Federal Register / Vol. 74, No. 80 / Tuesday, April 28, 2009 / Notices 19257 

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

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

6 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). 

same manner as if an RFQ was issued 

by an Options Participant. Options 

Participants will receive the message in 

the same manner whether the request is 

issued by a Participant or an Options 

Official. Similarly, a Market Maker is 

required to continuously maintain, 

without interruption, a valid two-sided 

quote for at least thirty seconds. 

However, if during that thirty second 

time span, the quote becomes invalid, 

the Market Maker must, as soon as 

practicable, but within five seconds post 

a valid two sided quote. 

In addition, as proposed, section 6(d) 

will establish quoting standards based 

upon a percentage of time measurement. 

The proposal will clarify that this 

section entitled ‘‘continuous quoting’’ 

reflects quoting parameters based on a 

daily time measurement. The proposal 

also seeks to remove references to series 

and replace them with class. 

Consequently, under the proposal, 

Market Makers will be required to 

submit valid quotes on a daily basis for 

at least 80% of the time that a class is 

open in 90% of their appointed classes. 

In addition, on a daily basis, a Market 

Maker shall post valid quotes at least 

sixty percent (60%) of the time in each 

of its appointed classes during the time 

that the class is open for trading. Thus, 

allowing a Market Maker to focus their 

strategy on the entire class to which it 

was appointed, rather than 

implementing a strategy utilizing each 

series within a class. This allows a 

Market Maker, if it chooses, to bring 

more liquidity to the more actively 

traded series, rather than focusing on 

series with less activity. 

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with the 

requirements of Section 6(b) of the Act,4

in general, and Section 6(b)(5) of the 

Act,5 in particular, in that 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, 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. Specifically, the 

proposal will simplify the rule. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

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 comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

A. By order approve such proposed 

rule change, or 

B. Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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–BX–2009–020 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–BX–2009–020. 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 No. 

SR–BX–2009–020 and should be 

submitted on or before May 19, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–9558 Filed 4–27–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59799; File No. SR– 

NYSEAmex–2009–07] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Amex LLC Amending NYSE Amex 

Equities Rules 13, 902, 903, 904, 905 

and 906 To Eliminate Certain Order 

Types From the Off-Hours Trading 

Facility 

April 20, 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 April 9, 

2009, NYSE Amex 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 self-regulatory organization. 

NYSE Amex filed the proposed rule 

change pursuant to Section 19(b)(3)(A) 

of the Act 4 and Rule 19b–4(f)(6) 


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5 17 CFR 240.19b–4(f)(6). 

6See Securities Exchange Act Release No. 59570 

(March 12, 2009), 74 FR 11800 (March 19, 2009) 

(SR–NYSE–2009–28). 7See Securities Exchange Act Release No. 58673 

(September 29, 2008), 73 FR 57707 (October 3, 

2008) (SR–NYSE–2008–60 and SR–Amex–2008–62) 

(approving the Merger). 8NYSE Alternext US LLC was subsequently 

renamed NYSE Amex LLC. See Securities Exchange 

Act Release No. 59575 (March 13, 2009), 74 FR 

11803 (March 19, 2009) (SR–NYSEALTR–2009–24). 9 15 U.S.C. 78f. 

10See Securities Exchange Act Release No. 58705 

(October 1, 2008), 73 FR 58995 (October 8, 2008) 

(SR–Amex–2008–63) (approving the Equities 

Relocation). 11See Securities Exchange Act Release No. 58705 

(October 1, 2008), 73 FR 58995 (October 8, 2008) 

(SR–Amex–2008–63) (approving the Equities 

Relocation); Securities Exchange Act Release No. 

58833 (October 22, 2008), 73 FR 64642 (October 30, 

2008) (SR–NYSE–2008–106) and Securities 

Exchange Act Release No. 58839 (October 23, 2008), 

73 FR 64645 (October 30, 2008) (SR–NYSEALTR– 

2008–03) (together, approving the Bonds 

Relocation); Securities Exchange Act Release No. 

59022 (November 26, 2008), 73 FR 73683 

(December 3, 2008) (SR–NYSEALTR–2008–10) 

(adopting amendments to NYSE Alternext Equities 

Rules to track changes to corresponding NYSE 

Rules); Securities Exchange Act Release No. 59027 

(November 28, 2008), 73 FR 73681 (December 3, 

2008) (SR–NYSEALTR–2008–11) (adopting 

amendments to Rule 62—NYSE Alternext Equities 

to track changes to corresponding NYSE Rule 62). 

12See Securities Exchange Act Release No. 29237 

(May 31, 1991), 56 FR 24853 (June 3, 1991) 

approving File Nos. SR–NYSE–90–52 and 90–53 

which established the NYSE Off-Hours Trading 

Facility on a pilot basis. See also Securities 

Exchange Act Release No. 33992 (May 2, 1994), 59 

FR 23907 (May 9, 1994) approving the NYSE OffHours Trading Facility on a permanent basis. 

13This includes any market-wide trading halt 

instituted under NYSE Amex Equities Rule 80B 

(Trading Halts Due to Extraordinary Market 

Volatility). 

14See NYSE Amex Equities Rule 13 (Definitions 

of Orders). GTC orders that have been designated 

as ‘‘Off-Hours Eligible’’ under this rule are referred 

to as ‘‘GTX orders’’. 

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 

NYSE Amex Equities Rules 13 

(Definitions of Orders), 902 (Off-Hours 

Trading Orders), 903 (Off-Hours 

Transactions), 904 (Priority of Off-Hours 

Trading Orders), 905 (Off-Hours Trading 

Reports and Recordkeeping) and 906 

(Impact of Trading Halts on Off-Hours 

Trading) to eliminate certain order types 

from the off-hours trading facility. The 

text of the proposed rule change is 

available at the Exchange, the 

Commission’s Public Reference Room, 

and http://www.nyse.com. 

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 

Through this filing, the Exchange 

seeks to amend NYSE Amex Equities 

Rules 902, 903, 904, 905 and 906 to 

remove certain off-hours trading 

functions from the Exchange’s Crossing 

Session I. The Exchange is making this 

change in connection with certain 

technology upgrades it is in the process 

of rolling out. 

As explained more fully below, 

customers who previously relied on the 

trading functions in Crossing Session I 

that are being eliminated will be able to 

execute their off-hours trades through 

the NYSE MatchPoint® system. The 

Exchange will continue to accommodate 

certain types of off-hours trading (error 

offset trades and trades between a 

member and the DMM for the purpose 

of offsetting a market-on-close 

imbalance) in Crossing Session I. 

These amendments are proposed to 

conform to amendments filed by the 

New York Stock Exchange (‘‘NYSE’’).6

I. Background 

As described more fully in a related 

rule filing,7 NYSE Euronext acquired 

The Amex Membership Corporation 

(‘‘AMC’’) pursuant to an Agreement and 

Plan of Merger, dated January 17, 2008 

(the ‘‘Merger’’). In connection with the 

Merger, the Exchange’s predecessor, the 

American Stock Exchange LLC 

(‘‘Amex’’), a subsidiary of AMC, became 

a subsidiary of NYSE Euronext called 

NYSE Alternext US LLC,8 and continues 

to operate as a national securities 

exchange registered under Section 6 of 

the Act.9 The effective date of the 

Merger was October 1, 2008. 

In connection with the Merger, on 

December 1, 2008, the Exchange 

relocated all equities trading conducted 

on the Exchange legacy trading systems 

and facilities located at 86 Trinity Place, 

New York, New York, to trading systems 

and facilities located at 11 Wall Street, 

New York, New York (the ‘‘Equities 

Relocation’’). The Exchange’s equity 

trading systems and facilities at 11 Wall 

Street (the ‘‘NYSE Amex Trading 

Systems’’) are operated by the NYSE on 

behalf of the Exchange.10

As part of the Equities Relocation, 

NYSE Alternext adopted NYSE Rules 

1–1004, subject to such changes as 

necessary to apply the Rules to the 

Exchange, as the NYSE Alternext 

Equities Rules to govern trading on the 

NYSE Alternext Trading Systems.11 The 

NYSE Alternext Equities Rules, which 

became operative on December 1, 2008, 

are substantially identical to the current 

NYSE Rules 1–1004 and the Exchange 

continues to update the NYSE Alternext 

Equities Rules, now renamed the NYSE 

Amex Equities Rules, as necessary to 

conform with rule changes to 

corresponding NYSE Rules filed by the 

NYSE. 

The NYSE initiated its Off-Hours 

Trading Facility in June 1991.12 In 

connection with its implementation, the 

NYSE adopted the ‘‘900’’ series of rules 

to govern trading, order eligibility, order 

entry and record keeping requirements. 

Upon the Equities Relocation and the 

adoption of the NYSE Amex Equities 

Rules, the Exchange implemented the 

NYSE Off-Hours Trading Facility as part 

of the NYSE Amex Trading Systems. 

In one application of the Off-Hours 

Trading Facility, members and member 

organizations may enter orders to be 

executed at the Exchange closing price, 

that is, the price established by the last 

regular way sale in a security at the 

official closing of the 9:30 a.m. to 4 p.m. 

trading session (‘‘Crossing Session I’’). 

Orders may be entered for any 

Exchange-listed issue, other than a 

security that is subject to a trading halt 

at the close of the regular trading 

session 13 or is halted after 4 p.m. 

Crossing Session I normally runs from 

4:15 p.m. to 5 p.m. on each trading day. 

Under NYSE Amex Equities Rule 

902(a)(i) and (ii)(A) respectively, 

members may enter single-sided orders 

(i.e., either an order to buy or an order 

to sell) and coupled orders (i.e., both a 

buy and a sell order) into Crossing 

Session I. In addition, pursuant to NYSE 

Amex Equities Rule 902(b), the 

Exchange will migrate into Crossing 

Session I for possible execution any 

good-til-cancelled (‘‘GTC’’) orders that 

have been designated as eligible for 

execution in the Off-Hours Trading 

Facility.14 These types of orders entered 

into Crossing Session I are usually 

executed at the end of the Session, i.e., 

at 5 p.m. 

NYSE Amex Equities Rules 903 and 

904 describe, in pertinent part, how 


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15The Exchange is retaining the Aggregate-Price 

Coupled Order type, as defined in NYSE Amex 

Equities Rule 900 (Off-Hours Trading: Applicability 

and Definitions), paragraph (e)(i). This order type is 

specified for coupled buy and sell orders 

representing 15 or more securities having a total 

market value of $1 million or more. These orders 

are entered and executed in Crossing Session II. 

orders that are entered into the off-hours 

trading facility establish priority, and 

the execution protocols for such orders. 

Specifically, NYSE Amex Equities Rule 

903 provides that single-sided and 

migrated GTX orders are to be executed 

against opposite side single-sided and 

GTX orders in the Off-Hours trading 

Facility, while coupled orders are to be 

executed against the other side of the 

coupled order. NYSE Amex Equities 

Rule 904 provides that GTX orders 

retain the priority among themselves 

that existed when they were entered 

into Display Book®, while the priority 

of coupled orders will be determined 

based upon their sequence of entry into 

the Off-Hours Trading facility. 

NYSE Amex Equities Rule 905 

requires that certain records be 

maintained by members and member 

organizations with respect to off-hours 

trading. 

NYSE Amex Equities Rule 906 

outlines procedures under which OffHours Trading Facility orders in an 

NYSE-listed security may go 

unexecuted if such security was subject 

to a trading halt. 

II. Proposed Changes to Off-Hours Order 

Processing and Rule Amendments 

The Exchange is preparing to institute 

a number of technology changes to its 

systems that will foster more efficient 

and cost effective processing of orders it 

receives. As part of these changes, the 

Exchange is phasing out the SuperDOT®

system and will replace it with a system 

referred to as Super Display Book 

(‘‘SDBK’’). 

Because the Off-Hours Trading 

Facility relies on the SuperDOT system 

for certain trade processing functions, 

the Exchange plans to eliminate the 

ability to enter single-sided, coupled 

orders and GTX into the off-hours 

trading facility known as Crossing 

Session I, and to instead direct 

customers to use the NYSE’s 

MatchPoint® system to effect those 

types of trades. Accordingly, the 

Exchange is proposing to amend NYSE 

Amex Equities Rules 902, 903, 905 and 

906 and to rescind NYSE Amex Equities 

Rule 904 in its entirety to remove the 

provisions that relate to closing price 

single-sided, coupled and GTX orders. 

The Exchange also proposes to amend 

NYSE Amex Equities Rule 13 to remove 

provisions relating to GTX orders as 

these will no longer be supported by 

Exchange systems. 

1. Proposed Amendments 

a. NYSE Amex Equities Rule 13 

(Definitions of Orders) 

When the NYSE created the Off-Hours 

Trading Facility, it decided to provide a 

means for good-til-cancelled (GTC) 

orders to become automatically eligible 

for execution in this facility if the 

person or entity who had entered the 

GTC order so desired. This would then 

provide a possible source of liquidity to 

the Off-Hours Trading Facility, and 

could increase a GTC order’s chance of 

being executed since it could access 

additional liquidity that was entered 

into the Off-Hours Trading Facility that 

was not available during the regular 

trading session. At the same time, GTC 

orders designated to migrate to the OffHours Trading Facility would return to 

the Display Book, and retain their 

original priority on Display Book, if not 

executed in the Off-Hours Trading 

Facility. This would provide a further 

incentive to migrate GTC orders since 

they would not lose their standing on 

the Display Book as a result of the 

migration. 

The language indicating that a goodtil-cancelled order may be designated as 

‘‘Off-Hours eligible’’ and executed 

through the ‘‘Off-Hours Trading 

Facility’’ is proposed for deletion as this 

order type is being eliminated. The 

Exchange also proposes to add language 

to the definition of the good-tilcancelled order type to indicate that 

these orders are not eligible for 

execution in any Off-Hours Trading 

Facility of the Exchange. 

b. NYSE Amex Equities Rule 902 (OffHours Trading Orders) 

The Exchange proposes to delete 

paragraph (a)(i) (Closing-Price Orders) 

and paragraph (a)(ii)(A) (Closing-Price 

Coupled Orders) in their entirety to 

eliminate these as order types eligible 

for entry and execution in the Off-Hours 

Trading Facility.15 Paragraph (b) 

(Migration of Orders) is also proposed to 

be deleted to reflect the elimination of 

GTX, as that paragraph explains the 

migration of GTC orders from the 

regular hours trading session to the OffHours Trading Session. Paragraph (d) is 

proposed to be deleted since it explains 

that a migrated order (i.e., a GTX order) 

or a closing price order may be 

cancelled before execution. Paragraph 

(e) (Disposition of Unexecuted Orders) 

is proposed for deletion as it relates to 

migration of unexecuted GTX orders 

back to the Display Book if they are not 

executed in the Off-Hours Trading 

Facility, and to the fact that unexecuted 

closing-price orders expire if 

unexecuted in the Off-Hours Trading 

Facility. References to closing-price 

orders and paragraphs (a)(ii) and (b) are 

proposed for deletion in paragraph (g) 

(Odd-Lots and Partial Round Lots). 

c. NYSE Amex Equities Rule 903 (OffHours Transactions) 

Paragraph (a) (Priority of Single-Sided 

Orders) is proposed for deletion as it 

relates solely to this order type, which 

is being eliminated. In paragraphs (b) 

(Priority of Coupled Orders) and (c) 

(Binding Nature), references to closingprice, paragraph (a)(ii) of NYSE Amex 

Equities Rule 902 and paragraph (a) of 

NYSE Amex Equities Rule 903 are 

proposed for deletion as they will no 

longer be valid references. References to 

single-sided and coupled closing-price 

orders in (d) (Executions of Orders) are 

also proposed for deletion. 

d. NYSE Amex Equities Rule 904 

(Priority of Off-Hours Trading Orders) 

The Exchange proposes to delete this 

rule entirely. NYSE Amex Equities Rule 

904 (Priority of Off-Hours Trading 

Orders) relates to the priority of GTX 

among themselves as existed when 

these orders were on the Display Book, 

and the priority of closing-price orders 

entered into the Off-Hours Trading 

Facility. 

e. NYSE Amex Equities Rule 905 (OffHours Trading Reports and 

Recordkeeping) 

A reference to closing price and 

migrated orders is proposed for deletion 

in paragraph (b) (Off-Hours Trading 

Records) of this rule. 

f. NYSE Amex Equities Rule 906 

(Impact of Trading Halts on Off-Hours 

Trading) 

Paragraph (a) (Security Halts Prior to 

Off-Hours Trading) is proposed to be 

deleted in its entirety as it relates to 

closing-price and migrated orders, 

which are both being eliminated. 

Paragraph (b) (Corporate Developments 

during Off-Hours Trading Session) of 

the rule establishes the Exchange’s 

ability to halt trading in a security 

during the time it is open for Off-Hours 

Trading as a result of a corporate 

development. The Exchange proposes to 

delete subparagraphs (i), (ii) and (iii) 

which relate to closing-price and 

migrated GTC orders since they are 

being eliminated. The provision in the 

rule relating the permissibility of entry 

or the exemption from cancellation for 

closing price orders entered by 

Designated Market Makers (‘‘DMMs’’) in 

stocks that would otherwise be 

cancelled or prohibited from entry as a 


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16These types of orders are entered pursuant to 

NYSE Amex Equities Rule 902(a)(ii)(B). 

17See, generally, NYSE Rule 1500 (NYSE 

MatchPoint®) and Securities Exchange Act Release 

No. 57058 (December 28, 2007), 73 FR 903 (January 

4, 2008) approving adoption of NYSE Rule 1500. 

18A ‘‘market-on-close’’ order is a market order 

which is to be executed in its entirety at the closing 

price, on the Exchange, of the stock named in the 

order, and if not so executed, is to be treated as 

cancelled. See NYSE Amex Equities Rule 13. 

19 15 U.S.C. 78f(b). 

20 15 U.S.C. 78f(b)(5). 

21 15 U.S.C. 78s(b)(3)(A). 

22 17 CFR 240.19b–4(f)(6). 

23 15 U.S.C. 78s(b)(3)(A). 

24 17 CFR 240.19b–4(f)(6). 

25See id. In addition, Rule 19b–4(f)(6)(iii) 

requires a self-regulatory organization to provide 

the Commission with 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 Exchange 

has satisfied this requirement. 

26For purposes only of waiving the 30-day 

operative delay of this proposal, the Commission 

has considered the proposed rule’s impact on 

efficiency, competition and capital formation. 15 

U.S.C. 78c(f). 

result of corporate developments to 

offset all or part of a market-on-close 

imbalance that existed in a stock prior 

to the close of the Exchange’s regular 

trading session 16 is being retained. In 

these instances, the DMM and the 

member organization taking the other 

side have already agreed to trade in the 

stock at the closing price and this 

agreement is not affected by the ensuing 

corporate development. The Exchange is 

therefore proposing to add the phrase 

‘‘as a result of corporate developments 

during the Off-Hours Trading Session’’ 

to paragraph (b) to complete the last 

sentence of the paragraph. 

2. Availability of MatchPoint® for OffHours Trading 

In the Exchange’s view these changes 

will not significantly affect the 

experience of customers who would 

have previously submitted orders to 

Crossing Session I for execution since 

similar functionality exists in the 

MatchPoint® system. MatchPoint® is an 

NYSE electronic equity-trading facility 

that matches aggregated orders at 

predetermined fixed times with prices 

that are derived from primary markets. 

There are seven matching sessions at 

fixed times throughout the trading day, 

and, of particular relevance to this 

filing, an after-hours matching session at 

4:45 p.m. 

Orders in MatchPoint are executed at 

a single trading price (known as the 

‘‘reference price’’) that, for the 4:45 

match is equal to the NYSE official 

closing price for NYSE-listed securities 

and the official closing price of the 

primary market for all non-NYSE-listed 

securities.17 Customers who previously 

executed single-sided and coupled 

trades through Crossing Session I at the 

NYSE’s official closing price can submit 

single-sided and coupled orders for 

execution through MatchPoint®. 

It should be noted that certain other 

order types allowed under NYSE Amex 

Equities Rule 902 will not be affected by 

the proposed changes, although after the 

phase-out, the Exchange will process 

these trades on a different system 

instead of through SuperDOT. In 

particular, NYSE Amex Equities Rule 

902(a)(ii)(C) permits a coupled order to 

be submitted in Crossing Session I to 

address situations where a member or 

member organization wishes to close 

out an error at the closing price on the 

Exchange, and the Designated Market 

Maker has agreed to take the other side 

of the error trade. NYSE Amex Equities 

Rule 902(a)(ii)(B) permits entry of 

coupled orders when one side of such 

coupled order is for the account of a 

specialist member organization entered 

in those instances in which the coupled 

order reflects contra side interest to 

offset an imbalance of market-on-close 

orders 18 that existed at the regular 4:00 

p.m. close. The Exchange is not deleting 

these provisions from its rules, and 

member organizations will continue to 

be able to execute these trades in the 

same manner that they do today. 

The Exchange intends to 

progressively implement this 

elimination on a security by security 

basis as it gains experience with the 

implementation until it is operative in 

all securities traded on the Floor. During 

the implementation, the Exchange will 

identify on its website which securities 

will no longer be eligible for processing 

in Crossing Session I as described in 

this filing. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,19 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,20

in particular, in that it is designed to 

prevent fraudulent and manipulative 

acts and practices, 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 

the proposed rule change will facilitate 

the timely and efficient execution of 

securities on the Exchange by 

eliminating the use of an under-utilized 

order types and thus ultimately serve to 

protect investors and the public interest. 

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 Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 21 and Rule 

19b–4(f)(6) thereunder.22 Because the 

foregoing proposed rule change: (1) 

Does not significantly affect the 

protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) by its 

terms does not become operative for 30 

days of this filing, or such shorter time 

as the Commission may designate if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 23 and subparagraph (f)(6) of 

Rule 19b–4 thereunder.24

A proposed rule change filed under 

Rule 19b–4(f)(6) does not normally 

become opertative prior to 30 days after 

the date of filing.25 However, Rule 19b– 

4(f)(6)(iii) 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 so that the proposal may become 

operative immediately 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 proposed rule change seeks 

to eliminate one type of off-hours 

trading, while continuing to provide 

another type of off-hours trading 

throught the use of the NYSE 

Matchpoint® facility, in accordance 

with technology changes designed to 

foster a more efficient and cost effective 

processing of orders. The Commission 

notes that the proposed rule change is 

similar to NYSE’s rules regarding offhours trading. Therefore, the 

Commission designates the proposed 

rule change operative upon filing.26


erowe on PROD1PC64 with NOTICES
Federal Register / Vol. 74, No. 80 / Tuesday, April 28, 2009 / Notices 19261 

27 17 CFR 200.30–3(a)(12). 

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 Act. 

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–2009–07 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–2009–07. 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 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–2009–07 and 

should be submitted on or before May 

19, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–9556 Filed 4–27–09; 8:45 am] 

BILLING CODE 8010–01–P 

SOCIAL SECURITY ADMINISTRATION 

Agency Information Collection 

Activities: Proposed Request and 

Comment Request 

The Social Security Administration 

(SSA) publishes a list of information 

collection packages requiring clearance 

by the Office of Management and 

Budget (OMB) in compliance with 

Public Law (Pub. L.) 104–13, the 

Paperwork Reduction Act of 1995, 

effective October 1, 1995. This notice 

includes revisions and extensions of 

OMB-approved information collections 

and a new collection. 

SSA is soliciting comments on the 

accuracy of the agency’s burden 

estimate; the need for the information; 

its practical utility; ways to enhance its 

quality, utility, and clarity; and ways to 

minimize the burden on respondents, 

including the use of automated 

collection techniques or other forms of 

information technology. Mail, e-mail, or 

fax your comments and 

recommendations on the information 

collection(s) to the OMB Desk Officer 

and the SSA Reports Clearance Officer 

to the addresses or fax numbers shown 

below. 

(OMB) 

Office of Management and Budget. 

Attn: Desk Officer for SSA. 

Fax: 202–395–6974. 

E-mail address: 

OIRA_Submission@omb.eop.gov. 

(SSA) 

Social Security Administration, 

DCBFM, 

Attn: Reports Clearance Officer, 1332 

Annex Building, 6401 Security Blvd., 

Baltimore, MD 21235. 

Fax: 410–965–6400. 

E-mail address: OPLM.RCO@ssa.gov. 

I. The information collection below is 

pending at SSA. SSA will submit it to 

OMB within 60 days from the date of 

this notice. To be sure we consider your 

comments, we must receive them no 

later than June 29, 2009. Individuals can 

obtain copies of the collection 

instrument by calling the SSA Reports 

Clearance Officer at 410–965–3758 or by 

writing to the e-mail address we list 

above. 

1. Integrated Registration Services 

(IRES) System—20 CFR 401.45—0960– 

0626 

The IRES System verifies the identity 

of individuals, businesses, 

organizations, entities, and government 

agencies to use SSA’s eService Internet 

and telephone applications for 

requesting and exchanging business 

data with SSA. The requestor provides 

information, prescribed by SSA, to 

establish his or her identity. Once SSA 

verifies identity, IRES will issue the 

requestor a user identification number 

(User ID) and a password to conduct 

business with SSA. Respondents are 

employers and third party submitters of 

wage data, business entities providing 

taxpayer identification information, and 

data exchange partners conducting 

business in support of SSA programs. 

Type of Request: Revision of an OMBapproved information collection. 

Respondent types Number of 

respondents 

Frequency of 

response 

Average 

burden per 

response 

(minutes) 

Estimated 

annual burden 

hours 

Appointed Representatives Registering via Internet ....................................... 200,000 1 5 16,667 

All Other Business Services Online (BSO) Respondents Registering via 

Internet ......................................................................................................... 1,300,000 1 5 108,333 

Appointed Representatives Registering via Telephone .................................. 88,000 1 11 16,133 

All Other BSO Respondents Registering via Telephone ................................ 120,794 1 11 22,146 


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