15788 Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Notices 

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). 

Communications, Inc. because it has not 

filed any periodic reports since it filed 

a Form 10–QSB for the period ended 

March 31, 2006. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of the above-listed 

companies. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the 

securities of the above-listed companies 

is suspended for the period from 9:30 

a.m. EDT on April 3, 2009, through 

11:59 p.m. EDT on April 17, 2009. 

By the Commission. 

J. Lynn Taylor, 

Assistant Secretary. 

[FR Doc. E9–7984 Filed 4–3–09; 4:15 pm] 

BILLING CODE 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59680; File No. SR–ISE– 

2009–13] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to the Definition of 

‘‘Primary Market’’ 

April 1, 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 25, 

2009, the International Securities 

Exchange, LLC (the ‘‘Exchange’’ or the 

‘‘ISE’’) 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 Exchange. 

The Exchange has filed the proposal 

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

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

which renders the proposal 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 701 (Trading Rotations) to replace 

references to the ‘‘primary market’’ with 

respect to an underlying security with 

references to ‘‘market for the underlying 

security.’’ The text of the proposed rule 

change is available on the Exchange’s 

Web site http://www.ise.com, at the 

principal office of the Exchange, 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 

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 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 the current 

definition of ‘‘primary market’’ in ISE 

Rule 701 to allow the Primary Market 

Makers (‘‘PMMs’’) more flexibility in 

opening trading in a particular class of 

options. 

Currently, Exchange Rule 701(b)(2) 

requires that the PMM open each class 

of options promptly following the 

opening of the underlying security in 

the primary market where it is traded. 

An underlying security is deemed to be 

open on the primary market where it is 

traded if such market has (i) reported a 

transaction in the underlying security, 

or (ii) disseminated opening quotations 

for the underlying security and not 

given an indication of the delayed 

opening, whichever occurs first. 

The Exchange believes that the 

current definition of ‘‘primary market’’ 

and when a security on such primary 

market has been ‘‘opened for trading’’ is 

insufficient to capture the various 

marketplaces that might be determined 

to be the ‘‘primary market’’ for such 

underlying securities. Because 

underlying securities trade on multiple 

exchange platforms and various 

Electronic Communication Networks 

(‘‘ECNs’’) and other venues, the term 

‘‘primary market’’ has become 

increasingly difficult to define in 

determining the principal market in 

which the underlying security is traded. 

Accordingly, the Exchange proposes 

to amend Rule 701 to eliminate the 

requirement that PMMs wait to open 

each class of options until the ‘‘primary 

market’’ has opened the underlying 

security, and redefine ‘‘primary market’’ 

by adopting a definition of ‘‘market for 

the underlying security’’. Under this 

proposal, the term ‘‘market for the 

underlying security’’ would mean either 

the primary listing market, the primary 

volume market (defined as the market 

with the most liquidity in that 

underlying security for the previous two 

calendar months), or the first market to 

open the underlying security as 

determined by the Exchange on an 

issue-by-issue basis and communicated 

to the members on the Exchange’s Web 

site. 

The Exchange believes that the 

elimination of the term ‘‘primary 

market’’ from rule, together with the 

proposed definition of ‘‘market for the 

underlying security,’’ will allow PMMs 

to open classes of options expeditiously 

and in tandem with the other markets, 

thus allowing for a more orderly 

opening rotation. 

2. Statutory Basis 

The basis under 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, 

and to remove impediments to and 

perfect the mechanism for 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 proposed 

rule change will provide PMMs greater 

flexibility in opening trading in options, 

which should result in options opening 

across all markets in a fair and orderly 

manner. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

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 not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any 

unsolicited written comments from 

members or other interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has designated the 

proposed rule change as one that: (i) 

Does not significantly affect the 

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