Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1 Relating to NYSE Rule 1300 (Gold Shares) and NYSE Rule 51 (Hours of Business), 68870-68871 [E6-20133]

Download as PDF 68870 Federal Register / Vol. 71, No. 228 / Tuesday, November 28, 2006 / Notices 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 inspection and copying in the Commission’s Public Reference Room. Copies of the 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 available publicly. All submissions should refer to File Number SR–NYSE–2006–69 and should be submitted on or before December 13, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.22 Jill M. Peterson, Assistant Secretary. [FR Doc. E6–20130 Filed 11–27–06; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54801; File No. SR–NYSE– 2006–80] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1 Relating to NYSE Rule 1300 (Gold Shares) and NYSE Rule 51 (Hours of Business) ycherry on PROD1PC61 with NOTICES November 21, 2006. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934, as amended (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on October 2, 2006, the New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items 22 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(l). 2 17 CFR 240.19b–4. 15:42 Nov 27, 2006 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The NYSE proposes to amend NYSE Rule 1300 (Gold Shares) and NYSE Rule 51 (Hours for Business) to allow streetTRACKS Gold Shares to open for trading at 8:20 a.m. The text of the proposed rule change, as amended, is available on the Exchange’s Web site at http://www.nyse.com, at NYSE’s principal office, 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 NYSE included statements concerning the purpose of, and basis for, the proposed rule change, as amended, and discussed any comments it received on the proposed rule change, as amended. The text of these statements may be examined at the places specified in Item IV below. The NYSE 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose Since 2004, the Exchange has offered its customers the ability to trade in a gold-based security called streetTRACKS Gold Shares (‘‘Gold Shares’’). Gold Shares represent units of fractional undivided interest in and ownership of the streetTRACKS Gold Trust (the ‘‘Trust’’). The Trust holds gold bullion and the investment objective of the Trust is to reflect the performance of the price of gold bullion, less the Trust’s expenses. Interest in commodity-based securities has increased. In order to remain competitive, the Exchange proposes to amend NYSE Rule 1300 and NYSE Rule 51 to reflect that Gold Shares would open for trading at 8:20 a.m. An 8:20 a.m. opening would coincide with the opening of COMEX trading in gold futures and gold options 3 See Form 19b–4 dated November 6, 2006 (‘‘Amendment No. 1’’). Amendment No. 1 replaced the original filing in its entirety. 1 15 VerDate Aug<31>2005 have been prepared by the Exchange. On November 6, 2006, the Exchange filed Amendment No. 1.3 The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. Jkt 211001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 and thus permit trading in Gold Shares to start at the same time as other goldbased instruments. This would give customers the opportunity to trade an equity product based on the price of gold from the time that gold futures and options on gold futures begin trading on the COMEX. Except for the new opening time, trading in Gold Shares would operate as it does today. The current assigned specialist would continue as the assigned specialist and the stock would continue to trade at its current post and panel. All Exchange systems would be operative beginning at 8:20 a.m. and throughout the trading day including those systems that provide audit trail information. The Exchange surveillances that currently operate during market hours would be in place to coincide with the 8:20 a.m. opening. Further, the Exchange would make sure that either a Floor Governor or two Floor Officials would be available upon the 8:20 a.m. opening. As always, all Exchange Rules would apply upon the open at 8:20 a.m. and throughout the trading day. Furthermore, the Exchange represents that the updated spot price of gold and the Intraday Indicative Value (‘‘IIV’’) for Gold Shares would be available at 8:20 a.m. on the Trust’s Web site (http:// www.streettracksgoldshares.com). The IIV is calculated by the Trust’s Sponsor, World Trust Gold Services, LLC. The Exchange’s Web site (http:// www.nyse.com) provides a link to the Trust’s Web site. The spot price of gold and the IIV on the Trust’s Web site are subject to a 5 to 10 second delay. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 4 in general, and furthers the objectives of Section 6(b)(5) of the Act 5 in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system; and, in general, to protect investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange believes that the proposed rule change will impose no burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. 4 15 5 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). E:\FR\FM\28NON1.SGM 28NON1 Federal Register / Vol. 71, No. 228 / Tuesday, November 28, 2006 / Notices C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has neither solicited nor received comments on this proposal. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 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 will: (A) By order approve such proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room. Copies of such filing also will be available for inspection and copying at the principal office of NYSE. 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 available publicly. All submissions should refer to File Number SR–NYSE–2006–80 and should be submitted on or before December 19, 2006. Commission (‘‘CFTC’’) as commodity pools. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.6 Jill M. Peterson, Assistant Secretary. [FR Doc. E6–20133 Filed 11–27–06; 8:45 am] (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The proposed rule change would amend the definition of ‘‘fund share’’ to include options on equity interests issued by ETFs that trade directly or indirectly in commodity futures products and are therefore subject to regulation by the CFTC as commodity pools. The Commission recently approved a proposed rule change filed by the American Stock Exchange to list and trade options on (1) interests (‘‘Interests’’) issued by the DB Commodity Index Tracking Fund (‘‘DBC Fund’’), whose value is intended to track the performance of the ‘‘Deutsche Bank Liquid Commodity IndexTM— Excess Return’’ (‘‘Index’’),3 and (2) units (‘‘Units’’) issued by the United States Oil Fund, L.P. (‘‘Oil Fund’’), whose value is intended to track the spot price of West Texas Intermediate light, sweet crude oil delivered to Cushing, Oklahoma, less Oil Fund expenses (‘‘Benchmark’’).4 The DBC Fund is a ‘‘feeder fund’’ that invests substantially all of its assets in the DB Commodity Index Tracking Master Fund (‘‘Master Fund’’), and the Master Fund in turn maintains a portfolio of exchange-traded futures on aluminum, gold, corn, wheat, heating oil and light, sweet crude oil. The Index is derived from the prices of those futures contracts. The Master Fund’s portfolio is managed on an ongoing basis by DB Commodity Services LLC, a registered commodity pool operator and commodity trading advisor so that the BILLING CODE 8011–01–P 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: SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54784; File No. SR–OCC– 2006–17] Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2006–80 on the subject line. Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of a Proposed Rule Change Relating to the Definition of Fund Share and Options on Commodity Pool ETFs November 20, 2006. ycherry on PROD1PC61 with NOTICES Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2006–80. 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 VerDate Aug<31>2005 15:42 Nov 27, 2006 Jkt 211001 68871 Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on September 21, 2006, The Options Clearing Corporation (‘‘OCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which items have been prepared primarily by OCC. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change would permit OCC to issue, clear, and settle options on equity interests issued by exchange-traded funds (‘‘ETFs’’) that trade directly or indirectly in commodity futures products and are therefore subject to regulation by the Commodity Futures Trading 6 17 1 15 PO 00000 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). Frm 00078 Fmt 4703 Sfmt 4703 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of such statements.2 2 The Commission has modified parts of these statements. 3 Securities Exchange Act Release No. 54450 (September 14, 2006) 71 FR 55230 (September 21, 2006)[File No. SR–AMEX–2006–44]. 4 Securities Exchange Act Release No. 53582 (March 31, 2006) 71 FR 17510 (April 6, 2006) [File No. SR–AMEX–2005–127]. E:\FR\FM\28NON1.SGM 28NON1

Agencies

[Federal Register Volume 71, Number 228 (Tuesday, November 28, 2006)]
[Notices]
[Pages 68870-68871]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-20133]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54801; File No. SR-NYSE-2006-80]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing of Proposed Rule Change and Amendment No. 1 Relating 
to NYSE Rule 1300 (Gold Shares) and NYSE Rule 51 (Hours of Business)

November 21, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 
1934, as amended (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is 
hereby given that on October 2, 2006, the New York Stock Exchange LLC 
(``NYSE'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change as described in 
Items I, II, and III below, which Items have been prepared by the 
Exchange. On November 6, 2006, the Exchange filed Amendment No. 1.\3\ 
The Commission is publishing this notice to solicit comments on the 
proposed rule change, as amended, from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(l).
    \2\ 17 CFR 240.19b-4.
    \3\ See Form 19b-4 dated November 6, 2006 (``Amendment No. 1''). 
Amendment No. 1 replaced the original filing in its entirety.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The NYSE proposes to amend NYSE Rule 1300 (Gold Shares) and NYSE 
Rule 51 (Hours for Business) to allow streetTRACKS[supreg] Gold Shares 
to open for trading at 8:20 a.m. The text of the proposed rule change, 
as amended, is available on the Exchange's Web site at http://
www.nyse.com, at NYSE's principal office, 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 NYSE included statements 
concerning the purpose of, and basis for, the proposed rule change, as 
amended, and discussed any comments it received on the proposed rule 
change, as amended. The text of these statements may be examined at the 
places specified in Item IV below. The NYSE 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Since 2004, the Exchange has offered its customers the ability to 
trade in a gold-based security called streetTRACKS[supreg] Gold Shares 
(``Gold Shares''). Gold Shares represent units of fractional undivided 
interest in and ownership of the streetTRACKS[supreg] Gold Trust (the 
``Trust''). The Trust holds gold bullion and the investment objective 
of the Trust is to reflect the performance of the price of gold 
bullion, less the Trust's expenses.
    Interest in commodity-based securities has increased. In order to 
remain competitive, the Exchange proposes to amend NYSE Rule 1300 and 
NYSE Rule 51 to reflect that Gold Shares would open for trading at 8:20 
a.m. An 8:20 a.m. opening would coincide with the opening of 
COMEX[supreg] trading in gold futures and gold options and thus permit 
trading in Gold Shares to start at the same time as other gold-based 
instruments. This would give customers the opportunity to trade an 
equity product based on the price of gold from the time that gold 
futures and options on gold futures begin trading on the COMEX[supreg].
    Except for the new opening time, trading in Gold Shares would 
operate as it does today. The current assigned specialist would 
continue as the assigned specialist and the stock would continue to 
trade at its current post and panel. All Exchange systems would be 
operative beginning at 8:20 a.m. and throughout the trading day 
including those systems that provide audit trail information. The 
Exchange surveillances that currently operate during market hours would 
be in place to coincide with the 8:20 a.m. opening. Further, the 
Exchange would make sure that either a Floor Governor or two Floor 
Officials would be available upon the 8:20 a.m. opening. As always, all 
Exchange Rules would apply upon the open at 8:20 a.m. and throughout 
the trading day.
    Furthermore, the Exchange represents that the updated spot price of 
gold and the Intraday Indicative Value (``IIV'') for Gold Shares would 
be available at 8:20 a.m. on the Trust's Web site (http://
www.streettracksgoldshares.com). The IIV is calculated by the Trust's 
Sponsor, World Trust Gold Services, LLC. The Exchange's Web site 
(http://www.nyse.com) provides a link to the Trust's Web site. The spot 
price of gold and the IIV on the Trust's Web site are subject to a 5 to 
10 second delay.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \4\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \5\ in particular, in that it is designed to promote 
just and equitable principles of trade, to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system; and, in general, to protect investors and the public interest.

B. Self-Regulatory Organization's Statement on Burden on Competition
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change will impose no 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

[[Page 68871]]

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    The Exchange has neither solicited nor received comments on this 
proposal.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 35 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 will:
    (A) By order approve 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 rule-comments@sec.gov. Please include 
File Number SR-NYSE-2006-80 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2006-80. 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 inspection and 
copying in the Commission's Public Reference Room. Copies of such 
filing also will be available for inspection and copying at the 
principal office of NYSE. 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 available publicly. All submissions should refer to File Number 
SR-NYSE-2006-80 and should be submitted on or before December 19, 2006.
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-20133 Filed 11-27-06; 8:45 am]
BILLING CODE 8011-01-P