[Federal Register Volume 76, Number 52 (Thursday, March 17, 2011)]
[Notices]
[Pages 14702-14705]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-6172]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64075; File No. SR-Phlx-2011-28]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change by NASDAQ OMX PHLX LLC To Expand the Number of Components in the 
PHLX Oil Service Sector\SM\ Known as OSX \SM\, on Which Options Are 
Listed and Traded

March 11, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given 
that on March 2, 2011, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change as described in Items I, II, 
and III, below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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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 is filing with the Commission a proposal to expand the 
number of components in the PHLX Oil Service Sector\SM\ (the ``Index'' 
or ``OSX\SM\''), on which options are listed and traded, and the Index 
weighting methodology [sic].\3\ No other changes are made to the Index 
or the options thereon.
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    \3\ PHLX Oil Service Sector\SM\ may also be known as PHLX Oil 
Service Sector\SM\ Index or PHLX Oil Service Index.
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    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 proposal is to expand to thirty the number of 
components in the PHLX Oil Service Sector\SM\ or OSX\SM\, on which 
options are listed and traded, and change the Index weighting 
methodology to modified capitalization-weighted.\4\ No other changes 
are made to the Index or the options thereon.
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    \4\ The Exchange notes that changing the weighting of the Index 
from price-weighting to modified capitalization-weighting does not 
by itself require a rule filing proposal because both weighting 
methodologies are acceptable per the current generic index listing 
standards found in Rule 1009A(b)(2). The weighting change is 
included in this proposal only in conjunction with increasing the 
number of Index components by more than the amount indicated in Rule 
1009A(c)(2), which requires a rule filing proposal.
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    OSX\SM\ options subsequent to this proposal will be identical to 
OSX\SM\ options that are currently listed and trading except for the 
number of components in and the weighting methodology of the underlying 
Index; and will trade pursuant to similar contract specifications 
(updated regarding components and weighting methodology).\5\ The only 
post-proposal difference in OSX\SM\ options is that they will overly 
[sic] an Index with thirty components (the current Index has fifteen 
components) that will be modified capitalization-weighted (the current 
Index is price-weighted).
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    \5\ The contract specifications for OSX\SM\ options are 
available at https://www.nasdaqtrader.com/micro.aspx?id=phlxsectorscontractspecs.
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Background
    The Exchange currently has initial listing and maintenance listing 
standards for options on indexes in Rule 1009A that are designed to 
allow the Exchange to list options on narrow-based indexes \6\ and 
broad based indexes\7\ pursuant to generic listing standards (the 
``Index Listing Standards'').\8\ The PHLX Oil Service

[[Page 14703]]

Sector\SM\ is a narrow-based index and OSX\SM\ options overlying the 
Index are listed and traded pursuant to Rule 1009A(b). OSX\SM\ options 
were originally listed and began trading in 1997 pursuant to Exchange 
approval.\9\
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    \6\ A narrow-based index or industry index is defined as: An 
index designed to be representative of a particular industry or a 
group of related industries. The term ``narrow-based index'' 
includes indices the constituents of which are all headquartered 
within a single country. Rule 1000A(b)(12).
    \7\ A broad-based index or market index is defined as: An index 
designed to be representative of a stock market as a whole or of a 
range of companies in unrelated industries. Rule 1000A(b)(11).
    \8\ Rule 1009A establishes generic listing standards for options 
on narrow-based and broad-based indexes pursuant to Rule 19b-4(e) of 
the Act. See Securities Exchange Act Release No. 40761 (December 8, 
1998), 63 FR 70952 (December 22, 1998). The listing standards in 
Rule 1009A are similar to those of other options exchanges such as, 
for example, Chicago Board Options Exchange, Incorporated; 
International Stock Exchange LLC; and The NASDAQ Stock Market LLC.
    \9\ See Securities Exchange Act Release No. 38207 (January 27, 
1997), 62 FR 5268 (February 4, 1997) (SR-Phlx-97-02) (notice of 
filing and immediate effectiveness of proposal to list and trade 
OSX\SM\ options on the Index). On October 21, 2008, in that OSX\SM\ 
options met the generic Index Listing Standards per Rule 1009A, the 
Exchange filed Form 19b-4(e) regarding such options.
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    The PHLX Oil Service Sector\SM\ is a price-weighted index composed 
of fifteen companies that provide oil drilling and production services, 
oil field equipment, support services and geophysical/reservoir 
services. The Index provides exposure to the dynamic oil industry. The 
Index is one of several narrow-based sector indexes on which options 
are listed and traded on the Exchange.\10\ When investors want 
information and investment opportunities specific to the oil industry 
they very often turn to the Index and the OSX\SM\ options traded 
thereon.\11\ The Index has served as an important market indicator and 
OSX\SM\ options a viable trading and investing vehicle in respect of 
the oil services sector [sic].\12\ Recognizing the market-leading 
aspects of the Index, the Exchange is proposing a rule change to 
increase to thirty the number of components in the Index \13\ so that 
OSX\SM\ options may be listed and traded on this premiere index that 
even more effectively reflects the oil services sector.
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    \10\ Other sector indexes on which options are listed and traded 
on the Exchange include: KBW Bank Index\SM\ (BKX\SM\); PHLX Gold/
Silver Sector\SM\ (XAU\SM\); PHLX Housing Sector\SM\ (HGX\SM\); PHLX 
Utility Sector\SM\ (UTY\SM\); SIG Energy MLP Index\SM\ (SVO\TM\); 
SIG Oil Exploration & Production Index\TM\ (EPX\SM\); PHLX 
Semiconductor Sector\SM\ (SOX\SM\); and NASDAQ Internet Index\SM\ 
(QNET\SM\).
    \11\ Other currently available investment products that evaluate 
the oil industry, albeit differently from OSX\SM\, include the Oil 
Services HOLDRs ETF (OIH), iShares Dow Jones U.S. Oil Equipment & 
Services Index Fund (IEZ), SPDR S&P Oil & Gas Equip & Services ETF 
(XES), and PowerShares Dynamic Oil Services Portfolio (PX).
    \12\ During 2010, OSX\SM\ has traded an average of 22,774 
contracts per month and has traded as much as 3,826 contracts in a 
day (February 5, 2010). As of December 31, 2010, there were 11,228 
contracts of open interest in OSX\SM\.
    \13\ A listing of the component securities in the Index is 
available at https://indexes.nasdaqomx.com/weighting.aspx?IndexSymbol=OSX&menuIndex=0 .
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    The Exchange submits that in the proposed expanded form OSX\SM\ 
would continue to meet the relevant generic Index Listing Standards of 
Rule 1009A for listing options. Specifically, all the index maintenance 
requirements in subsection (c) of Rule 1009A applicable to options on 
narrow-based indexes would be met with one exception.\14\ The singular 
exception is the number of components.\15\ In particular, subsection 
(c)(2) of Rule 1009 [sic] indicates that the total number of component 
securities in the index may not increase or decrease by more than 33\1/
3\% from the total number of securities in the index at the time of its 
initial listing; adding components to equal thirty is outside the 
(c)(2) parameter, and is the reason why the Exchange is making the 
current filing.
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    \14\ The maintenance provisions in subsection (c) of Rule 1009A 
state, in part, as applicable to OSX\SM\:
    (1) The conditions stated in subparagraphs (b)(1), (3), (6), 
(7), (8), (9), (10), (11) and (12), must continue to be satisfied, 
provided that the conditions stated in subparagraph (b)(6) must be 
satisfied only as to the first day of January and July in each year; 
(2) The total number of component securities in the index may not 
increase or decrease by more than 33\1/3\% from the number of 
component securities in the index at the time of its initial 
listing, and in no event may be less than nine component securities; 
(3) Trading volume of each component security in the index must be 
at least 500,000 shares for each of the last six months, except that 
for each of the lowest weighted component securities in the index 
that in the aggregate account for no more than 10% of the weight of 
the index, trading volume must be at least 400,000 shares for each 
of the last six months; (4) In a capitalization-weighted index, the 
lesser of the five highest weighted component securities in the 
index or the highest weighted component securities in the index that 
in the aggregate represent at least 30% of the total number of 
stocks in the index each have had an average monthly trading volume 
of at least 1,000,000 shares over the past six months.
    \15\ See supra note 4. While the Exchange will change the 
weighting of the Index from price-weighting to modified 
capitalization-weighting, both weighting methodologies are 
acceptable per the current Index Listing Standards. Rule 
1009A(b)(2).
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Index Design and Index Composition
    Currently, the Index is calculated using a price-weighted index 
methodology. The value of the Index equals the aggregate value of the 
Index share weights, also known as the Index Shares, of each of the 
Index Securities, which is fixed at 10,000,000 multiplied by each such 
security's Last Sale Price,\16\ and divided by the divisor of the 
Index. The divisor serves the purpose of scaling such aggregate value 
to a lower order of magnitude which is more desirable for Index 
reporting purposes. If trading in an Index security is halted on its 
primary listing market, the most recent Last Sale Price for that 
security is used for all index computations until trading on such 
market resumes. Likewise, the most recent Last Sale Price is used if 
trading in a security is halted on its primary listing market before 
the market is open. The Index is ordinarily calculated without regard 
to cash dividends on Index securities.
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    \16\ For purposes of this document, Last Sale Price refers to 
the following: For a security listed on NASDAQ, it is the last sale 
price on NASDAQ, which normally would be the NASDAQ Official Closing 
Price (NOCP) when NASDAQ is closed. For any NYSE-listed or NYSE AMEX 
listed security, it is the last regular way trade reported on such 
security's primary U.S. listing market. If a security does not trade 
on its primary listing market on a given day, the most recent last 
sale price from the primary listing market (adjusted for corporate 
actions, if any) is used.
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    The modified capitalization-weighted methodology is expected to 
retain, in general, the economic attributes of capitalization 
weighting, while providing enhanced diversification. To accomplish 
this, NASDAQ OMX, which maintains the Index, rebalances the Index 
quarterly and adjusts the weighting of Index components.
    Index eligibility is limited to specific security types only. The 
security types eligible for the Index include foreign or domestic 
common stocks, ordinary shares, American Depository Receipts 
(``ADRs''), shares of beneficial interest or limited partnership 
interests, and tracking stocks. Security types not included in the 
Index are closed-end funds, convertible debentures, exchange traded 
funds, preferred stocks, rights, warrants, units and other derivative 
securities.
    As of December 31, 2010, the following were characteristics of the 
Index using a modified capitalization-weighting methodology:

--The total weighted capitalization of all components of the Index was 
$365.08 billion;
--Regarding component capitalization, (a) the highest weighted 
capitalization of a component was $113.93 billion (Schlumberger N.V.), 
(b) the lowest weighted capitalization of a component was $0.80 billion 
(Global Industries, Ltd.), (c) the mean capitalization of the 
components was $12.17 billion, and (d) the median capitalization of the 
components was $4.77 billion;
--Regarding component price per share, (a) the highest price per share 
of a component was $103.54 (Carbo Ceramics, Inc.), (b) the lowest price 
per share of a component was $6.93 (Global Industries, Ltd.), (c) the 
mean price per share of the components was $49.47, and (d) the median 
price per share of the components was $47.92;
--Regarding component weightings, (a) the highest weighting of a 
component was 8% (Schlumberger N.V., Halliburton Company, National

[[Page 14704]]

Oilwell Varco, Inc., Baker Hughes Incorporated, Transocean Ltd 
(Switzerland)), (b) the lowest weighting of a component was 0.43% 
(Global Industries, Ltd.), (c) the mean weighting of the components was 
3.33%, (d) the median weighting of the components was 2.60%, and (e) 
the total weighting of the top five highest weighted components was 40% 
(Schlumberger N.V., Halliburton Company, National Oilwell Varco, Inc., 
Baker Hughes Incorporated, Transocean Ltd (Switzerland));
--Regarding component shares, (a) the most available shares of a 
component was 1.36 billion shares (Schlumberger N.V.), (b) the least 
available shares of a component was 0.02 billion shares (Carbo 
Ceramics, Inc.), (c) the mean available shares of the components was 
0.24 billion shares, and (d) the median available shares of the 
components was 0.13 billion shares;
--Regarding the six-month average daily volumes (``ADVs'') of the 
components, (a) The highest six-month ADV of a component was 14.61 
million shares (Halliburton Company), (b) the lowest six-month ADV of a 
component was 0.22 million shares (Bristow Group Inc.), (c) the mean 
six-month ADV of the components was 3.05 million shares, (d) the median 
six-month ADVs of the components was 1.40 million shares, (e) the 
average of six-month ADVs of the five most heavily traded components 
was 9.70 million shares (Halliburton Company, Weatherford 
International, Ltd (Switzerland), Schlumberger N.V., Transocean Ltd 
(Switzerland), Nabors Industries, Inc. New), and (f) 100% of the 
components had a six-month ADV of at least 200,000; and
--Regarding option eligibility, (a) 100.00% of the components were 
options eligible, as measured by weighting, and (b) 100.00% of the 
components were options eligible, as measured by number.
Index Calculation and Index Maintenance
    The Index is maintained by NASDAQ OMX and index levels are 
calculated continuously, using the Last Sale Price for each component 
stock in the Index. Index values are publicly disseminated at least 
every fifteen seconds throughout the trading day through a major market 
data vendor, namely NASDAQ OMX's index dissemination service. The 
Exchange expects that such dissemination will continue through one or 
more (NASDAQ OMX-owned or unrelated) major market data vendors.\17\
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    \17\ Rule 1009A(b)(12) states that should an underlying index be 
maintained by a broker-dealer, however, the index must be calculated 
by a third party who is not a broker-dealer, and the broker-dealer 
will have to erect a ``Chinese Wall'' around its personnel who have 
access to information concerning changes in and adjustments to the 
index.
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    Appurtenant to review of the Index for purposes of rebalancing, 
component securities are evaluated by NASDAQ OMX. In the event that an 
Index component security no longer meets the requirements for continued 
security eligibility, it will be replaced with a security that is not 
currently in the Index that meets all of the initial security 
eligibility criteria and additional criteria which follow. Securities 
eligible for inclusion will be ranked ascending by market value, 
current price and percentage price change over the previous six months. 
The security with the highest overall ranking will be added to the 
Index provided that the Index then meets the following criteria: No 
single Index security is greater than 30% of the weight of the Index 
and the top five Index securities are not greater than 55% of the 
weight of the Index; and non-U.S. component securities that are not 
subject to comprehensive surveillance agreements do not in the 
aggregate represent more than 15% of the weight of the Index.\18\ In 
the event that the highest-ranking security does not permit the Index 
to meet the above criteria, the next highest-ranking security will be 
selected and the Index criteria will again be applied to determine 
eligibility. The process will continue until a qualifying replacement 
security is selected.\19\ Component changes will be publicly announced.
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    \18\ See Rule 1009A(b).
    \19\ Moreover, changes in the price of an index security driven 
by corporate events such as stock dividends, stock splits, certain 
spin-offs, and rights issuances will be adjusted on the ex-date.
    In the case of a special cash dividend, a determination will be 
made on an individual basis whether to make a change to the price of 
an index security in accordance with its Index dividend policy. If 
it is determined that a change will be made, it will become 
effective on the ex-date and advance notification will be made. 
Ordinarily, whenever there is a change in the price of an index 
security due to stock dividends, stock splits, spin-offs, rights 
issuances, or special cash dividends, the divisor is adjusted to 
ensure that there is no discontinuity in the value of the Index, 
which might otherwise be caused by any such change.
    If the change in total shares outstanding arising from other 
corporate actions is greater than or equal to 10%, the change is 
made as soon as practicable. Otherwise, if the change in total 
shares outstanding is less than 10%, then all such changes are 
accumulated and made effective at one time on a quarterly basis 
after the close of trading on the third Friday in each of March, 
June, September and December. The Index Shares are derived from the 
security's total shares outstanding. Intra-quarter, the Index Shares 
are adjusted by the same percentage amount as the amount that the 
total shares outstanding have changed.
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    In the event a class of index options listed on the Exchange fails 
to satisfy the maintenance listing standards, the Exchange shall not 
open for trading any additional series of options of that class unless 
such failure is determined by the Exchange not to be significant and 
the Commission concurs in that determination, or unless the continued 
listing of that class of index options has been approved by the 
Commission under Section 19(b)(2) of the Act.\20\
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    \20\ 15 U.S.C. 78s(b)(2).
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    The Exchange represents that, if the Index ceases to be maintained 
or calculated, or if the Index values are not disseminated at least 
every fifteen seconds by a widely available source, the Exchange will 
promptly notify the Division of Trading and Markets of the Commission, 
and the Exchange will not list any additional series for trading and 
will limit all transactions in such options to closing transactions 
only for the purpose of maintaining a fair and orderly market and 
protecting investors.
Contract Specifications
    The contract specifications for the proposed expanded Index options 
(updated regarding components and weighting methodology) are, as 
previously noted, identical to the current narrow-based Index options 
that are currently listed and traded on the Exchange.\21\ Options on 
the Index are European-style and A.M. cash-settled. The Exchange's 
trading hours for index options (9:30 a.m. to 4 p.m. ET), will apply to 
options on OSXSM.\22\ Exchange rules that are applicable to 
the trading of options on indexes will continue to apply to the trading 
of options on OSXSM.\23\
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    \21\ See supra note 5.
    \22\ See Rule 101.
    \23\ For trading rules applicable to trading index options, see 
Rules 1000A et seq. For trading rules applicable to trading options 
generally, see Rules 1000 et seq.
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    The strike price intervals for OSXSM options contracts 
will remain the same as those currently in use: $1 or greater.\24\ The 
minimum increment size for series trading below $3 will remain $0.05, 
and for series trading at or above $3 will remain $0.10.\25\ The 
Exchange's margin rules will be applicable.\26\ The Exchange will 
continue to list options on OSXSM

[[Page 14705]]

in up to three months from the March, June, September, December cycle 
plus two additional near-term months (that is, as many as five months 
at all times).\27\ The trading of OSXSM options will 
continue to be subject to the same rules that govern the trading of all 
of the Exchange's index options, including sales practice rules, margin 
requirements, and trading rules.
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    \24\ See Commentary .03 to Phlx Rule 1101A. Rule 1101A generally 
indicates that strike price intervals for index options may be 
$5.00, $2.50 and $1.00.
    \25\ See Phlx Rule 1034(a). However, the rule indicates that 
certain products (e.g. IWM options and Alpha Index options) may 
trade at $0.01 minimum increments.
    \26\ See Phlx Rule 721 et seq.
    \27\ See Phlx Rule 1101A(b).
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Surveillance and Capacity
    The Exchange represents that it has an adequate surveillance 
program in place for options traded on the Index and intends to apply 
those same program procedures that it applies to the Exchange's current 
OSXSM options and other index options. Additionally, the 
Exchange is a member of the Intermarket Surveillance Group (``ISG'') 
under the Intermarket Surveillance Group Agreement, dated June 20, 
1994. ISG members generally 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.\28\
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    \28\ A list of the current members and affiliate members of ISG 
can be found at https://www.isgportal.org/isgPortal/public/members.htm.
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    The Exchange represents that it has the necessary systems capacity 
to continue to support listing and trading OSXSM options.

2. Statutory Basis

    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \29\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \30\ in particular, in that it is designed to 
prevent fraudulent and manipulative acts and practices, to promote just 
and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in facilitating transactions in 
securities, and to remove impediments to and perfect the mechanisms of 
a free and open market and a national market system. The Exchange 
believes that the proposal to expand the OSXSM index will 
allow the Exchange to continue listing and trading options on this 
premiere index that even more effectively reflects [sic] the oil 
services sector.
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    \29\ 15 U.S.C. 78f(b).
    \30\ 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 45 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) As the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission shall: (a) By order approve 
or disapprove such proposed rule change, or (b) institute proceedings 
to determine whether the proposed rule change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to [email protected]. Please include 
File Number SR-Phlx-2011-28 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.
    All submissions should refer to File Number SR-Phlx-2011-28. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml).
    Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for Web site viewing and copying in 
the Commission's Public Reference Room. Copies of the filing also will 
be available for inspection and copying at the principal office of the 
Exchange. All comments received will be posted without change; the 
Commission does not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly.
    All submissions should refer to File Number SR-Phlx-2011-28 and 
should be submitted on or before April 7, 2011.
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    \31\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\31\
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-6172 Filed 3-16-11; 8:45 am]
BILLING CODE 8011-01-P