Federal Register / Vol. 74, No. 41 / Wednesday, March 4, 2009 / Notices 9463 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

Commission notes, however, that its 

action in this matter is without 

prejudice to any action it may take with 

respect to SR–NYSEALTR–2008–14. 

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–NYSEALTR–2009–17 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–NYSEALTR–2009–17. 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– 

NYSEALTR–2009–17 and should be 

submitted on or before March 25, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–4562 Filed 3–3–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59453; File No. SR– 

NYSEArca–2009–09] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Arca, Inc. To Adopt a Policy Relating 

to its Treatment of Trade Reports That 

it Determines To Be Inconsistent With 

the Prevailing Market 

February 25, 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 February 

9, 2009, NYSE Arca, Inc. (‘‘NYSE Arca’’ 

or ‘‘Exchange’’) 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 

by the Exchange. The Exchange has 

designated this proposal eligible for 

immediate effectiveness pursuant to 

Exchange Act Rule 19b–4(f)(6). The 

Commission is publishing this notice to 

solicit comments on the proposal from 

interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

NYSE Arca, Inc. (the ‘‘Exchange’’), 

through its wholly-owned subsidiary 

NYSE Arca Equities, Inc. (‘‘NYSE Arca 

Equities’’), proposes to adopt a policy 

relating to its treatment of trade reports 

that it determines to be inconsistent 

with the prevailing market. 

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 

Exchange 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 III below. The 

Exchange 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 

Trades in listed securities 

occasionally occur at prices that deviate 

significantly from prevailing market 

prices and those trades sometimes 

establish a high, low or last sale price 

for a security that does not reflect the 

true market for the security. 

The Consolidated Tape Association 

(‘‘CTA’’) offers each Participant in the 

CTA Plan the discretion to append an 

indicator (an ‘‘Aberrant Report 

Indicator’’) to a trade report to indicate 

that the market believes that the trade 

price in a trade executed on that market 

does not accurately reflect the 

prevailing market for the security. The 

CTA recommends that data recipients 

should exclude the price of any trade to 

which the Aberrant Report Indicator has 

been appended from any calculation of 

the high, low and last sale prices for the 

security. 

During the course of surveillance by 

the Exchange or as a result of 

notification by another market, listed 

company or market participant, the 

Exchange may become aware of trade 

prices that do not accurately reflect the 

prevailing market for a security. In such 

a case, the Exchange proposes to adopt 

as policies that it: 

• May determine to append an 

Aberrant Report Indicator to any trade 

report with respect to any trade 

executed on the Exchange that the 

Exchange determines to be inconsistent 

with the prevailing market; and 

• Shall discourage vendors and other 

data recipients from using prices to 

which the Exchange has appended the 

Aberrant Report Indicator in any 

calculation of the high, low or last sale 

price of a security. 

The Exchange will urge vendors to 

disclose the exclusion from high, low or 

last sale price data of any aberrant 

trades excluded from high, low or last 

sale price information they disseminate 

and to provide to data users an 

explanation of the parameters used in 

the Exchange’s aberrant trade policy. 

Upon initial adoption of the Aberrant 

Report Indicator, the Exchange will also 

9464 Federal Register / Vol. 74, No. 41 / Wednesday, March 4, 2009 / Notices 

3 15 U.S.C. 78f. 

4 15 U.S.C. 78f(b)(5). 

5 15 U.S.C. 78s(b)(3)(A). 

6 17 CFR 240.19b–4(f)(6). 

contact all of its listed companies to 

explain the aberrant trade policy and 

will notify users of the information that 

these are still valid trades. The 

Exchange will inform the affected listed 

company each time the Exchange or 

another market appends the Aberrant 

Report Indicator to a trade in an NYSE 

Arca listed stock and will remind the 

users of the information that these are 

still valid trades in that they were 

executed and not unwound as in the 

case of a clearly erroneous trade. 

While the CTA disseminates its own 

calculations of high, low and last sale 

prices, vendors and other data 

recipients—and not the Exchange— 

frequently determine their own 

methodology by which they wish to 

calculate high, low and last sale prices. 

Therefore, the Exchange shall endeavor 

to explain to those vendors and other 

data recipients the deleterious effects 

that can result from including in the 

calculations a trade to which the 

Aberrant Report Indicator has been 

appended. 

In making the determination to 

append the Aberrant Report Indicator, 

the Exchange shall consider all factors 

related to a trade, including, but not 

limited to, the following: 

• Material news released for the 

security; 

• Suspicious trading activity; 

• System malfunctions or 

disruptions; 

• Locked or crossed markets; 

• A recent trading halt or resumption 

of trading in the security; 

• Whether the security is in its initial 

public offering; 

• Volume and volatility for the 

security; 

• Whether the trade price represents 

a 52-week high or low for the security; 

• Whether the trade price deviates 

significantly from recent trading 

patterns in the security; 

• Whether the trade price reflects a 

stock-split, reorganization or other 

corporate action; 

• The validity of consolidated tape 

trades and quotes in comparison to 

national best bids and offers; and 

• The general volatility of market 

conditions. 

In addition, the Exchange proposes 

that its policy shall be to consult with 

the listing exchange (if the Exchange is 

not the listing exchange) and with other 

markets (in the case of executions that 

take place across multiple markets) and 

to seek a consensus as to whether the 

trade price is consistent with the 

prevailing market for the security. 

In determining whether trade prices 

are inconsistent with the prevailing 

market, the Exchange proposes that 

Exchange policy shall be to follow the 

following general guidelines: The 

Exchange will determine whether a 

trade price does not reflect the 

prevailing market for a security if the 

trade occurs during regular trading 

hours (i.e., 9:30 a.m. to 4 p.m.) and 

occurs at a price that deviates from the 

‘‘Reference Price’’ by an amount that 

meets or exceeds the following 

thresholds: 

Trade price Numerical 

threshold 

Between $0 and $15.00 .... Seven Percent. 

Between $15.01 and 

$50.00.

Five Percent. 

In excess of $50.00 ........... Three Percent. 

The ‘‘Reference Price’’ refers to (a) if 

the primary market for the security is 

open at the time of the trade, the 

national best bid or offer for the 

security, or (b) if the primary market for 

the security is not open at the time of 

the trade, the first executable quote or 

print for the security on the primary 

market after execution of the trade in 

question. However, if the circumstances 

suggest that a different Reference Price 

would be more appropriate, the 

Exchange will use the different 

Reference Price. For instance, if the 

national best bid and offer for the 

security are so wide apart as to fail to 

reflect the market for the security, the 

Exchange might use as the Reference 

Price a trade price or best bid or offer 

that was available prior to the trade in 

question. 

If the Exchange determines that a 

trade price does not reflect the 

prevailing market for a security and the 

trade represented the last sale of the 

security on the Exchange during a 

trading session, the Exchange may also 

determine to remove that trade’s 

designation as the last sale. The 

Exchange may do so either on the day 

of the trade or at a later date, so as to 

provide reasonable time for the 

Exchange to conduct due diligence 

regarding the trade, including the 

consideration of input from markets and 

other market participants. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 3 of the Act 

in general and furthers the objectives of 

Section 6(b)(5) 4 in particular, in that it 

is designed to promote just and 

equitable principles of trade, to remove 

impediments, and to perfect the 

mechanism of, a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. 

In particular, the Aberrant Report 

Indicator is consistent with the 

protection of investors and the public 

interest in that the Exchange will seek 

to ensure a proper understanding of the 

Aberrant Report Indicator among 

securities market participants by: (i) 

Urging vendors to disclose the exclusion 

from high, low or last sale price data of 

any aberrant trades excluded from high, 

low or last sale price information they 

disseminate and to provide to data users 

an explanation of the parameters used 

in the Exchange’s aberrant trade policy; 

(ii) informing the affected listed 

company each time the Exchange or 

another market appends the Aberrant 

Report Indicator to a trade in an NYSE 

Arca listed stock; and (iii) reminding the 

users of the information that these are 

still valid trades in that they were 

executed and not unwound as in the 

case of a clearly erroneous trade. 

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 

Written comments on the proposed 

rule change were neither solicited nor 

received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Pursuant to Section 19(b)(3)(A) of the 

Act 5 and Rule 19b–4(f)(6) thereunder,6

the Exchange has designated this 

proposal as one that effects a change 

that: (A) Does not significantly affect the 

protection of investors or the public 

interest; (B) does not impose any 

significant burden on competition; and 

(C) by its terms, does not become 

operative for 30 days after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest. 

A proposed rule change filed under 

19b–4(f)(6) normally may not become 

operative for 30 days after the date of 

Federal Register / Vol. 74, No. 41 / Wednesday, March 4, 2009 / Notices 9465 

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

19b–4(f)(6)(iii) requires a self-regulatory 

organization to give the Commission written notice 

of its intent to file 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 Id. 

9See Securities Exchange Act Release No. 58736 

(October 6, 2008), 73 FR 60380 (October 10, 2008) 

(SR–NYSE–2008–91). 

10For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

impact of the proposed rule on efficiency, 

competition, and capital formation. 15 U.S.C. 78c(f). 11 17 CFR 200.30–3(a)(12). 

filing.7 However, Rule 19b–4(f)(6)(iii) 8

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has 

requested that the Commission waive 

the 30-day operative delay and 

designate the proposed rule change to 

become operative upon filing. 

The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because the proposal is substantially 

similar to a proposal previously 

approved by the Commission.9 The 

Commission believes that the 

Exchange’s proposal to append an 

Aberrant Report Indicator to certain 

trade reports is a reasonable means to 

alert investors and others that the 

Exchange believes that the trade price 

for a trade executed in its market does 

not accurately reflect the prevailing 

market for the security. In addition, the 

Commission notes that the Exchange 

will use objective numerical thresholds 

in determining whether a trade report is 

eligible to have an Aberrant Trade 

Indicator appended to it. The 

Commission further notes that the 

Exchange’s appending the Aberrant 

Trade Indicator to a trade report has no 

effect on the validity of the underlying 

trade. Finally, waiving the 30-day 

operative delay will allow the Exchange 

to apply the proposed change to future 

aberrant trades immediately.10 Based on 

the above, the Commission designates 

the proposal to become operative upon 

filing. 

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 the 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–2009–09 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–2009–09. 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– 

NYSEArca–2009–09 and should be 

submitted on or before March 25, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–4561 Filed 3–3–09; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Reporting and Recordkeeping 

Requirements Under OMB Review 

AGENCY: Small Business Administration. 

ACTION: Notice of reporting requirements 

submitted for OMB review. 

SUMMARY: Under the provisions of the 

Paperwork Reduction Act (44 U.S.C. 

Chapter 35), agencies are required to 

submit proposed reporting and 

recordkeeping requirements to OMB for 

review and approval, and to publish a 

notice in the Federal Register notifying 

the public that the agency has made 

such a submission. 

DATES: Submit comments on or before 

April 3, 2009. If you intend to comment 

but cannot prepare comments promptly, 

please advise the OMB Reviewer and 

the Agency Clearance Officer before the 

deadline. 

Copies: Request for clearance (OMB 

83–1), supporting statement, and other 

documents submitted to OMB for 

review may be obtained from the 

Agency Clearance Officer. 

ADDRESSES: Address all comments 

concerning this notice to: Agency 

Clearance Officer, Jacqueline White, 

Small Business Administration, 409 3rd 

Street, SW., 5th Floor, Washington, DC 

20416; and OMB Reviewer, Office of 

Information and Regulatory Affairs, 

Office of Management and Budget, New 

Executive Office Building, Washington, 

DC 20503. 

FOR FURTHER INFORMATION CONTACT: 

Jacqueline White, Agency Clearance 

Officer, (202) 205–7044. 

SUPPLEMENTARY INFORMATION: 

Title: Disclosure Statement Leveraged, 

Disclosures Statement—Non-Leveraged 

Licensees. 

SBA Form Numbers: 856 & 856A. 

Frequency: On occasion. 

Description of Respondents: Small 

businesses investment companies. 

Responses: 350. 

Annual Burden: 162. 

Jacqueline White, 

Chief, Administrative Information Branch. 

[FR Doc. E9–4521 Filed 2–27–09; 11:15 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

Data Collection Available for Public 

Comments and Recommendations 

ACTION: Notice and request for 

comments. 

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995, this 

notice announces the Small Business