[Federal Register Volume 78, Number 34 (Wednesday, February 20, 2013)]
[Notices]
[Pages 11937-11939]
[FR Doc No: 2013-03793]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68915; File No. SR-Phlx-2013-14]

Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Extend
the Pilot Period of the Trading Pause for Certain NMS Stocks

February 13, 2013.
    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 February 1, 2013, NASDAQ OMX PHLX LLC (``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 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\ 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 extend the trading pause pilot in certain
individual NMS stocks when the price moves ten percent or more in the
preceding five minute period, so that the pilot will now expire on the
earlier of the initial date of operations of the Regulation NMS Plan to
Address Extraordinary Market Volatility or February 4, 2014.
    The text of the proposed rule change is below. Proposed new
language is italicized; proposed deletions are in brackets.
* * * * *

Rule 3100. Trading Halts on PSX

    (a) Authority to Initiate Trading Halts or Pauses
    In circumstances in which the Exchange deems it necessary to
protect investors and the public interest, and pursuant to the
procedures set forth in paragraph (c):
    (1)-(3) No change.
    (4) If a primary listing market issues an individual stock trading
pause in any of the Circuit Breaker Securities, as defined herein, the
Exchange will pause trading in that security until trading has resumed
on the primary listing market. If, however, trading has not resumed on
the primary listing market and ten minutes have passed since the
individual stock trading pause message has been received from the
responsible single plan processor, the Exchange may resume trading in
such stock. The provisions of this paragraph (a)(4) shall be in effect
during a pilot set to end on the earlier of the initial date of
operations of the Regulation NMS Plan to Address Extraordinary Market
Volatility or February 4, 2014[3]. During the pilot, the term ``Circuit
Breaker Securities'' shall mean any NMS stock except rights and
warrants.
    (b)-(c) No change.
* * * * *

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.

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

1. Purpose
    On June 10, 2010, the Commission granted accelerated approval for a
pilot period to end December 10, 2010 of proposed rule changes
submitted by the BATS Exchange, Inc., NASDAQ OMX BX, Inc., Chicago
Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc.,
EDGA Exchange, Inc., EDGX Exchange, Inc., International Securities
Exchange LLC, The NASDAQ Stock Market LLC (``NASDAQ''), New York Stock
Exchange LLC (``NYSE''), NYSE MKT LLC (``NYSE MKT'') (formerly, NYSE
Amex LLC), NYSE Arca, Inc. (``NYSE Arca''), and National Stock
Exchange, Inc. (collectively, the ``Exchanges''), to pause trading
during periods of extraordinary market volatility in S&P 500 stocks.\3\
The rules require the Listing Markets \4\ to issue five-minute trading
pauses for individual securities for which they are the primary Listing
Market if the transaction price of the security moves ten percent or
more from a price in the preceding five-minute period. The Listing
Markets are required to notify the other Exchanges and market
participants of the imposition of a trading pause by immediately
disseminating a special indicator over the consolidated tape. Under the
rules, once the Listing Market issues a trading pause, the other
Exchanges are required to pause trading in the security on their
markets. On September 10, 2010, the Commission approved the respective
rule filings of the Exchanges to expand application of the pilot to
securities comprising the Russell 1000[supreg] Index and specified
Exchange Traded Products.\5\
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    \3\ Securities Exchange Act Release No. 62252 (June 10, 2010),
75 FR 34186 (June 16, 2010).
    \4\ The term ``Listing Markets'' refers collectively to NYSE,
NYSE MKT, NYSE Arca, and NASDAQ.
    \5\ Securities Exchange Act Release No. 62884 (September 10,
2010), 75 FR 56618 (September 16, 2010).
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    In connection with its resumption of trading of NMS Stocks through
the NASDAQ OMX PSX system, the Exchange adopted Rule 3100(a)(4) so that
it could participate in the pilot program.\6\ On September 29, 2010,
the Exchange amended Rule 3100(a)(4) to include stocks comprising the
Russell 1000[supreg] Index and specified Exchange

Traded Products.\7\ On December 7, 2010, the Exchange filed an
immediately effective filing to extend the existing pilot program for
four months, so that the pilot would expire on April 11, 2011.\8\ On
March 31, 2011, the Exchange filed an immediately effective filing to
extend the pilot period an additional four months, so that the pilot
would expire on August 11, 2011 or the date on which a limit up/limit
down mechanism to address extraordinary market volatility, if adopted,
applies.\9\ On June 23, 2011, the Commission approved the expansion of
the pilot to all NMS stocks, but with different pause-triggering
thresholds.\10\ On August 8, 2011, the Exchange filed an immediately
effective filing that removed language from the rule that tied the
expiration of the pilot to the adoption of a limit up/limit down
mechanism to address extraordinary market volatility, and further
extended the pilot period, so that the pilot would expire on January
31, 2012.\11\ On November 18, 2011, the Exchange filed an immediately
effective filing that excluded rights and warrants from the pilot.\12\
On January 23, 2012, the Commission approved an extension of the pilot
to July 31, 2012.\13\
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    \6\ Securities Exchange Act Release No. 62877 (September 9,
2010), 75 FR 56633 (September 16, 2010) (SR-Phlx-2010-79).
    \7\ Securities Exchange Act Release No. 63004 (September 29,
2010), 75 FR 61547 (October 5, 2010) (SR-Phlx-2010-126).
    \8\ Securities Exchange Act Release No. 63504 (December 9,
2010), 75 FR 78304 (December 15, 2010) (SR-Phlx-2010-174).
    \9\ Securities Exchange Act Release No. 64175 (April 4, 2011),
76 FR 19823 (April 8, 2011) (SR-Phlx-2011-044).
    \10\ Securities Exchange Act Release No. 64735 (June 23, 2011),
76 FR 38243 (June 29, 2011) (SR-Phlx-2011-064, et al.).
    \11\ Securities Exchange Act Release No. 65083 (August 10,
2011), 76 FR 50801 (August 16, 2011) (SR-Phlx-2011-113).
    \12\ Securities Exchange Act Release No. 65813 (November 23,
2011), 76 FR 74113 (November 30, 2011) (SR-Phlx-2011-158).
    \13\ Securities Exchange Act Release No. 66216 (January 23,
2012), 77 FR 4385 (January 27, 2012) (SR-Phlx-2012-07).
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    On May 31, 2012, the Commission approved, on a pilot basis, the
National Market System Plan to Address Extraordinary Market
Volatility.\14\ This plan creates a market-wide limit up-limit down
mechanism that is intended to address extraordinary market volatility
in NMS Stocks, with a planned implementation date of February 4, 2013.
Once implemented, the limit up/limit down mechanism to address
extraordinary market volatility will render the current stock trading
pause pilot duplicative and unnecessary. The Exchange filed a rule
change proposal to extend the single stock trading pause pilot so that
it will now expire on February 4, 2013, when the limit up/limit down
mechanism to address extraordinary market volatility is to be
implemented.\15\
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    \14\ Securities Exchange Act Release No. 67091 (May 31, 2012),
77 FR 33498 (June 6, 2012).
    \15\ Securities Exchange Act Release No. 67537 (July 30, 2012),
77 FR 46546 (August 3, 2012) (SR-Phlx-2012-99).
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    The Exchange, in conjunction with the Exchanges and FINRA, recently
filed an amendment to the Plan to change the date of initial operations
of the Plan from February 4, 2013 to April 8, 2013. Accordingly, the
Exchange is proposing to extend the expiration of the trading pause
pilot to the earlier of the initial date of operations of the Plan or
February 4, 2014 to allow adequate time for the Plan's implementation.
The Exchange believes that the pilot program has been successful in
reducing the negative impacts of sudden, unanticipated price movements
in the securities covered by the pilot. The Exchange also believes that
an additional extension of the pilot is warranted so that it may
continue to apply the circuit breaker to reduce the negative impacts of
sudden, unanticipated price movements until it is replaced by the limit
up/limit down mechanism.
2. Statutory Basis
    The statutory basis for the proposed rule change is Section 6(b)(5)
of the Act, which requires the rules of an exchange 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 Exchange
believes that the change proposed herein meets these requirements in
that it promotes uniformity across markets concerning decisions to
pause trading in a security when there are significant price movements,
which promotes just and equitable principles of trade and removes
impediments to, and perfects the mechanism of, a free and open market
and a national market system. Additionally, extension of the pilot
until the earlier of the initial date of operations of the Plan or
February 4, 2014 would allow the pilot to continue to operate without
interruption while the Exchange and the Commission further assess the
effect of the pilot on the marketplace or whether other initiatives
should be adopted in lieu of the current pilot, which contributes to
the protection of investors and the public interest.

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

    The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. The
proposed changes are being made to extend the operation of the trading
pause pilot until the earlier of the initial date of operations of the
Plan or February 4, 2014 would allow the pilot to continue to operate
without interruption until implementation of the Plan, which
contributes to the protection of investors and the public interest.
Other competing equity exchanges are subject to the same trading pause
requirements specified in the Plan. Thus, the proposed changes will not
impose any burden on competition while providing trading pause
requirements specified in the Plan.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \16\ and Rule 19b-4(f)(6) thereunder.\17\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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    \16\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \18\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\19\ the

Commission may designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because such waiver would allow the pilot program to continue
uninterrupted. Accordingly, the Commission hereby grants the Exchange's
request and designates the proposal operative upon filing.\20\
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    \18\ 17 CFR 240.19b-4(f)(6).
    \19\ 17 CFR 240.19b-4(f)(6)(iii).
    \20\ 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 summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

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 email to<EMAIL_ADDRESS>Please include
File Number SR-Phlx-2013-14 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-Phlx-2013-14. 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 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 publicly available. All
submissions should refer to File Number SR-Phlx-2013-14 and should be
submitted on or before March 13, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-03793 Filed 2-19-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 75 (Wednesday, April 18, 2012)]
[Notices]
[Pages 23239-23240]
[FR Doc No: 2012-9272]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 13680-001]

Bryant Mountain, LLC; Notice of Additional Scoping Meetings,
Extension of Time To File Comments on the PAD and Scoping Document, and
Identification of Issues and Associated Study Requests

    a. Due to a clerical error, our notice for scoping meetings on the
proposed Bryant Mountain Pumped Storage Hydroelectric Project held
March 13 and 14, 2012, in Malin and Klamath Falls, Oregon was not
published in the local newspaper. Therefore, Commission staff will hold
two additional scoping meetings in Malin, Oregon. Additionally, this
notice extends the deadline for the filing of comments on the Pre-
Application Document (PAD) and Scoping Document 1 (SD1).
    b. Type of Filing: Notice of Intent to File License Application for
an Original License and Commencing Pre-filing Process.
    c. Project No.: 13680-001.
    d. Dated Filed: December 21, 2011.
    e. Submitted By: Bryant Mountain, LLC.
    f. Name of Project: Bryant Mountain Pumped Storage Hydroelectric
Project.
    g. Location: Near Malin in Klamath County, Oregon, on lands
administered by the U.S. Bureau of Land Management and private lands.

    h. Filed Pursuant to: 18 CFR part 5 of the Commission's
Regulations.
    i. Potential Applicant Contact: Mr. Bart O'Keeffe, Bryant Mountain,
LLC, P.O. Box 1916, Discovery Bay, California 94505,<PHONE_NUMBER> or
email at<EMAIL_ADDRESS>    j. FERC Contact: Ryan Hansen at<PHONE_NUMBER> or email at
<EMAIL_ADDRESS>    k. Cooperating agencies: Federal, state, local, and tribal agencies
with jurisdiction and/or special expertise with respect to
environmental issues that wish to cooperate in the preparation of the
environmental document should follow the instructions for filing such
requests described in item m below. Cooperating agencies should note
the Commission's policy that agencies that cooperate in the preparation
of the environmental document cannot also intervene. See 94 FERC ]
61,076 (2001).
    l. Bryant Mountain, LLC, filed with the Commission a PAD (including
a proposed process plan and schedule), pursuant to 18 CFR 5.6 of the
Commission's regulations.
    m. A copy of the PAD is available for review at the Commission in
the Public Reference Room or may be viewed on the Commission's Web site
(http://www.ferc.gov), using the ``eLibrary'' link. Enter the docket
number, excluding the last three digits in the docket number field to
access the document. For assistance, contact FERC Online Support at
<EMAIL_ADDRESS>or toll free at 1-866-208-3676, or for TTY,
(202) 502-8659. A copy is also available for inspection and
reproduction at the address in paragraph h.
    Register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filing and issuances
related to this or other pending projects. For assistance, contact FERC
Online Support.
    n. With this notice, we are extending the period in which we are
soliciting comments on the PAD and Commission's staff Scoping Document
1 (SD1), as well as study requests to ensure that all stakeholders have
been notified. All comments on the PAD and SD1, and study requests
should be sent to the address above in paragraph i. In addition, all
comments on the PAD and SD1, study requests, requests for cooperating
agency status, and all communications to and from Commission staff
related to the merits of the potential application must be filed with
the Commission. Documents may be filed electronically via the Internet.
See 18 CFR 385.2001(a)(1)(iii) and the instructions on the Commission's
Web site http://www.ferc.gov/docs-filing/efiling.asp. Commenters can
submit brief comments up to 6,000 characters, without prior
registration, using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact information
at the end of your comments. For assistance, please contact FERC Online
Support. Although the Commission strongly encourages electronic filing,
documents may also be paper-filed. To paper-file, mail an original and
seven copies to: Kimberly D. Bose, Secretary, Federal Energy Regulatory
Commission, 888 First Street NE., Washington, DC 20426.
    All filings with the Commission must include on the first page, the
project name (Bryant Mountain Pumped Storage Hydroelectric Project) and
the project number (P-13680-001), and bear the appropriate heading:
``Comments on Pre-Application Document,'' ``Study Requests,''
``Comments on Scoping Document 1,'' ``Request for Cooperating Agency
Status,'' or ``Communications to and from Commission Staff.'' Any
individual or entity interested in submitting study requests,
commenting on the PAD or SD1, and any agency requesting cooperating
status must do so by June 11, 2012.
    o. We intend to prepare an Environmental Impact Statement (EIS) for
this project. The scoping meetings identified below satisfy the NEPA
scoping requirements.

Scoping Meetings

    Commission staff will hold two scoping meetings in the vicinity of
the project at the time and place noted below. We invite all interested
individuals, organizations, and agencies to attend one or both of the
meetings, and to assist staff in identifying particular study needs, as
well as the scope of environmental issues to be addressed in the
environmental document. The times and locations of these meetings are
as follows:

Daytime Scoping Meeting

    Date and Time: Tuesday, May 8, 2012, 9 a.m.-12 p.m.
    Location: Malin City Park Hall, 2432 Fourth Street, Malin, OR
97632.
    Phone Number:<PHONE_NUMBER>.

Evening Scoping Meeting

    Date and Time: Tuesday, May 8, 2012, 6 p.m.-9 p.m.
    Location: Malin City Park Hall, 2432 Fourth Street, Malin, OR
97632.
    Phone Number:<PHONE_NUMBER>.
    Scoping Document 1 (SD1), which outlines the subject areas to be
addressed in the environmental document, was mailed to the individuals
and entities on the Commission's and the applicant's mailing list.
Copies of SD1 will be available at the scoping meetings, or may be
viewed on the web at http://www.ferc.gov, using the ``eLibrary'' link.
Follow the directions for accessing information in paragraph n. Based
on all oral and written comments, a Scoping Document 2 (SD2) may be
issued. SD2 will include a revised process plan and schedule, as well
as a list of issues, identified through the scoping process.

Meeting Objectives

    At the scoping meetings, staff will: (1) Discuss a preliminary list
of issues; (2) review and discuss existing conditions and resource
management objectives; (3) review and discuss existing information and
identify preliminary information and study needs; (4) review and
discuss the process plan and schedule for pre-filing activity that
incorporates the time frames provided for in Part 5 of the Commission's
regulations and, to the extent possible, maximizes coordination of
federal, state, and tribal permitting and certification processes; and
(5) discuss the appropriateness of any federal or state agency or
Indian tribe acting as a cooperating agency for development of an
environmental document.
    Meeting participants should come prepared to discuss their issues
and/or concerns. Please review the PAD in preparation for the scoping
meetings. Directions on how to obtain a copy of the PAD and SD1 are
included in item m. of this document.

Meeting Procedures

    The meetings will be recorded by a stenographer and will be placed
in the public records of the project.

    Dated: April 11, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-9272 Filed 4-17-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 88, Number 180 (Tuesday, September 19, 2023)]
[Notices]
[Page 64517]
[FR Doc No: 2023-20206]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket Number FRA-2023-0065]

Petition for Waiver of Compliance

    Under part 211 of title 49 Code of Federal Regulations (CFR), this
document provides the public notice that on August 8, 2023, Providence
and Worcester Railroad; the International Association of Sheet Metal,
Air, Rail and Transportation Workers; and the Brotherhood of Railroad
Signalmen (collectively, ``Petitioners'') petitioned the Federal
Railroad Administration (FRA) for a waiver of compliance from certain
provisions of the Federal railroad safety regulations contained at 49
CFR part 240 (Qualification and Certification of Locomotive Engineers)
and part 242 (Qualification and Certification of Conductors). FRA
assigned the petition Docket Number FRA-2023-0065.
    Specifically, Petitioners request relief required to participate in
FRA's Confidential Close Call Reporting System (C\3\RS) Program.
Petitioners seek to shield reporting employees from mandatory punitive
sanctions that would otherwise arise as provided in Sec. Sec.
240.117(e)(1)-(4); 240.305(a)(1)-(4) and (a)(6); 240.307; 242.403(b),
(c), (e)(1)-(4), (e)(6)-(11), (f)(1)-(2); and 242.407. The C\3\RS
Program encourages certified operating crew members to report close
calls and protects the employees and the railroad from discipline or
sanctions arising from the incidents reported per the C\3\RS
Implementing Memorandum of Understanding.
    A copy of the petition, as well as any written communications
concerning the petition, is available for review online at
www.regulations.gov.
    Interested parties are invited to participate in these proceedings
by submitting written views, data, or comments. FRA does not anticipate
scheduling a public hearing in connection with these proceedings since
the facts do not appear to warrant a hearing. If any interested parties
desire an opportunity for oral comment and a public hearing, they
should notify FRA, in writing, before the end of the comment period and
specify the basis for their request.
    All communications concerning these proceedings should identify the
appropriate docket number and may be submitted at http://www.regulations.gov. Follow the online instructions for submitting
comments.
    Communications received by November 20, 2023 will be considered by
FRA before final action is taken. Comments received after that date
will be considered if practicable.
    Anyone can search the electronic form of any written communications
and comments received into any of our dockets by the name of the
individual submitting the comment (or signing the document, if
submitted on behalf of an association, business, labor union, etc.).
Under 5 U.S.C. 553(c), DOT solicits comments from the public to better
inform its processes. DOT posts these comments, without edit, including
any personal information the commenter provides, to
www.regulations.gov, as described in the system of records notice (DOT/
ALL-14 FDMS), which can be reviewed at https://www.transportation.gov/privacy. See also https://www.regulations.gov/privacy-notice for the
privacy notice of regulations.gov.

    Issued in Washington, DC.
John Karl Alexy,
Associate Administrator for Railroad Safety, Chief Safety Officer.
[FR Doc. 2023-20206 Filed 9-18-23; 8:45 am]
BILLING CODE P


[Federal Register Volume 77, Number 151 (Monday, August 6, 2012)]
[Notices]
[Pages 46755-46756]
[FR Doc No: 2012-19134]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9710-6]

Notification of a Public Meeting of the Clean Air Scientific
Advisory Committee (CASAC) Ozone Review Panel

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The EPA Science Advisory Board (SAB) Staff Office announces a
public meeting of the CASAC Ozone Review Panel to conduct a peer review
of EPA's Integrated Science Assessment for Ozone and Related
Photochemical Oxidants (Third External Review Draft) (June 2012),
Health Risk and Exposure Assessment for Ozone--First External Review
Draft (July 2012), Welfare Risk and Exposure Assessment for Ozone--
First External Review Draft (July 2012 and Policy Assessment for the
Review of the Ozone National Ambient Air Quality Standards--First
External Review Draft (August 2012).

DATES: The CASAC Ozone Review Panel meeting will be held on Tuesday,
September 11, 2012 from 9 a.m. to 5:30 p.m. (Eastern Time), Wednesday,
September 12 from 8:30 a.m. to 5:30 p.m. (Eastern Time) and on
Thursday, September 13, 2012 from 8:30 a.m. to 1 p.m. (Eastern Time).

ADDRESSES: The public meeting will be held at the Raleigh Marriott City
Center, 500 Fayetteville Street, Raleigh, North Carolina 27601.

FOR FURTHER INFORMATION CONTACT: Any member of the public who wants
further information concerning the public meeting may contact Dr. Holly
Stallworth, Designated Federal Officer (DFO), via telephone at (202)
564-2073 or email at<EMAIL_ADDRESS>General information
concerning the CASAC can be found on the EPA Web site at http://www.epa.gov/casac.

SUPPLEMENTARY INFORMATION: The CASAC was established pursuant to the
Clean Air Act (CAA) Amendments of 1977, codified at 42 U.S.C.
7409D(d)(2), to provide advice, information, and recommendations to the
Administrator on the scientific and technical aspects of issues related
to the criteria for air quality standards, research related to air
quality, sources of air pollution, and the strategies to attain and
maintain air quality standards and to prevent significant deterioration
of air quality. The CASAC is a Federal Advisory Committee chartered
under the Federal Advisory Committee Act (FACA), 5 U.S.C., App. 2.
Pursuant to FACA and EPA policy, notice is hereby given that the
chartered CASAC augmented with additional experts, known as the CASAC
Ozone Review Panel, will hold a public meeting to peer review EPA's
third external review draft of the Integrated Science Assessment for
Ozone and Related Photochemical Oxidants (June 2012), Health Risk and
Exposure Assessment for Ozone--First External Review Draft (July 2012),

Welfare Risk and Exposure Assessment for Ozone--First External Review
Draft (July 20, and Policy Assessment for the Review of the Ozone
National Ambient Air Quality Standards--First External Review Draft
(August 2012). These EPA draft documents are prepared as part of the
agency's review of the National Ambient Air Quality Standards (NAAQS)
for ozone.
    Section 109(d)(1) of the CAA requires that the Agency periodically
review and revise, as appropriate, the air quality criteria and the
NAAQS for the six ``criteria'' air pollutants, including ozone. EPA is
currently reviewing the primary (health-based) and secondary (welfare-
based) NAAQS for ozone. The CASAC previously reviewed EPA's first
external review draft of the Integrated Science Assessment for Ozone
and Related Photochemical Oxidants (March 2011) as reported in a letter
to the EPA Administrator, dated August 10, 2011 (EPA-CASAC-11-009). The
CASAC also reviewed the second external review draft of the Integrated
Science Assessment for Ozone and Related Photochemical Oxidants
(September 2011) as reported in a letter to the EPA Administrator,
dated March 13, 2012 (EPA-CASAC-12-004). The CASAC Ozone Review Panel
will comply with the provisions of FACA and all appropriate SAB Staff
Office procedural policies.
    Technical Contacts: Any technical questions concerning the
Integrated Science Assessment for Ozone and Related Photochemical
Oxidants (Third External Review Draft) (June 2012) should be directed
to Dr. James Brown (brown.james@epa.gov). Any technical questions
concerning the Health Risk and Exposure Assessment for Ozone--First
External Review Draft (July 2012) or the Welfare Risk and Exposure
Assessment for Ozone--First External Review Draft (July 2012) should be
directed to Dr. Bryan Hubbell (hubbell.bryan@epa.gov). Any technical
questions concerning the Policy Assessment for the Review of the Ozone
National Ambient Air Quality Standards--First External Review Draft
(August 2012) should be directed to Ms. Susan Lyon Stone
(stone.susan@epa.gov).
    Availability of Meeting Materials: Prior to the meeting, the review
documents, agenda and other materials will be accessible through the
calendar link on the blue navigation bar at http://www.epa.gov/casac/.
    Procedures for Providing Public Input: Public comment for
consideration by EPA's federal advisory committees and panels has a
different purpose from public comment provided to EPA program offices.
Therefore, the process for submitting comments to a federal advisory
committee is different from the process used to submit comments to an
EPA program office. Federal advisory committees and panels, including
scientific advisory committees, provide independent advice to EPA.
Members of the public can submit relevant comments for a federal
advisory committee to consider pertaining to EPA's charge to the
committee or review materials. Input from the public to the CASAC will
have the most impact if it provides specific scientific, technical
information or analysis or if it relates to the clarity or accuracy of
the technical information for the CASAC's consideration. Members of the
public wishing to provide comment should contact the Designated Federal
Officer directly.
    Oral Statements: In general, individuals or groups requesting an
oral presentation at a public meeting will be limited to five minutes.
Interested parties should contact Dr. Stallworth, DFO, in writing
(preferably via email) at the contact information noted above by August
31, 2012, to be placed on the list of public speakers for the meeting.
    Written Statements: Written statements should be submitted to the
DFO via email at the contact information noted above by August 31, 2012
for the meeting so that the information may be made available to the
CASAC Panel for their consideration. Written statements should be
supplied in one of the following electronic formats: Adobe Acrobat PDF,
MS Word, MS PowerPoint, or Rich Text files in IBM-PC/Windows 98/2000/XP
format. It is the SAB Staff Office general policy to post public
comments on the Web page for the advisory meeting or teleconference.
Submitters are requested to provide an unsigned version of each
document because the SAB Staff Office does not publish documents with
signatures on its Web sites. Members of the public should be aware that
their personal contact information, if included in any written
comments, may be posted to the CASAC Web site. Copyrighted material
will not be posted without explicit permission of the copyright holder.
    Accessibility: For information on access or services for
individuals with disabilities, please contact Dr. Holly Stallworth at
(202) 564-2073 or<EMAIL_ADDRESS>To request accommodation of
a disability, please contact Dr. Stallworth preferably at least ten
days prior to the meeting to give EPA as much time as possible to
process your request.

    Dated: July 26, 2012.
 Thomas H. Brennan,
 Deputy Director, EPA Science Advisory Board Staff Office.
[FR Doc. 2012-19134 Filed 8-3-12; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: June 8, 2009 (Volume 74, Number 108)]
[Notices]
[Page 27217-27220]
[DOCID:fr08jn09-116]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60021; File No. SR-Phlx-2009-40]

Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of
Filing of Proposed Rule Change as Modified by Amendment No. 1 Thereto
Relating to Listing and Trading New Currencies

June 1, 2009.
    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 8, 2009, NASDAQ OMX PHLX, Inc. (``Phlx'' or ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I, II,
and III, below, which Items have been prepared by the Exchange. The
Exchange filed Amendment No. 1 to the proposal on May 29, 2009.\3\ 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\ The Commission notes that Amendment No.1 replaces and
supersedes the initial filing in its entirety.
---------------------------------------------------------------------------

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

    The Exchange proposes to amend Phlx rules to: (1) List and trade
U.S. dollar-settled foreign currency options on the Brazilian real,
Chinese yuan,\4\ Danish krone, New Zealand dollar, Mexican peso,
Norwegian krone, Russian ruble, South African rand, South Korean won,
and Swedish krona (the listed currencies are together known as the
``New Currencies'') \5\; (2) clarify definitions regarding the
Currencies, (3) establish position and exercise limits for the
Currencies; (4) clarify the uniform pricing convention (methodology)
for all Currencies; and (5) delete obsolete and out of use references
regarding foreign currency products and processes.
---------------------------------------------------------------------------

    \4\ The Chinese yuan may also be known as renminbi (similarly to
the British pound and sterling).
    \5\ Options on the following U.S. dollar-settled foreign
currencies are currently listed and traded on the Exchange: the
Australian dollar, the Euro, the British pound, the Canadian dollar,
the Swiss franc, and the Japanese yen (together, the ``FCOs'') (the
New Currencies and FCOs are together known as the ``Currencies'').
The product specifications for the U.S. dollar-settled FCOs, which
are not altered by or as a result of this filing, may be found at
http://www.nasdaqtrader.com/Micro.aspx?id=phlxwcoproductspecs.
---------------------------------------------------------------------------

    The Exchange also proposes to amend Phlx Option Floor Procedure
Advices (``OFPAs'' or ``Advices'') to harmonize Exchange Advices and
rules.
    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxphlx.cchwallstreet.com/NASDAQOMXPHLX/
Filings/, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

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

1. Purpose
    The purpose of the proposed rule change is to amend Phlx rules \6\
to: Expand the Exchange's current product offering to include options
on the New Currencies; clarify certain existing Exchange rules relating
to Currencies; establish position limits for Currencies; and clarify
the uniform pricing convention (methodology) for options on Currencies.
In doing so, the Exchange will delete obsolete and out of use
references regarding foreign currency products and processes. The
purpose is also to conform existing Advices \7\ to the rules as
amended.
---------------------------------------------------------------------------

    \6\ Rules 1000 (Applicability, Definitions and References), 1001
(Position Limits), 1002 (Exercise Limits), 1009 (Criteria for
Underlying Securities), 1012 (Series of Options Open for Trading),
1014 (Obligations and Restrictions Applicable to Specialists and
Registered Options Traders), 1016 (Block Transactions in Physical
Delivery Foreign Currency Options), 1027 (Discretionary Accounts),
1033 (Bids and Offers--Premium), 1034 (Minimum Increments), 1044
(Delivery and Payment), 1049 (Communications to Customers), 1057
(U.S. Dollar-Settled Foreign Currency Option Closing Settlement
Value), 1063 (Responsibilities of Floor Brokers), 1069 (Customized
Foreign Currency Options), 1070 (Customer Complaints), 1079 (FLEX
Index, Equity and Currency Options), 1089 (Dealing Directly With
Specialist and Registered Option Trader in Foreign Currency
Options), and 1092 (Obvious Errors and Catastrophic Errors).
    \7\ Option Floor Procedure Advices B-7 (Time Priority of Bids/
Offers in Foreign Currency Options (Physical Delivery Foreign
Currency Option Only)), C-2 (Options Floor Broker Management
System), F-6 (Options Quote Parameters), F-17 (FCO Trades to be
Effected in the Pit (Physical Delivery Foreign Currency Option
Only)), F-18 (FCO Expiration Months and Strike Prices--Selective
Quoting Facility (Physical Delivery Foreign Currency Option Only)),
and F-20 (Quoting and Trading Customized Foreign Currency Options
(Foreign Currency Option Only)).
---------------------------------------------------------------------------

Background
    In January 2007, the Exchange listed and began trading U.S. dollar-
settled FCOs on the British pound and the Euro.\8\ In July 2007, the
Exchange listed and began trading U.S. dollar-settled FCOs on the
Australian dollar, Canadian dollar, Swiss franc, and Japanese yen.\9\
U.S. dollar-settled FCOs continue being traded electronically over the
Exchange's options trading platform, Phlx XL.\10\ Additionally, through
the spring of 2007 the Exchange traded, through open outcry, physical
delivery options on foreign currencies.\11\
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    \8\ See Securities Exchange Act Release No. 54989 (December 21,
2006), 71 FR 78506 (December 29, 2006) (SR-Phlx-2006-34). In
approving the listing and trading of U.S. dollar-settled FCOs on the
British pound and the Euro, the approval order stated that the
listing and trading of additional U.S. dollar-settled FCOs on other
foreign currencies will require the Exchange to file additional
proposed rule changes on Form 19b-4.
    \9\ See Securities Exchange Act Release No. 56034 (July 10,
2007), 72 FR 38853 (July 16, 2007) (SR-Phlx-2007-34).
    \10\ See Securities Exchange Act Release No. 49832 (June 8,
2004), 69 FR 33442 (June 15, 2004) (SR-Phlx-2003-59)(approving Phlx
XL). See also Release No. 59995 (May 28, 2009) SR-Phlx-2009-32
(approving Phlx XL II). The Exchange is rolling out a new trading
platform.
    \11\ Physical delivery options, so named because settlement
could involve delivery of the underlying currency (as opposed to
cash for U.S. dollar-settled FCOs), have traded on the Exchange
since 1982 but are no longer listed and traded. All open interest in
physical delivery options was traded out or expired by the end of
March 2007 and only U.S. dollar-settled FCOs now trade on the
Exchange.

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

    The Exchange proposes to amend Phlx rules and Advices to enable it
to list and trade, over Phlx XL, options on ten New Currencies: the
Mexican peso, the Brazilian real, the Chinese yuan, the Danish krone,
the New Zealand dollar, the Norwegian krone, the Russian ruble, the
South African rand, the South Korean won, and the Swedish krona.\12\
These New Currencies will be listed and traded similarly to U.S.
dollar-settled FCOs that are currently traded on the Exchange, and will
use existing Exchange rules and processes subject to the rule changes
proposed herein.
---------------------------------------------------------------------------

    \12\ CME Group Inc. (``CME''), formerly Chicago Mercantile
Exchange Holdings Inc., lists and trades futures contracts on many
of the New Currencies that are proposed to be listed and traded by
the Exchange (e.g. the Mexican peso, the New Zealand dollar, the
Norwegian krone, the Russian ruble, the Swedish krona, the Brazilian
real, the Chinese renminbi, the South African rand, and the South
Korean won).
---------------------------------------------------------------------------

    The changes proposed herein regarding the methodology or convention
of pricing options on foreign currencies reflect pricing that is
similar in nature to what is being used by other markets that trade
currency options.\13\
---------------------------------------------------------------------------

    \13\ The International Securities Exchange, LLC (``ISE''), for
example, also lists and trades options on certain foreign currencies
(including the Australian dollar, the Euro, the British pound, the
Canadian dollar, the Swiss franc, and the Japanese yen) that are not
fungible with Phlx's U.S. dollar-settled FCOs. See Exchange Act
Release No. 55575 (April 3, 2007), 72 FR 17963 (April 10, 2007) (SR-
ISE-2006-59). ISE, like Phlx, applies multipliers to currency spot
prices so that ISE's currency prices tend to look like the prices of
index and other options.
---------------------------------------------------------------------------

Definitions
    The Exchange proposes to clarify in its Rule 1000 several
definitions in respect of foreign currencies. First, the Exchange
proposes to add ten New Currencies to the six that are currently listed
in Sections 13 (Foreign Currency) and 15 (Unit of Underlying Foreign
Currency) of Rule 1000.\14\
---------------------------------------------------------------------------

    \14\ The Exchange will similarly add the New Currencies
throughout its rules. See, e.g., Rules 1009, 1057, and 1079.
---------------------------------------------------------------------------

    Second, the Exchange proposes to clarify the definition of spot
price in Section 16 (Spot Price) of Rule 1000 by renaming it Exchange
Spot Price and indicating that, to establish the Exchange Spot Price,
the Exchange will apply an appropriate multiplier to the cash market
spot price that it receives from a price quotation dissemination system
chosen by the Exchange.\15\ The multipliers will be applied by the
Exchange so that Exchange Spot Prices would look similar to index
option prices.\16\ Up-front application of appropriate multipliers to
cash market spot prices to get Exchange Spot Prices more accurately
reflects how options on foreign currencies are actually priced by
exchanges that list and trade such products (currently ISE and
Phlx).\17\
---------------------------------------------------------------------------

    \15\ See Securities Exchange Act Release No. 58915 (November 6,
2008), 73 FR 67916 (November 17, 2008) (indicating, among other
things, that Quote Media, Inc. provides spot prices to The NASDAQ
OMX Group, Inc. (``NASDAQ OMX'')). Proposed section 16 of Rule 1000
defines Exchange Spot Price as follows: The term ``Exchange Spot
Price'' in respect of an option contract on a foreign currency means
the cash market spot price, for the sale of one foreign currency for
another, quoted by various foreign exchange participants for the
sale of a single unit of such foreign currency for immediate
delivery that is calculated from the foreign currency price
quotation reported by the foreign currency price quotation
dissemination system selected by the Exchange, to which an
appropriate multiplier is applied. The multiplier(s) will be: 100
for the British pound, the Euro, the Swiss Franc, the Canadian
dollar, the Australian dollar, the Brazilian real, and the New
Zealand dollar; 1,000 for the Chinese yuan, the Danish krone, the
Mexican peso, the Norwegian krone, the South African rand, and the
Swedish krona; 10,000 for the Japanese yen and the Russian ruble;
and 100,000 for the South Korean won.
    \16\ Exchange Spot Prices will generally have two decimal
places. As an example, the Exchange Spot Price for the Japanese yen,
with up-front application of a multiplier of 10,000, may be 80.22--
which reflects how index (and other) options are operationally
priced by the Exchange, ISE, and other markets that trade options on
foreign currencies. In contrast, using the old pricing methodology
(without up-front application of a multiplier) the above-noted spot
price for the Japanese yen would be .008022 (expressed as 80.22).
Moreover, Exchange Spot Prices and what are known as modified spot
prices (that is, spot prices that do not incorporate modifiers but
add them at a later time) are the same values. See Securities
Exchange Act Release No. 57575 (March 28, 2008), 73 FR 18310 (April
3, 2008)(SR-Phlx-2008-06)(describing, among other things, modified
spot prices).
    \17\ NYSE Arca also trades options on certain foreign currencies
that are listed on ISE.
---------------------------------------------------------------------------

    The Exchange will continue to disseminate Exchange Spot Prices and
other FCO-related data such as, for example, U.S. dollar-settled FCO
settlement values and prices (Exchange Spot Prices) over the facilities
of a major public data vendor, such as NASDAQ OMX or one or more other
(NASDAQ OMX-owned or unrelated) major market data vendors.\18\
---------------------------------------------------------------------------

    \18\ See note 10 of Securities Exchange Act Release No. 59611
(March 20, 2009), 74 FR 13498 (March 27, 2009) (SR-Phlx-2009-22)
(notice of filing and immediate effectiveness).
---------------------------------------------------------------------------

Pricing of Options
    Consistent with application by the Exchange of appropriate
multipliers to each currency Exchange Spot Price, the Exchange proposes
to amend Rules 1012, 1014, 1033, 1034, and 1092, and OFPA F-6 to
clarify the uniform foreign currency option pricing convention and
thereby greatly simplify the pricing of such options. The uniform
pricing convention will carry through all of the Exchange's rules
relating to foreign currency options.
    Rule 1012, Commentary .06 currently states that, assuming certain
spot price levels, the Exchange may initially list exercise strike
prices of the Euro in the range of $.9500 (expressed as $95) to $1.0550
(expressed as $105.50). That is, options on foreign currencies are
currently priced in Commentary .06 without application of a multiplier
and are followed by an ``expressed as'' price. The Exchange proposes to
clarify Commentary .06 to reflect how options are actually priced by
applying an appropriate modifier up-front to the price. As such, there
would be no need for the Exchange to follow FCO prices of several
decimal places with ``expressed as'' prices, and the above-noted
example in Commentary .06 would state that the Exchange may initially
list exercise strike prices of the Euro in the range of $95 to $105.50.
    The Exchange proposes to modify Rule 1012 such that Exchange Strike
Prices may be listed within a 40 percent band (20 percent above and 20
percent below) around Exchange Spot Prices at fifty cent ($.50)
intervals. This would result in no more than eighty-one strike prices
available for trading.\19\ Regarding long-term options, the Exchange
proposes to clarify that the Exchange may list up to ten options series
having up to thirty-six months from the time they are listed until
expiration.\20\ The Exchange proposes to establish that FLEX currency
options will similarly

have expiration dates of up to three years.\21\
---------------------------------------------------------------------------

    \19\ The Exchange may initially list exercise strike prices for
each expiration of U.S. dollar-settled options on currencies within
a 40 percent band around the current Exchange Spot Price at fifty
cent ($.50) intervals. Thus, if the Exchange Spot Price of the Euro
were at $100.00, the Exchange would list strikes in $.50 intervals
up to $120.00 and down to $80, for a total of eighty-one strike
prices available for trading. As the Exchange Spot Price for U.S.
dollar-settled FCOs moves, the Exchange will list new strike prices
that, at the time of listing, do not exceed the Exchange Spot Price
by more than 20 percent and are not less than the Exchange Spot
Price by more than 20 percent. For example, if at the time of
initial listing, the Exchange Spot Price of the Euro is at $100.00,
the strike prices the Exchange will list will be $80.00 to $120.00.
If the Exchange Spot Price then moves to $105.00, the Exchange may
list additional strikes at the following prices: $105.50 to $126.00.
Proposed Commentary .06 to Rule 1012.
    \20\ Long-Term Series. The Exchange may list, with respect to
any U.S. dollar-settled foreign currencies, options having up to
three years from the time they are listed until expiration. There
may be up to ten options series, options having up to thirty-six
months from the time they are listed until expiration. There may be
up to six additional expiration months. Strike price interval, bid/
ask differential and continuity rules shall not apply to such
options series until the time to expiration is less than nine
months. Proposed Rule 1012(a)(iii)(C).
    \21\ See proposed Rule 1079(a)(6).
---------------------------------------------------------------------------

    Rule 1014, like Rule 1012, is proposed to be amended to reflect
uniform FCO pricing that no longer requires indicating bid/ask prices
with many decimal places that are also expressed as different, index
option-like values after appropriate multipliers are applied.\22\
---------------------------------------------------------------------------

    \22\ Options on U.S. dollar-settled FCO. With respect to all
U.S. dollar-settled FCO bidding and/or offering so as to create
differences of no more than $.25 between the bid and the offer for
each option contract for which the prevailing bid is less than
$2.00; no more than $.40 where the prevailing bid is $2.00 or more
but less than $5.00; no more than $.50 where the prevailing bid is
$5.00 or more but less than $10.00; no more than $.80 where the
prevailing bid is $10.00 or more but less than $20.00; and no more
than $1.00 where the prevailing bid is $20.00 or more. Proposed
1014(c)(i)(A). The Exchange proposes similar changes to OFPA F-6.
---------------------------------------------------------------------------

    Rule 1033, which applies to all Currencies, is proposed to be
amended to clarify that premiums on all U.S. dollar-settled FCOs will
be calculated in the same way for all options. The Exchange proposes to
delete unnecessary rule text that indicates that the first two decimal
places will be omitted for bid and offer quotations for the British
pound, the Swiss franc, the Canadian dollar, the Australian dollar, and
the Euro, and the first four decimal places will be omitted from bid
and offer quotations for the Japanese yen. The Exchange also proposes
to provide a clear example of how premiums will be calculated on
foreign exchange options: E.g., a bid of ``3.25'' for a premium on a
$170 strike price option on the British pound shall represent a bid to
pay $325 per option contract.\23\
---------------------------------------------------------------------------

    \23\ Rule 1033 currently states that the first two decimal
places shall be omitted from all bid and offer quotations for the
British pound, the Swiss franc, the Canadian dollar, the Australian
dollar, and the Euro, and the first four decimal places shall be
omitted from all bid and offer quotations for the Japanese yen
(e.g., a bid of ``9.2'' for an option contract on the British pound
shall represent a bid to pay $.0920 per unit of underlying foreign
currency--i.e., a premium of $2,875--for an option contract having a
unit of trading of 31,250 pounds; a bid of .44 for an option
contract on the Euro shall represent a bid to pay .0044 per unit of
underlying foreign currency--i.e. a premium of $275--for an option
contract having a unit of trading of 62,500 Euros; a bid of ``1.6''
for an option contract on the Japanese yen shall represent a bid to
pay $.000160 per unit of underlying foreign currency--i.e., a
premium of $1,000--for an option contract having a unit of trading
of 6,250,000 yen).
---------------------------------------------------------------------------

    Rule 1034 currently prescribes the minimum trading increments for
all U.S. dollar-settled FCOs.\24\ This rule, which will apply to the
New Currencies as well, is proposed to be amended to clarify that
minimum price increments for all currencies will remain at $.01, but
without the need to indicate different minimum price increments for
different currencies that are thereafter each ``expressed as
$.01''.\25\
---------------------------------------------------------------------------

    \24\ Rule 1034 currently states that the minimum increments for
options on various currencies using ``expressed as'' pricing (e.g.
$.0001 (expressed as $.01) for the British pound and $.000001
(expressed as $.01) for the Japanese yen).
    \25\ All options on foreign currencies where the underlying
foreign currency is not the U.S. dollar shall have a minimum
increment of $.01. Proposed Rule 1034.
---------------------------------------------------------------------------

    Rule 1092 and OFPA F-6 are likewise proposed to be amended to
clarify that option prices will no longer be indicated in terms of
several decimal places that are then expressed as different values.\26\
---------------------------------------------------------------------------

    \26\ Proposed Rule 1092(a)(i) indicates, for example:
     Theoretical price--Below $2; Minimum amount--$.25.
     Whereas, current Rule 1092(a)(i) indicates:
     Theoretical price--Below $ .02 (expressed as 2); Minimum
amount--$.0025 (expressed as .25).
---------------------------------------------------------------------------

Position Limits
    Rule 1001 establishes position limits for FCOs at 200,000 on the
same side of the market relating to the same underlying currency.\27\
The Exchange proposes to amend Rule 1001 to establish three levels of
position limits for FCOs. Specifically, the Exchange proposes the
following position limits:
---------------------------------------------------------------------------

    \27\ Rule 1001 currently also indicates position limits of
100,000 contracts for options on the Mexican peso traded as a
customized option per Rule 1069. Because Rule 1069 and other
references to customized options, among them options on the Mexican
peso, are deleted in this filing, the 100,000 contact position limit
on the Mexican peso will be deleted.
---------------------------------------------------------------------------

    (1) 300,000 contracts for options on: the Mexican peso, the
Brazilian real, the Chinese yuan, the Danish krone, the Norwegian
krone, the Russian ruble, the South African rand, the South Korean won,
the Swedish krona;
    (2) 600,000 contracts for options on: the British pound, the Swiss
franc, the Canadian dollar, the Australian dollar, the Japanese yen,
and the New Zealand dollar; and
    (3) 1,200,000 contracts for options on the Euro.\28\
---------------------------------------------------------------------------

    \28\ See proposed Commentary .05(b) to Rule 1001.

The position limits proposed by the Exchange are similar to those used
by other markets that trade foreign currency options.\29\
---------------------------------------------------------------------------

    \29\ See, e.g., Securities Exchange Act Release No. 55575 (April
3, 2007), 72 FR 17963 (April 10, 2007) (SR-ISE-2006-59) (order
approving, among other things, proposal to establish 1,200,000,
600,000, and 300,000 contract position limits for foreign currency
options).

    The Exchange also proposes to eliminate from Rules 1001 and 1079
the practice of fractional counting of U.S. dollar-settled foreign
currency option contracts for position limit purposes. Fractional
counting was needed to establish position limit equivalency between the
Exchange's physical delivery option contracts and U.S. dollar-settled
option contracts, which had different sized contracts on the same
underlying currencies.\30\ Because physical delivery foreign currency
options are no longer traded on the Exchange, however, it is no longer
necessary to have fractional counting differentiations in Rule 1001 and
they are being eliminated.
---------------------------------------------------------------------------

    \30\ U.S. dollar-settled option contracts generally were smaller
than physically traded option contracts.
---------------------------------------------------------------------------

    Rule 1057 currently provides for the determination of closing
settlement values for options on the six foreign currency options that
trade on the Exchange. Rule 1079 currently provides for the similar
determination of closing settlement values for FLEX foreign currency
options that trade on the Exchange. In both rules, the closing
settlement price for U.S. dollar-settled FCOs is the Spot Price at
12:00:00 Eastern Time (noon) on the last trading day prior to
expiration. \31\ Rules 1057 and 1079 are updated commensurate with the
clarification of the pricing convention in this filing. In particular,
Rules 1057 and 1079 are proposed to be amended to add the New
Currencies and reflect that the Exchange Spot Price per Rule 1000(b)16
will be the settlement price.\32\ The Exchange believes that these
modifications would reflect the proper methodologies for calculating
closing settlement values for options on its foreign currency products.
The rules will continue to permit the Exchange to apply alternative
closing settlement values as a result of extraordinary circumstances.
---------------------------------------------------------------------------

    \31\ The closing settlement value was changed from the Noon
Buying Rate received from the Federal Reserve Bank of New York to
the spot price at 12:00:00 Eastern Time (noon) on the last trading
day prior to expiration. See Securities Exchange Act Release No.
58915 (November 6, 2008), 73 FR 67916 (November 17, 2008) (SR-Phlx-
2008-68) (notice of filing and immediate effectiveness).
    \32\ The closing settlement value for the U.S. dollar-settled
FCO on the Australian dollar, the Euro, the British pound, the
Canadian dollar, the Swiss franc, the Japanese yen, the Mexican
peso, the Brazilian real, the Chinese yuan, the Danish krone, the
New Zealand dollar, the Norwegian krone, the Russian ruble, the
South African rand, the South Korean won, and the Swedish krona
shall be the Exchange Spot Price at 12:00:00 Eastern Time (noon) on
the last trading day prior to expiration unless the Exchange
determines to apply an alternative closing settlement value as a
result of extraordinary circumstances. Proposed Rule 1057. See also
proposed Rule 1079.
---------------------------------------------------------------------------

    In addition to the specific proposed rule changes, options on the
New Currencies would be subject to the same rules and processes that
now apply to existing options on foreign currencies.

Systems Capacity and Surveillance
    The Exchange represents that it has the necessary systems capacity
to support new options series that will result from the introduction of
options on the New Currencies. The Exchange represents that it has an
adequate surveillance program in place for trading U.S. dollar-settled
FCOs. The Exchange will apply the same surveillance program to the New
Currencies.\33\
---------------------------------------------------------------------------

    \33\ The Exchange is a member of the Intermarket Surveillance
Group (``ISG'') under the Intermarket Surveillance Group Agreement,
dated June 20, 1994, and may obtain trading information via the ISG
from other exchanges who are members or affiliates of the ISG. The
members of the ISG include all of the U.S. registered stock and
options markets. The ISG members work together to coordinate
surveillance and investigative information sharing in the stock and
options markets. In addition, the major futures exchanges are
affiliated members of the ISG, which allows for the sharing of
surveillance information for potential intermarket trading abuses.
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Housekeeping Changes
    Finally, the Exchange proposes technical, housekeeping rule changes
to delete obsolete and out of use references, rules and Advices
regarding foreign currency products and processes. These include
references to cross-rate, physical delivery, and customized foreign
currency options; currency and currency index warrants; currency
products that are no longer traded; and Regulatory Services Post, which
no longer exist.\34\
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    \34\ See, e.g., Rules 1000 Sections 14, 15, 21, 38, and 40;
1001, 1002, 1009, 1034 and 1069 (cross-rate foreign currency
options); 1012, 1014, 1016, 1034, 1044 and 1063 (physical delivery
foreign currency options); 1001, 1009, 1033, 1034, 1063, 1069 and
1079 (customized foreign currency options); 1049, 1070 and 1089
(currency warrants); and 1079 (Regulatory Services Post). See also
OFPAs B-7, F-17 and F-18 (physical delivery foreign currency
options); and C-2 and F-20 (customized foreign currency options).
See also Rule 1014 correcting typographical errors.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \35\ in general, and furthers the objectives of Section
6(b)(5) of the Act \36\ in particular, in that it is 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, by offering investors the ability to invest in options on the
New Currencies and by clarifying and simplifying existing rules
relating to the pricing of currency options including expression of
strike, bid and ask, spot, and settlement prices.
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    \35\ 15 U.S.C. 78f(b).
    \36\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others

    No written comments were either solicited or received.

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.
    The Exchange has requested accelerated approval of this proposed
rule change prior to the 30th day after the date of publication of
notice in the Federal Register. The Commission is considering granting
accelerated approval of the proposed rule change at the end of a 15-day
comment period.

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 Number SR-Phlx-2009-40 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-Phlx-2009-40. 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-Phlx-2009-40 and should be
submitted on or before June 23, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
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    \37\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-13210 Filed 6-5-09; 8:45 am]

BILLING CODE 8010-01-P