Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the $1.00 Strike Program To Allow Low-Strike LEAPS, 62367-62368 [E9-28349]
Download as PDF
Federal Register / Vol. 74, No. 227 / Friday, November 27, 2009 / Notices
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–2009–83 and should be
submitted on or before December 18,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–28348 Filed 11–25–09; 8:45 am]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61035; File No. SR–
NYSEArca–2009–105]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the $1.00
Strike Program To Allow Low-Strike
LEAPS
November 19, 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 November
18, 2009, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
sroberts on DSKD5P82C1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Commentary .04 to Rule 6.4 Series of
Options Open for Trading to permit the
expansion of the $1.00 Strike Program.
The text of the proposed rule change is
attached as Exhibit 5 to the 19b–4 form.
A copy of this filing is available on the
Exchange’s Web site at https://
www.nyse.com, at the Exchange’s
principal office and at the Commission’s
Public Reference Room.
20 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Nov<24>2008
18:08 Nov 25, 2009
Jkt 220001
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of
and basis for the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
1. Purpose
The proposed rule change is based on
a filing submitted by Chicago Board
Options Exchange Incorporated
(‘‘CBOE’’) that was recently approved by
the Commission.4
The purpose of the proposed rule
change is to expand the $1.00 Strike
Program (‘‘Program’’) in a limited
fashion to allow NYSE Arca to list new
series in $1.00 intervals up to $5.00 in
long-term option series (‘‘LEAPS’’) in up
to 200 option classes on individual
stocks. Currently, under the Program,
NYSE Arca may not list LEAPS at $1.00
strike price intervals for any class
selected for the Program. NYSE Arca
also is restricted from listing any series
that would result in strike prices being
$0.50 apart, unless the series are part of
the $0.50 Strike Program.5
NYSE Arca believes that this proposal
is appropriate and will allow investors
to establish option positions that are
better tailored to meet their investment
`
objectives, vis-a-vis credit risk, using
deep out-of-the-money put options.
Deep out-of-the-money put options are
viewed as a viable, liquid alternative to
OTC-traded credit default swaps
(‘‘CDS’’). These options do not possess
the negative characteristics associated
with CDS, namely, lack of transparency,
insufficient collateral requirements, and
inefficient trade processing. Moreover,
deep out-of-the-money put options and
CDS are functionally similar, as there is
a high correlation between low-strike
put prices and CDS spreads.6
4 See Exchange Act Release No. 60978 (November
10, 2009), 74 FR 59296 (November 17, 2009)
(approving SR–CBOE–2009–68).
5 See Exchange Act Release No. 60721 (September
25, 2009) 74 FR 50858 (October 1, 2009).
6 More information on this trading strategy may
be found at the website of the CBOE at https://
www.cboe.com/institutional/DOOM.aspx.
PO 00000
Frm 00086
Fmt 4703
Sfmt 4703
62367
NYSE Arca notes that its proposal is
limited in scope, as $1.00 strikes in
LEAPS may only be listed up to $5.00
and in only 200 option classes. As is
currently the case, NYSE Arca would
not list series with $1.00 intervals
within $0.50 of an existing $2.50 strike
price in the same series. As a result,
NYSE Arca does not believe this
proposal will cause a significant
increase in quote traffic.
Moreover, as the Commission is
aware, NYSE Arca has a vigorous quote
mitigation strategy in place in an effort
to lessen the growth rate of quotations.
When it expanded the Program several
months ago, NYSE Arca included a
delisting policy that would be
applicable with regard to this proposed
expansion.7 NYSE Arca and the other
options exchanges amended the Options
Listing Procedures Plan (‘‘OLPP’’) in
2008 to impose a minimum volume
threshold of 1,000 contracts national
average daily volume per underlying
class to qualify for an additional year of
LEAP series.8 Most recently, NYSE
Arca, along with the other options
exchanges, amended the OLPP to adopt
objective exercise price range
limitations applicable to equity option
classes, options on ETFs and options on
trust issued receipts.9 NYSE Arca
believes that these price range
limitations will have a meaningful quote
mitigation impact.
The margin requirements of NYSE
Arca Rule 4 and the position and
exercise requirements set forth in Rule
6.8 and Rule 6.9 will continue to apply
to these new series, and no changes are
being proposed to those requirements by
this rule change.
With regard to the impact on system
capacity, NYSE Arca has analyzed its
capacity and represents that it and the
Options Price Reporting Authority have
the necessary systems capacity to
handle the additional traffic associated
with the listing and trading of an
expanded number of series as proposed
by this filing.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with Section
7 The delisting policy includes a provision that
states NYSE Arca may grant OTP Holder requests
to add strikes and/or maintain strikes in series of
options classes traded pursuant to the Program that
are eligible for delisting.
8 See Exchange Act SEC Release No. 58630
(September 24, 2008), 73 FR 57166 (October 1,
2008).
9 See Exchange Act Release No. 60531 (August 19,
2009), 74 FR 43173 (August 26, 2009) (approving
Amendment No. 3 to the OLPP). NYSE Arca’s
proposal to list $1.00 strikes in LEAPS to $5.00
would not be subject to the exercise price range
limitations contained in new paragraph (3)(g)(ii) of
the OLPP.
E:\FR\FM\27NON1.SGM
27NON1
62368
Federal Register / Vol. 74, No. 227 / Friday, November 27, 2009 / Notices
6(b) 10 of the Securities Exchange Act of
1934 (the ‘‘Act’’), in general, and
furthers the objectives of Section
6(b)(5) 11 in particular in that it is
designed to promote just and equitable
principles of trade, to prevent
fraudulent and manipulative acts, to
remove impediments to and to perfect
the mechanism for a free and open
market and a national market system
and, in general, to protect investors and
the public interest, by giving investors
more flexibility to closely tailor their
investment decisions.
from CBOE which is identical to the
current proposal in all material respects
and on which no comments were
received.15 Therefore, the proposal is
operative upon filing.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
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.
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:
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
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
the filing, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 12 and Rule 19b–
4(f)(6) thereunder.13
The Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission hereby grants
that request.14 The Commission believes
that waiver of the operative delay is
consistent with the protection of
investors and the public interest
because it recently approved a proposal
10 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
12 15 U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Commission
has waived this requirement in this case.
14 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
sroberts on DSKD5P82C1PROD with NOTICES
11 15
VerDate Nov<24>2008
18:08 Nov 25, 2009
Jkt 220001
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSEArca–2009–105 on
the subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2009–105. 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–NYSEArca–2009–105 and
should be submitted on or before
December 18, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–28349 Filed 11–25–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61031; File No. SR–NYSE–
2009–113]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Extending the
Operation of Its New Market Model
Pilot Until the Earlier of Securities and
Exchange Commission Approval To
Make Such Pilot Permanent or March
30, 2010
November 19, 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
November 16, 2009, New York Stock
Exchange LLC (‘‘NYSE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend the
operation of its New Market Model
Pilot, currently scheduled to expire on
November 30, 2009, until the earlier of
Securities and Exchange Commission
approval to make such pilot permanent
or March 30, 2010. The text of the
proposed rule change is available at the
16 17
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
15 See Securities Exchange Act Release No. 60978,
supra note 4.
PO 00000
Frm 00087
Fmt 4703
Sfmt 4703
E:\FR\FM\27NON1.SGM
27NON1
Agencies
[Federal Register Volume 74, Number 227 (Friday, November 27, 2009)]
[Notices]
[Pages 62367-62368]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-28349]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61035; File No. SR-NYSEArca-2009-105]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the $1.00
Strike Program To Allow Low-Strike LEAPS
November 19, 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 November 18, 2009, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Commentary .04 to Rule 6.4 Series of
Options Open for Trading to permit the expansion of the $1.00 Strike
Program. The text of the proposed rule change is attached as Exhibit 5
to the 19b-4 form. A copy of this filing is available on the Exchange's
Web site at https://www.nyse.com, at the Exchange's principal office and
at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The proposed rule change is based on a filing submitted by Chicago
Board Options Exchange Incorporated (``CBOE'') that was recently
approved by the Commission.\4\
---------------------------------------------------------------------------
\4\ See Exchange Act Release No. 60978 (November 10, 2009), 74
FR 59296 (November 17, 2009) (approving SR-CBOE-2009-68).
---------------------------------------------------------------------------
The purpose of the proposed rule change is to expand the $1.00
Strike Program (``Program'') in a limited fashion to allow NYSE Arca to
list new series in $1.00 intervals up to $5.00 in long-term option
series (``LEAPS'') in up to 200 option classes on individual stocks.
Currently, under the Program, NYSE Arca may not list LEAPS at $1.00
strike price intervals for any class selected for the Program. NYSE
Arca also is restricted from listing any series that would result in
strike prices being $0.50 apart, unless the series are part of the
$0.50 Strike Program.\5\
---------------------------------------------------------------------------
\5\ See Exchange Act Release No. 60721 (September 25, 2009) 74
FR 50858 (October 1, 2009).
---------------------------------------------------------------------------
NYSE Arca believes that this proposal is appropriate and will allow
investors to establish option positions that are better tailored to
meet their investment objectives, vis-[agrave]-vis credit risk, using
deep out-of-the-money put options. Deep out-of-the-money put options
are viewed as a viable, liquid alternative to OTC-traded credit default
swaps (``CDS''). These options do not possess the negative
characteristics associated with CDS, namely, lack of transparency,
insufficient collateral requirements, and inefficient trade processing.
Moreover, deep out-of-the-money put options and CDS are functionally
similar, as there is a high correlation between low-strike put prices
and CDS spreads.\6\
---------------------------------------------------------------------------
\6\ More information on this trading strategy may be found at
the website of the CBOE at https://www.cboe.com/institutional/DOOM.aspx.
---------------------------------------------------------------------------
NYSE Arca notes that its proposal is limited in scope, as $1.00
strikes in LEAPS may only be listed up to $5.00 and in only 200 option
classes. As is currently the case, NYSE Arca would not list series with
$1.00 intervals within $0.50 of an existing $2.50 strike price in the
same series. As a result, NYSE Arca does not believe this proposal will
cause a significant increase in quote traffic.
Moreover, as the Commission is aware, NYSE Arca has a vigorous
quote mitigation strategy in place in an effort to lessen the growth
rate of quotations. When it expanded the Program several months ago,
NYSE Arca included a delisting policy that would be applicable with
regard to this proposed expansion.\7\ NYSE Arca and the other options
exchanges amended the Options Listing Procedures Plan (``OLPP'') in
2008 to impose a minimum volume threshold of 1,000 contracts national
average daily volume per underlying class to qualify for an additional
year of LEAP series.\8\ Most recently, NYSE Arca, along with the other
options exchanges, amended the OLPP to adopt objective exercise price
range limitations applicable to equity option classes, options on ETFs
and options on trust issued receipts.\9\ NYSE Arca believes that these
price range limitations will have a meaningful quote mitigation impact.
---------------------------------------------------------------------------
\7\ The delisting policy includes a provision that states NYSE
Arca may grant OTP Holder requests to add strikes and/or maintain
strikes in series of options classes traded pursuant to the Program
that are eligible for delisting.
\8\ See Exchange Act SEC Release No. 58630 (September 24, 2008),
73 FR 57166 (October 1, 2008).
\9\ See Exchange Act Release No. 60531 (August 19, 2009), 74 FR
43173 (August 26, 2009) (approving Amendment No. 3 to the OLPP).
NYSE Arca's proposal to list $1.00 strikes in LEAPS to $5.00 would
not be subject to the exercise price range limitations contained in
new paragraph (3)(g)(ii) of the OLPP.
---------------------------------------------------------------------------
The margin requirements of NYSE Arca Rule 4 and the position and
exercise requirements set forth in Rule 6.8 and Rule 6.9 will continue
to apply to these new series, and no changes are being proposed to
those requirements by this rule change.
With regard to the impact on system capacity, NYSE Arca has
analyzed its capacity and represents that it and the Options Price
Reporting Authority have the necessary systems capacity to handle the
additional traffic associated with the listing and trading of an
expanded number of series as proposed by this filing.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section
[[Page 62368]]
6(b) \10\ of the Securities Exchange Act of 1934 (the ``Act''), in
general, and furthers the objectives of Section 6(b)(5) \11\ in
particular in that it is designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts, to
remove impediments to and to perfect the mechanism for a free and open
market and a national market system and, in general, to protect
investors and the public interest, by giving investors more flexibility
to closely tailor their investment decisions.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 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
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, if consistent with the
protection of investors and the public interest, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Commission has waived this requirement in this case.
---------------------------------------------------------------------------
The Exchange has requested that the Commission waive the 30-day
operative delay. The Commission hereby grants that request.\14\ The
Commission believes that waiver of the operative delay is consistent
with the protection of investors and the public interest because it
recently approved a proposal from CBOE which is identical to the
current proposal in all material respects and on which no comments were
received.\15\ Therefore, the proposal is operative upon filing.
---------------------------------------------------------------------------
\14\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
\15\ See Securities Exchange Act Release No. 60978, supra note
4.
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-2009-105 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2009-105. 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-NYSEArca-2009-105 and should
be submitted on or before December 18, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-28349 Filed 11-25-09; 8:45 am]
BILLING CODE 8011-01-P