[Federal Register Volume 76, Number 71 (Wednesday, April 13, 2011)]
[Notices]
[Pages 20775-20779]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-8802]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64244; File No. SR-Phlx-2011-46]


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

April 7, 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 31, 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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[[Page 20776]]

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 Gold/Silver Sector\SM\ (the ``Index'' 
or ``XAU\SM\''), on which options are listed and traded, and the Index 
weighting methodology.\3\ No other changes are made to the Index or the 
options thereon.
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    \3\ PHLX Gold/Silver Sector\SM\ may also be known as Gold/Silver 
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 Gold/Silver Sector\SM\ or XAU\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 capitalization-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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    XAU\SM\ options subsequent to this proposal will be identical to 
XAU\SM\ options that are currently listed and trading except for the 
number of components in the underlying Index; and will trade pursuant 
to similar contract specifications (updated regarding components and 
weighting methodology).\5\ The only post-proposal difference in XAU\SM\ 
options is that they will overlay an Index with thirty components where 
the current Index has sixteen components, and the Index will be 
modified capitalization-weighted where the current Index is 
capitalization-weighted.
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    \5\ The contract specifications for XAU\SM\ options are 
available at https://www.nasdaqtrader.com/micro.aspx?id=phlxsectorscontractspecs.
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Background
    The Gold/Silver Index is a P.M. settled capitalization-weighted 
index composed of the stocks of widely held U.S. listed companies 
involved in the gold/silver mining industry. Options on the Index have 
an American style expiration and the settlement value is based on the 
closing values of the component stocks on the day exercised, or on the 
last trading day prior to expiration.\6\
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    \6\ While the settlement value of a P.M. settled index such as 
XAU\SM\ is based on closing prices of the component securities, the 
settlement value of A.M. settled securities is based on opening 
prices.
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    In 1983 XAU\SM\ options were approved for listing and trading on 
the Exchange as the first options on a narrow-based index; \7\ XAU\SM\ 
options have been listed and have traded continuously on the Exchange 
since December 19, 1983.
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    \7\ See Securities Exchange Act Release No. 20437 (December 2, 
1983), 48 FR 55229 (December 9, 1983) (order approving listing and 
trading options overlying the Gold/Silver Index and the Gaming/Hotel 
Index).
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    In 1994, the Exchange established initial listing standards in Rule 
1009A(b) and (d) for options on indexes that were designed to allow the 
Exchange to initially list and trade options on narrow-based indexes 
\8\ and broad based indexes \9\ pursuant to generic listing standards 
(the ``Index Options Listing Standards'').\10\ In the 1994 generic 
index options filing, the Exchange also established generic continued 
listing standards in Rule 1009A(c) for narrow-based and broad-based 
index options, which apply to index options once they are listed 
pursuant to generic listing standards (the ``Index Options Maintenance 
Standards'').\11\ Because the Index is P.M. settled, it does not meet 
the A.M. settlement requirement of the Index Options Listing 
Standards.\12\ However, the index meets all of the applicable Index 
Options Maintenance Standards.
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    \8\ 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).
    Currently, in addition to Gold/Silver Index, other narrow-based 
sector indexes on which options are listed and traded on the 
Exchange include: KBW Bank Index\SM\ (BKX\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\); PHLX Oil Service 
Sector\SM\ (OSX\SM\); and NASDAQ Internet Index\SM\ (QNET\SM\).
    \9\ 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).
    \10\ See Securities Exchange Act Release No. 34157 (June 3, 
1994), 59 FR 30062-01 (June 10, 1994) (order approving File Nos. SR-
Amex-92-35; SR-CBOE-93-59; SR-NYSE-94-17; SR-PSE-94-07; and SR-Phlx-
94-10) (the ``generic index options filing'').
    \11\ The generic listing standards in Rule 1009A 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), 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.
    \12\ Rule 1009A(b)(1) requires A.M. settlement.
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    In 1996, the Exchange received approval to apply to the Index all 
the Index Options Maintenance Standards of Rule 1009A(c) except the 
requirement that an index option be designated as A.M. settled per 
subsection (b)(1).\13\ Subsection (c) also requires, among other 
things, that the Index comply with the concentration requirements 
specifically set forth in 1009A(b)(6) regarding the Gold/Silver 
Index.\14\ The

[[Page 20777]]

Index meets all of the subsection (c) Index Options Maintenance 
Standards (the A.M. settlement requirement is not applicable to the 
Index) for continued trading of options overlying the Index, with one 
exception as noted below.
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    \13\ See Securities Exchange Act Release No. 37334 (June 19, 
1996), 61 FR 33162 (June 26, 1996) (SR-Phlx-96-03) (order approving 
use of modified Rule 1009A(c) generic maintenance standards in 
respect of options on the Index).
    The maintenance provisions in subsection (c) of Rule 1009A 
state, in part, as applicable to XAU\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.
    \14\ Id. Regarding concentration requirements, subsection 
(b)(6)(i) states that with respect to the Gold/Silver Index, no 
single component shall account for more than 35% of the weight of 
the Index and the three highest weighted components shall not 
account for more than 65% of the weight of the Index; and that if 
the Index fails to meet this requirement, the Exchange shall reduce 
position limits to 8000 contracts on the Monday following expiration 
of the farthest-out, then trading, non-LEAP series.
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    The Gold/Silver Index composed of sixteen companies continues to be 
a prime index that provides exposure to the dynamic gold/silver sector. 
When investors want information and investment opportunities specific 
to the gold/silver sector they most often turn to the Index and the 
XAU\SM\ options traded thereon.\15\ The Index has served as a leading 
market indicator and XAU\SM\ options as a viable trading and investing 
vehicle in respect of the gold/silver sector.\16\ Recognizing the 
market-leading aspects of the Index, the Exchange is proposing a rule 
change to increase to thirty the number of components in XAU\SM\ \17\ 
so that this narrow-based index may even more effectively represent 
this market sector.
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    \15\ Another currently available investment product that 
evaluates the gold sector (only) is the AMEX Gold BUGS Index.
    \16\ During 2010, XAU\SM\ options traded an average of 55,432 
contracts per month and traded as much as 13,581 contracts in a day 
(January 5, 2010). As of December 31, 2010, there were 3,787 
contracts of open interest in XAU\SM\ options.
    \17\ A listing of the component securities in XAU\SM\ is 
available at https://indexes.nasdaqomx.com/weighting.aspx?IndexSymbol=XAU&menuIndex=0.
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    The Exchange submits that in the proposed expanded form the Index 
would continue to meet the relevant Index Options Maintenance Standards 
in subsection (c) of Rule 1009A for listing XAU\SM\ options. 
Specifically, all the applicable index maintenance requirements in 
subsection (c) applicable to options on narrow-based indexes would be 
met with one exception. The singular exception is the number of 
components. In particular, subsection (c)(2) of Rule 1009 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.
Index Design and Index Composition
    Currently, the Index is calculated using a capitalization-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 (components) multiplied by each such security's Last 
Sale Price, and divided by the divisor of the Index. The divisor serves 
the purpose of scaling such aggregate index value to a lower order of 
magnitude which is more desirable for 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 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 common stocks, ordinary 
shares, 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 
$354.60 billion;
--Regarding component capitalization, (a) the highest weighted 
capitalization of a component was $56.55 billion (Freeport-McMoRan 
Copper & Gold Inc.), (b) the lowest weighted capitalization of a 
component was $0.44 billion (Endeavour Silver Corp.), (c) the mean 
capitalization of the components was $11.82 billion, and (d) the median 
capitalization of the components was $5.11 billion;
--Regarding component price per share, (a) the highest price per share 
of a component was $120.09 (Freeport-McMoRan Copper & Gold Inc.), (b) 
the lowest price per share of a component was $6.94 (North American 
Palladium Ltd.), (c) the mean price per share of the components was 
$33.39, and (d) the median price per share of the components was 
$24.62;
--Regarding component weightings, (a) the highest weighting of a 
component was 8% (Freeport-McMoRan Copper & Gold Inc., Barrick Gold 
Corporation, Southern Copper Corporation, Goldcorp Inc., Newmont Mining 
Corporation), (b) the lowest weighting of a component was 0.27% 
(Endeavour Silver Corp.), (c) the mean weighting of the components was 
3.33%, (d) the median weighting of the components was 3.06%, and (e) 
the total weighting of the top five highest weighted components was 40% 
(Freeport-McMoRan Copper & Gold Inc., Barrick Gold Corporation, 
Southern Copper Corporation, Goldcorp Inc., Newmont Mining 
Corporation);
--Regarding component shares, (a) the most available shares of a 
component was 1.13 billion shares (Kinross Gold Corporation), (b) the 
least available shares of a component was 0.05 billion shares (Royal 
Gold, Inc.), (c) the mean available shares of the components was 0.33 
billion shares, and (d) the median available shares of the components 
was 0.19 billion shares;
--Regarding the six-month average daily volumes (``ADVs'') of the 
components, (a) the highest six-month ADV of a component was 11.00 
million shares (Freeport-McMoRan Copper & Gold, Inc.), (b) the lowest 
six-month ADV of a component was 0.52 million shares (Royal Gold, 
Inc.), (c) the mean six-month ADV of the components was 3.53 million 
shares, (d) the median six-month ADVs of the components was 2.20 
million shares, (e) the average of six-month ADVs of the five most 
heavily traded components was 8.99 million shares (Freeport-McMoRan 
Copper & Gold Inc., Hecla Mining Company, Barrick Gold Corporation, 
Yamana Gold, Inc., Silver Wheaton Corp.), and (f) 100% of the 
components had a six-month ADV of at least 200,000; and
    --Regarding option eligibility, (a) 100% of the components were 
options eligible, as measured by weighting, and (b) 100% 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

[[Page 20778]]

one or more (NASDAQ OMX-owned or unrelated) major market data 
vendors.\18\
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    \18\ 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 Security no longer meets the Continued Security Eligibility 
Criteria, 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 follows. 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 25% of the weight of the Index and the top 3 Index 
Securities are not greater than 55% of the weight of the Index; no more 
than 15% of the weight of the Index is composed of non-U.S. component 
securities that are not subject to comprehensive surveillance 
agreements.\19\ 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.\20\ Component changes will be 
publicly announced.
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    \19\ See Rule 1009A(c), which refers to subsections (b)(6) and 
(b)(9).
    \20\ Moreover, changes in the price and/or Index Shares driven 
by corporate events such as stock dividends, stock splits, and 
certain spin-offs and rights issuances will be adjusted on the ex-
date. If the change in total shares outstanding arising from other 
corporate actions is greater than or equal to 10.0%, the change will 
be 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.
     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 Index Shares, a change 
in an Index Security, or a change to the price of an Index Security 
due to 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. All changes are announced in advance and will be reflected 
in the Index prior to market open on the Index effective date.
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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.\21\
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    \21\ 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.\22\ Options on 
the Index are American style and P.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 XAU\SM\.\23\ Exchange rules that are applicable to the 
trading of options on indexes will continue to apply to the trading of 
options on XAU\SM\.\24\
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    \22\ See supra note 5.
    \23\ See Rule 101.
    \24\ 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 XAU\SM\ options contracts will 
remain the same as those currently in use: $2.50 or greater if the 
strike price is less than $200.\25\ 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.\26\ The Exchange's margin rules will be 
applicable.\27\ The Exchange will continue to list options on XAU\SM\ 
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).\28\ The trading of XAU\SM\ 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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    \25\ See Rule 1101A(a). Rule 1101A generally indicates that 
strike price intervals for index options may be $5.00, $2.50 and 
$1.00.
    \26\ See 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.
    \27\ See Rule 721 et seq.
    \28\ See 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 
XAU\SM\ 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.\29\
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    \29\ A list of the current members and affiliate members of ISG 
can be found at http://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 XAU\SM\ options.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \30\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \31\ 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 XAU\SM\ index will allow the 
Exchange to seamlessly continue listing this premiere index and options 
thereon in a manner that even more effectively reflects the gold/silver 
sector.
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    \30\ 15 U.S.C. 78f(b).
    \31\ 15 U.S.C. 78f(b)(5).

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[[Page 20779]]

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-2011-46 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-2011-46. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for 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 
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-Phlx-2011-46 and should be 
submitted on or before May 4, 2011.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\32\
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    \32\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-8802 Filed 4-12-11; 8:45 am]
BILLING CODE 8011-01-P