securities in the 

index at the time of its initial listing; 

adding components to equal thirty is 

outside the (c)(2) parameter, and is the 

reason why the Exchange is making the 

current filing. 

Index Design and Index Composition 

Currently, the Index is calculated 

using a price-weighted index 

methodology. The value of the Index 

equals the aggregate value of the Index 

share weights, also known as the Index 

Shares, of each of the Index Securities, 

which is fixed at 10,000,000 multiplied 

by each such security’s Last Sale 

Price,16 and divided by the divisor of 

the Index. The divisor serves the 

purpose of scaling such aggregate value 

to a lower order of magnitude which is 

more desirable for Index reporting 

purposes. If trading in an Index security 

is halted on its primary listing market, 

the most recent Last Sale Price for that 

security is used for all index 

computations until trading on such 

market resumes. Likewise, the most 

recent Last Sale Price is used if trading 

in a security is halted on its primary 

listing market before the market is open. 

The Index is ordinarily calculated 

without regard to cash dividends on 

Index securities. 

The modified capitalization-weighted 

methodology is expected to retain, in 

general, the economic attributes of 

capitalization weighting, while 

providing enhanced diversification. To 

accomplish this, NASDAQ OMX, which 

maintains the Index, rebalances the 

Index quarterly and adjusts the 

weighting of Index components. 

Index eligibility is limited to specific 

security types only. The security types 

eligible for the Index include foreign or 

domestic common stocks, ordinary 

shares, American Depository Receipts 

(‘‘ADRs’’), shares of beneficial interest or 

limited partnership interests, and 

tracking stocks. Security types not 

included in the Index are closed-end 

funds, convertible debentures, exchange 

traded funds, preferred stocks, rights, 

warrants, units and other derivative 

securities. 

As of December 31, 2010, the 

following were characteristics of the 

Index using a modified capitalizationweighting methodology: 

—The total weighted capitalization of 

all components of the Index was 

$365.08 billion; 

—Regarding component capitalization, 

(a) the highest weighted capitalization 

of a component was $113.93 billion 

(Schlumberger N.V.), (b) the lowest 

weighted capitalization of a 

component was $0.80 billion (Global 

Industries, Ltd.), (c) the mean 

capitalization of the components was 

$12.17 billion, and (d) the median 

capitalization of the components was 

$4.77 billion; 

—Regarding component price per share, 

(a) the highest price per share of a 

component was $103.54 (Carbo 

Ceramics, Inc.), (b) the lowest price 

per share of a component was $6.93 

(Global Industries, Ltd.), (c) the mean 

price per share of the components was 

$49.47, and (d) the median price per 

share of the components was $47.92; 

—Regarding component weightings, (a) 

the highest weighting of a component 

was 8% (Schlumberger N.V., 

Halliburton Company, National 


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17Rule 1009A(b)(12) states that should an 

underlying index be maintained by a broker-dealer, 

however, the index must be calculated by a third 

party who is not a broker-dealer, and the brokerdealer will have to erect a ‘‘Chinese Wall’’ around 

its personnel who have access to information 

concerning changes in and adjustments to the 

index. 

18See Rule 1009A(b). 

19Moreover, changes in the price of an index 

security driven by corporate events such as stock 

dividends, stock splits, certain spin-offs, and rights 

issuances will be adjusted on the ex-date. 

In the case of a special cash dividend, a 

determination will be made on an individual basis 

whether to make a change to the price of an index 

security in accordance with its Index dividend 

policy. If it is determined that a change will be 

made, it will become effective on the ex-date and 

advance notification will be made. Ordinarily, 

whenever there is a change in the price of an index 

security due to stock dividends, stock splits, spinoffs, rights issuances, or special cash dividends, the 

divisor is adjusted to ensure that there is no 

discontinuity in the value of the Index, which 

might otherwise be caused by any such change. 

If the change in total shares outstanding arising 

from other corporate actions is greater than or equal 

to 10%, the change is made as soon as practicable. 

Otherwise, if the change in total shares outstanding 

is less than 10%, then all such changes are 

accumulated and made effective at one time on a 

quarterly basis after the close of trading on the third 

Friday in each of March, June, September and 

December. The Index Shares are derived from the 

security’s total shares outstanding. Intra-quarter, the 

Index Shares are adjusted by the same percentage 

amount as the amount that the total shares 

outstanding have changed. 

20 15 U.S.C. 78s(b)(2). 

21See supra note 5. 

22See Rule 101. 

23For trading rules applicable to trading index 

options, see Rules 1000A et seq. For trading rules 

applicable to trading options generally, see Rules 

1000 et seq. 

24See Commentary .03 to Phlx Rule 1101A. Rule 

1101A generally indicates that strike price intervals 

for index options may be $5.00, $2.50 and $1.00. 

25See Phlx Rule 1034(a). However, the rule 

indicates that certain products (e.g. IWM options 

and Alpha Index options) may trade at $0.01 

minimum increments. 

26See Phlx Rule 721 et seq. 

Oilwell Varco, Inc., Baker Hughes 

Incorporated, Transocean Ltd 

(Switzerland)), (b) the lowest 

weighting of a component was 0.43% 

(Global Industries, Ltd.), (c) the mean 

weighting of the components was 

3.33%, (d) the median weighting of 

the components was 2.60%, and (e) 

the total weighting of the top five 

highest weighted components was 

40% (Schlumberger N.V., Halliburton 

Company, National Oilwell Varco, 

Inc., Baker Hughes Incorporated, 

Transocean Ltd (Switzerland)); 

—Regarding component shares, (a) the 

most available shares of a component 

was 1.36 billion shares (Schlumberger 

N.V.), (b) the least available shares of 

a component was 0.02 billion shares 

(Carbo Ceramics, Inc.), (c) the mean 

available shares of the components 

was 0.24 billion shares, and (d) the 

median available shares of the 

components was 0.13 billion shares; 

—Regarding the six-month average daily 

volumes (‘‘ADVs’’) of the components, 

(a) The highest six-month ADV of a 

component was 14.61 million shares 

(Halliburton Company), (b) the lowest 

six-month ADV of a component was 

0.22 million shares (Bristow Group 

Inc.), (c) the mean six-month ADV of 

the components was 3.05 million 

shares, (d) the median six-month 

ADVs of the components was 1.40 

million shares, (e) the average of sixmonth ADVs of the five most heavily 

traded components was 9.70 million 

shares (Halliburton Company, 

Weatherford International, Ltd 

(Switzerland), Schlumberger N.V., 

Transocean Ltd (Switzerland), Nabors 

Industries, Inc. New), and (f) 100% of 

the components had a six-month ADV 

of at least 200,000; and 

—Regarding option eligibility, (a) 

100.00% of the components were 

options eligible, as measured by 

weighting, and (b) 100.00% of the 

components were options eligible, as 

measured by number. 

Index Calculation and Index 

Maintenance 

The Index is maintained by NASDAQ 

OMX and index levels are calculated 

continuously, using the Last Sale Price 

for each component stock in the Index. 

Index values are publicly disseminated 

at least every fifteen seconds throughout 

the trading day through a major market 

data vendor, namely NASDAQ OMX’s 

index dissemination service. The 

Exchange expects that such 

dissemination will continue through 

one or more (NASDAQ OMX-owned or 

unrelated) major market data vendors.17

Appurtenant to review of the Index 

for purposes of rebalancing, component 

securities are evaluated by NASDAQ 

OMX. In the event that an Index 

component security no longer meets the 

requirements for continued security 

eligibility, it will be replaced with a 

security that is not currently in the 

Index that meets all of the initial 

security eligibility criteria and 

additional criteria which follow. 

Securities eligible for inclusion will be 

ranked ascending by market value, 

current price and percentage price 

change over the previous six months. 

The security with the highest overall 

ranking will be added to the Index 

provided that the Index then meets the 

following criteria: No single Index 

security is greater than 30% of the 

weight of the Index and the top five 

Index securities are not greater than 

55% of the weight of the Index; and 

non-U.S. component securities that are 

not subject to comprehensive 

surveillance agreements do not in the 

aggregate represent more than 15% of 

the weight of the Index.18 In the event 

that the highest-ranking security does 

not permit the Index to meet the above 

criteria, the next highest-ranking 

security will be selected and the Index 

criteria will again be applied to 

determine eligibility. The process will 

continue until a qualifying replacement 

security is selected.19 Component 

changes will be publicly announced. 

In the event a class of index options 

listed on the Exchange fails to satisfy 

the maintenance listing standards, the 

Exchange shall not open for trading any 

additional series of options of that class 

unless such failure is determined by the 

Exchange not to be significant and the 

Commission concurs in that 

determination, or unless the continued 

listing of that class of index options has 

been approved by the Commission 

under Section 19(b)(2) of the Act.20

The Exchange represents that, if the 

Index ceases to be maintained or 

calculated, or if the Index values are not 

disseminated at least every fifteen 

seconds by a widely available source, 

the Exchange will promptly notify the 

Division of Trading and Markets of the 

Commission, and the Exchange will not 

list any additional series for trading and 

will limit all transactions in such 

options to closing transactions only for 

the purpose of maintaining a fair and 

orderly market and protecting investors. 

Contract Specifications 

The contract specifications for the 

proposed expanded Index options 

(updated regarding components and 

weighting methodology) are, as 

previously noted, identical to the 

current narrow-based Index options that 

are currently listed and traded on the 

Exchange.21 Options on the Index are 

European-style and A.M. cash-settled. 

The Exchange’s trading hours for index 

options (9:30 a.m. to 4 p.m. ET), will 

apply to options on OSXSM.22 Exchange 

rules that are applicable to the trading 

of options on indexes will continue to 

apply to the trading of options on 

OSXSM.23

The strike price intervals for OSXSM

options contracts will remain the same 

as those currently in use: $1 or greater.24

The minimum increment size for series 

trading below $3 will remain $0.05, and 

for series trading at or above $3 will 

remain $0.10.25 The Exchange’s margin 

rules will be applicable.26 The Exchange 

will continue to list options on OSXSM


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27See Phlx Rule 1101A(b). 

28A list of the current members and affiliate 

members of ISG can be found at https:// 

www.isgportal.org/isgPortal/public/members.htm. 

29 15 U.S.C. 78f(b). 

30 15 U.S.C. 78f(b)(5). 31 17 CFR 200.30–3(a)(12). 

in up to three months from the March, 

June, September, December cycle plus 

two additional near-term months (that 

is, as many as five months at all 

times).27 The trading of OSXSM options 

will continue to be subject to the same 

rules that govern the trading of all of the 

Exchange’s index options, including 

sales practice rules, margin 

requirements, and trading rules. 

Surveillance and Capacity 

The Exchange represents that it has an 

adequate surveillance program in place 

for options traded on the Index and 

intends to apply those same program 

procedures that it applies to the 

Exchange’s current OSXSM options and 

other index options. Additionally, the 

Exchange is a member of the 

Intermarket Surveillance Group (‘‘ISG’’) 

under the Intermarket Surveillance 

Group Agreement, dated June 20, 1994. 

ISG members generally work together to 

coordinate surveillance and 

investigative information sharing in the 

stock and options markets. In addition, 

the major futures exchanges are 

affiliated members of the ISG, which 

allows for the sharing of surveillance 

information for potential intermarket 

trading abuses.28

The Exchange represents that it has 

the necessary systems capacity to 

continue to support listing and trading 

OSXSM options. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 29 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 30

in particular, in that it is designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities, and to remove 

impediments to and perfect the 

mechanisms of a free and open market 

and a national market system. The 

Exchange believes that the proposal to 

expand the OSXSM index will allow the 

Exchange to continue listing and trading 

options on this premiere index that even 

more effectively reflects [sic] the oil 

services sector. 

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 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 either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

As the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the Exchange consents, 

the Commission shall: (a) By order 

approve or disapprove such proposed 

rule change, or (b) institute proceedings 

to determine whether the proposed rule 

change should be disapproved. 

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–Phlx–2011–28 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–2011–28. 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 

copying in the Commission’s Public 

Reference Room. 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–2011–28 and should 

be submitted on or before April 7, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–6172 Filed 3–16–11; 8:45 am] 

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Bureau of Educational and Cultural 

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the Maldives) and the Youth 

Leadership Program With Azerbaijan 

Announcement Type: New 

Cooperative Agreement. 

Funding Opportunity Number: ECA/ 

PE/C/PY–11–30. 

Catalog of Federal Domestic 

Assistance Number: 19.415. 

Application Deadline: May 11, 2011. 

Executive Summary: The Office of 

Citizen Exchanges, Youth Programs 

Division, of the Bureau of Educational 

and Cultural Affairs announces an open 

competition for two Youth Leadership 

Programs: the Youth Leadership 

Program with South Asia (Nepal, Sri 

Lanka, and the Maldives) and the Youth 

Leadership Program with Azerbaijan. 

Public and private non-profit 

organizations meeting the provisions 

described in Internal Revenue Code 

section 26 USC 501(c)(3) may submit 

proposals for reciprocal exchange 

programs for high school students and 

adult participants. For the Youth 

Leadership Program with South Asia, 

hereinafter referred to as Program A, 

applicants should plan to recruit and 

select approximately 30 youth and adult 

participants in the Maldives, Nepal, Sri 


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