27854 Federal Register / Vol. 74, No. 111 / Thursday, June 11, 2009 / Notices 

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

2 17 CFR 240.19b–4. 

3The Exchange notes that parallel changes are 

proposed to be made to the rules of NYSE Amex 

LLC. See SR-NYSEAmex-2009-24. 

4The Display Book system is an order 

management and execution facility. The Display 

Book system receives and displays orders to the 

DMMs, contains the Book, and provides a 

mechanism to execute and report transactions and 

publish results to the Consolidated Tape. The 

Display Book system is connected to a number of 

other Exchange systems for the purposes of 

comparison, surveillance, and reporting 

information to customers and other market data and 

national market systems. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–13723 Filed 6–10–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a Joint Hearing 

with the Department of Labor to 

examine target date funds and similar 

investment options on Thursday, June 

18, 2009 beginning at 9 a.m. 

The Joint Hearing will take place in 

the Auditorium of the Department of 

Labor’s headquarters at 200 Constitution 

Avenue, NW., Washington, DC. The 

Joint Hearing will be open to the public 

with seating on a first-come, first-served 

basis. Visitors will be subject to security 

checks. 

Discussion topics at the Joint Hearing 

will include issues related to how target 

date fund managers determine asset 

allocations and changes to asset 

allocations (including glide paths) over 

the course of a fund’s operation; how 

they select and monitor underlying 

investments; how the foregoing and 

related risks are disclosed to investors; 

and the approaches or factors for 

comparing and evaluating target date 

funds. Joint Hearing participants will 

include representatives of plan 

participants and beneficiaries, plan 

sponsors, investor organizations, 

academia and the financial services 

industry. 

For further information, please 

contact: The Office of the Secretary at 

(202) 551–5400. 

Dated: June 5, 2009. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–13683 Filed 6–10–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60045; File No. SR–NYSE– 

2009–55] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC, Notice of 

Filing of a Proposed Rule Change 

Amending Rule 70.25 To Permit All 

Available Contra-side Liquidity To 

Trigger the Execution of a d-Quote 

June 4, 2009. 

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 June 2, 

2009, New York Stock Exchange LLC 

(‘‘NYSE’’ 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 NYSE. 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 

Rule 70.25 to permit all available 

contra-side liquidity to trigger the 

execution of a d-Quote. The text of the 

proposed rule change is available at the 

Exchange, the Commission’s Public 

Reference Room, and http:// 

www.nyse.com. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend 

NYSE Rule 70.25(c)(iii) to provide that 

all available contra-side liquidity within 

the possible execution range of a dQuote will be considered when 

determining whether to activate a dQuote.3

Background 

Rule 70.25 governs the entry, 

validation, and execution of bids and 

offers represented by a Floor broker on 

the Floor of the Exchange via agency 

interest files (‘‘e-Quotes’’) that include 

discretionary instructions as to size and/ 

or price (‘‘d-Quotes’’). The discretionary 

instructions that a Floor broker may 

include with an e-Quote can relate to 

the price at which the d-Quote may 

trade and the number of shares to which 

the discretionary price instruction 

applies. 

Rule 70.25(c) provides that a Floor 

broker may designate the amount of his 

or her e-Quote to which discretionary 

pricing instructions apply. Floor brokers 

may also designate a minimum or 

maximum size of contra-side volume 

with which the Floor broker is willing 

to trade using discretionary pricing 

instructions. However, under current 

Rule 70.25(c)(iii), Exchange systems 

currently look only at the contra-side 

displayed interest on the Display 

Book® 4 (‘‘Book’’) to determine whether 

the contra-side volume is within the dQuote’s discretionary size range. 

Therefore, the displayed bid or offer 

must meet the minimum volume of the 

d-Quote before a d-Quote can be 

activated. 

For example, assuming the Exchange 

Best Bid and Offer (‘‘BBO’’) is .05 bid for 

1,000 shares and offering 1,000 shares at 

.08, a d-Quote bidding for .05 with four 

cents of price discretion and a minimum 

share volume subject to such 

discretionary pricing instructions of 

4,000 shares would not be activated 

because the displayed offer of 1,000 

shares is not sufficient to fill the 

discretionary size instructions. 

Accordingly, that d-Quote would not 

trade. 

Similarly, the d-Quote would not be 

activated even if the Book has contraside undisplayed interest that could 

meet both the discretionary pricing and 

volume instructions of the d-Quote. 

Taking the same example as above, if 


jlentini on PROD1PC65 with NOTICES