8762 Federal Register / Vol. 75, No. 37 / Thursday, February 25, 2010 / Notices 

1 15 U.S.C. 78k–1(a)(3). 

2 17 CFR 242.608. 

3On July 30, 2009, the Commission approved a 

national market system plan relating to Options 

Order Protection and Locked/Crossed Markets 

proposed by Chicago Board Options Exchange, 

Incorporated (‘‘CBOE’’), International Securities 

Exchange, LLC (‘‘ISE’’), The NASDAQ Stock Market 

LLC (‘‘Nasdaq’’), NASDAQ OMX BX, Inc. (‘‘BOX’’), 

NASDAQ OMX PHLX, Inc. (‘‘Phlx’’), NYSE Amex, 

LLC (‘‘NYSE Amex’’), and NYSE Arca, Inc. (‘‘NYSE 

Arca’’). See Securities Exchange Act Release No. 

60405 (July 30, 2009), 74 FR 39362 (August 6, 

2009). 

4The term ‘‘Participant’’ is defined as an Eligible 

Exchange whose participation in the Plan has 

become effective pursuant to Section 3(c) of the 

Plan. 

5Section 2(6) of the Plan defines an ‘‘Eligible 

Exchange’’ as a national securities exchange 

registered with the Commission pursuant to Section 

6(a) of the Act, 15 U.S.C. 78f(a), that: (a) is a 

‘‘Participant Exchange’’ in the Options Clearing 

Corporation (‘‘OCC’’) (as defined in OCC By-laws, 

Section VII); (b) is a party to the Options Price 

Reporting Authority (‘‘OPRA’’) Plan (as defined in 

the OPRA Plan, Section 1); and (c) if the national 

securities exchange chooses not to become party to 

this Plan, is a participant in another plan approved 

by the Commission providing for comparable 

Trade-Through and Locked and Crossed Market 

protection. BATS has represented that it has met 

the requirements for being considered an Eligible 

Exchange. See letter from Eric Swanson, SVP and 

General Counsel, BATS, to David Liu, Assistant 

Director, Division of Trading and Markets, 

Commission, dated February 12, 2010. 

6 17 CFR 242.608(b)(3)(iii). 

7 17 CFR 242.608(b)(1). 8 17 CFR 200.30–3(a)(29). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61546; File No. 4–546] 

Joint Industry Plan; Notice of Filing 

and Immediate Effectiveness of 

Amendment to the Options Order 

Protection and Locked/Crossed Market 

Plan To Add the BATS Exchange, Inc. 

as a Participant 

February 19, 2010. 

Pursuant to Section 11A(a)(3) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 608 thereunder,2

notice is hereby given that on February 

4, 2010, BATS Exchange, Inc. (‘‘BATS’’ 

or ‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) an amendment to the 

Options Order Protection and Locked/ 

Crossed Market Plan (‘‘Plan’’).3 The 

amendment proposes to add BATS as a 

Participant 4 to the Plan. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Description and Purpose of the 

Amendment 

The current Participants in the 

Linkage Plan are CBOE, ISE, Nasdaq, 

BOX, Phlx, NYSE Amex, and NYSE 

Arca. The proposed amendment to the 

Plan would add BATS as a Participant 

in the Plan. BATS has submitted a 

signed copy of the Plan to the 

Commission in accordance with the 

procedures set forth in the Plan 

regarding new Participants. Section 3(c) 

of the Plan provides for the entry of new 

Participants to the Plan. Specifically an 

Eligible Exchange 5 may become a 

Participant in the Plan by: (i) Executing 

a copy of the Plan, as then in effect; (ii) 

providing each current Participant with 

a copy of such executed Plan; (iii) 

effecting an amendment to the Plan, as 

specified in Section 4(b) of the Plan. 

Section 4(b) of the Plan puts forth the 

process by which an Eligible Exchange 

may effect an amendment to the Plan. 

Specifically, an Eligible Exchange must: 

(a) execute a copy of the Plan with the 

only change being the addition of the 

new participant’s name in Section 3(a) 

of the Plan; and (b) submit the executed 

Plan to the Commission. The Plan then 

provides that such an amendment will 

be effective when the amendment is 

approved by the Commission or 

otherwise becomes effective pursuant to 

Section 11A of the Act and Rule 608 

thereunder. 

II. Effectiveness of the Proposed 

Linkage Plan Amendment 

The foregoing proposed Plan 

amendment has become effective 

pursuant to Rule 608(b)(3)(iii) of the 

Act 6 because it involves solely 

technical or ministerial matters. At any 

time within sixty days of the filing of 

this amendment, the Commission may 

summarily abrogate the amendment and 

require that it be refiled pursuant to 

paragraph (b)(1) of Rule 608,7 if it 

appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors or 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. 

III. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the amendment 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 4–546 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 4–546. 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 principal office of BATS. 

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 4–546 and should be submitted 

on or before March 18, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–3823 Filed 2–24–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File Nos. SR–Phlx–2009–104, SR–Phlx– 

2009–116, & SR–Phlx–2010–14; [Release 

No. 61547] 

NASDAQ OMX PHLX, Inc.; Order of 

Summary Abrogation 

February 19, 2010. 

Notice is hereby given that the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(3)(C) of the Securities Exchange 


jlentini on DSKJ8SOYB1PROD with NOTICES
Federal Register / Vol. 75, No. 37 / Thursday, February 25, 2010 / Notices 8763 

1 15 U.S.C. 78s(b)(3)(C). 

2Streaming Quote Traders, or ‘‘SQTs,’’ and 

Remote Streaming Quote Traders, or ‘‘RSQTs,’’ are 

Phlx market makers who may generate and submit 

option quotations electronically on the Phlx. RSQTs 

may only submit quotations from off the floor. 

3Phlx filed Amendment No. 1 to SR–Phlx–2009– 

116 on January 5, 2010 to correct a typographical 

error in the purpose section to make it consistent 

with the fee schedule provided in Exhibit 5 thereto. 

4 15 U.S.C. 78s(b)(3)(A). 

5 15 U.S.C. 78s(b)(3)(C). 

6 15 U.S.C. 78s(b)(1). 

7 Id. 

8 15 U.S.C. 78s(b)(2). 

9 15 U.S.C. 78f(b)(4). 

10 15 U.S.C. 78f(b)(5). 

11 15 U.S.C. 78f(b)(8). 

12 15 U.S.C. 78s(b)(2). 

13 15 U.S.C. 78s(b)(3)(C). 

14 15 U.S.C. 78s(b)(1). 

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

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). 

Act of 1934 (‘‘Act’’),1 is summarily 

abrogating three proposed rule changes 

of NASDAQ OMX PHLX, Inc. (‘‘Phlx’’ or 

‘‘Exchange’’). 

On December 22, 2009, on December 

31, 2009, and on January 26, 2010, Phlx 

filed proposed rule changes to amend its 

fee schedule. In SR–Phlx–2009–104, 

Phlx proposed to amend its fee 

schedule, to among other things, assess 

a transaction fee of $0.05 per contract on 

Phlx specialists, Streaming Quote 

Traders (‘‘SQTs’’) and Remote Streaming 

Quote Traders (‘‘RSQTs’’) 2 for equity 

option orders directed to them by an 

order flow provider and executed 

electronically. A Phlx specialist, SQT, 

or RSQT would be assessed a 

transaction fee of $0.21 per contract 

when it trades with an order not 

directed to it. In SR–Phlx–2009–116, 

Phlx proposed to amend its fee schedule 

to adopt, for a two-month pilot period 

expiring March 2, 2010, a per contract 

transaction fee on market participants 

who remove liquidity from the 

Exchange in options on Standard & 

Poor’s Depositary Receipts/SPDRs 

(‘‘SPY’’) and a per contract rebate or 

transaction fee for market participants 

who add liquidity in SPY options.3 The 

amount of such transaction fees and 

rebates vary depending on the type of 

market participant. In SR–Phlx–2010– 

14, Phlx proposed to amend its fee 

schedule to apply, for a pilot period 

expiring March 2, 2010, the same per 

contract transaction fees and rebates 

Phlx adopted in SR–Phlx–2009–116 for 

transactions in options on SPY to 

transactions in options overlying the 

PowerShares QQQ Trust (‘‘QQQQ’’) ®, 

Ishares Russell 2000 (‘‘IWM’’), and 

Citigroup Inc. (‘‘C’’). 

The proposed rule changes were 

immediately effective upon filing with 

the Commission pursuant to Section 

19(b)(3)(A) of the Act.4 Pursuant to 

Section 19(b)(3)(C) of the Act,5 at any 

time within 60 days of the date of filing 

a proposed rule change pursuant to 

Section 19(b)(1) of the Act,6 the 

Commission may summarily abrogate 

the change in the rules of the selfregulatory organization and require that 

the proposed rule change be re-filed in 

accordance with the provisions of 

Section 19(b)(1) of the Act 7 and 

reviewed in accordance with Section 

19(b)(2) of the Act,8 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. 

The Commission is concerned about 

whether the proposals are consistent 

with the statutory requirements 

applicable to a national securities 

exchange under the Act, including, 

among other provisions, Section 6(b)(4) 

of the Act,9 which requires that the rules 

of a national securities exchange 

provide for the equitable allocation of 

reasonable dues, fees, and other charges 

among its members and issuers and 

other parties using its facilities; Section 

6(b)(5) of the Act,10 which requires, 

among other things, that the rules of a 

national securities exchange not be 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers; and Section 

6(b)(8) of the Act,11 which requires that 

the rules of a national securities 

exchange do not impose any burden on 

competition not necessary or 

appropriate in furtherance of the Act. 

Accordingly, the Commission believes 

that the procedures provided by Section 

19(b)(2) of the Act 12 will provide a more 

appropriate mechanism for determining 

whether the proposed rule changes are 

consistent with the Act. Therefore, the 

Commission finds that it is appropriate 

in the public interest, for the protection 

of investors, and otherwise in 

furtherance of the purposes of the Act, 

to abrogate the proposed rule changes. 

It is therefore ordered, pursuant to 

Section 19(b)(3)(C) of the Act,13 that File 

Nos. SR–Phlx–2009–104, SR–Phlx– 

2009–116, as modified by Amendment 

No. 1, and SR–Phlx–2010–14, be and 

hereby are, summarily abrogated. If Phlx 

chooses to re-file the proposed rule 

changes, it must do so pursuant to 

Sections 19(b)(1) 14 and 19(b)(2) of the 

Act.15

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–3791 Filed 2–24–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61536; File No. SR–BX– 

2010–014] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Order Routing on the Boston Options 

Exchange Facility 

February 18, 2010. 

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 February 

8, 2010, NASDAQ OMX BX, Inc. (the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the self-regulatory 

organization. The Exchange filed the 

proposed rule change pursuant to 

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 

NASDAQ OMX BX, Inc. (the 

‘‘Exchange’’) proposes to amend Chapter 

XII, Section 5 (Order Routing to Away 

Exchanges) of the Rules of the Boston 

Options Exchange Group, LLC (‘‘BOX’’) 

to make the Order Routing Pilot 

Permanent. The text of the proposed 

rule change is available from the 

principal office of the Exchange, on the 

Commission’s Web site at http:// 

www.sec.gov and also on the Exchange’s 

Internet Web site at http:// 

nasdaqomxbx.cchwallstreet.com/ 

NASDAQOMXBX/Filings/. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

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 


jlentini on DSKJ8SOYB1PROD with NOTICES