On October 24th, the SEC provided notice of NASDAQ OMX PHLX's proposal to introduce the "Minimum Life Order" for use in the NASDAQ OMX PSX ("PSX") system. PSX was developed to provide an alternative to traditional price-time markets that reward market participants whose systems are quickest to post at a given price. PSX instead allocates execution opportunities based on the size of posted orders. The exchange has devised the Minimum Life Order to further enhance this market model, which is designed to provide market participants with a means to signal that their order will not be cancelled within a given time frame and thereby encourage removers of liquidity to route orders to PSX in the expectation of receiving higher fill rates. Comments should be submitted on or before November 18, 2011. SEC Release No. 34-65610.