Federal Register / Vol. 74, No. 115 / Wednesday, June 17, 2009 / Notices 28745 

14 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. 59842 

(April 29, 2009), 74 FR 21037. 

4 In approving this rule, the Commission notes 

that it has considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

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

6See, e.g., Securities Exchange Act Release Nos. 

57109 (January 7, 2008), 73 FR 2295 (January 14, 

2008) (SR–CBOE–2007–134); and 57186 (January 

22, 2008), 73 FR 4931 (January 28, 2008) (SR– 

NYSEArca-2007–121). 

7 15 U.S.C. 78s(b)(2). 

8 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78s(b)(3)(A)(iii). 

3 17 CFR 240.19b–4(f)4). 

proposed rule change (SR–FINRA– 

2009–023) be, and hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–14148 Filed 6–16–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60084; File No. SR–Phlx2009–37] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX, Inc.; Order 

Granting Approval of Proposed Rule 

Change Relating to Quoting 

Requirements for Streaming Quote 

Traders, Remote Streaming Quote 

Traders and Specialists 

June 10, 2009. 

On April 21, 2009, NASDAQ OMX 

PHLX, 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 proposed rule 

change to modify the quoting 

requirements for Streaming Quote 

Traders (‘‘SQTs’’), Remote Streaming 

Quote Traders (‘‘RSQTs’’), and 

specialists. The proposed rule change 

was published for comment in the 

Federal Register on May 6, 2009.3 The 

Commission received no comments on 

the proposed rule change. This order 

approves the proposed rule change. 

The Exchange proposes to replace its 

continuous quoting requirement for 

SQTs, RSQTs, and specialists with a 

reference to the portion of the trading 

day when a quote must be available. 

Specifically, a market participant that is 

currently subject to continuous quoting 

obligations would, instead, be required 

to maintain a two-sided quote in a series 

for a total time equal to at least 90% (or 

higher, if so announced by the Exchange 

in advance) of the duration of the 

trading day. If a technical failure or 

limitation of a system of the Exchange 

prevents a participant from maintaining, 

or prevents a participant from 

communicating to the Exchange, timely 

and accurate quotes, the duration of 

such failure or limitation would not be 

included in any of the calculations with 

respect to the affected quotes. The 

Exchange would have the ability to 

consider other exceptions to the quoting 

requirements based on demonstrated 

legal or regulatory requirements or other 

mitigating circumstances. 

The Exchange also proposes to modify 

the requirement applicable to Directed 

SQTs (‘‘DSQTs’’), Directed RSQTs 

(‘‘DRSQTs’’), and specialists to quote 

99% of their assigned series. 

Specifically, the Exchange proposes to 

replace the 99% requirement in all of 

these instances with the lesser of two 

alternatives: 99% of the series, or 100% 

minus a single call-and-put ‘‘pair.’’ The 

eligible pair in this case would consist 

of two individual options, one call and 

one put, which cover the same 

underlying instrument and have the 

same expiration date and exercise price. 

The Commission notes that the 

Exchange’s proposal would make minor 

adjustments to the quoting requirements 

of SQTs, RSQTs, DSQTs, DRSQTs, and 

specialists. The Commission finds that 

the proposed rule change is consistent 

with the requirements of the Act and the 

rules and regulations thereunder that 

are applicable to a national securities 

exchange.4 In particular, the 

Commission believes that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,5 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. In 

addition, the Commission notes that it 

has approved similar quoting 

requirements applicable to market 

makers on other options exchanges.6

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,7 that the 

proposed rule change (SR–Phlx–2009– 

37) be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–14169 Filed 6–16–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60096; File No. SR–DTC– 

2009–10] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Establish 

the Web Inquiry Notification System 

June 11, 2009. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

May 22, 2009, The Depository Trust 

Company (‘‘DTC’’) 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 primarily by DTC. DTC filed 

the proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 2 and 

Rule 19b–4(f)(4) thereunder 3 so that the 

proposal was 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 

The proposed rule change will replace 

DTC’ Participant Inquiry Notification 

System (‘‘PINS’’) with a new Web 

Inquiry Notification System (‘‘WINS’’) 

as a means for participants and DTC to 

communicate with each other about 

records pertaining to various services 

such as dividends, corporate 

reorganizations, custody services, and 

securities processing. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

DTC 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. DTC has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 


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