The American Stock Exchange LLC, Boston Stock Exchange, Inc., Chicago Board Options Exchange, Incorporated, International Securities Exchange, LLC, NYSE Arca, Inc., and Philadelphia Stock Exchange, Inc. (each, an Exchange and, collectively, the Exchanges), respectively, filed with the Securities and Exchange Commission proposed rule changes which would eliminate a restriction on Principal Order (P Order) access through the intermarket options market linkage (Linkage).

Currently, once an Exchange automatically executes a P Order in a series of an Eligible Option Class, it may reject any other P Orders sent in the same Eligible Option Class by the same Exchange for 15 seconds after the initial execution unless there is a price change in the receiving Exchange’s disseminated offer (bid) in the series in which there was the initial execution and such price continues to be the national best bid or offer.

The Exchanges proposed to eliminate the Class Gate provision because the Exchanges have removed restrictions on non-customer access to the automatic execution systems thereby rendering the Class Gate restriction unnecessary. The SEC approved the proposed rule changes on an accelerated basis.

 http://www.sec.gov/rules/sro/amex/2007/34-56808.pdf