Federal Register / Vol. 74, No. 129 / Wednesday, July 8, 2009 / Notices 32663 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 59746 

(April 10, 2009), 74 FR 17702 (April 16, 2009) (SR– 

NYSE–2009–08). 

5See Securities Exchange Act Release No. 52648 

(October 21, 2005), 70 FR 62155 (October 28, 2005) 

(SR–NYSE–2005–63). 

6See Securities Exchange Act Release Numbers 

54140 (July 13, 2006), 71 FR 41491 (July 21, 2006) 

(SR–NYSE–2006–48); 54985 (December 21, 2006), 

72 FR 171 (January 3, 2007) (SR–NYSE–2006–113); 

55992 (June 29, 2007), 72 FR 37289 (July 9, 2007) 

(SR–NYSE–2007–57); 56556 (September 27, 2007), 

72 FR 56421 (October 3, 2007) (SR–NYSE–2007– 

86); 57072 (December 31, 2007), 73 FR 1252 

(January 7, 2008) (SR–NYSE–2007–125); 57601 

(April 2, 2008), 73 FR 19123 (April 8, 2008) (SR– 

NYSE–2008–22); 58033 (June 26, 2008), 73 FR 

38265 (July 3, 2008) (SR–NYSE–2008–49); 58713 

(October 2, 2008), 73 FR 59024 (October 8, 2008) 

(SR–NYSE–2008–96); 59069 (December 8, 2008); 73 

FR 76081 (December 15, 2008) (SR–NYSE–2008– 

124); 59551 (March 10, 2009), 74 FR 11624 (March 

18, 2009) (SR–NYSE–2009–24), 60062 (June 8, 

2009), 74 FR 28297 (June 15, 2009) (SR–NYSE– 

2009–53). 

7See Securities Exchange Act Release No. 59746 

(April 10, 2009), 74 FR 17702 (April 16, 2009) (SR– 

NYSE–2009–08). 

8See Securities Exchange Act Release No. 53549 

(March 24, 2006), 71 FR 16388 (March 31, 2006) 

(SR–NYSE–2006–11) (making certain amendments 

to the Moratorium). 

9 17 CFR 240.19b–4. 

10 15 U.S.C. 78s(b)(3)(A). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60197; File No. SR–NYSE– 

2009–62] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by New York 

Stock Exchange LLC Extending the 

Moratorium Related to the 

Qualification and Registration of 

Registered Competitive Market Makers 

Pursuant to NYSE Rule 107A and 

Competitive Traders Pursuant to NYSE 

Rule 110 to the Earlier of the Approval 

of SR–NYSE–2009–08 or July 24, 2009 

June 30, 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 26, 

2009, New York Stock Exchange LLC 

(‘‘NYSE’’ 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to extend the 

moratorium related to the qualification 

and registration of Registered 

Competitive Market Makers (‘‘RCMMs’’) 

pursuant to NYSE Rule 107A and 

Competitive Traders (‘‘CTs’’) pursuant 

to NYSE Rule 110 to the earlier of the 

approval of SR–NYSE–2009–08 or July 

24, 2009. 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 New York Stock Exchange LLC 

(‘‘Exchange’’ or ‘‘NYSE’’) proposes to 

extend the moratorium related to the 

qualification and registration of 

Registered Competitive Market Makers 

(‘‘RCMMs’’) pursuant to NYSE Rule 

107A and Competitive Traders (‘‘CTs’’) 

pursuant to NYSE Rule 110 to the 

earlier of the approval of SR–NYSE– 

2009–08 4 or July 24, 2009. 

On September 22, 2005, the Exchange 

filed SR–NYSE–2005–63 5 with the 

Securities and Exchange Commission 

(‘‘Commission’’) proposing to 

implement a moratorium on the 

qualification and registration of new 

RCMMS and CTs (‘‘Moratorium’’).6 The 

Moratorium allowed the Exchange to 

review the viability of RCMMs and CTs 

in the Exchange’s evolving more 

electronic market. 

During the Moratorium, the Exchange 

reviewed the quarterly volume data of 

RCMM and CT trading data to 

determine the average trading volume of 

RCMMs. 

As a result of its review, the Exchange 

concluded that RCMMs and CTs no 

longer serve as viable supplemental 

market makers. Accordingly, the 

Exchange determined that RCMMs and 

CTs should no longer be viable classes 

of traders on the Exchange. On April 10, 

2009, the Exchange filed a separate 

proposed rule change, SR–NYSE–2009– 

08 (‘‘2009–08’’) with the Commission to 

eliminate RCMMs and CTs as viable 

classes of NYSE traders.7

The Exchange proposes to extend the 

Moratorium as amended 8 to the earlier 

of the approval of proposed rule change 

2009–08 or July 24, 2009 to allow 2009– 

08 to complete the rule filing process 

pursuant to Rule 19b–4.9

The Exchange will issue an 

Information Memo announcing the 

extension of the Moratorium. 

2. Statutory Basis 

The basis under the Securities 

Exchange Act of 1934 (the ‘‘Act’’) for 

this proposed rule change is the 

requirement under Section 6(b)(5) that 

an exchange have rules that are 

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 the instant filing is consistent with 

these principles. Based on its review of 

data associated with RCMM and CT 

trading, the Exchange has concluded 

that RCMMs and CTs no longer serve as 

viable supplemental market makers. In 

this instant filing, the Exchange seeks an 

extension of the Moratorium to 

complete the 19b–4 rule filing process 

following its proposed rule filing to 

eliminate RCMMs and CTs as viable 

classes of NYSE traders. 

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 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 10 and Rule 19b–4(f)(6) 

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32664 Federal Register / Vol. 74, No. 129 / Wednesday, July 8, 2009 / Notices 

11 17 CFR 240.19b–4(f)(6). 12 In addition, Rule 19b–4(f)(6)(iii) requires the 

self-regulatory organization to give the Commission 

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. NYSE has satisfied this requirement. 13 17 CFR 240.19b–4(f)(6). 14 17 CFR 240.19b–4(f)(6)(iii). 15For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. 15 U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

thereunder 11 because the foregoing 

proposed rule: (i) Does not significantly 

affect the protection of investors or the 

public interest; (ii) does not impose any 

significant burden on competition; and 

(iii) does not become operative for 30 

days after the date of filing, or such 

shorter time as the Commission may 

designate if consistent with the 

protection of investors and the public 

interest.12

A proposed rule change filed 

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

Act 13 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 14

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The NYSE has requested 

that the Commission waive the 30-day 

operative delay. The Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest because it would allow the 

Moratorium to continue without 

interruption while awaiting the 

completion of the rule filing process 

with respect to SR–NYSE–2009–08. 

Therefore, the Commission designates 

that the proposed rule change become 

operative immediately.15

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–NYSE–2009–62 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–NYSE–2009–62. 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 the filing will also be available 

for inspection and copying at the 

principal office of the self-regulatory 

organization. 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–NYSE– 

2009–62 and should be submitted on or 

before July 29, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–15994 Filed 7–7–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60187; File No. SR–CBOE– 

2009–040] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing of a 

Proposed Rule Change Regarding a 

New Options Market Linkage Structure 

June 29, 2009. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on June 24, 

2009, the Chicago Board Options 

Exchange, Incorporated (the ‘‘Exchange’’ 

or ‘‘CBOE’’) filed with the Securities 

and Exchange Commission (the 

‘‘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 filing proposes to adopt certain 

new order handling rules in connection 

with a new options industry linkage 

structure. The text of the proposed rule 

change is available on the Exchange’s 

Web site (http://www.cboe.org/legal), 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 

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 

This filing proposes to adopt rules to 

facilitate the Exchange’s transition to a 

new intermarket linkage structure. Since 

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