Document ID: SEC-2009-1754-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Rule 1600
Posted Date: 2009-12-14T05:00Z

[Federal Register: December 14, 2009 (Volume 74, Number 238)]
[Notices]               
[Page 66184-66188]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14de09-104]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61126; File No. SR-NYSE-2009-121]

 
Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Amending NYSE Rule 1600 To More Fully Incorporate Away Market Contra 
Side Liquidity in the Execution of New York Block Exchange Orders

December 7, 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 December 4, 2009, the New York Stock Exchange LLC (``NYSE'' or 
``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 Exchange. The Exchange 
has designated this proposal eligible for immediate effectiveness 
pursuant to Rule 19b-4(f)(6) under the Act.\3\ 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\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
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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 Exchange Rule 1600 (New York Block 
Exchange\SM\) (``NYBX\SM\'' or the ``Facility'') to provide for (i) 
routing away, for execution with all available top-of-book contra side 
quotations (not just those that would otherwise be traded through) 
displayed by other automated trading centers, of any portion of an NYBX 
order that remains after all available executions in the NYSE Display 
Book[supreg] (``Display Book'' or ``DBK'') and the Facility have taken 
place as provided in the current rule and (ii) including those same 
away market quotations of other automated trading centers in the 
determination of whether the optional, user-defined Minimum Triggering 
Volume Quantity (``MTV'') of an NYBX order is met. The text of the 
proposed rule change is available on NYSE's Web site at http://
www.nyse.com, on the Commission's Web site at http://www.sec.gov, at 
the Exchange's principal office, and at the Commission's Public 
Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of those statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Exchange Rule 1600 (New York Block 
Exchange\SM\) to provide for (i) routing away, for execution with all 
available top-of-book contra side quotations (not just those that would 
otherwise be traded through) displayed by other automated trading 
centers, of any portion of an NYBX order that remains after all 
available executions in DBK and the Facility have taken place as 
provided in the current rule and (ii) including those same away market 
quotations of other automated trading centers in the determination of 
whether the optional, user-defined MTV of an NYBX order is met. The 
following discussion includes examples to demonstrate the functioning 
of these changes in practice.

A. Provide routing to other automated trading centers to allow the 
remaining portion of an NYBX order to execute with available top-of-
book contra side quotations on these markets

    As currently provided in NYSE Rule 1600, an order or residual 
portion of an order in the New York Block Exchange facility (``NYBX'' 
or the ``Facility'') of the NYSE that has exhausted all available 
contra side liquidity in both the NYSE Display Book (``DBK'') and the 
Facility itself, as well as any trades against protected quotations of 
automated trading centers that would otherwise have been traded 
through, will be sent back to or remain in, as the case may be, the 
Facility and be placed on the NYBX book. As the system currently 
operates, such an order remaining in the Facility will continue to 
attempt to execute with available contra side liquidity in the Facility 
and the DBK and with protected quotations as described in the previous 
sentence

[[Page 66185]]

until such orders are exhausted, expired or cancelled back to the user 
pursuant to time in force conditions or until all applicable liquidity 
is exhausted at the end of the regular trading day.
    The purpose of the proposed amendment is to increase execution 
opportunities for orders entered into NYBX by utilizing away markets 
more fully than the Facility does at present. This will be accomplished 
by adding additional routing to away markets for those orders in NYBX 
described above that have exhausted all available contra side liquidity 
in the Facility and the DBK (if any) and the residual portion of which 
would otherwise be placed on the NYBX book. Portions of the residual 
from such an order, or potentially the entire order if there is no 
available contra side liquidity in either the DBK or the Facility 
itself, will be routed out to other automated trading centers as ISO/
IOC orders for execution against available contra side quotations 
displayed by such markets, even though no potential trade through is 
involved and the routing is not required under Regulation NMS.
    Upon the return to the Facility of any unexecuted volume following 
a routing to the DBK and also upon execution against any remaining 
available contra side liquidity in the Facility, NYBX will evaluate the 
market again to check for updated market data and will route the 
residual order based on that update.\4\ The amount of an NYBX residual 
order routed to each away market will be exactly the size displayed for 
the available top-of-book contra side protected quotation at each 
automated trading center--there will be no oversizing of the portion of 
the order sent to any away market. An exception will occur in any 
situation where the residual order size is insufficient to route the 
full displayed size to every away market, in which case the number of 
shares routed to one or more of the away markets may be less than the 
full displayed size on such market(s). In the event that multiple away 
markets are displaying available top-of-book contra side quotations at 
the same price, and the residual order size to be routed is less than 
the total available top-of-book contra side liquidity displayed on 
those markets, the routing sequence of the order as between those 
markets will be determined by a routing table.
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    \4\ In the event that the DBK quotation has been updated at the 
time of such an interim market evaluation and there is new 
executable contra side liquidity in DBK, the full size of the 
residual order will be routed back to DBK and the normal execution 
sequence will be repeated from that point. If, at any point, such an 
evaluation indicates that there is no new executable contra side 
liquidity in the DBK but there is executable contra side liquidity 
in the Facility, the order will execute to the extent possible 
against that liquidity, evaluate the market again to check for 
updated market data, and route the residual order accordingly. Once 
this iterative process has run its course, with no new executable 
contra side liquidity available in either the DBK or the Facility, 
the residual order or portions thereof will be routed out to execute 
against the available contra side protected quotations displayed by 
other automated trading centers, as described in the preceding 
paragraph.
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    In the event that the residual order size available to be routed 
away exceeds the total available top-of-book contra side liquidity 
displayed on all of the away markets, the portion of the order to be 
routed to each of those automated trading centers will be the displayed 
size of the available top-of-book contra side quotation at each away 
market, with the remaining portion of the order simultaneously being 
placed on the NYBX book, where it will continue to attempt to further 
execute with available contra side liquidity in the Facility, the DBK 
and automated quotations of away markets, in the same sequence as 
described above as such liquidity becomes available and assuming that 
the MTV of the order is met. Any volume from the order that was routed 
away to other automated trading centers for execution but was not 
executed will, upon its return to the Facility, cause the Facility to 
again evaluate the market to check for updated market data that could 
trigger additional routing of the remaining portion of the order. 
Otherwise, that unexecuted volume will also be placed on the NYBX book.
    The following examples demonstrate how NYBX orders will be 
processed under the proposed amendment.

NYBX Market Evaluation

NYBX (Sell orders):
    500 shares @ 19.99
    500 shares @20.00
    500 shares @20.01
DBK (Sell orders):
    400 shares @ 19.99 (hidden)
    600 shares @ 20.00
    300 shares @20.01
PHLX (Sell orders):
    1000 shares @ 20.00 (NBBO)
NYSE Arca (Sell orders):
    1000 shares @ 20.00

    Scenario A: Buy 5000 shares at 20.00 (MTV = 100 shares) Results:

 5000 routed to DBK at 19.99
 400 executes on DBK at 19.99; leaves 4600
 4600 sent back to NYBX at 19.99
 Verify no market data updates
 500 executes on NYBX at 19.99; leaves 4100
 Verify no market data updates
 4100 routed to DBK at 20.00
 600 executes on DBK at 20.00; leaves 3500
 3500 sent back to NYBX at 20.00
 Verify no market data updates
 500 executes on NYBX at 20.00; leaves 3000
 Verify no market data updates

    As the Facility currently operates, the residual of 3000 shares to 
buy would be placed on the NYBX book at 20.00. Under the revised logic 
being proposed, of the 3000 residual shares, 1000 shares would be 
routed to PHLX and 1000 shares would be routed to NYSE Arca to execute 
against the available contra side size displayed on each of those 
markets, resulting in the following additional outcomes: \5\
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    \5\ In this example, it is assumed that no change in the state 
of the market is indicated at the time of the updating market 
evaluation described above that takes place following each routing 
to DBK.

 1000 routed to PHLX at 20.00
 1000 routed to NYSE Arca at 20.00
 1000 placed on the NYBX book at 20.00
 1000 executes on PHLX at 20.00; leaves 2000
 1000 executes on NYSE Arca at 20.00; leaves 1000

    Note that the 1000 shares that are placed back on the NYBX book at 
the end of the revised process would not be executable against any away 
automated market center based on the market evaluation being used for 
execution and routing purposes. This is in contrast to the 3000 shares 
that would be placed on the NYBX book based on the way that the 
Facility currently operates, a portion of which would be capable of 
executing against the top-of-book automated quotes of PHLX and NYSE 
Arca.
    Scenario B: Same as Scenario A except that a new market evaluation 
following the last execution on NYBX as shown above (with 3,000 shares 
remaining to be executed on the order) indicates the following:

NYBX (Sell orders):
    500 shares @ 20.00
DBK (Sell orders):
    500 shares @ 20.00
    500 shares @ 20.00 (hidden)
PHLX (Sell orders):
    500 shares @ 19.99 (NBBO)
NYSE Arca (Sell orders):
    500 shares @ 20.00

    Under this scenario and the revised logic being proposed, the fact 
that there is new available liquidity indicated in DBK (and in this 
example, in NYBX as well) and a new top-of-book quotation at an away 
automated market center representing a potential trade through 
situation completely alters the routing sequence at this point from 
what it would be based on the previous market evaluation. The first 
priority is to

[[Page 66186]]

eliminate the potential trade through, so 500 shares are routed to PHLX 
in compliance with Regulation NMS to execute against the top-of-book 
liquidity displayed there. The remaining 2500 shares are routed to DBK 
to execute against the liquidity there and any remaining portion of the 
order is then sent back to the Facility to execute against the 
liquidity there. Assume these steps result in the following additional 
outcomes:

 500 executes on PHLX at 19.99
 1000 executes on DBK at 20.00
 500 executes on NYBX at 20.00

    These executions would result in a total of 1000 shares to buy 
remaining from the order. Before appropriate volume is routed out to 
execute against the displayed top-of-book liquidity at NYSE Arca, two 
more market evaluations would have been performed as indicated below as 
a result of (i) the additional routing to DBK and the return of 
unexecuted volume to the Facility and (ii) the execution on NYBX of a 
portion of the remaining volume from the order. Assuming that neither 
of these new market evaluations shows any further change in the state 
of the market (i.e., the only available sell orders at the limit price 
or better are the 500 shares at NYSE Arca), 500 of the remaining 1000 
shares from the order would be routed to NYSE Arca for execution. 
Consequently, the complete outcome for this scenario is as follows:

Results:
     5000 routed to DBK at 19.99
     400 executes on DBK at 19.99; leaves 4600
     4600 sent back to NYBX at 19.99
     Verify no market data updates
     500 executes on NYBX at 19.99; leaves 4100
     Verify no market data updates
     4100 routed to DBK at 20.00
     600 executes on DBK at 20.00; leaves 3500
     3500 sent back to NYBX at 20.00
     Verify no market data updates
     500 executes on NYBX at 20.00; leaves 3000
     Update of market data as indicated above
     500 routed to PHLX at 19.99
     500 executes on PHLX at 19.99; leaves 2500
     2500 routed to DBK at 20.00
     1000 executes on DBK at 20.00; leaves 1500
     1500 sent back to NYBX at 20.00
     Verify no market data updates
     500 executes on NYBX at 20.00; leaves 1000
     Verify no market data updates
     500 placed on the NYBX book at 20.00
     500 routed to NYSE Arca at 20.00
     500 executes on NYSE Arca at 20.00; leaves 500

    Scenario C: Same as Scenario A except that only 500 of the 1000 
shares routed to PHLX are actually executed against the liquidity 
there, and the remaining 500 shares are returned unexecuted to the 
Facility
    Under this scenario and the revised logic being proposed, the 
return of the 500 unexecuted shares from PHLX will cause the Facility 
to evaluate the market once again as indicated below to check for 
updated market data before placing the unexecuted volume on the NYBX 
book. As in Scenario A, the assumption being made is that no change in 
the state of the market is indicated by this interim market evaluation, 
so the 500 unexecuted shares are placed on the NYBX book at 20.00, 
joining the 1000 shares that were placed on the book at the time of the 
routing to the away markets and resulting in a residual buy order of 
1500 shares at 20.00 on the NYBX book. Consequently, the complete 
outcome for this scenario is as follows:
Results:
     5000 routed to DBK at 19.99
     400 executes on DBK at 19.99; leaves 4600
     4600 sent back to NYBX at 19.99
     Verify no market data updates
     500 executes on NYBX at 19.99; leaves 4100
     Verify no market data updates
     4100 routed to DBK at 20.00
     600 executes on DBK at 20.00; leaves 3500
     3500 sent back to NYBX at 20.00
     Verify no market data updates
     500 executes on NYBX at 20.00; leaves 3000
     Verify no market data updates
     1000 routed to PHLX at 20.00
     1000 routed to NYSE Arca at 20.00
     1000 placed on the NYBX book at 20.00
     500 executes on PHLX at 20.00; leaves 2500
     500 returns to NYBX from PHLX at 20.00
     Verify no market data updates
     500 placed on the NYBX book at 20.00
     1000 executes on NYSE Arca at 20.00; leaves 1500

    Scenario D: Same as Scenario A except for the displayed quotes at 
PHLX and NYSE Arca, which are as follows:

PHLX (Sell orders):
    2000 shares @ 20.00 (NBBO)
NYSE Arca (Sell orders):
    2000 shares at 20.00

    Under this scenario and the revised logic being proposed, the 
executions in the Facility and DBK would take place exactly as in 
Scenario A, leaving a residual of 3000 shares. As in Scenario A, the 
assumption is that no change in the state of the market is indicated by 
any interim market evaluation. Because the residual order size to be 
routed away is less than the total top-of-book available contra side 
liquidity of 4000 shares at the same price displayed on PHLX and NYSE 
Arca, a routing table would be used to determine which of those two 
markets would get a complete fill of its displayed contra side 
liquidity and which would only get a partial fill. In this example, if 
it is assumed that the routing table assigns a higher rating to PHLX 
for routing purposes, the following additional outcomes would result:
 2000 executes on PHLX at 20.00
 1000 executes on NYSE Arca at 20.00
 Fill is complete--no remaining shares available to be placed 
back on NYBX book

    Consequently, the complete outcome for this scenario is as follows:

Results:
     5000 routed to DBK at 19.99
     400 executes on DBK at 19.99; leaves 4600
     4600 sent back to NYBX at 19.99
     Verify no market data updates
     500 executes on NYBX at 19.99; leaves 4100
     Verify no market data updates
     4100 routed to DBK at 20.00
     600 executes on DBK at 20.00; leaves 3500
     3500 sent back to NYBX at 20.00
     Verify no market data updates
     500 executes on NYBX at 20.00; leaves 3000
     Verify no market data updates
     2000 routed to PHLX at 20.00
     1000 routed to NYSE Arca at 20.00
     2000 executes on PHLX at 20.00; leaves 1000
     1000 executes on NYSE Arca at 20.00; leaves 0

    In every instance under the proposed amendment, all available 
contra side liquidity on both DBK and NYBX must be exhausted before 
portions of any NYBX order are routed to away markets, except for those 
routings that take place (as under the current version of the Facility) 
to execute against protected quotations of automated trading centers 
that would otherwise be traded through.

B. The Sizes of All Available Top-of-Book Displayed Contra Side 
Quotations of Other Automated Trading Centers Will Be Incorporated Into 
the MTV Calculation

    The second change to the Facility in the proposed amendment is a 
logical

[[Page 66187]]

consequence of the fact that available top-of-book contra side 
displayed liquidity at other automated market centers will be included 
in the revised routing logic as described above. Because such 
quotations will now be executed against if an NYBX order is 
sufficiently large, their size(s) should and will be included in the 
optional MTV calculation under the proposed amendment just as they 
would be if those same quotations were in the DBK or the NYBX book. 
Under the current version of NYBX, available top-of-book contra side 
liquidity on away markets is included in determining whether an MTV is 
met only if such quotations are protected quotations of automated 
trading centers that would otherwise be traded through, and if 
consideration of such quotations is not optionally restricted by the 
NYBX user.
    Currently, when an NYBX user designates an optional MTV for an 
order, that user may elect to restrict the MTV calculation of the order 
to include only the contra side liquidity at the order's limit price or 
better in the Facility and the DBK, thereby excluding consideration of 
protected quotations of automated trading centers that would otherwise 
be traded through in determining whether the MTV is met. However, 
regardless of the designated MTV calculation, executions in or through 
the Facility will always route out to execute against the protected 
quotations of automated trading centers to avoid trade throughs in 
compliance with Regulation NMS. Similarly, the new version of NYBX 
under the proposed amendment will provide that an NYBX user may elect 
to restrict the MTV calculation of the order to exclude consideration 
of those available top-of-book contra side quotations of other 
automated trading centers that would not otherwise be traded through in 
determining whether an MTV is met. And, as is currently the case for 
NYBX orders that route out to execute with away market quotations in 
order to comply with Regulation NMS, NYBX orders for which the MTV is 
met will still be routed out to execute against those away market 
available top-of-book contra side quotations that would not otherwise 
be traded through, even if an NYBX user elects to restrict the MTV 
calculation of an order to exclude consideration of those away market 
quotations. In other words, an NYBX user will not have the ability to 
eliminate the routing to protected quotations of other automated 
trading centers under any circumstances, whether or not such routing is 
required by Regulation NMS.
    The following example demonstrates how the MTV will be triggered 
under the proposed amendment. Assume the same NYBX evaluation as 
indicated in Scenario A above, including 1000 shares for sale at 20.00 
being displayed at top-of-book by each of PHLX and NYSE Arca.
    Scenario E: Buy 5000 shares at 20.00 (MTV = 2500)
    As the Facility currently operates, the MTV of 2500 shares would 
not be triggered because only 2000 shares are available at the price or 
better in DBK and on the NYBX book combined, and we have assumed that 
there are no protected quotations at automated trading centers that 
would otherwise be traded through to count toward the MTV. Therefore, 
the order to buy 5000 shares at 20.00 would be placed on the NYBX book 
without any execution taking place. Under the proposed amendment, the 
total of 2,000 shares available at the price at PHLX and NYSE Arca 
would be included in the MTV calculation as well, resulting in an 
overall total of 4000 shares available for execution which exceeds the 
MTV threshold level of 2500 shares. At this point, the sequence of 
order execution would be exactly the same as in Scenario A above, with 
a residual buy order for 1000 shares at 20.00 placed on the NYBX book 
and top-of-book executions at PHLX and NYSE Arca of 1000 shares each.
* * * * *
    In summary, the proposed amendment should result in (i) the 
immediate execution of additional orders that would otherwise sit on 
the NYBX book due to their MTVs not being triggered and (ii) the 
execution of more shares on those orders whose MTVs are triggered, due 
to the incorporation of additional available contra side liquidity at 
other market centers.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section 6(b) \6\ of the Securities Exchange Act of 1934 (the ``Act''), 
in general, and furthers the objectives of Section 6(b)(5) \7\ 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, 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. More specifically, the Exchange believes that, because 
the proposed rule change will improve the quality of the market and the 
outcomes for investors by increasing the probability that a large order 
placed in the Facility will achieve a complete and timely fill by 
incorporating available contra side liquidity at other market centers, 
it will thereby contribute to perfecting the mechanism of a free and 
open market and a national market system and is also consistent with 
the protection of investors and the public interest.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act a\8\ and Rule 19b-4(f)(6) thereunder.\9\ 
Because the 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) by its terms, become 
operative prior to 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, the proposed rule 
change has become effective upon filing with the Commission pursuant to 
Section 19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6)(iii) 
thereunder.\11\
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    \8\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires the Exchange to give the Commission written 
notice of the Exchange's 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 Commission waives the five-day pre-filing 
requirement in this case.
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    The Exchange requested the Commission waive all or whatever part of 
the 30-day operative delay period is

[[Page 66188]]

necessary to allow the Exchange to make the proposed rule change 
operative on December 7, 2009. The Commission hereby grants the 
Exchange's request and designates the filing operative as of December 
7, 2009.\12\ The Commission believes that such action is consistent 
with the protection of investors and the public interest, because the 
proposed rule language should result in (i) the immediate execution of 
additional orders that would otherwise sit on the NYBX book due to 
their MTVs not being triggered and (ii) the execution of more shares on 
those orders whose MTVs are triggered, due to the incorporation of 
additional available contra side liquidity at other market centers.
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    \12\ For purposes of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    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 rule-comments@sec.gov. Please include 
File Number SR-NYSE-2009-121 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-NYSE-2009-121. 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 available publicly. All 
submissions should refer to File Number SR-NYSE-2009-121 and should be 
submitted on or before January 4, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-29631 Filed 12-11-09; 8:45 am]

BILLING CODE 8011-01-P