45662 Federal Register / Vol. 74, No. 170 / Thursday, September 3, 2009 / Notices 

1See letter from Peter G. Armstrong, NYSE Arca, 

to Elizabeth Murphy, Secretary, Commission, dated 

June 24, 2009; letter from Michael Babel, NYSE 

Amex, to Elizabeth Murphy, Secretary, 

Commission, dated June 24, 2009; letter from 

Michael J. Simon, ISE, to Elizabeth Murphy, 

Secretary, Commission, dated July 1, 2009; letter 

from Edward J. Joyce, CBOE, to Elizabeth Murphy, 

Secretary, Commission, dated July 1, 2009; letter 

from Maura A. Looney, Associate Vice President, 

BX, to Elizabeth Murphy, Secretary, Commission, 

dated July 6, 2009; letter from Richard S. Rudolph, 

Assistant General Counsel, Phlx, to Elizabeth 

Murphy, Secretary, Commission, dated July 16, 

2009; and letter from Jeffrey S. Davis, Vice 

President and Deputy General Counsel, Nasdaq, to 

Elizabeth Murphy, Secretary, Commission, dated 

July 17, 2009. 

2On July 28, 2000, the Commission approved 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 BX), 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). 

3See Securities Exchange Act Release No. 60360 

(July 21, 2009), 74 FR 37265 (‘‘Notice’’). 

4The facilities manager of the Linkage Plan is the 

Options Clearing Corporation. 

applicant transferred its assets to RMR 

Real Estate Income Fund, based on net 

asset value. Each holder of applicant’s 

preferred shares received preferred 

shares of RMR Real Estate Income Fund 

having an aggregate liquidation 

preference equal to the aggregate 

liquidation preference attributable to 

applicant’s preferred shares. Expenses 

of $202,707 incurred in connection with 

the reorganization were paid by 

applicant. 

Filing Dates: The application was 

filed on June 24, 2009, and amended on 

August 10, 2009. 

Applicant’s Address: 400 Centre St., 

Newton, MA 02458. 

RMR Dividend Capture Fund [File No. 

811–22079] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On June 22, 2009, 

applicant transferred its assets to RMR 

Real Estate Income Fund, based on net 

asset value. Each holder of applicant’s 

preferred shares received preferred 

shares of RMR Real Estate Income Fund 

having an aggregate liquidation 

preference equal to the aggregate 

liquidation preference attributable to 

applicant’s preferred shares. Expenses 

of $128,701 incurred in connection with 

the reorganization were paid by 

applicant. 

Filing Dates: The application was 

filed on June 23, 2009, and amended on 

August 10, 2009. 

Applicant’s Address: 400 Centre St., 

Newton, MA 02458. 

Morgan Stanley Total Market Index 

Fund [File No. 811–9259] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On July 25, 2008, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $78,565 

incurred in connection with the 

liquidation were paid by Morgan 

Stanley Investment Advisors, Inc., 

applicant’s investment adviser. 

Filing Dates: The application was 

filed on July 6, 2009, and amended on 

August 7, 2009. 

Applicant’s Address: c/o Morgan 

Stanley Investment Advisors Inc., 522 

Fifth Ave., New York, NY 10036. 

BNY Hamilton Funds, Inc. [File No. 

811–6654] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On September 12, 

2008, applicant transferred the assets 

from all of its series, except BNY 

Hamilton Multi-Cap Equity Fund and 

BNY Hamilton Municipal Enhanced 

Yield Fund (the ‘‘remaining series’’), to 

corresponding series of BNY Mellon 

Funds Trust, Dreyfus Institutional 

Reserves Funds, Dreyfus/Laurel Funds, 

Inc., Dreyfus/Laurel Funds Trust, 

Dreyfus Premier Investment Funds, Inc. 

and Dreyfus Tax Exempt Cash 

Management Funds, based on net asset 

value. On November 10, 2008, 

applicant’s remaining series transferred 

their assets to Managers AMG Funds, 

based on net asset value. Expenses of 

$2,772,500 incurred in connection with 

the reorganization were paid by The 

Bank of New York Mellon, applicant’s 

administrator. 

Filing Date: The application was filed 

on July 14, 2009. 

Applicant’s Address: 3435 Stelzer 

Rd., Columbus, OH 43219–3035. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–21221 Filed 9–2–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60582; File No. 4–429] 

Joint Industry Plan; Order Approving 

Amendments To Withdraw From the 

Intermarket Options Linkage Plan Filed 

by Chicago Board Options Exchange, 

Incorporated, International Securities 

Exchange, LLC, The NASDAQ Stock 

Market LLC, NASDAQ OMX BX, Inc., 

NASDAQ OMX PHLX, Inc., NYSE Amex 

LLC, and NYSE Arca, Inc. 

August 28, 2009. 

I. Introduction 

On June 25, 2009, June 25, 2009, July 

2, 2009, July 2, 2009, July 7, 2009, July 

17, 2009, and July 20, 2009, NYSE Arca, 

Inc. (‘‘NYSE Arca’’), NYSE Amex, LLC 

(‘‘NYSE Amex’’), International 

Securities Exchange, LLC (‘‘ISE’’), 

Chicago Board Options Exchange, 

Incorporated (‘‘CBOE’’), NASDAQ OMX 

BX, Inc. (‘‘BX’’), NASDAQ OMX PHLX, 

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

Market LLC (‘‘Nasdaq’’) (collectively, 

‘‘Participants’’),1 respectively, submitted 

to the Securities and Exchange 

Commission (‘‘Commission’’) 

amendments to the Plan for the Purpose 

of Creating and Operating an 

Intermarket Option Linkage (‘‘Linkage 

Plan’’) (‘‘Amendments’’).2 The proposed 

Amendments were published for 

comment in the Federal Register on July 

28, 2009.3 The Commission received no 

comment letters in response to the 

Notice. This order approves the 

Amendments. 

II. Description of the Proposed 

Amendments 

The Participants submitted the 

Amendments to withdraw from the 

Linkage Plan. Pursuant to Section 4(d) 

of the Linkage Plan, a Participant may 

withdraw from the Linkage Plan by: (i) 

Providing not less than 30 days prior 

written notice to each of the other 

Participants and to the facilities 

manager 4 of such intent to withdraw; 

and (ii) effecting an amendment to the 

Linkage Plan as specified in Section 

5(c)(iii) of the Linkage Plan. Section 

5(c)(iii) of the Linkage Plan states that 

a Participant can withdraw from the 

Linkage Plan by filing an amendment 

deleting its name in Section 4(a) of the 

Linkage Plan and submitting such 

amendment to the Commission for 

approval. The submitting Participant 

must state how it plans to accomplish, 

by alternate means, the goals of the 

Linkage Plan regarding limiting tradethroughs of prices on other exchanges 

trading the same options classes. Such 

amendment is effective upon 

Commission approval. 

As set forth in the Notice, the 

Participants plan to accomplish the 

Linkage Plan’s goals through 


pwalker on DSK8KYBLC1PROD with NOTICES
Federal Register / Vol. 74, No. 170 / Thursday, September 3, 2009 / Notices 45663 

5See Securities Exchange Act Release No. 60405 

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

6Section 5(a)(i) of the New Plan. 

7See 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. 

8Section 5(a)(ii) of the New Plan. 

9Section 6 of the New Plan. 

10 In approving the proposed Amendments, the 

Commission has considered the Amendments’ 

impact on efficiency, competition, and capital 

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

11 15 U.S.C. 78k–1. 

12 17 CFR 242.608. 

13See Securities Exchange Act Release Nos. 

60525 (August 18, 2009) (SR–NASDAQ–2009–056); 

60526 (August 18, 2009) (SR–NYSEAmex–2009– 

19); 60527 (August 18, 2009) (SR–NYSEArca–2009– 

45); 60530 (August 18, 2009) (SR–BX–2009–028); 

60550 (August 20, 2009) (SR–Phlx–2009–61); 60551 

(August 20, 2009) (SR–CBOE–2009–040); and 60559 

(August 21, 2009) (SR–ISE–2009–27). 

14 15 U.S.C. 78k–1. 

15 17 CFR 242.608. 

16 17 CFR 200.30–3(a)(29). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 60147 

(June 19, 2009), 74 FR 30651 (‘‘Notice’’). 4See letter from Angelo Evangelou, Assistant 

General Counsel, Chicago Board Options Exchange 

(‘‘CBOE’’), to Elizabeth M. Murphy, Secretary, 

Commission, dated July 16, 2009 (‘‘CBOE Letter’’) 

and letter from Gerald D. O’Connell, Chief 

Compliance Officer, Susquehanna International 

Group, LLP (‘‘SIG’’), to Elizabeth M. Murphy, 

Secretary, Commission, dated August 10, 2009 

(‘‘SIG Letter’’). 5See letter from Michael J. Simon, Secretary and 

General Counsel, ISE, to Elizabeth M. Murphy, 

Secretary, Commission, dated August 20, 2009 

(‘‘ISE Letter’’). 6See Securities Exchange Act Release No. 43086 

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

No. 4–429). 7A trade-through is a transaction in a given 

options series at a price that is inferior to the best 

price available in the market (‘‘Trade-Through’’). 

See Section 2(21) of the New Plan and Section 2(29) 

of the Current Plan. 8Current Plan Section 2(3) and 8(c)(i)(C). 

9See Securities Exchange Act Release No. 60405 

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

No. 4–546). The Exchange has also proposed 

revisions to its rules to implement the New Plan 

(‘‘New Linkage Rules’’). See Securities Exchange 

Act Release No. 60559 (August 21, 2009), 74 FR 

44425 (August 28, 2009) (SR–ISE–2009–27). 10Proposed ISE Rule 715(j), proposed 

Supplementary Material .01 to ISE Rule 715, and 

proposed ISE Rule 721(b). 11A Qualified Contingent Trade is a transaction 

consisting of two or more component orders, 

Continued 

membership in the Options Order 

Protection and Locked/Crossed Market 

Plan (‘‘New Plan’’), which was approved 

by the Commission on July 30, 2009.5

The New Plan requires its participants 

to establish, maintain and enforce 

written procedures and policies that are 

reasonably designed to prevent tradethroughs.6 The Participants state that 

the New Plan will accomplish this in a 

more efficient manner than the Linkage 

Plan. Specifically, the New Plan 

eliminates a central hub and addresses 

trade-through compliance through the 

use of intermarket sweep orders. The 

New Plan incorporates certain concepts 

of Regulation NMS 7 which, among 

other things, addresses trade-throughs 

in the equity market. The Participants 

further note that the New Plan also 

requires its participants to conduct 

surveillance of their markets to ascertain 

the effectiveness of these policies and 

procedures.8 Finally, the New Plan 

contains provisions requiring its 

participants to establish, maintain and 

enforce written rules addressing locked 

and crossed markets.9 The Participants 

believe that the New Plan will fully 

accomplish the same goals of the 

Linkage Plan, including imposing limits 

on trade-throughs. 

III. Discussion 

After careful consideration, the 

Commission finds that the proposed 

Amendments to the Linkage Plan are 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder.10 Specifically, the 

Commission finds that the Amendments 

are consistent with Section 11A of the 

Act 11 and Rule 608 of Regulation NMS 

thereunder 12 in that they are necessary 

or appropriate in the public interest, for 

the protection of investors and the 

maintenance of fair and orderly markets, 

to remove impediments to, and perfect 

the mechanisms of, a national market 

system. 

The Commission believes that the 

New Plan accomplishes, by alternate 

means, the goals of the Linkage Plan, 

including the goal of limiting tradethroughs of prices on other exchanges 

trading the same options classes. The 

Commission notes that it has approved 

the rule filings implementing the New 

Plan submitted by each of the 

Participants (‘‘Exchange Linkage Rules’’) 

and has found such rules consistent 

with the requirements of the Act and the 

New Plan.13

The Commission notes that the 

withdrawal of each Participant will be 

effective with this approval of the 

Amendments. In addition, the 

Commission notes that each of the 

Exchange Linkage Rules will become 

effective upon this approval of the 

Amendments. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 11A of the Act 14 and Rule 608 

thereunder,15 that the proposed 

Amendments to the Linkage Plan are 

approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–21214 Filed 9–2–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60584; File No. SR–ISE– 

2009–35] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Order Granting Approval of 

Proposed Rule Change Relating to 

Qualified Contingent Cross Orders 

August 28, 2009. 

I. Introduction 

On June 15, 2009, the International 

Securities Exchange, LLC (‘‘Exchange’’ 

or ‘‘ISE’’) 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 provide for 

Qualified Contingent Cross Orders. The 

proposed rule change was published for 

comment in the Federal Register on 

June 26, 2009.3 The Commission 

received two comment letters in 

response to the proposed rule change 4

and a comment response letter from the 

Exchange.5 This order grants approval 

of the proposed rule change. 

II. Description of the Proposal 

The Exchange is currently a 

participant in the Plan for the Purpose 

of Creating and Operating an 

Intermarket Option Linkage (‘‘Current 

Plan’’).6 Subject to certain conditions, 

the Current Plan provides for a limited 

trade-through 7 exemption for ‘‘block 

trades’’ which are trades that, among 

other things, consist of 500 or more 

contracts with a premium value of at 

least $150,000.8 The Commission 

recently approved the Order Protection 

and Locked/Crossed Market Plan (‘‘New 

Plan’’),9 which will replace the Current 

Plan. Unlike the Current Plan, however, 

the New Plan does not provide an 

exemption for block trades. The 

Exchange believes that the loss of the 

block trade exemption will adversely 

affect the ability of its members to effect 

large trades that are tied to stock, and is 

proposing a new order type, the 

Qualified Contingent Cross Order,10

which the Exchange proposes to 

implement contemporaneously with its 

New Linkage Rules. 

The proposed Qualified Contingent 

Cross Order would permit an ISE 

member to cross the options leg of a 

Qualified Contingent Trade (‘‘QCT’’) 11


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