Federal Register / Vol. 74, No. 132 / Monday, July 13, 2009 / Notices 33489 

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

2 17 CFR 240.19b–4. 

3See NYSE Arca Rule 1.1(yy) for the definition 

of ‘‘User.’’ 

4The PO+ order was recently approved as Rule 

7.31(x)(3). See Securities and Exchange Act Release 

No. 58681 (September 29, 2008); 73 FR 58285 

(October 6, 2008) (order approving SR–NYSEArca– 

2008–90). 

5See NYSE Arca Rule 7.34(a)(2) for the definition 

of ‘‘Core Trading Session.’’ 

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 Closed Meeting 

on Thursday, July 16, 2009 at 2 p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(5), (7), 9(B) and (10) and 

17 CFR 200.402(a)(5), (7), 9(ii) and (10), 

permit consideration of the scheduled 

matters at the Closed Meeting. 

Commissioner Walter, as duty officer, 

voted to consider the items listed for the 

Closed Meeting in a closed session. 

The subject matter of the Closed 

Meeting scheduled for Thursday, July 

16, 2009 will be: 

Institution and settlement of 

injunctive actions; institution and 

settlement of administrative 

proceedings; other matters relating to 

enforcement proceedings; and opinions. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: 

The Office of the Secretary at (202) 

551–5400. 

Dated: July 9, 2009. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–16596 Filed 7–9–09; 11:15 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 an Open Meeting 

on Wednesday, July 15, 2009 at 10 a.m., 

in the Auditorium, Room L–002. 

The subject matter of the Open 

Meeting will be: 

The Commission will consider a 

recommendation regarding amendments 

to Rule 15c2–12 (‘‘Rule’’) under the 

Securities Exchange Act of 1934 

(‘‘Act’’), concerning the responsibilities 

of a broker, dealer, or municipal 

securities dealer acting as an 

underwriter in a primary offering of 

municipal securities and interpretive 

guidance intended to assist municipal 

securities issuers, brokers, dealers and 

municipal securities dealers in meeting 

their obligations under the antifraud 

provisions of the Act. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: 

The Office of the Secretary at (202) 

551–5400. 

Dated: July 8, 2009. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–16587 Filed 7–9–09; 11:15 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60256; File No. SR– 

NYSEArca–2009–56] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Add Two New Order 

Types to NYSE Arca Equities Rule 7.31 

July 7, 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 23, 

2009, NYSE Arca, Inc. (‘‘NYSE Arca’’ 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 add two 

new order types to NYSE Arca Equities 

Rule 7.31. A copy of this filing is 

available on the Exchange’s Web site at 

http://www.nyse.com, 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 

The Exchange proposes to add two 

new order types to NYSE Arca Equities 

Rule 7.31. The new order types will 

allow NYSE Arca Users 3 to participate 

at the primary listing exchange during 

the first 15 minutes and last 15 minutes 

of the trading day. For the remainder of 

the trading session the orders will 

remain in the NYSE Arca Book (‘‘Arca 

Book’’). The two new order types 

behave like a combination of currently 

existing order types and are discussed 

more thoroughly below. 

Primary Until 9:45 Order 

The Exchange proposes to add a new 

order type called the Primary Until 9:45 

Order. The Primary Until 9:45 Order 

will permit NYSE Arca Users to submit 

an order that will be routed directly to 

the primary listing market until 9:45 

a.m. (Eastern Time).4 If the order is not 

executed on the primary market by 9:45 

a.m. (Eastern Time), the order will be 

cancelled from the primary market and 

a new order will be entered on the Arca 

Book for execution during the 

remainder of the Exchange’s Core 

Trading Session.5 The Primary Until 

9:45 Order may be marked with a Time 

in Force of Day, Good Till Cancelled 

(‘‘GTC’’), or Good Till Date (‘‘GTD’’). 

Orders that return to NYSE Arca after 

routing to the primary market will retain 

their original order attributes. Orders 

that return to the Arca Book at 9:45 will 

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33490 Federal Register / Vol. 74, No. 132 / Monday, July 13, 2009 / Notices 

6A PO Order will only participate in the primary 

market opening or re-opening. A PO+ Order will 

participate at any time other than the primary 

market opening or re-opening. 

7PO+ Orders are routed to the primary market via 

the Exchange’s outbound routing facility, 

Archipelago Securities, LLC (‘‘Arca Securities’’), a 

registered broker dealer. Arca Securities is an 

affiliated member of the NYSE, NYSE Arca, and 

NYSE Amex, LLC. As a result, each of these three 

exchanges have established certain mechanisms 

designed to address potential conflicts of interest 

regarding affiliated members generally, and Arca 

Securities in particular. See Securities and 

Exchange Act Release No. 58680 (September 29, 

2008), 73 FR 58283 (October 6, 2008) (order 

approving SR–NYSE–2008–76); see also, Securities 

Exchange Act Release No. 58681 (September 29, 

2008), 73 FR 58285 (October 6, 2008) (order 

approving NYSEArca–2008–90); see also, Securities 

Exchange Act Release No. 58705 (October 1, 2008), 

73 FR 58995 (October 8, 2008) (order approving SR– 

AMEX–2008–62). 

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

9 15 U.S.C. 78f(b)(5). 

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

11 17 CFR 240.19b–4(f)(6). 

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

4(f)(6)(iii) 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. The Exchange has complied with this 

requirement. 

13 Id. 

14For 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). 

15Securities Exchange Act Release No. 60255 

(July 7, 2009) (SR–NYSE–2009–58). 

be treated as a new order and receive a 

new time priority. 

Currently, NYSE Arca Users can only 

accomplish this proposed functionality 

through the submission of two separate 

order types. First, the User would direct 

an order to the primary market without 

first sweeping the NYSE Arca Book by 

submitting a Primary Only (PO) or 

Primary Only Plus (PO+) Order.6 7 Then 

at 9:45 the User would cancel the PO or 

PO+ Order and submit an order to the 

Exchange. The Primary Until 9:45 Order 

will operate in a manner similar to a 

combination of a PO+ Order and an 

order that is executable on the 

Exchange. The Primary Until 9:45 Order 

simplifies this functionality into one 

new order type. 

Primary After 3:45 Order 

Similarly, the Exchange proposes to 

add a new order type called the Primary 

After 3:45 Order. The Primary After 3:45 

Order will permit Exchange Users to 

submit an order that will remain on the 

Arca Book until 3:45 p.m. (Eastern 

Time). If the order is not executed by 

3:45 p.m. (Eastern Time) the order will 

be cancelled from the Arca Book and 

entered for execution on the primary 

market for the remainder of the trading 

session. The Primary After 3:45 Order 

may only be marked with a Time in 

Force of Day, and may not be marked as 

GTC or GTD. Orders that route to the 

primary market at 3:45 will retain their 

original order attributes. 

Currently, NYSE Arca Users can only 

accomplish this proposed functionality 

through the submission of two separate 

order types. First a User would submit 

an order for execution on the Exchange. 

Then, at 3:45 the User would cancel the 

order resting in the Arca Book and 

submit a PO or PO+ Order for execution 

on the primary market. The Primary 

After 3:45 Order type will operate in a 

manner similar to a combination of two 

existing order types, but simplifies this 

compound functionality into one new 

order type. 

The proposed order types provide 

Users the ability to participate on the 

primary listing market during the two 

most active periods of the trading day, 

the fifteen minutes following the open 

and prior to the close. For the remainder 

of the trading day, the two new order 

types offer Users access to the 

Exchange’s liquidity. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) 8 of the 

Securities Exchange Act of 1934 (the 

‘‘Exchange Act’’), in general, and 

furthers the objectives of Section 

6(b)(5) 9 in particular in that it is 

designed 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 

Exchange believes that the proposed 

rule changes are designed to accomplish 

these ends by providing Users the 

ability to participate on the primary 

listing market during the most active 

periods of the trading day. 

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 

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 10 and Rule 19b– 

4(f)(6) thereunder.11

A proposed rule change filed under 

Rule 19b–4(f)(6) normally may not 

become operative prior to 30 days after 

the date of filing.12 However, Rule 19b– 

4(f)(6)(iii) 13 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay to allow market participants on 

NYSE Arca increased flexibility to 

participate on the primary listing 

exchange during the 15 minutes 

following the open and prior to the 

close. In addition, the waiver of the 

operative delay would allow the 

proposal to become operative on the 

date of approval of SR–NYSE–2009–58. 

The Commission believes such waiver is 

consistent with the protection of 

investors and the public interest.14

Accordingly, the Commission 

designates the proposed rule change 

operative on July 7, 2009.15

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 

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Federal Register / Vol. 74, No. 132 / Monday, July 13, 2009 / Notices 33491 

16 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 

2See Securities Exchange Act Release No. 56458 

(September 18, 2007), 72 FR 54309 (September 24, 

2007) (SR–CBOE–2007–107) for a description of the 

Temporary Membership status under Rule 3.19.02. 

3See Securities Exchange Act Release No. 58178 

(July 17, 2008), 73 FR 42634 (July 22, 2008) (SR– 

CBOE–2008–40) for a description of the Interim 

Trading Permits under Rule 3.27. 

4Rule 3.27(b) defines the clearing firm floating 

monthly rate as the floating monthly rate that a 

Clearing Member designates, in connection with 

transferable membership leases that the Clearing 

Member assisted in facilitating, for leases that 

utilize that monthly rate. 

5The concepts of an indicative lease rate and of 

a clearing firm floating month rate were previously 

utilized in the CBOE rule filings that set and 

adjusted the Temporary Member access fee. Both 

concepts are also codified in Rule 3.27(b) in relation 

to ITPs. 

Number SR–NYSEArca–2009–56 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–NYSEArca–2009–56. 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– 

NYSEArca–2009–56 and should be 

submitted on or before August 3, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–16579 Filed 7–10–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60254; File No. SR–CBOE– 

2009–042] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to Temporary 

Membership Status and Interim 

Trading Permit Access Fees 

July 7, 2009. 

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

Securities Exchange Act of 1934 

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

June 30, 2009, the Chicago Board 

Options Exchange, Incorporated 

(‘‘CBOE’’ or the ‘‘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 comments on the proposed rule 

change from interested parties. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

CBOE proposes to adjust (i) the 

monthly access fee for persons granted 

temporary CBOE membership status 

(‘‘Temporary Members’’) pursuant to 

Interpretation and Policy .02 under 

CBOE Rule 3.19 (‘‘Rule 3.19.02’’) and 

(ii) the monthly access fee for Interim 

Trading Permit (‘‘ITP’’) holders under 

CBOE Rule 3.27. The text of the 

proposed rule change is available on the 

Exchange’s Web site (http:// 

www.cboe.org/Legal/), at the Exchange’s 

Office of the Secretary, 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, 

CBOE 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. The CBOE 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 current access fee for Temporary 

Members under Rule 3.19.02 2 and the 

current access fee for ITP holders under 

Rule 3.27 3 are both $10,171 per month. 

Both access fees are currently set at the 

indicative lease rate (as defined below) 

for June 2009. The Exchange proposes to 

adjust both access fees effective at the 

beginning of July 2009 to be equal to the 

indicative lease rate for July 2009 

(which is $11,552). Specifically, the 

Exchange proposes to revise both the 

Temporary Member access fee and the 

ITP access fee to be $11,552 per month 

commencing on July 1, 2009. 

The indicative lease rate is defined 

under Rule 3.27(b) as the highest 

clearing firm floating monthly rate 4 of 

the CBOE Clearing Members that assist 

in facilitating at least 10% of the CBOE 

transferable membership leases.5 The 

Exchange determined the indicative 

lease rate for July 2009 by polling each 

of these Clearing Members and 

obtaining the clearing firm floating 

monthly rate designated by each of 

these Clearing Members for that month. 

The Exchange used the same process 

to set the proposed Temporary Member 

and ITP access fees that it used to set 

the current Temporary Member and ITP 

access fees. The only difference is that 

the Exchange used clearing firm floating 

monthly rate information for the month 

of July 2009 to set the proposed access 

fees (instead of clearing firm floating 

monthly rate information for the month 

of June 2009 as was used to set the 

current access fees) in order to take into 

account changes in clearing firm 

floating monthly rates for the month of 

July 2009. 

The Exchange believes that the 

process used to set the proposed 

Temporary Member access fee and the 

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