Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices 5707 

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

11 15 U.S.C. 78f(b)(5). 

12 15 U.S.C. 78s(b)(3)(A). 

13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization 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 of the proposed rule change, or such 

shorter time as designated by the Commission. The 

Exchange has fulfilled this requirement. 

14 17 CFR 240.19b–4(f)(6). 

15Exchange Act. Release No. 55575 (April 3, 

2007), 72 FR 17963 (April 10, 2007) (SR–ISE–2006– 

59). 

16For purposes only of waiving the operative 

delay for this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition and capital formation. See 

15 U.S.C. 78c(f). 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 10 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 11

in particular, in that it is 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 proposal is 

consistent with these obligations 

because clarification of the Exchange’s 

FCO margin rules should benefit 

investors and traders and be in the 

public interest. 

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. 

II. Date of Effectiveness of the Proposed 

Rule Change and Timing for 

Commission Action 

Because the forgoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest, it has become effective 

pursuant to Section 19(b)(3)(A) of the 

Act 12 and Rule 19b–4(f)(6) 

thereunder.13

A proposed rule change filed under 

Rule 19b–4(f)(6) normally may not 

become operative prior to 30 days after 

the date of filing. However, Rule 19b– 

4(f)(6)(iii) permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest.14 Phlx 

requests that the Commission waive the 

30-day operative delay. The proposed 

rule change is substantially similar to an 

ISE rule relating to margin for foreign 

currency options.15 The Commission 

believes that this proposed rule change 

does not raise any new, unique or 

substantive issues from those raised in 

the approved ISE filing. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because such waiver will 

allow the Phlx to apply FCO margin 

rules that are similar to those of other 

options exchanges.16 Therefore, the 

Commission designates the proposal 

operative upon filing. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

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–Phlx–2009–01 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–2009–01. 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 inspection and copying 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–Phlx–2009–01 and should 

be submitted on or before February 20, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–1978 Filed 1–29–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Release No. 34–59290; File No. SR–NYSE– 

2009–05] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Introduce a 

Pilot Program for NYSE Trades 

January 23, 2009. 

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 January 

16, 2009, the New York Stock Exchange, 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) 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. NYSE has 

designated the proposed rule change as 

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5708 Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices 

3 17 CFR 240.19b–4(f)(6). 

4The Exchange notes that it will make the NYSE 

Last Sale Information available to vendors no earlier 

than it makes its last sale information available to 

the processor under the CTA Plan. 

5See Release Nos. 34–28407 (September 10, 

1990), and 34–49185 (February 4, 2004). 

constituting a non-controversial rule 

change under Rule 19b–4(f)(6) under the 

Act,3 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 establish a 

pilot program to introduce its NYSE 

Trades service at no charge. NYSE 

Trades is a new NYSE-only market data 

service that allows a vendor to 

redistribute on a real-time basis the 

same last sale information that NYSE 

reports to the Consolidated Tape 

Association (‘‘CTA’’) for inclusion in 

CTA’s consolidated data stream and 

certain other related data elements 

(‘‘NYSE Last Sale Information’’). 

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 these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization 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 

a. The Service. The Exchange 

proposes to establish a pilot program to 

introduce NYSE Trades, a new service 

pursuant to which it will allow vendors, 

broker-dealers and others (‘‘NYSE-Only 

Vendors’’) to make available NYSE Last 

Sale Information on a real-time basis.4

The Exchange will not impose any fees 

for the receipt and use of NYSE Trades, 

whether on vendors or subscribers, 

during the pilot period. 

Contemporaneously with the 

proposed rule change, the Exchange 

submitted a proposed rule change that 

seeks to establish a $1500 per month 

access fee for the receipt and 

redistribution of the NYSE Trades 

datafeed(s) and a $15 per month device 

fee for the end-use of NYSE Trades’ 

NYSE Last Sale Information (the ‘‘NYSE 

Trades Fee Filing’’). The Exchange 

would not commence to impose those 

fees until the later of Commission 

approval of the NYSE Trades Fee Filing 

and the end of the pilot period. 

NYSE Last Sale Information would 

include last sale information for all 

securities that are traded on the 

Exchange. Currently, the Exchange 

trades only Network A Securities. 

The Exchange will make NYSE Last 

Sale Information available through its 

new NYSE Trades service at the same 

time as it provides last sale information 

to the processor under the CTA Plan. In 

addition to the information that the 

Exchange provides to CTA, NYSE Last 

Sale Information will also include a 

unique sequence number that the 

Exchange assigns to each trade and that 

allows an investor to track the context 

of the trade through such other 

Exchange market data products as NYSE 

OpenBook® and NYSE Info Tools®. 

The Exchange developed NYSE 

Trades primarily at the request of 

traders who are very latency sensitive. 

The latency difference between 

accessing last sales through the NYSE 

datafeed or through the CTA datafeed 

can be measured in tens of milliseconds. 

The Exchange anticipates that demand 

for the product will derive primarily 

from investors and broker-dealers who 

desire to use NYSE Trades to power 

certain trading algorithms or smart order 

routers. The free access to NYSE Trades 

during the pilot period will enable 

investors to determine whether NYSE 

Trades provides value to their business 

models and will enable the Exchange to 

make the service available during the 

time required to obtain approval for the 

fees. 

b. Administrative Requirements. 

During the pilot period, the Exchange 

will require NYSE-Only Vendors to 

enter into the form of ‘‘vendor’’ 

agreement into which the CTA Plan 

requires recipients of the Network A last 

sale prices information datafeeds to 

enter (the ‘‘Network A Vendor Form’’). 

The Network A Vendor Form will 

authorize the NYSE-Only Vendor to 

provide the NYSE Trades service to its 

subscribers and customers. 

The Network A Participants drafted 

the Network A Vendor Form as a onesize-fits-all form to capture most 

categories of market data dissemination. 

It is sufficiently generic to accommodate 

NYSE Trades. The Network A Vendor 

Form has been in use in substantially 

the same form since 1990.5

Similarly, the Exchange will require 

professional and non-professional 

subscribers to NYSE Trades to 

undertake to comply with the same 

contract, reporting, payment, and other 

administrative requirements as to which 

the Network A Participants subject them 

in respect of Network A last sale 

information under the CTA Plan. 

c. Duration of Pilot Program. The 

Exchange proposes to commence the 

pilot program shortly after submitting 

the proposed rule change to the 

Commission. The Exchange proposes to 

conduct the pilot test for 90 days from 

its commencement date. 

If, at the end of the pilot period, the 

Commission has not yet acted on the 

NYSE Trades Fee Filing, the Exchange 

will assess its experience with NYSE 

Trades and determine whether to extend 

or modify the pilot program. 

2. Statutory Basis 

The bases under the Act for the 

proposed rule change are the 

requirements under Section 6(b)(5) that 

the rules of an exchange be designed to 

promote just and equitable principles of 

trade and not to permit unfair 

discrimination between customers, 

issuers, brokers or dealers. 

The pilot program would benefit 

investors by providing a free alternative 

to the last sale price information that 

they receive under the CTA Plan. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

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 

The Exchange has discussed the pilot 

program with those entities that the 

Exchange believes would be the most 

likely to take advantage of the proposed 

NYSE Last Sale Information service by 

becoming NYSE-Only Vendors. While 

those entities have not submitted 

formal, written comments on the 

proposal, the Exchange has incorporated 

some of their ideas into the proposal 

and the proposed rule change reflects 

their input. The Exchange has not 

received any unsolicited written 

comments from members or other 

interested parties. 

mstockstill on PROD1PC66 with NOTICES

Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices 5709 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

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. NYSE has satisfied this requirement. 

8 17 CFR 240.19b–4(f)(6). 

9 17 CFR 240.19b–4(f)(6). 

10For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) 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 6 and Rule 19b– 

4(f)(6) thereunder.7

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 8 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6) 9

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. NYSE requests that the 

Commission waive the 30-day operative 

delay. The Commission believes that 

waiving the 30-day operative delay 10 is 

consistent with the protection of 

investors and the public interest 

because such waiver will allow the 

Exchange to immediately provide 

additional information to investors at no 

cost. Therefore, the Commission 

designates the proposal operative upon 

filing. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

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–NYSE–2009–05 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–NYSE–2009–05. 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 inspection and copying 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 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 publicly available. All 

submissions should refer to File 

Number SR–NYSE–2009–05 and should 

be submitted on or before February 20, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–1981 Filed 1–29–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59299; File No. SR–NYSE– 

2009–06] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by New York 

Stock Exchange LLC To Temporarily 

Lower Its Average Global Market 

Capitalization Continued Listing 

Standard 

January 27, 2009. 

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

Securities Exchange Act of 1934 

(‘‘Exchange Act’’),1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on January 22, 2009, New York Stock 

Exchange, LLC (the ‘‘NYSE’’ or the 

‘‘Exchange’’) 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 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 proposes to lower 

temporarily from $25 million to $15 

million the average market 

capitalization required of listed 

companies under Section 802.01B of the 

Exchange’s Listed Company Manual 

(the ‘‘Manual’’). This temporary 

reduction will apply through April 22, 

2009. The text of the proposed rule 

change is available on the Exchange’s 

Web site (http://www.nyse.com), at the 

Exchange’s Office of the Secretary 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 

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 these statements may be examined at 

the places specified in Item IV below. 

The NYSE has prepared summaries, set 

forth in Sections A, B and C below, of 

the most significant aspects of such 

statements. 

mstockstill on PROD1PC66 with NOTICES