43210 Federal Register / Vol. 74, No. 164 / Wednesday, August 26, 2009 / Notices 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4Changes are marked to the rules of The 

NASDAQ Stock Market LLC found at http:// 

nasdaqomx.cchwallstreet.com. 

crossing quotations will enhance the 

usefulness of quotation information in 

the over-the-counter market, facilitate 

more fair and orderly markets and 

support market efficiency. 

Where wide disparities in access fees 

are permitted, the prices of quotations 

are less useful and accurate. Therefore, 

FINRA believes that a cap on access fees 

would improve the usefulness and 

accuracy of quotations and address the 

potential distortions caused by 

substantial, disparate fees. Finally, 

FINRA believes that applying limit 

order display requirements to OTC 

Equity Securities would improve 

transparency in the OTC equity market 

and advance the goal of the public 

availability of quotation information, as 

well as fair competition, market 

efficiency, best execution and 

disintermediation. 

FINRA believes that the proposed 

extension of the specified Regulation 

NMS protections to quoting and trading 

in OTC Equity Securities will prevent 

fraudulent and manipulative acts and 

practices in this market, promote just 

and equitable principles of trade, and 

protect investors and the public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA 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 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 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 self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve 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–FINRA–2009–054 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–FINRA–2009–054. 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 FINRA. 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–FINRA–2009–054 and 

should be submitted on or before 

September 16, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–20532 Filed 8–25–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60521; File No. SR– 

NASDAQ–2009–076] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Modify 

Processing of Orders on the NASDAQ 

Options Market 

August 18, 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 August 

13, 2009, The NASDAQ Stock Market 

LLC (‘‘Nasdaq’’) 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 

substantially prepared by Nasdaq. 

Nasdaq has designated the proposed 

rule change as effecting a change 

described 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 the Substance 

of the Proposed Rule Change 

The text of the proposed rule change 

is below. Proposed new language is in 

italics; proposed deletions are in 

[brackets].4

* * * * * 

Chapter VI Trading Systems 

Sec. 1 Definitions 

The following definitions apply to 

Chapter VI for the trading of options 

listed on NOM. 

(a)–(d) No change. 

(e) The term ‘‘Order Type’’ shall mean 

the unique processing prescribed for 

designated orders that are eligible for 

entry into the System, and shall include: 

(1)–(7) No Change. 

[(8) ‘‘Additional Exposure Orders’’ are 

orders that are priced at the National 

Best Offer, for buys, and the National 

Best Bid, for sells. The order is exposed 

on the System Book Feed for a time 

determined by the Exchange, not to 

exceed one second. At the end of the 

exposure period, if still unexecuted, the 


jlentini on DSKJ8SOYB1PROD with NOTICES
Federal Register / Vol. 74, No. 164 / Wednesday, August 26, 2009 / Notices 43211 

5See Securities Exchange Act Release No. 60335 

(July 17, 2009), 74 FR 36790 (July 24, 2009) (SR– 

NASDAQ–2009–066). 

6 15 U.S.C. 78f. 

7 15 U.S.C. 78f(b)(5). 

8 15 U.S.C. 78s(b)(3)(A). 

9 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 

Commission deems this requirement to have been 

met. 

order will be routed to the market(s) at 

the NBBO, cancelled back to the 

entering party, or posted on the book 

pursuant to Section 7 of Chapter VI. 

Any update to the NBBO that 

improves the exposed order price will 

cause an immediate end to the exposure 

period. Any unexecuted portion of the 

order will be routed to the market(s) at 

the NBBO, cancelled back to the 

entering party or posted on the book 

pursuant to Section 7 of Chapter VI. 

Any update to the NBBO that unlocks 

the exposed order price will cause an 

immediate end to the exposure period. 

Any unexecuted portion of the order 

will be executed against contra interest 

on the book, routed to the market(s) at 

the NBBO, cancelled back to the 

entering party or posted on the book 

pursuant to Section 7 of Chapter VI.] 

* * * * * 

Sec. 6 Acceptance of Quotes and 

Orders 

All bids or offers made and accepted 

on NOM in accordance with the NOM 

Rules shall constitute binding contracts, 

subject to applicable requirements of the 

Rules of the Exchange and the Rules of 

the Clearing Corporation. 

(a) General—A System order is an 

order that is entered into the System for 

display and/or execution as appropriate. 

Such orders are executable against 

marketable contra-side orders in the 

System. 

(1) All System Orders shall indicate 

limit price and whether they are a call 

or put and buy or sell. Systems Orders 

can be designated as Immediate or 

Cancel (‘‘IOC’’), Good-till-Cancelled 

(‘‘GTC’’), Day (‘‘DAY’’), WAIT or Expire 

Time (‘‘EXPR’’). 

(2) A System order may also be 

designated as a Reserve Order, a Limit 

Order, a Minimum Quantity Order, a 

Discretionary Order, a Market Order, a 

Price Improving Order, or an Exchange 

Direct Order[, or an Additional 

Exposure Order]. 

* * * * * 

Sec. 11 Order Routing 

(a) For System securities, the order 

routing process shall be available to 

Participants from 9:30 a.m. Eastern 

Time until market close, and shall route 

orders as follows. Participants can 

designate orders as either available for 

routing or not available for routing. 

Orders designated as not available for 

routing shall follow the book processing 

rules set forth in Section 10 above. 

Orders designated as available for 

routing, will first check the System for 

available contracts for execution. After 

checking the System for available 

contracts, orders are sent to other 

available market centers for potential 

execution, per entering firm’s 

instructions. When checking the book, 

the System will seek to execute at the 

price at which it would send the order 

to a destination market center. [Orders 

designated as Additional Exposure 

Orders, as defined in Chapter VI, 

Section 1, will be exposed on the 

System Book Feed prior to routing to 

other markets.] If contracts remain unexecuted after routing, they are posted 

on the book. Once on the book, should 

the order subsequently be locked or 

crossed by another market center, the 

System will not route the order to the 

locking or crossing market center. With 

the exception of the Minimum Quantity 

order type, all time-in-force parameters 

and order types may be used in 

conjunction with this routing option. 

* * * * * 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

Nasdaq 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. Nasdaq 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 

Nasdaq has not yet implemented a 

recently approved rule change to the 

NOM rules, which would provide 

marketable orders an additional 

opportunity for execution on the NOM 

when NOM is not part of the NBBO.5

Upon further review, Nasdaq proposes 

to eliminate this additional opportunity 

for execution on the NOM. 

2. Statutory Basis 

Nasdaq believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,6 in 

general, and with Sections 6(b)(5) of the 

Act,7 in particular, in that the proposal 

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 

regulating, clearing, settling, processing 

information with respect to, and 

facilitating transactions in securities, 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. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Nasdaq 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, as amended. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

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 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 8 and Rule 19b– 

4(f)(6) thereunder.9

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, as amended, is consistent with 

the Act. Comments may be submitted by 

any of the following methods: 


jlentini on DSKJ8SOYB1PROD with NOTICES
43212 Federal Register / Vol. 74, No. 164 / Wednesday, August 26, 2009 / Notices 

10 17 CFR 200.30–3(a)(12). 

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–NASDAQ–2009–076 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–NASDAQ–2009–076. 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 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 

available publicly. 

All submissions should refer to File 

Number SR–NASDAQ–2009–076 and 

should be submitted on or before 

September 16, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–20530 Filed 8–25–09; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF STATE 

[Public Notice 6738] 

Notice of Issuance of a Presidential 

Permit for the Proposed Enbridge 

Energy Alberta Clipper Pipeline Project 

August 26, 2009. 

AGENCY: Department of State. 

ACTION: Notice of Issuance of a 

Presidential Permit for the Proposed 

Enbridge Energy Alberta Clipper 

Pipeline Project. 

SUMMARY: This notice announces that on 

August 20, 2009, the Department of 

State issued a Presidential Permit to 

Enbridge Energy, Limited Partnership 

(‘‘Enbridge’’) authorizing it to construct, 

connect, operate, and maintain facilities 

at the border of the United States and 

Canada for the transport of crude oil 

between the United States and Canada 

across the international boundary. 

On May 15, 2007, Enbridge submitted 

an application to the U.S. Department of 

State (DOS) for construction, 

connection, operation, and maintenance 

of an oil pipeline and associated 

facilities at the U.S.-Canada border to 

enable Enbridge to import heavy crude 

oil from Canada (the Alberta Clipper 

Project). 

Executive Order 13337 of April 30, 

2004, as amended, delegates to the 

Secretary of State the President’s 

authority to receive applications for 

permits for the construction, 

connection, operation, or maintenance 

of facilities, including pipelines, for the 

exportation or importation of petroleum, 

petroleum products, coal, or other fuels 

at the border of the United States and to 

issue or deny such Presidential Permits 

upon a national interest determination. 

The functions assigned to the Secretary 

have been further delegated within the 

Department of State to, inter alia, the 

Deputy Secretary of State. 

Consistent with the National 

Environmental Policy Act of 1969 

(‘‘NEPA’’), 42 U.S.C. 4321–4370f, the 

Council of Environmental Quality 

Regulations for Implementing the 

Procedural Provisions of NEPA, 40 CFR 

parts 1500–1508, and the Department’s 

regulations for the implementation of 

NEPA, 22 CFR part 161, an 

Environmental Impact Statement (EIS) 

on potential issuance of a Presidential 

Permit for the construction, connection, 

operation, and maintenance of the 

pipeline was prepared by Entrix, Inc., a 

contractor selected by the Department of 

State. 

The Department of State published in 

the Federal Register a Notification of 

Receipt of the Enbridge Application for 

a permit on May 25, 2007 (72 FR 29360). 

That notification solicited public 

comment on the application for a 30-day 

period. Thereafter, the Department 

published in the Federal Register a 

Notification of Intent to Prepare an 

Environmental Impact Statement on 

March 31, 2008 (73 FR 16920). The 

Department’s Notice of Availability of 

the Draft EIS and request for public 

comment was published in the Federal 

Register on December 5, 2008 (73 FR 

74221), seeking comments by January 

30, 2009. The Department received 850 

public comments in response to this 

notice and took them into account in 

making its determination on the 

Enbridge application. 

As required by Executive Order 

13337, the Enbridge pipeline 

application and a Draft Environmental 

Impact Statement were transmitted to 

Federal agencies for their review and 

comment on December 5, 2008. The 

Department of State received no 

objections from Federal agencies 

regarding the issuance of a permit. The 

Department published a notice of the 

availability of the Final Environmental 

Impact Statement in the Federal 

Register on June 8, 2009 (74 FR 27229). 

Consistent with its authority under 

Executive Order 13337, the Department 

reviewed all of the available information 

and documentation, including 

comments submitted by Federal and 

State agencies and the public. On 

August 3, 2009, the Secretary’s Delegate, 

Deputy Secretary James B. Steinberg, 

signed the Record of Decision and 

National Interest Determination, which 

states that issuance of the Presidential 

Permit for the Alberta Clipper Pipeline 

Project would serve the national 

interest. 

Executive Order 13337 requires that 

Secretaries or Heads of certain agencies 

be notified of the Department’s 

proposed determination concerning 

issuance of the Presidential Permit. Any 

agency required to be consulted under 

section 1(g) of the Order that disagrees 

with the proposed determination may 

notify the Secretary of State within 15 

days of being notified that it disagrees 

with the determination and request that 

the Secretary refer the application to the 

President. On August 4, 2009, as 

required under section 1(g) of the 

Executive Order, the Department 

notified all agencies of its intent to issue 

the Permit. The Department received no 

objections from notified agencies. 

On August 3, 2009, Deputy Secretary 

of State James B. Steinberg, signed the 

Presidential Permit, and on August 20, 

2009, the Department issued the Permit 

to Enbridge. 


jlentini on DSKJ8SOYB1PROD with NOTICES