Federal Register / Vol. 74, No. 172 / Tuesday, September 8, 2009 / Notices 46277 

15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3BATS Exchange Rule 3.21, Customer 

Disclosures. 

4 15 U.S.C. 78f(b). 

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

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– 

NYSEArca–2009–80 and should be 

submitted on or before September 29, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–21640 Filed 9–4–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60605; File No. SR–CHX– 

2009–13] 

Self-Regulatory Organizations; 

Chicago Stock Exchange, Inc.; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change Adding 

Additional Trading Sessions 

September 1, 2009. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that, on August 

28, 2009, Chicago Stock Exchange, Inc. 

(‘‘CHX’’ 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 prepared by the CHX. 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 

CHX proposes to amend its rules to 

create an early trading session beginning 

at 6 a.m. CT on days the Exchange is 

open for trading and to create a second 

Late Trading Session from 3 p.m. to 3:15 

p.m. CT. The text of this proposed rule 

change is available on the Exchange’s 

Web site at (http://www.chx.com) and in 

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 

CHX 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 

CHX 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange is proposing to create 

an early trading session beginning at 6 

a.m. CT on days the Exchange is open 

for trading and to create a second Late 

Trading Session from 3 p.m. to 3:15 

p.m. CT. We believe that CHX 

Participants may be interested in 

posting bids and offers on the CHX in 

an early trading session, as well as in a 

late session immediately after the close 

of the Regular Session. In order to 

facilitate additional trading activity, the 

Exchange proposes to create an early 

trading session and a second late trading 

session, both of which would operate 

under the same basic operational and 

regulatory framework as the Regular 

Trading Session. CHX Participants 

could enter orders to buy and sell 

eligible securities and those orders 

would either be executed or displayed 

(or entered without being displayed in 

the case of a reserve or undisplayed 

order) depending on the status of our 

book and the national market system. 

The rules applicable to the Regular 

Trading Session would govern the Early 

and Late Trading Sessions, with the 

exception that the Regulation NMS 

prohibitions regarding intermarket 

trade-throughs and locked and crossed 

markets would not be in force. The 

current Late Trading Session (which 

would be renamed the ‘‘Late Crossing 

Session’’) would be available from 3:15 

p.m. to 4 p.m. CT and would be 

available only to Participants seeking to 

execute cross orders. 

In furtherance of this initiative, the 

Exchange proposes to add or amend the 

a [sic] number of applicable CHX rules. 

Definitions setting the times of the 

respective trading sessions would be 

added to Article 1. Due to the risk of 

illiquidity, the Exchange does not 

believe that it is appropriate to execute 

IOC Market Orders during any of the 

Extended Hours trading sessions and we 

propose to restrict use of that order type 

to the Regular Trading Session. We 

propose to add a new rule to the Article 

8 business conduct rules mandating that 

Participants which allow customers to 

trade in extended hours trading sessions 

to make certain specific risk disclosures 

relating to such activity. These risk 

disclosures are modeled on the rules of 

the BATS Exchange, Inc. regarding 

extended hours trading.3 The provisions 

of Article 20, Rule 1 setting the time of 

the various trading sessions would be 

amended to make reference to the Early, 

Late Trading and Late Crossing sessions 

and define how trading operates during 

those sessions. The language in Rule 1 

referring to the hours of trading for 

specified exchange-traded funds would 

be deleted since those securities would 

be eligible for trading during the Early 

and Late Trading session, rendering the 

current text unnecessary. Finally, we 

would amend Article 20, Rule 8 to 

reflect the manner in which the various 

sessions are opened and closed. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act in general,4 and 

furthers the objectives of Section 6(b)(5) 

in particular,5 in that it is designed to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transaction in securities, to 

remove impediments and perfect the 

mechanisms of a free and open market, 

and, in general, to protect investors and 

the public interest. In this case, the 

expansion of trading hours through the 

creation of an Early Trading Session and 

an additional Late Trading Session 

would provide participants with 


jlentini on DSKJ8SOYB1PROD with NOTICES
46278 Federal Register / Vol. 74, No. 172 / Tuesday, September 8, 2009 / Notices 

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

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

4(f)(6)(iii) requires the self-regulatory organization 

to submit to the Commission 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 satisfied this requirement. 8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Commission has modified the text of the 

summaries prepared by OCC. 

additional options in seeking trade 

executions on our trading facilities. 

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 

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. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change: (i) Does not significantly affect 

the protection of investors or the public 

interest; (ii) does not impose any 

significant burden on competition; and 

(iii) by its terms, does not become 

operative for 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, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 6 and Rule 19b– 

4(f)(6) thereunder.7

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–CHX–2009–13 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–CHX–2009–13. 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–CHX– 

2009–13 and should be submitted on or 

before September 29, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–21639 Filed 9–4–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60602; File No. SR–OCC– 

2009–14] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing of Proposed Rule Change To 

Clear Options Based on Index-Linked 

Securities 

September 1, 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 

12, 2009, The Options Clearing 

Corporation (‘‘OCC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change described in Items I, II, and III 

below, which items have been prepared 

primarily by OCC. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested parties. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The proposed rule change seeks to 

permit OCC to clear options based on 

index-linked securities (‘‘Index-Linked 

Securities’’). 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

OCC 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. OCC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements.3

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

Index-Linked Securities are nonconvertible debt of a major financial 

institution that typically have a term of 

at least one year but not greater than 

thirty years and that provide for 

payment at maturity based upon the 

performance of an index or indices of 

equity securities or futures contracts, 

one or more physical commodities, 


jlentini on DSKJ8SOYB1PROD with NOTICES