30192 Federal Register / Vol. 74, No. 120 / Wednesday, June 24, 2009 / Notices 

7 In simplified arbitration proceedings 

administered under Rules 12800 and 13800 

(Simplified Arbitration), the arbitrator honorarium 

is $125. The honorarium under proposed Rule 

13806 is intended to be consistent with these rules. 

8The 13500 series of rules would provide for 

prehearing procedures and discovery in these cases. 

9Rule 13100(k) defines the term ‘‘Director’’ to 

mean the ‘‘Director of FINRA Dispute Resolution. 

Unless the Code provides that the Director may not 

delegate a specific function, the term includes 

FINRA staff to whom the Director has delegated 

authority.’’ 

10The rationale for the proposed rule change was 

confirmed in a phone conversation with Margo 

Hassan and Ken Andrichik of FINRA, on May 6, 

2009. 

11 In approving the proposed rule change, the 

Commission has considered the rule change’s 

impact on efficiency, competition, and capital 

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

12 15 U.S.C. 78o–3(b)(6). 

13 15 U.S.C. 78s(b)(2). 

14 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

of $125 for each arbitration resolved in 

this manner; 7

• If the associated person files an 

answer (but does not seek any 

additional relief or assert any 

counterclaims or third party claims), 

regular discovery procedures would 

apply 8 and, regardless of the amount in 

controversy, the single arbitrator would 

hold a hearing; and 

• If the associated person files a 

counterclaim or third party claim, then 

regular discovery procedures would 

apply and panel composition would be 

based on the amount of the 

counterclaim or third party claim. If the 

counterclaim and/or third party claim is 

not more than $100,000, exclusive of 

interest and expenses, the Director 9

would appoint a single public arbitrator 

from the roster of arbitrators approved 

to hear statutory discrimination claims. 

If the counterclaim and/or third party 

claim is more than $100,000, exclusive 

of interest and expenses, then the 

Director would appoint a threearbitrator panel. The Director would 

appoint one public arbitrator from the 

roster of arbitrators approved to hear 

statutory discrimination claims who 

would serve as chairperson, one 

arbitrator from the public roster, and 

one arbitrator from the non-public 

roster. If the counterclaim or third party 

claim is filed after a single arbitrator is 

appointed, and a three-arbitrator panel 

is required, the Director would retain 

the appointed arbitrator as chair and 

appoint two additional arbitrators (one 

public and one non-public arbitrator). 

Regardless of whether the panel is 

composed of one or three arbitrators, 

FINRA would pay the arbitrators the 

honoraria provided for in the Industry 

Code for arbitrations resolved by a 

hearing. 

FINRA has proposed to amend Rule 

13214 (Payment of Arbitrators) to reflect 

that the rule applies to arbitrator 

honoraria except as specified in new 

Rule 13806(f) or as specifically excluded 

in Rule 13214. Under the proposal, 

FINRA would pay an arbitrator an 

honorarium of $125 for each arbitration 

in which the associated person does not 

file an answer and the award is based 

on the arbitrator’s review of the 

pleadings and other materials submitted 

by the parties. As these are expedited 

proceedings, FINRA would not pay an 

honorarium for resolving a discoveryrelated motion without a hearing 

session or for resolving a contested 

motion concerning issuance of a 

subpoena without a hearing session. In 

instances where full discovery would be 

conducted under the 13500 series of 

rules, FINRA would pay the honorarium 

prescribed in Rule 13214 for discoveryrelated motions without a hearing 

session and for contested motions 

concerning issuance of a subpoena 

without a hearing session. 

FINRA, in addition, proposed to 

amend Rule 13600 (Required Hearings) 

to reflect that a hearing will be held 

unless new Rule 13806(e)(1) provides 

otherwise. Under the proposal, if the 

associated person does not file an 

answer, no initial prehearing conference 

or hearing would be held. Generally, in 

the absence of additional allegations by 

members or associated persons, 

promissory note cases involve 

straightforward contracts with few 

documents entered into evidence. 

FINRA believes that, in these situations, 

promissory note cases would be 

processed more quickly and efficiently 

and expenses would be reduced for the 

parties and the forum if the arbitrator 

were to render the award on the 

pleadings and other materials submitted 

by the parties.10 In FINRA’s view, the 

new procedures would not negatively 

impact its administration of other cases 

filed in the forum. 

II. Discussion 

After careful review, the Commission 

finds that the proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities association.11 In particular, 

the Commission finds that the proposed 

rule change is consistent with Section 

15A(b)(6) of the Act,12 in that it is 

designed, among other things, to 

prevent fraudulent and manipulative 

acts and practices; 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 Commission believes that the 

proposed rule change will protect the 

public interest by helping to ensure that 

promissory note cases are processed 

quickly and efficiently, and by helping 

to reduce expenses for the parties and 

the forum without adversely affecting 

the administration of other cases filed 

with the forum. 

III. Conclusion 

For the foregoing reasons, the 

Commission finds that the proposed 

rule change is consistent with the Act 

and the rules and regulations 

thereunder applicable to a national 

securities association. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,13 that the 

proposed rule change (SR–FINRA– 

2007–015) 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. E9–14726 Filed 6–23–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60123; File No. SR– 

NYSEAmex–2009–28] 

Self-Regulatory Organizations; NYSE 

Amex LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Make Available 

Without Charge the NYSE Amex 

OpenBookTM Datafeeds 

June 17, 2009. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on June 12, 

2009, NYSE Amex LLC (‘‘NYSE Amex’’ 

or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

Federal Register / Vol. 74, No. 120 / Wednesday, June 24, 2009 / Notices 30193 

4The NYSE Amex OpenBook datafeed has been 

operational since December 1, 2008 and has been 

provided free of charge. 

5The Exchange does not currently trade securities 

for which reporting takes place under the UTP Plan 

(‘‘UTP Plan Securities’’), though it has done so in 

the past and anticipates doing so in the near future. 

Once that [sic] trading re-commences, the NYSE 

Amex OpenBook equities datafeed will include data 

relating to UTP Plan Securities, as well as data 

relating to securities that report under the CTA Plan 

(‘‘CTA Plan Securities’’). For that reason, the 

proposed rule change applies to NYSE Amex Data 

relating to UTP Plan Securities, as well as to NYSE 

Amex Data relating to CTA Plan Securities. 

6The Exchange notes that it makes available to 

vendors the best bids and offers that are included 

in NYSE Amex OpenBook data no earlier than it 

makes those best bids and offers available to the 

processors under the CQ Plan, the UTP Plan and the 

OPRA Plan. 

7See Securities Exchange Act Release Nos. 22851 

(January 31, 1986), 51 FR 5135 (February 11, 1986); 

28407 (September 6, 1990), 55 FR 37276 (September 

10, 1990) (File No. 4–281); and 49185 (February 4, 

2004), 69 FR 6704 (February 11, 2004) (SR–CTA/ 

CQ–2003–01). 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to make 

available without charge the NYSE 

Amex OpenBook datafeeds. 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 

NYSE Amex proposes to make 

available without charge the NYSE 

Amex OpenBook datafeeds. 

The Service 

NYSE Amex OpenBook responds to 

the desire of some market participants 

for depth-of-market data. It is a 

compilation of limit order data resident 

in the NYSE Amex limit order book for 

both equities and options traded on 

NYSE Amex (collectively, ‘‘NYSE Amex 

Data’’) that the Exchange provides 

through two real-time datafeeds, one for 

NYSE Amex OpenBook data relating to 

equity securities that trade through 

NYSE Amex facilities and one for NYSE 

Amex OpenBook data relating to 

options traded through NYSE Amex 

facilities.4 The Exchange updates NYSE 

Amex OpenBook information upon 

receipt of each displayed limit order. 

For every limit price, NYSE Amex 

OpenBook includes the aggregate order 

volume. The Exchange makes the 

datafeeds available to market data 

vendors, broker-dealers, private network 

providers and other entities 

(collectively, ‘‘Vendors’’). 

Some of the depth-of-book 

information included in NYSE Amex 

OpenBook is not available through the 

CQ Plan, the ‘‘Reporting Plan for 

Nasdaq/National Market System 

Securities Traded on an Exchange on an 

Unlisted or Listed Basis’’ (the ‘‘UTP 

Plan’’) 5 or the OPRA Plan.6 By making 

NYSE Amex Data available, NYSE 

Amex OpenBook enhances market 

transparency and fosters competition 

among orders and markets. The 

Exchange makes the datafeeds available 

to members and non-members, and 

permits Vendors to make it available to 

both professional and nonprofessional 

subscribers. 

NYSE Amex contemplates that it will 

propose to impose fees for the receipt, 

display and use of NYSE Amex 

OpenBook. NYSE Amex will submit a 

proposed rule change to the 

Commission in order to implement 

those fees. 

Contracts 

The Exchange will require each 

recipient of a datafeed containing NYSE 

Amex Data to enter into the form of 

‘‘vendor’’ agreement into which the 

CTA and CQ Plans require recipients of 

the Network A datafeeds to enter (the 

‘‘Consolidated Vendor Form’’). That 

agreement will authorize the datafeed 

recipient to provide NYSE Amex Data 

services to its customers or to distribute 

the data internally. 

In addition, the Exchange will require 

each professional end-user that receives 

NYSE Amex Data displays from a 

vendor or broker-dealer to enter into the 

form of professional subscriber 

agreement into which the CTA and CQ 

Plans require end users of Network A 

data to enter and to require vendors and 

broker-dealers to subject 

nonprofessional subscribers to the same 

contract requirements as the CTA and 

CQ Plan Participants require of Network 

A non-professional subscribers. 

The Network A Participants drafted 

the vendor and Network A professional 

subscriber agreements as one-size-fitsall forms to capture most categories of 

market data dissemination. They are 

sufficiently generic to accommodate 

NYSE Amex Data, subject to the Exhibit 

C requirements described below. The 

Network A Participants submitted the 

Consolidated Vendor Form and the 

professional subscriber form to the 

Commission for comment and notice.7

Because it was recognized that the 

Consolidated Vendor Form could not 

anticipate every aspect of a vendor’s 

receipt and use of market data or future 

advances in technology or new product 

offerings, Paragraph 19(a) of the form 

provides that ‘‘Exhibit C, if any, 

contains additional provisions 

applicable to any non-standard aspects 

of Customer’s Receipt and Use of Market 

Data.’’ 

NYSE Amex proposes to subject 

NYSE Amex OpenBook datafeed 

recipients to the same ‘‘additional’’ 

provisions as NYSE imposes on 

recipients of NYSE OpenBook in an 

Exhibit C that is substantially the same 

as the NYSE OpenBook Exhibit C. 

(Exhibit 5 presents the form of Exhibit 

C that the Exchange proposes to use for 

NYSE AmexOpenBook.) Those Exhibit 

C terms and conditions would: 

• Require any display or montage that 

incorporates NYSE Amex OpenBook 

data with limit orders or other market 

information that any source other than 

NYSE Amex makes available (an 

‘‘Integrated Display’’) to associate the 

identifier ‘‘NYSE Amex’’ with each 

element or line of NYSE Amex 

OpenBook data that is included in the 

Integrated Display, or require the 

Vendor to provide a second integrated 

display (an ‘‘Attributed Integrated 

Display’’) that includes such an 

identifier. 

• Require the Vendor to indicate in 

any Attributed Integrated Display the 

number of shares attributable to the 

NYSE Amex OpenBook bids and offers 

at each price level. 

• Require any Vendor that makes 

Integrated Displays available to also: 

a. Make NYSE Amex OpenBook 

Information available as a product that 

is separate and apart from information 

products that include other market 

centers’ information; and 

b. Make its subscribers aware of the 

availability of the stand-alone NYSE 

OpenBook product in the same manner 

as it makes its subscribers aware of the 

integrated product; and (iv). 

• Require each Vendor to add to 

Exhibit A a sample of each new screen 

shot to demonstrate the manner of the 

30194 Federal Register / Vol. 74, No. 120 / Wednesday, June 24, 2009 / Notices 

8 15 U.S.C. 78f(b)(5). 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the self-regulatory organization 

to submit to 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 

of filing of the proposed rule change, or such 

shorter time as designated by the Commission. The 

Exchange has satisfied this requirement. 

11For purposes only of waiving the 30-day 

operative delay 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). 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

display and any modification to 

previous displays. 

The Vendor is required to submit the 

new screen shot no later than at the time 

it first commences to provide the new 

or modified display to others. 

The display requirements do not 

apply insofar as the data recipient 

distributes NYSE AMEX OpenBook data 

to its officers, partners and employees or 

to those of its affiliates. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with and 

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

of the Act,8 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 believes that this proposal is 

in keeping with those principles by 

promoting increased transparency 

through the dissemination of NYSE 

Amex OpenBook data. 

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 

The Exchange has not solicited, and 

does not intend to solicit, comments 

regarding this proposed rule change. 

The Exchange has not received any 

unsolicited written comments from 

members or other interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change: (i) Does not significantly affect 

the protection of investors or the public 

interest; (ii) does not impose any 

significant burden on competition; and 

(iii) by its terms, does not 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 9 and Rule 19b– 

4(f)(6) thereunder.10

The Exchange has requested that the 

Commission waive the 30-day operative 

delay so that the proposal may become 

operative immediately upon filing in 

order to immediately provide market 

participants that use NYSE Amex 

OpenBook with more information about 

the current state of the NYSE Amex 

market and provide increased 

transparency to market participants. The 

Commission believes such waiver is 

consistent with the protection of 

investors and the public interest.11

Accordingly, the Commission 

designates the proposed rule change 

operative upon filing with the 

Commission. 

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–NYSEAmex–2009–28 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–NYSEAmex–2009–28. 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 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 Number SR– 

NYSEAmex–2009–28 and should be 

submitted on or before July 15, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–14725 Filed 6–23–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60130; File No. SR–CBOE– 

2009–038] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing of 

Proposed Rule Change Related to the 

Complex Order Book 

June 17, 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 16, 

2009, the Chicago Board Options 

Exchange, Incorporated (‘‘CBOE’’ or 

‘‘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 CBOE. The Commission 

is publishing this notice to solicit