On October 6th, the SEC granted immediate effectiveness to proposed rule changes individually submitted by the NASDAQ Stock Market and NASDAQ OMX BX modifying their respective limited exceptions to general limitation of liability rules for the payment of claims to users for order processing failures. Under the proposals, each exchange would eliminate the $100,000 and $250,000 daily caps on liability and consider all such claims on a monthly basis, subject to the already existing $500,000 monthly liability cap. The exchanges also propose extending, until 12:00 noon ET on the next business day following the day on which the use of the exchange gives rise to a claim, the time period during which claims seeking compensation must be submitted. Comments should be submitted within 21 days after publication in the Federal Register which is expected during the week of October 12.