6232 Federal Register / Vol. 75, No. 25 / Monday, February 8, 2010 / Notices 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4BX also provides a time stamp and message type 

field for reference. 

5 15 U.S.C. 78f. 

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

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

8 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. BX has satisfied this requirement. 9 17 CFR 240.19b–4(f)(6). 

10 17 CFR 240.19b–4(f)(6). 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–2591 Filed 2–5–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61452; File No. SR–BX– 

2010–010] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change Describing the 

BX Ouch BBO Feed 

February 1, 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 January 

22, 2010, NASDAQ OMX BX, Inc. (‘‘BX’’ 

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 BX. BX has designated the proposed 

rule change as constituting a rule 

change under Rule 19b–4(f)(6) under the 

Act,3 which renders the proposal 

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 

BX submits this proposal regarding 

the availability of the BX Ouch BBO 

Feed, a data feed that represents BX’s 

internal view of the best bid and offer 

among all market centers other than BX 

(the ‘‘BBO’’), which is provided at no 

cost. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, BX 

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. BX 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 

BX submits this proposal regarding 

the availability of the BX Ouch BBO 

Feed, a data feed that represents BX’s 

internal view of the best bid and offer 

among all market centers other than BX. 

The BX Ouch BBO Feed is available to 

all BX members equally at no charge, 

and offers all firms transparent, realtime data concerning BX’s internal view 

of the BBO. This data feed reflects BX’s 

view of the BBO, at any given time, 

based on orders executed on BX and 

updated quote information from the 

SIPs. BX makes the BX Ouch BBO Feed 

available to all market participants via 

subscription through an established 

connection to BX through extranets, 

direct connection, and Internet-based 

virtual private networks. 

The BX Ouch BBO Feed contains the 

following data elements: symbol, bid 

price, and ask price.4 Unlike the BX 

TotalView feed, the Ouch BBO feed 

does not contain information about 

individual orders, either those residing 

within the BX system or those executed 

or routed by BX. Unlike the SIP feeds 

containing the National Best Bid and 

Offer (‘‘NBBO’’), the Ouch BBO Feed 

does not identify either the market 

center quoting the BBO or the size of the 

BBO quotes. It merely contains the 

symbol and bid and offer prices. 

By making the BX Ouch BBO Feed 

data available, BX enhances market 

transparency and fosters competition 

among orders and markets. Member 

firms may use the BX Ouch BBO Feed 

to more accurately price their orders 

based on BX’s view of what the BBO is 

at any point in time, which may not be 

reflected in the official NBBO due to 

latencies inherent in the NBBO’s 

dissemination. As a consequence, 

member firms may more accurately 

price their orders on BX, thus avoiding 

price adjustments by BX based on a 

quote that is no longer available. 

Additionally, members can price orders 

more aggressively to narrow the NBBO 

and provide better reference prices for 

investors. 

At this time, BX does not have plans 

to charge an additional fee associated 

with the receipt of the BX Ouch BBO 

Feed. Should BX determine to charge 

fees associated with the BX Ouch BBO 

Feed, BX will submit a proposed rule 

change to the Commission in order to 

implement those fees. 

2. Statutory Basis 

BX believes that the proposed rule 

change is consistent with the provisions 

of Section 6 of the Act,5 in general and 

with Sections 6(b)(5) of the Act,6 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 regulating, clearing, 

settling, processing information with 

respect to, and facilitating transactions 

in securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. BX 

believes that this proposal is in keeping 

with those principles by promoting 

increased transparency through the 

dissemination of BX Ouch BBO Feed 

data and by clarifying its availability. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

BX 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 

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 from the date on 

which it was filed, or such shorter time 

as the Commission may designate, 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 

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

Act 9 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6) 10

WReier-Aviles on DSKGBLS3C1PROD with NOTICES

Federal Register / Vol. 75, No. 25 / Monday, February 8, 2010 / Notices 6233 

11For 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). 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Penny Pilot was established in January 2007 

and in October 2009 was expanded and extended 

through December 31, 2010. See Securities 

Exchange Act Release Nos. 55153 (January 23, 

2007), 72 FR 4553 (January 31, 2007) (SR–Phlx– 

2006–74) (notice of filing and approval order 

establishing Penny Pilot); 60873 (October 23, 2009) 

(SR–Phlx–2009–91) (notice of filing and immediate 

effectiveness expanding and extending Penny 

Pilot); and 60966 (November 9, 2009) (SR–Phlx– 

2009–094) (notice of filing and immediate 

effectiveness adding seventy-five classes to Penny 

Pilot). 

4See Rule 1034 regarding the Penny Pilot. 

5See Securities Exchange Act Release No. 60873 

(October 23, 2009), 74 FR 56675 (November 2, 2009) 

(SR–Phlx–2009–91) (notice of filing and immediate 

effectiveness). 

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. BX requests that the 

Commission waive the 30-day operative 

delay because it would permit BX to 

immediately provide the information 

regarding the BX Ouch BBO Feed access 

requirements to market participants. 

The Commission believes that waiving 

the 30-day operative delay 11 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 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 

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–BX–2010–010 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–2010–010. 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 publicly available. All 

submissions should refer to File 

Number SR–BX–2010–010 and should 

be submitted on or before March 1, 

2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–2581 Filed 2–5–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61454; File No. SR–Phlx– 

2010–12] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX, Inc.; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Add 

Seventy-Five Options Classes to the 

Penny Pilot Program 

February 1, 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 January 

25, 2010 NASDAQ OMX PHLX, Inc. 

(‘‘Phlx’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘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 is filing with the 

Commission a proposal to designate 

seventy-five options classes to be added 

to the Penny Pilot Program (‘‘Penny 

Pilot’’ or ‘‘Pilot’’) on February 1, 2010.3

The Exchange is not proposing to 

amend any rule text, but simply 

administering or enforcing an existing 

rule.4

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http:// 

nasdaqomxphlx.cchwallstreet.com/ 

NASDAQOMXPHLX/Filings, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

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 this filing is to 

identify the next seventy-five options 

classes to be added to the Penny Pilot 

effective February 1, 2010. 

In the Exchange’s immediately 

effective filing to extend and expand the 

Penny Pilot through December 31, 

2010,5 the Exchange proposed 

expanding the Pilot four times on a 

WReier-Aviles on DSKGBLS3C1PROD with NOTICES