44430 Federal Register / Vol. 74, No. 166 / Friday, August 28, 2009 / Notices 

61 15 U.S.C. 78s(b)(2). 

62 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 60363 

(July 22, 2009), 74 FR 37270 (‘‘Notice’’). 

4The Plan is a national market system plan 

proposed by the seven existing options exchanges 

and approved by the Commission. See Securities 

Exchange Act Release No. 59647 (March 30, 2009), 

74 FR 15010 (April 2, 2009) (File No. 4–546) (‘‘Plan 

Notice’’) and 60405 (July 30, 2009), 74 FR 39362 

(August 6, 2009) (File No. 4–546) (‘‘Plan 

Approval’’). The seven options exchanges are: 

Chicago Board Options Exchange, Incorporated 

(‘‘CBOE’’); International Securities Exchange LLC 

(‘‘ISE’’); NASDAQ OMX BX, Inc. (‘‘BOX’’); The 

NASDAQ Stock Market LLC (‘‘Nasdaq’’); NYSE 

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

(‘‘NYSE Arca’’); and Phlx (each exchange 

individually a ‘‘Participant’’ and, together, the 

‘‘Participating Options Exchanges’’). 

5On July 28, 2000, the Commission approved the 

Old Plan as a national market system plan for the 

purpose of creating and operating an intermarket 

options market linkage proposed by the American 

Stock Exchange LLC (n/k/a NYSE Amex), CBOE, 

and ISE. See Securities Exchange Act Release No. 

43086 (July 28, 2000), 65 FR 48023 (August 4, 

2000). Subsequently, Philadelphia Stock Exchange, 

Inc. (n/k/a Phlx), Pacific Exchange, Inc. (n/k/a 

NYSE Arca), Boston Stock Exchange, Inc. (n/k/a 

BOX), and Nasdaq joined the Linkage Plan. See 

Securities Exchange Act Release Nos. 43573 

(November 16, 2000), 65 FR 70851 (November 28, 

2000); 43574 (November 16, 2000), 65 FR 70850 

(November 28, 2000); 49198 (February 5, 2004), 69 

FR 7029 (February 12, 2004); and 57545 (March 21, 

2008), 73 FR 16394 (March 27, 2008). 

6Section 8(c) of the Old Plan. 

7The Linkage Hub is a centralized data 

communications network that electronically links 

the Participating Options Exchanges to one another. 

The Options Clearing Corporation (‘‘OCC’’) operates 

the Linkage Hub. 

8Section 2(16) of the Old Plan. 

9Section 7(a)(i)(C) of the Old Plan. 

10See Securities Exchange Act Release No. 60360 

(July 21, 2009) 74 FR 37265 (July 28, 2009) (File No. 

4–429). 

11 17 CFR 242.608. 

12See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496 (June 29, 2005) (File 

No. S7–10–04); 17 CFR 242.600 et seq. For 

discussions of the similarities between the 

provisions of Regulation NMS and the provisions in 

the Plan, see Plan Notice and Plan Approval, supra 

note 4. 

sends an ISO as agent for a customer 

order to comply with its obligations 

under ISE Rule 803(c)(2), because such 

activity is limited by ISE’s rules, as 

described above, and does not provide 

the potential for the type of harm 

against which ISE Rule 810 is intended 

to protect, specifically the inappropriate 

sharing of information that could result 

in market manipulation. The 

Commission also finds that the 

proposed change to ISE Rule 811, 

governing the Exchange’s Directed 

Order program, to permit ISE PMMs that 

also handle Directed Orders on an 

agency basis, to act as agent when 

routing ISOs under ISE Rule 803(c)(2) is 

consistent with the Plan and the Act. 

The Commission finds that ISE’s 

proposed arrangements with respect to 

the handling of customer orders when 

ISE is not at the best price, and related 

amendment to its information barrier 

rules and Directed Order program, are 

designed to comply with its 

responsibility under the Plan to 

establish, maintain and enforce written 

policies and procedures reasonably 

designed to prevent Trade-Through. 

Accordingly, the Commission finds 

ISE’s proposed arrangements consistent 

with the Plan and the Act. 

Finally, the Commission finds that 

ISE’s proposed amendments to certain 

other ISE rules to reflect the provision 

of the Plan, and to delete provisions of 

ISE’s rules rendered unnecessary due to 

the Plan, are appropriate and consistent 

with the Act and the Plan. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,61 that the 

proposed rule change (SR–ISE–2009– 

27), as modified by Amendment No. 1, 

be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.62

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–20788 Filed 8–27–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60550; File No. SR–Phlx– 

2009–61] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX, Inc.; Order 

Granting Accelerated Approval of a 

Proposed Rule Change To Adopt Rules 

Implementing the Options Order 

Protection and Locked/Crossed Market 

Plan 

August 20, 2009. 

I. Introduction 

On July 20, 2009, NASDAQ OMX 

PHLX, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to amend and adopt rules to 

implement the Options Order Protection 

and Locked/Crossed Market Plan. The 

proposed rule change was published for 

comment in the Federal Register on July 

28, 2009.3 The Commission received no 

comments on the proposal. This order 

approves the proposed rule change on 

an accelerated basis. 

II. Description of the Proposal 

The Exchange proposes to amend and 

adopt new Phlx rules to implement the 

Options Order Protection and Locked/ 

Crossed Market Plan (‘‘Plan’’).4

Specifically, the Exchange proposes to 

replace the Exchange’s current 

Intermarket Linkage rules (Phlx Rules 

1081 and 1083–1087) with new rules 

implementing the Plan, amend other 

Exchange rules to reflect the Plan, and 

delete or modify provisions rendered 

unnecessary by the Plan. 

The Old Plan 

Each of the Participating Options 

Exchanges are signatories to the Plan for 

the Purpose of Creating and Operating 

an Intermarket Option Linkage (‘‘Old 

Plan’’).5 In pertinent part, the Old Plan 

generally requires its participants to 

avoid trading at a price inferior to the 

national best bid or offer (‘‘tradethrough’’), although it provides for a 

number of exceptions to trade-through 

liability.6 The Participating Options 

Exchanges comply with this 

requirement of the Old Plan by utilizing 

a stand alone system (‘‘Linkage Hub’’) to 

send and receive specific order types,7

namely Principal Acting as Agent 

Orders (‘‘P/A Orders’’), Principal 

Orders, and Satisfaction Orders.8 The 

Old Plan also provided that 

dissemination of ‘‘locked’’ or ‘‘crossed’’ 

markets should be avoided, and 

remedial actions that should be taken to 

unlock or uncross such market.9 Each of 

the Participating Options Exchanges, 

including the Exchange, has submitted 

an amendment to the Old Plan to 

withdraw from such Plan.10 The 

withdrawals will be effective upon 

approval by the Commission of such 

amendments pursuant to Rule 608 of 

Regulation NMS under the Act 

(‘‘Regulation NMS’’).11

The Plan 

The Plan does not require a central 

linkage mechanism akin to the Old 

Plan’s Linkage Hub. Instead, the Plan 

includes the framework for routing 

orders via private linkages that exist for 

NMS stocks under Regulation NMS.12

The Plan requires the Participating 

Options Exchanges to adopt rules 


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13Under the Plan, a ‘‘Trade-Through’’ is generally 

defined as a transaction in an option series, either 

as principal or agent, at a price that is lower than 

a Protected Bid or higher than a Protected Offer.’’ 

See Section 2(21) of the Plan. A ‘‘Protected Bid’’ 

and ‘‘Protected Offer’’ generally means a bid or offer 

in an option series, respectively, that is displayed 

by a Participant, is disseminated pursuant to the 

Options Price Reporting Authority (‘‘OPRA’’) Plan, 

and is the Best Bid or Best Offer. See Section 2(17) 

of the Plan. A ‘‘Best Bid’’ or ‘‘Best Offer’’ means the 

highest bid price and the lowest offer price. Section 

(2)(1) of the Plan. ‘‘Protected Bid’’ and ‘‘Protected 

Offer,’’ together are referred to herein as ‘‘Protected 

Quotation.’’ See Section 2(18) of the Plan. 

14Section 5(a)(ii) of the Plan. 

15Section 5(b) of the Plan. 

16Subparagraphs (ii), (vii), and (viii), 

respectively, of Section 5(b) of the Plan. 

17Subparagraphs (i), (iii), (vi), (ix), (xi), and (iv)– 

(v), respectively, of Section 5(b) of the Plan. 

18Subparagraph (x) of Section 5(b) of the Plan. 

19Section 6 of the Plan. The Plan also contains 

provisions relating to the operation of the Plan 

including, for example, provisions relating to the 

entry of new parties to the Plan; withdrawal from 

the Plan; and amendments to the Plan. 

20A more detailed description of the Exchange’s 

proposed rule change may be found in the Notice, 

supra, note 3. 

21Proposed Phlx Rule 1083. 

22Proposed Phlx Rule 1084(a). 

23Proposed Phlx Rule 1084(b)(i)–(xi). In addition, 

the Exchange proposes to add ISOs as a new type 

of order under proposed Phlx Rule 1066(i). 

24A ‘‘locked market’’ is defined as a quoted 

market in which a Protected Bid is equal to a 

Protected Offer. Proposed Phlx Rule 1083(i). A 

‘‘crossed market’’ is defined as a quoted market in 

which a Protected Bid is higher than a Protected 

Offer. Proposed Phlx Rule 1083(e). 

25Proposed Phlx Rule 1086(a). 

26Proposed Phlx Rule 1086(b). 

27Proposed Phlx Temporary Rule 1088. 

28A FIND order is an order that is routable upon 

receipt, or any time the option goes through an 

opening process. See Phlx Rule 1080(m)(iv)(B). 

29A SRCH order is an order that is routable at any 

time. See Phlx Rule 1080(m)(iv)(C). 

30See Notice, supra note 3 at 37272 for a 

complete description of these changes. 

31See Notice, supra note 3 at 37272–37273 for a 

complete description of these changes. 

32See Notice, supra note 3 at 37273–37274 

discussing proposed changes to Phlx By-Law 

Article XII, Section 12–11; Phlx Rule 1017(k); Phlx 

Rule 1033(a)(ii) and Options Floor Procedure 

Advice F–32; Phlx Rule 1034(a)(i)(C); Phlx Rule 

1080(b)(i)(A), (B) and (C); Phlx Rule 1080(c)(iv)(F); 

and Phlx Rule 1080(c)(vi). 

33 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

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

34 15 U.S.C. 78f(b)(5). 

35 17 CFR 242.608(c). Section 1 of the Plan 

provides in pertinent part that, ‘‘The Participants 

will submit to the [Commission] for approval their 

Continued 

‘‘reasonably designed to prevent TradeThroughs.’’ 13 Participating Options 

Exchanges are also required to conduct 

surveillance of their respective markets 

on a regular basis to ascertain the 

effectiveness of the policies and 

procedures to prevent Trade-Throughs 

and to take prompt action to remedy 

deficiencies in such policies and 

procedures.14 As further described 

below, the Plan incorporates a number 

of exceptions to trade-through 

liability.15

Some of these exceptions are carried 

over from the Old Plan, including 

exceptions for trading rotations, nonfirm quotes, and complex trades.16

Others are substantially similar to 

exceptions available for NMS stocks 

under Regulation NMS, such as 

exceptions for systems issues, crossed 

markets, quote flickering, customer 

stopped orders, benchmark trades and, 

notably, intermarket sweep orders 

(‘‘ISOs’’).17 In addition, the Plan 

contains a new exception for stopped 

orders and price improvement.18

The Plan also requires each 

Participant to establish, maintain, and 

enforce written rules that: require its 

members reasonably to avoid displaying 

locked and crossed markets; assure the 

reconciliation of locked and crossed 

markets; and prohibit its members from 

engaging in a pattern or practice of 

displaying locked and crossed markets; 

subject to exceptions as may be 

contained in the rules of the Participant, 

as approved by the Commission.19

The Exchange’s Proposal 

To implement the Plan, the Exchange 

proposes to replace its current rules 

relating to the Old Plan with new rules 

relating to the Plan, and make 

additional changes to other rules, 

including changes to conform the 

Exchange’s rules to the requirements of 

the Plan.20 As such, the Exchange 

proposes to adopt all applicable 

definitions from the Plan into the 

Exchange’s rules.21

In addition, the Exchange proposes to 

prohibit its members from effecting 

Trade-Throughs, unless an exception 

applies.22 Consistent with the Plan, the 

Exchange also proposes exceptions to 

the prohibition on trade throughs 

relating to: System issues; trading 

rotations; crossed markets; intermarket 

sweep orders; quote flickering; non-firm 

quotes; complex trades; customer 

stopped orders; stopped orders and 

price improvement; and benchmark 

trades.23

The Exchange also proposes a rule to 

address locked and crossed markets, as 

required by the Plan.24 Specifically, the 

Exchange proposes that, except for 

quotations that fall within a stated 

exception, members shall reasonably 

avoid displaying, and shall not engage 

in a pattern or practice of displaying, 

any quotations that lock or cross a 

Protected Quote.25

The Exchange proposes three 

exceptions to the prohibition against 

locked and crossed markets: When the 

Exchange is experiencing a failure, 

material delay, or malfunction of its 

systems or equipment; when the locking 

or crossing quotation was displayed at 

a time where there is a crossed market; 

and when an Exchange member 

simultaneously routes an ISO to execute 

against the full displayed size of any 

locked or crossed Protected Bid or 

Protected Offer.26

The Exchange also proposes rules to 

permit the Exchange to continue to 

accept P/A Orders and Principal Orders 

from Participating Options Exchanges 

that are not able to send ISOs in order 

to avoid Trade-Throughs.27

The Exchange proposes to rely upon 

the order routing arrangements already 

in place on its market, except that the 

Exchange proposes amendments to 

Rules 1080(m)(iv)(B) and (C) concerning 

FIND 28 and SRCH 29 Orders to ensure 

that these order types comply with 

requirements of the Plan.30 The 

Exchange also proposes to amend its 

rules concerning orders that have been 

subject to its Quote Exhaust and Market 

Exhaust processes to conform their use 

to the terms of the Plan.31 Finally, the 

Exchange proposes to delete various 

other provisions of the Phlx rules to 

reflect the Exchange’s withdrawal from 

the Old Plan, and to amend other 

provisions of Phlx rules to, among other 

things, reflect the Plan.32

The Exchange proposes to implement 

this proposed rule change upon 

withdrawal from the current Linkage 

Plan and effectiveness of the new Plan. 

III. Commission’s Findings and Order 

Granting Accelerated Approval of the 

Proposed Rule Change 

After careful review, the Commission 

finds that the proposed rule change, as 

amended, is consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 

a national securities exchange.33 In 

particular, the Commission finds that 

the proposal is consistent with Section 

6(b)(5) of the Act 34 which requires, 

among other things, that the rules of a 

national securities exchange be 

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 Commission also 

finds that the proposal is consistent 

with Rule 608(c) of Regulation NMS 

under the Act, which requires that each 

exchange comply with the terms of any 

effective national market system plan of 

which it is a participant.35 Finally, the 


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respective rules that will implement the framework 

of the Plan.’’ 

36See supra note 5. 

37Proposed Phlx Rule 1084(b)(i)–(xi). 

38Proposed Phlx Rule 1084(b)(iv) and (v). 

39 15 U.S.C. 78f(b)(5). 

40Section 6 of the Plan permits exceptions to the 

Plan’s locked and crossed market rules as may be 

contained in the rules of a Participant approved by 

the Commission. 

41 15 U.S.C. 78f(b)(5). 

42See Plan Approval, supra, note 5. 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Plan.36

Proposed Phlx Rule 1083 would 

define applicable terms in a manner that 

are substantively identical to the 

defined terms of the Plan. As such, the 

Commission finds that proposed Phlx 

Rule 1083 is consistent with the Act and 

the Plan. 

Proposed Phlx Rule 1084(a) would 

prohibit members from effecting TradeThroughs unless an exception applies. 

Proposed Phlx Rule 1084(b) would 

provide for eleven exceptions to the 

general Trade-Through prohibition, 

relating to systems issues, trading 

rotations, crossed markets, ISOs, quote 

flickering, non-firm quotes, complex 

trades, customer stopped orders, 

stopped orders and price improvement, 

and benchmark trades.37 Aside from the 

proposed exception relating to systems 

issues, each proposed exception would 

be substantively identical to the parallel 

exception under Section 5(b) of the 

Plan. 

The systems issues exception under 

proposed Phlx Rule 1084(b)(i) would 

implement the parallel exception 

available under Section 5(b)(i) of the 

Plan and would permit the Exchange to 

bypass the Protected Quotation of 

another Participant if such other 

Participant repeatedly fails to respond 

within one second to incoming orders 

attempting to access its Protected 

Quotations. The Exchange’s rule would 

require the Exchange to notify such nonresponding Participant immediately 

after (or at the same time as) electing 

self-help, and assess whether the cause 

of the problem lies with the Exchange’s 

own systems and, if so, take immediate 

steps to resolve the problem. Finally, 

the Exchange would be required to 

promptly document its reasons 

supporting any such determination to 

bypass a Protected Quotation. The 

Commission believes that this exception 

should provide the Exchange with the 

necessary flexibility for dealing with 

problems that occur on an away market 

during the trading day. At the same 

time, the exception’s requirements to 

immediately notify such away market of 

its determination and also assess its 

own system should help prevent the use 

of this exception when there in fact is 

a problem with the Exchange’s own 

systems, rather than those of an away 

market. 

The Commission notes that included 

among the exceptions in proposed Phlx 

Rule 1084(b) would be exceptions for 

certain transactions involving ISOs.38

An order identified as an ISO would be 

immediately executable by the 

Exchange (or any other Plan Participant 

that received such an order) based on 

the premise that the market participant 

sending the ISO has already attempted 

to access all better-priced Protected 

Quotations up to their displayed size. 

The Commission believes that this 

exception should help ensure more 

efficient and faster executions in the 

options markets. 

The Commission notes that, in 

addition to these rules regarding TradeThroughs, the Plan requires that each 

Participant establish, maintain and 

enforce written policies and procedures 

that are reasonably designed to prevent 

Trade-Throughs in that Participant’s 

market that do not fall within an 

applicable exception and, if relying on 

such exception, that are reasonably 

designed to assure compliance with the 

terms of the exception. In addition, the 

Commission notes that the Plan requires 

each Participant to conduct surveillance 

of its market on a regular basis to 

ascertain the effectiveness of such 

policies and procedures and to take 

prompt action to remedy any 

deficiencies in such policies and 

procedures. 

Accordingly, the Commission finds 

that proposed Phlx Rule 1084 is 

consistent with Section 5 of the Plan 

and Section 6(b)(5) of the Act 39 which 

requires, among other things, that the 

rules of a national securities exchange 

be 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. 

Proposed Phlx Rule 1086(a) would 

require Exchange members to 

reasonably avoid displaying, and not 

engage in a pattern or practice of 

displaying, any quotation that locks or 

crosses a Protected Quotation, subject to 

certain exceptions delineated in 

proposed Phlx Rule 1086(b). The 

Commission recognizes that locked and 

crossed markets may occur accidentally 

and cannot always be avoided. 

However, the Commission believes that 

giving priority to the first-displayed 

Protected Bid or Protected Offer, 

particularly when it includes a public 

customer’s order, will encourage price 

discovery and contribute to fair and 

orderly markets. Therefore, the 

Commission believes that the proposed 

rule, which corresponds to the Plan’s 

language, to require members to 

reasonably avoid displaying, and not 

engaging in a pattern or practice of, 

locks and crosses is appropriate. 

Proposed Phlx Rule 1085(b) would 

permit three exceptions to the 

Exchange’s general rule relating to 

locked and crossed markets.40 These 

exceptions would be similar to 

analogous certain trade-through 

exceptions under proposed Phlx Rule 

1084(b), and relate to when the 

Exchange is experiencing systems 

issues, when there is exists a crossed 

market, and when a member 

simultaneously routes ISOs against the 

full displayed size of any locked or 

crossed Protected Bid or Protected Offer. 

The Commission believes that the 

Exchange’s proposed rules relating to 

locked and crossed markets are 

consistent with the Plan and the Act 

and should help ensure that the display 

of locked or crossed markets will be 

limited and that any such display will 

be promptly reconciled. The 

Commission also believes that each of 

the proposed exceptions to locked and 

crossed markets relate to circumstances 

when it is appropriate to permit a 

limited, narrow exception to the general 

locked and crossed market rule. 

Therefore, the Commission finds that 

Exchange’s rule regarding locked and 

crossed markets appropriately 

implements Section 6 of the Plan, and 

is consistent with Section 6(b)(5) of the 

Act 41 which requires, among other 

things, that the rules of a national 

securities exchange be 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 Commission also finds that 

proposed Phlx Temporary Rule 1088, 

which facilitates the participation of 

certain Participating Options Exchanges 

who may require the use of P/A Orders 

and Principal Orders after 

implementation of the Plan, is 

consistent with the Act. Although the 

Commission has already approved the 

Plan,42 the Commission also recognizes 

that there may be one or more 

Participating Options Exchanges that 

may require a temporary transition 

period during which they may want to 

continue to utilize these order types that 


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43The Commission notes that any Participating 

Options Exchange that wishes to utilize such order 

types in a manner that would result in a TradeThrough would need to separately request an 

exemption from the Plan for such use. 

44The Commission notes that the rules contained 

in Proposed Phlx Temporary Rule 1088 are not 

required by the Plan, but rather are rules proposed 

by the Exchange in order to facilitate the 

participation in the Plan of certain exchanges 

during an initial transition period. 

45 15 U.S.C. 78f(b)(5). 

46 15 U.S.C. 78s(b)(2). 

47 15 U.S.C. 78f(b)(5). 

48 15 U.S.C. 78s(b)(2). 

49 17 CFR 200.30–3(a)(12). 

exist currently under the Old Plan.43

The Exchange and each of the other 

Participating Options Exchanges have 

proposed substantially identical 

temporary provisions to accommodate 

this possibility.44 Thus, the Commission 

finds that the proposed rule relating to 

the Exchange’s receipt and handling of 

P/A Orders and Principal Orders, and 

imposing certain obligations on the 

Exchange with respect to such orders 

that are similar to those that exist under 

the Old Plan, is appropriate and 

consistent with Section 6(b)(5) of the 

Act 45 which requires, among other 

things, that the rules of a national 

securities exchange be 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 Commission finds that Phlx’s 

proposed amendments to its rules 

concerning FIND and SRCH orders, as 

well as the changes proposed to the 

Quote Exhaust and Market Exhaust 

processes, are consistent with the Act 

and the Plan. These changes should 

help ensure that the order types and 

order handling processes will operate in 

accordance with the principles and 

provisions of the Plan. The Commission 

also finds that that Phlx’s proposals to 

amend provisions of other Phlx rules to, 

among other things, reflect the 

termination of the Old Plan and 

implement the Plan are appropriate and 

consistent with the Act. 

In addition, the Commission finds 

good cause, pursuant to Section 19(b)(2) 

of the Act 46 for approving the proposed 

rule change prior to the thirtieth day 

after the date of publication in the 

Federal Register. The Commission 

believes that granting accelerated 

approval to the proposed rule change 

will give Phlx members certainty with 

regard to the rules under which they 

will be expected to operate under prior 

to the date of implementation of these 

rules and the Plan, which the Exchange 

anticipates for August 31, 2009. The 

Commission notes that the proposed 

rule change has been subject to a full 

comment period and no comments have 

been received. Accordingly, the 

Commission finds there is good cause, 

consistent with Section 6(b)(5) of the 

Act 47 to approve the Exchange’s 

proposed rule change on an accelerated 

basis. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,48 that the 

proposed rule change (SR–Phlx–2009– 

61), be, and it hereby is, approved on an 

accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.49

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–20786 Filed 8–27–09; 8:45 am] 

BILLING CODE 8010–01–P 

SOCIAL SECURITY ADMINISTRATION 

[Docket No. SSA–2009–0033] 

Occupational Information Development 

Advisory Panel Meeting 

AGENCY: Social Security Administration 

(SSA). 

ACTION: Notice of upcoming quarterly 

panel meeting. 

DATES: September 16, 2009, 8:30 a.m.– 

5 p.m. (PDT); September 17, 2009, 8:30 

a.m.–5 p.m. (PDT) 

Location: Westin Bonaventure Hotel 

and Suites. 

ADDRESSES: 404 South Figueroa Street, 

Los Angeles, California 90071. 

By Teleconference: Toll-Free: (866) 

283–8246; Leader/Host: Debra TidwellPeters. 

SUPPLEMENTARY INFORMATION: 

Type of meeting: The meeting is open 

to the public. 

Purpose: This discretionary Panel, 

established under the Federal Advisory 

Committee Act of 1972, as amended, 

shall report to the Commissioner of 

Social Security. The Panel will provide 

independent advice and 

recommendations on plans and 

activities to replace the Dictionary of 

Occupational Titles used in the Social 

Security Administration’s (SSA) 

disability determination process. The 

Panel will advise the Agency on 

creating an occupational information 

system tailored specifically for SSA’s 

disability programs and adjudicative 

needs. Advice and recommendations 

will relate to SSA’s disability programs 

in the following areas: medical and 

vocational analysis of disability claims; 

occupational analysis, including 

definitions, ratings and capture of 

physical and mental/cognitive demands 

of work and other occupational 

information critical to SSA disability 

programs; data collection; use of 

occupational information in SSA’s 

disability programs; and any other 

area(s) that would enable SSA to 

develop an occupational information 

system suited to its disability programs 

and improve the medical-vocational 

adjudication policies and processes. 

Agenda: The Panel will meet on 

Wednesday, September 16, 2009, from 

8:30 a.m. until 5 p.m. and Thursday, 

September 17, 2009, from 8:30 a.m. 

until 5 p.m. The agenda will be 

available on the Internet one week prior 

to the meeting at http:// 

www.socialsecurity.gov/oidap/ 

meeting_information.htm. 

The tentative agenda for this meeting 

includes presentations on information 

required for a proposed occupational 

information system and user needs 

outreach plans; discussion, deliberation 

and voting by the Panel on core 

recommendations to be included in the 

upcoming report to the agency; and an 

administrative business meeting. 

The Panel will hear public comment 

during the Quarterly Meeting on 

Wednesday, September 16, 2009 from 3 

p.m. to 4 p.m. and on Thursday, 

September 17, 2009 from 10 a.m. to 11 

a.m. In order to provide comment, 

members of the public must request a 

time slot—assigned on a first come, first 

served basis. In the event public 

comment does not take the entire period 

allotted, the Panel may use any 

remaining time to deliberate or conduct 

other business. 

Persons interested in providing 

comment in person at the meeting or by 

teleconference should contact the Panel 

staff by e-mail to OIDAP@ssa.gov. 

Individuals are limited to a maximum 

five minute, verbal presentation. 

Organizational representatives will be 

allotted a maximum ten minute, verbal 

presentation. Written testimony, no 

longer than five (5) pages, may be 

submitted at any time either in person, 

mail, fax or e-mail to OIDAP@ssa.gov for 

Panel consideration. 

Seating is limited. Individuals who 

need special accommodation in order to 

attend or participate in the meeting (e.g., 

assistive listening devices, or materials 

in alternative formats, such as large 

print or CD) should notify Debra 

Tidwell-Peters via e-mail to 

debra.tidwell-peters@ssa.gov or by 

telephone at 410–965–9617, no later 

than September 4, 2009. SSA will 

attempt to meet requests made but 


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