[Federal Register Volume 75, Number 91 (Wednesday, May 12, 2010)]
[Notices]
[Pages 26832-26837]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-11253]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62052; File No. SR-NYSEArca-2010-38]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Arca, Inc. to Clarify,
Eliminate, Revise, or Delete Certain Out-Dated or Obsolete Rules
May 6, 2010.
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 April 28, 2010, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'')
filed with the Securities and Exchange Commission (the ``Commission'')
the proposed rule change as described in Items I, II, and III below,
which Items have been prepared by the self-regulatory organization. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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[[Page 26833]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to revise its rules by clarifying existing
provisions, eliminating superfluous provisions, and revising or
deleting certain out-dated or obsolete rules. The text of the proposed
rule change is available on the Exchange's Web site at http://www.nyse.com, at the principal office of the Exchange, on the
Commission's Web site at http://www.sec.gov, and at the Commission's
Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
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 filing is to revise certain Exchange rules in
order to clarify existing provisions, eliminate superfluous provisions,
delete certain out-dated or obsolete rules and to incorporate current
policies and procedures applicable to existing rules. A description of
each of the proposed rules changes is shown below.
Rule 2.12--OTP Holders and OTP Firms:
Rule 2.12(a) requires that each OTP Firm and OTP Holder shall be
fully qualified to do business in California. This rule dates back to
when NYSE Arca (f/k/a The Pacific Exchange) was headquartered in
California and all business on the Exchange was conducted on the
physical trading floor.
While the Exchange still operates a trading floor in California,
OTP Holders and OTP Firms are not required to have a floor presence.
OTP Holders and OTP Firms are able to conduct business from remote
locations throughout the country.
NYSE Arca proposes to remove this outdated and obsolete requirement
that OTP Holders and OTP Firms be fully qualified to conduct business
in California.
Rule 2.24--Floor Employees of OTP Firms:
Rule 2.24(d) states that an OTP Firm or OTP Holder with an employee
on the options trading floor of the Exchange must have at least one OTP
Holder or nominee present on the floor at all times, and that such OTP
Holders or nominees shall be responsible for all floor employees of the
OTP Firm. The rationale for this rule is to help ensure that there is
adequate supervision of all firm employees while on the options trading
floor.
With the advent of remote market making and electronic access, NYSE
Arca no longer requires that all OTP Holders, or nominees thereof, be
physically present on the floor. However, there could be occasions
where an OTP Firm does have employees on the floor, but the actual
person designated as the OTP Holder works from a remote location. These
employees would typically operate in a trade support, technical or
clearing capacity, but would not be directly involved in the trading of
options.
Pursuant to Rule 11.18, OTP Holders or OTP Firms must establish and
maintain a system to supervise the activities of its associated persons
and the operations of its business. Such system must be reasonably
designed to ensure compliance with applicable federal securities laws
and regulations and the rulers [sic] of NYSE Arca. In addition, OTP
Holders and OTP Firms must designate a person with authority to
reasonably discharge his/her duties and obligations in connection with
supervision and control of the activities of the associated persons of
the OTP Holder or OTP Firm. In addition, the OTP Holder or OTP Firm
must undertake reasonable efforts to determine that all supervisory
personnel are qualified by virtue of experience or training to carry
out their assigned responsibilities.
The Exchange now proposes to revise Rule 2.24 so that an OTP Holder
or OTP Firm with employees on the options trading floor, none of which
are directly involved in the trading of options, will no longer be
required to have an OTP Holder, or Nominee thereof, present on the
options trading floor at all times. Instead, the Exchange proposes that
in keeping with the supervisory obligations contained in rule 11.18,
OTP Holders and OTP Firms with non-trading employees on the options
floor, must have at least one employee with supervisory
responsibilities present on the trading floor. Each OTP Holder or OTP
Firm must designate and specifically identify to the Exchange one or
more persons who will be responsible for supervision and control of the
activities of the associated persons of the OTP Holder or OTP Firm.
This rule change does not in any way affect the obligation of OTP
Holders and OTP Firms to properly supervise their floor employees. The
proposed rule change is simply designed to offer flexibility to OTP
Holders and OTP Firms when establishing their supervisory systems in
accordance with Rule 11.18.
Rule 3.1--Overview:
Rule 3.1 Commentary .01 contains an outdated provision related to
the demutualization of The Pacific Exchange (n/k/a NYSE Arca).
Commentary .01 states that rule changes regarding demutualization in
SR-PCX-2004-08 would become effective once the appropriate federal and
state regulatory approvals were received and NYSE Arca filed the
applicable documentation with the State of Delaware. All approvals
pertaining to the demutualization of the Pacific Exchange were
received, and all applicable documentation was filed with the State of
Delaware. The Exchange now proposes to delete Rule 3.1 Commentary .01,
in its entirety.
Rule 6.17--Verification of Compared Trades and Reconciliation of
Uncompared Trades:
Rule 6.17 Commentary .01 states that OTP Holders and OTP Firms that
are clearing members of the Options Clearing Corporation must have a
representative physically present on the trading floor to reconcile
uncompared trades. In addition, Rule 6.17 Commentary .01 contains
guidelines for how long such representative must remain on the floor
after the close of trading.
The Exchange realizes that it is no longer necessary for a
representative of an OTP Holder or OTP Firm to be physically present on
the trading floor in order to reconcile uncompared trades. Thus, the
Exchange proposes to revise Rule 6.17, Commentary .01 by adding
language stating that in addition to being physically present on the
floor, such representative may be accessible via telephone or e-
mail.\3\ In addition, the Exchange proposes to remove the specific
guidelines for how long a representative must remain available after
the close of trading and instead state that a representative of an OTP
Holder or OTP Firm must be available to resolve unmatched trades until
the
[[Page 26834]]
final trade transmission is sent to The Options Clearing Corporation
(``OCC'').\4\
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\3\ OTP Holders and OTP Firms are required to keep a current e-
mail address on file with the Exchange. In addition, the NYSE Arca
Trade Processing Department maintains contact names and phone
numbers for all OTP Holders.
\4\ This requirement is based on Rule 6.61(a) of The Chicago
Board Options Exchange.
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Rule 6.17 also states that OTP Holders and OTP Firms, that are
clearing members of the Options Clearing Corporation, must have a
representative present on the floor each Saturday immediately following
expiration, and that it is the responsibility of the Exchange staff
member to determine that such representative is present. The Exchange
now proposes to add language stating that an alternative to being
physically present on the floor, such representative may be accessible
via telephone or e-mail.
In addition, Exchange staff will no longer make a determination as
to whether representatives are present on the Trading Floor, or
otherwise accessible. However, it will be considered a violation of
Rule 6.17 if the responsible OTP Holder or OTP Firm is not available to
reconcile an uncompared trade when contacted by NYSE Arca Trade
Processing Department.
Currently, OTP Holders that fail to remain accessible for a
specified amount of time after trade processing are subject to
disciplinary action pursuant to the NYSE Arca Minor Rule Plan. The
Exchange proposes to revise the text in Rule 10.12(h)(9) and Rule
10.12(k)(9) of the Minor Rule Plan to state that it will be a violation
if an OTP Holder is not available when contacted by the Exchange to
reconcile an uncompared trade.
Rule 6.29--Payment for Floor Brokerage Services:
When an OTP Holder acts as a Floor Broker for another OTP Holder
they may receive remuneration for such brokerage services. Rule 6.29
states that payment of brokerage commissions to Floor Brokers shall be
made no later than the thirtieth day of the month provided that an
invoice detailing the brokerage charges for the services performed is
delivered to the OTP Holder or OTP Firm receiving such brokerage
services no later than the tenth day of that month.
The terms of floor brokerage remuneration is generally spelled out
in a contractual agreement between OTP Holders. The Exchange does not
set commission rates for brokerage services, nor is the Exchange a
party to any contractual agreements between OTP Holders, nor is the
Exchange involved in the billing and collecting of such commissions.
All terms related to the payment of brokerage commissions are between
OTP Holders, and do not in any way involve the Exchange.\5\ Therefore,
NYSE Arca does not believe there is cause for an Exchange rule that
specifies when payment for brokerage services is payable by OTP
Holders.
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\5\ The Exchange notes that books and records pertaining to
brokerage commissions may be requested by the Exchange during the
course of an examination or investigation of OTP Holders and OTP
Firms.
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The Exchange proposes to delete the text of Rule 6.29 in its
entirety and reserve the rule number for future use.
Rule 6.32--Market Maker Defined
6.32A--Market Maker Defined--OX:
Rule 6.32(a) defines a Market Maker as an individual who is
registered with the Exchange for the purpose of making transactions as
a dealer-specialist on the Floor of the Exchange or for the purpose of
submitting quotes electronically and making transactions as a dealer-
specialist through the NYSE Arca OX electronic trading system.
Rule 6.32A defines a Market Maker as an OTP Holder or OTP Firm that
is registered with the Exchange for the purpose of submitting quotes
electronically and making transactions as a dealer-specialist through
the OX trading platform from on the trading floor or remotely from off
the trading floor.
Both 6.32(a) and 6.32A also contain additional descriptive language
regarding Market Makers, and Lead Market Makers. This language is
virtually identical in both rules. In addition, Rule 6.32A contains a
provision that states that a Market Maker submitting quotes remotely is
not eligible to participate in trades effected in open outcry except to
the extent that such Market Maker's quotation represents the BBO.
Given that the two rules described above are vastly similar, the
Exchange now proposes to delete Rule 6.32A in its entirety while
incorporating a portion of it into Rule 6.32(a). Since most of Rule
6.32A is already included in Rule 6.32(a), Rule 6.32(a) will remain
virtually unchanged except for the addition of a new subsection (2)
which will contain the provision from Rule 6.32A regarding a remote
Market Maker's ability to participate in trades effected in open
outcry.
This proposal is intended to simplify existing rules regarding the
definition of a Market Maker by deleting the duplicative text contained
in Rule 6.32A, while incorporating the still relevant portions into
Rule 6.32(a). This rule change will not in any way affect the rights or
obligations of Market Makers.
The Exchange also proposes to make technical revisions to rule
reference contained in Rule 6.1A(a)(8) and Rule 6.87 Commentary .05 to
reflect the proposed change to Rule 6.32A.
Rule 6.36--Letters of Guarantee
Rule 6.45--Letters of Authorization:
Rule 6.36(c) addresses Letters of Guarantee for Market Makers and
states that a Letter of Guarantee shall remain in effect until a final
written notice of revocation has been filed with the Exchange and
posted on the bulletin board of the Options Trading Floor. If such
final written notice has not been posted for at least one hour prior to
the opening of trading on a particular business day, such revocation
shall not become effective until the close of trading on such day.
Rule 6.45(c) addresses Letters of Authorization for Floor Brokers
and states that a Letter of Authorization shall remain in effect until
a written notice of revocation has been filed with the Exchange and
posted on the bulletin board of the Options Trading Floor. If such
written notice has not been posted for at least one hour prior to the
opening of trading on a particular business day, such revocation shall
not become effective until the close of trading on such day.
NYSE Arca believes that the posting of notices of revocation on a
bulletin board is simply an administrative function of the Exchange and
should not actually define when a notice of revocation should be
effective. The Exchange does not believe that it is necessary to
require the actual posting of notices of revocations in order for them
to be effective, provided the Exchange does receive notification at
least one hour prior to the opening of trading.
The Exchange now proposes to revise Rule 6.36(c) and Rule 6.45(c)
by removing the requirement that the Exchange post the Letter of
Revocation on the bulletin board on the floor one hour before the
opening of business in order for the revocation to be effective.
Instead, pursuant to the proposed rule change, Letters of Guarantee and
Letters of Authorization will remain in effect until a final written
notice of revocation has been filed via e-mail with the Exchange. If
such final written notice has not been received via e-mail by the
Exchange at least one hour prior to the opening of trading on a
particular business day, such revocation shall not become effective
until the close of trading on such day.
Making notices of revocation, filed one hour before the opening of
trading, effective without posting on a bulletin
[[Page 26835]]
board is consistent with rules regarding notices of revocation
presently in place at NASDAQ OMX PHLX, and NYSE Amex.\6\
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\6\ See NASDAQ PHLX OMX Rule 1062(c), NYSE Amex Rule 924NY(c).
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The Exchange recognizes that posting notices on the bulletin board
also serves as a way to communicate membership information to OTP
Holders. Accordingly, NYSE Arca will continue to publish the names of
all terminated Market Makers and Floor Brokers in the Weekly Bulletin.
The Weekly Bulletin is distributed via e-mail to all OTP Holders and is
also posted on the Exchange Web site.\7\
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\7\ NYSE Arca Weekly Bulletins can be found at http://www.nyx.com/regulation, under ``Public Information.''
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Rule 6.37--Obligations of Market Makers
Rule 6.37A--Obligations of Market Makers--OX:
NYSE Arca proposes to amend Rules 6.37 and 6.37A by eliminating
provisions in each rule that provide for bids/offers to be no higher/
lower than the last preceding transaction plus or minus the aggregate
change in the last sale price of the underlying security (``one point
rule'').
Specifically, Rule 6.37(b)(2) and Rule 6.37A(b)(6) both provide
that Market Makers are expected ordinarily not to bid more than $1
lower or offer more than $1 higher than the last preceding transaction
price for the particular option contract plus or minus the aggregate
change in the last sale price of the underlying security since the time
of the last preceding transaction for the particular option contract.
The Exchange now proposes to eliminate the one point rule. The one
point rule was first established when NYSE Arca (f/k/a The Pacific
Exchange) started trading listed options in 1976. Since that time
various market changes have rendered the rule obsolete and unnecessary.
For example, market makers are now subject to various quotation
requirements, including bid/ask quote width requirements contained
elsewhere in Rules 6.37 and 6.37A. The Exchange also has an obvious
error rule that contains provisions on erroneous pricing errors (e.g.,
Rule 6.87). In addition, the NYSE Arca automated trading system has in
place certain price check parameters that will not permit the automatic
execution of certain orders if the execution would take place at prices
inferior to the national best bid/offer.
The text of Rule 6.37(b)(2) and Rule 6.37A(b)(6) will be deleted;
however the Exchange proposes to designate the rule numbers as
``reserved'' for possible future use.
The elimination of the NYSE Arca one point rule is consistent with
similar rule changes by the Chicago Board Options Exchange (``CBOE'')
and the International Securities Exchange (``ISE'').\8\
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\8\ See Securities Exchange Act Release No. 60295 (July 13,
2009), 74 FR 35215 (July 20, 2009) (SR-CBOE-2009-49) and Securities
Exchange Act Release No. 60897 (October 28, 2009) 74 FR 57217
(November 4, 2009) (SR-ISE-2009-85).
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NYSE Arca is also proposing to make non-substantive changes to
certain provisions of Rules 6.37 and 6.37A containing references to the
proposed rule deletions.
Rule 6.60--Order Service Firms:
An Order Service Firm is an OTP Holder or OTP Firm that is
registered with the Exchange for the purpose of accepting orders for
the purchase or sale of stocks or commodity futures contracts from
Market Makers on the Floor of the Exchange, and forwarding such orders
for execution.
Prior to the advent of electronic access to the equities markets,
Market Makers on the floor of the Exchange would use Order Service
Firms to place stock orders used in hedging options trades. All Market
Makers now have electronic access to the equities markets, rendering
the use of an Order Service Firm obsolete. There are presently no Order
Service Firms operating on the floor,\9\ nor does the Exchange
anticipate ever having the need for them in the future. Therefore, NYSE
Arca proposes to delete the language from Rule 6.60 in its entirety,
and reserve the rule number for possible future use.
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\9\ The last Order Service Firm ceased operations on the floor
of the Exchange in 2005.
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Rule 6.66--Order Identification:
Rule 6.66 deals with order identification and a Floor Broker's
responsibility to disclose certain information pertaining to the party
for whom they are acting as agent.
Rule 6.66 Commentary .01 requires a Floor Broker, when requesting a
market and size, to disclose the name of the OTP Holder or OTP Firm for
whom he is acting. Commentary .01 goes on to say a Floor Broker must,
upon request, disclose the name of such OTP Holder or OTP Firm
immediately upon effecting any transaction.
NYSE Arca no longer believes that it is necessarily in the best
interest of the marketplace to require Floor Brokers to supply such
information when requesting quotations or effecting transactions. The
Exchange feels that disclosing the name of the OTP Holder or OTP Firm
when asking for a market and size could lead to disparate treatment on
the part of trading crowd participants. Furthermore, requiring a Floor
Broker to disclose the name of the OTP Holder or OTP Firm participating
on a trade is not in keeping with an effort to provide anonymity when
trading on NYSE Arca.
While these provisions may have had merit when initially enacted,
they have become outdated by today's standards. There are other
provisions within Exchange rules requiring a Floor Broker to disclose
when they are trading on behalf of a BD or Market Maker, without
compromising the anonymity of the market. Therefore, the Exchange
proposes to eliminate Commentary .01 in its entirety.
Rule 6.68--Record of Orders:
Rule 6.68(a) requires OTP Holder and OTP Firms to maintain and
preserve a record of every order and of any other instruction given or
received for the purchase or sale of option contracts for the period
specified under SEC Rule 17a-4. Rule 6.68(a) also states that the
Exchange shall maintain and preserve all electronic orders on behalf of
OTP Holders and OTP Firms.
The maintenance and preservation of electronic orders by the
Exchange, on behalf of OTP Holders and OTP Firms, came about in 2004
when the Exchange introduced the Electronic Order Capture (``EOC'')
System.\10\ The EOC system is the Exchange's electronic audit trail and
order tracking system designed to provide an accurate time-sequenced
record of all orders and transactions on the Exchange. Prior to the
introduction of the EOC system, all orders were written on paper
tickets, the maintenance of which was the responsibility of OTP Holders
and OTP Firms. The EOC system is an Exchange proprietary system and at
the time it was introduced OTP Holders and OTP Firms did not have
access to historic order records contained in the system. In order to
allow OTP Holders and OTP Firms to remain in compliance with their own
books and records requirements, the Exchange preserved and maintained
all records of electronic orders on their behalf. In the event an OTP
Holder or OTP Firm needed access to these order records, the Exchange
would furnish such records upon request.
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\10\ See SR-PCX-2004-122 (December 14, 2004), Securities
Exchange Act Release No. 50854 (December 14, 2004), 72 FR 76808
(December 22, 2004).
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Beginning in 2007, the Exchange made electronic order records
available to OTP Holders and OTP Firms via an electronic file. OTP
Holders and OTP Firms are able to download this file on
[[Page 26836]]
a daily basis and store the information on their own proprietary
systems. The information contained in the daily report is identical to
the information that the Exchange kept on behalf of OTP Holders and OTP
Firms. Each daily trade report remains available on-line for a period
of thirty days. Since OTP Holders and OTP Firms can now access this
information themselves, there is no longer an ongoing need for the
Exchange to maintain such records on behalf of OTP Holders and OTP
Firms. The Exchange now proposes to remove the provision in Rule
6.68(a) that states that the Exchange shall maintain and preserve all
electronic orders on behalf of OTP Holders and OTP Firms.
NYSE Arca notes that this proposed rule change only affects the
Exchange's maintenance and preservation of electronic order records on
behalf of OTP Holders and OTP Firms. The proposed rule change does not
in any way alter the Exchange's obligation to maintain and preserve
order records pursuant to its own books and records requirements.
Rule 6.70--Price Binding Despite Erroneous Report:
Rule 6.70 states that the price at which an order is executed shall
be binding notwithstanding that an erroneous report in respect thereto
may have been rendered, or no report rendered. In addition, Rule 6.70
contains commentary pertaining to erroneous prints and trades in
securities underlying options traded on the Exchange.
At the time this rule was adopted in 1999,\11\ all trading was
conducted on the floor of the Exchange via open outcry. Since that
time, the Exchange has introduced electronic options trading, along
with associated rules governing such trading. Specifically, erroneous
transactions in the electronic market are governed by Rule 6.87. The
Exchange now proposes to add commentary to Rule 6.70 stating that the
rule is applicable only to non-electronic orders and transactions. The
proposed rule change does not alter existing Exchange procedures
pertaining to erroneous transactions, but simply serves to offer
clarity on the applicability of Rule 6.70 to open outcry transactions
only.
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\11\ See SR-PCX-1999-44 (October 29, 1999), Securities Exchange
Act Release No. 43149 (August 11, 2000), 65 FR 51392 (August 23,
2000) (File No. SR-PCX-99-44).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \12\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \13\ in particular, because 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 mechanism of a free and open market and a national market system.
The changes proposed in this filing are simply designed to eliminate or
revise outdated or obsolete rules and practices on NYSE Arca.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
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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 with respect
to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \14\ and Rule 19b-4(f)(6) thereunder.\15\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \16\ and Rule 19b-
4(f)(6)(iii) thereunder.\17\
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\14\ 15 U.S.C. 78s(b)(3)(A)(iii).
\15\ 17 CFR 240.19b-4(f)(6).
\16\ 15 U.S.C. 78s(b)(3)(A).
\17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change along with a
brief description and text of 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 the pre-filing requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an e-mail to [email protected]. Please include
File Number SR-NYSEArca-2010-38 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-NYSEArca-2010-38.
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, on
official business days between the hours of 10 a.m. and 3 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-NYSEArca-2010-38 and should be submitted on or before
June 2, 2010.
[[Page 26837]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-11253 Filed 5-11-10; 8:45 am]
BILLING CODE 8010-01-P