Federal Register / Vol. 74, No. 77 / Thursday, April 23, 2009 / Notices 18597 

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

2 17 CFR 240.19b–4. 

Fact-Sheet-on-PresidentialMemorandum-on-Scientific-Integrity/. 

FOR FURTHER INFORMATION CONTACT: For 

information regarding this Notice, 

please contact 

scientificintegrity@ostp.eop.gov. 

SUPPLEMENTARY INFORMATION: In his 

March 9, 2009 memorandum on 

Scientific Integrity, the President states 

that ‘‘science and the scientific process 

must inform and guide decisions of my 

Administration on a wide range of 

issues’’ and assigns the Director of the 

Office of Science and Technology Policy 

(the Director) responsibility for ensuring 

scientific integrity throughout the 

executive branch. To this end, the 

memorandum requires the Director to 

submit within 120 days a set of 

recommendations for Presidential action 

to ensure scientific integrity. If possible, 

for each comment you submit, please 

note to which of the six principles 

below your comment relates. This will 

assist in properly categorizing the 

public comments and responding to the 

President’s memorandum on Scientific 

Integrity. The six principles from the 

memorandum are as follows: 

(a) The selection and retention of 

candidates for science and technology 

positions in the executive branch 

should be based on the candidate’s 

knowledge, credentials, experience, and 

integrity; 

(b) Each agency should have 

appropriate rules and procedures to 

ensure the integrity of the scientific 

process within the agency; 

(c) When scientific or technological 

information is considered in policy 

decisions, the information should be 

subject to well-established scientific 

processes, including peer review where 

appropriate, and each agency should 

appropriately and accurately reflect that 

information in complying with and 

applying relevant statutory standards. 

(d) Except for information that is 

properly restricted from disclosure 

under procedures established in 

accordance with statute, regulation, 

Executive Order, or Presidential 

Memorandum, each agency should 

make available to the public the 

scientific or technological findings or 

conclusions considered or relied on in 

policy decisions; 

(e) Each agency should have in place 

procedures to identify and address 

instances in which the scientific process 

or the integrity of scientific and 

technological information may be 

compromised; and 

(f) Each agency should adopt such 

additional procedures, including any 

appropriate whistleblower protections, 

as are necessary to ensure the integrity 

of scientific and technological 

information and processes on which the 

agency relies in its decision-making or 

otherwise uses or prepares. 

Comments from the public will help 

the OSTP determine what should be 

included in these recommendations. 

Respondents are invited to suggest: (1) 

Recommendations that would be 

responsive to the aims of the President, 

(2) specific implementing strategies, and 

(3) data and empirical evidence related 

to the effectiveness of strategies to 

promote scientific integrity. Comments 

submitted are encouraged to: 

• Be as succinct as possible (1000 

words or less recommended); 

• Specify which of the prior six 

principles (a–f) are being addressed 

with each comment; 

• Explain views and reasoning 

clearly; and 

• Describe how the success of 

particular strategies might be evaluated 

or measured. 

M. David Hodge, 

Operations Manager, OSTP. 

[FR Doc. E9–9307 Filed 4–22–09; 8:45 am] 

BILLING CODE 3170–W9–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

Act Manufacturing, Inc., Aerovox, Inc. 

(n/k/a New Bedford Capacitor, Inc.), 

Agility Capital, Inc., Air Water 

International Corp. (f/k/a Universal 

Communications Systems, Inc.), 

Allegiant Physician Services, Inc., and 

Alpha Microsystems, Inc. (n/k/a NQL, 

Inc.); Order of Suspension of Trading 

April 21, 2009. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Act 

Manufacturing, Inc. because it has not 

filed any periodic reports since the 

period ended September 30, 2001. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Aerovox, 

Inc. (n/k/a New Bedford Capacitor, Inc.) 

because it has not filed any periodic 

reports since the period ended March 

31, 2001. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Agility 

Capital, Inc. because it has not filed any 

periodic reports since the period ended 

June 30, 2002. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Air Water 

International Corp. (f/k/a Universal 

Communications Systems, Inc.) because 

it has not filed any periodic reports 

since the period ended June 30, 2006. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Allegiant 

Physician Services, Inc. because it has 

not filed any periodic reports since the 

period ended June 30, 1996. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Alpha 

Microsystems, Inc. (n/k/a NQL, Inc.) 

because it has not filed any periodic 

reports since the period ended 

September 30, 2001. 

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 21, 2009, through 

11:59 p.m. EDT on May 4, 2009. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–9418 Filed 4–21–09; 4:15 pm] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59778; File No. SR– 

NYSEAmex–2009–12] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Amex LLC To Adopt a Policy Relating 

to Its Treatment of Trade Reports That 

It Determines To Be Inconsistent With 

the Prevailing Market 

April 16, 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 April 6, 

2009, NYSE Amex LLC (‘‘NYSE Amex’’ 

or ‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 


sroberts on PROD1PC70 with NOTICES
18598 Federal Register / Vol. 74, No. 77 / Thursday, April 23, 2009 / Notices 

3 17 CFR 240.19b–4(f)(6). 

below, which Items have been prepared 

by the Exchange. The Exchange has 

designated this proposal as eligible for 

immediate effectiveness pursuant to 

Securities Exchange Act Rule 19b– 

4(f)(6).3 The Commission is publishing 

this notice to solicit comments on the 

proposal from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to adopt a 

policy relating to its treatment of trade 

reports that it determines to be 

inconsistent with the prevailing market. 

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 

Exchange 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 

Trades in listed securities 

occasionally occur at prices that deviate 

significantly from prevailing market 

prices and those trades sometimes 

establish a high, low or last sale price 

for a security that does not reflect the 

true market for the security. 

The Consolidated Tape Association 

(‘‘CTA’’) offers each Participant in the 

CTA Plan the discretion to append an 

indicator (an ‘‘Aberrant Report 

Indicator’’) to a trade report to indicate 

that the market believes that the trade 

price in a trade executed on that market 

does not accurately reflect the 

prevailing market for the security. The 

CTA recommends that data recipients 

should exclude the price of any trade to 

which the Aberrant Report Indicator has 

been appended from any calculation of 

the high, low and last sale prices for the 

security. 

During the course of surveillance by 

the Exchange or as a result of 

notification by another market, listed 

company or market participant, the 

Exchange may become aware of trade 

prices that do not accurately reflect the 

prevailing market for a security. In such 

a case, the Exchange proposes to adopt 

as policies that it: 

• May determine to append an 

Aberrant Report Indicator to any trade 

report with respect to any trade 

executed on the Exchange that the 

Exchange determines to be inconsistent 

with the prevailing market; and 

• Shall discourage vendors and other 

data recipients from using prices to 

which the Exchange has appended the 

Aberrant Report Indicator in any 

calculation of the high, low or last sale 

price of a security. 

The Exchange will urge vendors to 

disclose the exclusion from high, low or 

last sale price data of any aberrant 

trades excluded from high, low or last 

sale price information they disseminate 

and to provide to data users an 

explanation of the parameters used in 

the Exchange’s aberrant trade policy. 

Upon initial adoption of the Aberrant 

Report Indicator, the Exchange will also 

contact all of its listed companies to 

explain the aberrant trade policy and 

will notify users of the information that 

these are still valid trades. The 

Exchange will inform the affected listed 

company each time the Exchange or 

another market appends the Aberrant 

Report Indicator to a trade in an NYSE 

Amex listed stock and will remind the 

users of the information that these are 

still valid trades in that they were 

executed and not unwound as in the 

case of a clearly erroneous trade. 

While the CTA disseminates its own 

calculations of high, low and last sale 

prices, vendors and other data 

recipients—and not the Exchange— 

frequently determine their own 

methodology by which they wish to 

calculate high, low and last sale prices. 

Therefore, the Exchange shall endeavor 

to explain to those vendors and other 

data recipients the deleterious effects 

that can result from including in the 

calculations a trade to which the 

Aberrant Report Indicator has been 

appended. 

In making the determination to 

append the Aberrant Report Indicator, 

the Exchange shall consider all factors 

related to a trade, including, but not 

limited to, the following: 

• Material news released for the 

security; 

• Suspicious trading activity; 

• System malfunctions or 

disruptions; 

• Locked or crossed markets; 

• A recent trading halt or resumption 

of trading in the security; 

• Whether the security is in its initial 

public offering; 

• Volume and volatility for the 

security; 

• Whether the trade price represents 

a 52-week high or low for the security; 

• Whether the trade price deviates 

significantly from recent trading 

patterns in the security; 

• Whether the trade price reflects a 

stock-split, reorganization or other 

corporate action; 

• The validity of consolidated tape 

trades and quotes in comparison to 

national best bids and offers; and 

• The general volatility of market 

conditions. 

In addition, the Exchange proposes 

that its policy shall be to consult with 

other markets (in the case of executions 

that take place across multiple markets) 

and to seek a consensus as to whether 

the trade price is consistent with the 

prevailing market for the security. 

In determining whether trade prices 

are inconsistent with the prevailing 

market, the Exchange proposes that 

Exchange policy shall be to follow the 

following general guidelines: The 

Exchange will determine whether a 

trade price does not reflect the 

prevailing market for a security if the 

trade occurs during regular trading 

hours (i.e., 9:30 a.m. to 4 p.m.) and 

occurs at a price that deviates from the 

‘‘Reference Price’’ by an amount that 

meets or exceeds the following 

thresholds: 

Trade price Numerical 

threshold 

Between $0 and $15.00 ...... Seven percent. 

Between $15.01 and $50.00 Five percent. 

In excess of $50.00 ............. Three percent. 

The ‘‘Reference Price’’ refers to (a) if 

the primary market for the security is 

open at the time of the trade, the 

national best bid or offer for the 

security, or (b) if the primary market for 

the security is not open at the time of 

the trade, the first executable quote or 

print for the security on the primary 

market after execution of the trade in 

question. However, if the circumstances 

suggest that a different Reference Price 

would be more appropriate, the 

Exchange will use the different 

Reference Price. For instance, if the 

national best bid and offer for the 

security are so wide apart as to fail to 

reflect the market for the security, the 

Exchange might use as the Reference 

Price a trade price or best bid or offer 

that was available prior to the trade in 

question. 

If the Exchange determines that a 

trade price does not reflect the 

prevailing market for a security and the 

trade represented the last sale of the 

security on the Exchange during a 

trading session, the Exchange may also 


sroberts on PROD1PC70 with NOTICES
Federal Register / Vol. 74, No. 77 / Thursday, April 23, 2009 / Notices 18599 

4 15 U.S.C. 78f. 

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

6The Commission notes that, in the filing’s 

purpose section, the Exchange provided a more 

complete statutory basis for the proposed rule 

change, as follows: 

The Exchange believes that the proposed rule 

change is consistent with Section 6(b) of the 

Securities Exchange Act of 1934 (the ‘‘Act’’), in 

general, and furthers the objectives of Section 

6(b)(5) of the Act, in particular in that it is designed 

to promote just and equitable principles of trade, to 

foster cooperation and coordination with persons 

engaged in regulating, clearing, settling, processing 

information with respect to, and 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. 

In particular, the Aberrant Report Indicator is 

consistent with the protection of investors and the 

public interest in that the Exchange will seek to 

ensure a proper understanding of the Aberrant 

Report Indicator among securities market 

participants by: (i) Urging vendors to disclose the 

exclusion from high, low or last sale price data of 

any aberrant trades excluded from high, low or last 

sale price information they disseminate and to 

provide to data users an explanation of the 

parameters used in the Exchange’s aberrant trade 

policy; (ii) informing the affected listed company 

each time the Exchange or another market appends 

the Aberrant Report Indicator to a trade in an NYSE 

Amex listed stock; and (iii) reminding the users of 

the information that these are still valid trades in 

that they were executed and not unwound as in the 

case of a clearly erroneous trade. 

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

8 17 CFR 240.19b–4(f)(6). 

9 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 

19b–4(f)(6)(iii) requires a self-regulatory 

organization to give the Commission written notice 

of its intent to file 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 Exchange has 

satisfied this requirement. 

10 Id. 

11See Securities Exchange Act Release No. 58736 

(October 6, 2008), 73 FR 60380 (October 10, 2008) 

(SR–NYSE–2008–91). See also Securities Exchange 

Act Release No. 59151 (December 23, 2008), 74 FR 

158 (January 2, 2009) (SR–NASDAQ–2008–100). 

12For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

impact of the proposed rule on efficiency, 

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

determine to remove that trade’s 

designation as the last sale. The 

Exchange may do so either on the day 

of the trade or at a later date, so as to 

provide reasonable time for the 

Exchange to conduct due diligence 

regarding the trade, including the 

consideration of input from markets and 

other market participants. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 4 of the Act 

in general and furthers the objectives of 

Section 6(b)(5) 5 in particular, in that it 

is designed to promote just and 

equitable principles of trade, to remove 

impediments, and to perfect the 

mechanism of, a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest.6

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 

Written comments on the proposed 

rule change were neither solicited nor 

received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

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

Act 7 and Rule 19b–4(f)(6) thereunder,8

the Exchange has designated this 

proposal as one that effects a change 

that: (A) does not significantly affect the 

protection of investors or the public 

interest; (B) does not impose any 

significant burden on competition; and 

(C) by its terms, does not become 

operative for 30 days after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest. 

A proposed rule change filed under 

19b–4(f)(6) normally may not become 

operative for 30 days after the date of 

filing.9 However, Rule 19b–4(f)(6)(iii) 10

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has 

requested that the Commission waive 

the 30-day operative delay and 

designate the proposed rule change to 

become operative upon filing. 

The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because the proposal is substantially 

similar to a proposal previously 

approved by the Commission.11 The 

Commission believes that the 

Exchange’s proposal to append an 

Aberrant Report Indicator to certain 

trade reports is a reasonable means to 

alert investors and others that the 

Exchange believes that the trade price 

for a trade executed in its market does 

not accurately reflect the prevailing 

market for the security. In addition, the 

Commission notes that the Exchange 

will use objective numerical thresholds 

in determining whether a trade report is 

eligible to have an Aberrant Trade 

Indicator appended to it. The 

Commission further notes that the 

Exchange’s appending the Aberrant 

Trade Indicator to a trade report has no 

effect on the validity of the underlying 

trade. Finally, waiving the 30-day 

operative delay will allow the Exchange 

to apply the proposed change to 

aberrant trades immediately.12 Based on 

the above, the Commission designates 

the proposal to become 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 

interest, for the protection of investors, 

or otherwise in the 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–NYSEAmex–2009–12 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–NYSEAmex–2009–12. 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 


sroberts on PROD1PC70 with NOTICES
18600 Federal Register / Vol. 74, No. 77 / Thursday, April 23, 2009 / Notices 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 59721 

(April 7, 2009), 74 FR 17245 (April 14, 2009). 

4 15 U.S.C. 78s(b)(1). 

5 17 CFR 240.19b–4. 

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– 

NYSEAmex–2009–12 and should be 

submitted on or before May 14, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–9240 Filed 4–22–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59779; File No. SR–Phlx– 

2009–32] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX, Inc.; Notice of 

Filing of Amendment No. 1 to 

Proposed Rule Change Relating to the 

Exchange’s Enhanced Electronic 

Trading Platform for Options, Phlx XL 

II 

April 16, 2009. 

On April 3, 2009, NASDAQ OMX 

PHLX, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to implement several 

enhancements to its electronic options 

trading system, Phlx XL. The proposed 

rule change was published for comment 

in the Federal Register on April 14, 

2009.3 Pursuant to Section 19(b)(1) of 

the Act,4 and Rule 19b–4 thereunder,5

notice is hereby given that on April 15, 

2009, Phlx filed with the Commission 

Amendment No. 1 to the proposed rule 

change as described in Item I below. 

The Commission is publishing this 

notice of Amendment No. 1 to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

Amendment No. 1 to the Proposed Rule 

Change 

The Exchange is filing Amendment 

No. 1 to clarify and correct discrete 

portions of File No. SR–Phlx–2009–32, 

which proposes to implement several 

enhancements to its electronic options 

trading system, Phlx XL, with the 

enhanced system to be named Phlx XL 

II. The text of the proposed rule change 

is available on the Exchange’s Web site 

at http:// 

nasdaqomxphlx.cchwallstreet.com/ 

NASDAQOMXPHLX/Filings/, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

Changes to the ‘‘Purpose’’ Section of the 

Previously Submitted Form 19b–4 

References to ‘‘page numbers’’ mean 

the page numbers in the previously 

submitted Form 19b–4 for SR–Phlx– 

2009–32. In addition to the proposed 

changes below, the Exchange proposes 

conforming changes to the previously 

submitted Exhibit 1 to SR–Phlx–2009– 

32. 

1. Delete from footnote 3 the Federal 

Register citation to ‘‘44612’’ and replace 

it with ‘‘46612.’’ 

2. Add a closing parenthesis to 

footnote 6 after the phrase, ‘‘the 

‘‘Linkage Plan,’’.’’ 

3. Delete the following phrase from 

the third sentence of the first full 

paragraph on page 12: 

‘‘a number of contracts with a size 

equal to the size of the interest at other 

markets at prices better than interest on 

the Exchange,’’ 

Replace the deleted phrase with the 

following: 

‘‘all marketable contracts on the 

Exchange to such better priced away 

markets,’’ 

4. Delete the following phrase from 

the first sentence of the first full 

paragraph on page 15: 

‘‘conduct a Provisional Opening’’ 

Replace the deleted phrase with the 

following: 

‘‘open as many contracts as possible’’ 

5. Delete the final sentence of the first 

full paragraph on page 15 which states: 

‘‘The Exchange opening price will 

always be equal to or better than the 

OQR.’’ 

6. Delete the following sentence from 

footnote 39: 

‘‘The duration of the brief period will 

be published in an Options Trader 

Alert, which will be available on the 

Exchange’s web site.’’ 

This is consistent with footnote 65. 

The brief period is not on a timer. 

7. Add the following at the end of 

footnote 44 on page 20: 

‘‘All references to a ‘‘Quote Exhaust 

Timer’’ in the Phlx XL II system and in 

the proposed rules mean a system pause 

for a brief period. Phlx XL II 

participants will not receive any 

notification that a Quote Exhaust Timer 

has been initiated.’’ 

8. In the seventh line of the second 

paragraph on page 24, delete ‘‘B’’ in 

parentheses and replace it with ‘‘E’’ in 

parentheses and delete the ‘‘C’’ in 

parentheses and replace it with ‘‘F’’ in 

parentheses. 

9. Delete the following sentences from 

Page 30 under Example II ‘‘After the 

Quote Exhaust Timer’’: 

‘‘The initiating order buys 20 

contracts from Market Maker 1 at 2.70 

and the Phlx XL II system will 

contemporaneously route the 

unexecuted balance of the initiating 

order to the away market, 10 to buy at 

2.70. This should result in a buy of 10 

contracts at 2.65 on the away market. 

The disseminated PBBO is 2.20 bid, 

2.70 offer, with a size of 20x5’’ 

Replace the deleted sentences with 

the following: 

‘‘The initiating order has 30 

unexecuted contracts to buy. The Phlx 

XL II system will route 10 contracts to 

buy at 2.65 to the ABBO market, which 

is the best available price and size. The 

remaining balance is posted in the 

PBBO at the ABBO price. 

The disseminated PBBO is 2.65 bid, 

2.70 offer, with a size of 20x25.’’ 

10. Delete the following phrase from 

the second sentence of the last 

paragraph on page 34 (and continuing to 

page 35): 

‘‘a number of contracts that will 

satisfy interest at’’ 

Replace the deleted phrase with the 

following: 

‘‘all marketable contracts on the 

Exchange to’’ 

11. Delete the following phrase from 

the second sentence of the first full 

paragraph on page 35: 

‘‘a number of contracts that will 

satisfy interest at other markets at prices 

better than’’ 

Replace the deleted phrase with the 

following: 

‘‘any remaining contracts to away 

markets at’’ 

12. Delete the word ‘‘or’’ from the 

third line of the first full paragraph on 

page 38, and replace it with the phrase 

‘‘if the Exchange Auction Price is no 

more than’’ 


sroberts on PROD1PC70 with NOTICES