Federal Register / Vol. 74, No. 162 / Monday, August 24, 2009 / Notices 42709 

1U.S.C. 78k–1. 

2 17 CFR 242.608. 

3See letter from Peter G. Armstrong, NYSE Arca, 

to Elizabeth Murphy, Secretary, Commission, dated 

August 6, 2009; letter from Michael Babel, NYSE 

Amex, to Elizabeth Murphy, Secretary, 

Commission, dated August 6, 2009; letter from 

Michael J. Simon, ISE, to Elizabeth Murphy, 

Secretary, Commission, dated August 6, 2009; letter 

from Maura A. Looney, Associate Vice President, 

BX, to Elizabeth Murphy, Secretary, Commission, 

dated August 6, 2009; letter from Edward J. Joyce, 

CBOE, to Elizabeth Murphy, Secretary, 

Commission, dated August 10, 2009; letter from 

Richard S. Rudolph, Assistant General Counsel, 

Phlx, to Elizabeth Murphy, Secretary, Commission, 

dated August 10, 2009; and letter from Jeffrey S. 

Davis, Vice President and Deputy General Counsel, 

Nasdaq, to Elizabeth Murphy, Secretary, 

Commission, dated August 10, 2009. On August 12, 

2009, Nasdaq and Phlx submitted letters correcting 

technical errors in their letters to Elizabeth Murphy, 

Secretary, Commission, dated August 10, 2009. 

4On July 30, 2009, the Commission approved a 

national market system plan relating to Options 

Order Protection and Locked/Crossed Markets 

proposed by CBOE, ISE, Nasdaq, BOX, Phlx, NYSE 

Amex, and NYSE Arca. See Securities Exchange Act 

Release No. 60405 (July 30, 2009), 74 FR 39362 

(August 6, 2009). 

5A proposed amendment may be put into effect 

summarily upon publication of notice of such 

amendment, on a temporary basis not to exceed 120 

days, if the Commission finds 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 mechanisms of, a national market 

system or otherwise in furtherance of the purposes 

of the Act. See 17 CFR 242.608(b)(4). 

6 In summarily putting into effect this Joint 

Amendment No. 1, the Commission has considered 

its impact on efficiency, competition, and capital 

formation. 

7 15 U.S.C. 78k–1. 

8 17 CFR 242.608. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60507; File No. 4–546] 

Joint Industry Plan; Notice of 

Summary Effectiveness on a 

Temporary Basis of Joint Amendment 

No. 1 to the Options Order Protection 

and Locked/Crossed Market Plan, and 

Notice of Filing of Such Amendment 

August 14, 2009. 

I. Introduction 

Pursuant to Section 11A of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 1 and Rule 608 of Regulation 

NMS thereunder (‘‘Rule 608’’),2 notice is 

hereby given that on August 7, 2009, 

August 7, 2009, August 7, 2009, August 

7, 2009, August 11, 2009, August 11, 

2009, and August 11, 2009, NYSE Arca, 

Inc. (‘‘NYSE Arca’’), NYSE Amex, LLC 

(‘‘NYSE Amex’’), International 

Securities Exchange, LLC (‘‘ISE’’), 

NASDAQ OMX BX, Inc. (‘‘BOX’’), 

Chicago Board Options Exchange, 

Incorporated (‘‘CBOE’’), NASDAQ OMX 

PHLX, Inc. (‘‘Phlx’’), and The NASDAQ 

Stock Market LLC (‘‘Nasdaq’’) 

(collectively, ‘‘Participants’’),3

respectively, filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) an amendment to the 

Options Order Protection and Locked/ 

Crossed Market Plan (‘‘Plan’’) 4 (‘‘Joint 

Amendment No. 1’’). In Joint 

Amendment No. 1, the Participants 

propose to modify Section 5(b) of the 

Plan to eliminate the requirement that 

policies and procedures be submitted to 

the Commission for approval. This order 

summarily puts into effect Joint 

Amendment No. 1 on a temporary basis 

not to exceed 120 days and solicits 

comment on Joint Amendment No. 1 

from interested persons.5

II. Description of the Proposed 

Amendment 

The purpose of Joint Amendment No. 

1 is to clarify that, while each 

Participant is required under the Plan to 

establish, maintain and enforce written 

policies and procedures that are 

reasonably designed to prevent TradeThroughs, there would not be a 

requirement that these policies and 

procedures be submitted to the 

Commission for approval. The Plan 

requires, and each Participant has 

represented, that its policies and 

procedures will be reasonably designed 

to prevent Trade-Throughs in the 

Exchange’s market in Eligible Options 

Classes, unless they fall within an 

exception set forth in Section 5(b) of the 

Plan. If relying on such exception, the 

policies and procedures will be 

reasonably designed to assure 

compliance with the terms of the 

exception. 

The Participants request that the 

Commission provide summary 

effectiveness pursuant to Rule 608(b)(4) 

of the Act for the purpose of effecting 

Joint Amendment No. 1 on a temporary 

basis for 120 days. 

III. Discussion 

After careful consideration, the 

Commission finds that the proposed 

amendment to the Plan is consistent 

with the requirements of the Act and the 

rules and regulations thereunder.6

Specifically, the Commission finds that 

the proposed amendment to the Plan is 

consistent with Section 11A of the Act 7

and Rule 608 of Regulation NMS 

thereunder 8 in that it is appropriate in 

the public interest, for the protection of 

investors and the maintenance of fair 

and orderly markets. The Commission 

notes that, as a general matter, it does 

not approve specific policies and 

procedures that exchanges use to ensure 

compliance with their rules or NMS 

Plan provisions. Rather, the 

Commission uses its authority to review 

and examine exchanges to ensure that 

exchanges are meeting their regulatory 

obligations. 

In addition, the Commission finds 

that it is appropriate to summarily put 

into effect Joint Amendment No. 1 upon 

publication of this notice on a 

temporary basis for 120 days. The 

Commission believes that such action is 

appropriate in the public interest, for 

the protection of investors and the 

maintenance of fair and orderly markets 

because it would allow the amendment 

to become effective prior to the 

anticipated implementation date of the 

Plan. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the Joint Amendment 

No. 1 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 

Joint Amendment that are filed with the 

Commission, and all written 

communications relating to the 

proposed Joint Amendment 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 Com mission’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 proposed Joint 

Amendment also will be available for 

inspection and copying at the respective 


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42710 Federal Register / Vol. 74, No. 162 / Monday, August 24, 2009 / Notices 

9 15 U.S.C. 78k–1. 

10 17 CFR 242.608. 

11 17 CFR 200.30–3(a)(29). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 34– 

59846 (April 29, 2009), 74 FR 21033 (May 6, 2009) 

(notice of filing and immediate effectiveness of SR– 

NYSEArca–2009–34). 

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

6 15 U.S.C. 78f(b)(5). 

7 15 U.S.C. 78s(b)(3)(A)(iii). 

8 17 CFR 240.19b–4(f)(6). 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Commission 

deems this requirement to be met. 

principal office of CBOE, ISE, Nasdaq, 

BOX, Phlx, NYSE Amex, and NYSE 

Arca. 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 September 14, 2009. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 11A of the Act 9 and Rule 608 

of Regulation NMS,10 that the proposed 

Joint Amendment No. 1 is summarily 

put into effect until December 22, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–20191 Filed 8–21–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60522; File No. SR– 

NYSEArca–2009–76] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Arca, Inc. Amending NYSE Arca 

Options Rule 6.76A 

August 18, 2009. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on August 

13, 2009, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

substantially prepared by the selfregulatory organization. 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 eliminate 

Rule 6.76A(c) reflecting unimplemented 

routing functionality. The text of the 

proposed rule change is attached as 

Exhibit 5 to the 19b–4 form. A copy of 

this filing is available on the Exchange’s 

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

Exchange’s principal office 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 those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

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

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange hereby proposes to 

eliminate references to exposure before 

routing functionality from NYSE Arca 

Options Rule 6.76A(c).4 The Exchange 

has not implemented this functionality 

and has no plans to implement it. The 

Exchange does not believe that this 

functionality is appropriate for the 

marketplace. As such, the Exchange 

proposes to delete references to this 

functionality from its rules. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) 5 of the Act, in general, and 

furthers the objectives of Section 

6(b)(5),6 in particular, in that it is 

designed to facilitate transactions in 

securities, to promote just and equitable 

principles of trade, to enhance 

competition, and to protect investors 

and 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 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 filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 7 and Rule 

19b–4(f)(6) thereunder.8 Because the 

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 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 9 and Rule 19b–4(f)(6)(iii) 

thereunder.10

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–NYSEArca–2009–76 on the 

subject line. 


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