Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending NYSE Amex Equities Rule 124 To Clarify the Pricing Methodology for the Odd-Lot Portion of a Part of a Round-Lot Order; Clarify the Systems Capable of Accepting PRL Orders; and Clarify the Systems Capable of Accepting a Good ‘Til Cancelled Order During the Implementation of Exchange System Enhancements, 30342-30345 [E9-14957]
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30342
Federal Register / Vol. 74, No. 121 / Thursday, June 25, 2009 / Notices
should be submitted on or before July
16, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority. 19
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–14972 Filed 6–24–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60139; File No. SR–
NYSEAmex–2009–18]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Amex LLC Amending NYSE Amex
Equities Rule 124 To Clarify the Pricing
Methodology for the Odd-Lot Portion
of a Part of a Round-Lot Order; Clarify
the Systems Capable of Accepting PRL
Orders; and Clarify the Systems
Capable of Accepting a Good ‘Til
Cancelled Order During the
Implementation of Exchange System
Enhancements
June 18, 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 June 8,
2009, NYSE Amex LLC (the ‘‘Exchange’’
or ‘‘NYSE Amex’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization.
NYSE Amex filed the proposed rule
change pursuant to Section 19(b)(3)(A)
of the Act 4 and Rule 19b–4(f)(6)
thereunder,5 which renders it effective
upon filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
sroberts on PROD1PC70 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to: (i) Amend
NYSE Amex Equities Rule 124 (Odd-Lot
Orders) to clarify the pricing
methodology for the odd-lot portion of
a part of a round-lot (‘‘PRL’’) order; (ii)
clarify the systems capable of accepting
PRL orders; and (iii) clarify the systems
capable of accepting a Good ‘Til
19 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.
4 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(6).
1 15
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16:25 Jun 24, 2009
Cancelled Order (‘‘GTC’’) during the
implementation of Exchange system
enhancements. The text of the proposed
rule change is available at the Exchange,
the Commission’s Public Reference
Room, and 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
NYSE Amex LLC (‘‘NYSE Amex’’ or
‘‘the Exchange’’), formerly the American
Stock Exchange LLC, proposes to: (i)
Amend NYSE Amex Equities Rule 124
(Odd-Lot Orders) to clarify the pricing
methodology for the odd-lot portion of
a part of a round-lot (‘‘PRL’’) order; (ii)
clarify the systems capable of accepting
PRL orders; and (iii) clarify the systems
capable of accepting a Good ‘Til
Cancelled Order (‘‘GTC’’) during the
implementation of Exchange system
enhancements. The text of the proposed
rule change is attached hereto as Exhibit
5.
The Exchange notes that parallel
changes are proposed to be made to the
rules of the New York Stock Exchange
LLC (‘‘NYSE’’).6
I. Background
As described more fully in a related
rule filing,7 NYSE Euronext acquired
The Amex Membership Corporation
(‘‘AMC’’) pursuant to an Agreement and
Plan of Merger, dated January 17, 2008
(the ‘‘Merger’’). In connection with the
Merger, the Exchange’s predecessor, the
American Stock Exchange LLC
(‘‘Amex’’), a subsidiary of AMC, became
a subsidiary of NYSE Euronext now
called NYSE Amex LLC, and continues
to operate as a national securities
exchange registered under Section 6 of
6 See
SR–NYSE–2009–45 (filed June 8, 2009).
Securities Exchange Act Release No. 58673
(September 29, 2008), 73 FR 57707 (October 3,
2008) (SR–NYSE–2008–60 and SR–Amex 2008–62)
(approving the Merger).
7 See
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the Securities Exchange Act of 1934, as
amended (the ‘‘Act’’).8 The effective
date of the Merger was October 1, 2008.
In connection with the Merger, on
December 1, 2008, the Exchange
relocated all equities trading conducted
on the Exchange legacy trading systems
and facilities located at 86 Trinity Place,
New York, New York, to trading systems
and facilities located at 11 Wall Street,
New York, New York (the ‘‘Equities
Relocation’’). The Exchange’s equity
trading systems and facilities at 11 Wall
Street (the ‘‘NYSE Amex Trading
Systems’’) are operated by the NYSE on
behalf of the Exchange.9
As part of the Equities Relocation,
NYSE Amex adopted NYSE Rules 1–
1004, subject to such changes as
necessary to apply the Rules to the
Exchange, as the NYSE Amex Equities
Rules to govern trading on the NYSE
Amex Trading Systems.10 The NYSE
Amex Equities Rules, which became
operative on December 1, 2008, are
substantially identical to the current
NYSE Rules 1–1004 and the Exchange
continues to update the NYSE Amex
Equities Rules as necessary to conform
with rule changes to corresponding
NYSE Rules filed by the NYSE.
II. Background of NYSE Amex Equities
Rule 124
Currently, odd-lot orders on the
Exchange are processed and executed
systemically by an Exchange system
designated solely for odd-lot orders (the
‘‘Odd-lot System’’).11 The Odd-lot
System executes all odd-lot orders
against the Designated Marker Maker
(‘‘DMM’’) as the contra party.12
8 15
U.S.C. 78f.
Securities Exchange Act Release No. 58705
(October 1, 2008), 73 FR 58995 (October 8, 2008)
(SR–Amex 2008–63) (approving the Equities
Relocation).
10 See Securities Exchange Act Release No. 58705
(October 1, 2008), 73 FR 58995 (October 8, 2008)
(SR–Amex 2008–63) (approving the Equities
Relocation); Securities Exchange Act Release No.
58833 (October 22, 2008), 73 FR 64642 (October 30,
2008) (SR–NYSE–2008–106) and Securities
Exchange Act Release No. 58839 (October 23, 2008),
73 FR 64645 (October 30, 2008) (SR–NYSEALTR–
2008–03) (implementing the Bonds Relocation);
Securities Exchange Act Release No. 59022
(November 26, 2008), 73 FR 73683 (December 3,
2008) (SR–NYSEALTR–2008–10) (adopting
amendments to NYSE Amex Equities Rules to track
changes to corresponding NYSE Rules); Securities
Exchange Act Release No. 59027 (November 28,
2008), 73 FR 73681 (December 3, 2008) (SR–
NYSEALTR–2008–11) (adopting amendments to
Rule 62—NYSE Amex Equities to track changes to
corresponding NYSE Rule 62).
11 See NYSE Amex Equities Rule 124(a).
12 Id. Odd-lot orders are in effect netted against
one another and executed; however, since the DMM
is buying the same amount that he or she is selling,
there is no economic consequence to the DMM in
this type of pairing-off of orders. Any imbalance of
buy or sell odd-lot market orders are executed
9 See
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Federal Register / Vol. 74, No. 121 / Thursday, June 25, 2009 / Notices
Pursuant to NYSE Amex Equities Rule
124(c), after odd-lot market orders and
marketable odd-lot limit orders are
received by the Odd-lot System, they are
automatically executed at the price of
the next round-lot transaction in the
subject security on the Exchange.
Specifically, marketable odd-lot orders
and marketable odd-lot limit orders are
executed in time priority of receipt at
the price of the next round-lot
transaction, pursuant to the netting
provision described in footnote 12. The
imbalance of marketable odd-lot orders
that do not receive an execution as a
result of the netting provision are
executed in time priority of receipt at
the price of the National Best Bid or
Offer (‘‘NBBO’’), subject to a volume
limitation.13 Any imbalances of odd-lot
limit orders that were non-marketable
upon receipt that subsequently become
marketable receive an execution at their
limit price.14 Marketable odd-lot orders,
which would otherwise receive a partial
execution pursuant to the volume
limitation, are executed in full.15
Any marketable odd-lot orders that do
not receive an execution because of the
volume limitation are executed, in time
priority of receipt at the price of the
next round-lot transaction, following
pricing and execution procedures
described above. Marketable odd-lot
orders (including odd-lot limit orders
that were non-marketable upon receipt
and subsequently become marketable)
Time of
execution
12:00:01
12:01:00
12:01:47
12:01:48
........
........
........
........
Number of
shares
100
100
100
99
that remain unexecuted within 30
seconds of receipt will be executed, in
time priority of receipt, at the price of
the NBBO (or at its limit price if the
order is a non-marketable odd-lot limit
order upon receipt that has become
marketable). These orders are also
subject to the volume limitation.
Marketable odd-lot orders and nonmarketable odd-lot limit orders that
have become marketable and remain
unexecuted prior to the close of trading
shall be executed, in time priority of
receipt at the price of the closing
transaction, subject to the netting
provision and a volume restriction
which is not to exceed the size of the
closing transaction.
PRL Pricing
The Exchange believes that the most
appropriate way to execute odd-lot
orders is to represent them in the roundlot auction market where they would
interact with all other market interest
and be priced in accordance with
supply and demand dynamics. The
Exchange is committed to the goal of
integrating odd-lots into the round-lot
market and eliminating the separate
handling of odd-lot and PRL
transactions. However, until the
requisite technology changes can be
completed, the Exchange is proposing
these modifications in order to further
streamline the handling performed by
its current systems.
Price of
execution
30343
NYSE Amex Equities Rule 124 was
amended as interim measures to
accommodate the pricing and execution
of odd-lot orders in a manner based on
the prevailing market.16 Most recently,
significant upgrades to the Exchange’s
technology 17 made it possible for the
Exchange systems that process orders
sent to Display Book, the Exchange
matching engine, to price odd-lot orders
sent to the post that were consistent
with the provisions of NYSE Amex
Equities Rule 124(c) and (d).
On March 11, 2009, the Exchange
filed a proposed rule change with the
Commission to amend NYSE Amex
Equities Rule 124.40 to allow the oddlot portion of PRLs to be executed in the
Odd-lot System pursuant to the pricing
provisions of NYSE Amex Equities Rule
124.18 As modified, the odd-lot portion
of the PRL retains the time stamp of its
original entry as a PRL and is sequenced
for execution based on the initial entry
time of the PRL. Once all round lot
components of the PRL are fully
executed, the odd-lot portion of the
order is executed at a price consistent
with other odd-lot orders subject to the
provisions of NYSE Amex Equities Rule
124(c) and (d).
Example: A marketable order to sell 399
shares of security XYZ is received by
Exchange systems at 12:00:00. The 99 share
portion of the order is eligible for execution
only after the 300 share portion of the PRL
order is sold. See table below.
Customer receives
$30.22
30.21
30.22
1930.23
Report
Report
Report
Report
of
of
of
of
Execution
Execution
Execution
Execution
100 shares at a price of $30.22.
100 shares at a price of $30.21.
100 shares at a price of $30.22.
99 shares at a price of $30.23.
sroberts on PROD1PC70 with NOTICES
In the filing to amend the execution
of PRL orders, the Exchange explained
that the system enhancements to
Display Book would be progressively
implemented on a security by security
basis. On March 16, 2009, the Exchange
commenced migration of symbols to the
enhanced systems. This migration is
ongoing and PRL orders submitted to
the Display Book in those migrated
symbols are executed as described
above. The list of securities that are
operating on the enhanced systems, are
available on the Exchange’s Web site at:
https://www.nyse.com/attachment/
SDBK_SecurityRolloutList.xls.
Systems that process orders sent to
the Exchange to be executed by a Floor
broker, collectively called Exchange
Floor broker systems, are also being
upgraded to provide improved
functionality. The Exchange Floor
broker systems can be divided into two
categories—booth systems (Broker
against the DMM, up to the size of the round-lot
transaction or the bid/offer size which ever is less.
13 The volume limitation in section (c) of the rule
is defined as the lesser of either the number of
shares in the last round-lot transaction or the
number of shares available at the national best bid
(in the case of an odd-lot order to sell), or the
national best offer (in the case of an odd-lot order
to buy).
14 Pursuant to NYSE Amex Equities Rule 124(d)
odd-lot limit orders that are non-marketable upon
receipt that become marketable are eligible to be
netted and executed at the price of the next roundlot transaction. If an odd-lot limit order does not
receive an execution pursuant to the netting
provision, then the order is eligible to be executed,
at its limit price, subject to the volume limitation
of section (c) of the rule.
15 As with marketable odd-lot orders, nonmarketable odd-lot limit orders which would
otherwise receive a partial execution will be
executed in full. A non-marketable odd-lot limit
order that becomes marketable, that remains
unexecuted within 30 seconds of receipt will be
executed, in time priority of receipt, except that the
order will be executed at its limit price.
16 See Securities Exchange Act Release No. 56551
(September 27, 2007), 73 FR 56415 (October 3,
2007) (SR–NYSE–2007–82); See also Securities
Exchange Act Release No. 49536 (April 7, 2004), 69
FR 19890, 19893 (April 14, 2004) (SR–NYSE–2003–
37); Securities Exchange Act Release No. 49745
(May 20, 2004), 69 FR 29998 (May 26, 2004) (SR–
NYSE–2003–37).
17 See Securities Exchange Act Release No. 58184
(July 17, 2008), 73 FR 42853 (July 23, 2008) (SR–
NYSE–2008–46) (Key changes in this filing served
to enhance the Exchange technology).
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17:35 Jun 24, 2009
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18 See Securities Exchange Act Release No. 59614
(March 20, 2009), 74 FR 13501 (March 27, 2009)
(SR–NYSEALTR–2009–27).
19 This example assumes that the odd-lot portion
of the PRL had priority of execution in the Odd-lot
System because its original order entry time was
12:00:00.
E:\FR\FM\25JNN1.SGM
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30344
Federal Register / Vol. 74, No. 121 / Thursday, June 25, 2009 / Notices
Booth Support Systems or ‘‘BBSS’’) and
hand-held devices. As of yet, neither
system has been provided with the
newer PRL pricing functionality. As a
result, PRLs sent to BBSS are processed
pursuant to the prior provisions of
NYSE Amex Equities Rule 124,
Time of
execution
12:00:01
12:01:00
12:01:47
12:01:47
........
........
........
........
Number of
shares
100
100
100
99
Supplemental Material .40, which
requires the odd-lot portion of a PRL to
be executed only where no round lot
portion thereof is cancelled and at the
same price of the last round lot
execution that would complete the
round lot portion of the PRL.
Price of
execution
Customer receives
$30.22
30.21
30.22
30.22
Report of Execution 100 shares at a price of $30.22.
Report of Execution 100 shares at a price of $30.22.
Report of Execution 199 shares at a price of $30.22.
2. Statutory Basis
Systems Capable of Accepting PRL and
GTC Orders
sroberts on PROD1PC70 with NOTICES
Until such time as the Exchange Floor
broker systems can be enhanced to
execute PRL orders pursuant to NYSE
Amex Equities Rule 124(c) and (d), the
Exchange proposes to amend the
provisions of NYSE Amex Equities Rule
124.40 to provide that the odd-lot
portion of PRL orders transmitted to a
Floor broker via the Floor broker booth
system for execution will be executed at
the same price of the last round lot
execution that would complete the
round lot portion of the PRL.
The Exchange anticipates that the
enhancements to the Exchange Floor
broker systems will be completed no
later than the end of the fourth quarter
of 2009.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
During the implementation of the
Exchange Floor broker system
enhancements, any PRL orders and GTC
orders sent to a Floor broker’s hand-held
device will be rejected. Furthermore,
GTC orders in symbols that have been
migrated to the enhanced systems noted
above will not be accepted in any broker
system. PRL and GTC orders (in nonmigrated symbols) must be transmitted
to BBSS where the customer seeks to
utilize a Floor broker’s business
expertise in the execution of such
orders. Once the full migration has been
completed, GTC orders will not be
accepted by broker systems or broker
hand-held devices and PRL orders will
not be accepted by broker hand-held
devices. Therefore, the Exchange
proposes to amend NYSE Amex Equities
Rule 13 (Definitions of Orders) to state
that GTC orders will not be accepted by
broker hand-held devices or broker
systems. Similarly, the Exchange
proposes to amend NYSE Amex Equities
Rule 124.40 to state that PRL orders will
not be accepted by broker hand-held
devices.
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.
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16:25 Jun 24, 2009
Jkt 217001
Example: An order to sell 399 shares of
security XYZ is received by Exchange Floor
broker systems at 12:00:00. The 99 share
portion of the order is eligible for execution
only after the 300 share portion of the PRL
order is sold. See table below.
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(5) 20 that an
Exchange have rules that are designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system and, in general, to protect
investors and the public interest. The
instant proposal is in keeping with these
principles in that it seeks to clarify and
temporarily modify the Exchange’s
pricing methodology for PRL orders to
provide customers the benefit of the
Floor broker’s business expertise while
the Exchange completes required system
enhancements.
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 21 and Rule
19b–4(f)(6) thereunder.22 Because the
foregoing proposed rule change: (1)
Does not significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) by its
20 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A).
22 17 CFR 240.19b–4(f)(6).
21 15
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Sfmt 4703
terms does not become operative for 30
days of this filing, 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 pursuant to Section 19(b)(3)(A)
of the Act 23 and subparagraph (f)(6) of
Rule 19b–4 thereunder.24
A proposed rule change filed under
Rule 19b–4(f)(6) does not normally
become operative prior to 30 days after
the date of filing.25 However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay so that the proposal may become
operative immediately upon filing.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because the proposed rule change seeks
to avoid investor confusion by clarifying
the systems capable of executing PRL
and GTC orders and the pricing
methodology for such orders. Therefore,
the Commission designates the
proposed rule change operative upon
filing.26
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
23 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
25 See id. In addition, Rule 19b–4(f)(6)(iii)
requires a self-regulatory organization to provide
the Commission with written notice of its intent to
file the proposed rule change, along with a brief
descriptiption 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 Exchange
has satisfied this requirement.
26 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition and capital formation. 15
U.S.C. 78c(f).
24 17
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Federal Register / Vol. 74, No. 121 / Thursday, June 25, 2009 / Notices
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance 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
sroberts on PROD1PC70 with NOTICES
• 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–NYSEAmex–2009–18 on
the subject line.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.27
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–14957 Filed 6–24–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60143; File No. SR–OC–
2009–02]
Self-Regulatory Organizations; One
Chicago, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Widening the Bid/Ask
Spread for Quoting Market-Makers
June 19, 2009.
Pursuant to Section 19(b)(7) of the
Securities Exchange Act of 1934
Paper Comments
(‘‘Act’’) 1 and Rule 19b–7 under the Act 2
• Send paper comments in triplicate
notice is hereby given that on June 9,
to Elizabeth M. Murphy, Secretary,
2009, One Chicago, LLC (‘‘OneChicago’’
Securities and Exchange Commission,
or ‘‘OCX’’) filed with the Securities and
100 F Street, NE., Washington, DC
Exchange Commission (‘‘SEC’’ or
20549–1090.
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
All submissions should refer to File
III below, which Items have been
Number SR–NYSEAmex–2009–18. This
prepared by the self-regulatory
file number should be included on the
subject line if e-mail is used. To help the organization. The Commission is
publishing this notice to solicit
Commission process and review your
comments on the proposed rule change
comments more efficiently, please use
only one method. The Commission will from interested persons. OneChicago
post all comments on the Commission’s also has filed the proposed rule change
with the Commodity Futures Trading
Internet Web site (https://www.sec.gov/
Commission (‘‘CFTC’’) under Section
rules/sro.shtml). Copies of the
5c(c) of the Commodity Exchange Act 3
submission, all subsequent
on June 9, 2009.
amendments, all written statements
with respect to the proposed rule
I. Self-Regulatory Organization’s
change that are filed with the
Description of the Proposed Rule
Commission, and all written
Change
communications relating to the
OneChicago is proposing to amend its
proposed rule change between the
Commission and any person, other than Rule 515(n)(C)(1)(y) to change the
quoting requirements for Market
those that may be withheld from the
Makers. Additionally, OCX is proposing
public in accordance with the
to amend its ‘‘Market Maker Registration
provisions of 5 U.S.C. 552, will be
Policy and Procedures’’ to reflect this
available for inspection and copying in
amendment.
the Commission’s Public Reference
Presently a market-maker, when
Room, 100 F Street, NE., Washington,
providing quotations, quotes with a
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m. maximum bid/ask spread of no more
Copies of the filing also will be available than the greater of $0.20 (the ‘‘20 Cent
Spread’’) or 150% of the bid/ask spread
for inspection and copying at the
in the primary market for the security
principal office of the Exchange. All
underlying each Contract (the ‘‘150%
comments received will be posted
Spread’’). The proposed rule change
without change; the Commission does
will raise the 20 Cent Spread to $5. A
not edit personal identifying
copy of this filing is available on the
information from submissions. You
Exchange’s Web site at https://
should submit only information that
you wish to make available publicly. All www.onechicago.com, at the Exchange’s
submissions should refer to File
27 17 CFR 200.30–3(a)(12).
Number SR–NYSEAmex–2009–18 and
1 15 U.S.C. 78s(b)(7).
should be submitted on or before July
2 17 CFR 240.19b–7.
16, 2009.
3 7 U.S.C. 7a–2(c).
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16:25 Jun 24, 2009
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30345
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.
OneChicago 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 this proposed rule
change is to modify the quoting
requirements for OCX market makers.
Presently a market-maker, when
providing quotations, quotes with a
maximum bid/ask spread of no more
than the greater of the 20 Cent Spread
or the150% Spread. The proposed rule
change will raise the 20 Cent Spread to
$5. Currently, the volatile market
conditions have caused several
OneChicago market makers to either
stop quoting in a particular name or
seek relief from OneChicago to widen
their quotes to a competitive level,
which could be $5.
The proposed rule change would
harmonize the maximum bid/ask spread
requirements with those of the listed
options exchanges, e.g. the Chicago
Board Options Exchange (CBOE) and
the International Securities Exchange
(ISE). Both of those exchanges permit
‘‘bidding and offering so as to create
differences of no more than $5 between
the bid and offering following the
opening rotation * * *.’’
The Exchange believes that the 20
Cent Spread is no longer necessary or
appropriate considering the increased
volatility of the underlying securities.
The Exchange further believes that the
current 20 Cent Spread could have a
negative effect on investors because
market makers, rather than complying
with these requirements, will stop
quoting a security futures product
altogether, leaving the investor with the
possibility of an illiquid position. The
Exchange has been able to mitigate this
problem by granting ‘‘relief’’ from the 20
Cent Spread ‘‘during unusual market
E:\FR\FM\25JNN1.SGM
25JNN1
]]>Agencies
[Federal Register Volume 74, Number 121 (Thursday, June 25, 2009)]
[Notices]
[Pages 30342-30345]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-14957]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60139; File No. SR-NYSEAmex-2009-18]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending NYSE
Amex Equities Rule 124 To Clarify the Pricing Methodology for the Odd-
Lot Portion of a Part of a Round-Lot Order; Clarify the Systems Capable
of Accepting PRL Orders; and Clarify the Systems Capable of Accepting a
Good `Til Cancelled Order During the Implementation of Exchange System
Enhancements
June 18, 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 June 8, 2009, NYSE Amex LLC (the ``Exchange'' or ``NYSE
Amex'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. NYSE Amex filed the proposed rule change pursuant to
Section 19(b)(3)(A) of the Act \4\ and Rule 19b-4(f)(6) thereunder,\5\
which renders it effective upon filing with the Commission. 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.
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to: (i) Amend NYSE Amex Equities Rule 124
(Odd-Lot Orders) to clarify the pricing methodology for the odd-lot
portion of a part of a round-lot (``PRL'') order; (ii) clarify the
systems capable of accepting PRL orders; and (iii) clarify the systems
capable of accepting a Good `Til Cancelled Order (``GTC'') during the
implementation of Exchange system enhancements. The text of the
proposed rule change is available at the Exchange, the Commission's
Public Reference Room, and 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
NYSE Amex LLC (``NYSE Amex'' or ``the Exchange''), formerly the
American Stock Exchange LLC, proposes to: (i) Amend NYSE Amex Equities
Rule 124 (Odd-Lot Orders) to clarify the pricing methodology for the
odd-lot portion of a part of a round-lot (``PRL'') order; (ii) clarify
the systems capable of accepting PRL orders; and (iii) clarify the
systems capable of accepting a Good `Til Cancelled Order (``GTC'')
during the implementation of Exchange system enhancements. The text of
the proposed rule change is attached hereto as Exhibit 5.
The Exchange notes that parallel changes are proposed to be made to
the rules of the New York Stock Exchange LLC (``NYSE'').\6\
---------------------------------------------------------------------------
\6\ See SR-NYSE-2009-45 (filed June 8, 2009).
---------------------------------------------------------------------------
I. Background
As described more fully in a related rule filing,\7\ NYSE Euronext
acquired The Amex Membership Corporation (``AMC'') pursuant to an
Agreement and Plan of Merger, dated January 17, 2008 (the ``Merger'').
In connection with the Merger, the Exchange's predecessor, the American
Stock Exchange LLC (``Amex''), a subsidiary of AMC, became a subsidiary
of NYSE Euronext now called NYSE Amex LLC, and continues to operate as
a national securities exchange registered under Section 6 of the
Securities Exchange Act of 1934, as amended (the ``Act'').\8\ The
effective date of the Merger was October 1, 2008.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 58673 (September 29,
2008), 73 FR 57707 (October 3, 2008) (SR-NYSE-2008-60 and SR-Amex
2008-62) (approving the Merger).
\8\ 15 U.S.C. 78f.
---------------------------------------------------------------------------
In connection with the Merger, on December 1, 2008, the Exchange
relocated all equities trading conducted on the Exchange legacy trading
systems and facilities located at 86 Trinity Place, New York, New York,
to trading systems and facilities located at 11 Wall Street, New York,
New York (the ``Equities Relocation''). The Exchange's equity trading
systems and facilities at 11 Wall Street (the ``NYSE Amex Trading
Systems'') are operated by the NYSE on behalf of the Exchange.\9\
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 58705 (October 1,
2008), 73 FR 58995 (October 8, 2008) (SR-Amex 2008-63) (approving
the Equities Relocation).
---------------------------------------------------------------------------
As part of the Equities Relocation, NYSE Amex adopted NYSE Rules 1-
1004, subject to such changes as necessary to apply the Rules to the
Exchange, as the NYSE Amex Equities Rules to govern trading on the NYSE
Amex Trading Systems.\10\ The NYSE Amex Equities Rules, which became
operative on December 1, 2008, are substantially identical to the
current NYSE Rules 1-1004 and the Exchange continues to update the NYSE
Amex Equities Rules as necessary to conform with rule changes to
corresponding NYSE Rules filed by the NYSE.
---------------------------------------------------------------------------
\10\ See Securities Exchange Act Release No. 58705 (October 1,
2008), 73 FR 58995 (October 8, 2008) (SR-Amex 2008-63) (approving
the Equities Relocation); Securities Exchange Act Release No. 58833
(October 22, 2008), 73 FR 64642 (October 30, 2008) (SR-NYSE-2008-
106) and Securities Exchange Act Release No. 58839 (October 23,
2008), 73 FR 64645 (October 30, 2008) (SR-NYSEALTR-2008-03)
(implementing the Bonds Relocation); Securities Exchange Act Release
No. 59022 (November 26, 2008), 73 FR 73683 (December 3, 2008) (SR-
NYSEALTR-2008-10) (adopting amendments to NYSE Amex Equities Rules
to track changes to corresponding NYSE Rules); Securities Exchange
Act Release No. 59027 (November 28, 2008), 73 FR 73681 (December 3,
2008) (SR-NYSEALTR-2008-11) (adopting amendments to Rule 62--NYSE
Amex Equities to track changes to corresponding NYSE Rule 62).
---------------------------------------------------------------------------
II. Background of NYSE Amex Equities Rule 124
Currently, odd-lot orders on the Exchange are processed and
executed systemically by an Exchange system designated solely for odd-
lot orders (the ``Odd-lot System'').\11\ The Odd-lot System executes
all odd-lot orders against the Designated Marker Maker (``DMM'') as the
contra party.\12\
---------------------------------------------------------------------------
\11\ See NYSE Amex Equities Rule 124(a).
\12\ Id. Odd-lot orders are in effect netted against one another
and executed; however, since the DMM is buying the same amount that
he or she is selling, there is no economic consequence to the DMM in
this type of pairing-off of orders. Any imbalance of buy or sell
odd-lot market orders are executed against the DMM, up to the size
of the round-lot transaction or the bid/offer size which ever is
less.
---------------------------------------------------------------------------
[[Page 30343]]
Pursuant to NYSE Amex Equities Rule 124(c), after odd-lot market
orders and marketable odd-lot limit orders are received by the Odd-lot
System, they are automatically executed at the price of the next round-
lot transaction in the subject security on the Exchange. Specifically,
marketable odd-lot orders and marketable odd-lot limit orders are
executed in time priority of receipt at the price of the next round-lot
transaction, pursuant to the netting provision described in footnote
12. The imbalance of marketable odd-lot orders that do not receive an
execution as a result of the netting provision are executed in time
priority of receipt at the price of the National Best Bid or Offer
(``NBBO''), subject to a volume limitation.\13\ Any imbalances of odd-
lot limit orders that were non-marketable upon receipt that
subsequently become marketable receive an execution at their limit
price.\14\ Marketable odd-lot orders, which would otherwise receive a
partial execution pursuant to the volume limitation, are executed in
full.\15\
---------------------------------------------------------------------------
\13\ The volume limitation in section (c) of the rule is defined
as the lesser of either the number of shares in the last round-lot
transaction or the number of shares available at the national best
bid (in the case of an odd-lot order to sell), or the national best
offer (in the case of an odd-lot order to buy).
\14\ Pursuant to NYSE Amex Equities Rule 124(d) odd-lot limit
orders that are non-marketable upon receipt that become marketable
are eligible to be netted and executed at the price of the next
round-lot transaction. If an odd-lot limit order does not receive an
execution pursuant to the netting provision, then the order is
eligible to be executed, at its limit price, subject to the volume
limitation of section (c) of the rule.
\15\ As with marketable odd-lot orders, non-marketable odd-lot
limit orders which would otherwise receive a partial execution will
be executed in full. A non-marketable odd-lot limit order that
becomes marketable, that remains unexecuted within 30 seconds of
receipt will be executed, in time priority of receipt, except that
the order will be executed at its limit price.
---------------------------------------------------------------------------
Any marketable odd-lot orders that do not receive an execution
because of the volume limitation are executed, in time priority of
receipt at the price of the next round-lot transaction, following
pricing and execution procedures described above. Marketable odd-lot
orders (including odd-lot limit orders that were non-marketable upon
receipt and subsequently become marketable) that remain unexecuted
within 30 seconds of receipt will be executed, in time priority of
receipt, at the price of the NBBO (or at its limit price if the order
is a non-marketable odd-lot limit order upon receipt that has become
marketable). These orders are also subject to the volume limitation.
Marketable odd-lot orders and non-marketable odd-lot limit orders
that have become marketable and remain unexecuted prior to the close of
trading shall be executed, in time priority of receipt at the price of
the closing transaction, subject to the netting provision and a volume
restriction which is not to exceed the size of the closing transaction.
PRL Pricing
The Exchange believes that the most appropriate way to execute odd-
lot orders is to represent them in the round-lot auction market where
they would interact with all other market interest and be priced in
accordance with supply and demand dynamics. The Exchange is committed
to the goal of integrating odd-lots into the round-lot market and
eliminating the separate handling of odd-lot and PRL transactions.
However, until the requisite technology changes can be completed, the
Exchange is proposing these modifications in order to further
streamline the handling performed by its current systems.
NYSE Amex Equities Rule 124 was amended as interim measures to
accommodate the pricing and execution of odd-lot orders in a manner
based on the prevailing market.\16\ Most recently, significant upgrades
to the Exchange's technology \17\ made it possible for the Exchange
systems that process orders sent to Display Book, the Exchange matching
engine, to price odd-lot orders sent to the post that were consistent
with the provisions of NYSE Amex Equities Rule 124(c) and (d).
---------------------------------------------------------------------------
\16\ See Securities Exchange Act Release No. 56551 (September
27, 2007), 73 FR 56415 (October 3, 2007) (SR-NYSE-2007-82); See also
Securities Exchange Act Release No. 49536 (April 7, 2004), 69 FR
19890, 19893 (April 14, 2004) (SR-NYSE-2003-37); Securities Exchange
Act Release No. 49745 (May 20, 2004), 69 FR 29998 (May 26, 2004)
(SR-NYSE-2003-37).
\17\ See Securities Exchange Act Release No. 58184 (July 17,
2008), 73 FR 42853 (July 23, 2008) (SR-NYSE-2008-46) (Key changes in
this filing served to enhance the Exchange technology).
---------------------------------------------------------------------------
On March 11, 2009, the Exchange filed a proposed rule change with
the Commission to amend NYSE Amex Equities Rule 124.40 to allow the
odd-lot portion of PRLs to be executed in the Odd-lot System pursuant
to the pricing provisions of NYSE Amex Equities Rule 124.\18\ As
modified, the odd-lot portion of the PRL retains the time stamp of its
original entry as a PRL and is sequenced for execution based on the
initial entry time of the PRL. Once all round lot components of the PRL
are fully executed, the odd-lot portion of the order is executed at a
price consistent with other odd-lot orders subject to the provisions of
NYSE Amex Equities Rule 124(c) and (d).
\18\ See Securities Exchange Act Release No. 59614 (March 20,
2009), 74 FR 13501 (March 27, 2009) (SR-NYSEALTR-2009-27).
---------------------------------------------------------------------------
Example: A marketable order to sell 399 shares of security XYZ
is received by Exchange systems at 12:00:00. The 99 share portion of
the order is eligible for execution only after the 300 share portion
of the PRL order is sold. See table below.
------------------------------------------------------------------------
Number of Price of
Time of execution shares execution Customer receives
------------------------------------------------------------------------
12:00:01............ 100 $30.22 Report of Execution 100
shares at a price of
$30.22.
12:01:00............ 100 30.21 Report of Execution 100
shares at a price of
$30.21.
12:01:47............ 100 30.22 Report of Execution 100
shares at a price of
$30.22.
12:01:48............ 99 \19\30.23 Report of Execution 99
shares at a price of
$30.23.
------------------------------------------------------------------------
In the filing to amend the execution of PRL orders, the Exchange
explained that the system enhancements to Display Book would be
progressively implemented on a security by security basis. On March 16,
2009, the Exchange commenced migration of symbols to the enhanced
systems. This migration is ongoing and PRL orders submitted to the
Display Book in those migrated symbols are executed as described above.
The list of securities that are operating on the enhanced systems, are
available on the Exchange's Web site at: https://www.nyse.com/attachment/SDBK_SecurityRolloutList.xls.
---------------------------------------------------------------------------
\19\ This example assumes that the odd-lot portion of the PRL
had priority of execution in the Odd-lot System because its original
order entry time was 12:00:00.
---------------------------------------------------------------------------
Systems that process orders sent to the Exchange to be executed by
a Floor broker, collectively called Exchange Floor broker systems, are
also being upgraded to provide improved functionality. The Exchange
Floor broker systems can be divided into two categories--booth systems
(Broker
[[Page 30344]]
Booth Support Systems or ``BBSS'') and hand-held devices. As of yet,
neither system has been provided with the newer PRL pricing
functionality. As a result, PRLs sent to BBSS are processed pursuant to
the prior provisions of NYSE Amex Equities Rule 124, Supplemental
Material .40, which requires the odd-lot portion of a PRL to be
executed only where no round lot portion thereof is cancelled and at
the same price of the last round lot execution that would complete the
---------------------------------------------------------------------------
round lot portion of the PRL.
Example: An order to sell 399 shares of security XYZ is received
by Exchange Floor broker systems at 12:00:00. The 99 share portion
of the order is eligible for execution only after the 300 share
portion of the PRL order is sold. See table below.
------------------------------------------------------------------------
Number of Price of
Time of execution shares execution Customer receives
------------------------------------------------------------------------
12:00:01............ 100 $30.22 Report of Execution 100
shares at a price of
$30.22.
12:01:00............ 100 30.21 Report of Execution 100
shares at a price of
$30.22.
12:01:47............ 100 30.22 Report of Execution 199
12:01:47............ 99 30.22 shares at a price of
$30.22.
------------------------------------------------------------------------
Until such time as the Exchange Floor broker systems can be
enhanced to execute PRL orders pursuant to NYSE Amex Equities Rule
124(c) and (d), the Exchange proposes to amend the provisions of NYSE
Amex Equities Rule 124.40 to provide that the odd-lot portion of PRL
orders transmitted to a Floor broker via the Floor broker booth system
for execution will be executed at the same price of the last round lot
execution that would complete the round lot portion of the PRL.
The Exchange anticipates that the enhancements to the Exchange
Floor broker systems will be completed no later than the end of the
fourth quarter of 2009.
Systems Capable of Accepting PRL and GTC Orders
During the implementation of the Exchange Floor broker system
enhancements, any PRL orders and GTC orders sent to a Floor broker's
hand-held device will be rejected. Furthermore, GTC orders in symbols
that have been migrated to the enhanced systems noted above will not be
accepted in any broker system. PRL and GTC orders (in non-migrated
symbols) must be transmitted to BBSS where the customer seeks to
utilize a Floor broker's business expertise in the execution of such
orders. Once the full migration has been completed, GTC orders will not
be accepted by broker systems or broker hand-held devices and PRL
orders will not be accepted by broker hand-held devices. Therefore, the
Exchange proposes to amend NYSE Amex Equities Rule 13 (Definitions of
Orders) to state that GTC orders will not be accepted by broker hand-
held devices or broker systems. Similarly, the Exchange proposes to
amend NYSE Amex Equities Rule 124.40 to state that PRL orders will not
be accepted by broker hand-held devices.
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \20\ that an Exchange have rules that
are designed to promote just and equitable principles of trade, to
remove impediments to and perfect the mechanism of a free and open
market and a national market system and, in general, to protect
investors and the public interest. The instant proposal is in keeping
with these principles in that it seeks to clarify and temporarily
modify the Exchange's pricing methodology for PRL orders to provide
customers the benefit of the Floor broker's business expertise while
the Exchange completes required system enhancements.
---------------------------------------------------------------------------
\20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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 \21\ and Rule 19b-4(f)(6) thereunder.\22\
Because the foregoing proposed rule change: (1) Does not significantly
affect the protection of investors or the public interest; (2) impose
any significant burden on competition; and (3) by its terms does not
become operative for 30 days of this filing, 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 pursuant to Section 19(b)(3)(A) of the Act \23\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\24\
---------------------------------------------------------------------------
\21\ 15 U.S.C. 78s(b)(3)(A).
\22\ 17 CFR 240.19b-4(f)(6).
\23\ 15 U.S.C. 78s(b)(3)(A).
\24\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) does not
normally become operative prior to 30 days after the date of
filing.\25\ However, Rule 19b-4(f)(6)(iii) permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposal may become operative immediately upon filing.
---------------------------------------------------------------------------
\25\ See id. In addition, Rule 19b-4(f)(6)(iii) requires a self-
regulatory organization to provide the Commission with written
notice of its intent to file the proposed rule change, along with a
brief descriptiption 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
Exchange has satisfied this requirement.
---------------------------------------------------------------------------
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because the proposed rule change seeks to avoid investor confusion by
clarifying the systems capable of executing PRL and GTC orders and the
pricing methodology for such orders. Therefore, the Commission
designates the proposed rule change operative upon filing.\26\
---------------------------------------------------------------------------
\26\ For purposes only of waiving the 30-day operative delay of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition and capital formation. 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
[[Page 30345]]
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance 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 (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEAmex-2009-18 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-NYSEAmex-2009-18.
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-NYSEAmex-2009-18 and should
be submitted on or before July 16, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
---------------------------------------------------------------------------
\27\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-14957 Filed 6-24-09; 8:45 am]
BILLING CODE 8010-01-P
