Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Notices 15789 

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

6 17 CFR 240.19b–4(f)(6). 

7See Securities Exchange Act Release No. 56600 

(October 2, 2007), 72 FR 57619 (October 10, 

2007)(SR–CBOE–2007–88). 

8See Securities Exchange Act Release No. 58929 

(November 12, 2008), 73 FR 68471 (November 18, 

2008)(SR–Phlx–2008–75). 

9 17 CFR 240.19b–4(f)(6). 10 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78s–1(b)(3)(A)(iii). 

3 17 CFR 240.19b–4(f)(4). 

4The Commission has modified parts of these 

statements. 

protection of investors or the public 

interest; (ii) does not impose any 

significant burden on competition; and 

(iii) by its terms, does not 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. 

Additionally, the Exchange provided 

the Commission with written notice of 

its intention to file the proposed rule 

change at least five business days before 

its filing. Therefore, the foregoing rule 

change has become effective pursuant to 

Section 19(b)(3)(A) of the Act 5 and Rule 

19b–4(f)(6) thereunder.6 The Exchange 

believes that the proposed rule change 

will provide PMMs with greater 

flexibility in opening trading in options, 

which should result in options opening 

across all markets in a fair and orderly 

manner. Additionally, this proposed 

rule change is substantially similar to 

Chicago Board Options Exchange 

(‘‘CBOE’’) Rule 6.2B(b) 7 and NASDAQ 

OMX PHLX, Inc. (‘‘Phlx’’) Rule 1017.8

For the foregoing reasons, this rule filing 

qualifies for immediate effectiveness as 

a ‘‘non-controversial’’ rule change under 

paragraph (f)(6) of Rule 19b–4 of the 

Act.9

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 

No. SR–ISE–2009–13 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–ISE–2009–13. 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 Commissions 

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 filings also will be 

available for inspection and copying at 

the principal office of the 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 

Number SR–ISE–2009–13 and should be 

submitted on or before April 28, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–7833 Filed 4–6–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59664; File No. SR–OCC– 

2009–04] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing and Immediate Effectiveness 

of a Proposed Rule Change Relating to 

Commodity Options 

March 31, 2009. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

March 20, 2009, The Options Clearing 

Corporation (‘‘OCC’’) 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 primarily by OCC. OCC filed 

the proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 2 and 

Rule 19b–4(f)(4) 3 thereunder so that the 

proposal was 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 proposed rule change would 

revise OCC’s By-Laws and Rules to 

accommodate conventional cash-settled 

commodity options, binary commodity 

options, and event options. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

OCC 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. OCC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of such statements.4

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

The primary purpose of the proposed 

rule change is to revise OCC’s By-Laws 

and Rules to accommodate conventional 

15790 Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Notices 

cash-settled commodity options, binary 

commodity options, and event options. 

A general description of each option 

product follows below. Additionally, 

OCC is proposing to simplify the ByLaws and Rules by amending the 

definition of the term ‘‘Exchange’’ to 

refer to any exchange, futures market, 

security futures market, or international 

market for which OCC clears 

transactions and by revising the 

language of numerous provisions of its 

By-Laws and Rules to reflect this 

amended definition. 

Conventional Cash-Settled Commodity 

Options 

Conventional cash-settled commodity 

options are cash-settled options on the 

spot price of physical commodities such 

as precious metals, energy-related 

commodities such as oil or natural gas, 

or other physical commodities. 

Conventional cash-settled commodity 

options will settle upon exercise based 

on some specified benchmark price for 

the underlying commodity. The exercise 

settlement amount for an in-the-money 

option will be the product of the 

multiplier and the difference between 

the final underlying interest value and 

the strike price. The listing exchange or 

other reporting authority will report the 

final underlying interest value of the 

underlying commodity to OCC for the 

purpose of determining the exercise 

settlement amount. 

Binary Commodity Options 

Binary commodity options are binary 

cash-settled options on the spot price of 

physical commodities. Binary 

commodity options will be 

automatically exercised and will pay a 

fixed exercise settlement amount if the 

spot price of the underlying commodity 

on the expiration date is greater than or 

equal to the specified strike price and 

will otherwise expire unexercised. 

Other kinds of binary commodity 

options may be structured such that call 

options pay only if the price of the 

underlying commodity is above and not 

merely equal to the underlying 

benchmark price and that put options 

pay if the price of the underlying 

commodity is less than or equal to the 

underlying benchmark price. 

Event Options 

Event options are a type of binary 

option that pay a fixed cash settlement 

amount upon the occurrence of a 

specified event such as a positive 

change in U.S. gross domestic product 

for a particular time period. Event 

options are automatically exercised 

immediately upon confirmation of the 

occurrence of a defined event. The 

listing exchange or other reporting 

authority will monitor data reported by 

the official sources and will notify OCC 

when the underlying event is 

determined to have occurred. Event 

options may be referred to in Exchange 

rules as ‘‘capped-style’’ event options 

but are referred to in OCC’s rules simply 

as ‘‘event options.’’ 

Exchange rules may also provide for 

‘‘European-style’’ event options. An 

example would be a trade deficit option 

for which settlement is based upon U.S. 

trade deficit data. A trade deficit call 

option would pay a fixed exercise 

settlement amount if the trade deficit for 

a specified month is greater than or 

greater than or equal to the specified 

strike price, and a trade deficit put 

option would pay a fixed exercise 

settlement amount if the trade deficit for 

a specified month is less than or less 

than or equal to the specified strike 

price. In-the-money trade deficit options 

would be automatically exercised on the 

expiration date. ‘‘European-style event 

options’’ are referred to in OCC’s rules 

simply as ‘‘binary options’’ because they 

are based on the level of an underlying 

measure or metric at a specified point in 

time rather than an event that can occur 

at any time during the life of the option. 

Changes in General Terminology 

To accommodate conventional 

commodity options and binary 

commodity options, OCC proposes to 

introduce the term ‘‘commodity option’’ 

and to add references to commodity 

options where the By-Laws and Rules 

now refer to ‘‘futures options’’ where 

appropriate. The definitions of ‘‘Call’’ 

and ‘‘Put’’ in Article I of the By-Laws 

would be amended to clarify their 

meanings with regard to futures options. 

In connection with the introduction of 

commodity options, the term 

‘‘underlying interest’’ would be 

amended to include commodities as 

possible underlying interests. 

Commodity options are not ‘‘securities.’’ 

Therefore, OCC proposes to replace 

‘‘underlying security’’ and ‘‘cleared 

securities’’ with ‘‘underlying interest’’ 

and ‘‘cleared contracts,’’ respectively, in 

the definitions of certain terms related 

to options, such as ‘‘call’’ and ‘‘opening 

purchase transaction.’’ 

OCC also proposes to simplify its ByLaws and Rules by revising the term 

‘‘Exchange.’’ Currently, the term 

includes only national securities 

exchanges. Accordingly, in numerous 

places in the By-Laws and Rules, where 

the intended reference is to any market 

for which OCC clears transactions, the 

term ‘‘Exchange’’ is accompanied by 

‘‘international market, futures market or 

security futures market,’’ or a similar 

phase. OCC proposes to revise the 

definition of Exchange to include all 

such markets and to eliminate the 

numerous references to each type of 

market for which OCC clears 

transactions. The revised definition of 

Exchange will be more consistent with 

the definitions of ‘‘Exchange 

transaction’’ and ‘‘Exchange rules’’ 

because the scope of each of these latter 

terms includes non-securities exchanges 

or markets for which OCC clears 

transactions. In addition, OCC proposes 

to introduce the term ‘‘Securities 

Exchange’’ to refer to national security 

exchanges. In instances in which the 

reference to ‘‘Exchange’’ in the By-Laws 

and Rules is necessarily limited to a 

specific type of market, such as a 

Securities Exchange or ‘‘Equity 

Exchange’’ as defined in the By-Laws, 

OCC proposes to replace the term 

‘‘Exchange’’ with the appropriate term. 

Finally, OCC proposes to amend the 

definition of ‘‘multiplier’’ to address the 

use of this term in connection with 

cash-settled options other than index 

options. 

Changes With Respect to Cash-Settled 

Commodity Options Generally 

Section 1 of Article XII sets forth 

conditions for OCC to clear futures and 

futures options for an Exchange. 

Because the same conditions would 

apply for OCC to clear commodity 

options for an Exchange, OCC proposes 

to make Section 1 applicable to 

commodity options. Rule 1303 pertains 

to OCC’s arrangement with an associate 

clearinghouse to enable members of the 

associate clearinghouse to clear futures 

and futures options through the 

facilities of OCC. OCC proposes that 

Rule 1303 would potentially apply to all 

commodity options although the 

contracts to be included in any 

particular such arrangement are agreed 

upon by OCC and the other clearing 

organization on a case-by-case basis. 

Existing provisions in By-Law Article 

XII and Rule Chapter XIII already 

provide for clearance of futures options. 

As discussed below, OCC proposes to 

address cash-settled commodity options 

separately in other Articles of its ByLaw Articles and Chapters of its Rules. 

The introductions to By-Laws Articles 

XII, XIV and XVII and Rules Chapters 

XIII, XV and XVIII would be amended 

to reflect their proposed scope. 

OCC is proposing to amend the 

definitions of ‘‘Call’’ and ‘‘Put’’ in 

Article I of the By-Laws to clarify their 

meanings with respect to futures 

options. In addition, for purposes of 

clarification, OCC proposes to update 

Interpretation and Policy .01 to Article 

VI, Section 9 to state that general rights 

Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Notices 15791 

and obligations of holders and writers of 

cleared contracts other than stock 

options are governed by the provisions 

of those Articles of the By-Laws 

pertaining to such products and not by 

Subsections (a) and (b) Section 9 of 

Article VI. 

Changes With Respect to Event Options 

and Binary Commodity Options 

To accommodate event options and 

binary commodity options, OCC 

proposes to broaden By-Law Article XIV 

and Rule Chapter XV, which currently 

apply only to binary options and range 

options for which the underlying 

interest is a security or securities index. 

Credit default options (‘‘CDOs’’) and 

credit default basket options (‘‘CDBOs’’) 

are the only types of event options 

currently addressed by these provisions 

of the By-Laws and Rules. OCC 

proposes to modify the existing 

framework of rules governing CDOs and 

CDBOs to support clearance of event 

options in general while retaining 

certain definitions and provisions that 

are applicable only to CDOs and/or 

CDBOs. 

Article XIV of the By-Laws, which 

presently applies to CDOs and CDBOs 

as well as to other binary options and 

range options, is proposed to be 

amended to apply to the event options 

and other binary options proposed by 

CFE. Section 1 would be amended to 

add a definition of ‘‘event option,’’ 

which in OCC’s lexicon would be 

confined to binary options that are 

automatically exercised upon the 

occurrence of a specified event. CDOs 

and CDBOs would be defined as specific 

kinds of event options. Event options, in 

turn, would be a subcategory of binary 

options. Certain terms applicable to 

CDOs and CDBOs would be made more 

generic so as to apply to all event 

options. Other definitions would be 

amended to accommodate event 

options, and to provide that underlying 

interests for binary options and range 

options may include commodities. 

Other sections of Article XIV are 

amended to, among other things, specify 

which provisions are unique to CDOs 

and CDBOs and which apply to event 

options generally. Although no market 

has yet proposed to trade range options 

on underlying commodities, the 

proposed rule amendments are broad 

enough to accommodate such trading. 

Existing adjustment provisions in 

Section 3 of Article XIV, which defer 

entirely to the listing market to 

determine adjustments for CDOs and 

CDBOs, will be made to apply to all 

event options. This is appropriate 

because OCC anticipates that the 

definitions of underlying events and 

other terms of these products will be 

unique to the listing market. Existing 

Section 3A will apply to binary options 

other than event options and range 

options where the underlying interest is 

a security or an index of securities, and 

OCC is proposing a new Section 3B to 

provide for adjustments to binary 

options other than event options and 

range options where the underlying 

interest is a commodity rather than a 

security or index of securities. 

Adjustments under Section 3B will be 

made by OCC rather than through an 

adjustment panel as is the case for 

securities products under Section 3A. 

Rules in Chapter V are being amended 

to provide for event options, other 

binary options and range options on 

underlying commodities. The changes 

intended to accommodate the new 

contracts govern among other things the 

automatic exercise of event options and 

binary options and exercise settlement. 

They also provide that binary options 

and event options on commodities that 

when carried for the accounts of 

customers, must be carried in the 

customers’ segregated funds account in 

accordance with CFTC regulations. 

Changes With Respect to Cash-Settled 

Conventional Commodity Options 

OCC proposes to provide for clearance 

of cash-settled conventional commodity 

options by expanding the scope of ByLaw Article XVII and Rule Chapter 

XVIII, which currently cover only index 

options. 

Article XVII 

OCC proposes to amend the 

definitions of numerous terms to apply 

to cash-settled options generally. Other 

provisions of Article VII are also 

amended to make them more generic to 

cash-settled options generally. 

Provisions limited to index options are 

retained where appropriate and in many 

cases are made applicable to options on 

commodity indexes as well as securities 

indexes. OCC proposes to substitute the 

term ‘‘cash-settled option’’ for the term 

‘‘index option’’ in Article XVII, Section 

2 so that it will apply to cash-settled 

options generally. Section 3 of Article 

XVII will govern adjustments to cashsettled options generally. A new 

proposed paragraph (b) would address 

adjustments to cash-settled options 

overlying a single commodity. Under 

the proposed amendments, OCC rather 

than an adjustment panel will decide 

when and what adjustments may be 

necessary in light of various policy 

considerations. Existing paragraph (b), 

which governs adjustments of index 

options, would be renumbered as 

paragraph (c) and amended to reflect the 

inclusion of commodities as possible 

components of an underlying index. 

Similarly, existing Section 4 of Article 

XVII, which defines OCC’s rights and 

obligations in situations in which the 

current index value of an index option 

is unavailable or otherwise determined 

to be inaccurate will be amended to 

expand its application to cover 

unavailability or inaccuracy of values 

for any underlying interest. 

Chapter XVIII, Rules 1802–1806 

OCC proposes to amend Rules 1802– 

1806 so that they will apply to cashsettled options generally. The term 

‘‘cash-settled option’’ would be 

substituted for the term ‘‘index option’’ 

and the term ‘‘current interest value’’ 

would be substituted for the term 

‘‘current index value’’ in Rules 1802– 

1806. In addition, OCC proposes to 

amend paragraphs 1801(a)(1) and (a)(2) 

to specify the conditions under which 

Clearing Member will pay the exercise 

settlement to or receive the exercise 

settlement from OCC with respect to an 

exercised cash-settled option other than 

an index option. OCC also proposes to 

substitute the term ‘‘cash-settled 

option’’ for the term ‘‘index option’’ and 

make a small number of other 

corrections to certain defined terms in 

Rules 1802, 1803, 1804, and 1805 so 

that they will apply to cash-settled 

options generally. 

Chapter XVIII, Rules 1807 

Cash-settled commodity options will 

be carried in a Clearing Member’s 

segregated futures account(s). Therefore, 

to maintain consistency with Rule 1104, 

OCC proposes to amend Rule 1807 so 

that the net settlement amount with 

respect to exercised cash-settled 

commodity options is paid from or 

credited to a suspended Clearing 

Member’s Segregated Liquidating 

Settlement Account. 

In several other places in the By-Laws 

and Rules where references are made to 

index options, OCC proposes to 

substitute the term ‘‘cash-settled 

option’’ for the term ‘‘index option’’ and 

the term ‘‘current underlying interest 

value’’ for the term ‘‘current index 

value.’’ 

Finally, OCC proposes to amend the 

terms of Article VI, Section 2 of the ByLaws, which concerns the initial 

clearing fund contribution of clearing 

members, to be consistent with the 

terms of Rule 1001. Rule 1001 provides 

that affiliates of existing Clearing 

Members that become Clearing Members 

of OCC solely for the purpose of clearing 

transactions in security futures, 

commodity futures, and/or futures 

options need not put up an additional 

15792 Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Notices 

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

6 17 CFR 240.19b–4(f)(4). 

7 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. 

4 15 U.S.C. 78s(b)(3)(A). 

5 17 CFR 240.19b–4(f)(6). 

$150,000 minimum Clearing Fund 

contribution. OCC would expand this 

exemption to also apply to commodity 

options. 

The proposed rule change is 

consistent with the purposes and 

requirements of Section 17A of the Act 

because it provides for the clearance of 

various commodity futures and options 

products without adversely affecting the 

prompt and accurate clearance and 

settlement of transactions in securities 

options, the prompt and accurate 

clearance and settlement of securities 

transactions, or the protection of 

securities investors and the public 

interest. The proposed rule change 

accomplishes this purpose by applying 

substantially the same rules and 

procedures to transactions in futures 

products that OCC applies to 

transactions in securities options. The 

proposed rule change is not inconsistent 

with any rules of OCC, including any 

rules proposed to be amended. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

OCC does not believe that the 

proposed rule change would impose any 

burden on competition. 

(C) Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were not and are 

not intended to be solicited with respect 

to the proposed rule change, and none 

have been received. 

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 5 and Rule 

19b–4(f)(4) 6 promulgated thereunder 

because the proposal changes effects a 

change in an existing service of a 

registered clearing agency that (i) does 

not adversely affect the safeguarding of 

securities or funds in the custody or 

control of the clearing agency or for 

which it is responsible and (ii) does not 

significantly affect the respective rights 

or obligations of the clearing agency or 

persons using the service. At any time 

within sixty 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–OCC–2009–04 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–OCC–2009–04. 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 OCC. 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–OCC–2009–04 and should 

be submitted on or before April 28, 

2009. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–7710 Filed 4–6–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59666; File No. SR–NYSE– 

2009–35] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by New York 

Stock Exchange LLC Amending Rule 

48.10 To Extend the Temporary 

Provisions of the Rule Relating to the 

Ability of the Exchange To Declare an 

Extreme Market Volatility Condition 

and Suspend Certain NYSE 

Requirements Relating to the Closing 

of Securities at the Exchange 

March 31, 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 

23, 2009, New York Stock Exchange 

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

with the Securities and Exchange 

Commission (‘‘SEC’’ or the 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 

Exchange filed the proposed rule change 

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

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

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 

Rule 48.10 to extend the temporary 

provisions of the rule relating to the 

ability of the Exchange to declare an 

extreme market volatility condition and 

suspend certain NYSE requirements 

relating to the closing of securities at the 

Exchange. The text of the proposed rule 

change is available at the Exchange, the 

Commission’s Public Reference Room, 

and http://www.nyse.com.