9840 Federal Register / Vol. 74, No. 43 / Friday, March 6, 2009 / Notices 

7 15 U.S.C. 78s(b)(3)(A)(iii). 

8 17 CFR 240.19b–4(f)(3). 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Capitalized terms not otherwise defined herein 

shall have the meanings set forth in the BOX Rules. 4See Chapter V, Section 14 of the BOX Rules. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 7 and Rule 

19b–4(f)(3) 8 thereunder because it is 

concerned solely with the 

administration of the Exchange. 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–CBOE–2009–010 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–CBOE–2009–010. 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, 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 will also be available 

for inspection and copying at the 

principal office of the self-regulatory 

organization. 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–CBOE– 

2009–010 and should be submitted on 

or before March 27, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–4757 Filed 3–5–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59475; File No. SR–BX– 

2009–014] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of Filing 

of Proposed Rule Change Relating to 

Zero Bid Orders on the Boston Options 

Exchange Facility 

February 27, 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 

26, 2009, NASDAQ OMX BX, Inc. (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 self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule from 

interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Chapter V, Section 14 (Order Entry) of 

the Rules of the Boston Options 

Exchange Group, LLC (‘‘BOX’’) to clarify 

the treatment of certain Zero Bid 

Orders.3 The text of the proposed rule 

change is available from the principal 

office of the Exchange, at the 

Commission’s Public Reference Room 

and also on the Exchange’s Internet Web 

site at http:// 

nasdaqomxbx.cchwallstreet.com/ 

NASDAQOMXBX/Filings/. 

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 

The purpose of the proposed rule 

change is to amend Chapter V, Section 

14 of the BOX Rules to clarify the 

treatment of Market Orders to sell and 

BOX-Top Orders to sell when the 

highest bid on BOX is zero in the 

options series for a particular order 

(‘‘Zero Bid Order’’). Currently, Section 

14 states, in part, that: ‘‘[i]n the case 

where the lowest offer for any options 

contract is $.05, and an Options 

Participant enters a Market Order to sell 

that series, any such Market Order shall 

be considered a Limit Order to sell at a 

price of $.05.’’ 4

The Exchange seeks to amend Chapter 

V, Section 14 of the BOX Rules to (1) 

clarify the specific circumstances under 

which an order will be considered a 

Zero Bid Order, (2) address the 

treatment of Zero Bid Orders in options 

classes that trade in other than $.05 

increments, and (3) address the 

treatment of Zero Bid Orders that would 

cause a locked or crossed market. 

The Exchange proposes to amend 

Section 14 so that it will apply equally 

to Market Orders to sell and BOX-Top 

Orders to sell when the highest bid on 

BOX is zero in the options series. In this 

case such Zero Bid Orders shall be 

considered a Limit Order to sell at a 

price, above zero, that is equal to the 

minimum trading increment applicable 

to that particular options series. 

Consequently, where the BOX market 

displays a zero bid and the options 

mstockstill on PROD1PC66 with NOTICES

Federal Register / Vol. 74, No. 43 / Friday, March 6, 2009 / Notices 9841 

5BOX may trade options contracts in one-cent 

increments in certain approved issues through 

March 27, 2009, as part of the Penny Pilot Program. 

See Securities Exchange Act Release No. 56566 

(September 27, 2007), 72 FR 56400 (October 3, 

2007) (SR–BSE–2007–40). 

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

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

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Substantially similar filings have been 

submitted by Boston Stock Exchange Clearing 

Corporation (‘‘BSECC’’) (SR–BSECC–2009–001) and 

Stock Clearing Corporation of Philadelphia 

(‘‘SCCP’’) (SR–SCCP–2009–01), the clearing 

corporation subsidiaries of NASDAQ OMX Group, 

Inc. (‘‘NASDAQ OMX’’). 

series is subject to the Penny Pilot 

Program,5 the Zero Bid Order will be 

considered a Limit Order to sell at a 

price of $.01. If the options series is not 

subject to the Penny Pilot Program, the 

Zero Bid Order will be considered a 

Limit Order to sell at a price of $.05 or 

$.10, depending upon the minimum 

trading increment for the specific 

options series of the Zero Bid Order. 

The Exchange also seeks to clarify 

that if the resulting Limit Order would 

cause either a locked or crossed market, 

then the original Market Order or BOXTop Order will be rejected by the 

Trading Host. 

2. Basis 

The Exchange believes that the 

proposal is consistent with the 

requirements of Section 6(b) of the Act,6

in general, and Section 6(b)(5) of the 

Act,7 in particular, in that it is designed 

to promote just and equitable principles 

of trade, to prevent fraudulent and 

manipulative acts, to foster cooperation 

and coordination with persons engaged 

in facilitating transactions in securities, 

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. The proposed 

amendments will give greater 

clarification to Options Participants 

regarding the handling of Zero Bid 

Orders and provide enhanced treatment 

of such orders on BOX. 

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 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 neither solicited 

nor received comments on the proposed 

rule change. 

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–BX–2009–014 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–BX–2009–014. 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, 100 F Street, NE., Washington, 

DC 20549, on 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–BX– 

2009–014 and should be submitted on 

or before March 27, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–4769 Filed 3–5–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59460; File Nos. SR– 

NASDAQ–2009–010, SR–BX–2009–009, 

SR–Phlx–2009–14] 

Self-Regulatory Organizations; the 

NASDAQ Stock Market, LLC; NASDAQ 

OMX BX, Inc.; NASDAQ OMX Phlx, 

Inc.; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Changes To Amend the Certificate of 

Incorporation of The NASDAQ OMX 

Group, Inc. 

February 26, 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 

17, 2009, The NASDAQ Stock Market, 

LLC (‘‘NASDAQ Exchange’’) and 

NASDAQ OMX BX, Inc. (‘‘BX’’), and on 

February 20, 2009, NASDAQ OMX Phlx, 

Inc. (‘‘PHLX’’) (collectively, the 

‘‘NASDAQ OMX Exchange 

Subsidiaries’’) 3 filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

changes as described in Items I, II, and 

III below, which Items have been 

substantially prepared by the NASDAQ 

OMX Exchange Subsidiaries. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

changes from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The NASDAQ OMX Exchange 

Subsidiaries are filing the proposed rule 

changes with regard to proposed 

changes to the Restated Certificate of 

mstockstill on PROD1PC66 with NOTICES