Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing of Amendment No. 1 to Proposed Rule Change Relating to the Exchange's Enhanced Electronic Trading Platform for Options, Phlx XL II, 18600-18602 [E9-9241]
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18600
Federal Register / Vol. 74, No. 77 / Thursday, April 23, 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–
NYSEAmex–2009–12 and should be
submitted on or before May 14, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–9240 Filed 4–22–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59779; File No. SR–Phlx–
2009–32]
Self-Regulatory Organizations;
NASDAQ OMX PHLX, Inc.; Notice of
Filing of Amendment No. 1 to
Proposed Rule Change Relating to the
Exchange’s Enhanced Electronic
Trading Platform for Options, Phlx XL
II
April 16, 2009.
sroberts on PROD1PC70 with NOTICES
On April 3, 2009, NASDAQ OMX
PHLX, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to implement several
enhancements to its electronic options
trading system, Phlx XL. The proposed
rule change was published for comment
in the Federal Register on April 14,
2009.3 Pursuant to Section 19(b)(1) of
the Act,4 and Rule 19b–4 thereunder,5
notice is hereby given that on April 15,
2009, Phlx filed with the Commission
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 59721
(April 7, 2009), 74 FR 17245 (April 14, 2009).
4 15 U.S.C. 78s(b)(1).
5 17 CFR 240.19b–4.
1 15
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16:59 Apr 22, 2009
Jkt 217001
Amendment No. 1 to the proposed rule
change as described in Item I below.
The Commission is publishing this
notice of Amendment No. 1 to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
Amendment No. 1 to the Proposed Rule
Change
The Exchange is filing Amendment
No. 1 to clarify and correct discrete
portions of File No. SR–Phlx–2009–32,
which proposes to implement several
enhancements to its electronic options
trading system, Phlx XL, with the
enhanced system to be named Phlx XL
II. The text of the proposed rule change
is available on the Exchange’s Web site
at https://
nasdaqomxphlx.cchwallstreet.com/
NASDAQOMXPHLX/Filings/, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
Changes to the ‘‘Purpose’’ Section of the
Previously Submitted Form 19b–4
References to ‘‘page numbers’’ mean
the page numbers in the previously
submitted Form 19b–4 for SR–Phlx–
2009–32. In addition to the proposed
changes below, the Exchange proposes
conforming changes to the previously
submitted Exhibit 1 to SR–Phlx–2009–
32.
1. Delete from footnote 3 the Federal
Register citation to ‘‘44612’’ and replace
it with ‘‘46612.’’
2. Add a closing parenthesis to
footnote 6 after the phrase, ‘‘the
‘‘Linkage Plan,’’.’’
3. Delete the following phrase from
the third sentence of the first full
paragraph on page 12:
‘‘a number of contracts with a size
equal to the size of the interest at other
markets at prices better than interest on
the Exchange,’’
Replace the deleted phrase with the
following:
‘‘all marketable contracts on the
Exchange to such better priced away
markets,’’
4. Delete the following phrase from
the first sentence of the first full
paragraph on page 15:
‘‘conduct a Provisional Opening’’
Replace the deleted phrase with the
following:
‘‘open as many contracts as possible’’
5. Delete the final sentence of the first
full paragraph on page 15 which states:
‘‘The Exchange opening price will
always be equal to or better than the
OQR.’’
6. Delete the following sentence from
footnote 39:
PO 00000
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Fmt 4703
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‘‘The duration of the brief period will
be published in an Options Trader
Alert, which will be available on the
Exchange’s web site.’’
This is consistent with footnote 65.
The brief period is not on a timer.
7. Add the following at the end of
footnote 44 on page 20:
‘‘All references to a ‘‘Quote Exhaust
Timer’’ in the Phlx XL II system and in
the proposed rules mean a system pause
for a brief period. Phlx XL II
participants will not receive any
notification that a Quote Exhaust Timer
has been initiated.’’
8. In the seventh line of the second
paragraph on page 24, delete ‘‘B’’ in
parentheses and replace it with ‘‘E’’ in
parentheses and delete the ‘‘C’’ in
parentheses and replace it with ‘‘F’’ in
parentheses.
9. Delete the following sentences from
Page 30 under Example II ‘‘After the
Quote Exhaust Timer’’:
‘‘The initiating order buys 20
contracts from Market Maker 1 at 2.70
and the Phlx XL II system will
contemporaneously route the
unexecuted balance of the initiating
order to the away market, 10 to buy at
2.70. This should result in a buy of 10
contracts at 2.65 on the away market.
The disseminated PBBO is 2.20 bid,
2.70 offer, with a size of 20x5’’
Replace the deleted sentences with
the following:
‘‘The initiating order has 30
unexecuted contracts to buy. The Phlx
XL II system will route 10 contracts to
buy at 2.65 to the ABBO market, which
is the best available price and size. The
remaining balance is posted in the
PBBO at the ABBO price.
The disseminated PBBO is 2.65 bid,
2.70 offer, with a size of 20x25.’’
10. Delete the following phrase from
the second sentence of the last
paragraph on page 34 (and continuing to
page 35):
‘‘a number of contracts that will
satisfy interest at’’
Replace the deleted phrase with the
following:
‘‘all marketable contracts on the
Exchange to’’
11. Delete the following phrase from
the second sentence of the first full
paragraph on page 35:
‘‘a number of contracts that will
satisfy interest at other markets at prices
better than’’
Replace the deleted phrase with the
following:
‘‘any remaining contracts to away
markets at’’
12. Delete the word ‘‘or’’ from the
third line of the first full paragraph on
page 38, and replace it with the phrase
‘‘if the Exchange Auction Price is no
more than’’
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Federal Register / Vol. 74, No. 77 / Thursday, April 23, 2009 / Notices
13. Add the letter ‘‘i’’ to the second
line of the third full paragraph on page
41 immediately before the last letter of
the line, to spell the word ‘‘is.’’
14. Add the word ‘‘be’’ at the end of
the third line from the bottom of page
45, after the word ‘‘not’’ and before the
word ‘‘eligible.’’
15. Add the following at the
beginning of the second full paragraph
on page 45:
‘‘In the circumstances described in
the preceding paragraph,’’
Delete the capital ‘‘W’’ from the word
‘‘What’’ and replace it with a lower case
‘‘w.’’
16. Add the following at the
beginning of the second full paragraph
on page 46:
‘‘In the circumstances described in
the preceding paragraph,’’
Delete the capital ‘‘W’’ from the word
‘‘What’’ and replace it with a lower case
‘‘w.’’
17. Add the following at the
beginning of the second full paragraph
on page 48:
‘‘In the circumstances described in
the preceding paragraph,’’
Delete the capital ‘‘W’’ from the word
‘‘What’’ and replace it with a lower case
‘‘w.’’
18. Add the following at the
beginning of the second full paragraph
on page 49:
‘‘In the circumstances described in
the preceding paragraph,’’
Delete the capital ‘‘W’’ from the word
‘‘What’’ and replace it with a lower case
‘‘w.’’
19. Add the following at the
beginning of the second full paragraph
on page 50:
‘‘In the circumstances described in
the preceding paragraph,’’
Delete the capital ‘‘W’’ from the word
‘‘What’’ and replace it with a lower case
‘‘w.’’
20. In the last line on page 54, delete
the lower case ‘‘m’’ and add a capital
‘‘M’’ to form the word ‘‘Management.’’
sroberts on PROD1PC70 with NOTICES
Changes to Previously Submitted
Proposed Rule Text
1. Delete currently proposed Rule
1017(l)(ii)(E) and replace it with:
‘‘A different opening price will not
require the Phlx XL II system to repeat
the entire opening process.‘‘
2. Amend the first sentence of
proposed Rule 1017(l)(iii)(B) to state:
‘‘If there is sufficient size on the
Exchange and on away markets on the
opposite side of the market from the
imbalance to execute all opening
marketable interest at a price that is at
or within the established OQR and the
Away Best Bid or Offer (‘‘ABBO’’)
without leaving an imbalance, the Phlx
VerDate Nov<24>2008
16:59 Apr 22, 2009
Jkt 217001
XL II system will open the affected
series for trading at that price by
executing opening marketable interest
on the Phlx XL II system, as long as the
system does not trade through the
ABBO.’’
3. Amend proposed Rule
1017(l)(iv)(B) to state:
‘‘If opening quotes, Opening Sweeps
and orders submitted during the
Imbalance Timer, or other changes to
the ABBO, would allow the entire
imbalance amount to trade at the
Exchange at or within the OQR without
trading through the ABBO, the
Imbalance Timer will end and the Phlx
XL II system will execute at the
appropriate opening price.’’
4. Delete from proposed Rule
1017(l)(iv)(C)(3) the phrase:
‘‘a number of contracts with a size
equal to the size of the interest at other
markets at prices better than interest on
the Exchange,’’
Replace that deleted phrase with the
following:
‘‘all marketable contracts on the
Exchange to such better priced away
markets,’’
5. Delete the first two sentences from
Rule 1017(l)(iv)(C)(7) and replace with
the following:
‘‘If after that number of times, the
Phlx XL II system still cannot route and/
or trade the entire imbalance amount,
the Phlx XL II system will open as many
contracts as possible by routing to other
markets at prices better than the
Exchange opening price for their
disseminated size, trading available
contracts on the Exchange at the
Exchange opening price, and routing
contracts to other markets at prices
equal to the Phlx opening price at their
disseminated size.’’
6. Make a marking correction to
Proposed Rule 1080(c)(iv)(E) by
underlining the new capital ‘‘R’’ in the
proposed rule text.
7. Delete from the first line of
proposed Rule 1080(h), the capital ‘‘A’’
and replace it with a lower case ‘‘a.’’
8. Make a marking correction to the
first three lines of Proposed Rule
1080(m) by underlining the following
proposed rule text:
‘‘only customer FIND and SRCH
Orders (as defined below) with no other
contingencies. IOC Orders will be
cancelled immediately if not executed,
and will not be routed.’’
9. Add the word ‘‘be’’ to the last
sentence of the third paragraph of
proposed Rule 1080(m)(iv)(B) between
the words ‘‘not’’ and ‘‘eligible.’’
10. Add the following to the
beginning of the fifth paragraph of
proposed Rule 1080(m)(iv)(B):
PO 00000
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Fmt 4703
Sfmt 4703
18601
‘‘In the circumstances described in
the preceding paragraph,’’
Delete the capital ‘‘W’’ from the word
‘‘What’’ and replace it with a lower case
‘‘w.’’
11. Add the following to the
beginning of the seventh paragraph of
proposed Rule 1080(m)(iv)(B):
‘‘In the circumstances described in
the preceding paragraph,’’
Delete the capital ‘‘W’’ from the word
‘‘What’’ and replace it with a lower case
‘‘w.’’
12. Add the word ‘‘be’’ to the last
sentence of the seventh paragraph of
proposed Rule 1080(m)(iv)(B) between
the words ‘‘not’’ and ‘‘eligible.’’
13. Amend the final paragraph of
proposed Rule 1080(m)(iv)(B) by adding
a space between ‘‘Phlx XL’’ and ‘‘II’’ in
the seventh line. Also delete the lower
case ‘‘b’’ in parentheses at the end of the
seventh line and replace it with a
capital ‘‘B.’’
14. Add the following to the
beginning of the fifth paragraph of
proposed Rule 1080(m)(iv)(C):
‘‘In the circumstances described in
the preceding paragraph,’’
Delete the capital ‘‘W’’ from the word
‘‘What’’ and replace it with a lower case
‘‘w.’’
15. Add the following to the
beginning of the seventh paragraph of
proposed Rule 1080(m)(iv)(C):
‘‘In the circumstances described in
the preceding paragraph,’’
Delete the capital ‘‘W’’ from the word
‘‘What’’ and replace it with a lower case
‘‘w.’’
16. Correct a typographical error in
the sixth paragraph of proposed Rule
1080(m)(iv)(C) by adding an ‘‘i’’ to the
word ‘‘Timer’’ in the last sentence.
17. Add the following to the
beginning of the ninth paragraph of
proposed Rule 1080(m)(iv)(C):
‘‘In the circumstances described in
the preceding paragraph,’’
Delete the capital ‘‘W’’ from the word
‘‘What’’ and replace it with a lower case
‘‘w.’’
18. Delete the capital ‘‘I’’ from the first
line of proposed Rule
1082(a)(ii)(B)(3)(g)(iii)(B)(3) and replace
it with a lower case ‘‘i.’’
19. Add the word ‘‘to’’ to the first line
of proposed Rule
1082(a)(ii)(B)(3)(g)(iv)(A)(4) between the
words ‘‘equal’’ and ‘‘both.’’
20. Delete the capital ‘‘I’’ from the first
line of proposed Rule
1082(a)(ii)(B)(3)(g)(iv)(B)(3) and replace
it with a lower case ‘‘i.’’
21. Delete the words ‘‘quote or’’ from
the first line of proposed Rule
1082(a)(ii)(B)(3)(g)(v).
22. Delete from proposed Rule
1082(a)(ii)(B)(4)(d)(iv)(A) the following
phrase:
E:\FR\FM\23APN1.SGM
23APN1
18602
Federal Register / Vol. 74, No. 77 / Thursday, April 23, 2009 / Notices
‘‘a number of contracts that will
satisfy interest at’’
Replace the deleted phrase with the
following:
‘‘all marketable contracts on the
Exchange to’’.
23. Delete from proposed Rule
1082(a)(ii)(B)(4)(d)(iv)(B) the following
phrase:
‘‘a number of contracts that will
satisfy interest at other markets at prices
better than’’
Replace the deleted phrase with the
following:
‘‘any remaining contracts to away
markets at’’
24. Underline the new text ‘‘OQR’’ in
proposed OFPA A–14.
The following proposed rules have
been changed from the previously
submitted Exhibit 5: 1017(l)(ii)(E);
1017(l)(iii)(B); 1017(l)(iv)(B);
1017(l)(iv)(C)(3); 1017(l)(iv)(C)(7);
1080(c)(iv)(E); 1080(h); 1080(m);
1080(m)(iv)(B); 1080(m)(iv)(C);
1082(a)(ii)(B)(3)(g)(iii)(B)(3);
1082(a)(ii)(B)(3)(g)(iv)(A)(4);
1082(a)(ii)(B)(3)(g)(v);
1082(a)(ii)(B)(4)(d)(iv)(A);
1082(a)(ii)(B)(4)(d)(iv)(B); and OFPA A–
14.
The Exhibit 5 included in
Amendment No. 1 replaces the
previously submitted Exhibit 5 to SR–
Phlx–2009–32 in its entirety.6
III. Date of Effectiveness of Amendment
No. 1 to 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 Exchange consents,
the Commission shall: (a) by order
approve such proposed rule change, or
(b) institute proceedings to determine
whether the proposed rule change
should be disapproved.
The Exchange has requested
accelerated approval of this Amendment
No. 1 to the proposed rule change prior
to the 30th day after the date of
publication of the notice in the Federal
Register. The Commission is
considering granting accelerated
approval of the proposed rule change at
the end of a 21-day comment period.
sroberts on PROD1PC70 with NOTICES
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning this Amendment
text of Exhibit 5 to Amendment No. 1 is also
available on the Commission’s Web site.
No. 1, including whether this
Amendment No. 1 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–Phlx–2009–32 on the
subject line.
16:59 Apr 22, 2009
Jkt 217001
[Disaster Declaration # 11711 and # 11712]
Mississippi Disaster # MS–00028
AGENCY: U.S. Small Business
Administration.
ACTION: Notice.
SUMMARY: This is a notice of an
Administrative declaration of a disaster
for the State of Mississippi dated 04/16/
2009.
Incident: Severe Storms and Flooding.
Paper Comments
Incident Period: 03/25/2009 through
03/28/2009.
• Send paper comments in triplicate
Effective Date: 04/16/2009.
to Elizabeth M. Murphy, Secretary,
Physical Loan Application Deadline
Securities and Exchange Commission,
Date: 06/15/2009.
100 F Street, NE., Washington, DC
Economic Injury (EIDL) Loan
20549–1090.
Application Deadline Date: 01/19/2010.
All submissions should refer to File
ADDRESSES: Submit completed loan
Number SR–Phlx–2009–32. This file
applications to: U.S. Small Business
number should be included on the
subject line if e-mail is used. To help the Administration, Processing and
Disbursement Center, 14925 Kingsport
Commission process and review your
Road, Fort Worth, TX 76155.
comments more efficiently, please use
only one method. The Commission will FOR FURTHER INFORMATION CONTACT: A.
post all comments on the Commission’s Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
Internet Web site (https://www.sec.gov/
409 3rd Street, SW., Suite 6050,
rules/sro.shtml). Copies of the
Washington, DC 20416.
submission, all subsequent
SUPPLEMENTARY INFORMATION: Notice is
amendments, all written statements
hereby given that as a result of the
with respect to the proposed rule
Administrator’s disaster declaration,
change that are filed with the
applications for disaster loans may be
Commission, and all written
filed at the address listed above or other
communications relating to the
locally announced locations.
proposed rule change between the
The following areas have been
Commission and any person, other than
determined to be adversely affected by
those that may be withheld from the
the disaster:
public in accordance with the
provisions of 5 U.S.C. 552, will be
Primary Counties: Jackson.
available for inspection and copying in
Contiguous Counties:
the Commission’s Public Reference
Mississippi: George, Harrison, Stone.
Room, 100 F Street, NE., Washington,
Alabama: Mobile.
DC 20549, on official business days
The Interest Rates are:
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available
Percent
for inspection and copying at the
principal office of the Exchange. All
Homeowners With Credit Available Elsewhere .........................
4.375
comments received will be posted
Homeowners
Without
Credit
without change; the Commission does
Available Elsewhere ..................
2.187
not edit personal identifying
Businesses With Credit Available
information from submissions. You
Elsewhere .................................
6.000
should submit only information that
Businesses & Small Agricultural
you wish to make available publicly. All
Cooperatives Without Credit
submissions should refer to File
Available Elsewhere ..................
4.000
Number SR–Phlx–2009–32 and should
Other (Including Non-Profit Orgabe submitted on or before May 14, 2009.
nizations) With Credit Available
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–9241 Filed 4–22–09; 8:45 am]
BILLING CODE 8010–01–P
6 The
VerDate Nov<24>2008
SMALL BUSINESS ADMINISTRATION
7 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00060
Fmt 4703
Sfmt 4703
Elsewhere .................................
Businesses and Non-Profit Organizations Without Credit Available Elsewhere .........................
4.500
4.000
The number assigned to this disaster
for physical damage is 11711 6 and for
economic injury is 11712 0.
The States which received an EIDL
Declaration # are Mississippi, Alabama.
E:\FR\FM\23APN1.SGM
23APN1
]]>Agencies
[Federal Register Volume 74, Number 77 (Thursday, April 23, 2009)]
[Notices]
[Pages 18600-18602]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-9241]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59779; File No. SR-Phlx-2009-32]
Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of
Filing of Amendment No. 1 to Proposed Rule Change Relating to the
Exchange's Enhanced Electronic Trading Platform for Options, Phlx XL II
April 16, 2009.
On April 3, 2009, NASDAQ OMX PHLX, Inc. (``Phlx'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to
implement several enhancements to its electronic options trading
system, Phlx XL. The proposed rule change was published for comment in
the Federal Register on April 14, 2009.\3\ Pursuant to Section 19(b)(1)
of the Act,\4\ and Rule 19b-4 thereunder,\5\ notice is hereby given
that on April 15, 2009, Phlx filed with the Commission Amendment No. 1
to the proposed rule change as described in Item I below. The
Commission is publishing this notice of Amendment No. 1 to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 59721 (April 7,
2009), 74 FR 17245 (April 14, 2009).
\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of Amendment No. 1 to the Proposed Rule Change
The Exchange is filing Amendment No. 1 to clarify and correct
discrete portions of File No. SR-Phlx-2009-32, which proposes to
implement several enhancements to its electronic options trading
system, Phlx XL, with the enhanced system to be named Phlx XL II. The
text of the proposed rule change is available on the Exchange's Web
site at https://nasdaqomxphlx.cchwallstreet.com/NASDAQOMXPHLX/Filings/,
at the principal office of the Exchange, and at the Commission's Public
Reference Room.
Changes to the ``Purpose'' Section of the Previously Submitted Form
19b-4
References to ``page numbers'' mean the page numbers in the
previously submitted Form 19b-4 for SR-Phlx-2009-32. In addition to the
proposed changes below, the Exchange proposes conforming changes to the
previously submitted Exhibit 1 to SR-Phlx-2009-32.
1. Delete from footnote 3 the Federal Register citation to
``44612'' and replace it with ``46612.''
2. Add a closing parenthesis to footnote 6 after the phrase, ``the
``Linkage Plan,''.''
3. Delete the following phrase from the third sentence of the first
full paragraph on page 12:
``a number of contracts with a size equal to the size of the
interest at other markets at prices better than interest on the
Exchange,''
Replace the deleted phrase with the following:
``all marketable contracts on the Exchange to such better priced
away markets,''
4. Delete the following phrase from the first sentence of the first
full paragraph on page 15:
``conduct a Provisional Opening''
Replace the deleted phrase with the following:
``open as many contracts as possible''
5. Delete the final sentence of the first full paragraph on page 15
which states:
``The Exchange opening price will always be equal to or better than
the OQR.''
6. Delete the following sentence from footnote 39:
``The duration of the brief period will be published in an Options
Trader Alert, which will be available on the Exchange's web site.''
This is consistent with footnote 65. The brief period is not on a
timer.
7. Add the following at the end of footnote 44 on page 20:
``All references to a ``Quote Exhaust Timer'' in the Phlx XL II
system and in the proposed rules mean a system pause for a brief
period. Phlx XL II participants will not receive any notification that
a Quote Exhaust Timer has been initiated.''
8. In the seventh line of the second paragraph on page 24, delete
``B'' in parentheses and replace it with ``E'' in parentheses and
delete the ``C'' in parentheses and replace it with ``F'' in
parentheses.
9. Delete the following sentences from Page 30 under Example II
``After the Quote Exhaust Timer'':
``The initiating order buys 20 contracts from Market Maker 1 at
2.70 and the Phlx XL II system will contemporaneously route the
unexecuted balance of the initiating order to the away market, 10 to
buy at 2.70. This should result in a buy of 10 contracts at 2.65 on the
away market.
The disseminated PBBO is 2.20 bid, 2.70 offer, with a size of
20x5''
Replace the deleted sentences with the following:
``The initiating order has 30 unexecuted contracts to buy. The Phlx
XL II system will route 10 contracts to buy at 2.65 to the ABBO market,
which is the best available price and size. The remaining balance is
posted in the PBBO at the ABBO price.
The disseminated PBBO is 2.65 bid, 2.70 offer, with a size of
20x25.''
10. Delete the following phrase from the second sentence of the
last paragraph on page 34 (and continuing to page 35):
``a number of contracts that will satisfy interest at''
Replace the deleted phrase with the following:
``all marketable contracts on the Exchange to''
11. Delete the following phrase from the second sentence of the
first full paragraph on page 35:
``a number of contracts that will satisfy interest at other markets
at prices better than''
Replace the deleted phrase with the following:
``any remaining contracts to away markets at''
12. Delete the word ``or'' from the third line of the first full
paragraph on page 38, and replace it with the phrase ``if the Exchange
Auction Price is no more than''
[[Page 18601]]
13. Add the letter ``i'' to the second line of the third full
paragraph on page 41 immediately before the last letter of the line, to
spell the word ``is.''
14. Add the word ``be'' at the end of the third line from the
bottom of page 45, after the word ``not'' and before the word
``eligible.''
15. Add the following at the beginning of the second full paragraph
on page 45:
``In the circumstances described in the preceding paragraph,''
Delete the capital ``W'' from the word ``What'' and replace it with
a lower case ``w.''
16. Add the following at the beginning of the second full paragraph
on page 46:
``In the circumstances described in the preceding paragraph,''
Delete the capital ``W'' from the word ``What'' and replace it with
a lower case ``w.''
17. Add the following at the beginning of the second full paragraph
on page 48:
``In the circumstances described in the preceding paragraph,''
Delete the capital ``W'' from the word ``What'' and replace it with
a lower case ``w.''
18. Add the following at the beginning of the second full paragraph
on page 49:
``In the circumstances described in the preceding paragraph,''
Delete the capital ``W'' from the word ``What'' and replace it with
a lower case ``w.''
19. Add the following at the beginning of the second full paragraph
on page 50:
``In the circumstances described in the preceding paragraph,''
Delete the capital ``W'' from the word ``What'' and replace it with
a lower case ``w.''
20. In the last line on page 54, delete the lower case ``m'' and
add a capital ``M'' to form the word ``Management.''
Changes to Previously Submitted Proposed Rule Text
1. Delete currently proposed Rule 1017(l)(ii)(E) and replace it
with:
``A different opening price will not require the Phlx XL II system
to repeat the entire opening process.``
2. Amend the first sentence of proposed Rule 1017(l)(iii)(B) to
state:
``If there is sufficient size on the Exchange and on away markets
on the opposite side of the market from the imbalance to execute all
opening marketable interest at a price that is at or within the
established OQR and the Away Best Bid or Offer (``ABBO'') without
leaving an imbalance, the Phlx XL II system will open the affected
series for trading at that price by executing opening marketable
interest on the Phlx XL II system, as long as the system does not trade
through the ABBO.''
3. Amend proposed Rule 1017(l)(iv)(B) to state:
``If opening quotes, Opening Sweeps and orders submitted during the
Imbalance Timer, or other changes to the ABBO, would allow the entire
imbalance amount to trade at the Exchange at or within the OQR without
trading through the ABBO, the Imbalance Timer will end and the Phlx XL
II system will execute at the appropriate opening price.''
4. Delete from proposed Rule 1017(l)(iv)(C)(3) the phrase:
``a number of contracts with a size equal to the size of the
interest at other markets at prices better than interest on the
Exchange,''
Replace that deleted phrase with the following:
``all marketable contracts on the Exchange to such better priced
away markets,''
5. Delete the first two sentences from Rule 1017(l)(iv)(C)(7) and
replace with the following:
``If after that number of times, the Phlx XL II system still cannot
route and/or trade the entire imbalance amount, the Phlx XL II system
will open as many contracts as possible by routing to other markets at
prices better than the Exchange opening price for their disseminated
size, trading available contracts on the Exchange at the Exchange
opening price, and routing contracts to other markets at prices equal
to the Phlx opening price at their disseminated size.''
6. Make a marking correction to Proposed Rule 1080(c)(iv)(E) by
underlining the new capital ``R'' in the proposed rule text.
7. Delete from the first line of proposed Rule 1080(h), the capital
``A'' and replace it with a lower case ``a.''
8. Make a marking correction to the first three lines of Proposed
Rule 1080(m) by underlining the following proposed rule text:
``only customer FIND and SRCH Orders (as defined below) with no
other contingencies. IOC Orders will be cancelled immediately if not
executed, and will not be routed.''
9. Add the word ``be'' to the last sentence of the third paragraph
of proposed Rule 1080(m)(iv)(B) between the words ``not'' and
``eligible.''
10. Add the following to the beginning of the fifth paragraph of
proposed Rule 1080(m)(iv)(B):
``In the circumstances described in the preceding paragraph,''
Delete the capital ``W'' from the word ``What'' and replace it with
a lower case ``w.''
11. Add the following to the beginning of the seventh paragraph of
proposed Rule 1080(m)(iv)(B):
``In the circumstances described in the preceding paragraph,''
Delete the capital ``W'' from the word ``What'' and replace it with
a lower case ``w.''
12. Add the word ``be'' to the last sentence of the seventh
paragraph of proposed Rule 1080(m)(iv)(B) between the words ``not'' and
``eligible.''
13. Amend the final paragraph of proposed Rule 1080(m)(iv)(B) by
adding a space between ``Phlx XL'' and ``II'' in the seventh line. Also
delete the lower case ``b'' in parentheses at the end of the seventh
line and replace it with a capital ``B.''
14. Add the following to the beginning of the fifth paragraph of
proposed Rule 1080(m)(iv)(C):
``In the circumstances described in the preceding paragraph,''
Delete the capital ``W'' from the word ``What'' and replace it with
a lower case ``w.''
15. Add the following to the beginning of the seventh paragraph of
proposed Rule 1080(m)(iv)(C):
``In the circumstances described in the preceding paragraph,''
Delete the capital ``W'' from the word ``What'' and replace it with
a lower case ``w.''
16. Correct a typographical error in the sixth paragraph of
proposed Rule 1080(m)(iv)(C) by adding an ``i'' to the word ``Timer''
in the last sentence.
17. Add the following to the beginning of the ninth paragraph of
proposed Rule 1080(m)(iv)(C):
``In the circumstances described in the preceding paragraph,''
Delete the capital ``W'' from the word ``What'' and replace it with
a lower case ``w.''
18. Delete the capital ``I'' from the first line of proposed Rule
1082(a)(ii)(B)(3)(g)(iii)(B)(3) and replace it with a lower case ``i.''
19. Add the word ``to'' to the first line of proposed Rule
1082(a)(ii)(B)(3)(g)(iv)(A)(4) between the words ``equal'' and
``both.''
20. Delete the capital ``I'' from the first line of proposed Rule
1082(a)(ii)(B)(3)(g)(iv)(B)(3) and replace it with a lower case ``i.''
21. Delete the words ``quote or'' from the first line of proposed
Rule 1082(a)(ii)(B)(3)(g)(v).
22. Delete from proposed Rule 1082(a)(ii)(B)(4)(d)(iv)(A) the
following phrase:
[[Page 18602]]
``a number of contracts that will satisfy interest at''
Replace the deleted phrase with the following:
``all marketable contracts on the Exchange to''.
23. Delete from proposed Rule 1082(a)(ii)(B)(4)(d)(iv)(B) the
following phrase:
``a number of contracts that will satisfy interest at other markets
at prices better than''
Replace the deleted phrase with the following:
``any remaining contracts to away markets at''
24. Underline the new text ``OQR'' in proposed OFPA A-14.
The following proposed rules have been changed from the previously
submitted Exhibit 5: 1017(l)(ii)(E); 1017(l)(iii)(B); 1017(l)(iv)(B);
1017(l)(iv)(C)(3); 1017(l)(iv)(C)(7); 1080(c)(iv)(E); 1080(h); 1080(m);
1080(m)(iv)(B); 1080(m)(iv)(C); 1082(a)(ii)(B)(3)(g)(iii)(B)(3);
1082(a)(ii)(B)(3)(g)(iv)(A)(4); 1082(a)(ii)(B)(3)(g)(v);
1082(a)(ii)(B)(4)(d)(iv)(A); 1082(a)(ii)(B)(4)(d)(iv)(B); and OFPA A-
14.
The Exhibit 5 included in Amendment No. 1 replaces the previously
submitted Exhibit 5 to SR-Phlx-2009-32 in its entirety.\6\
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\6\ The text of Exhibit 5 to Amendment No. 1 is also available
on the Commission's Web site.
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III. Date of Effectiveness of Amendment No. 1 to 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 Exchange consents, the Commission shall: (a) by order approve
such proposed rule change, or (b) institute proceedings to determine
whether the proposed rule change should be disapproved.
The Exchange has requested accelerated approval of this Amendment
No. 1 to the proposed rule change prior to the 30th day after the date
of publication of the notice in the Federal Register. The Commission is
considering granting accelerated approval of the proposed rule change
at the end of a 21-day comment period.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning this Amendment No. 1, including whether this
Amendment No. 1 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-Phlx-2009-32 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-Phlx-2009-32. 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 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-Phlx-2009-32 and should be
submitted on or before May 14, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-9241 Filed 4-22-09; 8:45 am]
BILLING CODE 8010-01-P
