Federal Register / Vol. 73, No. 163 / Thursday, August 21, 2008 / Notices 49529 

38See supra note 26 and accompanying text. 

39See supra notes 3 and 4. 

40 15 U.S.C. 78s(b)(2). 

41 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. 58099 

(July 3, 2008), 73 FR 39769 (‘‘Notice’’). 

4The ‘‘Complex Orders’’ that may be traded on 

Phlx XL are spread orders, as defined in Phlx Rule 

1066(f)(1); straddle orders, as defined in Phlx Rule 

1066(f)(2); combination orders, as defined in Phlx 

Rule 1066(f)(3); ratio orders; and collar (risk 

reversal) orders. See Phlx Rule 1080, Commentary 

.08(a)(i). 

5See Phlx Rule 1080, Commentary .08(e)(ix). 

6See Notice, supra note 3. 

7See Phlx Rule 1080, Commentary .08(d)(ii). 

However, as described in greater detail in the 

Notice, supra note 3, a COOP will not be initiated 

if any of the conditions in Phlx Rule 1080, 

Commentary .08(c)(ii) exist. 

8See Phlx Rule 1080, Commentary .08(d)(i). A 

‘‘Complex Order Strategy’’ is any Complex Order 

involving any option series that is priced at a net 

debit or credit based on the relative prices of each 

component. See Phlx Rule 1080, Commentary 

.08(a)(ii). 

9See Phlx Rule 1080, Commentary .08(d)(ii)(A)(3) 

and (4). 

10A ‘‘COLA-eligible order’’ is a Complex Order 

(a) identified by way of a COOP; or (b) that, upon 

receipt, improves the cPBBO (i.e., the Phlx best net 

Continued 

required. In addition, NYSE Arca 

Equities Rule 7.34(a)(5) provides that, if 

the Exchange becomes aware that the 

NAV is not being disseminated to all 

market participants at the same time, it 

will halt trading in the Shares until such 

time as the NAV is available to all 

market participants.38

The Commission further believes that 

the trading rules and procedures to 

which the Shares will be subject 

pursuant to this proposal are consistent 

with the Act. The Exchange has 

represented that any securities listed 

pursuant to this proposal will be 

deemed equity securities and be subject 

to existing Exchange rules governing the 

trading of equity securities. 

In support of this proposal, the 

Exchange has made the following 

representations: 

(1) The Exchange represents that it 

intends to utilize its existing 

surveillance procedures applicable to 

derivative products, including Currency 

Trust Shares, to monitor trading in the 

Shares and that such procedures are 

adequate to properly monitor Exchange 

trading of the Shares in all trading 

sessions and to deter and detect 

violations of Exchange rules and 

applicable federal securities laws. The 

Exchange may obtain information via 

ISG from other exchanges that are 

members of ISG. Specifically, the 

Exchange can obtain such information 

from CME in connection with foreign 

currency futures and options on futures 

trading on CME pertaining to futures 

and options on futures on the Russian 

ruble and South African rand. 

(2) The Exchange represents that if the 

interruption to the calculation or wide 

dissemination of the value of the 

underlying foreign currency or IIV 

persists past the trading day in which it 

occurred, the Exchange would halt 

trading no later than the beginning of 

the trading day following the 

interruption. 

(3) Prior to listing and trading the 

Shares, the Exchange represents that it 

will inform its ETP Holders in the 

Bulletin of the special characteristics 

and risks associated with trading the 

Shares. 

This approval order is based on the 

Exchange’s representations. 

The Commission finds good cause for 

approving this proposal before the 30th 

day after the publication of notice 

thereof in the Federal Register. As 

noted above, the Commission 

previously approved the original listing 

and trading, and trading pursuant to 

UTP, of shares of other CurrencyShares 

Trusts.39 The Commission presently is 

not aware of any regulatory issue that 

should cause it to revisit those findings 

or would preclude the listing and 

trading of the Shares on the Exchange. 

Accelerating approval of this proposed 

rule change would allow the Shares to 

be listed on the Exchange without 

undue delay. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,40 that the 

proposed rule change (SR–NYSEArca–

2008–81), as modified by Amendment 

No. 1 thereto, be, and it hereby is, 

approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.41

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19356 Filed 8–20–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58361; File No. SR–Phlx–

2008–50] 

Self-Regulatory Organizations; 

Philadelphia Stock Exchange, Inc.; 

Order Approving a Proposed Rule 

Change Relating to the Electronic 

Handling of Complex Orders 

August 14, 2008. 

I. Introduction 

On July 1, 2008, the Philadelphia 

Stock Exchange, 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 proposal to adopt Phlx 

Rule 1080, Commentary .08, ‘‘Complex 

Orders on Phlx XL,’’ to provide for the 

electronic handling of certain Complex 

Orders on Phlx XL, the Phlx’s electronic 

trading platform for options. The 

proposed rule change was published for 

comment in the Federal Register on July 

10, 2008.3 The Commission received no 

comments regarding the proposed rule 

change. This order approves the 

proposed rule change. 

II. Description of the Proposal 

The Phlx proposes to adopt Phlx Rule 

1080, Commentary .08 to provide for the 

electronic handling of certain Complex 

Orders on Phlx XL.4 Phlx members and 

Phlx XL participants quoting and 

trading in open outcry will be required 

to submit quotes and/or orders 

electronically to participate in the 

electronic Complex Order system.5

As described briefly below and in 

greater detail in the Notice,6 the 

proposal establishes a Complex Order 

Opening Process (‘‘COOP’’), a Complex 

Order Book (‘‘CBOOK’’), and a Complex 

Order Live Auction (‘‘COLA’’). In 

addition, the proposal includes a 

Strategy Price Protection (‘‘SPP’’) feature 

that will prevent certain Complex 

Orders from trading at prices outside of 

specified pre-set limits. 

COOP 

After trading has opened in each 

component of a pending Complex Order 

or re-opened following a trading halt, 

the Phlx XL system will initiate the 

COOP.7 There will be one COOP per 

Complex Order Strategy.8 The COOP is 

composed of two components: (1) The 

COOP Timer, a period ranging from 0 to 

600 seconds, as determined by the Phlx, 

during which the Complex Order will 

not trade; and (2) the COOP Evaluation, 

the period following the conclusion of 

the COOP Timer during which the Phlx 

XL system will determine which 

Complex Order on the CBOOK, if any, 

will be eligible for a COLA. Complex 

Orders received during the COOP Timer 

and the COOP Evaluation will reside on 

the CBOOK and will be visible to Phlx 

XL participants.9

At the conclusion of the COOP Timer, 

the Phlx XL system will identify the 

‘‘COLA-eligible order,’’ 10 if any, from 

mstockstill on PROD1PC66 with NOTICES

49530 Federal Register / Vol. 73, No. 163 / Thursday, August 21, 2008 / Notices 

debt or credit price for a Complex Order based on 

the Phlx best bid or offer for the individual 

components of the Complex Order). See Phlx Rule 

1080, Commentary .08(e)(i)(B)(1). The methodology 

for determining the COLA-eligible order is 

described in greater detail in the Notice, supra note 

3. 

11The cPBBO is the best net debit or credit price 

for a Complex Order based on the Phlx’s best bid 

and/or offer for the individual legs of the Complex 

Order. See Phlx Rule 1080, Commentary .08(a)(iv). 

12See Phlx Rule 1080, Commentary 

.08(d)(ii)(B)(1). 

13Under the proposal, Phlx XL participants are 

Streaming Quote Traders (‘‘SQTs’’), Remote 

Streaming Quote Traders (‘‘RSQTs’’), non-SQT 

Register Options Traders (‘‘ROTs’’), specialists and 

non-Phlx market makers on another exchange; nonbroker-dealer customers and non-market maker offfloor broker-dealers; and Floor Brokers using the 

Options Floor Broker Management System. See 

Phlx Rule 1080, Commentary .08(a)(vii). 

14See Phlx Rule 1080, Commentary .08(e)(ii). 

15See Phlx Rule 1080, Commentary .08(e)(iii) and 

(iv). 

16See Phlx Rule 1080, Commentary .08(e)(iv)(C). 

17See Phlx Rule 1080, Commentary .08(e)(iv)(D). 

Phlx Rule 1080(c)(ii)(C) prohibits an Order Entry 

Firm from executing as principal against an order 

on the limit order book that it represents as agent 

unless: (a) The agency order is first exposed on the 

limit order book for at least three seconds; (b) the 

Order Entry Firm has been bidding or offering on 

the Phlx for at least three seconds prior to receiving 

the agency order that is executable against such 

order; or (c) the Order Entry Firm proceeds in 

accordance with the crossing rules in Phlx Rule 

1064. 

18See Phlx Rule 1080, Commentary .08(e)(iii). 19See Phlx Rule 1080, Commentary 

.08(e)(vi)(A)(1). An SQT or RSQT quoting all 

components of the Complex Order would have 

priority over SQTs and RSQTs quoting a single 

component, but would not have priority over 

customer orders. See Phlx Rule 1080, Commentary 

.08(e)(vi)(A)(1). 

20See Phlx Rule 1080, Commentary .08(e)(v) and 

(vi)(B)(1)–(4). If the markets for the individual 

components of the COLA-eligible order improve 

during the COLA Timer and match the best price 

of COLA Sweep(s) and/or responsive Complex 

Order(s), the system will execute the COLA 

Sweep(s) and/or responsive Complex Order(s) 

before executing the individual components of the 

COLA-eligible order. See Phlx Rule 1080, 

Commentary .08(e)(vi)(A)(2). 

21See Phlx Rule 1080, Commentary .08(e)(v). 

Phlx Rule 1033(d) provides that when a member 

holding a hedge order (i.e., a spread, straddle, or 

combination order), and bidding or offering on the 

basis of a total credit or debit for the order has 

determined that the order may not be executed by 

a combination of transactions at or within the bids 

and offers established in the marketplace, then the 

order may be executed as a hedge order at the total 

credit or debit with one other member with priority 

over either the bid or the offer established in the 

marketplace that is not better than the bids or offers 

comprising the total credit or debit, provided that 

the member executes at least one option leg at a 

better price than the established bid or offer for that 

contract and no option leg is executed at a price 

outside of the established bid or offer for that option 

contract. 

22See Phlx Rule 1080, Commentary 

.08(e)(vi)(A)(3). 

23See Phlx Rule 1080, Commentary .08(e)(vi)(C). 

The specialist is not entitled to receive an allocation 

that would exceed the size of the specialist’s COLA 

Sweep. See Phlx Rule 1080, Commentary 

.08(e)(vi)(C)(4). 

24See Phlx Rule 1080, Commentary .08(e)(v). 

25See Phlx Rule 1080, Commentary 

.08(e)(viii)(B). 

26 Id. 

27See Phlx Rule 1080, Commentary 

.08(e)(viii)(C)(1) and (2). 

market and marketable limit Complex 

Orders, including Complex Orders that 

cross the ‘‘cPBBO,’’ 11 and Complex 

Orders that improve the cPBBO, 

according to the methodology set forth 

in Phlx Rule 1080, Commentary 

.08(d)(ii)(B)(2). If the system receives no 

such orders, Complex Orders received 

during the COOP Timer will be placed 

on the CBOOK.12

COLA 

COLA Broadcast and Responses 

After identifying a COLA-eligible 

order, the Phlx will send a broadcast 

notice to Phlx XL participants 13

indicating that the system has initiated 

a COLA. The broadcast message will 

identify the Complex Order Strategy, 

and the size of the order and any 

contingencies, but not the side of the 

market or the price.14 During the COLA 

Timer, which will not exceed five 

seconds, Phlx XL participants may bid 

and/or offer on either or both side(s) of 

the market by submitting one or more 

bids or offers that improve the cPBBO, 

known as ‘‘COLA Sweeps.’’ 15 COLA 

Sweeps will not be visible to Phlx XL 

participants or disseminated by the 

Phlx.16 The requirements in Phlx Rule 

1080(c)(ii)(C) regarding trading as 

principal with agency orders will apply 

to Complex Orders and COLA 

Sweeps.17 Complex Orders for the same 

Complex Order Strategy as the COLAeligible order may not be cancelled 

during the COLA.18

Executions and Allocations 

If the system receives no COLA 

Sweeps or responsive Complex Orders 

during the COLA Timer, the COLAeligible order may trade at the Phlx best 

bid or offer (‘‘PBBO’’) with quotes or 

orders on the limit order book for the 

components of the Complex Order, 

provided that the order can be executed 

in the correct ratio and at the desired 

price.19

If the system receives responses 

during the COLA Timer, the COLAeligible order and the responsive COLA 

Sweeps or Complex Orders will trade, 

first, based on the best price or prices 

available at the end of the COLA Timer, 

with responses at the same price 

allocated in the following sequence: (1) 

Customer marketable Complex Orders 

on the CBOOK; (2) COLA Sweeps on a 

size pro-rata basis; (3) SQT, RSQT, and 

non-SQT ROT Immediate or Cancel 

Complex Orders on a size pro-rata basis; 

and (4) non-market maker off-floor 

broker-dealers on a size pro-rata basis.20

Executions in the COLA will comply 

with the complex order priority 

requirements of Phlx Rule 1033(d).21 In 

addition, the COLA’s priority rules 

provide that a non-broker-dealer 

customer’s Complex Order will have 

priority over specialists, SQTs, RSQTs, 

and off-floor broker-dealers bidding for 

or offering any components of the 

Complex Order at the same price, but 

not over non-broker-dealer customer 

orders for any components of the 

Complex Order at the same price.22

If the specialist submits a COLA 

Sweep at the same price as other COLA 

Sweeps, then, after any customer 

marketable Complex Orders have been 

executed against the COLA-eligible 

order, the specialist will be entitled to 

receive the greater of: (1) The proportion 

of the aggregate size at the cPBBO 

associated with the specialist’s COLA 

Sweep, SQT and RSQT COLA Sweeps, 

and non-SQT ROT Complex Orders on 

the CBOOK; (2) the Enhanced Specialist 

Participation described in Phlx Rule 

1014(g)(ii)–(iv); or (3) 40% of the 

remainder of the order.23

The components of a COLA-eligible 

order may be executed in one-cent 

increments, regardless of the minimum 

quoting increments otherwise 

applicable to the individual legs of the 

order.24

Treatment of Incoming Orders Received 

During the COLA 

Incoming Complex Orders on the 

same side of the market as the COLAeligible order that are received during 

the COLA will join the COLA, although 

the original COLA-eligible order will 

have priority at all price points over any 

incoming Complex Order, regardless of 

the price of the incoming order.25 If the 

incoming Complex Order is not 

executed in its entirety, any remaining 

contracts will be placed on the CBOOK, 

subject to other instructions.26

Incoming customer and non-customer 

Complex Orders on the opposite side of 

the market from the COLA-eligible order 

that have prices equal to or better than 

the best-priced COLA Sweep may 

execute against the COLA-eligible order 

or be placed on the CBOOK, subject to 

other instructions, if unexecuted 

interest remains in the incoming order 

after the COLA-eligible order has been 

executed in its entirety.27 Incoming 

Complex Orders on the opposite side of 

the market that have a price inferior to 

the COLA Sweep Price(s) will execute 

against the COLA-eligible order after 

interest at the better COLA Sweep 

Price(s) has been executed. Any 

unexecuted remaining contracts in the 

mstockstill on PROD1PC66 with NOTICES

Federal Register / Vol. 73, No. 163 / Thursday, August 21, 2008 / Notices 49531 

28See Phlx Rule 1080, Commentary 

.08(e)(viii)(C)(3). 

29See Phlx Rule 1080, Commentary .08(f). 

30See Phlx Rule 1080, Commentary .08(f)(iii)(A). 

31See Phlx Rule 1080, Commentary .08(f)(iii)(B). 

32See Phlx Rule 1080, Commentary .08(f)(i). 

33See Phlx Rule 1080, Commentary 

.08(f)(iii)(B)(2). 

34See Phlx Rule 1080, Commentary 

.08(f)(iii)(B)(3). 

35A Vertical Spread is a Complex Order Strategy 

consisting of the purchase of one call (put) option 

and the sale of another call (put) option overlying 

the same security that have the same expiration but 

different strike prices. See Phlx Rule 1080, 

Commentary .08(g)(i). 

36A Time Spread is a Complex Order Strategy 

consisting of the purchase of one call (put) option 

and the sale of another call (put) option overlying 

the same security that have different expirations but 

the same strike price. See Phlx Rule 1080, 

Commentary .08(g)(ii). 

37See Phlx Rule 1080, Commentary .08(g)(iii). 

38 In approving the proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 

39 15 U.S.C. 78f(b)(5). 

40See Phlx Rule 1080, Commentary .08(e)(v) and 

(f)(iii)(B)(2). See note 21, supra. 

41See Phlx Rule 1080, Commentary .08 

(e)(vi)(A)(3) and (f)(iii)(B)(3). In addition, the COLA 

allocation rules provide that if a COLA-eligible 

order executes against interest in the market for the 

individual components of the order, SQTs and 

RSQTs quoting all components of the Complex 

Order will have priority over SQTs and RSQTs 

quoting a single component, but not over customer 

orders. See Phlx Rule 1080, Commentary 

.08(e)(vi)(A)(1). 

42See, e.g., CBOE Rules 6.45A(b)(ii) and 

6.45B(b)(ii); and ISE Rule 722(b)(2). 

43See Phlx Rule 1080, Commentary .08(e)(vi)(C). 

44See, e.g., Securities Exchange Act Release No. 

43100 (July 31, 2000), 65 FR 48788 (August 9, 

2000). 

incoming Complex Order will be placed 

on the CBOOK, subject to other 

instructions.28

CBOOK 

Non-broker-dealer customer and nonmarket maker broker-dealer Complex 

Orders may be entered on the CBOOK.29

An order resting on the CBOOK may 

execute against quotes or orders on the 

limit order book for the individual 

components of the order or against 

incoming Complex Order(s) that do not 

trigger a COLA Timer, whichever arrives 

first.30 An incoming Complex Order that 

does not trigger a COLA Timer may 

execute against interest on the limit 

order book for the individual 

components of the order or against 

Complex Orders resting on the 

CBOOK.31 Complex Orders on the 

CBOOK may be executed in one-cent 

increments, regardless of the minimum 

increments applicable to the individual 

components of the Complex Order.32

Executions against orders on the 

CBOOK will comply with the complex 

order priority requirements of Phlx Rule 

1033(d).33 In addition, the CBOOK rules 

provide that a non-broker-dealer 

customer Complex Order will have 

priority over specialists, SQTs, RSQTs, 

and off-floor broker-dealers bidding for 

or offering any component(s) of a 

Complex Order at the same price, but 

not over non-broker-dealer customer 

orders representing any component(s) of 

the Complex Order at the same price.34

SPP 

The SPP is a system feature that will 

prevent ‘‘Vertical Spreads’’ 35 and 

‘‘Time Spreads’’ 36 from trading at prices 

outside of pre-set standard limits. If an 

execution would violate these limits, 

the system will place the order on the 

CBOOK.37

III. Discussion 

After careful review, the Commission 

finds that the proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.38 In particular, the 

Commission finds that the proposal is 

consistent with Section 6(b)(5) of the 

Act,39 which requires, in part, that the 

rules of a national securities exchange 

be 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 Commission believes that the 

proposal to supplement the trading of 

complex orders on the Phlx’s floor with 

a facility for the electronic handling of 

Complex Orders is consistent with the 

Act. 

In particular, the Commission finds 

that the COOP is consistent with the Act 

because it is designed to provide an 

orderly procedure for opening electronic 

trading in Complex Orders. The 

Commission also finds that the rules for 

the display of orders on the CBOOK, 

which will be visible to Phlx XL 

participants, also are consistent with the 

Act and are likely to increase 

transparency. 

In addition, the Commission finds 

that the COLA is consistent with the Act 

because it is designed to provide a 

competitive auction process, lasting up 

to five seconds, that could provide price 

improvement for COLA-eligible orders. 

During the COLA Timer, Phlx XL 

participants will be able to bid and/or 

offer on either or both sides of the 

market by submitting COLA Sweeps 

that improve the cPBBO. At the 

conclusion of the COLA Timer, the 

COLA-eligible order may execute 

against COLA Sweeps, Complex Orders 

received during the COLA, or, if the 

Phlx receives no COLA Sweeps or 

responsive Complex Orders, against 

existing interest on the limit order book 

for the individual components of the 

Complex Order. A member could elect 

to forego the COLA by sending its order 

to the Phlx’s floor for execution. 

The Commission finds that the Phlx’s 

rules for the allocation of trades with 

Complex Orders are consistent with the 

Act. Executions of Complex Orders 

through the COLA and the CBOOK will 

comply with the complex order priority 

requirements of Phlx Rule 1033(d).40

The CBOOK and COLA rules also 

provide that non-broker-dealer customer 

Complex Orders will have priority over 

specialists, SQTs, RSQTs, and off-floorbroker-dealers bidding for and/or 

offering any component(s) of the 

Complex Order at the same price, but 

not over non-broker-dealer customer 

orders representing any component(s) of 

the Complex Order at the same price.41

The Commission notes that other 

options markets have comparable 

priority provisions for complex 

orders.42

The COLA rules provide for a 

specialist participation guarantee equal 

to the greater of: (a) The proportion of 

the aggregate size at the cPBBO 

associated with such specialist’s COLA 

Sweep, SQT and RSQT COLA Sweeps, 

and non-SQT ROT Complex Orders on 

the CBOOK (i.e., size pro rata); (b) the 

Enhanced Specialist Participation as 

described in current Phlx Rule 

1014(g)(ii) to (iv); or (c) 40% of the 

remainder of the order. In addition, 

public customer Complex Orders that 

are marketable against the COLAeligible order will have priority over the 

specialist’s participation guarantee and 

the specialist will not be entitled to 

receive an allocation that would exceed 

the size of the specialist’s COLA 

Sweep.43

The Commission finds that the 

specialist participation guarantee in the 

COLA is consistent with the Act. The 

Commission notes that it has closely 

scrutinized exchange rule proposals 

relating to specialist guarantees to 

determine whether the specialist’s 

participation would rise to a level that 

could have a material adverse impact on 

quote competition within a particular 

exchange.44 Because the current 

proposal would not increase the overall 

percentage of an order that is guaranteed 

beyond the existing thresholds, the 

Commission does not believe that the 

proposal will negatively impact quote 

competition on the Exchange for 

mstockstill on PROD1PC66 with NOTICES

49532 Federal Register / Vol. 73, No. 163 / Thursday, August 21, 2008 / Notices 

45See Securities Exchange Act Release No. 41588 

(July 1, 1999), 64 FR 37185 (July 9, 1999) (order 

approving File No. SR–Phlx–98–56). 

46See Phlx Rule 1080, Commentary .08(e)(iv)(D). 

47See Phlx Rule 1080, Commentary .08(g)(i)(C). 

48See Phlx Rule 1080, Commentary .08(g)(iii). 

49 15 U.S.C. 78s(b)(2). 

50 17 CFR 200.30–3(a)(12). 

Complex Orders. The Commission also 

notes that it previously approved the 

Enhanced Specialist Participation for 

the individual components of the 

Complex Order.45 To receive an 

Enhanced Specialist Participation in the 

COLA, the specialist must satisfy the 

applicable requirements in current Phlx 

Rule 1014(g)(ii) to (iv). 

The Commission also notes that Phlx 

Rule 1080(c)(ii)(C), relating to an Order 

Entry Firm’s trading as principal with 

agency orders, will apply to Complex 

Orders and COLA Sweeps.46

Finally, the Commission finds that the 

SPP is consistent with the Act. It is 

designed to protect market participants 

by preventing the automatic execution 

of certain Complex Order Strategies 

outside of a pre-set acceptable price 

range, which the Phlx will communicate 

to members by Exchange Circular.47 The 

Phlx XL system will place orders that 

would execute outside of the acceptable 

price range on the CBOOK, rather than 

executing them automatically.48

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,49 that the 

proposed rule change (SR–Phlx–2008–

50) is approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.50

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19352 Filed 8–20–08; 8:45 am] 

BILLING CODE 8010–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration # 11378 and # 11379] 

Indiana Disaster # IN–00022 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the State of Indiana dated 08/15/ 

2008. 

Incident: Severe Storm Flooding and 

Tornadoes. 

Incident Period: 08/04/2008. 

Effective Date: 08/15/2008. 

Physical Loan Application Deadline 

Date: 10/14/2008. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 05/15/2009. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: M. 

Mitravich, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

Administrator’s disaster declaration, 

applications for disaster loans may be 

filed at the address listed above or other 

locally announced locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: 

Lake. 

Contiguous Counties: 

Illinois: Cook, Kankakee, Will. 

Indiana: Jasper, Newton, Porter. 

The Interest Rates are: 

Percent 

Homeowners With Credit Available Elsewhere ......................... 5.375 

Homeowners Without Credit 

Available Elsewhere .................. 2.687 

Businesses With Credit Available 

Elsewhere ................................. 8.000 

Businesses & Small Agricultural 

Cooperatives Without Credit 

Available Elsewhere .................. 4.000 

Other (Including Non-Profit Organizations) With Credit Available 

Elsewhere ................................. 5.250 

Businesses and Non-Profit Organizations Without Credit Available Elsewhere ......................... 4.000 

The number assigned to this disaster 

for physical damage is 11378 C and for 

economic injury is 11379 0. 

The States which received an EIDL 

Declaration # are Indiana, Illinois. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

Dated: August 15, 2008. 

Jovita Carranza, 

Acting Administrator. 

[FR Doc. E8–19370 Filed 8–20–08; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #11380 and #11381] 

Louisiana Disaster #LA–00018 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the State of Louisiana dated 08/15/ 

2008. 

Incident: Severe Storms, Tornadoes 

and Flooding. 

Incident Period: 05/13/2008 through 

05/15/2008. 

Effective Date: 08/15/2008. 

Physical Loan Application Deadline 

Date: 10/14/2008. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 05/15/2009. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: M. 

Mitravich, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

Administrator’s disaster declaration, 

applications for disaster loans may be 

filed at the address listed above or other 

locally announced locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: 

Caddo. 

Contiguous Counties: 

Arkansas: Lafayette, Miller. 

Louisiana: Bossier, De Soto, Red 

River. 

Texas: Cass, Harrison, Marion, Panola. 

The Interest Rates are: 

Percent 

Homeowners With Credit Available Elsewhere ......................... 5.375 

Homeowners Without Credit 

Available Elsewhere .................. 2.687 

Businesses With Credit Available 

Elsewhere ................................. 8.000 

Businesses and Small Agricultural 

Cooperatives Without Credit 

Available Elsewhere .................. 4.000 

Other (Including Non-Profit Organizations) With Credit Available 

Elsewhere ................................. 5.250 

Businesses and Non-Profit Organizations Without Credit Available Elsewhere ......................... 4.000 

The number assigned to this disaster 

for physical damage is 11380 B and for 

economic injury is 11381 0. 

The States which received an EIDL 

Declaration # are Louisiana, Arkansas, 

Texas. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

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