49416 Federal Register / Vol. 74, No. 186 / Monday, September 28, 2009 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 59838 

(April 28, 2009), 74 FR 20767 (the ‘‘Notice’’). 

4 In Amendment No. 1, the Exchange specifies an 

effective date of October 5, 2009 for the proposed 

rule change, if the proposed rule change is 

approved by the Commission, and makes certain 

other changes as described in Section V, infra. The 

text of Amendment No. 1 is available on the 

Exchange’s Web site at http://www.nyse.com, at the 

principal office of the Exchange, and at the 

Commission’s Public Reference Room. 

5The Exchange will publish the email address or 

other electronic means to be used for all clearly 

erroneous filings in a circular distributed to Equity 

Trading Permit (‘‘ETP’’) Holders. 

6Specifically, if an order is initially routed by a 

participant to Market Center A and subsequently 

routed to NYSE Arca, the proposed rule will 

generally require Market Center A to file with the 

Exchange within 30 minutes from the time it 

receives its participant’s timely filed request for 

review. This proposed rule caps the filing deadline 

for an away market center at 60 minutes from the 

time of the execution at issue. 

7See NYSE Arca Rule 7.10(b). 

lack of current and accurate information 

concerning the securities of Play by Play 

Toys & Novelties, Inc. because it has not 

filed any periodic reports since the 

period ended April 30, 2001. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Powerbrief, 

Inc. because it has not filed any periodic 

reports since the period ended June 30, 

2001. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Southern 

Energy Company, Inc. because it has not 

filed any periodic reports for the period 

ended March 31, 1999 through the 

period ended September 30, 2008, or for 

the period ended June 30, 2009. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Strategia 

Corp. (n/k/a Catthai Corp.) because it 

has not filed any periodic reports since 

the period ended September 30, 2000. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of TTI 

Industries, Inc. because it has not filed 

any periodic reports since the period 

ended February 29, 2000. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of the above-listed 

companies. Therefore, it is ordered, 

pursuant to Section 12(k) of the 

Securities Exchange Act of 1934, that 

trading in the securities of the abovelisted companies is suspended for the 

period from 9:30 a.m. EDT on 

September 24, 2009, through 11:59 p.m. 

EDT on October 7, 2009. 

By the Commission. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–23422 Filed 9–24–09; 11:15 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60706; File No. SR– 

NYSEArca–2009–36] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of 

Amendment No. 1 and Order Granting 

Accelerated Approval of Proposed 

Rule Change, as Modified by 

Amendment No. 1 Thereto, Relating to 

NYSE Arca Equities Rule 7.10 

Governing Clearly Erroneous 

Executions 

September 22, 2009. 

I. Introduction 

On April 27, 2009, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ or the ‘‘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 NYSE Arca Equities 

Rule 7.10 governing clearly erroneous 

executions. The proposed rule change 

was published for comment in the 

Federal Register on May 5, 2009.3 On 

September 21, 2009, the Exchange 

submitted Amendment No. 1 to the 

proposed rule change.4 The Commission 

received no comment letters on the 

proposal. This order provides notice of 

filing of Amendment No. 1 to the 

proposed rule change and grants 

accelerated approval to the proposed 

rule change, as modified by Amendment 

No. 1. 

II. Description of the Proposal 

The Exchange proposes to amend 

NYSE Arca Rule 7.10 in order to 

improve the Exchange’s rule regarding 

clearly erroneous executions. The 

proposed changes are part of a marketwide effort designed to provide 

transparency and finality with respect to 

clearly erroneous executions. This effort 

seeks to achieve consistent results for 

participants across U.S. equities 

exchanges while maintaining a fair and 

orderly market, protecting investors and 

protecting the public interest. A 

summary of the most significant 

proposed changes are discussed below. 

A more detailed description of the 

proposed changes may be found in the 

Notice. 

A. ETP Holder Initiated Review Requests 

1. Requests for Review 

The Exchange proposes that requests 

for review must be received by the 

Exchange by electronic mail (‘‘email’’), 

or other electronic means specified from 

time to time by the Exchange, within 30 

minutes of the execution time for orders 

initially routed to and executed on the 

Exchange.5 However, requests for 

review relating to orders routed from 

another market center to NYSE Arca 

will have an additional 30 minutes.6

These requests for review must contain 

certain essential identifying 

information, including the time of the 

transaction(s), security symbol(s), 

number of shares, price(s), side (bought 

or sold), and factual basis for believing 

that the trade is clearly erroneous. 

The proposed rule requires the 

Exchange to notify the counterparty to 

a trade only upon receipt of a timely 

filed request for review that satisfies the 

numerical guidelines set forth within 

the Rule. The Exchange also proposes to 

allow an Officer of the Corporation or 

such other senior level employee 

designee (‘‘Officer’’) of NYSE Arca to 

request additional information from 

each party to a transaction under 

review. Parties to the review will have 

30 minutes from the time of the request 

to provide additional supporting 

information. 

2. Threshold Factors and Numerical 

Guidelines 

Currently, the Exchange does not 

identify specific numeric guidelines for 

determining what constitutes a clearly 

erroneous transaction, but instead 

provides that ‘‘an Officer of the 

Corporation will review the transaction 

and determine whether it is clearly 

erroneous, with a view toward 

maintaining a fair and orderly market 

and the protection of investors and the 

public interest.’’ 7 The Exchange 

proposes adding certain numerical 

thresholds to the Rule that explicitly 


srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 74, No. 186 / Monday, September 28, 2009 / Notices 49417 

state what constitutes a clearly 

erroneous execution. 

Specifically, the proposed numerical 

guidelines state that a transaction 

executed during the Core, Opening, or 

Late Trading Session may be found to be 

clearly erroneous only if the price of the 

transaction is greater (for a buy) or less 

(for a sale) than a reference price (the 

‘‘Reference Price’’) by an amount that 

equals or exceeds the numerical 

guidelines for a particular transaction 

category. The Reference Price will be 

equal to the Consolidated Last Sale 

immediately prior to the execution 

under review, unless unusual 

circumstances are present. The 

proposed guidelines for sales greater 

than $0.00 up to and including $25.00 

will be 10% for the Core Trading 

Session and 20% for the Opening and 

Late Trading Sessions. The proposed 

guidelines for sales greater than $25.00 

up to an including $50.00 will be 5% for 

the Core Trading Session and 10% for 

Opening and Late Trading Sessions. The 

proposed guidelines for sales greater 

than $50.00 will be 3% for the Core 

Trading Session and 6% for Opening 

and Late Trading Sessions. A filing 

involving five or more securities by the 

same ETP Holder will be aggregated into 

a single filing called a ‘‘Multi-Stock 

Event.’’ In the case of a Multi-Stock 

Event, the proposed guidelines will be 

10% for both the Core Trading Session 

and the Opening and Late Trading 

Sessions. In the case of Leveraged ETF/ 

ETN securities, the above guidelines 

will be multiplied by the leverage 

multiplier of the security. Executions 

that do not meet or exceed the 

Numerical Guidelines will not be 

eligible for review under the proposed 

rule. 

3. Unusual Circumstances 

NYSE Arca proposes that, in Unusual 

Circumstances the Exchange may, in its 

discretion and with a view toward 

maintaining a fair and orderly market 

and the protection of investors and the 

public interest, use a Reference Price 

other than the consolidated last sale. 

Unusual Circumstances may include 

periods of extreme market volatility, 

sustained illiquidity, or widespread 

system issues. Other Reference Prices 

that the Exchange may use will include 

the consolidated inside price, the 

consolidated opening price, the 

consolidated prior close, or the 

consolidated last sale prior to a series of 

executions. 

Under the proposed rule the Exchange 

may also use a higher numerical 

guideline if, after market participants 

have been alerted to erroneous activity, 

the price of the security returns toward 

its prior trading range but continues to 

trade beyond the price at which it 

would have normally been broken. 

4. Joint Market Rulings 

In the interest of achieving 

consistency across markets, the 

Exchange proposes that, in events that 

involve other markets, the Exchange 

will have the ability to use a different 

Reference Price and/or Numerical 

Guideline than those specifically 

outlined in the proposed rule in an 

effort to coordinate a Reference Price 

and/or a Numerical Guideline that is 

consistent across the Exchanges on 

which the transactions occurred. 

Furthermore, when a ruling is made 

across markets, the Exchange may 

determine that the ruling is not eligible 

for appeal because immediate finality is 

necessary to maintain a fair and orderly 

market and to protect investors and the 

public interest. 

5. Additional Factors 

The proposed rule change enumerates 

some additional factors that an Officer 

may consider when determining 

whether an execution is clearly 

erroneous. These factors include, but are 

not limited to, system malfunctions or 

disruptions, volume and volatility for 

the security, derivative securities 

products that correspond to greater than 

100% in the direction of a tracking 

index, news released for the security, 

whether trading in the security was 

recently halted/resumed, whether the 

security is an initial public offering, 

whether the security was subject to a 

stock-split, reorganization, or other 

corporate action, overall market 

conditions, Opening and Late Session 

executions, validity of the consolidated 

tapes trades and quotes, consideration 

of primary market indications, and 

executions inconsistent with the trading 

pattern in the stock. Each additional 

factor will be considered with a view 

toward maintaining a fair and orderly 

market, and the protection of investors 

and the public interest. 

6. Numerical Guidelines Applicable to 

Volatile Market Opens 

Under the proposed rule change, the 

Exchange will have the ability to 

expand the Numerical Guidelines 

applicable to transactions occurring 

between 9:30 a.m. and 10 a.m. based on 

the disseminated value of the S&P 500 

Futures at 9:15 a.m. When the S&P 

Futures are up or down 3% to up to but 

not including 5% at 9:15 a.m., the 

Numerical Guidelines will be doubled. 

When the S&P Futures are up or down 

5% or greater at 9:15 a.m., the 

Numerical Guidelines will be tripled. 

B. Outlier Transactions 

The proposed rule change permits an 

Officer to consider requests for review 

received after 30 minutes, but not longer 

than 60 minutes after the execution in 

question in the case of an Outlier 

Transaction. An Outlier Transaction 

will be a transaction where (1) the 

execution price of the security is greater 

than three times the current Numerical 

Guidelines, or (2) the execution price of 

the security breaches the 52-week high 

or low, in which case the Exchange may 

consider Additional Factors to 

determine if the transaction qualifies for 

review or if the Corporation will decline 

to act. 

C. Review Procedures 

Under the proposed rule, an Officer 

will only have the authority to break 

trades or rule to let trades stand. An 

Officer will no longer be able to modify 

the terms of an individual transaction. 

The Exchange also proposes that an 

initial determination must be made 

generally within 30 minutes of receipt 

of the complaint, but in no case later 

than the start of Core Trading on the 

following trading day in order to 

provide a time frame in which ruling 

may be expected. 

The Exchange proposes that all appeal 

requests must be submitted via email. 

The Exchange also proposes more 

definite guidelines to ensure the 

expedient resolution of appeals by 

requiring the Exchange to review 

appeals as soon as practicable, but 

generally on the same day as the 

executions under review. Appeals 

received between 3 ET and the close of 

trading in the Late Trading Session will 

be made as soon as practicable, but in 

no case later than the trading day 

following the date of the execution 

under review. 

D. System Disruption and Malfunctions 

The proposed rule provides that, in 

the event of a disruption or a 

malfunction, an Officer will rely on the 

proposed numerical guidelines in 

determining whether an execution is 

clearly erroneous. However, the Officer 

may also use a lower Numerical 

Guideline if necessary to maintain a fair 

and orderly market, protect investors, 

and protect the public interest. The 

proposed rule also states that actions 

taken under these circumstances must 

be taken within 30 minutes of detection 

of the erroneous transaction in the 

ordinary case, and by no later than the 

start of the Core Trading Session on the 

day following the date of the execution 

under review when extraordinary 

circumstances exist. 


srobinson on DSKHWCL6B1PROD with NOTICES
49418 Federal Register / Vol. 74, No. 186 / Monday, September 28, 2009 / Notices 

8 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). 

9 15 U.S.C. 78f(b)(5). 

In addition, under the proposed rule, 

an Officer will only have the authority 

to break trades or rule to let trades 

stand. An Officer will no longer be able 

to modify the terms of an individual 

transaction. 

E. Officers Acting on Their Own Motion 

The Exchange proposes to grant 

Officers the ability to act on their own 

motion to review potentially erroneous 

executions. Under the current rule, 

Officers have the ability to act upon 

their own motion only in the event of 

a system disruption or malfunction. The 

proposed rule will allow an Officer to 

review executions and rely on the 

Numerical Guidelines with respect to 

any potentially erroneous executions. In 

extraordinary circumstances an Officer 

may apply a lower Numerical Guideline 

if such action is necessary to maintain 

a fair and orderly market or protect 

investors and the public interest. 

F. Trade Nullification for UTP Securities 

That Are Subject of Initial Public 

Offerings 

The proposed rule also modifies 

NYSE Arca’s policy on trade 

nullification and for UTP securities that 

are subject to initial public offerings. 

Under the proposed rule, Officers must 

either declare an opening transaction 

null and void or decline to take action. 

An opening transaction can no longer be 

adjusted. Furthermore, the proposed 

rule requires that, in extraordinary 

circumstances, the reviewing Officer 

must take action by no later than the 

start of Core Trading on the day 

following the date of the execution 

under review. 

III. Discussion and Commission 

Findings 

The Commission finds that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to a national securities 

exchange.8 In particular, it is consistent 

with Section 6(b)(5) of the Act,9 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, and not be designed to 

permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Commission considers that, 

under ordinary circumstances, trades 

that are executed between parties 

should be honored. On rare occasions, 

the price of the executed trade indicates 

that an obvious error may exist, 

suggesting that it is unrealistic to expect 

that the parties to the trade had come to 

a meeting of the minds regarding the 

terms of the transaction and therefore 

that a clearly erroneous transaction may 

have taken place. In the Commission’s 

view, the determination of whether a 

clearly erroneous trade has occurred 

should be based on specific and 

objective criteria and subject to specific 

and objective procedures. 

The Commission believes that the 

proposed rule change sets forth a 

specific methodology for reviewing 

potentially erroneous trades and should 

increase transparency and certainty for 

participants for transactions executed 

on NYSE Arca with respect to such 

trades. Specifically, the proposed rule 

change sets forth a specified procedure 

and imposes a timeframe for requesting 

reviews of potentially clearly erroneous 

transactions and for appealing clearly 

erroneous determinations. The proposed 

rule change also sets forth timeframes 

for NYSE Arca to make a ruling and to 

consider an appeal relating to trades 

that are claimed to be clearly erroneous. 

In addition, the Commission notes that 

the establishment of Numerical 

Guidelines, below which NYSE Arca 

will not break trades, sets forth a more 

specific and objective methodology that 

should provide greater certainty to 

market participants who are parties to 

trades that are claimed to be clearly 

erroneous. The Commission notes that 

the guidance for Unusual Circumstances 

provides the Exchange needed 

flexibility to respond to market 

conditions and to help facilitate the fair 

and orderly operation of the markets 

and protection of investors and the 

public interest. Further, the Commission 

believes that the use of enumerated 

Additional Factors provides the Officers 

with more transparent standards and 

procedures when they are called upon 

to determine whether a transaction that 

exceeds the Numerical Guidelines is 

clearly erroneous. 

The Commission notes that the joint 

ruling provision allowing the Exchange 

to use a different Reference Price and/ 

or Numerical Guideline, determined 

based on a consensus among the 

relevant exchanges, is designed to 

increase the likelihood that that clearly 

erroneous execution rules will be 

consistently applied across markets, 

while also helping to facilitate the fair 

and orderly operation of the markets 

and protection of investors and the 

public interest. 

The proposed rule change provides 

that Officers of NYSE Arca acting on 

their own motion in the event of a 

system disruption or malfunction must 

rely on the Numerical Guidelines. In 

addition, the proposed rule change 

expands the ability of such Officers to 

act on their own motion, subject to the 

Numerical Guidelines, to any 

circumstance in which nullification of 

the transaction may be necessary for the 

maintenance of a fair and orderly 

market or the protection of investors 

and the public interest. In addition, the 

rule allows, in extraordinary 

circumstances, an Officer to apply a 

lower Numerical Guideline if it is 

determined that such action is necessary 

to maintain a fair and orderly market or 

protect investors and the public interest. 

The Commission believes that these 

proposed changes set forth more 

specific and objective standards and 

procedures than under the current rule. 

Finally, the Commission notes that 

the proposed rule change eliminates the 

Exchange’s ability to modify or adjust a 

clearly erroneous execution. Under the 

proposed rule, the Exchange must either 

uphold or nullify the execution based 

upon the determination of the Officer 

reviewing the execution. The 

Commission believes that it is 

reasonable for the Exchange to eliminate 

the subjectivity in determining the 

appropriate adjustment amount and that 

the proposed change is specific and 

objective. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning Amendment No. 

1, including whether Amendment No. 1 

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–2009–36 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–2009–36. This 

file number should be included on the 


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Federal Register / Vol. 74, No. 186 / Monday, September 28, 2009 / Notices 49419 

10 15 U.S.C. 78s(b)(2). 

11 15 U.S.C. 78s(b)(2). 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The current pilot is scheduled to expire on 

October 31, 2009. See Securities Exchange Act 

Release No. 60224 (July 1, 2009), 74 FR 32991 (July 

9, 2009). 

4See Securities Exchange Act Release No. 59944 

(May 20, 2009), 74 FR 25294 (May 27, 2009) 

(‘‘Notice’’). 

5See letter from Stephen Schuler and Daniel 

Tierney, Managing Members, Global Electronic 

Trading Company, dated June 10, 2009 (‘‘GETCO 

Letter’’); letter from Edward J. Joyce, President and 

COO, Chicago Board Options Exchange, dated June 

12, 2009 (‘‘CBOE Letter’’); letter from Thomas 

Wittman, Vice President, The NASDAQ OMX 

Group, Inc., dated June 12, 2009 (‘‘Nasdaq Letter’’); 

letter from Christopher Nagy, Managing Director 

Order Routing Strategy, TD Ameritrade, Inc., dated 

June 17, 2009 (‘‘Ameritrade Letter’’); letter from 

Thomas F. Price, Managing Director, Securities 

Industry and Financial Markets Association, dated 

June 17, 2009 (‘‘SIFMA Letter’’); letter from 

Anthony J. Saliba, CEO, LiquidPoint LLC, dated 

June 17, 2009 (LiquidPoint Letter’’); letter from 

Michael J. Simon, Secretary, International 

Securities Exchange, LLC, dated June 23, 2009 (‘‘ISE 

Letter’’); letter from John Ingrill, Gerard Satur, 

Karen Wendell, Managing Directors, UBS Securities 

LLC, dated June 30, 2009 (‘‘UBS Letter’’); and letter 

from Jerome Johnson, Vice President, Market 

Development, BATS Exchange, Inc., dated August 

28, 2009 (‘‘BATS Letter’’) (collectively, the 

‘‘Comment Letters’’). 

6See letter from Janet M. Kissane, Senior Vice 

President—Legal & Corporate Secretary, NYSE 

Arca, to Elizabeth M. Murphy, Secretary, 

Continued 

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 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–2009–36 and 

should be submitted on or before 

October 19, 2009. 

V. Accelerated Approval of Proposed 

Rule Change, as Modified by 

Amendment No. 1 

The Commission finds good cause to 

approve the proposed rule change, as 

modified by Amendment No. 1, prior to 

the thirtieth day after publication for 

comment in the Federal Register. 

In Amendment No. 1, the Exchange 

clarifies that, throughout the rule, the 

definition of ‘‘Officer’’ encompasses 

only Officers of the Corporation or such 

other senior level employee designee of 

the Corporation. In addition, in the 

context of rulings in Unusual 

Circumstances, the Exchange added the 

protection of investors and the public 

interest as a basis for using a reference 

price other than the consolidated last 

sale. 

In the context of the Numerical 

Guidelines, the Exchange also clarifies 

that the execution time of the 

transaction under review determines 

whether the Numerical Guideline 

applied is Core Trading Session or 

Opening and Late Trading Session. In 

addition, the Exchange corrected a 

drafting error regarding the sales price at 

which certain numerical guidelines are 

applicable. The corrected language, 

which is reflected in the discussion 

above, now states that the proposed 

guidelines for sales greater than $0.00 

up to and including $25.00 are 10% for 

the Core Trading Session and 20% for 

the Opening and Late Trading Sessions, 

and the proposed guidelines for sales 

greater than $25.00 up to and including 

$50.00 are 5% for the Core Trading 

Session and 10% for Opening and Late 

Trading Sessions. 

In addition, as is reflected in the 

discussion above, the Exchange clarifies 

the percentage range at which volatility 

in the S & P 500 Futures would trigger 

the Exchange’s ability to double or triple 

the applicable Numerical Guidelines. 

The Exchange also clarifies that, the 

context of appeals, in no case will a CEE 

Panel include a person affiliated with a 

party to the trade in question. 

The changes proposed in Amendment 

No. 1, discussed above, seek to clarify 

the operation of the proposed rule and 

do not differ materially from the 

proposal as published in the Federal 

Register on May 5, 2009. Therefore, the 

Commission finds good cause, 

consistent with Section 19(b)(2) of the 

Act,10 to approve the proposed rule 

change, as modified by Amendment No. 

1, on an accelerated basis. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,11 that the 

proposed rule change (SR–NYSEArca– 

2009–36), as amended, be, and it hereby 

is, approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–23358 Filed 9–25–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60711; File No. SR– 

NYSEArca–2009–44] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of 

Amendment Nos. 1 and 3 and Order 

Granting Partial Accelerated Approval 

of a Proposed Rule Change, as 

Modified by Amendment Nos. 1 and 3 

Thereto, Amending NYSE Arca Rule 

6.72 and Expanding the Penny Pilot 

Program 

September 23, 2009. 

I. Introduction 

On May 15, 2009, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ 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 its options trading rule 

to extend through December 31, 2010 

and expand a program to quote certain 

options in smaller increments (‘‘Pilot 

Program’’ or ‘‘Pilot’’).3 The proposed 

rule change was published for comment 

in the Federal Register on May 27, 

2009.4 The Commission received nine 

comment letters in response to the 

proposed rule change.5 On August 18, 

2009, the Exchange responded to the 

comment letters 6 and filed Amendment 


srobinson on DSKHWCL6B1PROD with NOTICES