[Federal Register Volume 74, Number 194 (Thursday, October 8, 2009)]
[Notices]
[Pages 51935-51939]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-24242]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60775; File No. SR-CHX-2009-11]


Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of a Proposal Relating to 
Exchange Rule Regarding Clearly Erroneous Transactions

October 2, 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 October 1, 2009, Chicago Stock Exchange, Inc. (``Exchange'' or 
``CHX'') 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. CHX has 
designated the proposed rule change as constituting a rule change under 
Rule 19b-4(f)(6) under the Act,\3\ which renders the proposal effective 
upon filing with the Commission. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).

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

[[Page 51936]]

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

    The CHX proposes to amend its rules regarding clearly erroneous 
transactions. The text of this proposed rule change is available on the 
Exchange's Web site at (http://www.chx.com) and in 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 CHX included statements 
concerning the purpose of and basis for the proposed rule changes and 
discussed any comments it received regarding the proposal. The text of 
these statements may be examined at the places specified in Item IV 
below. The CHX 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 Exchange proposes to modify Article 20, Rules 10 and 11 in 
order to improve the Exchange's policies and procedures regarding 
clearly erroneous executions. The proposed changes are part of a 
market-wide effort designed to provide transparency and finality with 
respect to clearly erroneous executions. This effort seeks to achieve 
consistent results for participants across U.S. equities exchanges 
while maintaining a fair and orderly market, protecting investors and 
protecting the public interest. The proposed changes are more fully 
discussed below.
Definition
    The Exchange will maintain the meaning of the definition of a 
clearly erroneous execution, but proposes to add clarifying language 
with respect to cancelled trades. The proposed change identifies that a 
transaction made in clearly erroneous error and agreed to be canceled 
by both parties or determined by the Exchange to be clearly erroneous 
will be removed ``from the Consolidated Tape.''\4\ A trade will only be 
removed from the Consolidated Tape when the determination is deemed 
final and any applicable appeals have been exhausted.
---------------------------------------------------------------------------

    \4\ For purposes of this Rule, ``removed from the Consolidate 
Tape'' means that a subsequent message will be sent to the 
Consolidated Tape indicating that a previously executed trade has 
been cancelled.
---------------------------------------------------------------------------

Participant Initiated Review Requests
    The Exchange proposes to amend Article 20, Rule 10(b) to update the 
procedures for requesting a review of a clearly erroneous transaction. 
First, the proposed rule would require that requests for review be made 
only by electronic mail (``email'') or other electronic means specified 
from time to time by the Exchange. Under its current rules, the 
Exchange also allows requests to be made via facsimile. Requiring 
requests for review to be made via email creates a standard format that 
can easily be logged and tracked. The Exchange will republish the email 
address or other electronic means to be used for all clearly erroneous 
filings in a circular distributed to Participants.\5\
---------------------------------------------------------------------------

    \5\ Article 1, Rule 1(s) defines a Participant as any 
Participant Firm that holds a valid Trading Permit.
---------------------------------------------------------------------------

    The amended rule specifies that requests for review must be 
received by the Exchange within 30 minutes of the execution time for 
orders initially routed to and executed on the Exchange. The Exchange 
proposes that Participants submit certain essential identifying 
information with the request including the time of the transaction(s), 
security symbol(s), number of shares, price(s), side (bought or sold), 
and factual basis for believing that the trade is clearly erroneous. 
The current rule already requires requests for review to be received 
within 30 minutes of the execution, but only requires submission of 
such information which is ``reasonably necessary for use by the 
Exchange in resolving the matter.''
    The proposed rule also requires the Exchange to notify the 
counterparty to a trade upon receipt of a timely filed request for 
review that satisfies the numerical guidelines set forth within the 
Rule. This proposed language requires notice only when a request is 
filed in a timely manner and satisfies the Numerical Guidelines. This 
change alleviates any potential burden on the Exchange of notifying the 
counterparty when a request for review does not merit a ruling.
    The Exchange proposes to amend Article 20, Rule 10 to allow an 
Officer of the Exchange or such other employee designee (``Officer'') 
of CHX to request additional information from each party to a 
transaction under review. Parties to the review will have 30 minutes 
from the time of the request to provide additional supporting 
information.
    Routed Executions
    The Exchange proposes to give other market centers an additional 30 
minutes from the receipt of their participant's timely filing to 
request a ruling, but no longer than 60 minutes from the time of the 
execution under review. This provision accounts for those executions 
initially directed to an away market center and subsequently routed by 
that away market center to the Exchange.
    For example, assume an order is initially routed by a participant 
to Market Center A and subsequently routed to the CHX where the order 
is executed at a price outside of the Numerical Guidelines. This 
provision generally requires Market Center A to file with the Exchange 
within 30 minutes from the time it receives its participant's timely 
filed request for review. This provision caps the filing deadline for 
an away market center at 60 minutes from the time of the execution 
under review.
    Threshold Factors
    Currently, the Exchange's Clearly Erroneous Execution rule 
specifies numeric guidelines for determining what constitutes a clearly 
erroneous transaction. These guidelines are an offset of at least 
twenty percent (20%) from the prevailing National Best Bid or Offer 
(``NBBO'') at the time of trade execution for transactions under $1. 
For transactions at or exceeding $1, the relevant NBBO offset is ten 
percent (10%). The Exchange proposes to modify its existing numerical 
thresholds to conform to those being adopted by other trading centers.
    Numerical Guidelines
    The proposed numerical guidelines state that a transaction executed 
during the Early Session, \6\ Regular Trading Session ,\7\ Late Trading 
Session \8\ or Late Crossing Session \9\ may be found to be clearly 
erroneous only if the price of the transaction to buy is greater, or 
less in the case of a sale, than the reference price by an amount that 
equals or exceeds the numerical guidelines for a particular transaction 
category. The Reference Price shall be equal to the Consolidated Last 
Sale immediately prior to the execution under review, unless unusual 
circumstances are present. The proposed guidelines for sales greater 
than $0.00 up to and including $25.00 are 10% for the Regular Trading 
Session and 20% for the Early, Late Trading and Late Crossing Sessions. 
The proposed guidelines for sales greater than $25.00

[[Page 51937]]

up to and including $50.00 are 5% for the Regular Trading Session and 
10% for the Early, Late Trading and Late Crossing Sessions. The 
proposed guidelines for sales greater than $50.00 are 3% for the 
Regular Trading Session and 6% for the Early, Late Trading and Late 
Crossing Sessions. A filing involving five or more securities by the 
same ETP Holder will be aggregated into a single filing called a 
``Multi-Stock Event.'' In the case of a Multi-Stock Event, the proposed 
guidelines are 10% for the Regular Trading Session and 10% for the 
Early, Late Trading and Late Crossing Sessions. In the case of 
Leveraged ETF/ETN securities, the above guidelines are to be multiplied 
by the leverage multiplier of the security. Executions that do not meet 
or exceed the Numerical Guidelines will not be eligible for review 
under this section. The following chart summarizes the proposed 
Numerical Guidelines.
---------------------------------------------------------------------------

    \6\ The Early Session '' shall begin at 6 a.m. and shall end at 
8:30 a.m. [Central Time] and shall end at 8:30 a.m. [Central 
Time].'' Article 20, Rule 1(b).
    \7\ The Regular Trading Session ``shall begin at 8:30 a.m. 
[Central Time] and shall end at 3 p.m. each day for all 
securities.'' Article 20, Rule 1(b).
    \8\ The Late Trading Session begins ``immediately after the 
close of the second session and shall end at 3:15 p.m. [Central 
Time].'' Article 20, Rule 1(b).
    \9\ The Late Crossing Session begins ``immediately after the 
close of the third session and shall end at 4 p.m. [Central Time].'' 
Article 20, Rule 1(b).

----------------------------------------------------------------------------------------------------------------
                                                                                  Early, Late Trading and Late
                                             Regular Trading Session Numerical     Crossing Session Numerical
  Reference price: Consolidated Last Sale    Guidelines (subject transaction's         Guidelines (subject
                                                   % difference from the         transaction's % difference from
                                                  Consolidated Last Sale):        the Consolidated Last Sale):
----------------------------------------------------------------------------------------------------------------
Greater than $0.00 up to and including       10%..............................  20%.
 $25.00.
Greater than $25.00 up to and including      5%...............................  10%.
 $50.00.
Greater than $50.00........................  3%...............................  6%.
Multi-Stock Event--Filings involving five    10%..............................  10%.
 or more securities by the same ETP Holder
 will be aggregated into a single filing.
Leveraged ETF/ETN securities...............  Regular Trading Session Numerical  Regular Trading Session
                                              Guidelines multiplied by the       Numerical Guidelines multiplied
                                              leverage multiplier (i.e., 2x).    by the leverage multiplier
                                                                                 (i.e., 2x).
----------------------------------------------------------------------------------------------------------------

    Establishing Numerical Guidelines which are consistent with other 
market centers within the Rule brings regulatory transparency and 
consistency in the application of the rules of the Exchange. These 
Numerical Guidelines represent the general consensus approach and were 
developed based on the collective experiences of a market-wide group. 
The Exchange believes that the Thresholds established are fair and 
appropriate and apply evenly to all participants.

    Unusual Circumstances
    The CHX further proposes that in Unusual Circumstances the Exchange 
may, in its discretion and with a view toward maintaining a fair and 
orderly market, use a Reference Price other than the consolidated last 
sale. Unusual Circumstances may include periods of extreme market 
volatility, sustained illiquidity, or widespread system issues. Other 
Reference Prices that the Exchange may use would include the 
consolidated inside price, the consolidated opening price, the 
consolidated prior close, or the consolidated last sale prior to a 
series of executions.
    The following example explains the use of a Reference Price equal 
to the consolidated last sale prior to a series of executions.

    ABC has a consolidated last sale of $10.00. During the Regular 
Trading Session Customer A enters a market order to buy 10,000 
shares, although it had intended a market order for 1,000 shares. 
The size of the order is such that the order sweeps the CHX Book, 
which reflects 1,000 shares of liquidity offered at each of the 
following prices. Executions occur, moving through the depth of 
Book, as follows:

Trade 1--1000 shares @ $10.00 (9000 remaining)
Trade 2--1000 shares @ $10.20 (8000 remaining)
Trade 3--1000 shares @ $10.40 (7000 remaining)
Trade 4--1000 shares @ $10.60 (6000 remaining)
Trade 5--1000 shares @ $10.80 (5000 remaining)
Trade 6--1000 shares @ $11.00 (4000 remaining)
Trade 7--1000 shares @ $11.20 (3000 remaining)
Trade 8--1000 shares @ $11.40 (2000 remaining)
Trade 9--1000 shares @ $11.60 (1000 remaining)
Trade 10--1000 shares @ $11.80 (complete)
    Thus, to be eligible for review, a transaction must be at a price 
that is at least 10% higher than the consolidated last sale prior to 
the series of executions. Customer A could request a ruling for trades 
6 through 10, priced at $11.00 and above, but trades 
1 through 5 would not be eligible for review.
    Under the proposed rule the Exchange may also use a higher 
numerical guideline if, after market participants have been alerted to 
erroneous activity, the price of the security returns toward its prior 
trading range but continues to trade beyond the price it would have 
normally been busted.

    Joint Market Rulings
    In the interest of achieving consistency across markets, the 
Exchange proposes that, in events that involve other markets, the 
Exchange would have the ability to use a different Reference Price and/
or Numerical Guideline. In these instances the Reference Price would be 
determined based on a consensus among the Exchanges where the 
transactions occurred. Furthermore, when a ruling is made across 
markets, the Exchange may determine that the ruling is not eligible for 
appeal because immediate finality is necessary to maintain a fair and 
orderly market and to protect investors and the public interest.

    Additional Factors
    The proposed amendments to Article 20, Rules 10 and 11 also 
enumerate some additional factors that an Officer may consider when 
determining whether an execution is clearly erroneous. These factors 
include, but are not limited to, system malfunctions or disruptions, 
volume and volatility for the security, derivative securities products 
that correspond to greater than 100% in the direction of a tracking 
index, news released for the security, whether trading in the security 
was recently halted/resumed, whether the security is an IPO, whether 
the security was subject to a stock-split, reorganization, or other 
corporate action, overall market conditions, Late Session executions, 
validity of the consolidated tapes trades and quotes, consideration of 
primary market indications, and executions inconsistent with the 
trading pattern in the stock. Each additional factor shall be 
considered with a view toward maintaining a fair and orderly market, 
the protection of investors and the public interest.

    Numerical Guidelines Applicable to Volatile Market Opens
    The Exchange proposes to give itself the ability to expand the 
Numerical Guidelines applicable to transactions occurring between 9:30 
a.m. and 10 a.m. ET based on the disseminated value of the S & P 500 
Futures at 9:15 a.m. ET. When the S&P Futures are up or down from 3% up 
to but not including 5% at

[[Page 51938]]

9:15 a.m., the Numerical Guidelines are doubled. When the S&P Futures 
are up or down 5% or greater at 9:15 a.m., the Numerical Guidelines are 
tripled. The Exchange believes that the S&P 500 futures contract is an 
appropriate and reliable barometer of market activity prior to the 
market opening due to its broad based market coverage and deep 
liquidity. Using the S&P 500 Futures disseminated value at 9:15 a.m. as 
the barometer of market activity, the Exchange is providing a 
transparent means of offering adjusted guidelines in times of volatile 
market activity.

    Outlier Transactions
    The proposed amendments to Article 20, Rule 10 provide that an 
Officer of the Exchange may consider requests for review received after 
thirty minutes, but not longer than sixty minutes after the execution 
in question in the case of an Outlier Transaction. An Outlier 
Transaction is a transaction where, (1) the execution price of the 
security is greater than three times the current Numerical Guidelines, 
or (2) the execution price of the security breaches the 52-week high or 
low, in which case the Exchange may consider Additional Factors to 
determine if the transaction qualifies for review or if the Exchange 
shall decline to act.
Review Procedures
    Initial Determination
    The Exchange proposes to remove language in Article 20, Rules 10 
and 11 that currently allows an Officer to modify one or more of the 
terms of a transaction under review. Under the proposed rule, the 
Officer of the Exchange will only have the authority to break the 
trades or rule to let the trades stand. This change attempts to remove 
the subjectivity from the rule that is necessitated by an adjustment.
    The Exchange also proposes adding language stating that a 
determination shall be made generally within 30 minutes of receipt of 
the complaint, but in no case later than the start of Regular Trading 
on the following trading day. Rulings made outside of 30 minutes by an 
Officer will not fail for lack of timeliness. The guideline simply 
provides participants an appropriate expectation that a ruling will 
generally be made within 30 minutes, and in no case later than the 
start of Regular Trading on the following trading day.

    Appeals
    The Exchange proposes to amend the appeals procedure for trades 
that are deemed to be clearly erroneous. First, the Exchange will no 
longer accept appeal requests via facsimile or in writing (i.e., hand 
delivered). Similar to the proposed language for an initial request for 
a ruling, all appeal requests must be made via email.
    The current rule provides that the Exchange shall review and render 
a decision upon an appeal without specifying any particular timeframe 
in which a decision would be provided by the Exchange. The proposed 
rule offers more definite guidelines to ensure the expedient resolution 
of appeals. It requires the Exchange to review appeals as soon as 
practicable, but generally on the same day as the executions under 
review. Appeals received between 2 p.m. CT and the close of trading in 
the Late Crossing Session should be made as soon as practicable, but in 
no case later than the trading day following the date of the execution 
under review. This revised provision provides participants a reasonable 
expectation of when a ruling on appeal will generally be made.
    Further, the proposed rule declares that any determination made by 
an Officer or by the Committee on Exchange Procedure shall be rendered 
without prejudice as to the right of the parties to the transaction to 
submit their dispute to arbitration. This provision simply clarifies 
the fact that nothing in the proposed rule limits or impedes the rights 
of the parties to arbitrate their dispute.
System Disruption and Malfunctions
    Currently, Systems Disruptions and Malfunctions are addressed in 
Article 20, Rule 11. The Exchange proposes to consolidate these 
provisions within Article 20, Rule 10 for the sake of inter-market 
consistency. Within the current System Disruptions and Malfunctions 
provisions, after an Officer determines that a trade was clearly 
erroneous he may declare the transaction null and void or modify the 
trade to attempt to achieve and equitable rectification of the error. 
The proposed Rule eliminates the Exchange's ability to modify a clearly 
erroneous execution. The Exchange must either uphold or nullify the 
execution based upon the findings of the Officer reviewing the 
execution.
    The proposed Rule provides that, in the event of a disruption or a 
malfunction, an Officer of the Exchange or other senior level employee 
designee will rely on the proposed numerical guidelines in determining 
whether an execution is clearly erroneous. However, the Officer or 
senior level employee may also use a lower Numerical Guideline if 
necessary to maintain a fair and orderly market, protect investors, and 
protect the public interest. The proposed rule also adds that actions 
taken under these circumstances must be taken within 30 minutes of 
detection of the erroneous transaction in the ordinary case, and by no 
later than the start of the Regular Trading Session on the day 
following the date of the execution under review when extraordinary 
circumstances exist.
Officers Acting on Their Own Motion
    The Exchange proposes to add a section to the Rule that will grant 
Officers (or such other senior level employee designee) the ability to 
act on their own motion to review potentially erroneous executions. 
Under the current rule, Officers have the ability to act upon their own 
motion only in the event of a system disruption or malfunction, or when 
extraordinary market conditions or other circumstances exist in which 
the nullification or modification of transactions may be necessary for 
the maintenance of a fair and orderly market or the protection of 
investors and the public interest. The proposed rule would allow an 
Officer of the Exchange or other senior level employee designee to 
review executions and rely on the Numerical Guidelines, under any 
circumstance. In extraordinary circumstances an Officer (or such other 
senior level employee designee) may apply a lower Numerical Guideline 
if it is determined that such action is necessary to maintain a fair 
and orderly market or protect investors and the public interest. In 
some instances the Exchange may detect a single execution that breaches 
the Numerical Guidelines but is not the subject of a ruling request. 
This provision gives the Exchange the ability to review such 
executions. Additionally, in practice clearly erroneous executions 
commonly involve multiple parties and multiple executions. In such 
instances, all affected parties may not request a ruling. The Exchange 
proposes this provision to permit an Officer (or such other senior 
level employee designee) to rule on a group of transactions related to 
the same occurrence or event as a whole, without a formal request for a 
ruling from every affected party.
Trade Nullification for UTP Securities That Are Subject of Initial 
Public Offerings
    The proposed rule also provides a specific policy on trade 
nullification and for UTP securities that are subject to initial public 
offerings. Under the proposed rule, Officers must either declare an 
opening transaction null and void or decline to take action, but can no 
longer be adjusted. Furthermore, the proposed rule requires that, in 
extraordinary circumstances, the reviewing Officer (or such other 
senior

[[Page 51939]]

level employee designee) may take action by no later than the start of 
Regular Trading on the day following the date of the execution under 
review.
Effective Date
    As noted above, the proposed rule amendments are submitted as part 
of a marketwide initiative to standardize the various clearly erroneous 
rules of national securities exchanges. As such, the exchanges have 
agreed to a coordinated implementation and effective date of October 5, 
2009 for these changes.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act in general,\10\ and furthers the 
objectives of Section 6(b)(5) in particular,\11\ in that it is designed 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in facilitating 
transaction in securities, to remove impediments and perfect the 
mechanisms of a free and open market, and, in general, to protect 
investors and the public interest. The proposed rule change provides 
transparency and finality for participants and creates consistent 
results across U.S. equities exchanges with respect to clearly 
erroneous executions. This proposed change further promotes the 
maintenance of a fair and orderly market, the protection of investors 
and the protection of the public interest.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

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

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

    Because the foregoing 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 for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \14\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6) \15\ permits the Commission to 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange requests 
that the Commission waive the 30-day operative delay so that it may 
implement the new rule on October 5, 2009, the same date as the other 
equities exchanges. The Commission believes that waiving the 30-day 
operative delay is consistent with the protection of investors and the 
public interest because it will allow the Exchange to begin applying 
the new rule on the same date as the other equities exchanges.\16\ 
Application of the new rule on this date should help foster 
transparency and consistency among those exchanges that adopt clearly 
erroneous execution rules substantially similar to those previously 
approved by the Commission.\17\ For these reasons, the Commission 
designates that the proposed rule change become operative on October 5, 
2009.
---------------------------------------------------------------------------

    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 17 CFR 240.19b-4(f)(6).
    \16\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposal's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \17\ See Securities Exchange Act Release No. 60706 (September 
22, 2009), 74 FR 49416 (September 28, 2009) (NYSEArca-2009-36).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to [email protected]. Please include 
File Number SR-CHX-2009-11 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-CHX-2009-11. 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 publicly available. All 
submissions should refer to File Number SR-CHX-2009-11 and should be 
submitted on or before October 29, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

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

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-24242 Filed 10-7-09; 8:45 am]
BILLING CODE 8011-01-P