[Federal Register Volume 78, Number 118 (Wednesday, June 19, 2013)]
[Notices]
[Pages 36807-36810]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-14503]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69752; File No. SR-Phlx-2013-62]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change and
Amendment No. 1 Thereto To Introduce a Market Maker Peg Order for Use
on NASDAQ OMX PSX
June 13, 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 June 3, 2013, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') a proposed
rule change as described in Items I, II, and III, below, which Items
have been prepared by the Exchange. The Exchange filed Amendment No. 1
to the proposed rule change on June 6, 2013.\3\ The Commission is
publishing this notice, as amended, 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.
\3\ In Amendment No. 1, the Exchange replaced two erroneous
references to Nasdaq with references to Phlx.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to introduce a Market Maker Peg Order
(``MMPO'') for use on NASDAQ OMX PSX (``PSX''). The Exchange proposes
to implement the change on a date that is on, or shortly after, the
expiration of the 30-day operative delay provided for under Rule 19b-
4(f)(6)(iii).\4\
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\4\ 17 CFR 240.19b-4(f)(6)(iii).
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The text of the proposed rule change is below. Proposed deletions
are in brackets; proposed additions are in italics.
3301. Definitions
The following definitions apply to the Rule 3200 and 3300 Series
for the trading of securities on PSX.
(a)-(e) No change.
(f) The term ``Order Type'' shall mean the unique processing
prescribed for designated orders that are eligible for entry into
the System, and shall include:
(1)-(11) No change.
(12) ``Market Maker Peg Order'' is a limit order that, upon
entry, the bid or offer is automatically priced by the System at the
Designated Percentage away from the then current National Best Bid
and National Best Offer, or if no National Best Bid or National Best
Offer, at the Designated Percentage away from the last reported sale
from the responsible single plan processor in order to comply with
the quotation requirements for Market Makers set forth in Rule
3213(a)(2). Upon reaching the Defined Limit, the price of a Market
Maker Peg Order bid or offer will be adjusted by the System to the
Designated Percentage away from the then current National Best Bid
and National Best Offer, or, if no National Best Bid or National
Best Offer, to the Designated Percentage away from the last reported
sale from the responsible single plan processor. If a Market Maker
Peg Order bid or offer moves away from the Designated Percentage
towards the then current National Best Bid or National Best Offer,
as appropriate, by 4 percentage points, the price of such bid or
offer will be adjusted to the Designated Percentage away from the
then current National Best Bid and National Best Offer, or if no
National Best Bid or National Best Offer, to the Designated
Percentage away from the last reported sale from the responsible
single plan processor. In the absence of a National Best Bid or
National Best Offer and if no last reported sale, the order will be
cancelled or rejected. During the period before 9:30 a.m. and after
4:00 p.m., the Designated Percentage and Defined Limit applicable to
a Market Maker Peg Order will be the same as for the periods from
9:30 a.m. through 9:45 a.m.
If, after entry, the Market Maker Peg Order is priced based on
the consolidated last sale and such Market Maker Peg Order is
established as the National Best Bid or National Best Offer, the
Market Maker Peg Order will not be subsequently adjusted in
accordance with this rule until either there is a new consolidated
last sale, or a new National Best Bid or new National Best Offer is
established by either another national securities exchange or PSX.
Market Maker Peg Orders are not eligible for routing pursuant to
Rule 3315 and are always displayed on PSX. Notwithstanding the
availability of Market Maker Peg Order functionality, a Market Maker
remains responsible for entering, monitoring, and resubmitting, as
applicable, quotations that meet the requirements of Rule 3213. A
new timestamp is created for the order each time that it is
automatically adjusted.
For purposes of this paragraph, PSX will apply the Designated
Percentage and Defined Limit as set forth in Rule 3213, subject to
the following exception. Nothing in this rule shall preclude a
Market Maker from designating a more aggressive offset from the
National Best Bid or National Best Offer than the given Designated
Percentage for any individual Market Maker Peg Order. If a Market
Maker designates a more aggressive offset from the National Best Bid
or National Best Offer, the price of a Market Maker Peg Order bid or
offer will be adjusted by the System to maintain the Market Maker-
designated offset from the National Best Bid or National Best Offer,
or if no National Best Bid or National Best Offer, the order will be
cancelled or rejected.
(g)-(i) No change.
* * * * *
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 Exchange is proposing to introduce a Market Maker Peg Order
(``MMPO'') for use on PSX by registered PSX Market Makers. The MMPO,
which is currently available for use on The NASDAQ Stock Market
(``NASDAQ''), is an order type that provides a means by which a market
maker may comply with its market making obligations under applicable
Exchange rules.\5\ The Exchange recently adopted rules to allowing
[sic] market making on PSX, and is proposing to introduce the MMPO in
order to facilitate compliance by PSX Market Makers with quoting
obligations contained in these newly adopted rules.\6\ The MMPO is
available for use only by PSX Market Makers because these obligations
are not applicable to other market participants. The MMPO is available
only through the Exchange's RASH and FIX connectivity protocols,
because these are the only protocols that support continuous pegging
functionality.
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\5\ Securities Exchange Act Release No. 67584 (August 2, 2012),
77 FR 47472 (August 8, 2012) (SR-NASDAQ-2012-066).
\6\ Securities Exchange Act Release No. 69452 (April 25, 2013),
78 FR 25512 (May 1, 2013) (SR-Phlx-2013-24).
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PSX Rule 3213 requires a member organization registered as a Market
[[Page 36808]]
Maker in a particular security to be willing to buy and sell such
security for its own account on a continuous basis during regular
market hours and to enter and maintain a two-sided trading interest
(``Two-Sided Obligation'') that is identified to the Exchange as the
interest meeting the obligation and is displayed in PSX's quotation
montage at all times. Interest eligible to be considered as part of a
Market Maker's Two-Sided Obligation must have a displayed quotation
size of at least one normal unit of trading \7\ (or a larger multiple
thereof). After an execution against its Two-Sided Obligation, a Market
Maker must ensure that additional trading interest exists in PSX to
satisfy its Two-Sided Obligation either by immediately entering new
interest to comply with this obligation to maintain continuous two-
sided quotations or by identifying existing interest on the PSX book
that will satisfy this obligation.
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\7\ Unless otherwise designated, 100 shares.
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PSX Market Makers must also adhere to certain pricing obligations
established by Rule 3213, which are premised on entering quotation
prices that are not more than a ``Designated Percentage'' \8\ away from
the National Best Bid or Best Offer \9\ (as applicable), and that must
be refreshed if a change in the National Best Bid or Best Offer causes
the quotation price to be more than a ``Defined Limit'' \10\ away from
the National Best Bid or Best Offer.\11\ The pricing obligations
established by the Rule apply during regular trading hours (i.e., 9:30
a.m. to 4:00 p.m.), but do not commence during any trading day until
after the first regular way transaction on the primary listing market
in the security. Moreover, the obligations are suspended during a
trading halt, suspension, or pause, and do not re-commence until after
the first regular way transaction on the primary listing market in the
security following such halt, suspension, or pause, as reported by the
responsible single plan processor.
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\8\ The ``Designated Percentage'' is: (i) 8% for securities
included in the S&P 500[supreg] Index, Russell 1000[supreg] Index,
and a pilot list of Exchange Traded Products (``Tier 1
Securities''); (ii) 28% for all NMS stocks that are not Tier 1
Securities with a price equal to or greater than $1 (``Tier 2
Securities''); (iii) 30% for all NMS stocks that are not Tier 1
Securities with a price less than $1 (``Tier 3 Securities''), except
that between 9:30 a.m. and 9:45 a.m. and between 3:35 p.m. and the
close of trading, the Designated Percentage is 20% for Tier 1
Securities, 28% for Tier 2 Securities, and 30% for Tier 3
Securities. The Designated Percentage for rights and warrants is
30%. For the pilot list of Exchange Traded Products that are Tier 1
Securities, see Exhibit 3 to SR-Phlx-2013-24, Amendment No. 1 (March
18, 2013) (available at http://nasdaqomxphlx.cchwallstreet.com/NASDAQOMXPHLX/pdf/phlx-filings/2013/SR-Phlx-2013-24_Amendment_1.pdf).
\9\ Determined by the Exchange in accordance with its procedures
for determining Protected Quotations under SEC Rule 600 under
Regulation NMS.
\10\ The ``Defined Limit'' is 9.5% for Tier 1 Securities, 29.5%
for Tier 2 Securities, and 31.5% for Tier 3 Securities, except that
between 9:30 a.m. and 9:45 a.m. and between 3:35 p.m. and the close
of trading, the Defined Limit is 21.5% for Tier 1 Securities, 29.5%
for Tier 2 Securities, and 31.5% for Tier 3 Securities.
\11\ Nothing in Rule 3213 precludes a PSX Market Maker from
quoting at price levels that are closer to the National Best Bid and
Offer than the levels required by the rule.
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For bid quotations, at the time of entry of bid interest satisfying
the Two-Sided Obligation, the price of the bid interest may not be more
than the applicable Designated Percentage away from the then current
National Best Bid, or if no National Best Bid, not more than the
Designated Percentage away from the last reported sale from the
responsible single plan securities information processor. In the event
that the National Best Bid (or if no National Best Bid, the last
reported sale) increases to a level that would cause the bid interest
of the Two-Sided Obligation to be more than the Defined Limit away from
the National Best Bid (or if no National Best Bid, the last reported
sale), or if the bid is executed or cancelled, the Market Maker must
enter new bid interest at a price not more than the Designated
Percentage away from the then current National Best Bid (or if no
National Best Bid, the last reported sale), or identify to the Exchange
current resting interest that satisfies the Two-Sided Obligation.
Similarly, for offer quotations, at the time of entry of offer interest
satisfying the Two-Sided Obligation, the price of the offer interest
may not be more than the Designated Percentage away from the then
current National Best Offer, or if no National Best Offer, not more
than the Designated Percentage away from the last reported sale
received from the responsible single plan securities information
processor. In the event that the National Best Offer (or if no National
Best Offer, the last reported sale) decreases to a level that would
cause the offer interest of the Two-Sided Obligation to be more than
the Defined Limit away from the National Best Offer (or if no National
Best Offer, the last reported sale), or if the offer is executed or
cancelled, the Market Maker must enter new offer interest at a price
not more than the Designated Percentage away from the then current
National Best Offer (or if no National Best Offer, the last reported
sale), or identify to the Exchange current resting interest that
satisfies the Two-Sided Obligation.
The MMPO is designed to assist Market Makers in complying with
these requirements by having its price adjusted in accordance with the
parameters required by Rule 3213. Thus, use of the order will allow
market makers to make liquidity available at prices reasonably related
to the National Best Bid and National Best Offer, even in circumstances
where they are not themselves quoting at the best price or have more
limited liquidity available at the best price. The Exchange believes
that use of the order may therefore serve to dampen volatility and
minimize the extent to which transactions on PSX result in the
imposition of limit-up, limit-down restrictions or trading pauses under
Rule 3100 and related rules of other exchanges.
Specifically, the MMPO is a limit order that, upon entry, is
automatically priced by the PSX System at the Designated Percentage
away from the then current National Best Bid and National Best Offer,
or if no National Best Bid or National Best Offer, at the Designated
Percentage away from the last reported sale from the responsible single
plan processor in order. For example, if the National Best Bid was $10
in a Tier 1 Security, the Designated Percentage would be 8%, an MMPO to
buy entered between 9:45 a.m. and 3:45 p.m. would be priced at
$9.20.\12\ Because the order is designed to post to the book at the
Designated Percentage, it would not be marketable upon entry and
therefore may not be entered with a time-in-force of Immediate-or-
Cancel. As a result, an MMPO would provide, rather than access,
liquidity. The order may not be assigned any special conditions
governing its terms of execution, other than time-in-force, limit
price, and the pegging functionality described herein.
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\12\ As noted above, the MMPO is a limit order and therefore
must be assigned a limit priced beyond which it will not execute. If
the repricing mechanism of the order would result in the order being
priced at a level inconsistent with its limit price, the order will
be rejected or cancelled.
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Upon reaching the Defined Limit, the price of an MMPO will be
adjusted by the System to the Designated Percentage away from the then
current National Best Bid and National Best Offer, or, if no National
Best Bid or National Best Offer, to the Designated Percentage away from
the last reported sale from the responsible single plan processor.
Thus, if the National Best Bid in the above example increased to
$10.17, the MMPO priced at $9.20 would now be more than 9.5%, the
Defined Limit, away from the National Best Bid, and would be repriced
to $9.35, the Designated Percentage away from $10.17.
If the market moves such that the price of an MMPO is within 4
[[Page 36809]]
percentage points of the National Best Bid or National Best Offer, as
appropriate, the price of the order will be adjusted to the Designated
Percentage away from the then current National Best Bid and National
Best Offer, or if no National Best Bid or National Best Offer, to the
Designated Percentage away from the last reported sale from the
responsible single plan processor. Thus, if the National Best Bid was
initially $10 in a Tier 1 Security, and an MMPO to buy was initially
entered at $9.20, if the National Best Bid decreased to $9.58 (such
that the MMPO was less than 4% away from the National Best Bid), the
MMPO would be repriced to $8.81 (8% away from the National Best Bid).
For a given MMPO, a Market Maker may designate a more aggressive
offset from the National Best Bid or National Best Offer than the given
Designated Percentage.\13\ Thus, for example, the Market Maker could
designate an offset of $0.25, in which case the order would be
continually repriced to maintain the $0.25 offset as the National Best
Bid or National Best Offer moved. Thus, if the National Best Bid was
$10, an MMPO to buy with a $0.25 offset would initially be priced at
$9.75, with the price rising or falling continually as the National
Best Bid moved.\14\ If there is no National Best Bid or National Best
Offer (as applicable), an MMPO with a designated offset amount will be
cancelled or rejected.
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\13\ Such an offset will be expressed in dollars and cents
rather than as a percentage.
\14\ An MMPO with an offset operates in a manner similar to a
Primary Pegged Order with an offset amount (see Rule 3301(f)(4)),
but an MMPO is always displayed. Note also that if the repricing of
an order with an offset amount would result in the order being
priced at a level inconsistent with its limit price, the order will
be rejected or cancelled.
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If an MMPO is entered or on the book at a time when there is no
National Best Bid or National Best Offer (as applicable) and no last
reported sale, the order will be cancelled or rejected. If an MMPO is
priced based on the consolidated last sale because there is no National
Best Bid or National Best Offer, and the MMPO itself establishes the
National Best Bid or National Best Offer, the order will not be
subsequently adjusted until either there is a new consolidated last
sale, or a new National Best Bid or new National Best Offer is
established. Thus, if the last sale price on the consolidated tape was
$10 and an MMPO to buy is priced at $9.20 and establishes the National
Best Bid, the order will not then be repriced to maintain an offset
from itself. Rather, the order will be repriced only once there is an
independent basis pricing the order. In the event of an execution
against an MMPO that reduces the size of the order below one round lot,
the Market Maker would need to enter a new order (after performing
required regulatory checks, as discussed below) to satisfy its
obligations under Rule 3213.\15\
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\15\ Rule 3213 generally sets forth PSX Market Maker
requirements, which include quotation and pricing obligations, and
the firm quote obligation.
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MMPOs are not eligible for routing pursuant to Rule 3315 and are
always displayed on PSX. Notwithstanding the availability of MMPO
functionality, a Market Maker remains responsible for entering,
monitoring, and resubmitting, as applicable, quotations that meet the
requirements of Rule 3213. A new timestamp is created for an MMPO each
time that its price is automatically adjusted. At a particular price,
the order would be processed in regular price/time priority, with
better priced interest being executed prior to the MMPO and with the
MMPO being executed behind similarly priced orders entered before the
MMPO had its price adjusted.
Although Rule 3213 does not govern the pre-market trading session
before 9:30 a.m. and the post-market trading session after 4:00 p.m., a
Market Maker may enter an MMPO during such periods. In that case, the
Designated Percentage and Defined Limit applicable to the MMPO will be
the same as for the periods from 9:30 a.m. through 9:45 a.m., as
described in Rule 3213.\16\ As PSX does not have a special market
opening or closing process, an MMPO does not behave differently at 9:30
a.m. or 4:00 p.m. than it does immediately before or after such times.
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\16\ See supra notes 7 and 9 [sic]. This aspect of the operation
of the MMPO is identical to the operation of NASDAQ's MMPO. Phlx is,
however, adding additional language to its rule to promote its
clarity.
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Because use of the MMPO would not be inconsistent with Market
Makers having the capacity to control order origination, as required by
SEC Rule 15c3-5 (the ``Market Access Rule''),\17\ and because Market
Makers using the MMPO will be able to make marking and locate
determinations prior to order entry, as required by Regulation SHO,\18\
use of the order is not inconsistent with Market Makers fulfilling
their obligations under these rules, while also meeting their Exchange
market making obligations. It should be noted, however, that use of the
order does not ensure that the Market Maker is in compliance with its
regulatory obligations under the Market Access Rule or Regulation SHO.
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\17\ 17 CFR 240.15c3-5. The Market Access Rule requires a
broker-dealer with market access, or that provides a customer or any
other person with access to an exchange or alternative trading
system through use of its market participant identifier (``MPID'')
or otherwise, to establish, document, and maintain a system of risk
management controls and supervisory procedures reasonably designed
to manage the financial, regulatory and other risks of this business
activity.
\18\ 17 CFR 242.200-.204. Regulation SHO obligations generally
include properly marking sell orders, obtaining a ``locate'' for
short sale orders, closing out fail to deliver positions, and, where
applicable, complying with the short sale price test.
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2. Statutory Basis
Phlx believes that the proposed rule change is consistent with the
provisions of Section 6 of the Act,\19\ in general, and with Section
6(b)(5) of the Act,\20\ in particular, in that the proposal is designed
to prevent fraudulent and manipulative acts and practices, to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest; and also in that it is not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange believes that the MMPO will aid
Market Makers in complying with the requirements of Rule 3312. The
Exchange further believes that compliance with this rule will remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and protect investors and the public
interest, because it will provide a means by which Market Makers may
offer liquidity at prices that are reasonably related to the National
Best Bid and National Best Offer, even in circumstances where they are
not willing to quote at the inside market. As a result, in
circumstances where liquidity available at prices closer to the inside
than the price of an MMPO is exhausted, the MMPO will nevertheless be
available to support executions at prices that are not widely at
variance with the prior inside market. Thus, use of the order will
serve to lessen volatility and diminish the likelihood that a limit-up,
limit-down restriction or a trading pause will be triggered in a
particular stock that is subject to buying or selling pressure.
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\19\ 15 U.S.C. 78f.
\20\ 15 U.S.C. 78f(b)(4) and (5).
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The methodology for repricing an MMPO is consistent with the
requirements of the Act because it will ensure that the price of the
order bears
[[Page 36810]]
a reasonable relationship to the inside market and is less likely to
execute at a price that would trigger a limit-up, limit-down
restriction or a trading pause. Moreover, because the repricing of an
MMPO results in a new timestamp being attached to the order, the MMPO
does not provide a means by which an MMPO may achieve an execution
priority superior to an order entered at that price earlier in time. In
addition, the use of the MMPO would not be inconsistent with Market
Makers fulfilling their obligations under the Market Access Rule and
Regulation SHO.
The Exchange also believes that although the order may be used only
by Market Makers, this restriction is not unfairly discriminatory
because only Market Makers are subject to the requirements of Rule
3312; accordingly, the order is not needed to assist other market
participants in fulfilling regulatory obligations. To the extent that a
market participant wishes to maintain an order at a price that deviates
from the inside market by a particular amount, however, it may use the
Primary Peg Order to achieve this purpose. Accordingly, an alternative
to the MMPO is already available to market participants.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange 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. Specifically,
the Exchange believes that the proposal will enhance PSX's
competitiveness by providing Market Makers on PSX with a means to offer
liquidity at prices reasonably related to the inside market. The
Exchange believes that this functionality will be appealing to
potential Market Makers, and therefore will make it more likely that
market participants will choose to become active on PSX. This may, in
turn, increase the extent of liquidity available on PSX and increase
its ability to compete with other execution venues to attract orders
that are seeking liquidity. The Exchange further believes that the
introduction of the MMPO will not impair in any manner the ability of
market participants or other execution venues to compete.
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
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(ii) of the Act \21\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\22\
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\21\ 15 U.S.C. 78s(b)(3)(a)(ii).
\22\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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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.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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 [email protected]. Please include
File Number SR-Phlx-2013-62 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-2013-62. 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 the 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-2013-62 and should be
submitted on or before July 10, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
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Kevin M O'Neill,
Deputy Secretary.
[FR Doc. 2013-14503 Filed 6-18-13; 8:45 am]
BILLING CODE 8011-01-P