Federal Register / Vol. 74, No. 48 / Friday, March 13, 2009 / Notices 10981 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(4). 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 19b–4(f)(2). 15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

accommodating these transactions. 

Extending the Pilot Program until March 

1, 2010 will allow the Exchange to keep 

these fees low and thus continue to 

attract liquidity. 

OTP Holders and OTP Firms who 

wish to benefit from the fee cap will be 

required to submit to the Exchange 

forms with supporting documentation 

(e.g., clearing firm transaction data) to 

qualify for the cap. 

2. Statutory Basis 

The proposal is consistent with 

Section 6(b) 11 of the Act, in general, and 

Section 6(b)(4),12 in particular, in that it 

provides for the equitable allocation of 

dues, fees and other charges among its 

members. The Exchange believes that, 

as proposed, the cap on transaction fees 

for Strategy Executions applies equally 

to each member (ETP holder) of the 

Exchange. The Exchange further 

believes that by keeping fees low with 

the proposed cap, the Exchange is able 

to attract liquidity by accommodating 

these transactions. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing proposed rule change 

has become effective upon filing 

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

Act 13 and Rule 19b–4(f)(2) 14 thereunder 

because it establishes or changes a due, 

fee, or other charge imposed by 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–NYSEArca–2009–16 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–2009–16. 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 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–2009–16 and 

should be submitted on or before April 

3, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–5388 Filed 3–12–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59517; File No. SR– 

NYSEALTR–2009–23] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Alternext U.S. LLC To Permit Two 

Trading Officials To Modify the 

Required Bid/Ask Differentials 

March 5, 2009. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that, on March 3, 

2009, NYSE Alternext U.S. LLC (‘‘NYSE 

Amex’’ or the ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the Exchange. The 

Exchange filed the proposed rule change 

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

Act 3 and Rule 19b–4(f)(6) thereunder,4

which renders it effective upon filing 

with the Commission. 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 

The Exchange proposes to amend 

Exchange Rule 925NY—Obligations of 

Market Makers. The text of the proposed 

rule change is attached as Exhibit 5. A 

copy of this filing is available on the 

Exchange’s Web site at http:// 

www.nyse.com, at the Exchange’s 

principal office and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 


sroberts on PROD1PC70 with NOTICES
10982 Federal Register / Vol. 74, No. 48 / Friday, March 13, 2009 / Notices 

5See CBOE Rule 8.7(b)(iv)(C)(ii). 

6See CBOE Bid/Ask Circular 09–02 (January 7, 

2009) establishing modified bid/ask differentials 

pursuant to CBOE Rule 8.7(b)(iv). 

7A Trading Official is an Exchange Employee that 

has been designated as such by the Chief Executive 

Officer, or the Chief Regulatory Officer, pursuant to 

Rule 900.2NY(82). 

8See Securities and Exchange Act Release No. 

34–59472, February 27, 2009. This Approval Order 

had not yet been published in the Federal Register 

at the time this proposal was filed. 

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

10 15 U.S.C. 78f (b)(5). 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

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

to submit to the Commission written notice of its 

intent to file the proposed rule change, along with 

a brief description and text of the proposed rule 

change, at least five business days prior to the date 

of filing of the proposed rule change, or such 

shorter time as designated by the Commission. The 

Commission is waiving the five-day pre-filing 

requirement in this case. 

13For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to adopt a provision which 

will allow the Exchange to establish 

different quote differentials other than 

what is provided for in Rule 

925NY(b)(5). The proposed rule 

language is substantially similar to what 

has been approved for, and is presently 

in place at, the Chicago Board Options 

Exchange (‘‘CBOE’’).5

Pursuant to Rule 925NY(b), Market 

Makers on NYSE Amex are required to 

submit electronic quotations within 

certain bid/ask differentials. Subsection 

(5) of this rule states that following an 

Auction, options traded on NYSE Amex 

may be quoted with a difference not to 

exceed $5 between the bid and offer. 

NYSE Amex now proposes to add a 

provision that will allow the Exchange 

to establish different bid/ask 

differentials for certain series. 

Situations may arise where the $5 

differential provided for in Rule 

925NY(b)(5) is overly restrictive; this 

has shown to be the case when extreme 

price fluctuations coupled with 

increased volatility in an underlying 

security makes it extremely difficult to 

accurately calculate the price of a given 

options series. To address these 

concerns, the CBOE has established 

modified bid/ask differentials in certain 

options series, pursuant to CBOE Rule 

8.7(b)(iv).6 This proposed rule change 

seeks only to allow the Exchange to 

offer NYSE Amex Market Makers the 

same quote relief that is offered to 

Market Makers on the CBOE. 

The Exchange envisions establishing 

quote differentials wider than $5 in very 

limited situations. In addition, if the 

Exchange were to establish modified 

bid/ask differentials it would do so with 

the contingency that the disseminated 

markets in affected series would remain 

competitive and remain narrower than 

the relief granted, whenever possible. 

The CBOE rule states that ‘‘the 

Exchange’’ may establish bid/ask 

differences other than what is provided 

for in their rules. NYSE Amex proposes 

that the decision to establish different 

quote differentials will be made by two 

Trading Officials.7 In the case of NYSE 

Amex, two Trading Officials will 

collectively make the determination on 

behalf of the Exchange. This is the only 

difference between the CBOE rule text 

and the proposed rule text for NYSE 

Amex. 

The Exchange notes than Rule 

925NY(b) was adopted when the 

Commission approved SR–NYSEALTR– 

2008–14, on February 27, 2009.8 This 

rule change was filed in conjunction 

with the NYSE Amex move to a new 

trading facility and the implementation 

of a new electronic trading system. Prior 

to the rule change, NYSE Amex Rule 

958–ANTE governed the bid-ask 

differentials for eleconic quoting on 

NYSE Amex. Rule 958–ANTE(c)(i) 

contained a similar provision to what is 

proposed in this filing, which 

authorized the Exchange to establish 

differences other than what was 

prescribed in the rule. So, while this 

proposal does amend the rules presently 

in effect for NYSE Amex, the concept of 

allowing the Exchange to establish 

quote differentials, other than what is 

prescribed in the rules, in not without 

precedent. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act 9 in general, and 

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

of the Act 10 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. The Exchange believes that the 

proposed rule change is appropriate in 

that it creates a mechanism whereas 

Market Makers will be able to provide 

two side quotations even in situations 

where it is difficult to accurately 

calculate the price of given options 

series. 

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 

Because the foregoing 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 for 30 days 

from the date on which it was filed, or 

such shorter time as the Commission 

may designate, if consistent with the 

protection of investors and the public 

interest, it has become effective 

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

Act 11 and Rule 19b–4(f)(6) 

thereunder.12

The Exchange has asked the 

Commission to waive the 30-day 

operative delay. The Commission 

hereby grants the Exchange’s request.13

The proposed rule change is 

substantially similar to a rule of the 

CBOE and does not raise any novel or 

significant issues. Therefore, the 

Commission believes that waiving the 

30-day period to allow the proposed 

rule change to become operative upon 

filing is consistent with the protection 

of investors and the public interest and 

designates the proposal as 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 


sroberts on PROD1PC70 with NOTICES
Federal Register / Vol. 74, No. 48 / Friday, March 13, 2009 / Notices 10983 

14 17 CFR 200.30–3(a)(12). 

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–2009–23 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–2009–23. 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–2009–23 and should be 

submitted on or before April 3, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–5386 Filed 3–12–09; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #11686 and #11687] 

Indiana Disaster #IN–00029 

AGENCY: Small Business Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Indiana (FEMA—1828— 

DR), dated 03/05/2009. 

Incident: Severe Winter Storm. 

Incident Period: 01/26/2009 through 

01/28/2009. 

Dates: Effective Date: 03/05/2009. 

Physical Loan Application Deadline 

Date: 05/04/2009. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 12/05/2009. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

03/05/2009, Private non-profit 

organizations that provide essential 

services of governmental nature may file 

disaster loan applications at the address 

listed above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Clark, Crawford, 

Dubois, Floyd Gibson, Harrison, 

Jackson, Jefferson, Orange, Perry, 

Spencer, Switzerland, Vanderburgh, 

Warrick, Washington 

The Interest Rates are: 

Percent 

Other (Including Non-Profit Organizations) With Credit Available 

Elsewhere ................................. 4.500 

Businesses and Non-Profit Organizations Without Credit Available Elsewhere ......................... 4.000 

The number assigned to this disaster 

for physical damage is 11686B and for 

economic injury is 11687B. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

Roger B. Garland, 

Acting Associate Administrator for Disaster 

Assistance. 

[FR Doc. E9–5410 Filed 3–12–09; 8:45 am] 

BILLING CODE 8025–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Railroad Administration 

[Docket No. FRA–2009–0016] 

Metrics and Standards for Intercity 

Passenger Rail Service Under Section 

207 of Public Law 110–432 

AGENCY: Federal Railroad 

Administration (FRA), Department of 

Transportation (DOT). 

ACTION: Notice and request for 

comments. 

SUMMARY: In compliance with section 

207 of the Passenger Rail Investment 

and Improvement Act of 2008 (Division 

B of Pub. L. 110–432), the FRA and the 

National Railroad Passenger Corporation 

(Amtrak) have jointly drafted 

performance metrics and standards for 

intercity passenger rail service, and are 

requesting comments on that draft from 

the Surface Transportation Board, rail 

carriers over whose rail lines Amtrak 

trains operate, States, Amtrak 

employees, nonprofit employee 

organizations representing Amtrak 

employees, and groups representing 

Amtrak passengers. The draft document, 

entitled ‘‘Proposed Metrics and 

Standards for Intercity Passenger Rail 

Service,’’ is available on the FRA’s Web 

site at http://www.fra.dot.gov/us/ 

content/2165. Comments may be 

submitted to the corresponding docket 

(number FRA–2009–0016) at 

regulations.gov and will be considered 

before the finalized Section 207 metrics 

and standards are adopted. 

DATES: The comment period will 

commence on Friday, March 13, 2009 

and Comments must be received by 

Friday, March 27, 2009. Comments 

received after that date will be 

considered to the extent possible 

without incurring additional expenses 

or delays. 

ADDRESSES: Comments for Docket No. 

FRA–2009–0016 should be filed at the 

Federal portal http:// 

www.regulations.gov. Follow the Web 

site’s online instructions for submitting 

comments. 


sroberts on PROD1PC70 with NOTICES