
[Federal Register Volume 78, Number 6 (Wednesday, January 9, 2013)]
[Notices]
[Pages 1886-1889]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-00255]



[[Page 1886]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68576; File No. SR-Phlx-2012-145]


Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its 
Fee Schedule for the Following Direct Data Feed Products: Top of Phlx 
Options Data Feed, the Top of Phlx Options Plus Orders Data Feed, the 
PHLX Orders Data Feed and the PHLX Depth of Market Data Feed

January 3, 2013.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on December 21, 2012, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change as described in Items I, II, 
and III, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to amend its fee schedule for the four direct 
data feed products.
    While changes to the Pricing Schedule pursuant to this proposal are 
effective upon filing, the Exchange has designated the proposed 
amendment to be operative on January 2, 2013.
    The text of the proposed rule change is below. Proposed new 
language is italicized; proposed deletions are bracketed.\3\
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    \3\ Changes are marked to the rules of PHLX are found at http://nasdaqomxphlx.cchwallstreet.com/.
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* * * * *

IX. Proprietary Data Feed Fees

                     Top of PHLX Options (``TOPO'')
------------------------------------------------------------------------
                                                                Monthly
                         Account type                            charge
------------------------------------------------------------------------
Internal Distributor.........................................     $2,000
External Distributor.........................................      2,500
Non-Professional Subscriber..................................          1
Professional Subscriber......................................         40
------------------------------------------------------------------------

     A Non-Professional Subscriber is a natural person who is 
neither: (i) registered or qualified in any capacity with the 
Commission, the Commodities Futures Trading Commission, any state 
securities agency, any securities exchange or association, or any 
commodities or futures contract market or association; (ii) engaged as 
an ``investment adviser'' as that term is defined in Section 201(11) of 
the Investment Advisors Act of 1940 (whether or not registered or 
qualified under that Act); nor (iii) employed by a bank or other 
organization exempt from registration under federal or state securities 
laws to perform functions that would require registration or 
qualification if such functions were performed for an organization not 
so exempt. A Non-Professional Subscriber may only use the data provided 
for personal purposes and not for any commercial purpose.
     A Professional Subscriber is any Subscriber that is not a 
Non-Professional Subscriber. If the NASDAQ OMX Subscriber agreement is 
signed in the name of a business or commercial entity, such entity 
would be considered a Professional Subscriber.
     The Monthly Charge per Subscriber (both Professional and 
Non-Professional) covers the usage of all four PHLX data products and 
will not be assessed separately for each data product. PHLX data is 
comprised of Top of Phlx Options (``TOPO''), TOPO Plus Orders, PHLX 
Orders and PHLX Depth Data feeds. For example, if a firm has one 
Professional (Non-Professional) Subscriber accessing TOPO, TOPO Plus 
Orders, PHLX Orders and PHLX Depth of Market the firm would only report 
the Subscriber once and pay $40 ($1 for Non-Professional).
     A ``distributor'' of NASDAQ OMX PHLX data is any entity 
that receives a feed or data file of data directly from NASDAQ OMX PHLX 
or indirectly through another entity and then distributes it either 
internally (within that entity) or externally (outside that entity). 
All distributors shall execute a NASDAQ OMX Subscriber agreement.

Non-Display Enterprise License

    The $10,000 per month Non-Display Enterprise License fee permits 
distribution to an unlimited number of internal non-display Subscribers 
without incurring additional fees for each internal Subscriber. The 
Non-Display Enterprise License covers non-display Subscriber fees for 
all PHLX proprietary direct data feed products and is in addition to 
any other associated distributor fees for PHLX proprietary direct data 
feed products.

Managed Data Solutions

    The charges to be paid by Distributors and Subscribers of Managed 
Data Solutions products containing Top of PHLX Options shall be:

------------------------------------------------------------------------
  Fee schedule for Managed Data
            Solutions                              Price
------------------------------------------------------------------------
Managed Data Solution              $1,500/mo Per Distributor.
 Administration Fee (for the
 right to offer Managed Data
 Solutions to client
 organizations).
PHLX Managed Data Solution         $250/mo per Subscriber.
 Subscriber Fee.
------------------------------------------------------------------------


                            TOPO Plus orders
------------------------------------------------------------------------
                                                                Monthly
                         Account type                            charge
------------------------------------------------------------------------
Internal Distributor.........................................     $4,000
External Distributor.........................................      5,000
Non-Professional Subscriber..................................          1
Professional Subscriber......................................      [2]40
------------------------------------------------------------------------

    [ The Monthly Charge and Subscriber Fees applicable to TOPO 
Plus Orders users are effective beginning June 1, 2010.]
    [ The Monthly Charge applicable to Internal Distributors of 
TOPO Plus Orders will apply to Specialized Order Feed users that have 
not migrated to TOPO Plus Orders on or before June 1, 2010.]
    [ A Non-Professional Subscriber is a natural person who is 
neither: (i) registered or qualified in any capacity with the 
Commission, the Commodities Futures Trading Commission, any state 
securities agency, any securities exchange or association, or any 
commodities or futures contract market or association; (ii) engaged as 
an ``investment adviser'' as that term is defined in Section 201(11) of 
the Investment Advisors Act of 1940 (whether or not registered or 
qualified under that Act); nor (iii) employed by a bank or other 
organization exempt from registration under federal or state securities 
laws to perform functions that would require registration or 
qualification if such functions were performed for an organization not 
so exempt. A Non-Professional Subscriber may only use the data provided 
for

[[Page 1887]]

personal purposes and not for any commercial purpose.]
    [ A Professional Subscriber is any Subscriber that is not a 
Non-Professional Subscriber. If the NASDAQ OMX Subscriber agreement is 
signed in the name of a business or commercial entity, such entity 
would be considered a Professional Subscriber.]

                               PHLX Orders
------------------------------------------------------------------------
                                                                Monthly
                         Account type                            charge
------------------------------------------------------------------------
Internal Distributor.........................................     $3,000
External Distributor.........................................      3,500
Non-Professional Subscriber..................................          1
Professional Subscriber......................................         40
------------------------------------------------------------------------


                             PHLX Depth Data
------------------------------------------------------------------------
                                                                Monthly
                         Account type                            charge
------------------------------------------------------------------------
Internal Distributor.........................................     $4,000
External Distributor.........................................      4,500
Non-Professional Subscriber..................................          1
Professional Subscriber......................................         40
------------------------------------------------------------------------


                 PHLX Options Trade Outline (``PHOTO'')
------------------------------------------------------------------------
                                                                Monthly
                         Account type                            charge
------------------------------------------------------------------------
End of Day Product Subscriber................................       $500
Intra-Day Product Subscriber.................................      1,500
------------------------------------------------------------------------


                          PHOTO Historical Data
------------------------------------------------------------------------
                                                                 Charge
                                                                  per
                         Account type                           calendar
                                                                 month
                                                               requested
------------------------------------------------------------------------
End of Day Product Subscriber................................        400
Intra-Day Product Subscriber.................................        750
------------------------------------------------------------------------

    \9\ For example, a subscriber who requests End of Day PHOTO 
Historical Data for the Month of March, 2009 would be charged $400. 
A subscriber who requests End of Day PHOTO Historical Data for the 
months of March, 2009 and April, 2009 would be charged $400 for the 
March, 2009 End of Day data and $400 for the April, 2009 End of day 
data, for a total of $800, etc. A subscriber who requests Intra-Day 
PHOTO Historical Data for the Month of March, 2009 would be charged 
$750.00. A subscriber who requests Intra-Day PHOTO Historical Data 
for the months of March, 2009 and April, 2009 would be charged $750 
for the March, 2009 Intra-Day data and $750 for the April, 2009 
Intra-Day data, for a total of $1,500, etc.
* * * * *

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 Exchange 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. The Exchange 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 purpose of the proposed rule change is to amend the fees for 
TOPO, TOPO Plus Orders, PHLX Orders and PHLX Depth of Market data 
products. TOPO provides Subscribers a direct data feed that includes 
the Exchange's best bid and offer position, with aggregate size, based 
on displayable order and quoting interest. The TOPO Plus Orders data 
feed product combines the TOPO and PHLX Orders data feeds and provides 
Exchange top-of-market data (including quotes and trades), together 
with real-time full depth order information. TOPO Plus Orders data 
enables Subscribers to monitor their order book(s), including single 
and complex orders,\4\ and Complex Order Live Auction (``COLA'') \5\ 
for all options listed on PHLX. The PHLX Orders data feed provides the 
same single and complex order information described above that makes up 
the ``Plus Orders'' portion of the TOPO Plus Orders data product. The 
PHLX Depth of Market data feed includes full depth of quotes and 
orders, imbalance information and last sale data for options listed on 
PHLX.\6\
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    \4\ A Complex Order is an order involving the simultaneous 
purchase and/or sale of two or more different options series in the 
same underlying security, priced as a net debit or credit based on 
the relative prices of the individual components, for the same 
account, for the purpose of executing a particular investment 
strategy. See Exchange Rule 1080.08(a)(i).
    \5\ See Exchange Rule 1080.08(e).
    \6\ PHLX Depth of Market is the equivalent of, and is based on, 
the NASDAQ ITCH to Trade Options or ``ITTO'' data feed that NASDAQ 
offers under NASDAQ Options Market (``NOM'') Rules, Chapter VI, 
Section 1(a)(3)(A). See Securities Exchange Act Release No. 63983 
(February 25, 2011), 76 FR 12178 (March 4, 2011) (SR-NASDAQ-2011-
032).
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    The Exchange proposes to modify the method for assessing fees for 
Professional Subscribers. Currently, the Exchange assesses a $20 
monthly fee for Professional Subscribers to TOPO Plus Orders. There is 
currently no monthly Professional Subscriber fee for TOPO, PHLX Orders, 
or PHLX Depth of Market.\7\
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    \7\ PHLX proposes to move the definitions in the rule text above 
without changing the meaning of the definitions.
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    The Exchange proposes to establish a single monthly Professional 
Subscriber fee of $40 that will entitle such Subscriber to access all 
PHLX data feeds. This will increase the monthly Professional Subscriber 
Fee on TOPO Plus Orders from $20 to $40 per Subscriber, however it will 
simultaneously add access to the remaining PHLX data feeds. The 
proposal will result in the Exchange for the first time assessing a $40 
per month fee for Professional Subscribers of TOPO, PHLX Orders and 
PHLX Depth of Market. Professional Subscribers will pay the monthly 
Subscriber fee once for access to any or all of the current data feeds 
of PHLX data. For example, the firm would only report the Professional 
Subscriber once and pay $40 for access to TOPO, TOPO Plus Orders, PHLX 
Orders and PHLX Depth of Market.
    Similarly, the Exchange is modifying the method for assessing Non-
Professional Subscriber fees. Presently, the monthly Subscriber Fee 
assessed to External Distributors for TOPO Plus Orders is $1 per Non-
Professional Subscriber. The Exchange now proposes to assess a monthly 
Subscriber Fee of $1 per Non-Professional Subscriber to External 
Distributors for TOPO, PHLX Orders and PHLX Depth of Market. Similar to 
the inclusive fee for Professional Subscribers, Non-Professional 
Subscribers will pay the monthly fee of $1 to access any or all of the 
data feeds of PHLX data. The Exchange believes that by allowing access 
to multiple products for one price, it will allow for a broad 
dissemination of PHLX data overall and a wider range of consumer 
choice.
    Finally, the Exchange proposes to establish a monthly Non-Display 
Enterprise License fee of $10,000. This enterprise license will entitle 
a distributor to provide market data to an unlimited number of internal 
non-display devices within a firm rather than incurring per Subscriber 
charges.\8\ This pricing structure offers two advantages. First, it 
establishes a

[[Page 1888]]

monthly fee cap for distributors with large customer bases, effectively 
lowering average cost per user and marginal costs per user beyond the 
monthly breakpoint. Second, the enterprise license offers 
administrative ease by eliminating the need for distributors to tally, 
track, and report to the Exchange a specific number of individual 
users. This is a voluntary option; distributors are permitted to choose 
between existing pricing and the new enterprise license.
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    \8\ The foregoing fee structure is similar to the structure in 
place for the NASDAQ Options Market (``NOM'') enterprise license 
which entitles a distributor to provide BONO\SM\ and ITTO market 
data to an unlimited number of non-display devices within the firm 
without any per Subscriber charge. See NASDAQ Options Rules, Chapter 
XV, Sec. 4 (a) NASDAQ Options Market Data Distributor Fees.
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    The Exchange notes that the categories of TOPO, PHLX Orders, PHLX 
Depth of Market or TOPO Plus Orders market data and fees compete with 
similar products offered by other markets such as International Stock 
Exchange (``ISE''), NYSE, NOM and Chicago Board Options Exchange 
(``CBOE''). For example, ISE offers market data products that are 
similar to TOPO: A data feed that shows the top of the market entitled 
TOP Quote Feed, and a data feed that shows the top five price levels 
entitled Depth of Market. NYSE offers a market data product for Arca 
and Amex that is similar to TOPO and PHLX Depth of Market: a feed that 
shows top of book, last sale, and depth of quote and is entitled NYSE 
Arca Book for Options. A subsidiary of CBOE for which CBOE charges fees 
offers a market data feed that is similar to TOPO and shows BBO, last 
sale, and top of book data. And BATS offers Multicast PITCH, which is 
their depth of market and last sale feed similar to PHLX Depth of 
Market.
2. Statutory Basis
    Phlx believes that the proposed rule change is consistent with the 
provisions of Section 6 of the Act,\9\ in general, and with Section 
6(b)(4) and 6(b)(5) of the Act,\10\ in particular, in that it provides 
an equitable allocation of reasonable fees among Subscribers and 
recipients of PHLX data and is not designed to permit unfair 
discrimination between them. In adopting Regulation NMS, the Commission 
granted self-regulatory organizations and broker-dealers increased 
authority and flexibility to offer new and unique market data to the 
public. It was believed that this authority would expand the amount of 
data available to consumers, and also spur innovation and competition 
for the provision of market data.
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    \9\ 15 U.S.C. 78f.
    \10\ 15 U.S.C. 78f(b)(4) and (5).
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    The Commission concluded that Regulation NMS--by deregulating the 
market in proprietary data--would itself further the Act's goals of 
facilitating efficiency and competition:

    [E]fficiency is promoted when broker-dealers who do not need the 
data beyond the prices, sizes, market center identifications of the 
NBBO and consolidated last sale information are not required to 
receive (and pay for) such data. The Commission also believes that 
efficiency is promoted when broker-dealers may choose to receive 
(and pay for) additional market data based on their own internal 
analysis of the need for such data.\11\
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    \11\ Securities Exchange Act Release No. 51808 (June 9, 2005), 
70 FR 37496 (June 29, 2005).

By removing ``unnecessary regulatory restrictions'' on the ability of 
exchanges to sell their own data, Regulation NMS advanced the goals of 
the Act and the principles reflected in its legislative history. If the 
free market should determine whether proprietary data is sold to 
broker-dealers at all, it follows that the price at which such data is 
sold should be set by the market as well. TOPO, TOPO Plus Orders, PHLX 
Orders and PHLX Depth of Market data products are precisely the sort of 
market data products that the Commission envisioned when it adopted 
Regulation NMS.
    On July 21, 2010, President Barack Obama signed into law H.R. 4173, 
the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 
(``Dodd-Frank Act''), which amended Section 19 of the Act. Among other 
things, Section 916 of the Dodd-Frank Act amended paragraph (A) of 
Section 19(b)(3) of the Act by inserting the phrase ``on any person, 
whether or not the person is a member of the self-regulatory 
organization'' after ``due, fee or other charge imposed by the self-
regulatory organization.'' As a result, all self-regulatory 
organization (``SRO'') rule proposals establishing or changing dues, 
fees, or other charges are immediately effective upon filing regardless 
of whether such dues, fees, or other charges are imposed on members of 
the SRO, non-members, or both. Section 916 further amended paragraph 
(C) of Section 19(b)(3) of the Act to read, in pertinent part, ``At any 
time within the 60-day period beginning on the date of filing of such a 
proposed rule change in accordance with the provisions of paragraph (1) 
[of Section 19(b)], the Commission summarily may temporarily suspend 
the change in the rules of the self-regulatory organization made 
thereby, 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 this title. If the 
Commission takes such action, the Commission shall institute 
proceedings under paragraph (2)(B) [of Section 19(b)] to determine 
whether the proposed rule should be approved or disapproved.''
    The decision of the United States Court of Appeals for the District 
of Columbia Circuit in NetCoalition v. SEC, No. 09-1042 (D.C. Cir. 
2010), although reviewing a Commission decision made prior to the 
effective date of the Dodd-Frank Act, upheld the Commission's reliance 
upon competitive markets to set reasonable and equitably allocated fees 
for market data. ``In fact, the legislative history indicates that the 
Congress intended that the market system `evolve through the interplay 
of competitive forces as unnecessary regulatory restrictions are 
removed' and that the SEC wield its regulatory power `in those 
situations where competition may not be sufficient,' such as in the 
creation of a `consolidated transactional reporting system.' '' 
NetCoalition, at 15 (quoting H.R. Rep. No. 94-229, at 92 (1975), as 
reprinted in 1975 U.S.C.C.A.N. 321, 323). The court's conclusions about 
Congressional intent are therefore reinforced by the Dodd-Frank Act 
amendments, which create a presumption that exchange fees, including 
market data fees, may take effect immediately, without prior Commission 
approval, and that the Commission should take action to suspend a fee 
change and institute a proceeding to determine whether the fee change 
should be approved or disapproved only where the Commission has 
concerns that the change may not be consistent with the Act.
    Phlx believes that the proposed fee is fair and equitable in 
accordance with Section 6(b)(4) of the Act, and not unreasonably 
discriminatory in accordance with Section 6(b)(5) of the Act. As 
described above, the proposed fee is based on pricing conventions and 
distinctions that exist in Phlx's current fee schedule, and the fee 
schedules of other exchanges. These distinctions (top-of-book versus 
Depth-of-Book, Professional versus non-Professional Subscribers, and 
Internal versus External Distribution) are each based on principles of 
fairness and equity that have helped for many years to maintain fair, 
equitable, and not unreasonably discriminatory fees, and that apply 
with equal or greater force to the current proposal. The use of 
enterprise licenses is also a well-established method for assessing 
equitable fees, providing as it does a pricing and administrative 
efficiency benefit for high-volume usage.
    Importantly, the proposed products are entirely optional to all 
parties. Firms are not required to purchase TOPO,

[[Page 1889]]

TOPO Plus Orders, PHLX Orders and PHLX Depth of Market data feed or to 
utilize any specific pricing alternative if they do choose to purchase 
TOPO, TOPO Plus Orders, PHLX Orders and PHLX Depth of Market data feed. 
Phlx is not required to make TOPO, TOPO Plus Orders, PHLX Orders and 
PHLX Depth of Market data feed available or to offer specific pricing 
alternatives for potential purchases. Phlx can discontinue offering a 
pricing alternative (as it has in the past) and firms can discontinue 
their use at any time and for any reason (as they often do), including 
due to their assessment of the reasonableness of fees charged. Phlx 
continues to establish and revise pricing policies aimed at increasing 
fairness and equitable allocation of fees among Subscribers. If the 
market deems the proposed fees to be unfair or inequitable, firms can 
diminish or discontinue their use of this data.
    Phlx believes that periodically it must adjust TOPO, TOPO Plus 
Orders, PHLX Orders and PHLX Depth of Market data feed Enterprise Data 
Subscriber fees to reflect market forces. Given that this fee change 
represents the first Professional and Non-Professional Subscriber price 
change to TOPO, TOPO Plus Orders, PHLX Orders and PHLX Depth of Market 
data products, Phlx believes it is an appropriate time to adjust these 
fees to more accurately reflect the investments made to enhance this 
product through capacity upgrades and data sets added. This also 
reflects that the market for TOPO, TOPO Plus Orders, PHLX Orders and 
PHLX Depth of Market data feed information is highly competitive and 
continually evolves as products develop and change.

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

    Phlx does not believe that the proposed rule change will result in 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act, as amended. To the contrary, 
the market for options orders and executions is already highly 
competitive and Phlx's proposal is itself pro-competitive in several 
ways. First, TOPO, TOPO Plus Orders, PHLX Orders and PHLX Depth of 
Market data feed offer a comprehensive, competitive alternative to the 
consolidated data OPRA feed for users and situations where consolidated 
data is unnecessary. Second, Phlx believes that offering TOPO, TOPO 
Plus Orders, PHLX Orders and PHLX Depth of Market data feed will help 
attract new Subscribers and new order flow to the Phlx market, thereby 
improving execution quality and Phlx's ability to compete in the market 
for options order flow and executions.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act.\12\ At any time within 60 days of the 
filing of the proposed rule change, the Commission summarily may 
temporarily suspend 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. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.
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    \12\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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 email to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2012-145 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.

All submissions should refer to File Number SR-Phlx-2012-145. This file 
number should be included on the subject line if email 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 Web site viewing and printing in 
the Commission's Public Reference Room, 100 F Street, NE., Washington, 
DC 20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of such filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change; the Commission does not edit 
personal identifying information from submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number SR-Phlx-2012-145 and should be 
submitted on or before January 30, 2013.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-00255 Filed 1-8-13; 8:45 am]
BILLING CODE 8011-01-P


