33494 Federal Register / Vol. 74, No. 132 / Monday, July 13, 2009 / Notices 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Rule 11.11(c)(5) and (c)(8)(ii) of the National 

Stock Exchange, Rule 11.9(c)(6) of the BATS 

Exchange and Rule 7.31(w) of NYSE Arca. 

4 15 U.S.C. 78f(b). 

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

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 FINRA. 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–FINRA–2009–045 and 

should be submitted on or before 

August 3, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–16448 Filed 7–10–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60243; File No. SR–CHX– 

2009–09] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of a Proposed Rule Change by the 

Chicago Stock Exchange, Inc. Adding 

the Post Only and Post Only ISO Order 

Types 

July 6, 2009. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on June 29, 

2009, the Chicago Stock Exchange, Inc. 

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

the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

in Items I and II, below, which Items 

have been prepared by CHX. 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 

CHX proposes to amend its rules to 

add the Post Only and Post Only ISO 

order types. The text of this proposed 

rule change is available on the 

Exchange’s Web site at (http:// 

www.chx.com), at the principal office of 

the Exchange, and in 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 

CHX included statements concerning 

the purpose of and basis for the 

proposed rule changes and discussed 

any comments it received regarding the 

proposal. The text of these statements 

may be examined at the places specified 

in Item IV below. The CHX 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 Exchange proposes to amend 

CHX Article 20, Rule 4 to add the Post 

Only and Post Only ISO order types. 

A Post Only Order is an order 

designed to encourage displayed 

liquidity on the Exchange. By its terms, 

a Post Only Order is posted on the 

Exchange and does not route away to 

another trading center. A Post Only 

Order will be immediately cancelled if 

it is marketable against a contra-side 

order in the Matching System when 

entered, or if it is at a price that would 

lock or cross a manual or protected 

quotation. 

A Post Only ISO Order is a type of 

ISO order that will be immediately 

cancelled without execution if it is 

marketable against a contra-side order in 

the Matching System when entered. If a 

Post Only ISO is not immediately 

cancelled, it will be posted on the 

Exchange at the entered limit price. By 

entering a Post Only ISO, a Participant 

represents that such Participant has 

simultaneously routed one or more 

additional limit orders marked ‘‘ISO,’’ 

as necessary, to away markets to 

executed against the full displayed size 

of any protected quotation for the 

security with a price that is superior or 

equal to the limit price of the Post Only 

ISO entered in the Matching System. 

Consequently, a Post Only ISO order 

will be displayed by the Exchange 

regardless of whether it will lock or 

cross another market center’s quote. 

Orders marked Post Only and Post 

Only ISO will always be considered 

‘‘liquidity providing’’ by the Exchange 

for purposes of application of the 

Exchange’s fees and rebate programs. By 

making a Post Only or Post Only ISO 

designation, Participants are able to 

avoid the risk that their orders will be 

considered ‘‘liquidity taking’’ for 

purposes of application of the 

Exchange’s fees and rebate programs. 

CHX notes that order types similar to 

the proposed Post Only and Post Only 

ISO order types are already in use by 

other market centers.3

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act in general,4 and 

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

in particular,5 in that it is designed to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transaction in securities, to 

remove impediments and perfect the 

mechanisms of a free and open market, 

and, in general, to protect investors and 

the public interest by allowing CHX to 

amend its rules to add the Post Only 

and Post Only ISO order types based on 

similar rules already in effect at other 

exchanges. The addition of these order 

types will benefit Exchange customers 

and promote competition among market 

centers. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange 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 after the date of 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 74, No. 132 / Monday, July 13, 2009 / Notices 33495 

6 15 U.S.C. 78s(b)(3)(A). 

7 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. CHX has satisfied this requirement. 

8For 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). 

9See supra note 3. 

10 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. 59908 

(May 12, 2009), 74 FR 23459 (‘‘Notice’’). 

4See Notice, supra note 3, 74 FR at 23460. 

5 In approving this proposed rule change, 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). 

6 15 U.S.C. 78(b)(1). 

7 15 U.S.C. 78f(b)(5). 

the filing, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 6 and Rule 19b– 

4(f)(6) 7 thereunder. 

The Exchange has asked the 

Commission to waive the operative 

delay to permit the proposed rule 

change to become operative prior to the 

30th day after filing. The Commission 

has determined that waiving the 30-day 

operative delay of the Exchange’s 

proposal is consistent with the 

protection of investors and the public 

interest.8 The Commission believes that 

the proposed rule change is 

substantially similar to rules adopted by 

other exchanges and does not raise any 

new regulatory issues.9 Therefore, the 

Commission 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–CHX–2009–09 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–CHX–2009–09. 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 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–CHX–2009–09 and should 

be submitted on or before August 3, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–16449 Filed 7–10–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60247; File No. SR–BX– 

2009–021] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Order 

Approving Proposed Rule Change to 

Amend the Restated Certificate of 

Incorporation and By-Laws of 

NASDAQ OMX BX, Inc. 

July 6, 2009. 

On April 29, 2009, NASDAQ OMX 

BX, Inc. (‘‘BX’’ 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 amend its Restated Certificate 

of Incorporation (‘‘Certificate’’) and bylaws (‘‘By-Laws’’). The proposed rule 

change was published for comment in 

the Federal Register on May 19, 2009.3

The Commission received no comments 

regarding the proposal. This order 

approves the proposed rule change. 

I. Description of the Proposed Rule 

Change 

On August 29, 2008, The NASDAQ 

OMX Group, Inc. (‘‘NASDAQ OMX’’) 

acquired BX. Since then, the boards of 

BX and its parent company, NASDAQ 

OMX, have maintained their own audit 

committee and management 

compensation committee. As more fully 

discussed in the Notice, the Exchange 

states that it has found the work of these 

committees to overlap substantially.4 As 

a result, BX proposes to revise its ByLaws to allow for the elimination of its 

audit and management compensation 

committees. In addition, BX proposes to 

amend its Certificate and By-Laws to 

reflect the name change of The Nasdaq 

Stock Market, Inc. to The NASDAQ 

OMX Group, Inc. II. 

Discussion and Commission Findings 

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 exchange.5 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(1) of the Act,6 which requires a 

national securities exchange to be so 

organized and have the capacity to carry 

out the purposes of the Act and to 

comply, and to enforce compliance by 

its members and persons associated 

with its members, with the provisions of 

the Act. The Commission also finds that 

the proposed rule change is consistent 

with Section 6(b)(5) of the Act,7 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 

mstockstill on DSKH9S0YB1PROD with NOTICES