[Federal Register Volume 74, Number 164 (Wednesday, August 26, 2009)]
[Notices]
[Pages 43185-43188]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-20536]
[[Page 43185]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60526; File No. SR-NYSEAmex-2009-19]
Self-Regulatory Organizations; NYSE Amex LLC; Order Granting
Approval of a Proposed Rule Change as Modified by Amendment No. 1
Thereto To Adopt Rules Implementing the Options Order Protection and
Locked/Crossed Market Plan
August 18, 2009.
I. Introduction
On May 11, 2009, NYSE Amex LLC (``NYSE Amex'' or ``Exchange'')
filed with the Securities and Exchange Commission (``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
amend and adopt rules to implement the Options Order Protection and
Locked/Crossed Market Plan. The proposed rule change was published for
comment in the Federal Register on June 9, 2009.\3\ On July 12, 2009,
the Exchange filed Amendment No. 1 to the proposed rule change.\4\ The
Commission received no comments on the proposal. This order approves
the proposed rule change, as modified by Amendment No. 1.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 60015 (June 1,
2009), 74 FR 27375 (``Notice'').
\4\ Amendment No. 1 clarified that this proposed rule change
will become effective upon the Exchange's withdrawal from the Plan
for the Purpose of Creating and Operating an Intermarket Option
Linkage and the effectiveness of the Options Order Protection and
Locked/Crossed Market Plan. In addition, Amendment No. 1 revised
Proposed NYSE Amex Rule 992NY(b) to delete the last sentence which
stated, in reference to the proposed locked/crossed market exception
for non-customer quotes, that the ``exemption is operative as long
as the Exchange identifies the presence of Customer orders in its
disseminated bid or offer'' because the sentence was not included in
similar rules of other exchanges. Because the amendment provided
clarification and revised the Exchange's proposed locked and crossed
market rule in a non-substantive manner to conform with similar
proposed rules of other exchanges, the amendment did not require
notice and comment.
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II. Description of the Proposal
The Exchange proposes to amend and adopt new NYSE Amex rules to
implement the Options Order Protection and Locked/Crossed Market Plan
(``Plan'').\5\ Specifically, the Exchange proposes to replace current
NYSE Amex Rules 990NY through 993NY with new rules implementing the
Plan, amend other Exchange rules to reflect the Plan, and delete rules
rendered unnecessary by the Plan.
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\5\ The Plan is a national market system plan proposed by the
seven existing options exchanges and approved by the Commission. See
Securities Exchange Act Release No. 59647 (March 30, 2009), 74 FR
15010 (April 2, 2009) (File No. 4-546) (``Plan Notice'') and 60405
(July 30, 2009), 74 FR 39362 (August 6, 2009) (File No. 4-546)
(``Plan Approval''). The seven options exchanges are: Chicago Board
Options Exchange, Incorporated (``CBOE''); International Securities
Exchange, LLC (``ISE''); The NASDAQ Stock Market LLC (``Nasdaq'');
NASDAQ OMX BX, Inc. (``BOX''); NASDAQ OMX PHLX, Inc. (``Phlx'');
NYSE Arca, Inc. (``NYSE Arca''); and NYSE Amex (each exchange
individually a ``Participant'' and, together, the ``Participating
Options Exchanges'').
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The Old Plan
Each of the Participating Options Exchanges are signatories to the
Plan for the Purpose of Creating and Operating an Intermarket Option
Linkage (``Old Plan'').\6\ In pertinent part, the Old Plan generally
requires its participants to avoid trading at a price inferior to the
national best bid or offer (``trade-through''), although it provides
for a number of exceptions to trade-through liability.\7\ The
Participating Options Exchanges comply with this requirement of the Old
Plan by utilizing a stand alone system (``Linkage Hub'') to send and
receive specific order types,\8\ namely Principal Acting as Agent
Orders (``P/A Orders''), Principal Orders, and Satisfaction Orders.\9\
The Old Plan also provided that dissemination of ``locked'' or
``crossed'' markets should be avoided, and remedial actions that should
be taken to unlock or uncross such market.\10\ Each of the
Participating Options Exchanges, including the Exchange, has submitted
an amendment to the Old Plan to withdraw from such Plan.\11\ The
withdrawals will be effective upon approval by the Commission of such
amendments pursuant to Rule 608 of Regulation NMS under the Act
(``Regulation NMS'').\12\
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\6\ On July 28, 2000, the Commission approved the Old Plan as a
national market system plan for the purpose of creating and
operating an intermarket options market linkage proposed by the
American Stock Exchange LLC (n/k/a NYSE Amex), CBOE, and ISE. See
Securities Exchange Act Release No. 43086 (July 28, 2000), 65 FR
48023 (August 4, 2000). Subsequently, Philadelphia Stock Exchange,
Inc. (n/k/a Phlx), Pacific Exchange, Inc. (n/k/a NYSE Arca), Boston
Stock Exchange, Inc. (n/k/a BOX), and Nasdaq joined the Linkage
Plan. See Securities Exchange Act Release Nos. 43573 (November 16,
2000), 65 FR 70851 (November 28, 2000); 43574 (November 16, 2000),
65 FR 70850 (November 28, 2000); 49198 (February 5, 2004), 69 FR
7029 (February 12, 2004); and 57545 (March 21, 2008), 73 FR 16394
(March 27, 2008).
\7\ Section 8(c) of the Old Plan.
\8\ The Linkage Hub is a centralized data communications network
that electronically links the Participating Options Exchanges to one
another. The Options Clearing Corporation (``OCC'') operates the
Linkage Hub.
\9\ Section 2(16) of the Old Plan.
\10\ Section 7(a)(i)(C) of the Old Plan.
\11\ See Securities Exchange Act Release No. 60360 (July 21,
2009) 74 FR 37265 (July 28, 2009) (File No. 4-429).
\12\ 17 CFR 242.608.
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The Plan
The Plan does not require a central linkage mechanism akin to the
Old Plan's Linkage Hub. Instead, the Plan includes the framework for
routing orders via private linkages that exist for NMS stocks under
Regulation NMS.\13\ The Plan requires the Participating Options
Exchanges to adopt rules ``reasonably designed to prevent Trade-
Throughs.'' \14\ Participating Options Exchanges are also required to
conduct surveillance of their respective markets on a regular basis to
ascertain the effectiveness of the policies and procedures to prevent
Trade-Throughs and to take prompt action to remedy deficiencies in such
policies and procedures.\15\ As further described below, the Plan
incorporates a number of exceptions to trade-through liability.\16\
Some of these exceptions are carried over from the Old Plan, including
exceptions for trading rotations, non-firm quotes, and complex
trades.\17\ Others are substantially similar to exceptions available
for NMS stocks under Regulation NMS, such as exceptions for systems
issues, crossed markets, quote flickering, customer stopped orders,
benchmark trades and, notably, intermarket sweep orders (``ISOs'').\18\
In addition, the Plan contains a new exception for stopped orders and
price improvement.\19\
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\13\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005) (File No. S7-10-04); 17 CFR
242.600 et seq. For discussions of the similarities between the
provisions of Regulation NMS and the provisions in the Plan, see
Plan Notice and Plan Approval, supra note 5.
\14\ Under the Plan, a ``Trade-Through'' is generally defined as
a transaction in an option series, either as principal or agent, at
a price that is lower than a Protected Bid or higher than a
Protected Offer.'' See Section 2(21) of the Plan. A ``Protected
Bid'' and ``Protected Offer'' generally means a bid or offer in an
option series, respectively, that is displayed by a Participant, is
disseminated pursuant to the Options Price Reporting Authority
(``OPRA'') Plan, and is the Best Bid or Best Offer. See Section
2(17) of the Plan. A ``Best Bid'' or ``Best Offer'' means the
highest bid price and the lowest offer price. Section (2)(1) of the
Plan. ``Protected Bid'' and ``Protected Offer,'' together are
referred to herein as ``Protected Quotation.'' See Section 2(18) of
the Plan.
\15\ Section 5(a)(ii) of the Plan.
\16\ Section 5(b) of the Plan.
\17\ Subparagraphs (ii), (vii), and (viii), respectively, of
Section 5(b) of the Plan.
\18\ Subparagraphs (i), (iii), (vi), (ix), (xi), and (iv)-(v),
respectively, of Section 5(b) of the Plan.
\19\ Subparagraph (x) of Section 5(b) of the Plan.
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The Plan also requires each Participant to establish, maintain, and
enforce written rules that: Require its members reasonably to avoid
displaying locked and crossed markets; assure the
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reconciliation of locked and crossed markets; and prohibit its members
from engaging in a pattern or practice of displaying locked and crossed
markets; subject to exceptions as may be contained in the rules of the
Participant, as approved by the Commission.\20\
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\20\ Section 6 of the Plan. The Plan also contains provisions
relating to the operation of the Plan including, for example,
provisions relating to the entry of new parties to the Plan;
withdrawal from the Plan; and amendments to the Plan.
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The Exchange's Proposal
To implement the Plan, the Exchange proposes to replace its current
rules relating to the Old Plan with new rules relating to the Plan, and
makes amendments to other rules as necessary to conform to the
requirements of the Plan.\21\ As such, the Exchange proposes to adopt
all applicable definitions from the Plan into the Exchange's rules.\22\
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\21\ A more detailed description of the Exchange's proposed rule
change may be found in the Notice, supra, note 3.
\22\ Proposed NYSE Amex Rule 990NY.
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In addition, the Exchange proposes to prohibit its members from
effecting Trade-Throughs, unless an exception applies.\23\ Consistent
with the Plan, the Exchange also proposes exceptions to the prohibition
on trade throughs relating to: System issues; trading rotations;
crossed markets; intermarket sweep orders; quote flickering; non-firm
quotes; complex trades; customer stopped orders; stopped orders and
price improvement; and benchmark trades.\24\
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\23\ Proposed NYSE Amex Rule 991NY(a).
\24\ Proposed NYSE Amex Rule 991NY(b)(1)-(10). In addition, the
Exchange proposes to add ISOs as a new type of order under proposed
NYSE Amex Rule 900.3NY(t).
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The Exchange also proposes a rule to address locked and crossed
markets, as required by the Plan.\25\ Specifically, the Exchange
proposes that, except for quotations that fall within a stated
exception, members shall reasonably avoid displaying, and shall not
engage in a pattern or practice of displaying, any quotations that lock
or cross a Protected Quote.\26\
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\25\ A ``locked market'' is defined as a quoted market in which
a Protected Bid is equal to a Protected Offer. Proposed NYSE Amex
Rule 990NY(9). A ``crossed market'' is defined as a quoted market in
which a Protected Bid is higher than a Protected Offer. Proposed
NYSE Amex Rule 990NY(5).
\26\ Proposed NYSE Amex Rule 992NY(a).
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The Exchange proposes four exceptions to the prohibition against
locked and crossed markets: When the Exchange is experiencing a
failure, material delay, or malfunction of its systems or equipment;
when the locking or crossing quotation was displayed at a time where
there is a crossed market; when an Exchange member simultaneously
routes an ISO to execute against the full displayed size of any locked
or crossed Protected Bid or Protected Offer; and, with respect to a
locking quotation, when the order entered on the Exchange that will
lock a Protected Bid or Protected Offer, is (i) not a customer order,
and the Exchange can determine via identification available pursuant to
the OPRA Plan that such Protected Bid or Protected Offer does not
represent, in whole or in part, a customer order; or (ii) a customer
order, and the Exchange can determine via identification available
pursuant to the OPRA Plan that such Protected Bid or Protected Offer
does not represent, in whole or in part, a customer order, and, on a
case-by-case basis, the customer specifically authorizes the member to
lock such Protected Bid or Protected Offer.\27\ The Exchange believes
that, in most cases, locked market maker quotes are good for the
investing public, but recognizes that the benefits of a locked market
become more complicated when one or both of the locking quotations
represent a customer order. Where there is market interest willing to
trade with a customer, the Exchange believes that the customer order
should be filled. Thus, the Exchange proposes that it would not exempt
from the locked market prohibition situations involving customer orders
unless the customer entering the locking order specifically authorizes
the lock on a case-by-case basis.\28\ As a result, its members would
not be permitted to lock another Participant's quotation unless the
Exchange can establish that the quotation on the other Participant's
market is not for the account of a customer.
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\27\ Proposed NYSE Amex Rule 992NY(b)(1)-(4).
\28\ NYSE Amex noted that it can envision a customer authorizing
a lock when the fees associating with trading against the locked
market make the execution price uneconomical to the customer. See
Notice, supra note 3 at 27378.
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The Exchange also proposes rules to permit it to continue to accept
P/A Orders and Principal Orders from Participating Options Exchanges
that are not able to send ISOs in order to avoid Trade-Throughs.\29\
The Exchange noted that, even upon the approvals of the Plan and the
implementing rules of the various Participating Options Exchanges, it
is possible that not all the Participants will be functionally able to
operate pursuant to the Plan. Thus, the Exchange has proposed to retain
certain rules governing the receipt of P/A Orders and Principal Orders
until such time that all Participating Options Exchanges are operating
pursuant to the Plan.
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\29\ Proposed NYSE Amex Temporary Rule 993NY.
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The Exchange also proposes to delete certain provisions of NYSE
Amex Rules to reflect the Exchange's withdrawal from the Old Plan.\30\
Finally, the Exchange proposes to amend NYSE Amex 476A, the Exchange's
Minor Rule Plan, to replace references to the Old Plan with references
to the Plan.
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\30\ See Notice, supra note 3 at 27378, discussing proposed
changes to NYSE Amex Rule 921NY, Commentaries .01-.03 to NYSE Amex
Rule 923NY, NYSE Amex Rule 964NY, and NYSE Amex Rule 476A.
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III. Discussion and Commission's Findings
After careful review, the Commission finds that the proposed rule
change, as amended, is consistent with the requirements of the Act and
the rules and regulations thereunder applicable to a national
securities exchange.\31\ In particular, the Commission finds that the
proposal is consistent with Section 6(b)(5) of the Act \32\ 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. The Commission also finds that the
proposal is consistent with Rule 608(c) of Regulation NMS under the
Act, which requires that each exchange comply with the terms of any
effective national market system plan of which it is a participant.\33\
Finally, the Commission finds that the proposed rule change is
consistent with the requirements of the Plan.\34\
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\31\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\32\ 15 U.S.C. 78f(b)(5).
\33\ 17 CFR 242.608(c). Section 1 of the Plan provides in
pertinent part that, ``The Participants will submit to the
[Commission] for approval their respective rules that will implement
the framework of the Plan.''
\34\ See supra note 5.
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Proposed NYSE Amex Rule 990NY would define applicable terms in a
manner that are substantively identical to the defined terms of the
Plan. As such, the Commission finds that proposed NYSE Amex 990NY are
consistent with the Act and the Plan.
Proposed NYSE Amex Rule 991NY(a) would prohibit members from
effecting Trade-Throughs unless an exception applies. Proposed NYSE
Amex Rule 991NY(b) would provide for ten exceptions to the general
Trade-Through prohibition, relating to systems issues,
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trading rotations, crossed markets, ISOs, quote flickering, non-firm
quotes, complex trades, customer stopped orders, stopped orders and
price improvement, and benchmark trades.\35\ Aside from the proposed
exception relating to systems issues, each proposed exception would be
substantively identical to the parallel exception under Section 5(b) of
the Plan.
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\35\ Proposed NYSE Amex Rule 991NY(b)(1)-(10).
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The systems issues exception under proposed NYSE Amex Rule
991NY(b)(1) would implement the parallel exception available under
Section 5(b)(i) of the Plan and would permit the Exchange to bypass the
Protected Quotation of another Participant if such other Participant
repeatedly fails to respond within one second to incoming orders
attempting to access its Protected Quotations. The Exchange's rule
would require the Exchange to notify such non-responding Participant
immediately after (or at the same time as) electing self-help, and
assess whether the cause of the problem lies with the Exchange's own
systems and, if so, take immediate steps to resolve the problem.
Finally, the Exchange would be required to promptly document its
reasons supporting any such determination to bypass a Protected
Quotation. The Commission believes that this exception should provide
the Exchange with the necessary flexibility for dealing with problems
that occur on an away market during the trading day. At the same time,
the exception's requirements to immediately notify such away market of
its determination and also assess its own system should help prevent
the use of this exception when there in fact is a problem with the
Exchange's own systems, rather than those of an away market.
The Commission notes that included among the exception in proposed
NYSE Amex Rule 991NY(b) would be an exception for certain transactions
involving ISOs.\36\ An order identified as an ISO would be immediately
executable by the Exchange (or any other Plan Participant that received
such an order) based on the premise that the market participant sending
the ISO has already attempted to access all better-priced Protected
Quotations up to their displayed size. The Commission believes that
this exception should help ensure more efficient and faster executions
in the options markets.
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\36\ Proposed NYSE Amex Rule 991NY(b)(4).
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The Commission notes that, in addition to these rules regarding
Trade-Throughs, the Plan requires that each Participant establish,
maintain and enforce written policies and procedures that are
reasonably designed to prevent Trade-Throughs in that Participant's
market that do not fall within an applicable exception and, if relying
on such exception, that are reasonably designed to assure compliance
with the terms of the exception. In addition, the Commission notes that
the Plan requires each Participant to conduct surveillance of its
market on a regular basis to ascertain the effectiveness of such
policies and procedures and to take prompt action to remedy any
deficiencies in such policies and procedures.
Accordingly, the Commission finds that proposed NYSE Amex Rule
991NY is consistent with Section 5 of the Plan and Section 6(b)(5) of
the Act \37\ 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.
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\37\ 15 U.S.C. 78f(b)(5).
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Proposed NYSE Amex Rule 992NY(a) would require Exchange members to
reasonably avoid displaying, and not engage in a pattern or practice of
displaying, any quotation that locks or crosses a Protected Quotation,
subject to certain exceptions delineated in proposed NYSE Amex Rule
992NY(b). The Commission recognizes that locked and crossed markets may
occur accidentally and cannot always be avoided. However, the
Commission believes that giving priority to the first-displayed
Protected Bid or Protected Offer, particularly when it includes a
public customer's order, will encourage price discovery and contribute
to fair and orderly markets. Therefore, the Commission believes that
the proposed rule, which corresponds to the Plan's language, to require
members to reasonably avoid displaying, and not engaging in a pattern
or practice of, locks and crosses is appropriate.
Proposed NYSE Amex Rule 992NY(b) would permit four exceptions to
the Exchange's general rule relating to locked and crossed markets.\38\
The first three would be similar to analogous certain trade-through
exceptions under proposed NYSE Amex Rule 991NY(b), and relate to when
the Exchange is experiencing systems issues, when there is exists a
crossed market, and when a member simultaneously routes ISOs against
the full displayed size of any locked or crossed Protected Bid or
Protected Offer.
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\38\ Section 6 of the Plan permits exceptions to the Plan's
locked and crossed market rules as may be contained in the rules of
a Participant approved by the Commission.
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The fourth exception would permit an order entered onto the
Exchange to lock a Protected Bid or Protected Offer when such order is:
(1) Not a customer order, and the Exchange can determine that such
Protected Bid or Protected Offer does not represent, in whole or in
part, a customer order; or (2) a customer order, and the Exchange can
determine that such Protected Bid or Protected Offer does not
represent, in whole or in part, a customer order and, on a case-by-case
basis, the customer specifically authorizes the Exchange's member to
lock such Protected Bid or Protected Offer. This exception would not
protect a market maker quote or broker-dealer order from being locked.
The Commission believes that the Exchange's proposed rules relating
to locked and crossed markets are consistent with the Plan and the Act
and should help ensure that the display of locked or crossed markets
will be limited and that any such display will be promptly reconciled.
The Commission also believes that each of the proposed exceptions to
locked and crossed markets relate to circumstances when it is
appropriate to permit a limited, narrow exception to the general locked
and crossed market rule.
In particular, the Commission believes that the fourth exception is
appropriate because it would protect customer orders that are Protected
Bids or Protected Offers from being locked, and would only permit a
customer order entered on to the Exchange to lock a Protected Bid or
Protected Offer when a customer specifically authorizes an Exchange
member, and only when such Protected Bid or Protected Offer itself does
not represent, in whole or in part, a customer order. Because of the
rapidity with which options quotes are often updated today,
particularly in response to changes in the underlying, there is an
increasing likelihood that market maker quotations will lock each
other. The proposed exception accounts for this dynamic by not
prohibiting such locking instances. Importantly, the proposed exception
in the Exchange's rules that the Commission is approving would allow
non-customer orders to lock an away market's Protected Quotation only
if the Exchange is able to affirmatively determine that the Protected
Quotation on the away market is not, in whole or in part, for the
account of a customer. If any portion of such away market's Protected
Quotation is for the account of a customer, such Protected Quotation
may not be locked.
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In addition, the Commission notes that the rule requires that such
determination be made via identification available pursuant to the OPRA
Plan, which is working with the participating options exchanges on a
method to so identify customer quotations through OPRA. The Exchange
has represented that, absent the ability to identify a customer quote
as part of an exchange's BBO, the Exchange would assume that the quote
represents, in whole or in part, a customer order. As such, the
Exchange has represented that it would not permit its members to avail
themselves of this exemption unless the away market has informed the
Exchange that it would designate all customer orders as such in OPRA
and such exchange's quotation does not contain such designation.
Finally, the Exchange has represented that if an exchange chooses not
to identify its customer quotations, the Exchange would treat all of
such exchange's quotations as customer orders and, absent application
of another exception, would not permit locks of such quotations.
Therefore, the Commission finds that Exchange's rule regarding
locked and crossed markets appropriately implements Section 6 of the
Plan, and is consistent with Section 6(b)(5) of the Act \39\ 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.
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\39\ 15 U.S.C. 78f(b)(5).
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The Commission also finds that proposed NYSE Amex Temporary Rule
993NY, which facilitates the participation of certain Participating
Options Exchanges who may require the use of P/A Orders and Principal
Orders after implementation of the Plan, is consistent with the Act.
Although the Commission has already approved the Plan,\40\ the
Commission also recognizes that there may be one or more Participating
Options Exchanges that may require a temporary transition period during
which they may want to continue to utilize these order types that exist
currently under the Old Plan.\41\ The Exchange and each of the other
Participating Options Exchanges have proposed substantially identical
temporary provisions to accommodate this possibility.\42\ Thus, the
Commission finds that the proposed rule relating to the Exchange's
receipt and handling of P/A Orders and Principal Orders, and imposing
certain obligations on the Exchange with respect to such orders that
are similar to those that exist under the Old Plan, is appropriate and
consistent with Section 6(b)(5) of the Act \43\ 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.
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\40\ See Plan Approval, supra, note 5.
\41\ The Commission notes that any Participating Options
Exchange that wishes to utilize such order types in a manner that
would result in a Trade-Through would need to separately request an
exemption from the Plan for such use.
\42\ The Commission notes that the rules contained in NYSE Amex
Temporary Rule 993NY are not required by the Plan, but rather are
rules proposed by the Exchange in order to facilitate the
participation in the Plan of certain exchanges during an initial
transition period.
\43\ 15 U.S.C. 78f(b)(5).
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Finally, the Commission finds that NYSE Amex's other proposed
changes, including the proposed modifications to NYSE Amex Rule 921NY,
Commentaries .01-.03 to NYSE Amex Rule 923NY, NYSE Amex Rule 964NY, and
NYSE Amex Rule 476A are appropriate and consistent with the Act.
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\44\ that the proposed rule change (SR-NYSEAmex-2009-19), as
modified by Amendment No. 1, be, and it hereby is, approved.
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\44\ 15 U.S.C. 78s(b)(2).
\45\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\45\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-20536 Filed 8-25-09; 8:45 am]
BILLING CODE 8010-01-P