Federal Register / Vol. 74, No. 137 / Monday, July 20, 2009 / Notices 35223 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3They are also defined to be consistent with the 

proposed exemption described in the Proposed 

Options Order Protection and Locked/Crossed 

Market Plan (File No. 4–546, Exchange Act Release 

No. 34–59647). 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–DTC–2009–11 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–DTC–2009–11. 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 

Section, 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 filings also will be 

available for inspection and copying at 

the principal office of DTC and on 

DTC’s Web site at http://dtcc.com/ 

downloads/legal/rule_filings/2009/dtc/ 

2009-11.pdf. 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–DTC– 

2009–11 and should be submitted on or 

before August 10, 2009. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–17138 Filed 7–17–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60297; File No. SR–NYSE 

Amex–2009–42] 

Self-Regulatory Organizations; NYSE 

Amex LLC; Notice of Filing of 

Proposed Rule Change To Propose 

New Rules To Govern Electronic 

Complex Order Trading 

July 13, 2009. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on July 9, 

2009, NYSE Amex LLC (‘‘NYSE Amex’’ 

or ‘‘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 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 new rules to 

govern Electronic Complex Order 

trading. 

The text of the proposed rule change 

is available on the Exchange’s Internet 

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 

Exchange 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 

Exchange 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 

NYSE Amex proposes new rules that 

describe Electronic Complex Order 

Trading. Electronic Complex Orders are 

Complex Orders and Stock/option 

Orders that are entered electronically 

into the NYSE Amex System. 

Proposed Rule 980NY describes the 

entry of Electronic Complex Orders in 

the Consolidated Book and the 

operation of a Complex Matching 

Engine. The Complex Matching Engine 

is the mechanism in which Electronic 

Complex Orders are executed against 

each other or against individual quotes 

and orders in the Consolidated Book. 

Electronic Complex Orders in the 

Consolidated Book will be available to 

all market participants via an electronic 

interface. NYSE Amex proposes that 

Electronic Complex Orders be ranked in 

the Consolidated Book in price/time 

priority based on the strategy and the 

total or net debit or credit, provided that 

Electronic Complex Orders on behalf of 

Customers shall be ranked ahead of 

same price Electronic Complex Orders 

for non-Customers. 

Electronic Complex Orders eligible for 

execution in the Complex Matching 

Engine are defined to be consistent with 

the Linkage Plan Trade Through 

exemption; 3 they therefore may report 

execution prices for the individual legs 

of a Complex Trade that are outside of 

the National Best Bid or Offer. However, 

the Complex Matching Engine will 

never execute any of the legs of a 

Complex Trade at a price outside of the 

NYSE Amex best bid/offer for that leg. 

NYSE Amex also proposes that 

Electronic Complex Orders attempt to 

execute against other Electronic 

Complex Orders in the Consolidated 

Book, before attempting to execute 

against the individual leg markets in the 

Consolidated Book, provided that for 

purposes of priority, where the total or 

net debit or credit derived from 

Customer orders in the individual leg 

market is better than or equal to the 

price of the Electronic Complex Order, 

the Customer orders in the individual 

leg markets will maintain priority. 

NYSE Amex notes that the various 

options exchange rule sets recognize 

that investors wishing to complete a 

complex strategy should not be 

encumbered by orders for a single leg. 

For instance, the markets for two call 

series is as follows: 

XYZ July 30: 2.20–2.40 10 × 10 

XYZ July 35: 1.10–1.25 10 × 10 

An Electronic Complex Order is 

entered to Buy 10 July 30/Sell 10 July 

35 for a Net Debit of 1.30. The Complex 

Matching Engine checks the 

Consolidated Book, and seeing there are 


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35224 Federal Register / Vol. 74, No. 137 / Monday, July 20, 2009 / Notices 

4See Exchange Act Rule 602. 

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

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

no Electronic Complex Orders willing to 

sell the strategy, executes against the leg 

markets, at prices of 2.40 for the July 30 

calls, and 1.10 for the July 35 calls. 

With the same leg markets available, 

another Electronic Complex Order is 

sent to NYSE Amex to Buy 10 July 30/ 

Sell 10 July 35 for a Net Debit of 1.00. 

Since the screen market is .95–1.30, the 

order would not execute, but route to 

the Consolidated Book, and post with a 

Debit of 1.00. This would be 

disseminated to all NYSE Amex market 

participants. 

An order to Sell July 30/Buy July 35 

for a credit of 1.00 arrives. It is routed 

directly to the Complex Matching 

Engine, where it is matched against the 

posted order with a debit of 1.00, and 

priced at the first available prices found 

in the Complex Matching Engine. For 

example, under this scenario, it is 

possible to execute at 2.20 and 1.20. 

The Exchange proposes, however, that 

if Customer orders in the individual leg 

markets are pricing the strategy at the 

same price as the posted Electronic 

Complex Order, an Electronic Complex 

Order sent to be executed against the 

posted order will instead execute 

against the individual Customer orders 

in the leg markets. For instance, 

suppose that before the second order 

described above arrives, the individual 

leg markets in the options change as 

follows, with Customer orders at the 

best prices in the Consolidated Book: 

XYZ July 30: 2.20–2.40 10 × 10 

XYZ July 35: 1.10–1.20 10 × 10 

The Customer orders in the individual 

leg markets are now pricing the strategy 

at the same price as the posted 

Electronic Complex Order. Even though 

the Electronic Complex Order net debit 

has been disseminated and advertised, 

the Customer orders in the individual 

leg markets will maintain priority over 

the posted Electronic Complex Order. 

The Complex Matching Engine will 

execute the incoming Electronic 

Complex Order with a credit of 1.00 

against the 1.00 debit price of the 

Customer orders in the leg markets, and 

then any residual will be matched 

against the Electronic Complex Order in 

the Consolidated Book at the same 1.00 

debit. 

Electronic Complex Orders that are 

not executable are entered into the 

Consolidated Book. The Complex 

Matching Engine will monitor the 

markets in the individual legs of 

Electronic Complex Orders in the 

Consolidated Book. If the market prices 

in the legs move so that the Electronic 

Complex Order is now executable in full 

(or in a permissible ratio), the Electronic 

Complex Order will be executed against 

the individual orders and quotes in the 

leg markets. 

The Exchange proposes that 

Specialists not be afforded any 

guaranteed allocation either in the 

execution of a complex strategy nor if 

present at the NYSE Amex BBO when 

an Electronic Complex Order executes 

against the individual leg markets. 

There is no obligation for Specialists (or 

any Market Maker) to quote prices for 

complex strategies; therefore there is no 

need for a guaranteed allocation. A 

market participant that establishes a 

price for a strategy should be rewarded 

for setting that price by being granted 

time priority, provided that Electronic 

Complex Orders on behalf of Customers 

are ranked ahead of same price Complex 

Orders for non-Customers. Similarly, 

the Specialist’s quotes in the individual 

leg markets are available to all orders, 

but are not advertising a particular 

strategy. They should not be granted a 

guaranteed allocation in any of the leg 

markets resulting from the execution of 

a Complex Order. Complex Orders will 

thus execute against Customer Orders in 

the individual legs of the Consolidated 

Book, and then against non-Customer 

trading interest in the leg markets on a 

size pro-rata basis. 

For purposes of the firm quote rule, 

Electronic Complex Orders in the 

Consolidated Book shall be considered 

‘‘firm’’ at the posted debit or credit.4

The Exchange also proposes clarifying 

Commentaries to the proposed Rule. 

Commentary .01 clarifies that Complex 

bids and offers may be expressed and 

executed in one cent increments, 

regardless of the minimum price 

variation of the component series. 

Commentary .02 clarifies that at least 

one leg of a Complex Order transaction 

must trade at a price that is at least one 

minimum price variation better than all 

Customer bids and offers in the 

Consolidated Book for the that series. 

Proposed Commentary .03 outlines 

special provisions for Stock/option 

orders. Among these are that a Complex 

Order with a stock component is 

considered a Stock/option order. 

Additionally, a Stock/option order may 

not trade on the price of a Customer 

order in the Consolidated Book in the 

option leg unless it trades with the 

Customer order. 

Commentary .03 also outlines that the 

stock component must be executed in 

accordance with the rules of the 

executing venue, and that Stock/option 

orders may be executed in one cent 

increments regardless of the minimum 

price increment in the option leg. 

2. Statutory Basis 

The proposed rule change is 

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

in general, and furthers the objectives of 

Section 6(b)(5) 6 in particular in that it 

is designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, 

and to remove impediments to and 

perfect the mechanism for a free and 

open market and a national market 

system. NYSE Amex believes the 

proposed rule, related to Electronic 

Complex Orders, are appropriate in that 

Complex Orders are widely recognized 

by market participants as invaluable, 

both as an investment, and a risk 

management strategy. The proposed rule 

will provide the opportunity for a more 

efficient mechanism for carrying out 

these strategies. 

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 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding, or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve such proposed 

rule change; or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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. 


erowe on DSK5CLS3C1PROD with NOTICES
Federal Register / Vol. 74, No. 137 / Monday, July 20, 2009 / Notices 35225 

7 17 CFR 200.30–3(a)(12). 

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 Amex–2009–42 on 

the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSE Amex–2009–42. 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 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 publicly available. All 

submissions should refer to File 

Number SR–NYSE Amex–2009–42 and 

should be submitted on or before 

August 10, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–17136 Filed 7–17–09; 8:45 am] 

BILLING CODE 8010–01–P 

SOCIAL SECURITY ADMINISTRATION 

Agency Information Collection 

Activities: Comment Request 

The Social Security Administration 

(SSA) publishes a list of information 

collection packages requiring clearance 

by the Office of Management and 

Budget (OMB) in compliance with 

Public Law (Pub. L.) 104–13, the 

Paperwork Reduction Act of 1995, 

effective October 1, 1995. This notice 

includes revisions to OMB-approved 

information collections. 

SSA is soliciting comments on the 

accuracy of the agency’s burden 

estimate; the need for the information; 

its practical utility; ways to enhance its 

quality, utility, and clarity; and ways to 

minimize the burden on respondents, 

including the use of automated 

collection techniques or other forms of 

information technology. Mail, e-mail, or 

fax your comments and 

recommendations on the information 

collection(s) to the OMB Desk Officer 

and the SSA Reports Clearance Officer 

to the addresses or fax numbers shown 

below: (OMB) Office of Management 

and Budget, Attn: Desk Officer for SSA, 

Fax: 202–395–6974, E-mail address: 

OIRA_Submission@omb.eop.gov. (SSA) 

Social Security Administration, 

DCBFM, Attn: Reports Clearance 

Officer, 1332 Annex Building, 6401 

Security Blvd., Baltimore, MD 21235, 

Fax: 410–965–6400, E-mail address: 

OPLM.RCO@ssa.gov. 

SSA has submitted the information 

collection we list below to OMB for 

clearance. Your comments on the 

information collection would be most 

useful if OMB and SSA receive them 

within 30 days from the date of this 

publication. To be sure we consider 

your comments, we must receive them 

no later than August 19, 2009. You can 

obtain a copy of the OMB clearance 

package by calling the SSA Reports 

Clearance Officer at 410–965–3758 or by 

writing to the above e-mail address. 

Integrated Registration Services (IRES) 

System—20 CFR 401.45—0960–0626 

The IRES System verifies the identity 

of individuals, businesses, 

organizations, entities, and government 

agencies to use SSA’s eService Internet 

and telephone applications for 

requesting and exchanging business 

data with SSA. The requestor provides 

information, prescribed by SSA, to 

establish his or her identity. Once SSA 

verifies identity, IRES will issue the 

requestor a user identification number 

(User ID) and a password to conduct 

business with SSA. Respondents are 

employers and third party submitters of 

wage data, business entities providing 

taxpayer identification information, and 

data exchange partners conducting 

business in support of SSA programs. 

Type of Request: Revision of an OMBapproved information collection. 

Respondent types Number of 

respondents 

Average 

burden per 

response 

(minutes) 

Estimated 

annual burden 

(hours) 

Appointed Representatives Registering via Internet ................................................................... 200,000 5 16,667 

All Other Business Services Online (BSO) Respondents Registering via Internet .................... 1,300,000 5 108,333 

Appointed Representatives Registering via CSA ........................................................................ 88,000 11 16,133 

All Other BSO Respondents Registering via CSA ...................................................................... 120,794 11 22,146 

Total ...................................................................................................................................... 1,708,794 ........................ 163,279 

Dated: July 15, 2009. 

John Biles, 

Reports Clearance Officer, Center for Reports 

Clearance, Social Security Administration. 

[FR Doc. E9–17224 Filed 7–17–09; 8:45 am] 

BILLING CODE 4191–02–P 

SOCIAL SECURITY ADMINISTRATION 

Agency Announcement 

The Social Security Administration 

(SSA) is announcing the following 

information about one of its information 

collections: 


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