Federal Register / Vol. 74, No. 136 / Friday, July 17, 2009 / Notices 34829 

18For 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). 

19 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. 4See SR–NYSE–2009–69. 

The Exchange has requested that the 

Commission waive the 30-day operative 

delay in order to permit the Exchange to 

immediately implement the 

modifications to its systems discussed 

in full above, which should permit the 

Exchange to maintain fast market 

conditions more often, thus increasing 

the amount of time that the Exchange’s 

quote is eligible for automatic 

executions. The Commission believes 

such waiver is consistent with the 

protection of investors and the public 

interest.18 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–2009–39 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–2009–39. 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–2009–39 and should be 

submitted on or before August 7, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–17016 Filed 7–16–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60288; File No. SR– 

NYSEAmex–2009–40] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Amex LLC Amending NYSE Amex 

Equities Rule 72 To Eliminate Parity 

Allocations for DMM Interest Added 

Intra Day During a Slow Quote or When 

Verbally Trading With Floor Brokers at 

the Point of Sale 

July 10, 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 July 9, 

2009, NYSE Amex LLC (the ‘‘Exchange’’ 

or ‘‘NYSE Amex’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II 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 Exchange proposes to amend 

NYSE Amex Equities Rule 72 to 

eliminate parity allocations for DMM 

interest added intra day during a slow 

quote or when verbally trading with 

Floor brokers at the point of sale. 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 amend NYSE 

Amex Equities Rule 72 to eliminate 

parity executions for DMM interest 

added intra day during a slow quote or 

when verbally trading with Floor 

brokers at the point of sale (‘‘slow 

trading condition’’). Through this 

proposal Exchange systems’ allocation 

logic will be modified so that DMM 

interest added intra day during a slow 

trading condition yield to all other 

interest present at the price point. As 

such, all other interest eligible to receive 

an execution at the price will receive 

share allocation in full before any shares 

are allocated to the additional DMM 

interest. If shares remain, then the DMM 

interest added at the price point during 

the slow trading condition would 

receive an allocation. If no shares 

remain, then the DMM interest will not 

be allocated any shares in the 

transaction and would be cancelled by 

operation of the proposed rule. 

The Exchange notes that parallel 

changes are proposed to be made to the 

rules of the New York Stock Exchange 

LLC.4

mstockstill on DSKH9S0YB1PROD with NOTICES

34830 Federal Register / Vol. 74, No. 136 / Friday, July 17, 2009 / Notices 

5See NYSE Amex Equities Rule 72(a). A 

participant that is the only interest displayed at the 

price point when such price is or becomes the best 

bid or offer published by the Exchange is entitled 

to priority for the displayed portion of his or her 

order (Priority Interest). Priority Interest is allocated 

the first 15% of any execution (a minimum of one 

round lot). For the remainder of that execution, the 

participant that established priority receives a 

parity allocation with other interest available at that 

price. Exchange systems repeat the allocation logic 

for the participant that established priority until the 

participant’s order is completely executed or 

cancelled. Any non-Priority Interest of the 

participant that established priority is executed on 

parity. 

6LRPs are pre-determined price points that 

temporarily convert the automatic Exchange market 

to an auction market in order to dampen volatility 

when the market is experiencing a large price 

movement based on a security’s typical trading 

characteristics or market conditions over short 

periods of time during the trading day. LRPs allow 

for the solicitation of additional liquidity. 

a. Background 

Currently market participants’ interest 

for round-lot executions on the 

Exchange is allocated on an equal basis, 

(i.e. parity) among the participants at a 

price point unless one of the 

participants has established priority; 5

that is, the participant was the only 

interest at the price point when that 

price point was quoted. Individual Floor 

brokers and the Designated Market 

Maker (‘‘DMM’’) registered in the 

security each constitute a single market 

participant and all Off-Floor orders 

entered in Exchange systems at the 

Exchange BBO together constitute a 

single market participant (‘‘Off-Floor 

Participant’’) for the purpose of share 

allocation. 

When allocating shares based on 

parity, Exchange systems divide the size 

of the executing order by the number of 

participants. The total number of shares 

to be allocated to each participant is 

distributed equally among the 

participants where possible. Within the 

single Off-Floor Participant, shares 

executed are allocated in order of time 

priority of receipt of Off-Floor 

Participant Interest into Exchange 

systems. Executions are allocated in 

round-lots. 

Example Simple Parity Allocation 

Display Book has displayed two bids 

from Off-Floor Participants for a total 

volume of 200 shares; the DMM and one 

Floor broker are bidding at the same 

time for 100 shares each. 

Order #1 100 shares & Order 

#2 100 shares.

Off-Floor 

Participant. 

DMM 100 shares .................. Participant A. 

Floor Broker 1 100 shares .... Participant B. 

A market order for 300 shares to sell 

being automatically executed by 

Exchange systems will allocate 100 

shares to Off-Floor Participant Order #1, 

Participant A and Participant B. 

In the event the number of shares to 

be executed at the price point is 

insufficient to allocate round-lots to all 

the participants eligible to receive an 

execution at the price point, the 

Exchange systems create an allocation 

wheel of the eligible participants at the 

price point and the available shares are 

distributed to the participants in turn. 

On each trading day, the allocation 

wheel for each security is set to begin 

with the participant whose interest is 

entered or retained first on a time basis. 

Thereafter, participants are added to the 

wheel as their interest joins existing 

interest at a particular price point. If a 

participant cancels his, her or its 

interest and then rejoins, that 

participant joins as the last position on 

the wheel at that time. 

Example Parity Allocation Distributed 

to Multiple Participants 

Display Book has displayed two bids 

from Off-Floor Participants for a total 

volume of 200 shares, the DMM and 

three Floor brokers are bidding at the 

same time for 100 shares each. 

Order #1 100 shares & Order 

#2 100 shares.

Off-Floor Participant. 

DMM 100 shares .................. Participant A. 

Floor Broker 1 100 shares .... Participant B. 

Floor Broker 2 100 shares .... Participant C. 

Floor Broker 3 100 shares .... Participant D. 

A market order for 300 shares to sell 

being automatically executed by 

Exchange systems will allocate 100 

shares to Off-Floor Participant Order #1, 

Participant A and Participant B. 

Subsequently, another order to sell 

300 shares at the same price is received 

by Exchange systems. Those shares will 

be allocated to Participant C, Participant 

D, and Order #2 Off-Floor Participant. 

DMM interest added during a slow 

trading condition pursuant to provisions 

of current NYSE Amex Equities Rule 72 

also executes on parity. Pursuant to 

current rules, Exchange systems do not 

distinguish between the DMM interest 

added at the time of the slow trading 

condition and the s-Quotes representing 

DMM interest present on the Display 

book prior to the slow trading condition. 

Example Current Parity Allocation of 

DMM Added Interest During a Slow 

Trading Condition 

In the table below, the Exchange 

Market is 200 shares bid at the price of 

$20.05 and 200 shares offered at a price 

of $20.10. The price point of $20.03 is 

designated as a Liquidity 

Replenishment Point (‘‘LRP’’).6 An 

order to sell 600 shares with a limit 

price of $20.02 is received by Exchange 

systems. There are 100 shares bid at the 

prices of $20.04 and $20.03. 

Additionally, there are 200 shares bid at 

the price of $20.02 and $20.01. 

DISPLAY BOOK PRIOR TO EXECUTION

Protected bid Bid size Bid price Offer price Offer size 

$20.10 200 

200 $20.05 

100 $20.04 

100 $20.03 LRP

200 $20.02 

200 $20.01 

Given the information above, the 

order will execute 200 shares at the bid 

price of $20.05 leaving 400 shares. At 

the next price of $20.04 it will execute 

an additional 100 leaving 300 shares. 

The order will then execute an 

additional 100 shares at the LRP price 

of $20.03 and have 200 shares of the 

incoming limit order remaining. 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 74, No. 136 / Friday, July 17, 2009 / Notices 34831 

DISPLAY BOOK AFTER INITIAL EXECUTIONS

Protected bid Bid size Bid price Offer price Offer size Residual 

$20.10 200 

$20.05 

$20.04 

200 $20.03 LRP

200 $20.02 200 

200 $20.01 

After the execution at the LRP price 

of $20.03, Exchange systems enter a 

slow trading condition because the 

previous executions have traded down 

to an LRP prior to the order’s limit price 

of $20.02. There are now 200 shares of 

away market interest bid at a price of 

$20.03. The DMM needs to: (i) Clear the 

crossed market created by the away 

market interest bid at the price of $20.03 

that is crossed against the residual at 

$20.02; and (ii) trade the residual 

against the 200 shares bid at the price 

of $20.02 to clear the internal lock on 

the Exchange. The DMM enters an 

additional 200 shares of DMM interest 

to sell at the price point of $20.02 below 

the LRP price point in order to facilitate 

the clearing of the locked/crossed 

market. However, when the DMM hits 

the enter button to consummate the 

trade, the away market bid is no longer 

available. The residual 200 shares of the 

sell limit order will be executed at the 

price of $20.02 with 100 shares 

allocated to the interest on the Display 

Book and 100 shares allocated to the 

DMM interest added during the slow 

trading condition. 100 shares of the 

interest to sell on the Display Book 

remains unexecuted at the price of 

$20.02. The remaining 100 shares of sell 

interest becomes the Exchange’s offer 

and the best available bid which is 200 

shares at the price of $20.01 will be 

quoted as illustrated in the table below. 

DISPLAY BOOK AFTER LRP CLEARED

Protected bid Bid size Bid price Offer price Offer size 

$20.02 100 

200 $20.01 

b. Proposed Amendment to NYSE Amex 

Equities Rule 72 

The Exchange proposes to amend its 

allocation logic to have DMM interest 

added intra day during a slow trading 

condition yield to all other interest 

present at the price point. If shares 

remain after allocation to all other 

eligible interest, then the DMM interest 

added at the price point would receive 

an allocation. If no shares remain then 

the DMM interest will not be allocated 

any shares in the transaction. 

Example Proposed Parity Allocation 

During a Slow Trading Condition 

In the table below, the Exchange 

Market is 200 shares bid at the price of 

$20.05 and 200 shares offered at a price 

of $20.10. The price point of $20.03 is 

designated as an LRP. An order to sell 

600 shares with a limit price of $20.02 

is received by Exchange systems. There 

are 100 shares bid at the prices of $20.04 

and $20.03. Additionally, there are 200 

shares bid at the price of $20.02 and 

$20.01. 

DISPLAY BOOK PRIOR TO EXECUTION

Protected bid Bid size Bid price Offer price Offer size 

$20.10 200 

200 $20.05 

100 $20.04 

100 $20.03 LRP

200 $20.02 

200 $20.01 

Given the information above, the 

order will execute 200 shares at the bid 

price of $20.05 leaving 400 shares. At 

the next price of $20.04 it will execute 

an additional 100 leaving 300 shares. 

The order will then execute an 

additional 100 shares at the LRP price 

of $20.03 and have 200 shares of the 

incoming limit order remaining. 

mstockstill on DSKH9S0YB1PROD with NOTICES

34832 Federal Register / Vol. 74, No. 136 / Friday, July 17, 2009 / Notices 

DISPLAY BOOK AFTER INITIAL EXECUTIONS

Protected bid Bid size Bid price Offer price Offer size Residual 

$20.10 200 

$20.05 

$20.04 

200 $20.03 LRP

200 $20.02 200 

200 $20.01 

After the execution at the LRP price 

of $20.03, Exchange systems enter a 

slow trading condition because the 

previous executions have traded down 

to an LRP prior to the order’s limit 

price. There are now 200 shares of away 

market interest bid at a price of $20.03. 

The DMM needs to: (i) Clear the crossed 

market created by the away market 

interest bid at the price of $20.03 that 

is crossed against the residual at $20.02; 

and (ii) trade the residual against the 

200 shares bid at the price of $20.02 to 

clear the internal lock on the Exchange. 

The DMM enters an additional 200 

shares of DMM interest to sell at the 

price point of $20.02 below the LRP 

price point in order to facilitate the 

clearing of the locked/crossed market. 

However, when the DMM hits the enter 

button to consummate the trade, the 

away market bid is no longer available. 

Exchange systems will execute the 200 

shares of the limit buy order at the price 

of $20.02. Pursuant to the proposed rule 

modification, Exchange systems will 

allocate 200 shares to the interest on the 

Display Book and no shares will be 

allocated to the DMM interest added 

during the slow trading condition. 

Pursuant to the proposed rule, the DMM 

interest will be cancelled. Exchange 

systems will further update the quote to 

the best bid available on the Exchange, 

200 shares bid at the price of $20.01 and 

200 shares offered at the price of $20.10. 

DISPLAY BOOK AFTER LRP CLEARED

Bid size Bid price Offer price Offer size 

$20.02 100 

200 $20.01 

DMM interest entered at the price 

point prior to the DMM adding interest 

during a slow trading condition will 

continue to receive an allocation 

pursuant to the current parity rule. 

Example Proposed Parity Allocation 

During a Slow Trading Condition With 

Previously Entered DMM s-Quotes 

Representing DMM Interest 

In the table below, the Exchange 

Market is 200 shares bid at the price of 

$20.05 and 200 shares offered at a price 

of $20.10. The price point of $20.03 is 

designated as an LRP. An order to sell 

800 shares with a limit price of $20.02 

is received by Exchange systems. There 

are 100 shares bid at the prices of $20.04 

and $20.03. Additionally, there are 300 

shares of non DMM interest and 100 

shares of DMM interest bid at the price 

of $20.02. 

DISPLAY BOOK PRIOR TO EXECUTION

Bid size 

Bid price Offer price Offer size 

DMM s-Quotes Non DMM 

$20.10 200 

200 $20.05 

100 $20.04 

100 $20.03LRP

100 300 $20.02 

100 $20.01 

Given the information above, the 

order will execute 200 shares at the bid 

price of $20.05 leaving 600 shares. At 

the next price of $20.04 it will execute 

an additional 100 leaving 500 shares. 

The order will then execute an 

additional 100 shares at the LRP price 

of $20.03 and have 400 shares of the 

incoming limit order remaining. 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 74, No. 136 / Friday, July 17, 2009 / Notices 34833 

7 15 U.S.C. 78a. 

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

DISPLAY BOOK AFTER INITIAL EXECUTIONS

Bid size 

Bid price Offer price Offer size Protected offer Residual 

DMM s-Quotes Non DMM 

$20.10 200 

$20.05 

$20.04 

$20.03LRP

100 300 $20.02 400 

100 $20.01 200 

After the execution at the LRP price 

of $20.03, Exchange systems enter a 

slow trading condition because the 

previous executions have traded down 

to an LRP prior to the order’s limit 

price. There are also 200 shares of away 

market interest now offered at a price of 

$20.01. The DMM needs to clear the 

internal lock on the Exchange at the 

price of $20.02 and the cross market 

condition created by the Exchange’s bid 

at $20.02 and the protected offer at the 

price of $20.01. To accomplish this, the 

DMM enters 200 additional shares of 

DMM interest to buy at the price point 

of $20.02 below the LRP price point in 

order to facilitate the clearing of the 

locked/crossed market. However, when 

the DMM hits the enter button to 

consummate the trade, the away market 

offer is no longer available. Exchange 

systems will execute the remaining 400 

shares of the limit order at the price of 

$20.02. Pursuant to the proposed rule 

modification, Exchange systems will 

allocate 300 shares to the Non DMM 

Interest on the Display Book and 100 

shares to the DMM s-Quote interest 

originally present at the price point of 

$20.02 will be fully executed. Pursuant 

to the proposed rule, the additional 

DMM interest added during the slow 

trading condition at the time of the trade 

is not allocated anything in the trade 

and is cancelled. Exchange systems will 

further update the quote to reflect 100 

shares bid at the price of $20.01 and 200 

shares offered at the price of $20.10. 

DISPLAY BOOK AFTER LRP CLEARED

Bid size Bid price Offer price Offer size 

$20.10 200 

100 $20.01 

As outlined by the examples above, 

the Exchange proposes to amend NYSE 

Amex Equities Rule 72 to add 

subparagraph (c)(xi) to restrict DMM 

interest added during a slow trading 

condition intra day from receiving an 

allocation on parity; rather, such 

interest will yield to all other interest at 

the price point. Pursuant to proposed 

NYSE Amex Equities Rule 72(c)(xi) 

DMM interest added during a slow 

trading condition will be allocated 

shares only after all other interest 

eligible to receive an execution at the 

price point is executed in full and if not 

executed will be cancelled. Proposed 

NYSE Amex Equities Rule 72 (c)(xi) will 

further provide that DMM interest 

present at the price point prior to the 

entry of DMM interest during the slow 

trading condition will continue to be 

allocated on a parity basis. 

The Exchange will commence 

implementation of the systemic changes 

to allow Exchange systems to be 

modified so that DMM interest added 

intra day during a slow trading 

condition yield to all other interest 

present at the price point on or about 

July 10, 2009. The Exchange intends to 

progressively implement this systemic 

change for DMM interest added intra 

day on a security by security basis as it 

gains experience with the new 

technology until it is operative in all 

securities traded on the Floor. During 

the implementation, the Exchange will 

identify on its Web site which securities 

have been transitioned to the new 

system. 

2. Statutory Basis 

The basis under the Securities 

Exchange Act of 1934 (the ‘‘Act’’) 7 for 

these proposed rule changes is the 

requirement under Section 6(b)(5) 8 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 eliminating parity allocations for 

DMM interest added intra day during a 

slow quote or when verbally trading 

with Floor brokers at the point of sale 

is consistent with the above principles 

because it will increase the possibility 

of executions for the public orders on 

the Exchange in those situations where 

DMMs add interest to facilitate an 

execution. 

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. 

mstockstill on DSKH9S0YB1PROD with NOTICES

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 

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