Federal Register / Vol. 75, No. 193 / Wednesday, October 6, 2010 / Notices 61799 

8 17 CFR 240.19b–4(f)(6). 

9For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

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

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3This proposal refers to ‘‘PHLX XL’’ as the 

Exchange’s automated options trading system. In 

May 2009 the Exchange enhanced the system and 

adopted corresponding rules referring to the system 

as ‘‘Phlx XL II.’’ See Securities Exchange Act Release 

No. 59995 (May 28, 2009), 74 FR 26750 (June 3, 

2009) (SR–Phlx–2009–32). The Exchange intends to 

submit a separate technical proposed rule change 

that would change all references to the system from 

‘‘Phlx XL II’’ to ‘‘PHLX XL’’ for branding purposes. 

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 8 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6) 

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. Nasdaq requests that the 

Commission waive the 30-day operative 

delay. Nasdaq requests this waiver 

because it currently has the 

technological changes ready to support 

the proposed rule change, and believes 

that the benefits of greater flexibility 

that are expected from the rule change 

should not be delayed. 

The Exchange believes that the rule 

change is designed to provide market 

participants with an additional choice 

when availing themselves of NOM’s 

order routing and execution services. By 

offering an additional routing option, 

Nasdaq hopes to benefit market 

participants and their customers by 

allowing them greater flexibility in their 

efforts to fill orders and minimize 

trading costs. Nasdaq provides these 

services in a highly competitive market 

in which participants may avail 

themselves of a wide variety of routing 

options. In such an environment, system 

enhancements such as the changes 

proposed in this rule filing do not 

burden competition, because they can 

succeed in attracting order flow to NOM 

only if they offer investors higher 

quality and better value than services 

offered by others. Encouraging 

competitors to provide higher quality 

and better value is the essence of a wellfunctioning competitive marketplace. 

The Exchange also believes that 

immediate effectiveness of this 

proposed rule change is especially 

appropriate given that routing through 

NOM is purely optional. Market 

participants have the flexibility to mark 

their orders as not available for routing. 

If there is no benefit to the new routing 

strategy, market participants will simply 

not use it. The Exchange will not apply 

the new order routing strategy to market 

participants’ orders without their 

positive consent. In fact, market 

participants would have to make 

programming changes to adopt the new 

routing strategy and would need to do 

nothing if they chose not to adopt it. 

The Commission believes that 

waiving the 30-day operative delay 9 is 

consistent with the protection of 

investors and the public interest and 

designates the proposal operative upon 

filing. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–NASDAQ–2010–116 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–NASDAQ–2010–116. 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 Web site viewing and 

printing 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–NASDAQ– 

2010–116 and should be submitted on 

or before October 27, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–25107 Filed 10–5–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63024; File No. SR–Phlx– 

2010–134] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NASDAQ 

OMX PHLX, LLC Relating to Exchange 

Disseminated Quotations 

September 30, 2010. 

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 

September 29, 2010, NASDAQ OMX 

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

filed with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

The 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 

Exchange Rules 1017, Openings in 

Options, and 1082, Firm Quotations, to 

reflect a system change to modify the 

manner in which the PHLX XL®

automated options trading system 3

disseminates quotations when (i) there 

is an opening imbalance in a particular 

series, and (ii) there is a Quote Exhaust 

(as described below) or a Market 

mstockstill on DSKH9S0YB1PROD with NOTICES

61800 Federal Register / Vol. 75, No. 193 / Wednesday, October 6, 2010 / Notices 

4The current rules relevant to this proposal are 

subject to a pilot that was originally scheduled to 

expire November 30, 2009. In November 2009, the 

Exchange extended the pilot period through 

September 30, 2010. See Securities Exchange Act 

Release No. 60951 (November 6, 2009), 74 FR 59275 

(November 17, 2009) (SR–Phlx-2009–95). Due to an 

inadvertent omission, Rules 1017(l)(iv)(C)(7) and 

1082(a)(ii)(B)(3)(g)(vi) were not included in the 

proposed rule change relating to the pilot extension, 

and both rules currently reflect an incorrect pilot 

expiration date of November 30, 2009. The 

Exchange is proposing an alternative to the current 

pilot (the ‘‘new pilot’’). The new pilot is scheduled 

to expire November 30, 2010. 

5See Securities Exchange Act Release No. 59995 

(May 28, 2009), 74 FR 26750 (June 3, 2009)(SR– 

Phlx–2009–32). 

6Currently, there is no mechanism for the 

Options Price Reporting Authority (‘‘OPRA’’) to 

identify only one side of a quote as non-firm. The 

Exchange has approached OPRA to attempt to 

develop the capability to identify and implement 

such functionality. 

7See supra n.4. 

8Where there is an imbalance at the price at 

which the maximum number of contracts can trade 

that is also at or within the lowest quote bid and 

highest quote offer, the PHLX XL system will 

calculate an OQR for a particular series, outside of 

which the PHLX XL system will not execute. See 

Exchange Rule 1017(l)(iii) and (iv). 9See Exchange Rule 1082(a)(ii)(B)(3). 

Exhaust (as described below) quote 

condition present in a particular series.4

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://www.nasdaqtrader.com/ 

micro.aspx?id=PHLXRulefilings, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

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 

The purpose of the proposed rule 

change is to change the manner in 

which the PHLX XL® automated options 

trading system disseminates quotations 

involving opening imbalances and 

during times when there are exhausted 

quotes or no quotes on the Exchange in 

a particular series. 

In June, 2009, the Exchange added 

several significant enhancements to its 

automated options trading platform 

(now known as PHLX XL), and adopted 

rules to reflect those enhancements.5 As 

part of the system enhancements, the 

Exchange proposed to disseminate a 

‘‘non-firm’’ quote condition on a bid or 

offer whose size is exhausted in certain 

situations. The non-exhausted side of 

the Exchange’s disseminated quotation 

would remain firm up to its 

disseminated size. Currently, however, 

the Options Price Reporting Authority 

(‘‘OPRA’’) only disseminates option 

quotations for which both sides of the 

quotation are marked ‘‘non-firm.’’ OPRA 

currently does not disseminate a ‘‘nonfirm’’ condition for one side of a 

quotation while the other side of the 

quotation remains firm.6

Accordingly, the Exchange proposed, 

for a pilot period scheduled to expire 

November 30, 2009, and later extended 

through September 30, 2010,7 to 

disseminate quotations in such a 

circumstance with a (i) a bid price of 

$0.00, with a size of one contract if the 

remaining size is a seller, or (ii) an offer 

price of $200,000, with a size of one 

contract if the remaining size is a buyer. 

This proposal is intended to modify 

the manner in which the Exchange’s 

PHLX XL system disseminates quotes 

when one side of the quote is exhausted 

but the opposite side still has 

marketable size at the disseminated 

price. 

Opening Imbalance 

An opening ‘‘imbalance’’ occurs when 

all opening marketable size cannot be 

completely executed at or within an 

established Opening Quote Range 

(‘‘OQR’’) for the affected series.8

Currently, pursuant to Exchange Rule 

1017(l)(v)(C)(7), any unexecuted 

contracts from the opening imbalance 

not traded or routed are displayed in the 

Exchange quote at the opening price for 

a period not to exceed ten seconds, and 

subsequently, cancelled back to the 

entering participant if they remain 

unexecuted and priced through the 

opening price, unless the member that 

submitted the original order has 

instructed the Exchange in writing to reenter the remaining size, in which case 

the remaining size will be automatically 

submitted as a new order. During this 

display time period, the PHLX XL 

system disseminates, if the imbalance is 

a buy imbalance, an offer that is 

$200,000, with a size of one contract or, 

if the imbalance is a sell imbalance, a 

bid that is $0.00, with a size of one 

contract, on the opposite side of the 

market from remaining unexecuted 

contracts. 

The proposed rule change would 

modify Rule 1017(l)(v)(C)(7) to reflect 

that, in this situation, the PHLX XL 

system will disseminate, if the 

imbalance is a buy imbalance, an offer 

of $0.00, with a size of zero contracts or, 

if the imbalance is a sell imbalance, a 

bid of $0.00, with a size of zero 

contracts, on the opposite side of the 

market from remaining unexecuted 

contracts. 

The purpose of this provision is to 

indicate that the Exchange has 

exhausted all marketable interest, at or 

within the OQR, on one side of the 

market during the opening process yet 

has remaining unexecuted contracts on 

the opposite side of the market that are 

firm at the disseminated price and size. 

Quote Exhaust 

Quote Exhaust occurs when the 

market at a particular price level on the 

Exchange includes a quote, and such 

market is exhausted by an inbound 

contra-side quote or order (‘‘initiating 

quote or order’’), and following such 

exhaustion, contracts remain to be 

executed from the initiating quote or 

order.9

Rather than immediately executing at 

the next available price, the PHLX XL 

system employs a timer (a ‘‘Quote 

Exhaust Timer’’), not to exceed one 

second, in order to allow market 

participants to refresh their quotes. 

During the Quote Exhaust Timer, PHLX 

XL currently disseminates the 

‘‘Reference Price’’ (the most recent 

execution price) for the remaining size, 

provided that such price does not lock 

an away market, in which case, the 

Exchange currently disseminates a bid 

and offer that is one Minimum Price 

Variation (‘‘MPV’’) from the away market 

price. If the remaining size is a buyer, 

the Exchange disseminates an offer of 

$200,000, with a size of one contract or, 

if the remaining size is a seller, a bid of 

$0.00, with a size of one contract. 

The proposed rule change would 

modify the manner in which the system 

generates a quote during the Quote 

Exhaust Timer. Specifically, during the 

Quote Exhaust Timer, the Exchange will 

disseminate: (i) A bid price of $0.00, 

with a size of zero contracts if the 

remaining size is a seller, or (ii) an offer 

price of $0.00, with a size of zero 

contracts if the remaining size is a 

buyer. 

Currently, Exchange Rules 

1082(a)(ii)(B)(3)(g)(iv)(A)(3), 

1082(a)(ii)(B)(3)(g)(iv)(A)(4), 

1082(a)(ii)(B)(3)(g)(iv)(B)(2), and 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 75, No. 193 / Wednesday, October 6, 2010 / Notices 61801 

10See Exchange Rule 1082(a)(ii)(B)(4)(b). 

11The Exchange proposes a technical amendment 

to Rule 1082(a)(ii)(B)(4)(b) to remove an incorrect 

reference to a ‘‘Quote Exhaust Timer’’ and refer 

instead to a ‘‘Market Exhaust Timer.’’ 

1082(a)(ii)(B)(3)(g)(iv)(C) describe 

various scenarios under which the 

PHLX XL system trades, routes, or posts 

unexecuted contracts after determining 

the ‘‘Best Price’’ following a Quote 

Exhaust. These rules permit an up to 10 

second time period during which 

participants may revise their quotes 

prior to the PHLX XL system taking 

action. In all of these scenarios, during 

the up to 10 second time period, the 

PHLX XL system currently disseminates 

an offer of $200,000, with a size of one 

contract if the remaining size is a buyer 

or, if the remaining size is a seller, a bid 

of $0.00, with a size of one contract, on 

the opposite side of the market from 

remaining unexecuted contracts. 

The Exchange proposes to modify 

Rules 1082(a)(ii)(B)(3)(g)(iv)(A)(3), 

1082(a)(ii)(B)(3)(g)(iv)(A)(4), 

1082(a)(ii)(B)(3)(g)(iv)(B)(2), and 

1082(a)(ii)(B)(3)(g)(iv)(C) to reflect that, 

during the up to 10 second time period, 

the Exchange will disseminate: (i) A bid 

price of $0.00, with a size of zero 

contracts if the remaining size is a 

seller, or (ii) an offer price of $0.00, with 

a size of zero contracts if the remaining 

size is a buyer. 

The purpose of this provision is to 

indicate that a quote size at a price level 

in a particular series on the Exchange is 

exhausted, and there are unexecuted 

contra-side contracts remaining at the 

exhausted price level. Furthermore, this 

provision will enable the Exchange to 

indicate that it is in the process of 

allowing participants to refresh 

quotations on the exhausted side of the 

market, while the Exchange’s quote is 

firm at the disseminated price and size 

for the remaining unexecuted contraside contracts. 

Current Rule 1082(a)(ii)(B)(3)(g)(vi) 

describes what the PHLX XL system 

does if, after trading at the PHLX and/ 

or routing, there are unexecuted 

contracts from the initiating order that 

are still marketable. In this situation, 

remaining contracts are posted for a 

period of time not to exceed 10 seconds 

and then cancelled after such period of 

time has elapsed, unless the member 

that submitted the original order has 

instructed the Exchange in writing to reenter the remaining size, in which case 

the remaining size will be automatically 

submitted as a new order. During this 

up to 10 second period, the PHLX XL 

system currently disseminates, on the 

opposite side of the market from the 

unexecuted contracts: (i) A bid price of 

$0.00, with a size of one contract if the 

remaining size is a seller, or (ii) an offer 

price of $200,000, with a size of one 

contract if the remaining size is a buyer. 

The Exchange proposes to modify 

Rule 1082(a)(ii)(B)(3)(g)(vi) to reflect 

that, in this situation, during the up to 

10 second time period, the Exchange 

will disseminate, on the opposite side of 

the market from remaining unexecuted 

contracts: (i) A bid price of $0.00, with 

a size of zero contracts if the remaining 

size is a seller, or (ii) an offer price of 

$0.00, with a size of zero contracts if the 

remaining size is a buyer. 

The purpose of this provision is to 

indicate that the exchange is in the 

process of allowing participants to 

submit quotations on the exhausted side 

of the market while the Exchange’s 

quote is firm at the disseminated price 

and size for the remaining unexecuted 

contra-side contracts. 

Market Exhaust 

Market Exhaust occurs when there are 

no PHLX XL participant quotations in 

the Exchange’s disseminated market for 

a particular series and an initiating 

order in the series is received. In such 

a circumstance, the PHLX XL system 

initiates a ‘‘Market Exhaust Auction’’ for 

the initiating order.10

In this situation, the PHLX XL system 

will first determine if the initiating 

order, or a portion thereof, can be 

executed on the PHLX. Thereafter, if 

there are unexecuted contracts 

remaining in the initiating order the 

PHLX XL system will initiate a Market 

Exhaust Timer.11 During the Market 

Exhaust Timer, the Exchange 

disseminates any unexecuted size of the 

initiating order at the ‘‘Reference Price,’’ 

which is the execution price of a portion 

of the initiating order, or one MPV from 

a better-priced away market price if the 

Reference Price would lock the away 

market. The PHLX XL system currently 

disseminates, on the opposite side of the 

market from the remaining unexecuted 

contracts: (i) A bid price of $0.00, with 

a size of one 0 contracts if the remaining 

size is a seller, or (ii) an offer price of 

$200,000, with a size of one contract if 

the remaining size is a buyer. 

The Exchange proposes to modify 

Rules 1082(a)(ii)(B)(4)(a)and (b) to 

reflect that, during the Market Exhaust 

Timer, the PHLX XL system will 

disseminate, on the opposite side of the 

market from remaining unexecuted 

contracts: (i) A bid price of $0.00, with 

a size of zero contracts if the remaining 

size is a seller, or (ii) an offer price of 

$0.00, with a size of zero contracts if the 

remaining size is a buyer. 

The purpose of this provision is to 

indicate that the Exchange is in the 

process of allowing participants to 

submit quotations on the exhausted side 

of the market while the Exchange’s 

quote is firm at the disseminated price 

and size for the remaining unexecuted 

contra-side contracts. 

Provisional Auction 

Exchange Rule 

1082(a)(ii)(B)(4)(d)(iv)(E) describes what 

PHLX XL does after it has explored all 

alternatives and there still remain 

unexecuted contracts. During the 

‘‘Provisional Auction,’’ any unexecuted 

contracts from the initiating order are 

displayed in the Exchange quote for the 

remaining size for a brief period not to 

exceed ten seconds and subsequently 

cancelled back to the entering 

participant if they remain unexecuted, 

unless the member that submitted the 

original order has instructed the 

Exchange in writing to re-enter the 

remaining size, in which case the 

remaining size will be automatically 

submitted as a new order. During the 

brief period, the Phlx XL system 

currently disseminates an offer of 

$200,000 with a size of one contract if 

the remaining size is a buyer, or a bid 

of $0.00, with a size of one contract, if 

the remaining size is a seller, on the 

opposite side of the market from 

remaining unexecuted contracts. 

The Exchange proposes to modify 

Rule 1082(a)(ii)(B)(4)(d)(iv)(E) to reflect 

that, in this situation, during the brief 

period, the PHLX XL system will 

disseminate, on the opposite side of the 

market from remaining unexecuted 

contracts: (i) A bid price of $0.00, with 

a size of zero contracts if the remaining 

size is a seller, or (ii) an offer price of 

$0.00, with a size of zero contracts if the 

remaining size is a buyer. 

The purpose of this provision is to 

indicate that the Exchange is in the 

process of allowing participants to 

submit quotations on the exhausted side 

of the market while the Exchange’s 

quote is firm at the disseminated price 

and size for the remaining unexecuted 

contra-side contracts. 

The Exchange believes that this 

proposed rule change benefits 

customers and the marketplace as a 

whole by enabling PHLX to effectively 

reflect the market interest the Exchange 

has that is firm and executable, while at 

the same time indicating the other side 

of the Exchange market is not firm and 

therefore not executable. This allows the 

Exchange to protect orders on its book 

and attempt to attract interest to execute 

against such order. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

mstockstill on DSKH9S0YB1PROD with NOTICES

61802 Federal Register / Vol. 75, No. 193 / Wednesday, October 6, 2010 / Notices 

12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(5). 

14See 17 CFR 242.602(a)(3)(i) and (ii). 

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

16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) 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. 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

of the Act 12 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 13

in particular, in that it is designed 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 further believes that the 

proposal is consistent with the SEC 

Quote Rule’s provisions regarding nonfirm quotations.14 Specifically, Rule 

602(a)(3)(i) provides that if, at any time 

a national securities exchange is open 

for trading, the exchange determines, 

pursuant to rules approved by the 

Commission, that the level of trading 

activities or the existence of unusual 

market conditions is such that the 

exchange is incapable of collecting, 

processing, and making available to 

vendors the data for a subject security 

required to be made available in a 

manner that accurately reflects the 

current state of the market on such 

exchange, such exchange shall 

immediately notify all specified persons 

of that determination and, upon such 

notification, the exchange is relieved of 

its obligations under paragraphs (a)(1) 

and (2) of Rule 602 relating to collecting 

and disseminating quotations, subject to 

certain other provisions of Rule 

602(a)(3). 

By proposing to disseminate a bid of 

$0.00 for a size of zero contracts, or an 

offer of $0.00 for a size of zero contracts 

in certain situations delineated above in 

the Exchange’s rules, the Exchange 

believes that it is adequately 

communicating that it is non-firm on 

that side of the market in compliance 

with the Quote Rule. 

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 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 either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days after the date of 

the filing, or such shorter time as the 

Commission may designate, it has 

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

of the Act 15 and Rule 19b–4(f)(6) 16

thereunder. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or 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–Phlx–2010–134 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–Phlx–2010–134. 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 Web site viewing and 

printing in the Commission’s Public 

Reference Room, 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–Phlx–2010–134 and should 

be submitted on or before October 27, 

2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–25138 Filed 10–5–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63023; File No. SR–Phlx– 

2010–125] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Regarding 

Clearly Erroneous Transactions 

September 30, 2010. 

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 

September 22, 2010, NASDAQ OMX 

PHLX LLC (‘‘PHLX’’ or the ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

mstockstill on DSKH9S0YB1PROD with NOTICES