[Federal Register: August 11, 2009 (Volume 74, Number 153)]
[Notices]
[Page 40273-40278]
[DOCID:fr11au09-140]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60428; File No. SR-NYSEAmex-2009-46]

Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by NYSE Amex LLC Amending NYSE Amex Equities Rule 1000 To Allow
Exchange Systems to Access CCS Interest to Partially Fill an Incoming
Limit Order

August 4, 2009.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on July 20, 2009, NYSE Amex LLC (the ``Exchange'' or ``NYSE
Amex'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. 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\ 15 U.S.C. 78a.
    \3\ 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 Exchange proposes to amend NYSE Amex Equities Rule 1000 to
allow Exchange systems to access CCS interest to partially fill an
incoming limit order. The text of the proposed rule change is available
at the Exchange, the Commission's Public Reference Room, and http://
www.nyse.com.

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 those 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 parts of such
statements.

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

1. Purpose
    NYSE Amex LLC (``NYSE Amex'' or the ``Exchange''), formerly the
American Stock Exchange LLC, proposes to amend NYSE Amex Equities Rule
1000 to allow Exchange systems to access CCS interest to partially fill
an incoming limit order.
    The Exchange notes that parallel changes are proposed to be made to
the rules of New York Stock Exchange LLC.\4\
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    \4\ See SR-NYSE-2009-71.
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Background
    NYSE Amex adopted sweeping changes to its market rules and
execution technology designed to improve execution quality on the
Exchange as a result of its merger with the New York Stock Exchange
LLC.\5\ Among the elements of the adopted enhanced Exchange market
model, NYSE Amex eliminated the function of specialists on the Exchange
creating a

new category of market participant, the Designated Market Maker or DMM.
The DMM, like specialists, have affirmative obligations to make an
orderly market, including continuous quoting requirements and
obligations to re-enter the market when reaching across to execute
against trading interest. In view of the Exchange's electronic
execution functionality, the DMM, unlike the specialist, would no
longer be deemed the agent for every incoming order. The Exchange also
responded to customer demand to create additional undisplayed reserve
interest.
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    \5\ NYSE Euronext acquired The Amex Membership Corporation
(``AMC'') pursuant to an Agreement and Plan of Merger, dated January
17, 2008 (the ``Merger''). In connection with the Merger, the
Exchange's predecessor, the American Stock Exchange LLC (``Amex''),
a subsidiary of AMC, became a subsidiary of NYSE Euronext called
NYSE Alternext US LLC. Securities Exchange Act Release No. 58673
(September 29, 2008), 73 FR 57707 (October 3, 2008) (SR-NYSE-2008-60
and SR-Amex-2008-62) (approving the Merger). Subsequently NYSE
Alternext US LLC was renamed NYSE Amex LLC and continues to operate
as a national securities exchange registered under Section 6 of the
Securities Exchange Act of 1934, as amended (the ``Act''). NYSE
Alternext US LLC was subsequently renamed NYSE Amex LLC. See
Securities Exchange Act Release No. 59575 (March 13, 2009), 74 FR
11803 (March 19, 2009) (SR-NYSEALTR-2009-24).
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    In another enhancement to the Exchange's market model, designed to
encourage DMMs to add liquidity, the Exchange implemented a system
change that allowed DMMs to create a schedule of additional non-
displayed liquidity at various price points where the DMM is willing to
interact with interest and provide price improvement to orders in the
Exchange's system. This schedule is known as the DMM Capital Commitment
Schedule (``CCS'').\6\ CCS provides the Display Book[supreg] \7\ with
the amount of shares that the DMM is willing to trade at price points
outside, at and inside the Exchange BBO. CCS interest is separate and
distinct from other DMM interest in that it serves as the interest of
last resort.
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    \6\ The provisions of NYSE [sic] Rule 1000 relating to CCS are
in effect pursuant to a pilot that commenced on October 2008 and is
scheduled to end on October 1, 2009.
    \7\ The Display Book\[reg]\ system is an order management and
execution facility. The Display Book system receives and displays
orders to the DMMs, contains the order information, and provides a
mechanism to execute and report transactions and publish the results
to the Consolidated Tape. The Display Book system is connected to a
number of other Exchange systems for the purposes of comparison,
surveillance, and reporting information to customers and other
market data and national market systems.
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    When an order is entered for an amount of shares that exceeds the
liquidity available at the Exchange BBO, Exchange systems review all
the liquidity available on the Display Book including CCS interest to
determine the final price point at which the order can be fully
executed (the ``completion price''). Exchange systems determine the
completion price by calculating the unfilled volume of the incoming
order (i.e., the volume of the incoming order that exceeds the volume
available to execute against it that is then present in the Exchange
bid or offer) and reviewing the additional displayed and non-displayed
interest available in the Display Book, which may be at more than one
price point, including the CCS interest submitted by the DMM unit that
is available at the completion price if the CCS interest were to
participate at the completion price. Exchange systems also review any
protected bids or offers on markets other than the Exchange (``away
interest'') and determines the price at which the remaining volume of
the contra side order can be executed in full.
    Exchange systems then review the amount of liquidity offered by CCS
to determine if the number of shares provided via the DMM's CCS at the
completion price is less than the number of CCS shares provided at the
next different price that has interest that is one minimum price
variation (``MPV'') (as that term is defined in Exchange Rule 62 \8\)
or more higher (in the case of an order to sell) or at the next
different price that has interest that is one MPV or more lower (in the
case of an order to buy) (hereinafter collectively referred to as
``better price'').
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    \8\ See NYSE [sic] Rule 62, Supplementary Material .10, which
provides that the minimum price variation (MPV) for quoting and
entry of orders in equity securities admitted to dealings on the
Exchange shall be as follows (see table above):

------------------------------------------------------------------------
                                                               Minimum
                 Price of order or interest                     price
                                                              variation
------------------------------------------------------------------------
Less Than $1.00............................................       $.0001
$1.00 to 99,999.99.........................................        .01
$100,000 or greater........................................        .10
------------------------------------------------------------------------

    If the volume of CCS interest that would be accessed is the same at
the completion price and the better price, Exchange systems access CCS
interest at the completion price with CCS interest yielding to any
other interest in Exchange systems at the completion price.
    If the number of shares that would be allocated to the CCS interest
at the better price is more than the number of shares that would be
allocated to the DMM's CCS interest at the completion price, then
Exchange systems will access the CCS liquidity available at the better
price with CCS interest yielding to any other interest in Exchange
systems (both displayed and undisplayed reserve interest) at the better
price. Any remaining balance of the incoming order is executed at the
completion price against displayable and non-displayable interest
pursuant to NYSE Amex Equities Rule 72 (``Priority of Bids and Offers
and Allocation of Executions'').\9\
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    \9\ Pursuant to NYSE Amex Equities Rule 72 round-lot executions
on the Exchange are allocated on an equal basis, i.e. parity, among
market participants at a price point unless one of the participants
has established priority. Priority is established when the
participant is the only interest displayed at the price point when
such price is or becomes the best bid or offer published by the
Exchange. A participant that establishes priority for the displayed
portion of his or her order is allocated the first 15% of any
execution (a minimum of one round lot). Any DMM non-CCS interest
included in the displayed quantity and non-displayed quantity is
also executed pursuant to NYSE [sic] Rule 72.
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    Exchange systems can access CCS interest only once to participate
in the execution of an incoming order. As such, CCS interest that may
exist at the completion price is inaccessible to Exchange systems to
trade with any remaining balance of the incoming order if Exchange
systems included the DMM's CCS interest in the execution of any portion
of such order at the better price. Moreover, Exchange systems will only
access CCS interest to participate in the execution of an incoming
order where the incoming order will be executed in full.
Proposed Amendment to NYSE Amex Equities Rule 1000
    The Exchange proposes to allow Exchange systems to access CCS
interest to participate in executions where the incoming order will
only be partially executed. The purpose of this change is to provide
additional liquidity to the incoming order.
    As illustrated in the example below, because Exchange systems are
permitted to access CCS interest only where an incoming order would be
executed in full, there are times when the incoming order exhausts the
displayed and reserve interest on the Display Book at various price
points and the remaining shares of the order are quoted. In these
instances Exchange systems cannot access the CCS interest available at
the price point where the remaining shares of the order will be quoted
to partially fill the incoming limit order.
Example of Current CCS Operation
    The Exchange Market is 200 shares bid at the price of $20.05 and
200 shares offered at a price of $20.10. At the price points of $20.04,
$20.03, $20.02, $20.01 and $20.00 there are 100 shares bid. The CCS
interest file is willing to provide 200 shares of additional bid
liquidity at each of those price points as well. A customer sends the
Exchange a sell order for 1200 shares with a limit price of $20.00.
Given the current operation of CCS, the order will execute against the
200 shares at the Exchange bid price of $20.05 and all the shares
indicated in italic typeface at each price point down to the orders
limit price of $20.00 will be executed against the order for a total
execution of 700 shares. The remaining 500 shares of the order will be
filed in Display Book at its limit price of $20.00.

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   CCS interest        Shares bid         Bid price         Offer price       Shares offered      CCS interest
----------------------------------------------------------------------------------------------------------------
                   .................  .................          $20.10                200                200
           200                200             $20.05     .................  .................  .................
           200                100             $20.04     .................  .................  .................
           200                100             $20.03     .................  .................  .................
           200                100             $20.02     .................  .................  .................
           200                100             $20.01     .................  .................  .................
           200                100             $20.00     .................  .................  .................
----------------------------------------------------------------------------------------------------------------

    The Exchange proposes to modify the operation of CCS interest to
allow Exchange systems to access and execute CCS interest designated to
partially fill an incoming limit order. This will create an additional
processing action for Exchange systems. Exchange systems will continue
to review all the liquidity available on the Display Book and any away
market centers; however, once it determines that the order cannot be
executed in full, it will also review the DMM CCS interest file to
determine if any of the liquidity is eligible to partially fill the
incoming limit order at the price where any remaining shares of the
order would be quoted.
    In order for the DMM CCS interest to participate in a partial
execution of an incoming limit order that exceeds the liquidity
available at the Exchange BBO the DMM must designate interest available
in the CCS interest file eligible for partial execution by including a
``PF'' indicator on the shares provided at the price point. All
liquidity provided in the CCS interest file will continue to be
eligible to participate in executions of incoming limit orders in full.
Only DMM CCS interest containing the PF indicator will be available to
participate in an execution to provide a partial execution of an
incoming limit order that exceeds the liquidity available at the
Exchange BBO. In this way incoming limit orders will have another
opportunity to receive fuller executions prior to quoting.
Example of Proposed CCS Partial Fill at the Price the Remaining Shares
Will be Quoted
    The Exchange Market is 200 shares bid at the price of $20.05 and
200 shares offered at a price of $20.10. At the price points of $20.04,
$20.03, $20.02, $20.01 and $20.00 there are 100 shares bid. The CCS
interest file is willing to provide 200 shares of additional bid
liquidity at each of those price points as well. The CCS interest at
$20.00 is designated for partial fill. A customer sends the Exchange a
sell order for 1200 shares with a limit price of $20.00. Enabling
Exchange systems to access CCS interest to partially fill the order,
the incoming limit order will execute against the 200 shares at the
Exchange bid price of $20.05. The order would then execute against all
the shares bid, indicated in italic typeface at each price point down
to the orders limit price of $20.00, Exchange systems would execute an
additional 200 shares of the order against the CCS interest at $20.00
designated for partial fill. The incoming limit order receives a total
execution of 900 shares and the remaining 300 shares of the order will
be filed in Display Book at its limit price of $20.00.

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   CCS interest        Shares bid         Bid price         Offer price      Shares  offered      CCS interest
----------------------------------------------------------------------------------------------------------------
                   .................  .................          $20.10                200                200
           200                200             $20.05     .................  .................  .................
           200                100             $20.04     .................  .................  .................
           200                100             $20.03     .................  .................  .................
           200                100             $20.02     .................  .................  .................
           200                100             $20.01     .................  .................  .................
        200 PF                100             $20.00     .................  .................  .................
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    When Exchange systems access the CCS interest in order to provide a
partial execution of an incoming order, CCS interest will participate
at the price point where the remaining shares will be quoted as
illustrated in the example above. If, however, the incoming order
reaches a Liquidity Replenishment Point (``LRP'') \10\ prior to being
executed in full, then Exchange systems will execute the CCS interest
at the LRP price, as illustrated in the example below, and the
remaining shares of the order will be quoted thereafter at its limit
price. In the case of a market order it will be quoted at the LRP
price.
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    \10\ LRPs are pre-determined price points that temporarily
convert the automatic Exchange market to an auction market in order
to dampen volatility when the market is experiencing a large price
movement based on a security's typical trading characteristics or
market conditions over short periods of time during the trading day.
LRPs allow the DMM to solicit additional liquidity.
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Example of Proposed CCS Partial Fill at the LRP Price
CCS Partial Fill at the LRP 1
    The Exchange Market is 200 shares bid at the price of $20.10 and
200 shares offered at a price of $20.15. The price point of $20.05 is a
designated LRP. At the price points of $20.09 down to $20.05 there are
100 shares bid. The CCS interest file is willing to provide 200 shares
of additional bid liquidity at the price points of $20.09 down to
$20.05.\11\ In addition, the CCS interest file indicates that the
interest at the prices $20.08, $20.07 and $20.05 is available to
provide a partial fill. A customer sends the Exchange a sell order for
1200 shares with a limit price of $20.00. Enabling Exchange systems to
access CCS interest to partially fill the order, the incoming limit
order would execute against the 200 shares at the Exchange bid price of
$20.10. The order would then execute against all the shares bid
(indicated in italic typeface) at each price point down to the LRP
price of $20.05. Exchange systems

would execute an additional 200 shares of the order against the CCS
interest at the LRP price of $20.05 for a total 900 shares of the
incoming limit order executed. The original order will execute a total
of 900 shares above its limit price before the remaining 300 shares of
the order is posted on the Display Book at its limit price of $20.00.
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    \11\ A DMM cannot provide CCS interest past the LRPs because
that interest will not be executed. Pursuant to current NYSE [sic]
Rules, once an LRP is reached interest may not trade through the
price point.

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   CCS interest        Shares bid         Bid price         Offer price      Shares  offered      CCS interest
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                   .................  .................          $20.15                200                200
           200                200             $20.10     .................  .................  .................
           200                100             $20.09     .................  .................  .................
       200\PF\                100             $20.08     .................  .................  .................
       200\PF\                100             $20.07     .................  .................  .................
           200                100             $20.06     .................  .................  .................
        200 PF                100         $20.05 LRP     .................  .................  .................
             0                  0             $20.04     .................  .................  .................
             0                  0             $20.03     .................  .................  .................
             0                  0             $20.02     .................  .................  .................
             0                  0             $20.01     .................  .................  .................
             0                  0             $20.00     .................  .................  .................
----------------------------------------------------------------------------------------------------------------

CCS Partial Fill at the LRP  2
    The Exchange Market is 200 shares bid at the price of $20.10 and
200 shares offered at a price of $20.15. The price point of $20.05 is a
designated LRP. At the price points of $20.09 and $20.08 there are 100
shares bid. The CCS interest file is willing to provide 200 shares of
additional bid liquidity at the price points of $20.09 down to $20.05.
In addition, the CCS interest file indicates that the interest at the
prices $20.08, $20.07 and $20.05 is available to provide a partial
fill. A customer sends the Exchange a sell order for 700 \12\ shares
with a limit price of $20.00. Enabling Exchange systems to access CCS
interest to partially fill the order, the incoming limit order would
execute against the 200 shares at the Exchange bid price of $20.10. The
order would then execute 100 shares against the shares bid at $20.09
and $20.08. Exchange systems would execute an additional 200 shares of
the order against the CCS interest at the LRP price of $20.05 for a
total 600 shares of the incoming limit order executed. The remaining
100 shares of the order will be posted on the Display Book at its limit
price of $20.00.
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    \12\ If the order were for 600 shares Exchange systems would
have executed 200 shares at the bid price of $20.10, 100 shares at
the price of $20.09. The Exchange will execute the remaining 300
shares at the price of $20.08 against the 100 shares of ``Shares
Bid'' and CCS interest at the price point. However, because the 700
share order could not be completely filled at the price of $20.08
including CCS interest, it is executed based on the rules governing
partial executions and will thus be executed as illustrated in the
example.

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   CCS interest        Shares bid         Bid price         Offer price       Shares offered      CCS interest
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                   .................  .................          $20.15                200                200
           200                200             $20.10     .................  .................  .................
           200                100             $20.09     .................  .................  .................
      200 \PF\                100             $20.08     .................  .................  .................
      200 \PF\                  0             $20.07     .................  .................  .................
           200                  0             $20.06     .................  .................  .................
        200 PF                  0         $20.05 LRP     .................  .................  .................
             0                  0             $20.04     .................  .................  .................
             0                  0             $20.03     .................  .................  .................
             0                  0             $20.02     .................  .................  .................
             0                  0             $20.01     .................  .................  .................
             0                  0             $20.00     .................  .................  .................
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    When accessing CCS interest to partially execute an order, Exchange
systems will not review the liquidity available at one minimum price
variation better than the execution price to determine if the number of
shares that CCS interest is willing to provide at the better price is
greater than the number of shares at the price point where the order
would execute and then post. The order will be executed against the CCS
interest where the remaining shares of the order will ultimately be
quoted or in the event an LRP is reached, at the LRP price.\13\
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    \13\ If the DMM did not designate the CCS interest eligible for
partial fill, then the CCS interest would not participate in the
execution and the remaining shares of the order would be quoted.
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    Whether the order is executed at the price where the remaining
shares will be quoted or at the LRP price, Exchange systems will not
access CCS interest designated PF until all other interest on the
Display Book up to the price point is executed in full. CCS interest
therefore, remains the interest of last resort because Exchange systems
will access CCS interest to provide a partial execution to an incoming
limit order only after all it has satisfied protected interest on away
market centers and all other interest on the Display Book eligible to
be executed against the order is executed in full. In all instances
where Exchange systems access CCS to provide a partial execution of an
order, the customer order is afforded the ability for price improvement
within the parameters of the rule.
    The Exchange therefore proposes to amend NYSE Amex Equities Rule
1000, to allow Exchange systems to access available CCS interest in
order to provide an incoming order with a fuller execution. The
Exchange proposes to amend NYSE Amex Equities Rule 1000(e)(iii)(A)(4)
to include this provision and renumber former subparagraph
(e)(iii)(A)(4) to (e)(iii)(A)(5).

    The Exchange believes that the instant proposal to maximize an
order's partial execution by allowing Exchange systems to access CCS
interest removes the current impediment from a limit order accessing
all the liquidity available on the Display Book. The proposed
modification increases the opportunities for executing a greater number
of shares of the incoming order and exposes it to additional
opportunity for price improvement. The Exchange believes that the
proposal therefore contributes to perfect the mechanism of a free and
open market and ultimately protects investors and the public interest.
Administrative Amendments to NYSE Amex Equities Rule 1000
    The Exchange further proposes to include references to its Do Not
Ship Order \14\ in NYSE Amex Equities Rule 1000 subparagraphs (e)(ii),
(e)(ii)(C) and (e)(iii)(A)(5) to illustrate the additional order type
that requires the same execution handling as Reg. NMS-compliant IOC.
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    \14\ See NYSE Amex Equities Rule 13.
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    Finally, the Exchange proposes to delete the redundant text of NYSE
Amex Equities Rule 1000 subparagraph (e)(ii)(D) because it restates the
information contained in subparagraph (e)(ii) above it.
2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Act'')
\15\ for these proposed rule changes is the requirement under Section
6(b)(5) \16\ that an Exchange have rules that are designed to promote
just and equitable principles of trade, 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.
The proposed rule change supports these principles in that it seeks to
protect the investor and the public interest by allowing an incoming
limit order to execute against all the liquidity available on the
Exchange.
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    \15\ 15 U.S.C. 78a.
    \16\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition 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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    Within 35 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 self-regulatory organization consents, the Commission will:
    (A) By order approve the 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 is consistent with the Act. In addition, the Commission seeks
comment on whether the proposed handling of incoming orders receiving
partial fills that include CCS interest is consistent with the Act and,
in particular, whether the proposed rule changes are designed to
promote just and equitable principles of trade and, in general, to
protect investors and the public interest.
    Specifically, in certain situations, the Exchange's proposal would
allow the DMM's CCS interest to participate in partial fills at the
best possible price (from the DMM's perspective), even when this price
is inferior to all the non-CCS interest participating in the same
execution. Currently, NYSE Amex's rules allow for CCS participation
only when the incoming order will be completely filled, and the DMM's
CCS interest may not participate in an execution at a price inferior to
the completion price.
    The Commission notes the fact pattern presented above under the
heading ``CCS Partial Fill at the LRP 2'' where, under NYSE
Amex's current rules, an incoming order of 600 shares would be
completed at $20.08 (200, 100, and 100 shares of non-CCS interest at
$20.10, $20.09, and $20.08 respectively, and 200 shares of CCS interest
also at $20.08).\17\ In contrast, under the proposal, an incoming order
of 700 shares that outsizes the available non-CCS interest would be
partially completed by CCS interest at the LRP price, and thus would
receive an execution of 200 shares against CCS interest at $20.05,
rather than $20.08, before the system quotes the residual 100 shares at
$20.05, the LRP.\18\
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    \17\ See supra note 12.
    \18\ See supra text accompanying note 12.
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    Absent the proposed rule change, a 700-share incoming order would
result in a partial fill without any CCS participation, with 300 shares
unexecuted and quoting at the LRP. Thus, the Commission notes that the
proposal may benefit the incoming order by immediately and
automatically executing additional shares at the order's limit price or
at the LRP price, as applicable. However, the Commission is interested
in commenters' views on the proposed expansion of DMMs' CCS
capabilities for partial fills and, in particular, on the proposed
execution of CCS interest at the limit price of the order or the LRP
price, as the case may be, even when no other interest resides at that
price. To illustrate, in the ``CCS Partial Fill at the LRP 2''
example above, the proposal would result in a CCS interest execution at
$20.05 (i.e., the LRP price). Is another price more appropriate? For
example, should such CCS interest be executed at $20.08 (the last price
at which there is non-CCS interest)? Another price? Why or why not?
    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 Number SR-NYSEAmex-2009-46 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-NYSEAmex-2009-46. 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 am and 3 pm. Copies of the filing
also will be available for inspection and copying at the principal
office of the Exchange. All comments received will be posted without
change; the Commission does not edit personal identifying information
from submissions. You should submit only information that you wish to
make available publicly. All submissions should refer to File Number
SR-NYSEAmex-2009-46 and should be submitted on or before September 1,
2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-19140 Filed 8-10-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 76, Number 44 (Monday, March 7, 2011)]
[Proposed Rules]
[Pages 12300-12302]
[FR Doc No: 2011-5187]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 139

[Docket No. FAA-2010-0997; Notice No. 10-14]
RIN 2120-AJ38

Safety Management System for Certificated Airports; Extension of
Comment Period

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Second extension of comment period and notice of procedures for
submission of clarifying questions.

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SUMMARY: The FAA published a proposed rule on October 7, 2010, to
require each certificate holder to establish a safety management system
(SMS) for its entire airfield environment (including movement and non-
movement areas) to improve safety at airports hosting air carrier
operations. The American Association of Airport Executives and Airports
Council International--North America have requested that the FAA
provide additional information supporting the proposed rule and extend
the comment period to allow adequate time for the public to analyze and
comment on that information and the NPRM. This action extends the
comment period until July 5, 2011, and establishes a procedure for
handling clarifying questions to the proposed rule.

DATES: The comment period for the NPRM published on October 7, 2010,
closing on March 7, 2011 is extended until July 5, 2011. You must
submit your clarifying questions in writing using the procedures
outlined in this notice by April 6, 2011. The FAA anticipates
responding to these submissions and providing a summary report of the
pilot studies by May 21, 2011.

ADDRESSES: See the ``Procedures for Filing Clarifying Questions''
section of this document.

FOR FURTHER INFORMATION CONTACT: Technical clarifications: Keri
Spencer, Office of Airports Safety and Standards, Federal Aviation
Administration, e-mail<EMAIL_ADDRESS>    Legal clarifications: Robert Hawks, Office of the Chief Counsel,
Federal Aviation Administration, e-mail<EMAIL_ADDRESS>    Cost/benefit clarifications: Nicole Nance, Office of Aviation
Policy and Plans, Federal Aviation Administration, e-mail
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Background

    On October 7, 2010, the FAA published Notice No. 10-14, entitled
``Safety Management System for Certificated Airports'' (75 FR 62008).
Comments to that document were to be received on or before January 5,
2011. On December 10, 2010, in response to several requests for
extension of the comment period, the FAA granted an additional 60 days
for commenters to analyze the NPRM and provide meaningful comment (75
FR 76928).
    By comments posted to the docket on February 17, 2011, Airport
Council International--North America (ACI-NA) and the American
Association of Airport Executives (AAAE) requested the FAA extend the
comment period for a second time. ACI-NA and AAAE also requested the
FAA provide additional information to allow for meaningful comment on
the proposed rule. Specifically, ACI-NA made the following requests:
    (1) Additional information is needed regarding the FAA's proposed
SMS implementation strategy, most notably what will be expected in the
required SMS Implementation Plans.
    (2) Data, findings, and conclusion--both positive and negative--
from the three SMS pilot studies need to be made available in the
docket so these findings and conclusions can inform the industry's
review of the costs, benefits, and potential issues arising from the
implementation of the proposed rule.
    (3) The proposed rule needs to be reviewed in conjunction with key
guidance documents, especially the revised version of FAA Advisory
Circular 150/5200-37. These documents, which are mentioned explicitly
in the FAA's discussion of the proposed rule will describe the standard
means of compliance with the proposed rule and are needed to understand
the scope and scale of airport SMS requirements.
    (4) Additional time will be needed for technical analysis by
commenters, including analyses of the costs and benefits of phased SMS
implementation, an implementation approach on which the FAA has
specifically requested comments.
    AAAE made the following requests:
    (1) We request that the FAA make results and recommendations from
all three phases of the pilot studies available before closing the
comment period.
    (2) The FAA is under a statutory deadline to implement the part 121
SMS rule and has proposed a short time schedule for issuing its part
139 training requirements. We request that the comment period remain
open until the other regulatory documents have been issued in their
final form.
    (3) The agency also has committed to issuing an advisory circular
on implementation of SMS requirements. We request that the agency leave
the comment period open on the proposed SMS rule until at least a draft
of the advisory circular is issued. That way, respondents can comment
on both documents simultaneously.

AAAE suggests the comment period remain open until at least September
30, 2011.

FAA Response to the Requests

    The FAA has carefully considered the requests for extension of the
comment period. The FAA believes that the narrative and analysis in the
NPRM and Initial Regulatory Evaluation, which was made available in the
docket concurrently with NPRM publication, contain sufficient detail
and supporting data to permit meaningful comment by the public. The FAA
also notes that it has received thoughtful comments from several
airports, indicating that sufficient information currently exists in
the docket to permit meaningful comment. However, the FAA acknowledges
there is a belief among some members of the public that additional
information may result in better comments. From the request submitted,
it appears the bulk of this concern involves the FAA's implementation
strategy for SMS and the results of the pilot study.
    To address this concern about insufficient information, the FAA has
determined to pursue a combination of strategies. First, the FAA will
accept and respond to specific clarifying questions submitted by the
public. This strategy will allow the public to identify specific areas
of the NPRM or Initial Regulatory Evaluation that are unclear or for
which more information may be desired. The intent is that the public
would be able to obtain specific information from the FAA, provided
that information exists. The specific procedure is discussed in the

``Procedures for Filing Clarifying Questions'' section of this notice
and permits a 30-day period for the public to submit questions, a 45-
day period for the FAA to respond to the questions, and a 45-day period
for the public to review the information and submit comments to the
proposed rule. Secondly, the FAA will prepare a summary report that
will provide additional information on the implementation plan required
under the proposal, a summary of findings and conclusions from the
first two pilot studies, and a summary of findings and conclusions from
the safety management systems proof of concept. The FAA anticipates
making this report available in the docket by May 21, 2011.
Additionally, the FAA is seeking permission from pilot study
participants to place documents developed during those studies in the
docket. Because those documents are the property of the pilot study
participants and may contain confidential or proprietary information,
the FAA will make available documents to the extent permitted and as
soon as possible. The FAA believes these strategies respond to ACI's
request (1), (2), and (4) and AAAE's request (1).
    In the NPRM, the FAA stated that it would develop and make
available an AC on SMS prior to issuance of the final rule. The FAA
currently is developing that document. The FAA also is conducting a
third pilot study on the implementation of SMS, which began after the
NPRM was published. The purpose of the pilot study and AC is to
facilitate implementation of the proposed rule and to provide
additional examples of how an airport could develop and implement its
SMS. The AC likely will provide multiple means to comply with the
regulation, some of which are outlined in the NPRM preamble, but the AC
is not a substitute for the regulation nor does it provide the only
means of compliance. Additionally, the FAA does not anticipate the AC
will expand the ``scope and scale'' of SMS from what is discussed in
the NPRM and Initial Regulatory Evaluation. The FAA also does not
anticipate the third pilot study or AC would result in significant
changes to the proposed rule. Of course, the FAA may change the rule
after careful consideration of comments to the proposal.
    The FAA does not believe a draft AC is essential to understanding
the proposed rule, especially in light of the opportunities for
additional information discussed earlier. Consequently, the FAA has
determined that holding the comment period open until publication of a
draft AC does not add value to the rulemaking process. Nevertheless,
the FAA intends, as it routinely does, to publish a draft AC in advance
of publication of any final rule. There will be opportunity for the
public to comment on that draft AC, for the FAA to carefully consider
those comments, and for the FAA to respond to those comments either
before or simultaneously with publication of a final rule. The FAA
believes this answers ACI's request (3) and AAAE's request (3).
    The FAA acknowledges there are a variety of rulemaking initiatives
currently in process, among them an NPRM for SMS for part 121 operators
and an NPRM for part 139 safety enhancements. Although these
rulemakings have some relationship to the airport SMS NPRM, they are
separate rulemakings involving different issues and separate schedules.
The FAA finds no merit, other than to delay FAA rulemaking efforts, to
holding open the comment period on this rulemaking initiative until
final rules are issued with respect to the other initiatives. The FAA
believes this answers AAAE's request (2).

Extension of Comment Period

    In accordance with Sec.  11.47(c) of title 14, Code of Federal
Regulations, the FAA has reviewed the petitions made by ACI-NA and AAAE
for a second extension of the comment period to Notice No. 10-14.
    The FAA finds no merit to extending the comment period seven or
more months, as requested by ACI-NA and AAAE. However, to accomplish
the strategies for providing additional information to the public, the
FAA has determined that an extension of 120 days is appropriate and
sufficient. The FAA has determined the extension is consistent with the
public interest, and that good cause exists for this action. Absent
exceptional circumstances, the FAA does not anticipate any further
extension of the comment period for this rulemaking.
    Accordingly, the comment period for Notice No. 10-14 is extended
until July 5, 2011.

Procedures for Filing Clarifying Questions

    The following procedures are not a substitute for filing
substantive questions and comments to the NPRM. The procedures for
submitting those types of comments are discussed in the NPRM and
repeated in the ``Additional Information'' section of this notice.
Commenters should follow those procedures to file substantive comments
by July 5, 2011.
    To submit a request to the FAA for clarification of the NPRM
(Docket Number FAA-2010-0997), you must send your request using the
following method by April 6, 2011. The FAA requests any clarifying
questions address specific issues raised by the NPRM or Initial
Regulatory Evaluation to permit meaningful FAA response.
    1. Post your request on the Federal eRulemaking Portal. To access
this electronic docket, go to http://www.regulations.gov, enter the
Docket Number FAA-2010-0997, and follow the directions for sending your
request electronically.
    2. In addition to sending your request to the electronic docket,
send a copy of the request via e-mail to the appropriate subject matter
expert:
     Technical clarifications: Keri Spencer, Office of Airports
Safety and Standards, Federal Aviation Administration, e-mail
<EMAIL_ADDRESS>     Legal clarifications: Robert Hawks, Office of the Chief
Counsel, Federal Aviation Administration, e-mail<EMAIL_ADDRESS>     Cost/benefit clarifications: Nicole Nance, Office of
Aviation Policy and Plans, Federal Aviation Administration, e-mail
<EMAIL_ADDRESS>    The FAA will respond to all clarifying questions submitted by April
6, 2011. The responses will be provided directly to you and posted in
the rulemaking docket. The FAA expects to provide responses by May 21,
2011.

Additional Information

A. Comments Invited

    The FAA invites interested persons to participate in this
rulemaking by submitting written comments, data, or views. The agency
also invites comments relating to the economic, environmental, energy,
or federalism impacts that might result from adopting the proposed
rule. The most helpful comments reference a specific portion of the
proposal, explain the reason for any recommended change, and include
supporting data. To ensure the docket does not contain duplicate
comments, commenters should send only one copy of written comments, or
if comments are filed electronically, commenters should submit only one
time.
    You may send comments identified by docket number FAA-2010-0997
using any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov and follow the online instructions for sending your
comments electronically.

     Mail: Send comments to Docket Operations, M-30; U.S.
Department of Transportation (DOT), 1200 New Jersey Avenue, SE., Room
W12-140, West Building Ground Floor, Washington, DC 20590-0001.
     Hand Delivery or Courier: Take comments to Docket
Operations in Room W12-140 of the West Building Ground Floor at 1200
New Jersey Avenue, SE., Washington, DC, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.
     Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    The FAA will file in the docket all comments it receives, as well
as a report summarizing each substantive public contact with FAA
personnel concerning this proposed rulemaking. Before acting on this
proposal, the FAA will consider all comments it receives on or before
the closing date for comments. The FAA will consider comments filed
after the comment period has closed if it is possible to do so without
incurring expense or delay. The agency may change this proposal in
light of the comments it receives.
    Proprietary or Confidential Business Information: Do not file
proprietary or confidential business information in the docket. Such
information must be sent or delivered directly to the person identified
in the FOR FURTHER INFORMATION CONTACT section of this document, and
marked as proprietary or confidential. If submitting information on a
disk or CD ROM, mark the outside of the disk or CD ROM, and identify
electronically within the disk or CD ROM the specific information that
is proprietary or confidential.
    Under 14 CFR 11.35(b), when the FAA is aware of proprietary
information filed with a comment, the agency does not place it in the
docket. It is held in a separate file to which the public does not have
access, and the FAA places a note in the docket that it has received
it. If the FAA receives a request to examine or copy this information,
it treats it as any other request under the Freedom of Information Act
(5 U.S.C. 552). The FAA processes such a request under Department of
Transportation procedures found in 49 CFR part 7.

B. Availability of Rulemaking Documents

    An electronic copy of rulemaking documents may be obtained from the
Internet by--
    1. Searching the Federal eRulemaking Portal (http://www.regulations.gov);
    2. Visiting the FAA's Regulations and Policies Web page at http://www.faa.gov/regulations_policies or
    3. Accessing the Government Printing Office's Web page at http://www.gpoaccess.gov/fr/index.html.
    Copies may also be obtained by sending a request to the Federal
Aviation Administration, Office of Rulemaking, ARM-1, 800 Independence
Avenue, SW., Washington, DC 20591, or by calling<PHONE_NUMBER>.
Commenters must identify the docket or notice number of this
rulemaking.
    All documents the FAA considered in developing this proposed rule,
including economic analyses and technical reports, may be accessed from
the Internet through the Federal eRulemaking Portal referenced in item
(1) above.

    Issued in Washington, DC, on March 3, 2011.
Michael J. O'Donnell,
Director, Office of Airport Safety and Standards.
[FR Doc. 2011-5187 Filed 3-4-11; 8:45 am]
BILLING CODE 4910-13-P


From:
"Jones, DonnaLee"<EMAIL_ADDRESS>Sent:
Thu, 03 Nov 2022 13:45:15
To:
"Ford; Luke"<EMAIL_ADDRESS><EMAIL_ADDRESS><EMAIL_ADDRESS>Cc:
Shappley, Ned<EMAIL_ADDRESS>Mcginn, Kevin<EMAIL_ADDRESS>Raymond, Gabrielle<EMAIL_ADDRESS>Subject:
RE: Cokenergy 114 Request Stack Test Schedule
OK. So then Cokenergy's new schedule and deadlines are:

* Detailed test protocol to be submitted by December 16, 2022.
* Stack testing starting the week of January 23, 2023.
* Submittal of the stack test report(s) and data spreadsheet(s) by March 24, 2023.

Let me know if any of these dates slip substantially, i.e., a week or more.

Thank you for your efforts on the 114 request.

Regards,
Donna Lee Jones, Ph.D.
Senior Technical Advisor, Metals Sector
U. S. Environmental Protection Agency
Office of Air Quality Planning and Standards
Sector Policies and Programs Division / Metals & Inorganic Chemicals Group (D243-02)
Research Triangle Park, NC  27711
Tele:<PHONE_NUMBER>
--------------------------------------------------------------------------------
Fax<PHONE_NUMBER>
"Reasonableness never fails to be appreciated."  - anon.

Pronouns - She/Her/Hers
Salutation - Dr./Ms.

From: Ford, Luke<EMAIL_ADDRESS>Sent: Thursday, November 3, 2022 10:13 AM
To<EMAIL_ADDRESS>Cc: Jones, DonnaLee<EMAIL_ADDRESS>Subject: Cokenergy 114 Request Stack Test Schedule

Cokenergy has retained TRC Environmental Corporation (TRC) to conduct the stack testing to satisfy the requirements of Enclosure 2 of EPA's Section 114 request dated July 27, 2022, consistent with our letter September 23, 2022 letter and follow-up email communications with EPA.  Based on TRC's availability, they have offered the following schedule to complete the stack testing, starting the week of January 23, 2023.

Date
Activity
1/23/23
Travel to facility and setup
1/24/23
Perform 1 run OTM 46, 1 run Method 5/29, and FTIR spiking for HCl
1/25/23
Perform 1 run OTM 46, 1 run Method 5/29, and 3 runs Method 320
1/26/23
Perform 1 run OTM 46, 1 run Method 5/29, and 4 runs Method 320
1/27/23
Perform 1 run OTM 46, 1 run Method 5/29, and 3 runs Method 18
1/30/23
Perform 1 run OTM 46, 1 run Method 5/29, and 4 runs Method 18
1/31/23
Perform 1 run OTM 46, 1 run Method 5/29, and 3 runs Method 7E and 10 and 3 runs for Mercury and BTEX downstream of HRSG
2/1/23
Perform 1 run OTM 46, 1 run Method 5/29. Demobilization

Based on this test schedule, the detailed test protocol would be submitted by December 16, 2022.  This schedule could potentially be impacted by weather.  January has the potential for extreme cold and winter storms along Lake Michigan which would cause delays.  The other item to note is that based on the schedule above an extension for submittal of the stack test report(s) and data spreadsheet(s) would be necessary.  We therefore request a two-month extension of the January 24, 2023 deadline for submittal of the stack test report(s) and data spreadsheet(s), setting the new deadline as March 24, 2023.

If there are questions, please do not hesitate to contact me.

Regards,

Luke E. Ford
Director EH&S
Primary Energy
3210 Watling St.
MC 2-991
East Chicago, IN 46312

Email<EMAIL_ADDRESS>Office<PHONE_NUMBER>
Mobile<PHONE_NUMBER>