[Federal Register Volume 76, Number 110 (Wednesday, June 8, 2011)]
[Notices]
[Pages 33383-33386]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-14080]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64591; File No. SR-Phlx-2011-79]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Allow
Qualified Exchange Members to Act as Off-Floor Option Specialists in
One or More Options Classes
June 2, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\, and Rule 19b-4 \2\ thereunder, notice is hereby given
that on June 1, 2011, 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is filing with the Commission a proposal to amend
Exchange Rule 501 (Specialist Appointment) and Rule 1020 (Registration
and Functions of Options Specialists) to allow qualified Exchange
members to act as off-floor option specialists in one or more options
classes.
The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxphlx.cchwallstreet.com/NASDAQOMXPHLX/Filings/, at the principal office of the Exchange, at the Commission's
Public Reference Room, and on the Commission's Web site at http://www.sec.gov.
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 this proposal is to amend Exchange Rules 501 and
1020 to allow qualified Exchange members to act as off-floor option
specialists in one or more options classes (known as ``Remote
Specialists'').
a. Background
There are several types of market makers on the Exchange, including
Registered Options Traders (``ROTs''),\3\ Streaming Quote Traders
(``SQTs''),\4\ Remote Streaming Quote Traders (``RSQTs''),\5\ and
specialists.\6\
---------------------------------------------------------------------------
\3\ An ROT is a regular member or a foreign currency options
participant of the Exchange located on the trading floor who has
received permission from the Exchange to trade in options for his
own account. See Rule 1014(b)(i).
\4\ An SQT is an ROT who has received permission from the
Exchange to generate and submit option quotations electronically in
options to which such SQT is assigned. An SQT may only submit such
quotations while such SQT is physically present on the floor of the
Exchange. See Rule 1014(b)(ii)(A).
\5\ An RSQT is an ROT that is a member or member organization
with no physical trading floor presence who has received permission
from the Exchange to generate and submit option quotations
electronically in options to which such RSQT has been assigned. An
RSQT may only submit such quotations electronically from off the
floor of the Exchange. See Rule 1014(b)(ii)(B).
\6\ Rule 1014 also discusses other market makers including
Directed SQTs and Directed RSQTs, which receive Directed Orders as
defined in Rule 1080(l)(i)(A). Specialists may likewise receive
Directed Orders.
---------------------------------------------------------------------------
Specialists are Exchange members who are registered as options
specialists pursuant to Rule 1020(a) \7\. Current subsection (a) States
that specialists include qualified RSQTs approved by the Exchange
pursuant to Rule 501 to function as off-floor Remote Specialists in one
or more options; and that Remote Specialists have all the rights and
obligations of an options specialist, unless Exchange rules provide
otherwise.\8\
---------------------------------------------------------------------------
\7\ The performance of all specialists, including Remote
Specialists, is evaluated pursuant to Rule 511.
\8\ Following is a list of such rules, which are influenced by
the fact that Remote Specialists do not have a physical floor
presence. Rule 1014(g) indicates that Remote Specialists have
priority that is coextensive with that of electronic market makers
such as RSQTs. Options Floor Procedures Advice (``OFPA'') B-3
indicates that Remote Specialists are exempted from the requirement
that an ROT including a specialist trade a certain percentage of
volume on the Exchange in person. Rule 501 indicates that, unlike
on-floor specialists, Remote Specialists do not need to retain an
assistant specialist or a back-up specialist unit. Commentary .01 to
Rule 1014 indicates that, like RSQTs, Remote Specialist do not have
an in-person trade execution requirement. OFPA E-1 indicates that,
unlike specialists that must have a representative available on the
floor for the thirty minutes before the opening and the thirty
minutes after the close of trading and one hour after the
preliminary trade reports are distributed, Remote Specialists must
have a representative available via telephonic and/or electronic
communication access.
---------------------------------------------------------------------------
[[Page 33384]]
Rule 1020 sets forth additional provisions that are specifically
applicable to specialists. Subsection (b) of Rule 1020, for example,
states that as a condition of a member being registered as a specialist
in one or more options, it is understood that, in addition to the
execution of orders entrusted to him in such options, a specialist is
to engage in a course of dealings for his own account to assist in the
maintenance insofar as reasonably practicable, of a fair and orderly
market on the Exchange in such options. Subsection (c) states that a
specialist or his member organization shall not effect on the Exchange
purchases or sales of any option in which such specialist is
registered, for any account in which he or his member organization is
directly or indirectly interested, unless such dealings are reasonably
necessary to permit such specialist to maintain a fair and orderly
market.
Rule 501 generally deals with the process of applying for approval
as a specialist that would be eligible to receive allocations of
options issues. Current subsection (f) discusses how RSQTs on the
Exchange may become Remote Specialists in one or more options, where
the Remote Specialists do not have a physical presence on the trading
floor of the Exchange and where the Exchange determines that it cannot
allocate such options to a floor-based specialist. Subsection (f)(ii)
states that Remote Specialists must be accessible to Exchange staff and
members during all trading hours and must provide telephonic and/or
electronic access to such specialists and/or associated staff at all
times during trading hours. Subsection (f)(iii) states that Remote
Specialists have all the rights and obligations of specialists, unless
Exchange rules provide otherwise.
Until such time that the rule filing proposing Remote Specialists
was approved this year,\9\ all option classes and series listed on the
Exchange had to have a floor-based specialist with a physical presence
on the options floor.\10\ The floor-based specialist system is
historically based in the traditional open outcry auction market system
that has trading crowds at physical trading posts on the floor and
Floor Brokers \11\ that represent orders on the floor on behalf of
others (``auction market system'' or ``open outcry system''). The
auction market system is necessary, and indeed invaluable, to certain
types of market participants (e.g., institutional traders and certain
large-volume traders). The Exchange has developed, in parallel to the
auction market system, an extensive electronic means to execute option
orders.\12\ As a result, the Exchange operates an options market that
combines a traditional open outcry auction market trading floor with
electronic trading.\13\ In January 2011, the Commission approved the
initial Remote Specialist filing in which the Exchange proposed to
allow RSQTs to act as Remote Specialists that are not physically
present on the trading floor, where a floor-based specialist was not
willing to accept (or retain) allocation of an option.\14\ The Exchange
is expanding the Remote Specialist position by this filing.
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 63717 (January 14,
2011), 76 FR 4141 (January 24, 2011) (SR-Phlx-2010-145) (order
approving proposal to establish Remote Specialist on Exchange under
specified circumstances) (the ``initial Remote Specialist filing'').
\10\ At least one exchange that uses a specialist system has
allowed certain option series to trade without a designated lead
market maker (specialist). See Securities Exchange Act Release No.
56001 (July 2, 2007), 72 FR 37557 (July 10, 2007) (SR-NYSEArca-2007-
34) (order approving). And at least one exchange that does not have
a specialist system has allowed options to be traded without any
market maker. See Securities Exchange Act Release No. 61735 (March
18, 2010), 75 FR 14227 (March 24, 2010) (SR-NASDAQ-2010-007) (order
approving).
\11\ An Options Floor Broker is an individual who is registered
with the Exchange for the purpose, while on the Options Floor, of
accepting and executing options orders received from members and
member organizations. An Options Floor Broker shall not accept an
order from any other source unless he is the nominee of a member
organization qualified to transact business with the public in which
event he may accept orders from public customers of the
organization. See Rule 1060.
\12\ See Rule 1080 regarding the Exchange's electronic order,
trading, and execution system. See also Securities Exchange Act
Release No. 59995 (May 28, 2009), 74 FR 26750 (June 3, 2009) (SR-
Phlx-2009-32) (order approving the Exchange's enhanced electronic
platform, XL II).
\13\ The current Phlx market model combining open outcry and
electronic trading is also used by other options exchanges, such as
Chicago Board Options Exchange, Inc. (``CBOE''), NYSE Amex LLC
(``NYSE Amex'') and NYSE Arca, Inc. (``NYSE Arca''). Only electronic
options trading is done on other exchanges, such as the
International Securities Exchange, LLC (``ISE'') and The NASDAQ
Stock Market LLC (``NASDAQ'').
\14\ See Securities Exchange Act Release No. 63717 (January 14,
2011), 76 FR 4141 (January 24, 2011) (SR-Phlx-2010-145) (order
approving proposal to establish Remote Specialists on the Exchange
pursuant to Rules 501 and 1020).
---------------------------------------------------------------------------
The Exchange notes that this proposal is in no way meant to
diminish the need for the physical options trading floor on the
Exchange. To the contrary, the Exchange recognizes the value of a
physical trading floor and confirms its need and importance to the
market place while expanding, through this proposal, the ability for
floor specialists to engage in remote market making.
b. The Proposal
The Exchange proposes to enhance the current Remote Specialist
model so that all eligible ROTs on the Exchange \15\ may function as
Remote Specialists. The Exchange also proposes to eliminate the
requirement that an option may be allocated to a Remote Specialist only
to the extent that the option cannot be allocated to (or retained by)
an on-floor specialist. Significantly, all of the key principles now
applicable to Remote Specialists will continue in force with this
proposal: (a) Remote Specialists would be subject to all of the
obligations and privileges of floor-based specialists unless otherwise
noted in Exchange rules; (b) Remote Specialists and on-floor
specialists would have equivalent quoting requirements; \16\ and (c)
RSQTs approved to act as Remote Specialists would have heightened
quoting obligations when acting as Remote Specialists in contrast to
when acting as RSQTs.\17\
---------------------------------------------------------------------------
\15\ SQTs would not be eligible to be Remote Specialists because
they can function only on the physical options trading floor of the
Exchange.
\16\ See Rule 1014(b)(ii)(D)(2).
\17\ See Rule 1014(b)(ii)(D)(1).
---------------------------------------------------------------------------
The Exchange believes that this proposal would significantly expand
the universe of market participants that could assume the role of
Remote Specialist. The Exchange also believes that allowing more
eligible ROTs to assume the role of Remote Specialist would further
ensure the listing, or continued listing, of options on the Exchange to
its benefit and the benefit of traders on the Exchange, market
participants, and the investing public.
In making the proposed changes, the Exchange would consolidate
portions of the definition of Remote Specialist from current Rule
501(f) into proposed Rule 1020(a). This would clarify the function of
these rules such that Rule 501 would deal predominantly with the Remote
Specialist application process and Rule 1020 would deal with the
definitional prerequisites of being a Remote Specialist.
The Exchange proposes the following specific changes to Rules 501
and 1020. First, the Exchange proposes to move the concept that a
Remote Specialist may not have a physical presence on the Exchange
floor from Rule 501(f) into Rule 1020(a)(ii). Proposed subsection
(a)(ii) would state that a Remote
[[Page 33385]]
Specialist is an options specialist in one or more classes that may not
have a physical presence on an Exchange floor and is approved by the
Exchange pursuant to Rule 501. The Exchange notes that this language is
in conformity with the goal of allowing all eligible ROTs (and not only
RSQTs) to be off-floor specialists.
Second, the Exchange proposes to move language regarding Remote
Specialist rights and obligations from Rule 501(f) into Rule
1020(a)(iii). Proposed subsection (a)(iii) would state that a Remote
Specialist has all the rights and obligations of an options specialist,
unless Exchange rules provide otherwise.\18\ At the same time, the
current language in Rule 501(f) that a Remote Specialist does not need
to have an assistant specialist or a back-up specialist unit, as
required in subsections (b) and (d) of Rule 501 for traditional
specialists, would remain in Rule 501.
---------------------------------------------------------------------------
\18\ The language regarding rights and obligations of Remote
Specialists also currently exists in Rule 1020(a), albeit in a
different location.
---------------------------------------------------------------------------
Third, the Exchange proposes to move the concept that a Remote
Specialist must be available during trading hours from Rule 501(f) into
Rule 1020(a)(iv). Proposed subsection (a)(iv) would state that a Remote
Specialist shall be accessible to Exchange staff and members during all
trading hours for the product(s) allocated to such specialist and shall
provide Exchange staff and members with telephonic and/or electronic
communication access to such specialist and/or associated staff at all
times during trading hours. This is compatible with the principal that
all specialists must be available and reachable during trading hours.
Fourth, the Exchange clarifies subsection (f) of Rule 501and
subsection (a) of Rule 1020 to indicate that RSQTs are no longer the
only ROTs that may be Remote Specialists. Rather, the Exchange proposes
to state in Rule 501(f) and Rule 1020(a) that options specialists
currently operating from the Exchange's physical trading floor may
likewise be Remote Specialists. This is crucial to the Exchange's goal
of expanding the Remote Specialist position so that it is available to
all qualified Exchange members and thereby serves to enhance the depth
and liquidity of options traded on the Exchange.
Fifth, the Exchange proposes new subsection (a)(v) of Rule 1020 to
state that a Remote Specialist may have a representative on the trading
floor of the Exchange during trading hours (know as a ``Designee'').
The Designee of a Remote Specialist may represent the specialist in
open outcry trades in a trading crowd, which would enable the Remote
Specialist to priority, if any, to the extent of the open outcry
trades.\19\ A Remote Specialist would not be eligible to receive a
participation entitlement with respect to orders represented by the
Designee in open outcry.\20\
---------------------------------------------------------------------------
\19\ See Rule 1014(g).
\20\ See Rule 1014(g)(v).
---------------------------------------------------------------------------
The Exchange proposes language in subsection (a)(v) of Rule 1020 to
establish requirements for Designees. Specifically, proposed subsection
(a)(v)(A) would state that a Designee is an individual who is approved
by the Exchange for the time period specified by the Exchange to
represent a Remote Specialist in its capacity as a Remote Specialist.
Moreover, the Exchange may require specified supervision of a Designee
and/or limit a Designee's authority to represent a Remote Specialist.
Proposed subsection (a)(v)(B) would state that a Designee must be a
member of the Exchange, an affiliate of the Remote Specialist, and a
registered Remote Options Trader pursuant to the rules of the
Exchange.\21\ And subsection (a)(v)(C) would state that a Designee may
not trade as a Market-Maker in securities allocated to the Remote
Specialist unless the Designee is acting on behalf of the Remote
Specialist in its capacity as a Remote Specialist.
---------------------------------------------------------------------------
\21\ However, the Exchange would have the discretion to permit
an individual who is not affiliated with a Remote Specialist to act
as a Designee for the Remote Specialist on an emergency basis,
provided that the individual satisfies the other requirements of
subparagraph (a)(v)(B) of this Rule.
---------------------------------------------------------------------------
The Exchange notes that its Remote Specialist Designee concept is
similar to that of CBOE's off-floor Designated Market Maker (``DPM'')
Designee concept in CBOE Rules 8.81 and 8.83 Interpretations and
Policies .01.
Sixth, the Exchange proposes to add the ability of the Exchange to
evaluate whether a request of an on-floor specialist to operate as a
Remote Specialist on a class-by-class basis is in the best interest of
the Exchange. Specifically, proposed new subsection (f)(i) of Rule 501
would allow the Exchange to consider information that it believes will
be of assistance in determining whether a current on-floor specialist
may become a Remote Specialist. This information may include any one or
more of the following: Performance, operational capacity of the
Exchange or options specialist, efficiency, number and experience of
personnel of the options specialist who will be performing functions
related to the trading of the applicable securities, number of
securities involved, number of ROTs and SQTs affected and trading
volume of the securities. The Exchange notes that proposed subsection
(f)(i) is verbatim, to the extent practicable, like the language of
CBOE Rule 8.83 Interpretations and Policies .01, which discusses
information that CBOE may consider when appointing an off-floor
DPM.\22\
---------------------------------------------------------------------------
\22\ The Exchange intends to set up a defined area or post on
the options floor that would enable market makers that have a
physical floor presence (e.g., Floor Brokers) to interact with
Remote Specialist quotes and trades.
---------------------------------------------------------------------------
The Exchange notes further that its Remote Specialist concept as
amended is similar to that of CBOE's off-floor DPM concept that was
approved by the Commission more than four years ago and remains one of
the principal market making classes on CBOE.\23\ The Exchange believes
that its Remote Specialist proposal is, from a competitive perspective,
justified and proper. The proposal ensures the listing, or continued
listing, of options on the Exchange and furthers its ability to compete
effectively in the market place to the benefit of traders, market
participants, and the investing public.
---------------------------------------------------------------------------
\23\ See Securities Exchange Act Release No. 34-55531 (March 26,
2007) 72 FR 15736 (April 2, 2007) (SR-CBOE-2006-94) (order approving
proposal that, among other things, established off-floor DPMs
pursuant to CBOE Rule 8.83).
---------------------------------------------------------------------------
Finally, rule-based principles that are now applicable to Remote
Specialists on the Exchange will continue to be applicable to Remote
Specialists without change when this proposal is approved. The firm
quoting (market making) obligations for market makers on Phlx will
remain the same as set forth in Rule 1014 in subsection (b)(ii)(D)(2)
for specialists and SQST that are acting as Remote Specialists, and in
subsection (b)(ii)(D)(1) for SQTs and RSQTS when they are not acting as
Remote Specialists.\24\ Bid ask differentials will remain the same as
forth in Rule 1012. Minimum increments will remain the same as set
[[Page 33386]]
forth in Rule 1034.\25\ Information barriers will remain the same.\26\
And, all specialists including Remote Specialists will be subject to
the same specialist performance evaluation procedures set forth in Rule
511.
---------------------------------------------------------------------------
\24\ In addition, subsection (b)(ii)(B) states that an RSQT must
quote in the capacity of RSQT or Remote Specialist but not both.
Thus, where an RSQT functions as a traditional RSQT and also as a
Remote Specialist, if an RSQT is allocated two option classes as a
Remote Specialist, in those two classes the Remote Specialist will
have the very same quoting (market making) requirements that are
currently applicable to all specialists, including continuous
quoting obligations. In the remaining classes to which an RSQT is
appointed, the RSQT will have the same quoting (market making)
requirements that are applicable to all RSQTs. The RSQT will not be
able to submit quotes or act as RSQT in the two allocated Remote
Specialist classes.
\25\ Minimum increments for certain listing programs, such as
the $.50 Program and the $1 Strike Program, are also discussed in
Commentary .05 to Rule 1012.
\26\ Commentary .06 to Rule 1014 states, for example, that RSQTs
are required to maintain information barriers with affiliates that
may act in a specialist or market maker capacity.
---------------------------------------------------------------------------
c. Surveillance
The Exchange has developed surveillance procedures for its
electronic and auction markets that include Remote Specialists. The
Exchange will use the surveillance procedures now in place to perform
surveillance of Remote Specialists.
d. Conclusion
The Exchange believes that its proposal to allow eligible ROTs to
act as off-floor Remote Specialists in one or more options classes
would ensure the listing, or continued listing, of options on the
Exchange to the benefit of traders, market participants, and public
customers making hedging and trading decisions. The Exchange believes
that the proposed rule change is designed to promote just and equitable
principles of trade and to be in the public interest.
The Exchange notes that the Commission has approved proposals that
allow competing options exchanges to have off-floor (remote) market
makers that are similar in concept to the proposed Remote
Specialists.\27\ The Exchange does not believe that this filing raises
any novel issues.
---------------------------------------------------------------------------
\27\ See Securities Exchange Act Release No. 55531 (March 26,
2007), 72 FR 15736 (April 2, 2007) (SR-CBOE-2006-94) (order
approving proposal to establish off-floor Designated Primary Market-
Makers). See also Securities Exchange Act Release Nos. 57747 (April
30, 2008), 73 FR 25811 (May 7, 2008) (SR-CBOE-2008-49) (notice of
filing and immediate effectiveness to establish off-floor Lead
Market-Makers); 57568 (March 26, 2008), 73 FR 18016 (April 2, 2008)
(SR-CBOE-2008-32 (notice of filing and immediate effectiveness to
establish ability of off-floor Delegated Primary Market-Makers to
operate in any options class traded on Hybrid); and 52827 (November
23, 2005), 70 FR 72139 (December 1, 2005) (SR-PCX-2005-56) (approval
order establishing Lead Market Makers).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \28\ in general, and furthers the objectives of Section
6(b)(5) of the Act \29\ in particular, in that it 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 facilitating transactions in
securities, and to remove impediments to and perfect the mechanisms of
a free and open market and a national market system by allowing,
similarly to other options markets, eligible Remote Options Traders on
the Exchange to function as off-floor Remote Specialists.
---------------------------------------------------------------------------
\28\ 15 U.S.C. 78f(b).
\29\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange believes that the foregoing proposed rule change may
take effect upon filing with the Commission pursuant to Section
19(b)(3)(A) \30\ of the Act and Rule 19b-4(f)(6)(iii) thereunder \31\
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.
---------------------------------------------------------------------------
\30\ 15 U.S.C. 78s(b)(3)(A).
\31\ 17 CFR 240.19b-4(f)(6)(iii). 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.
---------------------------------------------------------------------------
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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) 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.
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 [email protected]. Please include
File Number SR-Phlx-2011-79 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-Phlx-2011-79. 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 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
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-Phlx-2011-79 and should be
submitted on or before June 29, 2011.
---------------------------------------------------------------------------
\32\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-14080 Filed 6-7-11; 8:45 am]
BILLING CODE 8011-01-P