11624 Federal Register / Vol. 74, No. 51 / Wednesday, March 18, 2009 / Notices 

16 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 52648 

(October 21, 2005), 70 FR 62155 (October 28, 2005) 

(SR–NYSE–2005–63). 

5See Securities Exchange Act Release No. 53539 

(March 22, 2006), 71 FR 16353 (March 31, 2006) 

(SR–NYSE–2004–05) (establishing the NYSE 

HYBRID MARKETSM). 

6See Securities Exchange Act Release Numbers 

54140 (July 13, 2006), 71 FR 41491 (July 21, 2006) 

(SR–NYSE–2006–48); 54985 (December 21, 2006), 

72 FR 171 (January 3, 2007) (SR–NYSE–2006–113); 

55992 (June 29, 2007), 72 FR 37289 (July 9, 2007) 

(SR–NYSE–2007–57); 56556 (September 27, 2007), 

72 FR 56421 (October 3, 2007) (SR–NYSE–2007– 

86); 57072 (December 31, 2007), 73 FR 1252 

(January 7, 2008) (SR–NYSE–2007–125); 57601 

(April 2, 2008), 73 FR 19123 (April 8, 2008) (SR– 

NYSE–2008–22). 

7See Securities Exchange Act Release No. 58845 

(October 24, 2008), 73 FR 64379 (October 29, 2008) 

(SR–NYSE–2008–46). 

8See Securities Exchange Act Release Numbers 

58033 (June 26, 2008), 73 FR 38265 (July 3, 2008) 

(SR–NYSE–2008–49); 58713 (October 2, 2008), 73 

FR 59024 (October 8, 2008) (SR–NYSE–2008–96); 

59069 (December 8, 2008), 73 FR 76081 (December 

15, 2008) (SR–NYSE–2008–124). 

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 changes 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 ISE. 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 No. 

SR–ISE–2009–12 and should be 

submitted on or before April 8, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–5779 Filed 3–17–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59551; File No. SR–NYSE– 

2009–24] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by New York 

Stock Exchange LLC Extending for 

Two Months to May 31, 2009 the 

Moratorium Related to the 

Qualification and Registration of 

Registered Competitive Market Makers 

Pursuant to NYSE Rule 107A and 

Competitive Traders Pursuant to NYSE 

Rule 110 

March 10, 2009. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on March 3, 

2009, New York Stock Exchange LLC 

(‘‘NYSE’’ or the ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. 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 extend for 

two months to May 31, 2009 the 

moratorium related to the qualification 

and registration of Registered 

Competitive Market Makers (‘‘RCMMs’’) 

pursuant to NYSE Rule 107A and 

Competitive Traders (‘‘CTs’’) pursuant 

to NYSE Rule 110. 

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 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 Exchange proposes to extend for 

two months to May 31, 2009 the 

moratorium related to the qualification 

and registration of RCMMs pursuant to 

NYSE Rule 107A and CTs pursuant to 

NYSE Rule 110. 

On September 22, 2005, the Exchange 

filed SR–NYSE–2005–63 4 with the 

Securities and Exchange Commission 

(‘‘Commission’’) proposing to 

implement a moratorium on the 

qualification and registration of new 

RCMMS and CTs (‘‘Moratorium’’). The 

purpose of the Moratorium was to allow 

the Exchange an opportunity to review 

the viability of RCMMs and CTs in the 

NYSE HYBRID MARKETSM (‘‘Hybrid 

Market’’).5

During each phase of the Hybrid 

Market, the NYSE implemented new 

system functionality that generated 

additional data to review. As a result, 

the Exchange was unable to make an 

informed decision as to the viability of 

RCMMs and CTs in the Hybrid Market. 

The phasing in implementation of the 

Hybrid Market required the Exchange to 

extend the Moratorium an additional six 

times over a twenty-four (24) month 

period.6 During the Moratorium, the 

Exchange reviewed the quarterly 

volume data of RCMM and CT trading 

data to determine the average trading 

volume of RCMMs. 

On October 24, 2008, the Commission 

approved the Exchange’s new market 

model filing (‘‘Next Generation 

NYSE’’).7 The Next Generation NYSE 

filing: (i) provided market participants 

with additional abilities to post hidden 

liquidity on Exchange systems; (ii) 

created a Designated Market Maker 

(‘‘DMM’’), and phased out the NYSE 

specialist; and (iii) enhanced the speed 

of execution through technological 

enhancements and a reduction in 

message traffic between Exchange 

systems and its DMMs. In light of the 

implementation of Next Generation 

NYSE, the Exchange requested 

extensions of the Moratorium to 

evaluate the viability of the RCMMs and 

CTs in the proposed Next Generation 

NYSE.8

Next Generation NYSE is currently 

operating as a pilot scheduled to end on 

October 1, 2009. The Exchange 

continued to review RCMM and CT 

trading data. As a result of its review, 

the Exchange concluded that RCMMs 

and CTs no longer serve as viable 

supplemental market makers. 

Accordingly, the Exchange determined 

that RCMMs and CTs should no longer 

be viable classes of traders on the 

Exchange and will formally file a 

separate proposed rule change with the 

Commission to eliminate RCMMs and 

CTs as viable classes of NYSE traders. 


tjames on PRODPC61 with NOTICES
Federal Register / Vol. 74, No. 51 / Wednesday, March 18, 2009 / Notices 11625 

9See Securities Exchange Act Release No. 53549 

(March 24, 2006), 71 FR 16388 (March 31, 2006) 

(SR–NYSE–2006–11) (making certain amendments 

to the Moratorium). 

10 17 CFR 240.19b–4. 

11 15 U.S.C. 78s(a)(1). 

12 Id. 

13 15 U.S.C. 78s(b)(3)(A). 14 17 CFR 240.19b–4(f)(6). 15 17 CFR 200.30–3(a)(12). 

The Exchange therefore proposes to 

extend the Moratorium as amended 9 for 

an additional two (2) months to May 31, 

2009 in order to complete the 19b–4 

filing process.10 The Exchange’s 

proposal will be filed consistent with 

the Act 11 in order to afford interested 

persons an opportunity to submit 

written data, views, and arguments 

concerning the Exchange’s proposal.12

The Exchange will issue an 

Information Memo announcing the 

extension of the Moratorium. 

2. Statutory Basis 

The basis under the Securities 

Exchange Act of 1934 (the ‘‘Act’’) for 

this proposed rule change is the 

requirement under Section 6(b)(5) that 

an exchange have rules that are 

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. The Exchange believes 

that the instant filing is consistent with 

these principles. Based on its review of 

data associated with RCMM and CT 

trading, the Exchange has concluded 

that RCMMs and CTs no longer serve as 

viable supplemental market makers. In 

this instant filing, the Exchange seeks an 

extension of the Moratorium to finalize 

its proposal to eliminate RCMMs and 

CTs from the NYSE and will file that 

proposal with the Commission. 

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 proposed rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) of the Act.13 The Exchange 

asserts that the proposed rule change (i) 

will not significantly affect the 

protection of investors or the public 

interest, (ii) will not impose any 

significant burden on competition, and 

(iii) by its terms, will not become 

operative for 30 days after the date of 

this filing, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest; 

provided that the self-regulatory 

organization has given 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. 

An extension of the Moratorium does 

not burden competition because it does 

not restrict RCMMs from joining any 

RCMM firm or becoming or remaining 

an independent RCMM nor does it 

restrict any RCMM firm from hiring 

existing RCMMs. For the foregoing 

reasons, this rule filing qualifies for 

immediate effectiveness as a ‘‘noncontroversial’’ rule change under 

paragraph (f)(6) of Rule 19b–4.14

At any time within 60 days of the 

filing of such 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–NYSE–2009–24 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–NYSE–2009–24. 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–NYSE– 

2009–24 and should be submitted on or 

before April 8, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–5766 Filed 3–17–09; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Highway Administration 

Environmental Impact Statement: 

Davidson County and Forsyth County, 

NC 

AGENCY: Federal Highway 

Administration (FHWA), DOT. 

ACTION: Notice of intent. 

SUMMARY: The FHWA is issuing this 

notice to advise the public that an 

environmental impact statement will be 

prepared for the proposed roadway 

improvements to NC 109 between Old 

Greensboro Road (SR 1798) in Davidson 

County and I–40/US 311 in Forsyth 

County, North Carolina. 


tjames on PRODPC61 with NOTICES