Federal Register / Vol. 74, No. 21 / Tuesday, February 3, 2009 / Notices 5955 

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

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

8 Id. 

9 Id. 

10 15 U.S.C. 78s(b)(3)(A)(iii). 

11 17 CFR 240.19b–4(f)(6). 

12 15 U.S.C. 78s(b)(3)(A). 

13 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 Exchange 

has satisfied the pre-filing requirement. 

14 17 CFR 240.19b–4(f)(6). 

15 17 CFR 240.19b–4(f)(6)(iii). 

16The Commission notes that NYSE Arca is not 

requesting waiver of the 30-day operative delay, 

despite including this language in its Notice. 

Telephone conference between Glenn H. Gsell, 

Managing Director, NYSE Regulation, and Kristie 

Diemer, Special Counsel, Commission, on January 

8, 2009. 17 17 CFR 200.30–3(a)(12). 

increased market transparency; and (3) 

heightened contra-party 

creditworthiness due to the role of The 

Options Clearing Corporation (‘‘OCC’’) 

as issuer and guarantor of FLEX 

Options. Finally, the Exchange has 

contacted the OCC and they have 

confirmed that they can configure their 

systems to support FLEX Options that 

have a maximum expiration of fifteen 

years. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

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

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

of the Act 7 in particular, because it 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 

facilitating transactions in securities, 

and to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system. Specifically, by expanding the 

maximum terms for Flexible Exchange 

Traded Options, the Exchange to [sic] 

will be able to offer market participants 

additional investment choices that come 

with increased market transparency and 

heightened contra-party 

creditworthiness, both of which and 

[sic] are consistent with Section 6(b) of 

the Act 8 in general, and the objectives 

of Section 6(b)(5) of the Act.9

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 10 and Rule 

19b–4(f)(6) thereunder.11 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 12 and Rule 19b–4(f)(6)(iii) 

thereunder.13

A proposed rule change filed under 

Rule 19b–4(f)(6) 14 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),15 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest.16

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–2009–04 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–NYSEArca–2009–04. 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 

Section, 100 F Street, NE., Washington, 

DC 20549–1090 on official business 

days between 10 a.m. and 3 p.m. Copies 

of the filing will also be available for 

inspection and copying at NYSE Arca’s 

principal office and on its Internet Web 

site at http://www.nyse.com. 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–2009–04 and 

should be submitted on or before 

February 24, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–2224 Filed 2–2–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59308; File No. SR– 

NYSEArca–2009–05] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change to Establish Fees for 

NYSE Arca Trades 

January 28, 2009. 

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

Securities Exchange Act of 1934 


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5956 Federal Register / Vol. 74, No. 21 / Tuesday, February 3, 2009 / Notices 

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

2 17 CFR 240.19b–4. 

3The Exchange notes that it will make NYSE 

Arca Trades available to vendors no earlier than it 

makes its last sale information available to the 

processor under the CTA Plan. 

4See Securities Exchange Act Release No. 34– 

58444 (August 29, 2008), 73 FR 51872 (September 

5, 2008) (SR–NYSEArca–2008–96). 

5See Release No. 34–59039 (December 2, 2008); 

File No. SR–NYSE Arca–2006–21. 

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

notice is hereby given that on January 

21, 2009, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or the ‘‘Exchange) 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 

prepared by the Exchange. 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 

NYSE Arca proposes to introduce its 

NYSE Arca Trades service and to 

establish fees for that service. NYSE 

Arca Trades is a new NYSE Arca-only 

market data service that allows a vendor 

to redistribute on a real-time basis the 

same last sale information that NYSE 

Arca reports to the Consolidated Tape 

Association (‘‘CTA’’) for inclusion in 

CTA’s consolidated data stream and 

certain other related data elements 

(‘‘NYSE Arca Last Sale Information’’). 

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 these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization 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 

a. The Service. The Exchange 

proposes to introduce NYSE Arca 

Trades, a new service pursuant to which 

it will allow vendors, broker-dealers and 

others (‘‘NYSE Arca-Only Vendors’’) to 

make available NYSE Arca Last Sale 

Information on a real-time basis.3 NYSE 

Arca Last Sale Information would 

include last sale information for all 

securities that are traded on the 

Exchange. 

The Exchange will make NYSE Arca 

Last Sale Information available through 

its new NYSE Arca Trades service at the 

same time as it provides last sale 

information to the processor under the 

CTA Plan. In addition to the 

information that the Exchange provides 

to CTA, NYSE Arca Last Sale 

Information will also include a unique 

sequence number that the Exchange 

assigns to each trade and that allows an 

investor to track the context of the trade 

through such other Exchange market 

data products as ArcaBook®. 

Contemporaneously with this 

proposed rule change, the Exchange 

submitted a proposed rule change that 

seeks to establish a pilot program for the 

receipt and redistribution of the NYSE 

Arca Trades datafeed(s) without charge 

to either the datafeed recipient or the 

end-user. The Exchange proposes to 

provide that free offering on a pilot 

program basis until the later of 

Commission approval of this proposed 

rule change and the end of the pilot 

period. 

b. The Fees. 

i. Access Fee. For the receipt of access 

to the datafeeds of NYSE Arca Last Sale 

Information that the Exchange will 

make available, the Exchange proposes 

to charge $750 per month. For that fee, 

the datafeed recipient will receive 

access to each of the NYSE Arca Last 

Sale Information datafeeds that NYSE 

Arca makes available. The Exchange 

does not propose to impose any program 

classification charges for the use of 

NYSE Arca Trades. 

ii. Device Fee. The Exchange proposes 

to charge each subscriber to an NYSE 

Arca-Only Vendor’s NYSE Arca Trades 

service: 

i. $5 per month per display device for 

the receipt and use of NYSE Arca Last 

Sale Information relating to Network A 

and Network B Eligible Securities (as 

the CTA Plan uses those terms); and 

ii. $5 per month per display device for 

the receipt and use of NYSE Arca Last 

Sale Information relating to securities 

listed on Nasdaq. 

(The Exchange does not currently 

perceive a demand for a nonprofessional 

subscriber fee for NYSE Arca Trades, 

but will monitor customer response.) 

c. The Fees are Non-Discriminatory. 

No investors or broker-dealers are 

required to subscribe to the product, as 

they can find the same NYSE Arca last 

sale prices in the Exchange’s NYSE Arca 

Realtime Reference Prices service.4 Or, 

they can find them integrated with the 

prices that other markets make available 

under the CTA Plan. Indeed, even 

though NYSE Arca Trades’ Last Sale 

Information provides a less expensive 

alternative to the consolidated price 

information that investors and brokerdealers receive from CTA, the Exchange 

believes that the information that NYSE 

Arca contributes to the CTA 

consolidated datafeed and the low 

latency of the CTA datafeed will 

continue to satisfy the needs of the vast 

majority of individual and professional 

investors. Most investors and brokerdealers are not likely to substitute the 

NYSE Arca Trades datafeed for the CTA 

datafeed for display purposes. 

Rather, the Exchange developed 

NYSE Arca Trades primarily at the 

request of traders who are very latency 

sensitive. The latency difference 

between accessing last sales through the 

NYSE Arca datafeed or through the CTA 

datafeed can be measured in tens of 

milliseconds. The Exchange anticipates 

that demand for the product will derive 

primarily from investors and brokerdealers who desire to use NYSE Arca 

Trades to power certain trading 

algorithms or smart order routers. 

Regardless of an investor’s reasons for 

subscribing to the NYSE Arca Trades 

service, the access fee applies equally to 

all NYSE Arca-Only Vendors that 

receive the NYSE Arca Trades datafeed 

and the device fee applies equally to all 

subscribers that receive an NYSE ArcaOnly Vendor’s NYSE Arca Trades 

service. Section 603(a)(2) of Regulation 

NMS requires markets to distribute 

market data ‘‘on terms that are not 

unreasonably discriminatory.’’ The 

Exchange believes that both the access 

fee and the device fees comply with this 

standard. 

d. The Fees are Fair and Reasonable. 

The Exchange believes that the levels at 

which it proposes to set the access and 

device fees comport with the standard 

that the Commission established for 

determining whether market data fees 

relating to non-core market data 

products are fair and reasonable. (‘‘Noncore products’’ refers to products other 

than the consolidated products that 

markets offer collectively under the 

joint industry plans.) In its recent 

‘‘Order Setting Aside Action by 

Delegated Authority and Approving 

Proposed Rule Change Relating to NYSE 

Arca Data’’ (the ‘‘NYSE ArcaBook 

Approval Order’’),5 the Commission 

reiterated its position from its release 

approving Regulation NMS that it 

should ‘‘allow market forces, rather than 


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Federal Register / Vol. 74, No. 21 / Tuesday, February 3, 2009 / Notices 5957 

6See Regulation NMS Release, 70 FR at 37566– 

37567 (addressing differences in distribution 

standards between core data and non-core data). 

7NYSE ArcaBook Approval Order at pp 46–47. 

8 Id at pp. 48–49. 

9 Id at p 52. 

10See Release Nos. 34–28407 (September 10, 

1990), and 34–49185 (February 4, 2004). 

regulatory requirements, to determine 

what, if any, additional quotations 

outside the NBBO are displayed to 

investors.’’6

The Commission went on to state that: 

The Exchange Act and its legislative 

history strongly support the Commission’s 

reliance on competition, whenever possible, 

in meeting its regulatory responsibilities for 

overseeing the SROs and the national market 

system. Indeed, competition among multiple 

markets and market participants trading the 

same products is the hallmark of the national 

market system.7

The Commission then articulated the 

standard that it will apply in assessing 

the fairness and reasonableness of 

market data fees for non-core products, 

as follows: 

With respect to non-core data, * * * the 

Commission has maintained a market-based 

approach that leaves a much fuller 

opportunity for competitive forces to work. 

This market-based approach to non-core data 

has two parts. The first is to ask whether the 

exchange was subject to significant 

competitive forces in setting the terms of its 

proposal for non-core data, including the 

level of any fees. If an exchange was subject 

to significant competitive forces in setting the 

terms of a proposal, the Commission will 

approve the proposal unless it determines 

that there is a substantial countervailing basis 

to find that the terms nevertheless fail to 

meet an applicable requirement of the 

Exchange Act or the rules thereunder.8

The Exchange believes that by this 

standard or any other standard, the 

proposed access and device fees are fair 

and reasonable. NYSE Arca and its 

market data products are subject to 

significant competitive forces and the 

proposed access and device fees 

represent responses to that competition. 

To start, the Exchange competes 

intensely for order flow. It competes 

with the other 10 national securities 

exchanges that currently trade equities, 

with electronic communication 

networks, with quotes posted in 

FINRA’s Alternative Display Facility 

and Trade Reporting Facilities, with 

alternative trading systems, and with 

securities firms that primarily trade as 

principal with their customer order flow 

‘‘and the competition is fierce.’’9

In addition, NYSE Arca Trades would 

compete with a number of alternative 

products. NYSE Arca Trades does not 

provide a complete picture of all trading 

activity in a security. Rather, the 12 

SROs, the several Trade Reporting 

Facilities of FINRA, and ECNs that 

produce proprietary data all produce 

trades and trade reports. Each is 

currently permitted to produce last sale 

information products, and many 

currently do, including Nasdaq and 

NYSE. In addition, investors can receive 

NYSE Arca trade reports through the 

consolidated CTA data stream or they 

can receive NYSE Arca trade reports for 

free by means of access to the 

Exchange’s NYSE Arca Realtime 

Reference Prices service. 

In setting the level of the proposed 

NYSE Arca Trades access and device 

fees, the Exchange took into 

consideration several factors, including: 

(1) Consultation with some of the 

entities that the Exchange anticipates 

will be the most likely to take advantage 

of NYSE Arca Trades; 

(2) the contribution of market data 

revenues that the Exchange’s Board of 

Directors believes is appropriate for 

vendors and other entities that provide 

market data to the investing public; 

(3) the contribution that revenues 

accruing from the proposed fees will 

make to meeting the overall costs of the 

Exchange’s operations; 

(4) projected losses to the revenues 

accruing from the Exchange’s other 

market data fees, which losses are likely 

to result from the ability of NYSE ArcaOnly Vendors to distribute NYSE Arca 

Trades to vendors, broker-dealers and 

investors in competition with the 

consolidated last sale information 

services that Participants provide under 

the CTA Plan; and 

(5) investors’ and broker-dealers’ 

access to NYSE Arca last sale prices 

through NYSE Arca Realtime Reference 

Prices. 

(6) the fact that the proposed fees 

provide an alternative to existing 

Network A and Network B fees under 

the CTA Plan and to the fees imposed 

under the Nasdaq/UTP Plan, 

alternatives that vendors will purchase 

only if they determine that the 

perceived benefits outweigh the cost. 

In the aftermath of the NYSE 

ArcaBook Approval Order, the 

Exchange believes that the competition 

among exchanges for order flow and the 

competition among exchanges for 

market data products subject the 

proposed NYSE Arca Trades access and 

device fees to significant competitive 

forces. 

In addition, the Exchange believes 

that no substantial countervailing basis 

exists to support a finding that the fees 

fail to meet the requirement of the Act. 

In sum, the availability of a variety of 

alternative sources of information 

impose significant competitive 

pressures on NYSE Arca Trades and 

NYSE Arca’s compelling need to attract 

order flow impose significant 

competitive pressure on NYSE Arca to 

act equitably, fairly, and reasonably in 

setting NYSE Arca Trades fees. The 

proposed NYSE Arca Trades access and 

device fees are, in part, responses to that 

pressure. The Exchange believes that the 

proposed NYSE Arca Trades service fees 

would reflect an equitable allocation of 

its overall costs to users of its facilities. 

e. Administrative Requirements. The 

Exchange will require NYSE Arca-Only 

Vendors to enter into the form of 

‘‘vendor’’ agreement into which the 

CTA Plan requires recipients of the 

Network A last sale prices information 

datafeeds to enter (the ‘‘Network A 

Vendor Form’’). The Network A Vendor 

Form will authorize the NYSE ArcaOnly Vendor to provide the NYSE Arca 

Trades service to its subscribers and 

customers. 

The Network A Participants drafted 

the Network A Vendor Form as a onesize-fits-all form to capture most 

categories of market data dissemination. 

It is sufficiently generic to accommodate 

NYSE Arca Trades. The Network A 

Vendor Form has been in use in 

substantially the same form since 

1990.10

Similarly, the Exchange will require 

professional and non-professional 

subscribers to NYSE Arca Trades to 

undertake to comply with the same 

contract, reporting, payment, and other 

administrative requirements as to which 

the Network A Participants subject them 

in respect of Network A last sale 

information under the CTA Plan. 

2. Statutory Basis 

The bases under the Act for the 

proposed rule change are the 

requirement under Section 6(b)(4) that 

an exchange have rules that provide for 

the equitable allocation of reasonable 

dues, fees and other charges among its 

members and other persons using its 

facilities and the requirements under 

Section 6(b)(5) that the rules of an 

exchange be designed to promote just 

and equitable principles of trade and 

not to permit unfair discrimination 

between customers, issuers, brokers or 

dealers. 

The proposed rule change would 

benefit investors by providing a less 

expensive alternative to the last sale 

price information than the consolidated 

last sale price information that they 

receive under the CTA Plan. In addition, 

for that single lower fee, vendors receive 

Exchange prices for all Exchange-traded 

securities, something that differentiates 


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5958 Federal Register / Vol. 74, No. 21 / Tuesday, February 3, 2009 / Notices 

11See Rule 601 of Regulation NMS. 

12See Rule 603(a) of regulation NMS. 

13See Footnote 638 to Regulation NMS (Release 

No. 34–51808; File No. S7–10–04) (June 9, 2005). 

14 17 CFR 200.30–3(a)(12). 

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

the Exchange’s product from pricing 

under the CTA Plan. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In proposing and adopting Regulation 

NMS, the Commission rescinded the 

prior prohibition on SROs from 

disseminating their trade reports 

independently,11 subjecting that 

distribution to the ‘‘fair and reasonable’’ 

and ‘‘not unreasonably discriminatory’’ 

standards that have historically 

governed the distribution of 

consolidated data.12 The Commission 

stated, ‘‘Given that * * * SROs will 

continue to transmit trades to the 

Networks pursuant to the Plans * * *, 

the Commission believe [SIC] that SROs 

and their members also should be free 

to distribute their trades 

independently.’’ 13

The Commission rescinded the 

prohibition in recognition of the fact 

that competition in the realm of SRO 

trade-report distribution would produce 

market forces and innovation that 

would benefit the investing public. The 

NYSE ArcaBook Approval Order 

enforces this finding. By means of NYSE 

Arca Trades, the Exchange would 

provide vendors and broker-dealers 

with an alternative market data product 

and fee structure that does not exist 

today, without altering or rescinding 

any existing market data fees or 

products. If they believe that the 

proposed product and fee structure are 

useful and cost-effective to their 

business model, they will embrace 

them. 

Given the existence of alternative 

products containing NYSE Arca last sale 

products, the Exchange 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 

The Exchange has discussed this 

proposed rules change with those 

entities that the Exchange believes 

would be the most likely to take 

advantage of the proposed NYSE Arca 

Last Sale Information service by 

becoming NYSE Arca-Only Vendors. 

While those entities have not submitted 

formal, written comments on the 

proposal, the Exchange has incorporated 

some of their ideas into the proposal 

and this proposed rule change reflects 

their input. The Exchange has not 

received any unsolicited written 

comments from members or other 

interested parties. 

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–NYSEArca–2009–05 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–NYSEArca–2009–05. 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 the 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–2009–05 and should be 

submitted on or before February 24, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–2225 Filed 2–2–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59294; File No. SR–OCC– 

2008–20] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing and Order Granting 

Accelerated Approval of a Proposed 

Rule Change Relating To Establishing 

a Market Loan Program 

January 23, 2009. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

December 23, 2008, The Options 

Clearing Corporation (‘‘OCC’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which items have 

been prepared primarily by OCC. The 

Commission is publishing this notice 

and order 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 proposed rule change would 

create a framework for OCC to provide 

clearing services for stock loan and 

borrow transactions effected through 

electronic trading systems. 


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