34834 Federal Register / Vol. 74, No. 136 / Friday, July 17, 2009 / Notices 

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. 

11 17 CFR 240.19b–4(f)(6). 

12 17 CFR 240.19b–4(f)(6)(iii). 

13For 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). 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

A proposed rule change filed under 

Rule 19b–4(f)(6) 11 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),12 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. 

The Exchange has requested that the 

Commission waive the 30-day operative 

delay in order to permit the Exchange to 

immediately implement modifications 

to its systems to require certain DMM 

interest to yield to other interest on the 

Display Book during slow trading 

conditions, as discussed in full above, 

which should increase the quality of 

executions on the Exchange, including 

public customer orders. The 

Commission believes such waiver is 

consistent with the protection of 

investors and the public interest.13

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–2009–40 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–2009–40. 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–2009–40 and should be 

submitted on or before August 7, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–17014 Filed 7–16–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60286; File No. SR– 

NYSEAmex–2009–43] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Amex LLC to Extend the Short Term 

Option Series Pilot Program 

July 10, 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 July 9, 

2009, NYSE Amex LLC (‘‘NYSE Amex’’ 

or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

the proposed rule change as described 

in Items I and II below, which items 

have been prepared by the selfregulatory 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 

Short Term Option Series Pilot Program 

(‘‘Pilot Program’’) for an additional oneyear period. The text of the proposed 

rule change is attached as Exhibit 5 to 

the 19b–4 form. 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 these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization has 

prepared summaries, set forth in 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 74, No. 136 / Friday, July 17, 2009 / Notices 34835 

3See Securities Exchange Act Release No.34– 

52014 (July 12, 2005), 70 FR 41244 (July 18, 2005) 

(approval order for SR–Amex-2005–035). 

4See Securities Exchange Act Release No. 34– 

58084 (July 2, 2008), 73 FR 39743 (July 10, 2008), 

SR–Amex-2008–55 (Pilot Program extension). 

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

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

7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b4(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. ISE 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). 

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 

On July 12, 2005 the Commission 

approved the Pilot Program 3 that allows 

NYSE Amex to list and trade Short 

Term Options Series. Under the terms of 

the Pilot Program, the Exchange can 

select up to five options classes on 

which Short Term Option Series may be 

opened on any Short Term Option 

Opening Date. The Exchange is also 

allowed to list Short Term Option Series 

on any option class that is selected by 

other securities exchanges that employ 

a similar Pilot Program under their 

respective rules. 

The purpose of this proposal is to 

extend the Pilot Program for a one year 

period ending on July 12, 2010. The 

current Pilot Program expires on July 

12, 2009.4 The Exchange believes that 

Short Term Option Series can provide 

investors with a flexible and valuable 

tool to manage risk exposure, minimize 

capital outlays, and be more responsive 

to the timing of events affecting the 

securities that underlie option contracts. 

While NYSE Amex has not listed any 

Short Term Option Series during the 

Pilot Program there has been continued 

investor interest in trading short-term 

options at the Chicago Board Options 

Exchange (‘‘CBOE’’). In order to have 

the ability respond to customer interests 

if warranted, the Exchange proposes the 

continuation of the Pilot Program at 

NYSE Amex. 

In the original proposal to establish 

the Pilot Program the Exchange stated 

that if it were to propose an extension 

or an expansion of the program, the 

Exchange would submit, along with any 

filing proposing such amendments to 

the program, a Pilot Program report 

(‘‘Report’’). The Report would provide 

an analysis of the Pilot Program 

covering the entire period during which 

the Pilot Program was in effect. Since 

the Exchange does not have any Short 

Term Options Series listed as part of the 

Pilot Program, there is no data available 

to compile such a report at this time. 

Therefore there is no Report associated 

with the program included with this 

proposal to extend the pilot Program. 

The Exchange represents that it has 

the necessary system capacity needed to 

support any additional option series 

listed under the Pilot Program. 

2. Statutory Basis 

The Exchange believes that Short 

Term Option Series can stimulate 

customer interest in options and 

provide a flexible and valuable tool to 

manage risk exposure, minimize capital 

outlays, and be more responsive to the 

timing of events affecting the securities 

that underlie option contracts. For these 

reasons, the Exchange believes the 

proposed rule change is consistent with 

the Act and the rules and regulations 

thereunder and, in particular, the 

requirements of section 6(b) of the Act. 

Specifically, the Exchange believes the 

proposed rule change is consistent with 

the section 6(b)(5) 5 requirements that 

the rules of an exchange be designed to 

promote just and equitable principles of 

trade, to prevent fraudulent and 

manipulative acts, to remove 

impediments to and perfect the 

mechanism for a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. 

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 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 

the filing, 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 19(b)(3)(A) 

of the Act 6 and Rule 19b–4(f)(6) 

thereunder.7

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 and will promote competition 

because such waiver will allow the 

Exchange to continue the existing Pilot 

Program without interruption.8

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–NYSEAmex–2009–43 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–2009–43. 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 

mstockstill on DSKH9S0YB1PROD with NOTICES

34836 Federal Register / Vol. 74, No. 136 / Friday, July 17, 2009 / Notices 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 4 17 CFR 240.19b–4(f)(6)(iii). 

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

6 15 U.S.C. 78f(b)(5). 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4(f)(6). When filing a proposed 

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

Act, an Exchange is required to give 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 met 

this requirement. 

9 17 CFR 240.19b–4(f)(6)(iii). 

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–NYSEAmex–2009–43 and 

should be submitted on or before 

August 7, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–17012 Filed 7–16–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60284; File No. SR–CHX– 

2009–05] 

Self-Regulatory Organizations; 

Chicago Stock Exchange, Inc.; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change to Article 20, 

Rule 1 Relating to the Declaration of 

Trading Halts on the Exchange 

July 10, 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 July 7, 

2009, the Chicago Stock Exchange, Inc. 

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

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the CHX. CHX has 

filed this proposal pursuant to Exchange 

Act Rule 19b–4 (f)(6) 3 and requests that 

the Commission waive the 30-day preoperative waiting period contained in 

Exchange Act Rule 19b–4(f)(6)(iii).4 If 

such waiver is granted by the 

Commission, this rule proposal, which 

is effective upon filing with the 

Commission, shall become immediately 

operative. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

CHX proposes to amend Article 20, 

Rule 1 relating to the declaration of 

Trading Halts on the Exchange. The text 

of this proposed rule change is available 

on the Exchange’s Web site at (http:// 

www.chx.com) 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 is proposing to modify 

its rules relating to the declaration of 

Trading Halts on the Exchange. 

Currently, Article 20, Rule 1 requires 

two Senior Officers of the Exchange to 

agree to suspend or restart trading. 

‘‘Senior Officers’’ has traditionally been 

defined by the Exchange as a person 

with the title of Senior Vice President or 

above. To ensure that it has proper 

coverage at all times, the Exchange 

proposes to increase the pool of persons 

with authority to declare or lift a trading 

halt to all officers of the Exchange 

designated by the CEO to have such 

authority. This action would provide 

sufficient flexibility to ensure that the 

Exchange always has adequate 

personnel available to suspend or 

reinstate trading on the Exchange when 

necessary. The requirement that the 

CEO designate the officers with such 

authority provides assurance that those 

officers have sufficient experience, 

judgment and knowledge to make those 

decisions. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act in general,5 and 

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

in particular,6 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 Article 20, Rule 1 relating to the 

declaration of Trading Halts on the 

Exchange to ensure that the Exchange 

always has adequate personnel available 

to suspend or reinstate trading on the 

Exchange when necessary. 

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 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: (1) Significantly affect 

the protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) 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 7 and Rule 19b– 

4(f)(6) thereunder.8

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.9 However, Rule 19b– 

mstockstill on DSKH9S0YB1PROD with NOTICES