Self-Regulatory Organizations; New York Stock Exchange LLC and NYSE Amex LLC; Order Approving Proposed Rule Changes Amending Rule 123C To Allow Exchange Systems To Provide Order Imbalance Information With Respect to Market At-The-Close and Marketable Limit At-The-Close Interest to Floor Brokers Beginning Two Hours and Until Fifteen Minutes Prior to the Scheduled Close of Trading on Every Trading Day, 57541-57542 [2010-23489]

Download as PDF Federal Register / Vol. 75, No. 182 / Tuesday, September 21, 2010 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62923; File Nos. SR–NYSE– 2010–20 and SR–NYSEAmex–2010–25] Self-Regulatory Organizations; New York Stock Exchange LLC and NYSE Amex LLC; Order Approving Proposed Rule Changes Amending Rule 123C To Allow Exchange Systems To Provide Order Imbalance Information With Respect to Market At-The-Close and Marketable Limit At-The-Close Interest to Floor Brokers Beginning Two Hours and Until Fifteen Minutes Prior to the Scheduled Close of Trading on Every Trading Day September 15, 2010. I. Introduction On June 9, 2010, New York Stock Exchange LLC (‘‘NYSE’’) and NYSE Amex LLC (‘‘NYSE Amex’’ and, with NYSE, each an ‘‘Exchange’’ and collectively, the ‘‘Exchanges’’) each filed with the Securities and Exchange Commission (the ‘‘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 modify the manner in which the systems of each Exchange provide order imbalance information to Floor brokers. The proposed rule changes were published for comment in the Federal Register on June 24, 2010.3 The Commission received one comment letter opposing NYSE’s proposal and received a letter from NYSE responding to the comment letter.4 This order approves the proposed rule changes. II. Description of the Proposals The Exchanges each propose to amend their Rule 123C(6) 5 to specify that, beginning at 2 p.m. on every trading day,6 Floor brokers will receive an electronic communication from the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release Nos. 62312 (June 17, 2010), 75 FR 36138; and 62311 (June 17, 2010), 75 FR 36140 (each a ‘‘Notice’’ and collectively, the ‘‘Notices’’). 4 See Anonymous Letter dated July 14, 2010 (‘‘Comment Letter’’) and NYSE Response Letter from Janet M. Kissane, Senior Vice President—Legal & Corporate Secretary, NYSE Euronext, dated August 10, 2010 (‘‘NYSE Response Letter’’). 5 References to the rules herein refer to both the relevant NYSE and NYSE Amex Equities rules unless otherwise noted. The rule texts of NYSE Rule 123C(6) and NYSE Amex Rule 123C(6) are identical and the proposed additions to Rule 124C(6)(b) are identical. 6 On any day that the scheduled close of trading on the Exchange is earlier than 4 p.m., the information will be disseminated beginning two hours prior to the scheduled close of trading. srobinson on DSKHWCL6B1PROD with NOTICES 2 17 VerDate Mar<15>2010 19:02 Sep 20, 2010 Jkt 220001 Exchanges’ systems that provides the amount of, and any imbalance between, Market ‘‘At-The-Close’’ (‘‘MOC’’) interest and marketable Limit ‘‘At-The-Close’’ (‘‘LOC’’) interest to buy and sell in certain securities (‘‘Order Imbalance Information’’). MOC/LOC interest is executable only on the close and is subject to cancellation at any time before 3:45 p.m.7 The Exchanges’ current rules do not allow for Exchange systems to send Order Imbalance Information to Floor brokers electronically. However, under Rule 115, Designated Market Makers (‘‘DMMs’’), while acting in a market making capacity, may provide information about buying or selling interest in the market ‘‘in response to an inquiry from a member conducting a market probe in the normal course of business’’ (‘‘market probe’’).8 Thus, for Floor brokers to obtain the Order Imbalance Information, they must manually request the information from DMMs, who are permitted to provide such information in response to a Floor broker’s ‘‘market probe.’’ The Exchanges propose to amend Rule 123C(6) to state that, between 2 p.m. and 3:45 p.m. on any trading day (or two hours prior to the closing transaction until 15 minutes prior to the closing transaction on any day that the scheduled close of trading on the Exchange is earlier than 4 p.m.), the Exchanges’ systems would automatically provide the Order Imbalance Information to Floor brokers, approximately every 15 seconds, for any security in which the Floor broker is representing an order and in any security that the Floor broker specifically requests.9 Thus, for Order Imbalance Information, Floor brokers would no longer need to request such information from DMMs as part of a Rule 115 ‘‘market probe.’’ The Exchanges’ electronic dissemination of this information would be limited to Floor brokers’ hand-held devices, which cannot automatically forward or retransmit the electronic datafeed to any other location, although Floor brokers are permitted to provide their customers with specific data points from the feed. In addition, specific requests for information by Floor brokers would not carry over to the next trading day and would need to be re-entered on each trade date. Beginning at 3:45 p.m., Floor brokers may receive the Exchanges’ proprietary Rule 123C(3) and (9). Rule 115. 9 See Notices for a description of the history of the dissemination of the MOC/LOC imbalance information to Floor brokers. 57541 Order Imbalance Information datafeed pursuant to Rule 123C(6)(a)(iv), under which the Exchanges provide the datafeed to subscribers for a fee. The Exchanges also propose to amend the time period in Rule 123C(6)(a)(v) when the dissemination of Order Imbalance Information would commence when the scheduled closing is earlier than 4 p.m. Currently, the Exchanges’ rules state that the dissemination will commence approximately 10 minutes before the scheduled closing time when the scheduled closing is earlier than 4 p.m. The Exchanges state that, when they moved to a single imbalance publication at 3:45 p.m., the rule text was not modified at that time to reflect that dissemination of the Order Imbalance Information on any day that the scheduled close was prior to 4 p.m. would commence approximately 15 minutes before the scheduled closing time consistent with the single imbalance publication. III. Summary of Comment and NYSE’s Response One commenter opposes NYSE’s proposal. The commenter notes that the Order Imbalance Information is material, that investors should receive the information at the same time as Floor brokers, and that NYSE has an obligation to ensure all participants (DMMs, Floor brokers, and the public) have the opportunity to receive the same data at the same time. The commenter also disputes NYSE’s rationale that Floor brokers need the data feed to offset the decrease in Floor broker personnel. The commenter instead suggests that Floor brokers should hire additional staff or NYSE should extend the 15 minute timeperiod prior to the close of trading if Floor brokers require more time to analyze the Order Imbalance Information. Finally, the commenter states that the proposal is similar to flash orders, in which select market participants receive material public information prior to other market participants. NYSE responds that the Order Imbalance Information does not represent overall supply or demand for a security, and is a small subset of buying and selling interest, subject to change or cancellation before the close. In addition, NYSE notes that MOC and LOC orders represent only a small fraction of NYSE’s activity.10 NYSE 7 See 8 See PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 10 NYSE noted that ‘‘[g]enerally, MOC and LOC orders account for less than 1% of total NYSE orders on any given trading day, both in terms of E:\FR\FM\21SEN1.SGM Continued 21SEN1 57542 Federal Register / Vol. 75, No. 182 / Tuesday, September 21, 2010 / Notices believes that the Order Imbalance Information that all participants receive beginning at 3:45 p.m. is more accurate, timely, and complete, and is more material to investors. Finally, NYSE disagrees that the proposal is similar to flash orders. NYSE notes that the Order Imbalance Information is not actionable prior to 15 minutes before the close of trading and is subject to change or cancellation and, therefore, MOC/LOC orders cannot be executed before the public receives the information.11 srobinson on DSKHWCL6B1PROD with NOTICES IV. Discussion and Commission Findings After careful consideration, the Commission finds that the proposed rule changes are consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.12 In particular, the proposed rule changes are consistent with Section 6(b)(5) of the Act,13 which requires, among other things, that the rules of a national securities exchange be 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, and not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Commission also finds that the proposed rule changes are consistent with the provisions of Section 6(b)(8) of the Act,14 which require that the rules of an exchange not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposals would allow Exchange systems to disseminate the Order Imbalance Information directly to Floor brokers’ handheld devices 15 beginning two hours prior to the scheduled close. The Exchanges’ rules currently only permit Floor brokers to obtain this and other market information on a one-off basis from DMMs as ‘‘market probes’’ under Rule 115. The proposal would automate the process and allow Floor brokers to receive Order Imbalance actual number of orders and the number of shares represented by those orders. With respect to the total number of shares executed on NYSE on any given trading day, MOC and LOC orders generally account for less than 10%.’’ See NYSE’s Response Letter at 2. 11 See NYSE Response Letter at 3–4. 12 In approving these proposed rule changes, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 13 15 U.S.C. 78f(b)(5). 14 15 U.S.C. 78f(b)(8). 15 See Notices, supra note 3. VerDate Mar<15>2010 19:02 Sep 20, 2010 Jkt 220001 Information more frequently and quickly. Thus, the proposal would permit information Floor brokers to obtain certain market information (i.e., Order Imbalance Information) that they are already permitted to obtain under the Exchanges’ current rules as part of ‘‘market probes’’ under Rule 115, albeit in a more technologically advanced and more efficient format. The Commission notes that the Exchanges have represented that the dissemination of this information would be limited to the Floor broker’s handheld devices, and that the electronic datafeed cannot be automatically forwarded or retransmitted.16 The Commission finds that the proposal is consistent with the requirements of the Act. Finally, the Commission notes that this order does not approve any prior dissemination of Order Imbalance Information by the Exchanges that may have been inconsistent with the approved rules of the Exchanges then in effect. V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,17 that the proposed rule changes (SR–NYSE– 2010–20 and SR–NYSEAmex–2010–25) be, and they hereby are, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–23489 Filed 9–20–10; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF STATE [Public Notice: 7178; OMB Control Number 1405–0102] 60-Day Notice of Proposed Information Collection: Refugee Biographic Data Notice of request for public comments. ACTION: The Department of State is seeking Office of Management and Budget (OMB) approval for the information collection described below. The purpose of this notice is to allow 60 days for public comment in the Federal Register preceding submission to OMB. We are conducting this process in accordance with the Paperwork Reduction Act of 1995. • Title of Information Collection: Refugee Biographic Data. SUMMARY: 16 See also SR–NYSE–2010–53 and SR– NYSEAmex–2010–71. 17 15 U.S.C. 78s(b)(2). 18 17 CFR 200.30–3(a)(12). PO 00000 Frm 00106 Fmt 4703 Sfmt 4703 • OMB Control Number: 1405–0102. • Type of Request: Revision of a Currently Approved Collection. • Originating Office: Bureau of Population, Refugees, and Migration, PRM/A. • Form Number: N/A. • Respondents: Refugee applicants for the U.S. Resettlement Program. • Estimated Number of Respondents: 75,000. • Estimated Number of Responses: 75,000. • Average Hours Per Response: Onehalf hour. • Total Estimated Burden: 37,500 hours. • Frequency: Once per respondent. • Obligation to Respond: Required to Obtain a Benefit. DATES: The Department will accept comments from the public up to 60 days from September 21, 2010. ADDRESSES: You may submit comments by either of the following methods: • E-mail: spruellda@state.gov. You must submit information collection title and OMB control number in the subject line of your message. • Mail (paper, disk, or CD–ROM submissions): PRM/Admissions, 2025 E Street, NW., SA–9, 8th Floor, Washington, DC 20522–0908. FOR FURTHER INFORMATION CONTACT: Direct requests for additional information regarding the collection listed in this notice, including requests for copies of the proposed information collection and supporting documents, to Delicia Spruell, PRM/Admissions, 2025 E Street, NW., SA–9 8th Floor, Washington, DC 20522–0908, who may be reached at 202–453–9257. SUPPLEMENTARY INFORMATION: We are soliciting public comments to permit the Department to: • Evaluate whether the proposed information collection is necessary for the proper performance of our functions. • Evaluate the accuracy of our estimate of the burden of the proposed collection, including the validity of the methodology and assumptions used. • Enhance the quality, utility, and clarity of the information to be collected. • Minimize the reporting burden on those who are to respond, including the use of automated collection techniques or other forms of technology. Abstract of Proposed Collection The Refugee Biographic Data Sheet describes a refugee applicant’s personal characteristics and is needed to match the refugee with a sponsoring voluntary agency to ensure initial reception and E:\FR\FM\21SEN1.SGM 21SEN1

Agencies

[Federal Register Volume 75, Number 182 (Tuesday, September 21, 2010)]
[Notices]
[Pages 57541-57542]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-23489]



[[Page 57541]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62923; File Nos. SR-NYSE-2010-20 and SR-NYSEAmex-2010-
25]


Self-Regulatory Organizations; New York Stock Exchange LLC and 
NYSE Amex LLC; Order Approving Proposed Rule Changes Amending Rule 123C 
To Allow Exchange Systems To Provide Order Imbalance Information With 
Respect to Market At-The-Close and Marketable Limit At-The-Close 
Interest to Floor Brokers Beginning Two Hours and Until Fifteen Minutes 
Prior to the Scheduled Close of Trading on Every Trading Day

September 15, 2010.

I. Introduction

    On June 9, 2010, New York Stock Exchange LLC (``NYSE'') and NYSE 
Amex LLC (``NYSE Amex'' and, with NYSE, each an ``Exchange'' and 
collectively, the ``Exchanges'') each filed with the Securities and 
Exchange Commission (the ``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 modify the manner in which the 
systems of each Exchange provide order imbalance information to Floor 
brokers. The proposed rule changes were published for comment in the 
Federal Register on June 24, 2010.\3\ The Commission received one 
comment letter opposing NYSE's proposal and received a letter from NYSE 
responding to the comment letter.\4\ This order approves the proposed 
rule changes.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release Nos. 62312 (June 17, 
2010), 75 FR 36138; and 62311 (June 17, 2010), 75 FR 36140 (each a 
``Notice'' and collectively, the ``Notices'').
    \4\ See Anonymous Letter dated July 14, 2010 (``Comment 
Letter'') and NYSE Response Letter from Janet M. Kissane, Senior 
Vice President--Legal & Corporate Secretary, NYSE Euronext, dated 
August 10, 2010 (``NYSE Response Letter'').
---------------------------------------------------------------------------

II. Description of the Proposals

    The Exchanges each propose to amend their Rule 123C(6) \5\ to 
specify that, beginning at 2 p.m. on every trading day,\6\ Floor 
brokers will receive an electronic communication from the Exchanges' 
systems that provides the amount of, and any imbalance between, Market 
``At-The-Close'' (``MOC'') interest and marketable Limit ``At-The-
Close'' (``LOC'') interest to buy and sell in certain securities 
(``Order Imbalance Information''). MOC/LOC interest is executable only 
on the close and is subject to cancellation at any time before 3:45 
p.m.\7\
---------------------------------------------------------------------------

    \5\ References to the rules herein refer to both the relevant 
NYSE and NYSE Amex Equities rules unless otherwise noted. The rule 
texts of NYSE Rule 123C(6) and NYSE Amex Rule 123C(6) are identical 
and the proposed additions to Rule 124C(6)(b) are identical.
    \6\ On any day that the scheduled close of trading on the 
Exchange is earlier than 4 p.m., the information will be 
disseminated beginning two hours prior to the scheduled close of 
trading.
    \7\ See Rule 123C(3) and (9).
---------------------------------------------------------------------------

    The Exchanges' current rules do not allow for Exchange systems to 
send Order Imbalance Information to Floor brokers electronically. 
However, under Rule 115, Designated Market Makers (``DMMs''), while 
acting in a market making capacity, may provide information about 
buying or selling interest in the market ``in response to an inquiry 
from a member conducting a market probe in the normal course of 
business'' (``market probe'').\8\ Thus, for Floor brokers to obtain the 
Order Imbalance Information, they must manually request the information 
from DMMs, who are permitted to provide such information in response to 
a Floor broker's ``market probe.''
---------------------------------------------------------------------------

    \8\ See Rule 115.
---------------------------------------------------------------------------

    The Exchanges propose to amend Rule 123C(6) to state that, between 
2 p.m. and 3:45 p.m. on any trading day (or two hours prior to the 
closing transaction until 15 minutes prior to the closing transaction 
on any day that the scheduled close of trading on the Exchange is 
earlier than 4 p.m.), the Exchanges' systems would automatically 
provide the Order Imbalance Information to Floor brokers, approximately 
every 15 seconds, for any security in which the Floor broker is 
representing an order and in any security that the Floor broker 
specifically requests.\9\ Thus, for Order Imbalance Information, Floor 
brokers would no longer need to request such information from DMMs as 
part of a Rule 115 ``market probe.'' The Exchanges' electronic 
dissemination of this information would be limited to Floor brokers' 
hand-held devices, which cannot automatically forward or re-transmit 
the electronic datafeed to any other location, although Floor brokers 
are permitted to provide their customers with specific data points from 
the feed. In addition, specific requests for information by Floor 
brokers would not carry over to the next trading day and would need to 
be re-entered on each trade date.
---------------------------------------------------------------------------

    \9\ See Notices for a description of the history of the 
dissemination of the MOC/LOC imbalance information to Floor brokers.
---------------------------------------------------------------------------

    Beginning at 3:45 p.m., Floor brokers may receive the Exchanges' 
proprietary Order Imbalance Information datafeed pursuant to Rule 
123C(6)(a)(iv), under which the Exchanges provide the datafeed to 
subscribers for a fee.
    The Exchanges also propose to amend the time period in Rule 
123C(6)(a)(v) when the dissemination of Order Imbalance Information 
would commence when the scheduled closing is earlier than 4 p.m. 
Currently, the Exchanges' rules state that the dissemination will 
commence approximately 10 minutes before the scheduled closing time 
when the scheduled closing is earlier than 4 p.m. The Exchanges state 
that, when they moved to a single imbalance publication at 3:45 p.m., 
the rule text was not modified at that time to reflect that 
dissemination of the Order Imbalance Information on any day that the 
scheduled close was prior to 4 p.m. would commence approximately 15 
minutes before the scheduled closing time consistent with the single 
imbalance publication.

III. Summary of Comment and NYSE's Response

    One commenter opposes NYSE's proposal. The commenter notes that the 
Order Imbalance Information is material, that investors should receive 
the information at the same time as Floor brokers, and that NYSE has an 
obligation to ensure all participants (DMMs, Floor brokers, and the 
public) have the opportunity to receive the same data at the same time. 
The commenter also disputes NYSE's rationale that Floor brokers need 
the data feed to offset the decrease in Floor broker personnel. The 
commenter instead suggests that Floor brokers should hire additional 
staff or NYSE should extend the 15 minute time-period prior to the 
close of trading if Floor brokers require more time to analyze the 
Order Imbalance Information. Finally, the commenter states that the 
proposal is similar to flash orders, in which select market 
participants receive material public information prior to other market 
participants.
    NYSE responds that the Order Imbalance Information does not 
represent overall supply or demand for a security, and is a small 
subset of buying and selling interest, subject to change or 
cancellation before the close. In addition, NYSE notes that MOC and LOC 
orders represent only a small fraction of NYSE's activity.\10\ NYSE

[[Page 57542]]

believes that the Order Imbalance Information that all participants 
receive beginning at 3:45 p.m. is more accurate, timely, and complete, 
and is more material to investors. Finally, NYSE disagrees that the 
proposal is similar to flash orders. NYSE notes that the Order 
Imbalance Information is not actionable prior to 15 minutes before the 
close of trading and is subject to change or cancellation and, 
therefore, MOC/LOC orders cannot be executed before the public receives 
the information.\11\
---------------------------------------------------------------------------

    \10\ NYSE noted that ``[g]enerally, MOC and LOC orders account 
for less than 1% of total NYSE orders on any given trading day, both 
in terms of actual number of orders and the number of shares 
represented by those orders. With respect to the total number of 
shares executed on NYSE on any given trading day, MOC and LOC orders 
generally account for less than 10%.'' See NYSE's Response Letter at 
2.
    \11\ See NYSE Response Letter at 3-4.
---------------------------------------------------------------------------

IV. Discussion and Commission Findings

    After careful consideration, the Commission finds that the proposed 
rule changes are consistent with the requirements of the Act and the 
rules and regulations thereunder applicable to a national securities 
exchange.\12\ In particular, the proposed rule changes are consistent 
with Section 6(b)(5) of the Act,\13\ which requires, among other 
things, that the rules of a national securities exchange be 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, and not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers. The Commission also finds that 
the proposed rule changes are consistent with the provisions of Section 
6(b)(8) of the Act,\14\ which require that the rules of an exchange not 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \12\ In approving these proposed rule changes, the Commission 
has considered the proposed rule's impact on efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f).
    \13\ 15 U.S.C. 78f(b)(5).
    \14\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

    The proposals would allow Exchange systems to disseminate the Order 
Imbalance Information directly to Floor brokers' handheld devices \15\ 
beginning two hours prior to the scheduled close. The Exchanges' rules 
currently only permit Floor brokers to obtain this and other market 
information on a one-off basis from DMMs as ``market probes'' under 
Rule 115. The proposal would automate the process and allow Floor 
brokers to receive Order Imbalance Information more frequently and 
quickly. Thus, the proposal would permit information Floor brokers to 
obtain certain market information (i.e., Order Imbalance Information) 
that they are already permitted to obtain under the Exchanges' current 
rules as part of ``market probes'' under Rule 115, albeit in a more 
technologically advanced and more efficient format. The Commission 
notes that the Exchanges have represented that the dissemination of 
this information would be limited to the Floor broker's handheld 
devices, and that the electronic datafeed cannot be automatically 
forwarded or retransmitted.\16\ The Commission finds that the proposal 
is consistent with the requirements of the Act.
---------------------------------------------------------------------------

    \15\ See Notices, supra note 3.
    \16\ See also SR-NYSE-2010-53 and SR-NYSEAmex-2010-71.
---------------------------------------------------------------------------

    Finally, the Commission notes that this order does not approve any 
prior dissemination of Order Imbalance Information by the Exchanges 
that may have been inconsistent with the approved rules of the 
Exchanges then in effect.

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\17\ that the proposed rule changes (SR-NYSE-2010-20 and SR-
NYSEAmex-2010-25) be, and they hereby are, approved.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-23489 Filed 9-20-10; 8:45 am]
BILLING CODE 8011-01-P
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