[Federal Register Volume 76, Number 57 (Thursday, March 24, 2011)]
[Notices]
[Pages 16646-16650]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-6908]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64096; File No. SR-Phlx-2011-34]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Singly Listed Options
March 18, 2011.
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 March 15, 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 proposes to amend its Fee Schedule to replace its
Sector Index Options Fees and U.S. Dollar-Settled Foreign Currency
Option Fees, in Section III of the Fee Schedule, with Singly Listed
Options \3\ Fees. Also, the Exchange is proposing to create new fees
for equities, exchange-traded funds (``ETFs'') and Holding Company
Depository Receipts (``HOLDRS'') which are not listed on another
exchange.
---------------------------------------------------------------------------
\3\ For purposes of this filing, a Singly Listed Option means an
option that is only listed on the Exchange and is not listed by any
other national securities exchange.
---------------------------------------------------------------------------
While changes to the Fee Schedule pursuant to this proposal are
effective upon filing, the Exchange has designated these changes to be
operative on April 1, 2011.
The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqtrader.com/micro.aspx?id=PHLXfilings, at the
principal office of the Exchange, 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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the
[[Page 16647]]
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to create new fees
titled ``Singly Listed Options'' to recoup the increased costs
associated with Singly Listed options as compared with Multiply Listed
options.
The Exchange currently assesses fees for equity options as
specified in Section II of the Fee Schedule titled ``Equity Options
Fees.'' Section II includes options overlying equities, ETFs HOLDRS,
BKX \4\, RUT \5\, RMN \6\, MNX \7\ and NDX \8\. The Exchange currently
assesses fees for sector index options and U.S. Dollar-Settled foreign
currency options as specified in Section III of the Exchange's Fee
Schedule titled ``Sector Index Options Fees and U.S. Dollar-Settled
Foreign Currency Option Fees.''
---------------------------------------------------------------------------
\4\ BKX represents the KBW Bank Index.
\5\ RUT represents the options on the Russell 2000[reg] Index
(the ``Full Value Russell Index'' or ``RUT'').
\6\ RMN represents options on the one-tenth value Russell
2000[reg] Index \6\ (the ``Reduced Value Russell Index'' or
``RMN'').
\7\ MNX represents options on the one-tenth value of the Nasdaq
100 Index traded under the symbol MNX (``MNX'').
\8\ NDX represents options on the Nasdaq 100 Index \8\ traded
under the symbol NDX (``NDX'').
---------------------------------------------------------------------------
The Exchange is proposing to rename Section III as ``Singly Listed
Options'' and create fees, which would apply to options overlying
currencies,\9\ equities, ETFs, indexes, and HOLDRS not listed on
another exchange.\10\ The proposed fees are as follows:
---------------------------------------------------------------------------
\9\ The applicable U.S. dollar-settled foreign currency options
include XDB, XDE, XDN, XDS, XDA, XDM, XEH, XEV, XDZ, XDC and XDV
(``Currencies'').
\10\ The Exchange receives an overnight file from The Options
Clearing Corporation, the Data Distribution Service feed, which
provides the Exchange a list of options which are Singly and
Multiply Listed. The Exchange provides its members with a symbol
directory that indicates whether a security is Singly or Multiply
Listed. This information, which is available on the exchange's Web
site, is updated daily. In the event that a Singly Listed option
becomes Multiply Listed, the option would be assessed the fees in
Section II of the Fee Schedule.
----------------------------------------------------------------------------------------------------------------
Specialist,
Customer Professional ROT, SQT Firm Broker-
and RSQT dealer
----------------------------------------------------------------------------------------------------------------
Options Transaction Charge.................... $.35 $.45 $.35 $.45 $.45
----------------------------------------------------------------------------------------------------------------
The Exchange would remove the Sector Index Option Fees and the U.S.
Dollar-Settled Foreign Currency Options Fees from Section III of the
Exchange's Fee Schedule. Sector index options and U.S. Dollar-Settled
foreign currency options would be subject to the proposed fees in
Section III.\11\ Currently, the sector index options are assessed the
following fees:
---------------------------------------------------------------------------
\11\ The Exchange's indexes and currencies, which are subject to
the fees in Section III, are only listed on the Exchange and
therefore Singly Listed.
----------------------------------------------------------------------------------------------------------------
Specialist,
Customer Professional ROT, SQT Firm Broker-
and RSQT dealer
----------------------------------------------------------------------------------------------------------------
Options Transaction Charge.................... $.44 $.35 $.35 $.30 $.45
----------------------------------------------------------------------------------------------------------------
U.S. Dollar-Settled foreign currency options, which include XDB,
XDE, XDN, XDS, XDA, XDM, XEH, XEV, XDZ, XDC and XDV, are assessed the
following fees:
----------------------------------------------------------------------------------------------------------------
Specialist,
Customer Professional ROT, SQT Firm Broker-
and RSQT dealer
----------------------------------------------------------------------------------------------------------------
Options Transaction Charge.................... $.44 $.30 $.30 $.30 $.45
----------------------------------------------------------------------------------------------------------------
In addition, the Exchange proposes to assess Singly Listed
equities, ETFs and HOLDRS the proposed fees in Section III.\12\ Singly
listed equities, ETFs and HOLDRS are currently subject to the fees in
Section II.\13\ The Exchange currently assesses equity options,
including options overlying equities, ETFs, HOLDRS, BKX, RUT, RMN, MNX
and NDX, the following fees which are located in Section II of the
Exchange's Fee Schedule:
---------------------------------------------------------------------------
\12\ This fee proposal would not impact any equity options
transacted in any of the symbols which are listed in Section I of
the Exchange's Fee Schedule titled ``Rebates and Fees for Adding and
Removing Liquidity in Select Symbols.'' The Exchange is not amending
Section I.
\13\ Multiply Listed options overlying equities, ETFs, HOLDRS,
BKX, RUT, RMN, MNX and NDX would continue to be subject to the fees
in Section II. For purposes of this filing, a Multiply Listed
security means an option that is listed on more than one exchange.
[[Page 16648]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Specialist, ROT, SQT and Broker-dealer
RSQT --------------------------
Customer Professional -------------------------- Firm
Non- Electronic Non-
Electronic electronic electronic
--------------------------------------------------------------------------------------------------------------------------------------------------------
Options Transaction Charge (Penny Pilot).................... $.00 $.20 $.22 $.25 $.45 $.25 $.25
Options Transaction Charge (non-Penny Pilot)................ .00 .20 .23 .25 .45 .25 .25
Options Surcharge in RUT, RMN, MNX and NDX.................. N/A N/A .15 .15 .15 .15 .15
Options Surcharge in BKX.................................... N/A N/A .10 .10 .10 .10 .10
--------------------------------------------------------------------------------------------------------------------------------------------------------
The Exchange is proposing to amend the Equity Options Fees in
Section II by adding the words ``which are Multiply Listed'' to the
title of Section II to clarify that Section II fees apply to Multiply
Listed options.\14\ The Exchange also proposes to amend this title
consistently throughout the Fee Schedule. The Exchange also proposes to
amend Section IV of the Exchange's Fee Schedule, titled ``PIXL
Pricing,'' to replace references to ``Sector Index Options Fees and
U.S. Dollar-Settled Foreign Currency Options'' with the words ``Singly
Listed Options.'' The Exchange is also proposing to amend the Table of
Contents to reflect the proposed title for Section III, ``Singly Listed
Options.''
---------------------------------------------------------------------------
\14\ The proposed fees in Section III would apply to Singly
Listed options.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \15\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \16\ in
particular, in that it is an equitable allocation of reasonable fees
and other charges among Exchange members and other persons using its
facilities.
---------------------------------------------------------------------------
\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes that the proposed fees for Singly Listed
Options are equitable because the Exchange is seeking to recoup the
operational costs for Singly Listed options, which costs are higher
than those for Multiply Listed options.\17\ In addition, the Exchange
believes that the proposed fees for Singly Listed options are equitable
for the reasons specified below.
---------------------------------------------------------------------------
\17\ By way of example, in analyzing an obvious error, the
Exchange would have additional data points available in establishing
a theoretical price for a Multiply Listed option as compared to a
Singly Listed option, which requires additional analysis and
administrative time to comply with Exchange rules to resolve an
obvious error.
---------------------------------------------------------------------------
Customers currently pay: (i) No transaction fee for equity options;
(ii) a $.44 per contract fee for sector index options; and (iii) a $.44
per contract fee for U.S. Dollar-Settled foreign currency options. The
Exchange is proposing to assess a $.35 per contract fee to Customers
trading Singly Listed options which includes Currencies, equities,
ETFs, Indexes and HOLDRS. Customers transacting Multiply Listed equity
options, ETFs or HOLDRS are currently assessed no transaction fee and
this would not change with this proposal. Customers who currently
transact Singly Listed equity options, ETFs or HOLDRS would now pay
$.35 per contract.\18\ The Exchange believes that this fee increase is
equitable because the Exchange incurs a higher operational cost on
Singly Listed options as compared to Multiply Listed options as
described above. The Exchange believes that it is equitable to assess
Customers $.35 per contract to transact Currencies and indexes, because
today Customers pay $.44 per contract to transact these products.
Customers would benefit from the lower fee. The Exchange is able to
lower the fee by offsetting the costs with the fee increase to
Customers who transact Singly Listed equity options, ETFs and HOLDRS.
---------------------------------------------------------------------------
\18\ This excludes equity options which are subject to Section I
of the Fee Schedule titled ``Fees and Rebates for Adding and
Removing Liquidity in Select Symbols.''
---------------------------------------------------------------------------
The Exchange believes that it is equitable to assess
Specialists,\19\ Registered Options Traders,\20\ SQTs,\21\ and RSQTs
\22\ a transaction fee of $.35 per contract to transact Singly Listed
Currencies, equities, ETFs, indexes and HOLDRS. Market makers \23\
today are assessed Equity Options Fees for transacting equity options,
ETFs or HOLDRS ranging from $.10-$.25 per contract depending on whether
the transaction is electronic \24\ or non-electronic, a Penny Pilot
\25\ or a non-Penny Pilot option or an option overlying RUT, RMN, MNX,
NDX or BKX.\26\ The Exchange believes that it is equitable to assess
market makers $.35 per contract for transacting Singly Listed equities,
ETFs and HOLDRs pursuant to the proposed fees in Section III, because
such orders would not be subject to payment for order flow. Currently,
equity option transactions, including options overlying equities, ETFs,
HOLDRS, BKX, RUT, RMN, MNX and NDX, are subject to certain payment for
order flow fees.\27\ The Exchange assesses Payment for Order Flow Fees
of $.25 per contract for options trading in the Penny Pilot Program and
$.70 per
[[Page 16649]]
contract for all other equity options.\28\ The Exchange believes that
it is equitable to assess market makers a higher rate for transacting
Singly Listed equities, ETFs or HOLDRS because market makers would not
be subject to Payment for Order Fees, as they are today and would
continue to be under this proposal, when transacting Multiply Listed
equities, ETFs or HOLDRS. The Exchange believes that increasing the fee
assessed for indexes and Currencies from $.30 to $.35 per contract is
equitable because as stated previously, the Exchange is seeking to
recoup costs with respect to Singly Listed products. Additionally, the
Exchange would be assessing the same fee on indexes and Currencies.
---------------------------------------------------------------------------
\19\ A Specialist is an Exchange member who is registered as an
options specialist pursuant to Rule 1020(a).
\20\ A Registered Options Trader (``ROT'') includes a Streaming
Quote Trader (``SQT''), a Remote Streaming Quote Trader (``RSQT'')
and a Non-SQT ROT, which by definition is neither a SQT or a RSQT. A
ROT is defined in Exchange Rule 1014(b) as 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 Exchange Rule 1014(b)(i) and
(ii).
\21\ An SQT is defined in Exchange Rule 1014(b)(ii)(A) as an ROT
who has received permission from the Exchange to generate and submit
option quotations electronically in options to which such SQT is
assigned.
\22\ A RSQT is defined in Exchange Rule 1014(b)(ii)(B) as 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.
\23\ The Exchange market maker category includes Specialists
(see Rule 1020) and ROTs (Rule 1014(b)(i) and (ii), which includes
SQTs (see Rule 1014(b)(ii)(A)) and RSQTs (see Rule 1014(b)(ii)(B)).
\24\ Electronically delivered orders do not include orders
delivered through the Floor Broker Management System.
\25\ The Penny Pilot was established in January 2007; and in
October 2009, it was expanded and extended through December 31,
2010. See Securities Exchange Act Release Nos. 55153 (January 23,
2007), 72 FR 4553 (January 31, 2007) (SR-Phlx-2006-74) (approval
order establishing Penny Pilot); 60873 (October 23, 2009), 74 FR
56675 (November 2, 2009) (SR-Phlx-2009-91) (expanding and extending
Penny Pilot); 60966 (November 9, 2009), 74 FR 59331 (November 17,
2009) (SR-Phlx-2009-94) (adding seventy-five classes to Penny
Pilot); and 61454 (February 1, 2010), 75 FR 6233 (February 8, 2010)
(SR-Phlx-2010-12) (adding seventy-five options classes to the Penny
Pilot). See also Exchange Rule 1034.
\26\ This excludes the symbols which are subject to Section I of
the Fee Schedule, titled ``Fees and Rebates for Adding and Removing
Liquidity in Select Symbols.''
\27\ This excludes the symbols which are subject to Section I of
the Fee Schedule, titled ``Fees and Rebates for Adding and Removing
Liquidity in Select Symbols.''
\28\ There are no Payment for Order Flow Fees on trades that are
not delivered electronically.
---------------------------------------------------------------------------
The Exchange believes that it is equitable to assess Professionals,
Firms and Broker-Dealers $.45 per contract to transact Singly Listed
options including Currencies, equities, ETFs, indexes and HOLDRS.
Currently, Professionals pay $.20 per contract to transact equities,
ETFs and HOLDRS, $.35 per contract to transact indexes and $.30 per
contract to transact Currencies. The Exchange believes that the
proposed $.45 per contract Professional fee would be equitable because
of the increased costs associated with Singly Listed options as
explained above.
Broker-Dealers today are assessed Equity Options Fees for
transacting equity options, ETFs or HOLDRS ranging from $.10-$.45 per
contract depending on whether the transaction is electronic or non-
electronic, a Penny Pilot or non-Penny Pilot option or an option
overlying RUT, RMN, MNX, NDX or BKX. The Exchange believes that the
proposed Broker-Dealer fee of $.45 per contract is equitable because it
is similar to the Exchange's fees for electronic transactions in Penny
Pilot and non-Penny Pilot options.\29\ Additionally, the Exchange
believes that the proposed fee for both indexes and Currencies is
equitable because the rates would remain the same as today.
---------------------------------------------------------------------------
\29\ See Section II of the Exchange's Fee Schedule.
---------------------------------------------------------------------------
Finally, Firms today are assessed fees for transacting equities,
ETFs and HOLDRS which range from $.10-$.25 per contract. The Exchange
believes that the proposed Firm fee of $.45 per contract is equitable
because of the higher costs associated with Singly Listed options as
compared to Multiply Listed options as explained above. The Exchange
believes that the increased costs also form an equitable basis to
increase both the Broker-Dealer fees to transact indexes and Currencies
from $.30 to $.45 per contract.
The Exchange believes that the proposed fees are reasonable because
the fees are consistent with price differentiation that exists today at
all option exchanges. Other exchanges today charge different rates as
between Multiply Listed products and Singly Listed products. For
example, the Internal Securities Exchange, LLC (``ISE'') assesses
different fees for Customers who transact Multiply Listed options,
indexes, ETFs and FX Options ($.00) as compared to Customers who
transact Singly Listed indexes, ETFs and FX Options ($.18).\30\
---------------------------------------------------------------------------
\30\ See ISE's Schedule of Fees.
---------------------------------------------------------------------------
The Exchange believes that the Customer rate of $.35 per contract
for Singly Listed Currencies, equities, ETFs and HOLDRS is reasonable
because it is less than Customer rates assessed by NYSE Arca, Inc.
(``NYSE Arca''), where a Customer electronically executing a Penny
Pilot option or a foreign currency option is assessed a fee of $.45 per
contract.\31\ The Exchange believes that the Customer rate of $.35 per
contract for Singly Listed indexes is reasonable because it is less
than the rate assessed by ISE for SPX \32\ of $.44 per contract.\33\
---------------------------------------------------------------------------
\31\ See NYSE Arca's Fee Schedule.
\32\ SPX refers to options on the Standard & Poor's 500 Index.
\33\ See ISE's Schedule of Fees.
---------------------------------------------------------------------------
The Exchange believes that the proposed rate of $.45 per contract
for Singly Listed Currencies, equities, ETFs, indexes and HOLDRS for
Professionals and Firms is reasonable, because the Exchange is
proposing to assess Firms and Professionals the same rate assessed on
Broker-Dealers today. NYSE Arca assesses Firms that electronically
execute foreign currency options an equity options transaction fee of
$.45 plus a royalty fee of $.10 per contract.\34\ The Exchange believes
it is reasonable to assess a Professional a per contract fee of $.45
per contract for transacting Singly Listed Currencies because the
Exchange is assessing all market participants, except Customers and
market makers, the same rate to transact Singly Listed Currencies. The
Exchange believes that the price differentiation between market makers
as compared to Firms, Broker-Dealers and Specialists is justified
because market makers have obligations to the market, which do not
apply to Firms, Professionals and Broker-Dealers.\35\ The Exchange
believes that assessing Customers a lower rate to transact Singly
Listed indexes is reasonable because all market participants benefit
from Customer order flow.
---------------------------------------------------------------------------
\34\ See NYSE Arca's Fee Schedule.
\35\ See Exchange Rule 1014 titled ``Obligations and
Restrictions Applicable to Specialists and Registered Options
Traders.''
---------------------------------------------------------------------------
The Exchange believes that its proposed rate of $.45 per contract
for Singly Listed indexes is reasonable because the Chicago Board
Options Exchange, Incorporated (``CBOE'') assesses a Firm and a
Professional $.40 per contract for trading SPX.\36\ The Exchange
believes that assessing Firms and Professionals $.45 per contract in
Singly Listed equities, ETFs and HOLDRs is reasonable because NYSE Arca
assesses Firms and Broker-Dealers $.50 per contract for equities, ETFs
and HOLDRs that are not in the Penny Pilot.\37\ The Exchange is not
amending the rates it assesses Broker-Dealers for Singly Listed indexes
and equities. The rate for Singly Listed equities, ETFs and HOLDRs is
the same rate the Exchange assesses Broker-Dealers transacting
electronic Penny Pilot and non-Penny Pilot orders today.\38\ The
Exchange believes that assessing Customers a lower rate to transact
Singly Listed indexes is reasonable because it would increase Customer
order flow to the Exchange and such increased liquidity would benefit
all market participants.
---------------------------------------------------------------------------
\36\ See CBOE's Fees Schedule. CBOE also assesses a surcharge
fee of $0.10 for SPX which applies to all non-public customer
transactions, including voluntary professionals, and professionals.
\37\ See NYSE Arca's Fee Schedule. Presumably, this includes
options only listed on NYSE Arca.
\38\ See Section II of the Exchange's Fee Schedule.
---------------------------------------------------------------------------
Finally, the Exchange believes that assessing market makers a fee
of $.35 per contract for Singly Listed Currencies is reasonable because
it is lower than the fee of $.45 plus a royalty fee of $.10 per
contract that NYSE Arca assesses market makers that electronically
execute foreign currency options.\39\ The Exchange is not amending the
fees assessed on market makers transacting Singly Listed indexes. The
Exchange believes that it is reasonable to assess market makers a $.35
per contract fee for equities, ETFs and HOLDRs because NYSE Arca
assesses market makers $.45 per contract to electronically execute
Penny Pilot options.\40\
---------------------------------------------------------------------------
\39\ See NYSE Arca's Fee Schedule.
\40\ See NYSE Arca's Fee Schedule.
---------------------------------------------------------------------------
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.
[[Page 16650]]
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\41\ At any time within 60 days of the
filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
---------------------------------------------------------------------------
\41\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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-2011-34 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-2011-34. 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 such filing also
will be available for inspection and copying at the principal offices
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-2011-34, and should be submitted on or before April 14, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\42\
---------------------------------------------------------------------------
\42\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-6908 Filed 3-23-11; 8:45 am]
BILLING CODE 8011-01-P