Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by NYSE Arca, Inc. Amending Rule 6.69-Reporting Duties, 9325-9327 [E9-4378]
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Federal Register / Vol. 74, No. 40 / Tuesday, March 3, 2009 / Notices
9325
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–2009–17 and should
be submitted on or before March 24,
2009.
attached as Exhibit 5.4 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.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–4427 Filed 3–2–09; 8:45 am]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2009–17 on the
subject line.
mstockstill on PROD1PC66 with NOTICES
protection of investors and the public
interest, because it will enable the
Exchange to implement pending
technological enhancements that require
the rescission of these settlement
instructions. The Exchange expects
these enhancements to make its order
processing operations more efficient and
thereby strengthen and advance the
quality of the Exchange’s market.
Accordingly, the Commission
designates the proposed rule change to
be operative on March 13, 2009.15
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.
SECURITIES AND EXCHANGE
COMMISSION
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–2009–17. 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 (https://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
15 For purposes only of waiving the 30-day
operative delay of the proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
VerDate Nov<24>2008
16:42 Mar 02, 2009
Jkt 217001
BILLING CODE 8011–01–P
[Release No. 34–59440; File No. SR–
NYSEArca–2009–11]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change by
NYSE Arca, Inc. Amending Rule 6.69—
Reporting Duties
February 24, 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 February
13, 2009, NYSE Arca, Inc. (‘‘NYSE
Arca’’ 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 self-regulatory
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 amend
Exchange Rule 6.69—Reporting Duties.
The text of the proposed rule change is
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
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.
1. Purpose
The purpose of the proposed rule
change is to revise the procedures for
reporting open outcry trades that occur
on the options trading floor.
All option transactions that occur on
the options trading floor must be
immediately reported to the Exchange,
in a form and manner prescribed by the
Exchange, for dissemination to the
Options Price Reporting Authority
(‘‘OPRA’’).5 This requirement applies to
all OTP Holders who are required to
report trades either directly to OPRA or
to another party who is responsible for
reporting trades to OPRA.
All option transactions have two
parties to a trade, a buyer and a seller.
Pursuant to Rule 6.69(b), the responsible
party for reporting a transaction is the
party that participates on the transaction
as the seller. The Exchange now
proposes to revise this rule so that
whenever a Floor Broker is participating
on one side of a transaction, they
become the responsible party for
reporting the trade, regardless of
whether they are the buyer or seller. The
Exchange is proposing this change in
order to provide a more efficient
mechanism for reporting transactions.
All orders on the Exchange are
required to be in an electronic format
prior to representation on the trading
4 The Commission notes that while provided in
Exhibit 5 to the filing, the text of the proposed rule
change is not attached to this notice but is available
at the Exchange, the Commission’s Public Reference
Room, and at https://www.nyse.com.
5 For transactions executed on the Exchange’s
electronic trading platform, NYSE Arca will report
the trade directly to OPRA.
E:\FR\FM\03MRN1.SGM
03MRN1
9326
Federal Register / Vol. 74, No. 40 / Tuesday, March 3, 2009 / Notices
mstockstill on PROD1PC66 with NOTICES
floor. Typically, an order is sent via a
wire or phone line to a Floor Broker’s
booth located on the trading floor, and
a representative of the brokerage firm
will enter the terms of the order into the
Electronic Order Capture System
(‘‘EOC’’).6 It is at this time that the Floor
Broker is able to represent the order in
the trading crowd. This procedure
applies regardless of whether the Floor
Broker is the buyer or seller on the
trade. Upon execution of the order, the
Broker is able to complete the requisite
trade information, including the contra
side of the trade, and electronically
report the transaction to the Exchange
for processing and dissemination to
OPRA. In most cases, the contra-side to
a trade that has been represented by a
Floor Broker will be an NYSE Arca
Market Maker. Market Makers trade for
their own proprietary accounts, are not
required to electronically systemize
their orders prior to responding to a call
from a Floor Broker. Once a trade is
consummated, in order for a Market
Maker acting as a seller, to report the
transaction, he has to re-enter all the
order information that the Floor Broker
already has in their EOC system and
then send the information to the
Exchange for processing. In the event
there are multiple Market Makers acting
as seller and comprising the contra-side
to a transaction, each Market Maker
would have to re-enter all the trade
information individually. The Exchange
believes that requiring a Market Maker
to report a transaction, when trading
with a Floor Broker, is a practice that
may serve to delay the reporting of
transactions that occur on the options
floor.
The Exchange does not feel that
requiring a Floor Broker to report every
transaction that they are a party to will
create any undue hardship or
unnecessary burden of the Floor Broker.
In the vast majority of situations, the
Floor Broker already possesses the order
information in an electronic format,7 it
is actually more efficient for the Floor
Broker to send the trade information
directly to the Exchange after executing
the order, than it is to re-enter the same
information and have the Market Maker
report the trade.
In the event that there is a Floor
Broker participating on both sides of a
transaction, the Floor Broker
participating as the seller must report
the transaction to the Exchange. For
6 The EOC system is the Exchange’s electronic
audit trail and order tracking system that provides
an accurate time-sequenced record of all orders and
transactions on the Exchange.
7 Certain order types, such as FLEX Orders and
Cabinet Orders are exempt from the EOC electronic
order format requirements.
VerDate Nov<24>2008
16:42 Mar 02, 2009
Jkt 217001
transactions occurring on the Exchange
between two Market Makers, the Market
Maker participating as the seller must
report the transaction to the Exchange.
These reporting obligations are
consistent with the terms of Rule 6.69,
as it reads presently.
In order to offer further clarity to the
rules regarding reporting duties, the
Exchange proposes a new provision
regarding Complex Orders. A Complex
Order is any order involving the
simultaneous purchase and/or sale of
two or more different option series in
the same underlying security, for the
same account. Since each party to the
transaction could be both buying and
selling different series that make up
order, there may be no clearly defined
seller. The Exchange now proposes that
for Complex Order transactions between
two Floor Brokers or two Market
Makers, the party responsible for
reporting the transaction shall be the
OTP Holder that first initiated the
transaction. This provision does not
affect the obligation that a Floor Broker
has to report transactions pursuant to
proposed Rule 6.69(b)(i), but will have
bearing when a Complex Order is
executed between two Floor Brokers or
between two Market Makers.
The Exchange also proposes to
eliminate Rule 6.69 Commentary .04
which relates to an obsolete and outdate
practice. ‘‘Hard cards’’, which refer to
the cardboard backing of a paper trade
ticket, are no longer in use on the
trading floor.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 8 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 9 in particular, because 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 of a free and
open market and a national market
system. The Exchange believes that the
proposed rule change can lead to faster
and more efficient reporting of
transactions that occur on the options
trading floor.
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
8 15
9 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00116
Fmt 4703
Sfmt 4703
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.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSEArca–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–NYSEArca–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 (https://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
E:\FR\FM\03MRN1.SGM
03MRN1
Federal Register / Vol. 74, No. 40 / Tuesday, March 3, 2009 / Notices
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–
NYSEArca–2009–11 and should be
submitted on or before March 24, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–4378 Filed 3–2–09; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #11643 and #11644]
Kentucky Disaster Number KY–00019
Small Business Administration.
Amendment 1.
AGENCY:
ACTION:
This is an amendment of the
Presidential declaration of a major
disaster for Public Assistance Only for
the Commonwealth of Kentucky
(FEMA–1818–DR), dated 02/05/2009.
Incident: Severe Winter Storm and
Flooding.
Incident Period: 01/26/2009 through
02/13/2009.
Effective Date: 02/13/2009.
Physical Loan Application Deadline
Date: 04/06/2009.
Economic Injury (EIDL) Loan
Application Deadline Date: 11/05/2009.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the President’s major disaster
declaration for Private Non-Profit
mstockstill on PROD1PC66 with NOTICES
SUMMARY:
10 17
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
16:42 Mar 02, 2009
Jkt 217001
organizations in the Commonwealth of
Kentucky, dated 02/05/2009, is hereby
amended to establish the incident
period for this disaster as beginning
01/26/2009 and continuing through
02/13/2009.
All other information in the original
declaration remains unchanged.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Herbert L. Mitchell,
Associate Administrator for Disaster
Assistance.
[FR Doc. E9–4440 Filed 3–2–09; 8:45 am]
BILLING CODE 8025–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Notice of Availability of Finding of No
Significant Impact/Record of Decision
(FONSI/ROD), Written Reevaluation
With Respect to New Information
Concerning Section 4(f) Mitigation
Measures, and Supplemental
Department of Transportation Act
Section 4(f) Determination for the
Runway 6–24 Extension Project, Erie
International Airport, Erie, PA
AGENCY: Federal Aviation
Administration, DOT.
ACTION: Notice.
PO 00000
Frm 00117
Fmt 4703
Sfmt 4703
evaluate potential environmental
impacts resulting from the proposed
changes in the Section 4(f) mitigation
measures for the Millcreek Golf Course
and Learning Center.
Copies of the FONSI/ROD and related
documents are available for review by
appointment only at the following
locations.
Please call to make arrangements for
viewing:
Federal Aviation Administration
Harrisburg Airports District Office,
3905 Hartzdale Drive, Suite 508,
Camp Hill, PA 17011, (717) 730–2830
and
Erie Regional Airport Authority, 4411
W. 12th Street, Erie, PA 16505–3091,
(814) 833–4258.
FOR FURTHER INFORMATION CONTACT:
Edward S. Gabsewics, CEP,
Environmental Protection Specialist,
Federal Aviation Administration,
Harrisburg Airports District Office, 3905
Hartzdale Drive, Suite 508, Camp Hill,
PA 17011, Telephone 717–730–2832.
Issued in Camp Hill, Pennsylvania,
February 4, 2009.
Lori K. Pagnanelli,
Manager, Harrisburg Airports District Office.
[FR Doc. E9–4366 Filed 3–2–09; 8:45 am]
BILLING CODE 4910–13–M
DEPARTMENT OF TRANSPORTATION
The Federal Aviation
Administration (FAA) is issuing this
notice to advise the public that it is
making available a FONSI/ROD, a
Written Reevaluation of New
Information Concerning Section 4(f)
Mitigation Measures, and a
Supplemental Section 4(f)
Determination, effective February 4,
2009, for the proposed extension of
Runway 6–24 at Erie International
Airport (ERI), Tom Ridge Field, Erie,
Pennsylvania.
SUPPLEMENTARY INFORMATION: The FAA
has completed and issued its Finding of
No Significant Impact/Record of
Decision (FONSI/ROD) for the
Reevaluation of the Environmental
Assessment (EA) for the Proposed
Extension of Runway 6–24 at Erie
International Airport, Tom Ridge Field,
Erie, Pennsylvania dated October 2005
and the Erie International Airport, Tom
Ridge Field, Section 4(f) Report dated
July 2005. The Written Reevaluation
was required as a result of new
information concerning the Section 4(f)
mitigation measures for the project
impacts to the Millcreek Golf Course
and Learning Center in Millcreek
Township. The purpose of the FONSI/
ROD and Written Reevaluation was to
SUMMARY:
9327
Federal Aviation Administration
Notice of Opportunity for Public
Comment on Surplus Property Release
at Gulfport Biloxi International Airport,
Gulfport, MS
AGENCY: Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of intent to rule on land
release request.
SUMMARY: Under the provisions of Title
49, U.S.C. 47153(c), notice is being
given that the FAA is considering a
request from the Gulfport Biloxi
Regional Airport Authority (GBRAA) to
waive the requirement that a 0.84-acre
parcel of surplus property, located at the
Gulfport Biloxi International Airport, be
used for aeronautical purposes.
DATES: Comments must be received on
or before April 2, 2009.
ADDRESSES: Comments on this notice
may be mailed or delivered in triplicate
to the FAA at the following address:
Jackson Airports District Office, 100
West Cross Street, Suite B, Jackson, MS
39208–2307.
In addition, one copy of any
comments submitted to the FAA must
be mailed or delivered to Mr. Bruce
E:\FR\FM\03MRN1.SGM
03MRN1
]]>Agencies
[Federal Register Volume 74, Number 40 (Tuesday, March 3, 2009)]
[Notices]
[Pages 9325-9327]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-4378]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59440; File No. SR-NYSEArca-2009-11]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by NYSE Arca, Inc. Amending Rule 6.69--Reporting Duties
February 24, 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 February 13, 2009, NYSE Arca, Inc. (``NYSE Arca'' 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 self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Exchange Rule 6.69--Reporting
Duties. The text of the proposed rule change is attached as Exhibit
5.\4\ 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.
---------------------------------------------------------------------------
\4\ The Commission notes that while provided in Exhibit 5 to the
filing, the text of the proposed rule change is not attached to this
notice but is available at the Exchange, the Commission's Public
Reference Room, and at https://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
The purpose of the proposed rule change is to revise the procedures
for reporting open outcry trades that occur on the options trading
floor.
All option transactions that occur on the options trading floor
must be immediately reported to the Exchange, in a form and manner
prescribed by the Exchange, for dissemination to the Options Price
Reporting Authority (``OPRA'').\5\ This requirement applies to all OTP
Holders who are required to report trades either directly to OPRA or to
another party who is responsible for reporting trades to OPRA.
---------------------------------------------------------------------------
\5\ For transactions executed on the Exchange's electronic
trading platform, NYSE Arca will report the trade directly to OPRA.
---------------------------------------------------------------------------
All option transactions have two parties to a trade, a buyer and a
seller. Pursuant to Rule 6.69(b), the responsible party for reporting a
transaction is the party that participates on the transaction as the
seller. The Exchange now proposes to revise this rule so that whenever
a Floor Broker is participating on one side of a transaction, they
become the responsible party for reporting the trade, regardless of
whether they are the buyer or seller. The Exchange is proposing this
change in order to provide a more efficient mechanism for reporting
transactions.
All orders on the Exchange are required to be in an electronic
format prior to representation on the trading
[[Page 9326]]
floor. Typically, an order is sent via a wire or phone line to a Floor
Broker's booth located on the trading floor, and a representative of
the brokerage firm will enter the terms of the order into the
Electronic Order Capture System (``EOC'').\6\ It is at this time that
the Floor Broker is able to represent the order in the trading crowd.
This procedure applies regardless of whether the Floor Broker is the
buyer or seller on the trade. Upon execution of the order, the Broker
is able to complete the requisite trade information, including the
contra side of the trade, and electronically report the transaction to
the Exchange for processing and dissemination to OPRA. In most cases,
the contra-side to a trade that has been represented by a Floor Broker
will be an NYSE Arca Market Maker. Market Makers trade for their own
proprietary accounts, are not required to electronically systemize
their orders prior to responding to a call from a Floor Broker. Once a
trade is consummated, in order for a Market Maker acting as a seller,
to report the transaction, he has to re-enter all the order information
that the Floor Broker already has in their EOC system and then send the
information to the Exchange for processing. In the event there are
multiple Market Makers acting as seller and comprising the contra-side
to a transaction, each Market Maker would have to re-enter all the
trade information individually. The Exchange believes that requiring a
Market Maker to report a transaction, when trading with a Floor Broker,
is a practice that may serve to delay the reporting of transactions
that occur on the options floor.
---------------------------------------------------------------------------
\6\ The EOC system is the Exchange's electronic audit trail and
order tracking system that provides an accurate time-sequenced
record of all orders and transactions on the Exchange.
---------------------------------------------------------------------------
The Exchange does not feel that requiring a Floor Broker to report
every transaction that they are a party to will create any undue
hardship or unnecessary burden of the Floor Broker. In the vast
majority of situations, the Floor Broker already possesses the order
information in an electronic format,\7\ it is actually more efficient
for the Floor Broker to send the trade information directly to the
Exchange after executing the order, than it is to re-enter the same
information and have the Market Maker report the trade.
---------------------------------------------------------------------------
\7\ Certain order types, such as FLEX Orders and Cabinet Orders
are exempt from the EOC electronic order format requirements.
---------------------------------------------------------------------------
In the event that there is a Floor Broker participating on both
sides of a transaction, the Floor Broker participating as the seller
must report the transaction to the Exchange. For transactions occurring
on the Exchange between two Market Makers, the Market Maker
participating as the seller must report the transaction to the
Exchange. These reporting obligations are consistent with the terms of
Rule 6.69, as it reads presently.
In order to offer further clarity to the rules regarding reporting
duties, the Exchange proposes a new provision regarding Complex Orders.
A Complex Order is any order involving the simultaneous purchase and/or
sale of two or more different option series in the same underlying
security, for the same account. Since each party to the transaction
could be both buying and selling different series that make up order,
there may be no clearly defined seller. The Exchange now proposes that
for Complex Order transactions between two Floor Brokers or two Market
Makers, the party responsible for reporting the transaction shall be
the OTP Holder that first initiated the transaction. This provision
does not affect the obligation that a Floor Broker has to report
transactions pursuant to proposed Rule 6.69(b)(i), but will have
bearing when a Complex Order is executed between two Floor Brokers or
between two Market Makers.
The Exchange also proposes to eliminate Rule 6.69 Commentary .04
which relates to an obsolete and outdate practice. ``Hard cards'',
which refer to the cardboard backing of a paper trade ticket, are no
longer in use on the trading floor.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \8\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \9\ in particular, because 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 of a free and open market and a national market system.
The Exchange believes that the proposed rule change can lead to faster
and more efficient reporting of transactions that occur on the options
trading floor.
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\8\ 15 U.S.C. 78f(b).
\9\ 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. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-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-NYSEArca-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 (https://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
[[Page 9327]]
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-NYSEArca-2009-11 and should
be submitted on or before March 24, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Florence E. Harmon,
Deputy Secretary.
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\10\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E9-4378 Filed 3-2-09; 8:45 am]
BILLING CODE 8011-01-P
