On August 23rd, the SEC granted immediate effectiveness to NASDAQ OMX PHLX's proposal to change the manner in which the PHLX XL automated options trading system calculates the Opening Quote Range ("OQR") in an options series during the automated opening process. The OQR is a price range outside of which the exchange will not open an option series. The proposal also reflects new system functionality to state that if, at any point during the opening process the ABBO becomes crossed (e.g., 1.05 bid, 1.00 offer), the opening process will be terminated and the exchange will not open the affected series. A new opening process for the affected series will commence at the time the ABBO is uncrossed. Comments are due 21 days after publication in the Federal Register. SEC Release No. 34-62759.