Document ID: SEC-2009-1143-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2009-08-11T04:00Z

[Federal Register: August 11, 2009 (Volume 74, Number 153)]
[Notices]               
[Page 40259-40264]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr11au09-135]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60429; File No. SR-NYSE-2009-71]

 
Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change by New York Stock Exchange LLC Amending NYSE Rule 1000 To Allow 
Exchange Systems To Access CCS Interest To Partially Fill an Incoming 
Limit Order

August 4, 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 20, 2009, New York Stock Exchange LLC (``NYSE'' or 
the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``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.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend NYSE Rule 1000 to allow Exchange 
systems to access CCS interest to partially fill an incoming limit 
order. 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,

[[Page 40260]]

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
    New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') proposes 
to amend NYSE Rule 1000 to make available additional liquidity to 
partially fill an incoming limit order.
    The Exchange notes that parallel changes are proposed to be made to 
the rules of NYSE Amex LLC (formerly the American Stock Exchange).\4\
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    \4\ See SR-NYSE Amex-2009-46.
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a. Background
    The NYSE implemented sweeping changes to its market rules and 
execution technology designed to improve execution quality on the 
Exchange. Among the elements of the enhanced Exchange market model, the 
NYSE eliminated the function of specialists on the Exchange creating a 
new category of market participant, the Designated Market Maker or DMM. 
The DMM, like specialists, have affirmative obligations to make an 
orderly market, including continuous quoting requirements and 
obligations to re-enter the market when reaching across to execute 
against trading interest. The NYSE also recognized that in view of the 
NYSE's electronic execution functionality, the DMM, unlike the 
specialist, would no longer be deemed the agent for every incoming 
order. The NYSE also responded to customer demand to create additional 
undisplayed reserve interest.
    In another enhancement to the Exchange's market model, designed to 
encourage DMMs to add liquidity, the Exchange implemented a system 
change that allowed DMMs to create a schedule of additional non-
displayed liquidity at various price points where the DMM is willing to 
interact with interest and provide price improvement to orders in the 
Exchange's system. This schedule is known as the DMM Capital Commitment 
Schedule (``CCS'').\5\ CCS provides the Display Book[supreg] \6\ with 
the amount of shares that the DMM is willing to trade at price points 
outside, at and inside the Exchange BBO. CCS interest is separate and 
distinct from other DMM interest in that it serves as the interest of 
last resort.
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    \5\ The provisions of NYSE Rule 1000 relating to CCS are in 
effect pursuant to a pilot that commenced on October 2008 and is 
scheduled to end on October 1, 2009.
    \6\ The Display Book[supreg] system is an order management and 
execution facility. The Display Book system receives and displays 
orders to the DMMs, contains the order information, and provides a 
mechanism to execute and report transactions and publish the results 
to the Consolidated Tape. The Display Book system is connected to a 
number of other Exchange systems for the purposes of comparison, 
surveillance, and reporting information to customers and other 
market data and national market systems.
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    When an order is entered for an amount of shares that exceeds the 
liquidity available at the Exchange BBO, Exchange systems review all 
the liquidity available on the Display Book including CCS interest to 
determine the final price point at which the order can be fully 
executed (the ``completion price''). Exchange systems determine the 
completion price by calculating the unfilled volume of the incoming 
order (i.e., the volume of the incoming order that exceeds the volume 
available to execute against it that is then present in the Exchange 
bid or offer) and reviewing the additional displayed and non-displayed 
interest available in the Display Book, which may be at more than one 
price point, including the CCS interest submitted by the DMM unit that 
is available at the completion price if the CCS interest were to 
participate at the completion price. Exchange systems also review any 
protected bids or offers on markets other than the Exchange (``away 
interest'') and determines the price at which the remaining volume of 
the contra side order can be executed in full.
    Exchange systems then review the amount of liquidity offered by CCS 
to determine if the number of shares provided via the DMM's CCS at the 
completion price is less than the number of CCS shares provided at the 
next different price that has interest that is one minimum price 
variation (``MPV'') (as that term is defined in Exchange Rule 62 \7\) 
or more higher (in the case of an order to sell) or at the next 
different price that has interest that is one MPV or more lower (in the 
case of an order to buy) (hereinafter collectively referred to as 
``better price'').
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    \7\ See NYSE Rule 62, Supplementary Material .10, which provides 
that the minimum price variation (MPV) for quoting and entry of 
orders in equity securities admitted to dealings on the Exchange 
shall be as stated in the table above.

------------------------------------------------------------------------
                                                               Minimum
                 Price of order or interest                     price
                                                              variation
------------------------------------------------------------------------
Less Than $1.00............................................       $.0001
$1.00 to 99,999.99.........................................        .01
$100,000 or greater........................................        .10
------------------------------------------------------------------------

If the volume of CCS interest that would be accessed is the same at the 
completion price and the better price, Exchange systems access CCS 
interest at the completion price with CCS interest yielding to any 
other interest in Exchange systems at the completion price.
    If the number of shares that would be allocated to the CCS interest 
at the better price is more than the number of shares that would be 
allocated to the DMM's CCS interest at the completion price, then 
Exchange systems will access the CCS liquidity available at the better 
price with CCS interest yielding to any other interest in Exchange 
systems (both displayed and undisplayed reserve interest) at the better 
price. Any remaining balance of the incoming order is executed at the 
completion price against displayable and non-displayable interest 
pursuant to NYSE Rule 72 (``Priority of Bids and Offers and Allocation 
of Executions'').\8\
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    \8\ Pursuant to NYSE Rule 72 round-lot executions on the 
Exchange are allocated on an equal basis, i.e. parity, among market 
participants at a price point unless one of the participants has 
established priority. Priority is established when the participant 
is the only interest displayed at the price point when such price is 
or becomes the best bid or offer published by the Exchange. A 
participant that establishes priority for the displayed portion of 
his or her order is allocated the first 15% of any execution (a 
minimum of one round lot). Any DMM non-CCS interest included in the 
displayed quantity and non-displayed quantity is also executed 
pursuant to NYSE Rule 72.
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    Exchange systems can access CCS interest only once to participate 
in the execution of an incoming order. As such, CCS interest that may 
exist at the completion price is inaccessible to Exchange systems to 
trade with any remaining balance of the incoming order if Exchange 
systems included the DMM's CCS interest in the execution of any portion 
of such order at the better price. Moreover, Exchange systems will only 
access CCS interest to participate in the execution of an incoming 
order where the incoming order will be executed in full.
b. Proposed Amendment to NYSE Rule 1000
    The Exchange proposes to allow Exchange systems to access CCS 
interest to participate in executions where the incoming order will 
only be partially executed. The purpose of this change is to provide 
additional liquidity to the incoming order.
    As illustrated in the example below, because Exchange systems are 
permitted to access CCS interest only where an incoming order would be 
executed in full, there are times when the incoming order exhausts the 
displayed and reserve interest on the Display Book at various price 
points and the remaining

[[Page 40261]]

shares of the order are quoted. In these instances Exchange systems 
cannot access the CCS interest available at the price point where the 
remaining shares of the order will be quoted to partially fill the 
incoming limit order.
Example of Current CCS Operation
    The Exchange Market is 200 shares bid at the price of $20.05 and 
200 shares offered at a price of $20.10. At the price points of $20.04, 
$20.03, $20.02, $20.01 and $20.00 there are 100 shares bid. The CCS 
interest file is willing to provide 200 shares of additional bid 
liquidity at each of those price points as well. A customer sends the 
Exchange a sell order for 1200 shares with a limit price of $20.00. 
Given the current operation of CCS, the order will execute against the 
200 shares at the Exchange bid price of $20.05 and all the shares 
indicated in italic typeface at each price point down to the orders 
limit price of $20.00 will be executed against the order for a total 
execution of 700 shares. The remaining 500 shares of the order will be 
filed in Display Book at its limit price of $20.00.

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   CCS Interest        Shares bid         Bid price         Offer price       Shares offered      CCS interest
----------------------------------------------------------------------------------------------------------------
                   .................  .................          $20.10                200                200
           200                200             $20.05
           200                100              20.04
           200                100              20.03
           200                100              20.02
           200                100              20.01
           200                100              20.00
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    The Exchange proposes to modify the operation of CCS interest to 
allow Exchange systems to access and execute CCS interest designated to 
partially fill an incoming limit order. This will create an additional 
processing action for Exchange systems. Exchange systems will continue 
to review all the liquidity available on the Display Book and any away 
market centers; however, once it determines that the order cannot be 
executed in full, it will also review the DMM CCS interest file to 
determine if any of the liquidity is eligible to partially fill the 
incoming limit order at the price where any remaining shares of the 
order would be quoted.
    In order for the DMM CCS interest to participate in a partial 
execution of an incoming limit order that exceeds the liquidity 
available at the Exchange BBO the DMM must designate interest available 
in the CCS interest file eligible for partial execution by including a 
``PF'' indicator on the shares provided at the price point. All 
liquidity provided in the CCS interest file will continue to be 
eligible to participate in executions of incoming limit orders in full. 
Only DMM CCS interest containing the PF indicator will be available to 
participate in an execution to provide a partial execution of an 
incoming limit order that exceeds the liquidity available at the 
Exchange BBO. In this way incoming limit orders will have another 
opportunity to receive fuller executions prior to quoting.
Example of Proposed CCS Partial Fill at the Price the Remaining Shares 
Will Be Quoted
    The Exchange Market is 200 shares bid at the price of $20.05 and 
200 shares offered at a price of $20.10. At the price points of $20.04, 
$20.03, $20.02, $20.01 and $20.00 there are 100 shares bid. The CCS 
interest file is willing to provide 200 shares of additional bid 
liquidity at each of those price points as well. The CCS interest at 
$20.00 is designated for partial fill. A customer sends the Exchange a 
sell order for 1200 shares with a limit price of $20.00. Enabling 
Exchange systems to access CCS interest to partially fill the order, 
the incoming limit order will execute against the 200 shares at the 
Exchange bid price of $20.05. The order would then execute against all 
the shares bid, indicated in italic typeface at each price point down 
to the orders limit price of $20.00, Exchange systems would execute an 
additional 200 shares of the order against the CCS interest at $20.00 
designated for partial fill. The incoming limit order receives a total 
execution of 900 shares and the remaining 300 shares of the order will 
be filed in the Display Book at its limit price of $20.00.

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   CCS Interest        Shares bid         Bid price         Offer price      Shares  offered      CCS interest
----------------------------------------------------------------------------------------------------------------
                   .................  .................          $20.10                200                200
           200                200             $20.05
           200                100              20.04
           200                100              20.03
           200                100              20.02
           200                100              20.01
         200PF                100              20.00
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    When Exchange systems access the CCS interest in order to provide a 
partial execution of an incoming order, CCS interest will participate 
at the price point where the remaining shares will be quoted as 
illustrated in the example above. If, however, the incoming order 
reaches a Liquidity Replenishment Point (``LRP'') \9\ prior to being 
executed in full, then Exchange systems will execute the CCS interest 
at the LRP price, as illustrated in the example below, and the 
remaining shares of the order will be quoted thereafter at its limit 
price. In the case of a market order it will be quoted at the LRP 
price.
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    \9\ LRPs 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 the DMM to solicit additional liquidity.
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Example of Proposed CCS Partial Fill at the LRP Price
CCS Partial Fill at the LRP 1
    The Exchange Market is 200 shares bid at the price of $20.10 and 
200 shares offered at a price of $20.15. The price

[[Page 40262]]

point of $20.05 is a designated LRP. At the price points of $20.09 down 
to $20.05 there are 100 shares bid. The CCS interest file is willing to 
provide 200 shares of additional bid liquidity at the price points of 
$20.09 down to $20.05.\10\ In addition, the CCS interest file indicates 
that the interest at the prices $20.08, $20.07 and $20.05 is available 
to provide a partial fill. A customer sends the Exchange a sell order 
for 1200 shares with a limit price of $20.00. Enabling Exchange systems 
to access CCS interest to partially fill the order, the incoming limit 
order would execute against the 200 shares at the Exchange bid price of 
$20.10. The order would then execute against all the shares bid 
(indicated in italic typeface) at each price point down to the LRP 
price of $20.05. Exchange systems would execute an additional 200 
shares of the order against the CCS interest at the LRP price of $20.05 
for a total 900 shares of the incoming limit order executed. The 
original order will execute a total of 900 shares above its limit price 
before the remaining 300 shares of the order is posted on the Display 
Book at its limit price of $20.00.
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    \10\ A DMM cannot provide CCS interest past the LRPs because 
that interest will not be executed. Pursuant to current NYSE Rules, 
once an LRP is reached interest may not trade through the price 
point.

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   CCS Interest        Shares bid         Bid price         Offer price      Shares  offered      CCS Interest
----------------------------------------------------------------------------------------------------------------
                   .................  .................          $20.15                200                200
           200                200             $20.10
           200                100              20.09
        200 PF                100              20.08
        200 PF                100              20.07
           200                100              20.06
        200 PF                100          20.05 LRP
             0                  0              20.04
             0                  0              20.03
             0                  0              20.02
             0                  0              20.01
             0                  0              20.00
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CCS Partial Fill at the LRP  2
    The Exchange Market is 200 shares bid at the price of $20.10 and 
200 shares offered at a price of $20.15. The price point of $20.05 is a 
designated LRP. At the price points of $20.09 and $20.08 there are 100 
shares bid. The CCS interest file is willing to provide 200 shares of 
additional bid liquidity at the price points of $20.09 down to $20.05. 
In addition, the CCS interest file indicates that the interest at the 
prices $20.08, $20.07 and $20.05 is available to provide a partial 
fill. A customer sends the Exchange a sell order for 700 \11\ shares 
with a limit price of $20.00. Enabling Exchange systems to access CCS 
interest to partially fill the order, the incoming limit order would 
execute against the 200 shares at the Exchange bid price of $20.10. The 
order would then execute 100 shares against the shares bid at $20.09 
and $20.08. Exchange systems would execute an additional 200 shares of 
the order against the CCS interest at the LRP price of $20.05 for a 
total 600 shares of the incoming limit order executed. The remaining 
100 shares of the order will be posted on the Display Book at its limit 
price of $20.00.
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    \11\ If the order were for 600 shares Exchange systems would 
have executed 200 shares at the bid price of $20.10, 100 shares at 
the price of $20.09. The Exchange will execute the remaining 300 
shares at the price of $20.08 against the 100 shares of ``Shares 
Bid'' and CCS interest at the price point. However, because the 700 
share order could not be completely filled at the price of $20.08 
including CCS interest, it is executed based on the rules governing 
partial executions and will thus be executed as illustrated in the 
example.

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   CCS interest        Shares bid         Bid price         Offer  price     Shares  offered      CCS interest
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                   .................  .................           20.15                200                200
           200                200             $20.10     .................  .................  .................
           200                100              20.09     .................  .................  .................
         200PF                100              20.08     .................  .................  .................
         200PF                  0              20.07     .................  .................  .................
           200                  0              20.06     .................  .................  .................
         200PF                  0           20.05LRP     .................  .................  .................
             0                  0              20.04     .................  .................  .................
             0                  0              20.03     .................  .................  .................
             0                  0              20.02     .................  .................  .................
             0                  0              20.01     .................  .................  .................
             0                  0              20.00     .................  .................  .................
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    When accessing CCS interest to partially execute an order, Exchange 
systems will not review the liquidity available at one minimum price 
variation better than the execution price to determine if the number of 
shares that CCS interest is willing to provide at the better price is 
greater than the number of shares at the price point where the order 
would execute and then post. The order will be executed against the CCS 
interest where the remaining shares of the order will ultimately be 
quoted or in the event an LRP is reached, at the LRP price.\12\
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    \12\ If the DMM did not designate the CCS interest eligible for 
partial fill, then the CCS interest would not participate in the 
execution and the remaining shares of the order would be quoted.
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    Whether the order is executed at the price where the remaining 
shares will be quoted or at the LRP price, Exchange systems will not 
access CCS interest designated PF until all other interest on

[[Page 40263]]

the Display Book up to the price point is executed in full. CCS 
interest therefore, remains the interest of last resort because 
Exchange systems will access CCS interest to provide a partial 
execution to an incoming limit order only after all it has satisfied 
protected interest on away market centers and all other interest on the 
Display Book eligible to be executed against the order is executed in 
full. In all instances where Exchange systems access CCS to provide a 
partial execution of an order, the customer order is afforded the 
ability for price improvement within the parameters of the rule.
    The Exchange therefore proposes to amend NYSE Rule 1000, to allow 
Exchange systems to access available CCS interest in order to provide 
an incoming order with a fuller execution. The Exchange proposes to 
amend NYSE Rule 1000(e)(iii)(A)(4) to include this provision and 
renumber former subparagraph (e)(iii)(A)(4) to (e)(iii)(A)(5).
    The Exchange believes that the instant proposal to maximize an 
order's partial execution by allowing Exchange systems to access CCS 
interest removes the current impediment from a limit order accessing 
all the liquidity available on the Display Book. The proposed 
modification increases the opportunities for executing a greater number 
of shares of the incoming order and exposes it to additional 
opportunity for price improvement. The Exchange believes that the 
proposal therefore contributes to perfect the mechanism of a free and 
open market and ultimately protects investors and the public interest.
Administrative Amendments to NYSE Rule 1000
    The Exchange further proposes to delete legacy references to ``ITS 
Plan'' contained in NYSE Rule 1000 subparagraphs (e)(ii) and (e)(iii) 
and replace the concept of ITS commitments with appropriate language 
consistent with the current practice of routing orders to away market 
centers.
    The Exchange also proposes to include references to its Do Not Ship 
Order \13\ in NYSE Rule 1000 subparagraphs (e)(ii)(C) and 
(e)(iii)(A)(5) to illustrate the additional order type that requires 
the same execution handling as Reg. NMS-compliant IOC. NYSE Rule 1000 
subparagraph (e)(ii)(D) is proposed for deletion because it restates 
the information contained in subparagraph (e)(ii) above it.
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    \13\ See NYSE Rule 13.
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    Finally, the Exchange proposes to delete the rule language of NYSE 
Rule 1000 Supplementary Material .10 that is no longer applicable, as 
it relates to a former pilot operated by the Exchange between May 12, 
2006 and October 31, 2006. The Exchange proposes to reserve this rule 
section.
2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Act'') 
\14\ for these proposed rule changes is the requirement under Section 
6(b)(5) \15\ 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 proposed rule change supports these principles in that it seeks to 
protect the investor and the public interest by allowing an incoming 
limit order to execute against all the liquidity available on the 
Exchange.
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    \14\ 15 U.S.C. 78a.
    \15\ 15 U.S.C. 78f(b)(5).
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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 the 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. In addition, the Commission seeks 
comment on whether the proposed handling of incoming orders receiving 
partial fills that include CCS interest is consistent with the Act and, 
in particular, whether the proposed rule changes are designed to 
promote just and equitable principles of trade and, in general, to 
protect investors and the public interest.
    Specifically, in certain situations, the Exchange's proposal would 
allow the DMM's CCS interest to participate in partial fills at the 
best possible price (from the DMM's perspective), even when this price 
is inferior to all the non-CCS interest participating in the same 
execution. Currently, NYSE's rules allow for CCS participation only 
when the incoming order will be completely filled, and the DMM's CCS 
interest may not participate in an execution at a price inferior to the 
completion price.
    The Commission notes the fact pattern presented above under the 
heading ``CCS Partial Fill at the LRP 2'' where, under NYSE's 
current rules, an incoming order of 600 shares would be completed at 
$20.08 (200, 100, and 100 shares of non-CCS interest at $20.10, $20.09, 
and $20.08 respectively, and 200 shares of CCS interest also at 
$20.08).\16\ In contrast, under the proposal, an incoming order of 700 
shares that outsizes the available non-CCS interest would be partially 
completed by CCS interest at the LRP price, and thus would receive an 
execution of 200 shares against CCS interest at $20.05, rather than 
$20.08, before the system quotes the residual 100 shares at $20.05, the 
LRP.\17\
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    \16\ See supra note 11.
    \17\ See supra text accompanying note 11.
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    Absent the proposed rule change, a 700-share incoming order would 
result in a partial fill without any CCS participation, with 300 shares 
unexecuted and quoting at the LRP. Thus, the Commission notes that the 
proposal may benefit the incoming order by immediately and 
automatically executing additional shares at the order's limit price or 
at the LRP price, as applicable. However, the Commission is interested 
in commenters' views on the proposed expansion of DMMs' CCS 
capabilities for partial fills and, in particular, on the proposed 
execution of CCS interest at the limit price of the order or the LRP 
price, as the case may be, even when no other interest resides at that 
price. To illustrate, in the ``CCS Partial Fill at the LRP 2'' 
example above, the proposal would result in a CCS interest execution at 
$20.05 (i.e., the LRP price). Is another price more

[[Page 40264]]

appropriate? For example, should such CCS interest be executed at 
$20.08 (the last price at which there is non-CCS interest)? Another 
price? Why or why not?
    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 rule-comments@sec.gov. Please include 
File Number SR-NYSE-2009-71 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2009-71. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for inspection and 
copying in the Commission's Public Reference Room, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. Copies of the filing also will be available for 
inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSE-2009-71 and should be 
submitted on or before September 1, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-19145 Filed 8-10-09; 8:45 am]

BILLING CODE 8010-01-P