
[Federal Register: October 8, 2009 (Volume 74, Number 194)]
[Notices]               
[Page 51931-51935]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08oc09-105]                         

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60777; File No. SR-BX-2009-060]

 
Self-Regulatory Organizations; NASDAQ OMX BX; Notice of Filing 
and Immediate Effectiveness of a Proposal To Amend Exchange Rule 11890 
Governing Clearly Erroneous Executions Pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).

DATES: October 2, 2009.
    19b-4 thereunder,\2\ notice is hereby given that on October 1, 
2009, NASDAQ OMX BX (``Exchange'' or ``BX'') filed with the Securities 
and Exchange Commission (``Commission'') the proposed rule change as 
described in Items I and II below, which Items have been prepared by 
the Exchange. BX has designated the proposed rule change as 
constituting a rule change under Rule 19b-4(f)(6) under the Act,\3\ 
which renders the proposal effective upon filing with the Commission. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    BX is proposing to amend Exchange Rule 11890 governing clearly 
erroneous executions. The text of the filing is available at http://

[[Page 51932]]

nasdaqomx.cchwallstreet.com 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, BX 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 these statements may be examined at the places specified in 
Item IV below. BX has prepared summaries, set forth in Sections A, B, 
and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Exchange Rule 11890 in order to 
improve the Exchange's rule regarding clearly erroneous executions. The 
proposed changes are part of a market-wide effort designed to provide 
transparency and finality with respect to clearly erroneous executions. 
This effort seeks to achieve consistent results for participants across 
U.S. equities exchanges while maintaining a fair and orderly market, 
protecting investors and protecting the public interest. In addition, 
the Exchange has attempted to shorten and combine existing sections of 
Rule 11890 and has incorporated all of the prior Interpretive Materials 
into the body of the rule. The Exchange believes this will create a 
clearer and more concise rule that will assist market participants in 
complying with its terms. The proposed changes are more fully discussed 
below.

    Definition
    The Exchange will amend the meaning of the definition of a clearly 
erroneous execution, to add clarifying language with respect to 
cancelled trades. The proposed change identifies that a transaction 
made in error and agreed to be canceled by both parties or determined 
by the Exchange to be clearly erroneous will be removed from the 
Consolidated Tape. A trade will only be removed from the Consolidated 
Tape when the determination is deemed final and any applicable appeals 
have been exhausted.

    Member Initiated Review Requests
    The Exchange proposes to amend Rule 11890 to update the procedures 
for requesting a review of a clearly erroneous transaction. The 
Exchange proposes that requests for review must be received by the 
exchange within 30 minutes of the execution time for orders initially 
routed to and executed on the Exchange. This is consistent with the 
Exchange's current practice and will be applied uniformly by other 
markets to provide a level of consistency and certainty across market 
centers. As is the case under the current rule, the Exchange proposes 
that members submit certain essential identifying information with the 
request including the time of the transaction(s), security symbol(s), 
number of shares, price(s), side (bought or sold), and factual basis 
for believing that the trade is clearly erroneous. The current rule 
allows members additional time to file at market open. However, the 
Exchange believes that a uniform 30 minutes is an appropriate time 
frame for all trades that affords the requesting party sufficient time 
to gather and submit all required information.
    The proposed rule also requires the Exchange to notify the 
counterparty to a trade upon receipt of a timely filed request for 
review that satisfies the numerical guidelines set forth within the 
Rule (referred to in the proposed amendments as ``Numerical 
Guidelines,'' which are discussed in detail below). This proposed 
language eliminates the requirement that counterparties be notified of 
every request for a ruling and instead requires notice only when a 
request is filed in a timely manner and satisfies the Numerical 
Guidelines. This change alleviates the burden on the Exchange of 
notifying the counterparties when a request for review does not merit a 
ruling to break the trades at issue.
    In addition, notification may be by one of several means, including 
press release, system status, web posting or any other method 
reasonably expected to provide rapid notice to many market 
participants. For example, the Exchange anticipates streamlining the 
notification process for counterparties when the Exchange receives a 
high volume of clearly erroneous filings. In such circumstances it 
might issue an electronic system status message indicating which trades 
were under review instead of more time consuming individual calls to 
each counterparty. This will benefit market participants by expediting 
notification that trades are under review and the decision with respect 
to particular trades. The Exchange would advise market participants of 
what notification processes it will use through a Notice to Members or 
Head Trader Alert.

    Routed Executions
    The Exchange proposes to give other market centers an additional 30 
minutes from the receipt of their participant's timely filing to 
request a ruling, but no longer than 60 minutes from the time of the 
execution under review. This provision accounts for those executions 
initially directed to an away market center and subsequently routed by 
that away market center to the Exchange.
    For example, assume an order is initially routed by a participant 
to Market Center A and subsequently routed to the Exchange where the 
order is executed at a price outside of the Numerical Guidelines. 
Without additional time Market Center A might be late in filing with 
the Exchange if its customer takes almost 30 minutes to file the 
original complaint. The proposal would give Market Center A up to 30 
additional minutes from the time its customer files with Market Center 
A to file with the Exchange for review. This provision caps the filing 
deadline for an away market center at 60 minutes from the time of the 
execution under review.

    Outlier Transactions
    The proposed amendments to Rule 11890 provide that an Official \4\ 
may consider requests for review received after thirty minutes, but not 
longer than sixty minutes after the execution in question in the case 
of an Outlier Transaction. An Outlier Transaction is a transaction 
where (1) the execution price of the security is greater than three 
times the current Numerical Guidelines, or (2) the execution price of 
the security breaches the 52-week high or low, in which case NASDAQ may 
consider Additional Factors to determine if the transaction qualifies 
for review or if the Exchange shall decline to act.
---------------------------------------------------------------------------

    \4\ Designated Officers of the Exchange and designated employees 
of the Exchange or The NASDAQ Stock Market LLC who are authorized to 
act on behalf of the Exchange pursuant to the Regulatory Service 
Agreement (RSA) between the Exchange and NASDAQ Stock Market LLC 
(collectively ``Officials'') would have authority to review member 
initiated requests under Rule 11890(a). This will allow one Official 
to review related transactions in affiliated markets to expedite and 
ensure uniformity of decisions among affiliated exchanges.

    Deletion of Current Rule 11890(a)(2)(D) Inside Price Minimum 
Thresholds
    The Exchange proposes to delete the inside price minimum thresholds 
that currently apply to transactions during regular market hours (9:30 
a.m. to 4:00 p.m.). These thresholds establish which trades are 
eligible for review and are different than the Numerical Guidelines. 
The Exchange believes that these thresholds, which predate the use of 
Numerical Guidelines, add an extra layer of complexity to the filing 
process

[[Page 51933]]

without providing any meaningful benefit to investors or the Exchange.

    Numerical Guidelines
    Currently, the Interpretive Materials to Rule 11890 provide 
specific numerical guidelines for determining what constitutes a 
clearly erroneous transaction. The Exchange proposes codifying these 
numerical thresholds, referred to as ``Numerical Guidelines,'' in the 
rule to explicitly state what constitutes a clearly erroneous 
execution. The proposal also adds Numerical Guidelines for leveraged 
ETFs and ETNs, which are securities that have become increasingly 
popular since the original numerical thresholds were adopted. The 
proposed Numerical Guidelines state that a transaction executed during 
the Core Trading Session \5\ or the Opening and Late Trading Sessions 
\6\ may be found to be clearly erroneous only if the price of the 
transaction is greater in the case of a buy, or less in the case of a 
sale, than the reference price by an amount that equals or exceeds the 
Numerical Guidelines for a particular transaction category. The 
Reference Price shall be equal to the consolidated last sale 
immediately prior to the execution under review, unless unusual 
circumstances are present.
---------------------------------------------------------------------------

    \5\ The Core Trading Session begins at 9:30 a.m. and ends at 4 
p.m.
    \6\ The Opening Session begins at 7 a.m. and concludes with the 
start of the Core Trading Session. The Late Trading Session begins 
at the end of the Core Trading Session and continues until 8 p.m.
---------------------------------------------------------------------------

    The proposed Numerical Guidelines for sales greater than $0.00 and 
up to and including $25.00 are 10% for the Core Trading Session and 20% 
for the Opening and Late Trading Sessions. The proposed Numerical 
Guidelines for sales greater than $25.00 up to and including $50.00 are 
5% for the Core Trading Session and 10% for Opening and Late Trading 
Sessions. The proposed Numerical Guidelines for sales greater than 
$50.00 are 3% for the Core Trading Session and 6% for Opening and Late 
Trading Sessions. A filing involving five or more securities by the 
same member may be considered a ``Multi-Stock Event.'' In the case of a 
Multi-Stock Event, the proposed guidelines are 10% for the Core Trading 
Session and 10% for the Opening and Late Trading Sessions. In the case 
of Leveraged ETF/ETN securities, the above guidelines are to be 
multiplied by the leverage multiplier of the security. Executions that 
do not meet or exceed the Numerical Guidelines will not be eligible to 
be broken under this section. The following chart summarizes the 
proposed Numerical Guidelines.

----------------------------------------------------------------------------------------------------------------
                                               Core Trading Session Numerical   Opening and Late Trading Session
                                             Guidelines (subject transaction's    Numerical Guidelines (subject
  Reference price: Consolidated Last Sale          % difference from the         transaction's % difference from
                                                  Consolidated Last Sale):        the Consolidated Last Sale):
----------------------------------------------------------------------------------------------------------------
Greater than $0.00 up to and including       10%..............................  20%.
 $25.00.
Greater than $25.00 up to and including      5%...............................  10%.
 $50.00.
Greater than $50.00........................  3%...............................  6%.
Filings involving five or more securities    10%..............................  10%.
 by the same participant may be considered
 a ``Multi-Stock Event''.
Leveraged ETF/ETN securities...............  Core Trading Session Numerical     Core Trading Session Numerical
                                              Guidelines multiplied by the       Guidelines multiplied by the
                                              leverage multiplier (i.e. 2x).     leverage multiplier (i.e. 2x).
----------------------------------------------------------------------------------------------------------------

    The following example explains the application of these guidelines. 
ABC has a consolidated last sale of $10.00. During the Core Trading 
Session Customer A enters a market order to buy 10,000 shares, although 
it had intended a market order for 1,000 shares. Executions occur, 
moving through the depth of the Exchange Book, as follows:

Trade 1--1000 shares @ $10.00 (0% difference from Reference 
Price)
Trade 2--5000 shares @ $10.50 (5% difference from Reference 
Price)
Trade 3--2000 shares @ $11.00 (10% difference from 
Reference Price)
Trade 4--1000 shares @ $11.50 (15% difference from 
Reference Price)
Trade 5--1000 shares @ $12.00 (20% difference from 
Reference Price)

    In this example, to be clearly erroneous the trades must be at a 
price that is at least 10% higher than the consolidated last sale prior 
to the series of executions. Absent any Unusual Circumstances or 
Additional Factors (each discussed below), the Exchange Official would 
break trades 3 through 5, priced at $11.00 and above, 
as clearly erroneous, but would let stand trades 1 and 
2. If instead the trade happened in the Late Trading Session, 
where a 20% difference from the Reference Price is required for trades 
to be clearly erroneous, the Official would break only Trade 5 
and trades 1 through 4 would stand.
    Establishing Numerical Guidelines within the rule gives regulatory 
transparency and consistency in the application of the rules of the 
Exchange. These Numerical Guidelines, which are substantially similar 
to existing Exchange guidance, represent the general consensus 
developed based on the collective experiences of a market-wide group. 
The Exchange believes that the Numerical Guidelines are fair and 
appropriate and apply evenly to all participants.

    Unusual Circumstances
    The Exchange further proposes that in unusual circumstances the 
Exchange may, in its discretion and with a view toward maintaining a 
fair and orderly market and protecting investors and the public 
interest, use a Reference Price other than the consolidated last sale. 
``Unusual Circumstances'' may include periods of extreme market 
volatility, sustained illiquidity, or widespread system issues. Other 
Reference Prices that the Exchange may use would include the 
consolidated inside price, the consolidated opening price, the 
consolidated prior close, or the consolidated last sale prior to a 
series of executions.
    Under the proposed rule the Exchange may also use a higher 
Numerical Guideline if, after market participants have been alerted to 
erroneous activity, the price of the security returns toward its prior 
trading range but continues to trade beyond the price it would have 
normally been broken.

    Joint Market Rulings
    In the interest of achieving consistency across markets, the 
proposal would give the Exchange the ability to use a different 
Reference Price and/or Numerical Guideline in events that involve other 
markets. In these instances the Reference Price would be determined 
based on a consensus among the exchanges where the transactions 
occurred.

    Additional Factors

[[Page 51934]]

    The proposed amendments to Rule 11890 also enumerate some 
additional factors that an Official may consider when determining 
whether an execution is clearly erroneous. These factors include, but 
are not limited to, system malfunctions or disruptions, volume and 
volatility for the security, derivative securities products that 
correspond to greater than 100% in the direction of a tracking index, 
news released for the security, whether trading in the security was 
recently halted/resumed, whether the security is an IPO, whether the 
security was subject to a stock-split, reorganization, or other 
corporate action, overall market conditions, Opening and Late Session 
executions, validity of the consolidated tapes trades and quotes, 
consideration of primary market indications, and executions 
inconsistent with the trading pattern in the stock. Each additional 
factor shall be considered with a view toward maintaining a fair and 
orderly market, the protection of investors and the public interest. 
The Exchange believes market participants recognize that such factors 
will be considered in reviewing potentially erroneous trades because 
Rule 11890 currently includes similar provisions.
    Numerical Guidelines Applicable to Volatile Market Opens
    The proposed amendments give the Exchange the ability to expand the 
Numerical Guidelines applicable to transactions occurring between 9:30 
a.m. and 10 a.m. based on the disseminated value of the S&P 500 Futures 
at 9:15 a.m. When the S&P Futures are up or down 3%, or up to but not 
including 5% at 9:15 a.m., the Numerical Guidelines are doubled. When 
the S&P Futures are up or down 5% or greater at 9:15 a.m., the 
Numerical Guidelines are tripled. The Exchange believes that the S&P 
500 futures contract is an appropriate and reliable barometer of market 
activity prior to the market opening due to its broad based market 
coverage and deep liquidity. Using the S&P 500 Futures disseminated 
value at 9:15 a.m. as the barometer of market activity, the Exchange is 
providing a transparent means of offering adjusted guidelines in times 
of volatile market activity.
    Review Procedures
    Initial Determination
    The Exchange proposes adding language stating that a determination 
shall be made generally within 30 minutes of receipt of the complaint, 
but in no case later than the start of Core Trading on the following 
trading day. Rulings made outside of 30 minutes will not fail for lack 
of timeliness. The guideline simply provides participants an 
appropriate expectation that a ruling will generally be made within 30 
minutes and in no case later than the start of Core Trading on the 
following trading day.
    Appeals
    The current rule provides that the Market Operation Review 
Committee (``MORC'') shall review and render a decision upon an appeal. 
The proposed rule offers more definite guidelines to ensure the 
expedient resolution of appeals. It requires the MORC to review appeals 
as soon as practicable, but generally on the same day as the executions 
under review. Appeals received between 3 p.m. ET and the close of 
trading in the Late Trading Session should be made as soon as 
practicable, but in no case later than the trading day following the 
date of the execution under review. While decisions by the MORC that do 
not meet these time guidelines will still be valid, these guidelines 
will provide participants with reasonable expectations of when a ruling 
on appeal will generally be made. As is currently the case, all 
decisions rendered under Rule 11890(a) (complaints of market 
participants) will be subject to appeal to the MORC as will decisions 
rendered by a Senior Official under Rule 11890(b) (decisions on the 
Exchange's own motion), except in cases where the Senior Official 
determines that the ruling should not be eligible for appeal because 
finality is necessary to maintain a fair and orderly market and to 
protect investors and the public interest. This provision simply 
clarifies the fact that nothing in the proposed rule limits or impedes 
the rights of the parties to arbitrate their dispute.
    Exchange Acting on Its Own Motion
    The proposed rule would allow a designated ``Senior Official'' of 
the Exchange\7\ to review executions pursuant to Rule 11890(b). The 
Exchange's Rule 11890(b) is consistent with NYSE ARCA, Inc.'s Rule 
7.10(g). The Senior Official's decision would still be guided by the 
Numerical Guidelines (including the Multi-Stock Event 10% threshold), 
Unusual Circumstances and Additional Factors outlined above. In 
extraordinary circumstances a Senior Official may apply a lower 
Numerical Guideline if such action is necessary to maintain a fair and 
orderly market or protect investors and the public interest. In some 
instances the Exchange may detect a single execution that breaches the 
Numerical Guidelines but is not the subject of a ruling request. This 
provision gives the Exchange the ability to review such executions. In 
other cases, clearly erroneous executions commonly involve multiple 
parties and multiple executions. All affected parties may not request a 
ruling. The Exchange proposes this provision to permit a Senior 
Official to rule on a group of transactions related to the same 
occurrence or event as a whole, without a formal request for a ruling 
from every affected party.
---------------------------------------------------------------------------

    \7\ Currently only Executive Vice Presidents designated by the 
Exchange's President are eligible to make rulings under Rule 
11890(b). The Exchange proposes to expand this to include other 
officers from the Exchange and senior level employees of the 
Exchange or The NASDAQ Stock Market LLC ``Senior Officials'' who are 
authorized to act on behalf of the Exchange pursuant to the 
Regulatory Service Agreement (RSA) between the Exchange and NASDAQ 
Stock Market LLC. All designated Exchange Officers and a subset of 
senior level employees will be designated as ``Senior Officials'' 
with the authority to review transactions pursuant to Rule 11890(b). 
The Exchange anticipates that only a subset of more senior employees 
allowed to review transactions under Rule 11890(a) would be 
authorized to review trades under Rule 11890(b). This will allow one 
Senior Official to review related transactions in affiliated markets 
to expedite and ensure uniformity of decisions among affiliated 
exchanges. The Exchange's Chief Regulatory Officer would designate 
Officials and Senior Officials with relevant market experience to 
adjudicate these matters.
---------------------------------------------------------------------------

    As is currently the case, the Exchange could break all trades in a 
security if a pervasive mistake resulted in trading that should not 
have occurred. For example, trades in a security that was incorrectly 
authorized for trading prior to the date of its actual initial public 
offering would all be broken. Similarly, if the Exchange systems 
executed orders at a price that was inconsistent with the rules 
governing the operation of the system, either due to an Exchange system 
error or because an underlying erroneous order resulted in an erroneous 
price, the Exchange may break all of the affected trades.
    This rule change shall be effective October 5, 2009.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\8\ in general, and with 
Section 6(b)(5) of the Act,\9\ in particular, in that the proposal is 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in regulating, clearing, 
settling, processing information with respect to, and facilitating 
transactions in securities, to remove impediments to and perfect the 
mechanism of a free and open market and a national market

[[Page 51935]]

system, and, in general, to protect investors and the public interest. 
The proposed rule change would coordinate standards of review of 
clearly erroneous trades across markets, thereby eliminating 
conflicting rulings among exchanges and disparate treatment of 
similarly priced trades.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f.
    \9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    BX does not believe that the proposed rule change will impose any 
burden on competition 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

    Written comments were neither solicited nor received.

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 from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act\10\ and Rule 19b-
4(f)(6) thereunder.\11\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 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 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.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act\12\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)\13\ permits the Commission to 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange requests 
that the Commission waive the 30-day operative delay so that it may 
implement the new rule on October 5, 2009, the same date as the other 
equities exchanges. The Commission believes that waiving the 30-day 
operative delay is consistent with the protection of investors and the 
public interest because it will allow the Exchange to begin applying 
the new rule on the same date as the other equities exchanges.\14\ 
Application of the new rule on this date should help foster 
transparency and consistency among those exchanges that adopt clearly 
erroneous execution rules substantially similar to those previously 
approved by the Commission.\15\ For these reasons, the Commission 
designates that the proposed rule change become operative on October 5, 
2009.
---------------------------------------------------------------------------

    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposal's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \15\ See Securities Exchange Act Release No. 60706 (September 
22, 2009), 74 FR 49416 (September 28, 2009) (NYSEArca-2009-36).
---------------------------------------------------------------------------

    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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-BX-2009-060 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-BX-2009-060. 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 (http://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 such filing also will be available for 
inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make publicly available. All 
submissions should refer to File Number SR-BX-2009-060 and should be 
submitted on or before October 29, 2009.
---------------------------------------------------------------------------

    \16\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-24244 Filed 10-7-09; 8:45 am]

BILLING CODE 8011-01-P
