63240 Federal Register / Vol. 75, No. 198 / Thursday, October 14, 2010 / Notices 

7 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 It should be noted that the circumstances under 

which it is possible to enter a market order in PSX 

are limited to market peg orders that are entered 

when PSX has some liquidity at the NBBO on the 

side of the market to which the order pegs. 

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–NASDAQ–2010–128 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–2010–128. 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 website 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 such filing also will be 

available for inspection and copying at 

the principal offices 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–NASDAQ–2010–128, and 

should be submitted on or before 

November 4, 2010. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.7

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–25741 Filed 10–13–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63051; File No. SR–Phlx– 

2010–135] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Regarding 

Collars for Unpriced Orders 

October 6, 2010. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 2 thereunder, 

notice is hereby given that on 

September 29, 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Phlx Rule 4751 to include system 

functionality that will cancel any 

portion of an unpriced order submitted 

to NASDAQ OMX PSX (‘‘PSX’’) that 

would execute at a price that is more 

than $0.25 or 5 percent worse than the 

national best bid and offer at the time 

the order initially reaches the Exchange, 

whichever is greater. The text of the 

proposed rule change is available from 

the Exchange’s Web site at http:// 

nasdaqomxphlx.cchwallstreet.com, at 

the Exchange’s principal office, 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. The text of 

these statements may be examined at 

the places specified in Item IV below, 

and is set forth in Sections A, B, and C 

below. 

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 protect market participants 

by reducing the risk that unpriced 

orders, also known as market orders, 

will execute at prices that are 

significantly worse than the national 

best bid and offer (‘‘NBBO’’) at the time 

the Exchange receives the order.3 The 

Exchange believes that most market 

participants expect that their order will 

be executed at its full size at a price 

reasonably related to the prevailing 

market. However, participants may not 

be aware that there is insufficient 

liquidity at or near the NBBO to fill the 

entire order, particularly for more 

thinly-traded securities. 

Prior to the launch of trading on PSX, 

the Exchange is proposing to implement 

functionality in its trading systems that 

would cancel any portion of unpriced 

orders that would execute on PSX at a 

price that is the greater of $0.25 or 5 

percent worse than the NBBO at the 

time the Exchange receives the order. 

Unpriced orders that would be subject 

to this calculation and potential 

cancellation are defined in Phlx Rule 

3301(f)(9) as ‘‘Unpriced Orders.’’ 

The following example illustrates 

how the Unpriced Order process would 

work. A market participant submits a 

Market Peg order to buy 500 shares. The 

NBBO is $6.00 bid by $6.05 offer, with 

100 shares available on each side. PSX 

has 100 shares available at the $6.05 to 

sell at the offer price and also has 

reserve orders to sell 100 shares at $6.32 

and 400 shares at $6.40. No other 

market center is publishing offers to sell 

the security at prices in the range of 

$6.05 to $6.40. 

In this example, the Unpriced Order 

would be executed in the following 

manner: 

• 100 shares would be executed by 

PSX at the $6.05; 

• 100 shares would be executed by 

PSX at $6.32 (more than $0.25 but less 

than 5 percent worse than the NBBO); 

and 

• 200 shares, representing the 

remainder of the Unpriced Order, would 

be cancelled because the remaining 


jlentini on DSKJ8SOYB1PROD with NOTICES
Federal Register / Vol. 75, No. 198 / Thursday, October 14, 2010 / Notices 63241 

4See NASDAQ Rule 4751(f)(13); BATS Rule 11.9; 

NYSE Arca Equities Rule 7.31(a). 

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

6 15 U.S.C. 78(b)(5). 

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

8 17 CFR 240.19b–4(f)(6). In addition, Phlx has 

given the Commission 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 on 

which the Exchange filed the proposed rule change. 

9 17 CFR 240.19b–4(f)(6)(iii). 

10 Id. 

11For the purposes only of waiving the operative 

date of this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

12The text of the proposed rule change is 

available on Exchange’s website at http:// 

nasdaqtrader.com/micro.aspx?id=PHLXfilings, on 

the Commission’s website at http://www.sec.gov, at 

Phlx, and at the Commission’s Public Reference 

Room. 

liquidity available at $6.40 is more than 

5 percent worse than the NBBO. 

The Exchange believes that market 

participants who wish to trade at prices 

further away from the NBBO than the 

Unpriced Order thresholds would 

permit, may still accomplish their 

strategy by submitting a marketable 

limit order to the Exchange. In the 

example above, a market participant 

with such a strategy could have input a 

limit order with a price of $7.00, which 

would have executed up to its full size 

provided liquidity is available. 

The Exchange’s rule change 

implements a rule similar to rules 

already in place at The NASDAQ Stock 

Market LLC, BATS Exchange, Inc., and 

NYSE Arca, Inc.4

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act in general,5 and furthers the 

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

in particular,6 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, by 

avoiding execution of unpriced orders 

on the Exchange at prices that are 

significantly worse than the NBBO at 

the time the order is initially received 

by the Exchange. The Exchange believes 

that the NBBO provides reasonable 

guidance of the current value of a given 

security and therefore that market 

participants should have confidence 

that their unpriced orders will not be 

executed at a significantly worse price 

than the NBBO. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (1) Significantly affect 

the protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate if 

consistent with the protection of 

investors and the public interest, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 7 and Rule 19b– 

4(f)(6) thereunder.8

A proposed rule change filed under 

Rule 19b–4(f)(6) normally may not 

become operative prior to 30 days after 

the date of filing.9 However, Rule 19b– 

4(f)(6) 10 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay so that the proposal may become 

operative upon filing. The Commission 

notes (i) the proposal is similar to 

existing thresholds on market orders 

adopted by The NASDAQ Stock Market 

LLC, BATS Exchange, Inc., and NYSE 

Arca, Inc; (ii) it presents no novel 

issues; and (iii) the functionality is 

voluntary, and it may provide a benefit 

to market participants. For these 

reasons, the Commission believes it is 

consistent with the protection of 

investors and the public interest to 

waive the 30-day operative delay, and 

hereby grants such waiver.11

At any time within 60 days of the 

filing of such 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–Phlx–2010–135 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–2010–135. 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 website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission,12 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 website 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 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– 

2010–135 and should be submitted on 

or before November 4, 2010. 


jlentini on DSKJ8SOYB1PROD with NOTICES
63242 Federal Register / Vol. 75, No. 198 / Thursday, October 14, 2010 / Notices 

13 17 CFR 200.30–3(a)(12). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–25809 Filed 10–13–10; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 7209] 

Bureau of Educational and Cultural 

Affairs 

(ECA) Request for Grant Proposals: 

Junior Faculty Development Program 

Announcement Type: New 

Cooperative Agreement. 

Funding Opportunity Number: ECA/ 

A/E/EUR–11–05. 

Catalog of Federal Domestic 

Assistance Number: 19.011. 

Key Dates: 

Application Deadline: January 6, 

2011. 

Executive Summary 

The Office of Academic Exchange 

Programs/European Programs Branch of 

the Bureau of Educational and Cultural 

Affairs (ECA/A/E) announces an open 

competition for the Junior Faculty 

Development Program (JFDP). Public 

and private non-profit organizations 

meeting the provisions described in 

Internal Revenue Code section 26 U.S.C. 

501(c)(3) may submit proposals to 

administer the program in cooperation 

with ECA. Program participants will be 

university faculty in the early stages of 

their careers from Albania, Armenia, 

Azerbaijan, Bosnia and Herzegovina, 

Croatia, Georgia, Kazakhstan, Kosovo, 

Kyrgyzstan, Macedonia, Montenegro, 

Serbia, Tajikistan, Turkmenistan, and 

Uzbekistan. The recipient organization, 

in close coordination with the Public 

Affairs Sections (PAS) of the U.S. 

Embassies, will recruit and select 

candidates for the program in each 

country, with the exception of 

Uzbekistan where recruitment will be 

managed by the U.S. Embassy in 

Tashkent. The recipient organization 

will identify U.S. colleges and 

universities to host participants for a 

one-semester, non-degree program. The 

recipient organization for this program 

will be responsible for the financial 

management of the program, will 

support and oversee the activities of the 

fellows throughout their stay in the 

United States, and will plan for followon activities in the participants’ home 

countries. Pending the availability of 

funds, the total amount of funding 

requested from ECA may not exceed 

$1,497,000 and should support three to 

six participants per participating 

country, for a total of at least 70 fully 

funded participants. 

I. Funding Opportunity Description: 

Authority 

Overall grant making authority for 

this program is contained in the Mutual 

Educational and Cultural Exchange Act 

of 1961, Public Law 87–256, as 

amended, also known as the FulbrightHays Act. The purpose of the Act is ‘‘to 

enable the Government of the United 

States to increase mutual understanding 

between the people of the United States 

and the people of other countries * * *; 

to strengthen the ties which unite us 

with other nations by demonstrating the 

educational and cultural interests, 

developments, and achievements of the 

people of the United States and other 

nations * * * and thus to assist in the 

development of friendly, sympathetic 

and peaceful relations between the 

United States and the other countries of 

the world.’’ The funding authority for 

the program above is provided through 

legislation. 

Purpose 

The Junior Faculty Development 

Program (JFDP) will offer full 

fellowships to university-level 

instructors in the early stages of their 

careers. Program participants will have 

a strong potential for leadership in their 

disciplines, an interest in broadening 

their knowledge of the subjects they 

teach, and a desire to develop and 

maintain on-going contacts between 

their home and host institutions. 

Recruitment for the 2012 cohort of 

JFDP fellows should begin immediately 

once the cooperative agreement is 

awarded. JFDP fellows will be selected 

through an open, merit-based 

competition. JFDP fellows will attend 

U.S. universities for one academic 

semester to work together with faculty 

mentors, to audit courses in order to 

broaden their knowledge in their fields 

of study, and to acquire a first-hand 

understanding of the U.S. system of 

higher education. The JFDP will 

encourage fellows to develop 

professional relationships with the U.S. 

academic community, to forge ties 

between their U.S. colleagues and 

colleagues in their home countries, and 

to share their experiences with students 

and faculty at their home institutions. 

Throughout their stay in the United 

States, JFDP fellows will audit courses, 

attend conferences and seminars, and 

whenever possible, teach a course or 

give lectures. 

The major goal of the program is to 

provide opportunities for academics 

from the participating countries to 

exchange ideas with U.S. academics in 

their respective fields of teaching, and 

to increase collaboration and 

cooperation between universities in the 

United States and the participating 

countries. Participation in the JFDP 

under this award is restricted to 

university instructors in the humanities 

and social sciences from Albania, 

Armenia, Azerbaijan, Bosnia and 

Herzegovina, Croatia, Georgia, 

Kazakhstan, Kosovo, Kyrgyzstan, 

Macedonia, Montenegro, Serbia, 

Tajikistan, Turkmenistan, and 

Uzbekistan. 

Programs must comply with J–1 Visa 

regulations. It is anticipated that this 

cooperative agreement will begin on or 

about March 1, 2011, subject to the 

availability of funds. Please refer to the 

Solicitation Package for further 

information. 

In a cooperative agreement, ECA/A/E 

is substantially involved in program 

activities above and beyond routine 

monitoring. ECA/A/E activities and 

responsibilities for this program are as 

follows: 

(1) Participating in the design and 

direction of program activities; 

(2) Approval of key personnel; 

(3) Approval and input for all 

program agendas, materials, and 

timelines; 

(4) Guidance in execution of all 

project components; 

(5) Arrangement for State Department 

speakers during workshops; 

(6) Assistance with SEVIS-related 

issues; 

(7) Assistance with participant 

emergencies; 

(8) Providing background information 

related to participants’ home countries 

and cultures; 

(9) Liaison with Public Affairs 

Sections of the U.S. Embassies and 

country desk officers at the State 

Department; 

(10) Participating in selection of 

evaluation mechanisms. 

II. Award Information 

Type of Award: Cooperative 

Agreement. ECA’s level of involvement 

in this program is listed under number 

I above. 

Fiscal Year Funds: FY 2011. 

Approximate Total Funding: Pending 

the availability of funds, $1,497,000. 

Approximate Number of Awards: 1. 

Approximate Average Award: 

$1,497,000. 

Anticipated Award Date: Pending 

availability of funds, March 1, 2011. 

Anticipated Project Completion Date: 

December 31, 2012. 


jlentini on DSKJ8SOYB1PROD with NOTICES