[Federal Register: September 12, 2006 (Volume 71, Number 176)]
[Notices]
[Page 53726]
[DOCID:fr12se06-90]

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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Pub. L. 94-409, that the Securities and
Exchange Commission will hold the following meeting during the week of
September 11, 2006:
    A Closed Meeting will be held on Tuesday, September 12, 2006 at 10
a.m.
    Commissioners, Counsels to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters may also be
present.
    The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (7), (9)(B) and (10) and 17 CFR 200.402(a)
(3), (5), (7), (9)(ii), and (10) permit consideration of the scheduled
matters at the Closed Meeting.
    Commissioner Atkins, as duty officer, voted to consider the items
listed for the closed meeting in closed session and determined that no
earlier notice thereof was possible.
    The subject matters of the Closed Meeting scheduled for Tuesday,
September 12, 2006 will be: Formal orders of investigation; institution
and settlement of injunctive actions; institution and settlement of
administrative proceedings of an enforcement nature; adjudicatory
matters; and other matters related to enforcement proceedings.
    At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact: The Office of the
Secretary at<PHONE_NUMBER>.

    Dated: September 8, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06-7607 Filed 9-8-06; 11:09 am]

BILLING CODE 8010-01-P


[Federal Register Volume 79, Number 104 (Friday, May 30, 2014)]
[Notices]
[Pages 31147-31151]
[FR Doc No: 2014-12527]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72250; File No. SR-Phlx-2014-24]

Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing of Proposed Rule Change and Amendment No. 1 Thereto To Modify
the Order Execution Algorithm of NASDAQ OMX PSX

May 23, 2014.
    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 May 13, 2014, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
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 May 16, 2014.\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 corrected figures in both
the filing and the proposed rule text for price and share amounts
used in examples of the proposed execution algorithm.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange proposes to modify the order execution algorithm of
Phlx's NASDAQ OMX PSX facility (``PSX''). The text of the proposed rule
change is available at nasdaqomxphlx. cchwallstreet.com, at the
Exchange's principal office, 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 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
    Phlx launched PSX in 2010 with an order execution algorithm that
allocated executions of incoming orders to orders on the PSX book based
on the price and size of posted orders, rather than price and time,
with allocations made on a pro rata basis among orders with similar
price and display characteristics.\4\ In 2013, after concluding that
this pro rata model had not met the Exchange's expectations with
respect to PSX's market share, Phlx adopted a price/time model that was
functionally similar to the model in place at other national securities
exchanges.\5\ Phlx is now proposing to allow its member organizations
to benefit from the advantages of each model, by adopting a system
under which some securities may trade using the current price/time
model, while others may trade under a pro rata model similar to, but in
several respects different from, the model in effect from 2010 to 2013.
As described in more detail below, Phlx will select the algorithm
applicable to each security that is eligible for trading on PSX, and
may change the applicable algorithm from time to time, subject to
providing advance notice to market participants.\6\
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    \4\ Securities Exchange Act Release No. 62877 (September 9,
2010), 75 FR 56633 (September 16, 2010) (SR-Phlx-2010-79).
    \5\ Securities Exchange Act Release No. 69452 (April 25, 2013),
78 FR 25512 (May 1, 2013) (SR-Phlx-2013-24).
    \6\ The approach of allowing the applicable execution algorithm
to vary on a security-by-security basis is currently used in the
market structure of several options exchanges, including the NASDAQ
Options Market (``NOM'') (Chapter VI, Section 10 of the NOM Rules);
the BX Options Market (``BX Options'') (Chapter VI, Section 10 of
the BX Options Rules); the Chicago Board Options Exchange (``CBOE'')
(CBOE Rule 43.1); and the C2 Options Exchange (``C2'') (C2 Rule
6.12). It was also used in the cash equities markets at the former
CBOE Stock Exchange (``CBXS'') (CBSX Rule 52.1).
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Price/Time Algorithm
    Phlx is not proposing to alter the operation of the price/time
algorithm for those securities to which it is applied, although it is
modifying the applicable rule text in certain respects to improve its
clarity. Under this algorithm, the System executes trading interest in
the following manner:
     Price--Better priced trading interest is executed ahead of
inferior-priced trading interest.
     Display--Displayed Quotes/Orders at a particular price are
executed in time priority among such interest.
     Non-Displayed Interest--Non-Displayed Orders and the
reserve portion of Quotes and Reserve Orders (collectively, ``Non-
Displayed Interest'') at a particular price are executed in time
priority among such interest.

For example, assume that sell orders with the following sizes, time
stamps, and display characteristics are on the PSX book:
 Order 1: 100 shares, Non-Displayed at $9.99, 11:00.00
 Order 2: 100 shares, Non-Displayed at $10.00, 10:59.50
 Order 3: 100 shares, Displayed at $10.00, 11:00.05
 Order 4: 100 shares, Displayed at $10.00, 11:00.10
 Order 5: 100 shares, Non-Displayed at $10.00, 11:00.10
If an order to buy 400 shares at $10.00 is entered, it will execute
against the resting orders in the following sequence: Order 1, since
its price is superior to that of the other orders; Order 3, since as
among orders priced at $10.00, it is the Displayed Order that arrived
on the book first and Displayed Orders are executed ahead of Non-
Displayed Interest; Order 4, since Displayed Orders are executed ahead
of Non-Displayed Interest, and Order 2, since all Displayed Orders at
$10.00 have been executed and as among Non-Displayed Interest at
$10.00, it was the first to arrive on the book.
Pro Rata Algorithm
    As noted above, the pro rata model is being altered in several
respects from the version previously in effect. Most notably, for those
securities for which the pro rata model is applicable, Phlx may also
opt to apply a version of the algorithm under which a specified
percentage of an execution is guaranteed to an order that establishes
the best price in PSX. This modification to the algorithm is referred
to herein and in the proposed rule as the variation for ``Price-Setting
Orders.'' As with the decision as to the applicable algorithm, Phlx
will determine whether to apply the variation to each security that
trades under the pro rata algorithm, and as described in more detail
below, may change the application from time to time, subject to
providing advance notice to market participants.
Price and Displayed Orders
    Under the pro rata algorithm, the System will execute trading
interest within the System in the following order:
     Price--Better priced trading interest is executed ahead of
inferior-priced trading interest.

     Display--Displayed Orders at a particular price with a
size of at least one round lot will be executed ahead of Displayed
Orders with a size of less than one round lot, Non-Displayed Interest
with a size of at least one round lot, Minimum Quantity Orders, and
Non-Displayed Interest with a size of less than one round lot.

     Allocation to Displayed Orders with a Size of One Round
Lot or More--As among equally priced Displayed Orders with a size of at
least one round lot, the System will allocate portions of incoming
executable orders to displayed trading interest within the System pro
rata based on the size of the Displayed Orders, rounding down to the
nearest round lot. Next, portions of an order that would be executed in
a size other than a round lot if they were allocated on a pro rata
basis will be allocated for execution against available displayed
trading interest, one round lot at a time, in the order of the
displayed size (measured at the time when the pro rata allocation
began) of the trading interest at that price (largest to smallest), or,
as among orders with an equal size, based on time priority. Incoming
orders with a size of less than one round lot will be allocated against
available displayed trading interest in the order of the size of
trading interest at that price (largest to smallest), or, as among
orders with an equal size, based on time priority.
For example, assume that sell orders with the following sizes, time
stamps, and display characteristics are on the PSX book:
     Order 1: 600 shares, Displayed at $10.00, 10:59.50
     Order 2: 400 shares, Displayed at $10.00, 11:00.05
     Order 3: 300 shares, Displayed at $10.00, 11:00.10
If an order to buy 1,200 shares at $10.00 is entered, it will execute
against the resting orders in the following sequence and with the
following share amounts:
     Orders 1, 2, and 3: The System will make a pro rata
allocation of the incoming order to the resting orders based on their
size in round lot increments, such that Order 1 will be allocated 500
shares ((600 / 1,300) x 1,200, rounded down to the nearest round lot);
Order 2 will be allocated 300 shares; and Order 3 will be allocated 200
shares.
     Order 1: After decrementation, the remaining orders on the
book each have 100 shares, and the incoming order has 200 shares left
to execute. The remaining 200 shares of the order will be allocated one
round lot at a time, first to Order 1, since of the remaining resting
orders, it was the order with the largest displayed size at the
beginning of the pro rata allocation, and then to Order 2, the order
with the next largest displayed size at the beginning of the pro rata
allocation.

If the incoming order was 80 shares (less than one round lot), it would
be allocated to Order 1 based on its size as the resting order with the
largest displayed size.
Variation for Price-Setting Orders
    For any security that trades under the pro rata algorithm, Phlx may
adopt a variation of the algorithm that guarantees a specified
percentage allocation for an order that sets the best price on PSX
under certain conditions. The goal of the variation would be to
increase the extent to which market participants commit capital to
display significant size at a price that narrows the spread, thereby
enhancing price discovery and transparency. The ``Guaranteed
Percentage'' for all securities subject to this variation will be
40%.\7\ The Exchange believes the Guaranteed Percentage of 40% strikes
an appropriate balance between awarding the participant who sets a new
price on PSX while also rewarding other participants who risk capital
by displaying large size, thereby encouraging competition among market
participants to fill incoming orders. This balance provides an
incentive for aggressive quoting from both a price and size
perspective.
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    \7\ If Phlx determines to change the Guaranteed Percentage, it
will file a proposed rule change to do so.
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    When this variation of the pro rata algorithm is employed, a
Displayed Order with a size of at least one round lot that establishes
the best price in PSX when it is entered will be a ``Price-Setting
Order'' if such order is executed; provided, however, that a better
priced order will become the Price-Setting Order if it is executed. The
allocation to the Price-Setting Order will be the greater of the
Guaranteed Percentage or the allocation that the order would otherwise
receive under the pro rata algorithm.
    If the Price-Setting Order receives an allocation greater than the
Guaranteed Percentage, the remainder of the order will be allocated to
other displayed trading interest in the manner provided for Displayed
Orders when the variation for Price-Setting Orders is not in effect (as
provided in Rule 3307(b)(2)(A)). If the Price-Setting Order receives
the Guaranteed Percentage, the System will then allocate round lot
portions of the incoming order that are not allocated to the Price-
Setting Order to other displayed trading interest within the System pro
rata based on the size of such Displayed Orders (excluding the Price-
Setting Order), rounding down to the nearest round lot. Next, portions
of an order that would be executed in a size other than a round lot if
they were allocated on a pro rata basis will be allocated for execution
against available displayed trading interest (excluding the Price-
Setting Order), one round lot at a time, in the order of the displayed
size (measured at the time when the pro rata allocation began) of the
trading interest at that price (largest to smallest), or, as among
orders with an equal size, based on time priority. In the case of
incoming orders with a size of less than one round lot, the Price-
Setting Order will receive the Guaranteed Percentage of the order, and
the remainder of the order will be allocated to available displayed
trading interest in the order of the size of displayed trading interest
at that price (largest to smallest), or, as among orders with an equal
size, based on time priority.
    By way of example, assume that Order 1 is on the PSX book to sell
1,000 shares at $10.01. If Order 2 is then entered onto the book to
sell 1,000 shares at $10.00, Order 2 is presumptively the Price-Setting
Order. Assume also that Order 3 to sell 3,000 shares at $10.00, and
Order 4 to sell 1,000 shares at $10.00 are then entered onto the book.
If an incoming order to buy 1,000 at $10.00 is then entered, 400 shares
will be allocated to Order 2 based on the 40% Guaranteed Percentage for
it as the Price-Setting Order.\8\ The remaining shares will then be
allocated among the other orders based on their displayed size as
follows:
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    \8\ If, before the incoming order was entered, another sell
order was posted to the book at $9.99, it would have the potential
to become the Price-Setting Order if it executed while still
reflecting the best price in PSX. Once an order is executed as a
Price-Setting Order, all previously entered orders that could have
potentially been Price-Setting Orders are no longer eligible to be
Price-Setting Orders.
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     Pro rata allocation of 400 shares to Order 3 ((3,000 /
4,000) x 600, rounded down to the nearest round lot);
     Pro rata allocation of 100 shares to Order 4 ((1,000 /
4,000) x 600, rounded down to the nearest round lot); and
     Remaining 100 shares to Order 3 (order with the largest
original displayed size).

If the incoming order was an odd lot of 80 shares, the System would
allocate 32 shares to Order 2 (40% allocated to the Price-Setting
Order) and 48 shares to

Order 3 (resting order with the largest displayed size).
    As noted above, if the allocation that a Price-Setting Order would
receive via the pro rata algorithm provided for in Rule 3307(b)(2)(A)
is greater than the Guaranteed Percentage, the Price-Setting Order
would receive the higher allocation and remaining shares of the
incoming order would be allocated as provided for in Rule
3307(b)(2)(A). For example, assume a Displayed Order to sell 1,000
shares at $10.01 resides on the PSX book (Order 1), a Displayed Order
to sell 3,000 shares at $10.00 is entered and becomes the Price-Setting
Order (Order 2), and additional Displayed Orders to sell at $10.00 with
sizes of 1,000 shares (Order 3) and 1,000 shares (Order 4) are then
entered. If an incoming order to buy 1,000 shares at $10.00 is entered,
the System will allocate the incoming order as follow:
     600 shares to Order 2 ((3,000 / 5,000) x 1,000, resulting
in an allocation in excess of the Guaranteed Percentage);
     200 shares to Order 3 ((1,000 / 5,000) x 1,000); and
     200 shares to Order 4 ((1,000 / 5,000) x 1,000).
    Displayed Odd-Lot Orders
Following the processing of Displayed Orders with a size of one round
lot or more, the System will allocate remaining shares of an incoming
order among equally priced Displayed Orders with a size of less than
one round lot, in the order of the size of the trading interest at that
price (largest to smallest), or, as among orders with an equal size,
based on time priority.
Non-Displayed Interest With a Size of One Round Lot or More
    As among equally priced Non-Displayed Interest with a size of at
least one round lot (excluding Minimum Quantity Orders), the System
will allocate portions of incoming executable orders to Non-Displayed
Interest within the System pro rata based on the size of Non-Displayed
Interest, rounded down to the nearest round lot. Next, portions of an
order that would be executed in a size other than a round lot if they
were allocated on a pro rata basis will be allocated for execution
against available Non-Displayed Interest, one round lot at a time, in
the order of the size (measured at the time when the pro rata
allocation began) of the trading interest at that price (largest to
smallest), or, as among orders with an equal size, based on time
priority. Incoming orders with a size of less than one round lot will
be allocated against available Non-Displayed Interest in the order of
the size of trading interest at that price (largest to smallest), or,
as among orders with an equal size, based on time priority. Thus, the
algorithm with respect to Non-Displayed Interest with a size of one
round lot or more is identical to the algorithm for Displayed Orders
with a size of one round lot or more.
Minimum Quantity Orders
    Minimum Quantity Orders are orders that will not execute unless a
specified minimum quantity of shares can be obtained. Minimum Quantity
Orders that post to the PSX book are not displayed, and upon entry must
have a size and a minimum quantity condition of at least one round lot.
In the event that the shares remaining in the size of the order
following a partial execution thereof are less than the minimum
quantity specified by the market participant entering the order, the
minimum quantity value of the order is reduced to the number of shares
remaining. Because they are non-displayed, Minimum Quantity Orders are
given a lower priority of execution than Displayed Orders. Moreover,
because a minimum quantity condition cannot necessarily be satisfied in
a pro rata allocation system, the orders are given a lower priority
than other Non-Displayed Interest with a size of one round lot or more.
As among equally priced Minimum Quantity Orders, the System will
allocate incoming executable orders to Minimum Quantity Orders within
the System in the ascending order of the size of the minimum quantity
conditions assigned to the orders. Thus, an order with a minimum
quantity condition of 300 shares will be filled before an order with a
minimum quantity condition of 400 shares. If there are two or more
Minimum Quantity Orders with an equal minimum quantity condition, the
System will determine the order of execution based on time priority.
Non-Displayed Odd-Lot Orders
    As among equally priced Non-Displayed Interest with a size of less
than one round lot, the System will allocate incoming orders based on
the size of the Non-Displayed Interest, in the order of the size of the
trading interest at that price (largest to smallest), or, as among
orders with an equal size, based on time priority.
Selection of Applicable Algorithm and Notice to Member Organizations
    The algorithm applicable to a particular security will be selected
by the Exchange and listed on a publicly available Web site. The
selection will be made by the President of the Exchange or another
officer of the Exchange designated by the President for this purpose.
The selection will be based on an ongoing assessment of the depth of
liquidity made available by member organizations in particular stocks,
with the goal of maximizing the displayed size, minimizing the quoted
spread, and increasing the extent of PSX's time at the NBBO. Factors to
be considered for each security would include the size of member
organizations' quotes, the amount of time that PSX is at the NBBO, PSX
market share, and observed changes in volume, average execution size,
and average order size. As a general matter, the Exchange would examine
these factors and consider adjusting the algorithm applicable to a
security if it concluded that improvements in the security's
performance on PSX might result. The Exchange expects that immediately
following the implementation of this proposed rule change, most if not
all securities will trade using the pro rata algorithm with the Price-
Setting Order variation, with the goal of increasing the size of
displayed liquidity in PSX, but that adjustments would then be made
based on the observed performance of the securities. For example, if a
security trading under the Price-Setting Order variation has large
quoted size but PSX is generally not at the NBBO in the security, the
Exchange would consider moving the security to the price/time algorithm
as a means of encouraging market participants to quote more
aggressively. Similarly, if PSX is employing the price/time algorithm
and is at the NBBO consistently but with smaller size than the exchange
considers ideal, the Exchange would consider adopting the pro rata
algorithm with the variation for Price-Setting Orders as a means of
maintaining the aggressive pricing from market participants while also
encouraging larger quoted size, resulting in more time at the NBBO for
larger size. The Exchange would also observe changes in PSX's market
share and volume over time to determine if the applicable algorithm had
a positive or negative effect on these metrics. In particular
securities, the Exchange may also observe average execution size and/or
average order size, with the goal of increasing both metrics. The
Exchange may also conclude that if a group of similar securities (for
example, certain exchange-traded funds) trade well using a particular
algorithm, other securities with the same characteristics should also
trade under that algorithm. Changes to the applicable algorithm,
including the applicability of the variation for Price-Setting Orders,
would be made

through a notice that is widely disseminated at least one month in
advance of the change.\9\
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    \9\ Based on input from its affiliated options exchanges that
allow for similar variation of execution algorithms, the Exchange
believes that even less notice would be adequate to allow market
participants to adjust their systems to reflect changes. However,
PSX is initially proposing one month notice to avoid any possible
issues after the adoption of the new model. PSX may submit a
proposed rule change to reduce the time in the future.
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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,\10\ in general, and with Section
6(b)(5) of the Act \11\ 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. Phlx believes that the
proposal has the potential to enhance the usefulness of PSX as a venue
for trading cash equity securities by allowing the Exchange to adjust
the execution algorithm applicable to a particular security to best
suit its characteristics. Moreover, each component of the proposal--pro
rata, the variation for Price-Setting Orders, and price/time--is itself
consistent with the Act. Specifically, the Exchange believes that the
use of the pro rata algorithm is consistent with the Act because it has
the potential to encourage member organizations to display orders with
greater size in order to receive a larger share of executions. Thus,
the algorithm may facilitate transactions in securities and perfect the
mechanism of a national market system by facilitating executions of
larger orders with less impact on price. The proposal also has the
potential to promote price discovery by providing a means to discourage
the use of non-displayed liquidity. Moreover, the Commission has
previously determined that PSX's prior pro rata algorithm was
consistent with the Act because it ``may encourage participants,
particularly those who wish to execute orders of large size, to display
liquidity. . . This in turn could facilitate the efficient execution of
large orders, and foster best execution and price discovery. A novel
exchange priority system that is designed to achieve these goals also
may foster competition and innovation.'' \12\ The Exchange further
notes that the use of an algorithm that deemphasizes the importance of
speed would provide an additional trading option to market participants
that may wish to seek alternatives to the prevailing market structure
for US cash equities.
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    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(5).
    \12\ Securities Exchange Act Release No. 62877 (September 9,
2010), 75 FR 56633, 56635 (September 16, 2010) (SR-Phlx-2010-79).
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    The proposed variation to the algorithm for Price-Setting Orders is
similarly consistent with the national market system purposes of the
Act because it maintains the potential benefits of the pro rata
algorithm discussed above while also having the potential to encourage
market participants to set the best price on PSX. Thus, the Exchange
believes that the proposal has the potential to enhance price discovery
on PSX, while still promoting competition among market participants to
receive allocations of incoming orders by posting orders with larger
sizes.
    In addition, the proposal is similar in several respects to rules
in effect at US options exchanges. Notably, NOM and several other
options exchanges \13\ have rules that allow the applicable exchange to
determine the algorithm--pro rata or price/time--applicable to each
security that it trades.\14\ In addition, the proposed variation to the
pro rata algorithm for Price-Setting Orders is similar in intent to
rules of numerous US options exchanges under which a specialist is
guaranteed a percentage allocation of an incoming order in
consideration of its performance of specialist obligations.\15\
Similarly, the Exchange's proposal is designed to provide a means of
encouraging market participants to compete to provide substantial
liquidity at the inside market by guaranteeing them a percentage
allocation. However, unlike the guaranteed allocation for specialists,
the proposed allocation would be available to any market participant
quoting in a security to which the variation applied.\16\ Additionally,
the proposal could foster competition, as the allocation would be
awarded based on performance. The trading participant's order that is
given the Guaranteed Percentage must compete with orders of every other
trading participant to earn that Guaranteed Percentage. Furthermore,
one order earning the Guaranteed Percentage carries no weight as to
whether another order for the same participant earns the Guaranteed
Percentage; that is, each order must compete to earn the Guaranteed
Percentage.
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    \13\ The former CBSX cash equities exchange, which recently
ceased operations, also had such a rule.
    \14\ See supra n.6. It should be noted that these rules do not
specify the factors to be considered by the exchange in selecting
the applicable algorithm. The Exchange understands, however, that
staff of NOM and BX Options apply factors similar to the ones
proposed herein in making such selections.
    \15\ See, e.g., PHLX Rule 1014(g).
    \16\ The proposed rule is also similar to CBOE Rule 43.1 and
former CBSX Rule 52.1, which provide priority to the market
participant that was first to establish a price (the ``Market
Turner''), and to retain such priority in the event the market moves
beyond, but then returns to, the Market Turner's price.
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    For securities that the Exchange believes are not best served by a
pro rata allocation, the proposal allows the Exchange to have the
flexibility to use a price/time algorithm that replicates the algorithm
in use at other national securities exchanges. The Exchange is not
proposing to modify the operation of this algorithm, which has also
previously been determined to be consistent with the Act.\17\ This
algorithm is consistent with the purposes of the Act because it
reflects a fair and logical means of allocating executions based on the
price, time of entry, and display characteristics of posted orders.
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    \17\ Securities Exchange Act Release No. 69452 (April 25, 2013),
78 FR 25512 (May 1, 2013) (SR-Phlx-2013-24).
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    The Exchange further believes that the process for determining the
algorithm applicable to a particular security is consistent with the
Act's purposes of perfecting the mechanisms of a national market system
and protecting investors and the public interest. The rule allows the
Exchange to select among alternatives, most aspects of which have
already been determined by the Commission to be consistent with the
Act. Moreover, by allowing adjustments, the rule will enable the
Exchange to continually evaluate data and adapt the trading of
securities to changing circumstances, with the goals of increasing
displayed size and time at the inside and narrowing spreads. Finally,
the Exchange believes that the requirement to provide market
participants with at least one month notice of any change will ensure
that market participants have adequate notice of changes to enable them
to make any needed adjustments to their order routing practices.

B. Self-Regulatory Organization's Statement on Burden on Competition

    Phlx 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, as amended.\18\ Currently, PSX has minimal
market share, and the Exchange believes that the proposal may enhance
its competitiveness by offering a unique market model not currently
offered by other national securities exchanges trading cash equities.
Since use of PSX is entirely voluntary and numerous competitive
alternatives exist, the change will not impose any burden on
competition. Moreover, the Exchange's prior experience with use of a
pro rata algorithm on PSX leads it to believe that although the market
model may not draw significant volume of order flow away from other
trading venues, nevertheless the model is attractive to some market
participants and therefore is likely to enhance PSX's competitiveness.
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    \18\ 15 U.S.C. 78f(b)(8).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall: (a) By order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be 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, 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_ADDRESS>Please include
File Number SR-Phlx-2014-24 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-Phlx-2014-24. 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 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-2014-24,
and should be submitted on or before June 20, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-12527 Filed 5-29-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 36 (Thursday, February 22, 2018)]
[Notices]
[Page 7709]
[FR Doc No: 2018-03557]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. PR18-30-000]

The City of Alexandria, Louisiana v. EnLink LIG, LLC; Notice of
Complaint

    Take notice that on February 13, 2018, pursuant to Rules 206 and
212 of the Federal Energy Regulatory Commission's (FERC or Commission)
Rules of Practice and Procedure, 18 CFR 385.206, and .212 (2017), and
the Commission's regulations governing transportation service provided
under section 311 of the Natural Gas Policy Act of 1978, 18 CFR part
284, the City of Alexandria, Louisiana (Complainant) filed a formal
complaint against EnLink LIG, LLC (EnLink or Respondent) requesting
relief from EnLink's alleged violations of its FERC filed Statement of
Operating Conditions, all as more fully explained in the complaint.
    Complainant certifies that copies of complaint were served on the
contact of EnLink as listed on the Commission's list of Corporate
Officials, the Office of the General Counsel for the Louisiana Public
Service Commission, and the Louisiana Department of Natural Resources.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211 and 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. The Respondent's
answer and all interventions, or protests must be filed on or before
the comment date. The Respondent's answer, motions to intervene, and
protests must be served on the Complainant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 5 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE, Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the website that enables subscribers to receive email
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please email
[email protected], or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on February 20, 2018.

    Dated: February 14, 2018.
Kimberly D. Bose,
Secretary.
[FR Doc. 2018-03557 Filed 2-21-18; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register: December 22, 2005 (Volume 70, Number 245)]
[Notices]
[Page 76095-76097]
[DOCID:fr22de05-107]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52961; File No. SR-Phlx-2005-77]

Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Expand Its $2.50 Strike Price Program

December 15, 2005.
    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 December 14, 2005, the Philadelphia Stock Exchange, Inc. (``Phlx''
or ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by Phlx. The Exchange has
filed the proposal as a ``non-controversial'' rule change pursuant to
section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\
which renders it effective upon filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Phlx proposes to amend Commentary .05 to Phlx Rule 1012 (Series of
Options Open for Trading) to allow the Exchange to list options with
$2.50 strike price intervals for options with strike prices between $50
and $75. Below is the text of the proposed rule change. Proposed new
language is in italics; proposed deletions are in [brackets].
* * * * *

Rule 1012. Series of Options Open for Trading

    (a)--(d) No Change.
    Commentary:
    .01 through .04--No Change.
    .05
    (a)--No Change.
    (b) Pursuant to a program initially approved by the SEC in 1995,
[T]the Exchange may select up to [a specified number of its listed] 46
options classes on individual stocks for which the interval of strike
prices will be $2.50 where the strike price is greater than $25 but
less than $50 (the ``$2.50 Strike Price Program''). In addition to
those options selected by the Exchange, the strike price interval may
be $2.50 in any multiply-traded option once another exchange trading
that option selects such option, as part of this program.
    (i) In addition, on any option class that has been selected as part
of the $2.50 Strike Price Program pursuant to paragraph (b) above, the
Exchange may list $2.50 strike prices between $50 and $75, provided the
$2.50 strike prices between $50 and $75 are no more than $10 from the
closing price of the underlying stock in its primary market on the
preceding day. For example, if an option class has been selected as
part of the $2.50 Strike Price Program, and the underlying stock closes
at $48.50 in its primary market, the Exchange may list the $52.50
strike price and the $57.50 strike price on the next business day. If
an underlying security closes at $54, the Exchange may list the $52.50
strike price, the $57.50 strike price and the $62.50 strike price on
the next business day.
    (ii) An option class shall remain in the $2.50 Strike Price Program
until otherwise designated by the Exchange and a decertification notice
is sent to the Options Clearing Corporation.
* * * * *

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, Phlx 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 the proposal is to amend Commentary .05 to Phlx Rule
1012 to expand the current $2.50 Strike Price Program (``Program'') for
individual equity options to permit the listing of options with $2.50
strike price intervals for options with strike prices between $50 and
$75, provided the $2.50 strike price intervals are no more than $10
from the closing price of the underlying stock in its primary market
\5\ on the preceding day. In addition, the proposed rule change
clarifies that an option class will remain in the Program until the
Exchange otherwise designates and sends a decertification notice to the
Options Clearing Corporation.
---------------------------------------------------------------------------

    \5\ The term ``primary market'' is defined in Phlx Rule 1000 in
respect of an underlying stock or exchange-traded fund share as the
principal market in which the underlying stock or exchange-traded
fund share is traded.
---------------------------------------------------------------------------

    Pursuant to the proposed rule change, for example, if an option
class has been selected as part of the Program, and the underlying
stock closed at $48.50 in its primary market, the Exchange may list
options with strike prices of $52.50 and $57.50 on the next business
day; and if an underlying security closed at $54, the Exchange may list
options with strike prices of $52.50, $57.50, and $62.50 on the next
business day.
    The current Program is set forth in Commentary .05 to Phlx Rule
1012. The Program permits the Exchange to list options with $2.50
strike price intervals for selected options trading at strike prices
greater than $25 but less than $50, excluding LEAPS. Initially adopted
in 1995 as a pilot program, the options exchanges at that time were
permitted to list options with $2.50 strike price intervals up to $50
on a total of up to 100 option classes.\6\ In 1998, the pilot program
was expanded and permanently approved to allow the options exchanges
collectively to select up to 200 option classes on which to list
options with $2.50 strike price intervals up to $50.\7\ Of the current
200 options classes eligible for the Program, 46 have been allocated to
Phlx.\8\ In addition, each options exchange is permitted to list
options with $2.50 strike price intervals on any option class that
another options exchange selects under its Program.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 35993 (July 19,
1995), 60 FR 38073 (July 25, 1995) (approving File Nos. SR-Phlx-95-
08, SR-Amex-95-12, SR-PSE-95-07, SR-CBOE-95-19, and SR-NYSE-95-12).
    \7\ See Securities Exchange Act Release No. 40662 (November 12,
1998), 63 FR 64297 (November 19, 1998) (approving File Nos. SR-Amex-
98-21, SR-CBOE-98-29, SR-PCX-98-31, and SR-Phlx-98-26).
    \8\ The Exchange notes that the allocation is not changed by
this proposal.
---------------------------------------------------------------------------

    The Exchange believes that the Program has created additional
trading opportunities for customers benefiting the marketplace. The
existence of $2.50 strike price intervals affords customers the ability
to more closely tailor investment strategies to the precise movement of
the underlying security. Accordingly, Phlx believes that the proposal
to expand the Program to allow the listing of options with $2.50 strike
price intervals for options with strike prices between $50 and $75
should further benefit customers and the market by providing greater
trading opportunities for those underlying stocks that have low
volatility and thus trade in a narrow range.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with section
6(b) of the Act,\9\ in general, and furthers the objective of section
6(b)(5) of the Act,\10\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of change, 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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 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
    Because the forgoing rule change does not: (1) Significantly affect
the protection of investors or the public interest; (2) impose any
significant burden on competition; and (3) become operative for 30 days
after the date of this filing, or such shorter time as the Commission
may designate, it has become effective pursuant to section 19(b)(3)(A)
of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\13\
However, Rule 19b-4(f)(6)(iii) \14\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest.\15\ The Exchange has requested that
the Commission waive the 30-day pre-operative delay, and the Commission
hereby grants that request.\16\ The Commission believes that waiving
the 30-day pre-operative delay is consistent with the protection of
investors and in the public interest. This action will allow the
Exchange to immediately expand its Program to list options with $2.50
strike price intervals for options with strike prices between $50 and
$75. The Commission notes that it recently approved similar expansions
to the $2.50 Strike Price Programs of the Chicago Board Options
Exchange (``CBOE'') and the American Stock Exchange (``Amex'').\17\
These proposals were subject to a full notice-and-

comment period, and no negative comments were submitted. The Commission
does not believe that Phlx's proposal raises any novel issues.
---------------------------------------------------------------------------

    \13\ 17 CFR 240.19b-4(f)(6)(iii).
    \14\ Id.
    \15\ In addition, Rule 19b-4(f)(6)(iii) requires that the
Exchange give the Commission written notice of its 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 Commission has decided to waive
the five-day pre-filing notice requirement.
    \16\ For the purposes only of waiving the 30-day pre-operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
    \17\ See Securities Exchange Act Release Nos. 52892 (December 5,
2005), 70 FR 73492 (December 12, 2005) (approving SR-CBOE-2005-39)
and 52893 (December 5, 2005), 70 FR 73488 (December 12, 2005)
(approving SR-Amex-2005-067).
---------------------------------------------------------------------------

    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 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_ADDRESS>Please include

File No. SR-Phlx-2005-77 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-9303.

All submissions should refer to File No. SR-Phlx-2005-77. 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 inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549. Copies of such filing will also be available for
inspection and copying at the principal office of Phlx. 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 No. SR-Phlx-005-77 and should be
submitted on or before January 12, 2006.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jonathan G. Katz,
Secretary.
 [FR Doc. E5-7691 Filed 12-21-05; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 79, Number 80 (Friday, April 25, 2014)]
[Notices]
[Pages 23057-23058]
[FR Doc No: 2014-09585]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

Notice of Availability of the Final Environmental Impact Report/
Environmental Impact Statement, Section 4(f) Evaluation and Draft
General Conformity Determination for the California High-Speed Train
System Fresno to Bakersfield Section

AGENCY: Federal Railroad Administration (FRA), Department of
Transportation (DOT).

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: FRA is providing this notice to advise the public that FRA is
issuing a Final Environmental Impact Statement (EIS) and Section 4(f)
Evaluation for the California High-Speed Train (HST) System Fresno to
Bakersfield Section (Project). FRA is also making a Draft General
Conformity Determination for the Project available for public review
and comment. FRA is the lead Federal agency and the California High
Speed Rail Authority (Authority) is the lead state agency for the
environmental review process. The agencies have prepared the Final EIS
consistent with federal law and also to serve as an Environmental
Impact Report (EIR) in compliance with the California Environmental
Quality Act (CEQA) and CEQA Guidelines. The U.S. Army Corps of
Engineers (USACE) and Surface Transportation Board (STB) served as
Cooperating Agencies for the preparation of this Final EIS.

DATES: The Final EIS and Section 4(f) Evaluation are being made
available to the public for a 30-day period according to 40 CFR 1506.10
prior to final FRA action. Written comments on the Draft Conformity
Determination and Section 4(f) Evaluation for the California HST
Project Fresno to Bakersfield Section may be sent during the 30-day
period, to Ms. Stephanie Perez-Arrieta at the contact address below.
The 30-day period commences on the date the U.S. Environmental
Protection Agency's notice of availability is published in the Federal
Register.

ADDRESSES: See SUPPLEMENTARY INFORMATION section for addresses where
copies of the Final EIS, Section 4(f) Evaluation, and Draft General
Conformity Determination are available online at the FRA's Web site:
http://www.fra.dot.gov/Page/P0468 and the Authority's web site: http://www.hsr.ca.gov/Programs/Environmental_Planning/index.html. Copies are
also available for viewing at the addresses available in the
SUPPLEMENTARY INFORMATION section.

FOR FURTHER INFORMATION CONTACT: Ms. Stephanie Perez-Arrieta,
Environmental Protection Specialist, Office of Railroad Policy and
Development, Federal Railroad Administration, U.S., Department of
Transportation, 1200 New Jersey Avenue SE., MS-20, Washington, DC 20590
(telephone:<PHONE_NUMBER>).

SUPPLEMENTARY INFORMATION: Once completed, the California HST system
will provide intercity, high-speed passenger rail service on more than
800 miles of tracks throughout California, connecting the major
population centers of Sacramento, the San Francisco Bay Area, the
Central Valley, Los Angeles, the Inland Empire, Orange County, and San
Diego. It will use state-of-the-art, electrically powered, high-speed,
steel-wheel-on-steel-rail technology, including contemporary safety,
signaling, and automated train-control systems, with trains capable of
operating up to 220 miles per hour (mph) over a fully graded-separated,
dedicated double track alignment. The HST System is comprised of
multiple sections, one of which is the Fresno to Bakersfield Section
analyzed in the Final EIS.
    The Final EIS describes the potential environmental impacts, both
adverse and beneficial, of the Fresno to Bakersfield Project Section,
identifies appropriate measures to mitigate adverse impacts, and
identifies the agencies'' preferred alternative. The approximately 114-
mile-long Fresno to Bakersfield Section is a critical Phase 1 link
connecting to the Merced to Fresno Section and Bay Area HST Sections to
the north and the Bakersfield to Palmdale and Palmdale to Los Angeles
HST Sections to the south. This project-level EIS tiers off of the
Statewide Program EIS published in 2005 and the Bay area to Central
Valley Program EIS published in 2008 and builds on the earlier
decisions and Program EISs.
    In August 2011, FRA issued a Draft EIS and circulated the document
for a 60-day public and agency review and comment period. In July 2012,
FRA issued a Supplemental Draft EIS for a 90-day public and agency
review and comment period. Both the Draft and Supplemental Draft EISs
analyzed a No Action Alternative and various Action Alternatives for
the construction and operation of the California HST Project Fresno to
Bakersfield Section, including alignment alternatives and station
locations. FRA and the Authority convened three public hearings for the
Draft EIS in Fresno, Hanford, and Bakersfield in September 2011, and
three additional public hearings for the Supplemental Draft EIS in
Fresno, Hanford, and Bakersfield in August 2012.
    Consistent with the provisions of Section 102(2)(c) of the National
Environmental Policy Act (NEPA) of 1969 (42 U.S.C. 4321 et seq.), the
Council on Environmental Quality (CEQ) regulations implementing NEPA
(40 CFR parts 1500 to 1508), FRA's Procedures for Considering
Environmental Impacts (Environmental Procedures) (64 FR 28545, May 26,
1999), the Final EIS evaluates the potential environmental effects
associated with Action Alternatives and the No Action Alternative,
identifies appropriate mitigation measures to minimize the potential
environmental impacts, and identifies a preferred alternative. The FRA,
Authority, and Cooperating Agencies considered the entire record and
the potential for environmental impact in identifying the Preferred
Alternative. Additionally, the Final EIS includes FRA's Section 4(f)
Evaluation, which provides the supporting analysis to comply with 49
U.S.C. 303 and FRA's Environmental Procedures.
    FRA is also issuing a Draft General Conformity Determination for
public and agency comment. The Draft General Conformity Determination
has been prepared pursuant to 40 CFR part 93, subpart B, which
establishes the process for complying with the general conformity
requirements of the Clean Air Act. Consistent with those regulations,
FRA is making the Draft Conformity Determination available for public
review and comment. Analysis of the Project's potential emissions found
that construction period emissions would exceed the General Conformity
de minimis threshold for Nitrogen Dioxide (NOX) and volatile
organic compounds (VOC), a precursor for ozone. However, operation of
the Project would result in an overall reduction of regional emissions
of all applicable air pollutants and would not cause a localized
exeedance of an air quality standard. Conformance of the Project will
be accomplished through a Voluntary Emissions Reduction Agreement which
will offset the NOX and VOC emissions consistent with
applicable regulatory requirements.
    Complete hard copies of the Final EIR/EIS, Section 4(f) Evaluation,
and the Draft General Conformity Determination are available for
viewing at the following locations:

 California High-Speed Rail Authority, 770 L Street, Suite 800,
Sacramento, CA

 Federal Railroad Administration, 1200 New Jersey Avenue SE.,
Washington, DC
 California High-Speed Rail Authority, 2550 Mariposa Mall,
Suite 3015, Fresno, CA
 Fresno Public Library, Central, 2420 Mariposa Avenue, Fresno,
CA
 Kings County Library, Corcoran, 1001-A Chittenden Avenue,
Corcoran, CA
 Kings County Library, Hanford, 401 N. Douty Street, Hanford,
CA
 Tulare Public Library, 475 North M Street Tulare, CA
 Allensworth Community Center, 8123 Avenue 36, Allensworth, CA
 Kern County Library, Beale Memorial, 701 Truxtun Avenue,
Bakersfield, CA
 Kern County Library, Shafter, 236 James Street, Shafter, CA
 Kern County Library, Wasco, 1102 7th Street, Wasco, CA

    Summary chapters and complete electronic copies are available for
viewing at the following locations:

 Allensworth
     Allensworth Community Services District, 3336 Road 84
 Armona
     Kings County Library, 11115 C Street
 Bakersfield
     City of Bakersfield Planning Department, 1715 Chester
Avenue
    --Kern County Library, Baker Branch, 1400 Baker Street
    --Kern County Library, Northeast Branch, 3725 Columbus Street
    --Dr. Martin Luther King Jr. Community Center, 1000 South Owens
Street
    --Greenacres Community Center, 2014 Calloway Drive
    --Community Action Partnership of Kern, 300 19th Street
    --Richard Prado East Bakersfield Senior Center, 2101 Ridge Road
 Clovis
    --Fresno County Public Library, Clovis Regional Library, 1155 Fifth
Street
 Corcoran
    --City of Corcoran Planning Department, 832 Whitley Avenue
 Delano
    --Kern County Library, Delano Branch, 925 10th Avenue
 Fresno
    --City of Fresno Planning Department, 2220 Tulare Street 6
    --Fresno County Public Library, Cedar-Clinton, 4150 E. Clinton
Street
    --Fresno County Public Library, Fig Garden, 3071 W. Bullard Avenue
    --Fresno County Public Library, Mosqueda Center, 4670 E. Butler
Avenue
    --Fresno County Public Library, Sunnyside, 5566 E. Kings Canyon
Road
    --Fresno County Public Library, West Fresno, 188 E. California
Avenue
    --Fresno County Public Library, Woodward Park, 944 E. Perrin Avenue
    --Fresno County Public Library, Senior Resource Center, 2025 E.
Dakota Avenue
    --Fresno County--Clerk to the Board, 2281 Tulare Street
301
    --Einstein Neighborhood Center, 3566 E. Dakota Avenue
    --Fresno Interdenominational Refugee Ministries (F.I.R.M.), 1940 N.
Fresno Street
    --Mary Ella Brown Community Center, 1350 E. Annadale Avenue
    --Lafayette Neighborhood Center, 1516 E. Princeton Avenue
    --Mosqueda Community Center, 3670 E. Butler Avenue
    --Ted C. Wills Community Center, 770 N. San Pablo Avenue
    --Dickey Development Center, 1515 E. Divisadero Street
    --Frank H. Ball Community Center, 760 Mayor Avenue
 Hanford
    --City of Hanford Planning Department, 317 N. Douty Street
    --Hanford Adult School, 905 Campus Drive
    --Kings Community Action Organization, 1130 N. 11th Avenue
    --Housing Authority of Kings County, 670 S. Irwin Street
 Laton
    --Fresno County Public Library, Laton Branch, 6313 DeWoody Street
    --Laton Community Services District, 6501 E. Latonia Avenue
 Lemoore
    --Kings County Library, Lemoore Branch, 457 C Street
 Pinedale
    --Fresno County Public Library, Pinedale, 7170 N. San Pablo Street
    --Pinedale Community Center, 7170 N. San Pablo Street
 Sacramento
    --Sacramento Public Library, 8281 I Street
 Shafter
    --City of Shafter Planning Department, 336 Pacific Avenue
 Tulare
    --City of Tulare Planning Department, 411 E. Kern Avenue
 Visalia
    --City of Visalia Planning Department, 707 W. Acequia Avenue
    --Tulare County Library, Visalia Branch, 200 West Oak Avenue
 Wasco
    --City of Wasco Planning Department, 746 8th Street
    --Wasco Housing Authority, 750 H Street

    A full list of other federal agencies, state agencies, and selected
interested parties that have received summary chapters with complete
electronic copies of the Final EIR/EIS is included in Chapter 9 of the
Final EIR/EIS, which can be accessed electronically on FRA's Web site
and Authority's Web site provided above.

    Issued in Washington, DC, on April 23, 2014.
Corey Hill,
Director, Office of Passenger and Freight Programs.
[FR Doc. 2014-09585 Filed 4-24-14; 8:45 am]
BILLING CODE 4910-06-P


[Federal Register Volume 76, Number 138 (Tuesday, July 19, 2011)]
[Rules and Regulations]
[Page 42471]
[FR Doc No: 2011-17978]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2011-0116; Airspace Docket No. 11-ANE-1]

Establishment of Class E Airspace; Brunswick, ME

AGENCY: Federal Aviation Administration (FAA) DOT.

ACTION: Final rule; correction.

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SUMMARY: This action corrects the effective date of a final rule
correction, that was published in the Federal Register on July 6, 2011.
The effective date in that Final Rule; Correction. inadvertently listed
the wrong effective date in the Correction to Final Rule section.

DATES: Effective Date: 0901 UTC, July 28, 2011.

FOR FURTHER INFORMATION CONTACT: John Fornito; telephone (404) 305-
6364.

Correction to Final Rule; Correction

    In final rule FR Doc 2011-16783, on page 39259 in the Federal
Register of July 6, 2011 (76 FR 39259), make the following correction:
    On page 39259, in the second column, in the Correction to Final
Rule section, in the second paragraph, remove the dates August 28,
2011, and July 25, 2011, and replace them with the dates August 25,
2011, and July 28, 2011.

    Issued in Washington, DC on July 8, 2011.
Rebecca B. MacPherson,
Assistant Chief Counsel for Regulations.
[FR Doc. 2011-17978 Filed 7-18-11; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register: December 1, 2008 (Volume 73, Number 231)]
[Notices]
[Page 72887-72889]
[DOCID:fr01de08-137]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58997; File No. SR-ISE-2008-88]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To List Options on the Mini-Nasdaq-100 Index at $1 Strike Price
Intervals

November 21, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on November 18, 2008, the International Securities Exchange, LLC
(``Exchange'' or ``ISE'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I and II 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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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The ISE proposes to amend certain of its rules to allow the
Exchange to list options on the Mini-Nasdaq-100 Index (``MNX''), which
is based on 1/10th the value of the Nasdaq-100 Index, at $1 strike
price intervals. The text of the proposed rule change is as follows,
with additions italicized:
Rule 504. Series of Options Contracts Open for Trading
    (a)--(g) no change.
Supplementary Material To Rule 504
    .01--.03 no change.
    .04 Notwithstanding Supplementary Material .01 above, the intervals
between strike prices for Mini-Nasdaq-100 Index (``MNX'' or ``Mini-
NDX'') options series shall be determined in accordance with Rule
2009(c)(5).
* * * * *
Rule 2009. Terms of Index Options Contracts
    (a)--(b) no change.
    (c) Procedures for Adding and Deleting Strike Prices. The
procedures for adding and deleting strike prices for index options are
provided in Rule 504, as amended by the following:
    (1)--(4) no change.
    (5) Notwithstanding Rule 2009(c)(1), the interval between strike
prices of series of Mini-Nasdaq-100 Index (``MNX'' or ``Mini-NDX'')
options will be $1 or greater, subject to following conditions:
    (i) Initial Series. The Exchange may list series at $1 or greater
strike price intervals for Mini-NDX options, and will list at least two
strike prices above and two strike prices below the current value of
MNX at about the time a series is opened for trading on the Exchange.
The Exchange shall list strike prices for Mini-NDX options that are
within 5 points from the closing value of MNX on the preceding day.
    (ii) Additional Series. Additional series of the same class of
Mini-NDX options may be opened for trading on the Exchange when the
Exchange deems it necessary to maintain an orderly market, to meet
customer demand or when the underlying MNX moves substantially from the
initial exercise price or prices. To the extent that any additional
strike prices are listed by the Exchange, such additional strike prices
shall be within thirty percent (30%) above or below the closing value
of MNX. The Exchange may also open additional strike prices that are
more than 30% above or below the current MNX value provided that
demonstrated customer interest exists for such series, as expressed by
institutional, corporate or individual customers or their brokers.
Market-Makers trading for their own account shall not be considered
when determining customer interest under this provision. In addition to
the initial listed series, the Exchange may list up to sixty (60)
additional series per expiration month for each series in Mini-NDX
options.
    (iii) The Exchange shall not list LEAPS on Mini-NDX options at
intervals less than $5.
    (iv)(A) Delisting Policy. With respect to Mini-NDX options added
pursuant to the above paragraphs, the Exchange will, on a monthly
basis, review series that are outside a range of five (5) strikes above
and five (5) strikes below the current value of MNX, and delist series
with no open interest in both the

put and the call series having a: (i) Strike higher than the highest
strike price with open interest in the put and/or call series for a
given expiration month; and (ii) strike lower than the lowest strike
price with open interest in the put and/or call series for a given
expiration month.
    (B) Notwithstanding the above referenced delisting policy, Customer
requests to add strikes and/or maintain strikes in Mini-NDX option
series eligible for delisting shall be granted.
    (C) In connection with the above referenced delisting policy, if
the Exchange identifies series for delisting, the Exchange shall notify
other options exchanges with similar delisting policies regarding
eligible series for delisting, and shall work with such other exchanges
to develop a uniform list of series to be delisted, so as to ensure
uniform series delisting of multiply listed Mini-NDX options.
    (d)--(e) 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 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 self-regulatory organization
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 amend ISE Rule 2009,
Terms of Index Option Contracts, to allow the Exchange to list options
on the Mini-Nasdaq-100 Index (``MNX'' or ``Mini-NDX''), which is based
on 1/10th the value of the Nasdaq-100 Index, at $1 or greater strike
price intervals.\3\ Specifically, the Exchange proposes that the
minimum strike price interval Mini-NDX options will be 0.01 point
($1.00). The Exchange believes that $1 strike price intervals in Mini-
NDX option series will provide investors with greater flexibility by
allowing them to establish positions that are better tailored to meet
their investment objectives.
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    \3\ Currently, under ISE Rule 2009(c)(1)(vii), the Exchange has
authority to list Mini-NDX options at $2.50 strike price intervals.
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    For initial series, the Exchange would list at least two strike
prices above and two strike prices below the current value of MNX at or
about the time a series is opened for trading on the Exchange. As part
of this initial listing, the Exchange would list strike prices that are
within 5 points from the closing value of MNX on the preceding day. As
for additional series, the Exchange would be permitted to add
additional series when the Exchange deems it necessary to maintain an
orderly market, to meet customer demand or when the underlying MNX
moves substantially from the initial exercise price or prices. To the
extent that any additional strike prices are listed by the Exchange,
such additional strike prices shall be within thirty percent (30%)
above or below the closing value of MNX. The Exchange would also be
permitted to open additional strike prices that are more than 30% above
or below the current MNX value provided that demonstrated customer
interest exists for such series, as expressed by institutional,
corporate or individual customers or their brokers. Market-Makers
trading for their own account would not be considered when determining
customer interest. In addition to the initial listed series, the
Exchange may list up to sixty (60) additional series per expiration
month for each series in Mini-NDX options. In addition, the Exchange
proposes that it shall not list LEAPS on Mini-NDX options at intervals
less than $5.
    The Exchange is also proposing to set forth a delisting policy with
respect to Mini-NDX options. Specifically, the Exchange would, on a
monthly basis, review series that are outside a range of five (5)
strikes above and five (5) strikes below the current value of the MNX
and delist series with no open interest in both the put and the call
series having a: (i) Strike higher than the highest strike price with
open interest in the put and/or call series for a given expiration
month; and (ii) strike lower than the lowest strike price with open
interest in the put and/or call series for a given expiration month.
    Notwithstanding the proposed delisting policy, customer requests to
add strikes and/or maintain strikes in Mini-NDX options in series
eligible for delisting shall be granted.
    Further, in connection with the proposed delisting policy, if the
Exchange identifies series for delisting, the Exchange shall notify
other options exchanges with similar delisting policies regarding
eligible series for listing, and shall work with such other exchanges
to develop a uniform list of series to be delisted, so as to ensure
uniform series delisting of multiply listed Mini-NDX options.
    It is expected that the proposed delisting policy for Mini-NDX
options will be adopted by other options exchanges that list and trade
Mini-NDX options.
    The Exchange also proposes to add new Supplementary Material .04 to
Rule 504, Series of Option Contracts Open for Trading, which would be
an internal cross reference stating that the intervals between strike
prices for Mini-NDX option series would be determined in accordance
with proposed new paragraph (5) to Rule 2009(c).
    ISE has analyzed its capacity and represents that it believes the
Exchange and the Options Price Reporting Authority have the necessary
systems capacity to handle the additional traffic associated with the
listing and trading of $1 strikes or greater for Mini-NDX options.
2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (``Exchange
Act'') for this proposed rule change is the requirement under Section
6(b)(5) of the Exchange Act \4\ that an exchange have rules that are
designed to promote just and equitable principles of trade, and to
remove impediments to and perfect the mechanism for a free and open
market and a national market system, and in general, to protect
investors and the public interest. In particular, the proposed rule
change will allow the Exchange to list options on MNX options at $1
strike intervals for the benefit of investors and as a competitive
response to the listing of MNX options at $1 strike price intervals by
other exchanges.
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    \4\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition
that is 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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Because the foregoing rule does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; or (iii) become operative for 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 \5\ and Rule 19b-4(f)(6)
thereunder.\6\
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    \5\ 15 U.S.C. 78s(b)(3)(A).
    \6\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to provide the Commission
with written notice of its 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 Commission deems this requirement to be met.
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    The Exchange has asked the Commission to waive the operative delay
to permit the proposed rule change to become operative prior to the
30th day after filing. The Commission has determined that waiving the
30-day operative delay of the Exchange's proposal is consistent with
the protection of investors and the public interest because such waiver
will permit the Exchange to respond promptly to demand by market
participants to list options on MNX at $1 strike price intervals, and
compete with other exchanges listing options on MNX at $1 strike price
intervals.\7\ Therefore, the Commission designates the proposal
operative upon filing.
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    \7\ For purposes only of waiving the 30-day operative delay, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
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    At any time within 60 days of the filing of such 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_ADDRESS>Please include
File No. SR-ISE-2008-88 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
    All submissions should refer to File Number SR-ISE-2008-88. 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 inspection
and copying 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 available publicly. All
submissions should refer to File No. SR-ISE-2008-88 and should be
submitted on or before December 22, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-28422 Filed 11-28-08; 8:45 am]

BILLING CODE 8011-01-P