Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NYSE Arca Marketplace Trading Sessions, 5782-5783 [E7-1938]

Download as PDF 5782 Federal Register / Vol. 72, No. 25 / Wednesday, February 7, 2007 / Notices 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 Arca. 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–NYSEArca–2006–50 and should be submitted on or before February 28, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–2000 Filed 2–6–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55194; File No. SR– NYSEArca–2007–11] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NYSE Arca Marketplace Trading Sessions January 30, 2007. sroberts on PROD1PC70 with NOTICES Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on January 26, 2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’), through its wholly owned subsidiary NYSE Arca Equities, Inc. (‘‘NYSE Arca Equities’’), filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange. The Exchange filed the proposal pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) thereunder,4 which renders the proposed rule change effective upon filing with the Commission. CFR 200.30–3(a)(12). U.S.C.78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to update the list in NYSE Arca Equities Rule 7.34 of securities eligible to trade in one or more, but not all three, of the Exchange’s trading sessions. The securities to be added to the list are: (1) Ultra Russell 2000 ProShares; (2) Ultra SmallCap600 ProShares; (3) Short Russell 2000 ProShares; (4) Short SmallCap600 ProShares; (5) UltraShort Russell 2000 ProShares; (6) UltraShort SmallCap600 ProShares (each a ‘‘Fund’’). The shares of each Fund (‘‘Shares’’) are traded on NYSE Arca, L.L.C. (‘‘NYSE Arca Marketplace’’), the equities trading facility of NYSE Arca Equities, pursuant to unlisted trading privileges (‘‘UTP’’). The text of the proposed rule change is available on the Exchange’s Web site (http://www.nysearca.com), at the principal office of the Exchange, 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 Exchange included statements concerning the purpose of, and basis for, the proposed rule change. The text of these statements may be examined at the places specified in Item III below. The Exchange 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 Statutory Basis for, the Proposed Rule Change 1. Purpose NYSE Arca Equities Rule 7.34 currently provides, in part, that the NYSE Arca Marketplace shall have three trading sessions each day: An Opening Session (1 a.m. Pacific Time (‘‘PT’’) to 6:30 a.m. PT), a Core Trading Session (6:30 a.m. PT to 1 p.m. PT), and a Late Trading Session (1 p.m. PT to 5 p.m. PT), and that the Core Trading Session for securities described in NYSE Arca Equities Rules 5.1(b)(13), 5.1(b)(18), 5.2(j)(3), 8.100, 8.200, 8.201, 8.202, 8.203, 8.300, and 8.400 (each, a ‘‘Derivative Securities Product’’) shall conclude at 1:15 pm PT.5 8 17 5 NYSE Arca Equities Rules 5.1(b)(13), 5.2(j)(3), 8.100, 8.200, 8.201, 8.202, 8.203, 8.300, and 8.400 relate to Unit Investment Trusts, Investment Company Units, Portfolio Depositary Receipts, Trust Issued Receipts, Commodity-Based Trust 1 15 VerDate Aug<31>2005 21:36 Feb 06, 2007 Jkt 211001 PO 00000 Frm 00108 Fmt 4703 Sfmt 4703 The Exchange also includes in NYSE Arca Equities Rule 7.34 a list of those securities which are eligible to trade in one or more, but not all three, of the Exchange’s trading sessions and maintains on its Web site a list that identifies all securities traded on the NYSE Arca Marketplace that do not trade for the duration of each of the three sessions specified in NYSE Arca Equities Rule 7.34. The Exchange proposes to add the following securities to these lists: (1) Ultra Russell 2000 ProShares; (2) Ultra SmallCap600 ProShares; (3) Short Russell 2000 ProShares; (4) Short SmallCap600 ProShares; (5) UltraShort Russell 2000 ProShares; (6) UltraShort SmallCap600 ProShares.6 These securities are traded on the NYSE Arca Marketplace pursuant to UTP and are Investment Company Units, described in Exchange Rule 5.2(j)(3). 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,7 in general, and furthers the objectives of Section 6(b)(5),8 in particular, in that it is designed to facilitate transactions in securities, to promote just and equitable principles of trade, to enhance competition, and to protect investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. 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 written comments on the proposed rule change. Shares, Currency Trust Shares, Commodity Index Trust Shares, Partnership Units, and Paired Trust Shares, respectively. See Securities Exchange Act Release No. 54997 (December 21, 2006), 71 FR 78501 (December 29, 2006) (SR–NYSEArca–2006– 77) (relating to amendments to NYSE Arca Equities Rule 7.34); Securities Exchange Act Release No. 55178 (January 25, 2007) (SR–NYSEArca–2007–02) (relating to additional amendments to NYSE Arca Equities Rule 7.34). 6 The Commission approved the trading of the Shares of the Funds on the NYSE Arca Marketplace pursuant to UTP in Securities Exchange Act Release No. 55125 (January 18, 2007), 72 FR 3462 (January 25, 2007) (SR–NYSEArca–2006–87). 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(5). E:\FR\FM\07FEN1.SGM 07FEN1 Federal Register / Vol. 72, No. 25 / Wednesday, February 7, 2007 / Notices III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) Impose any significant burden on competition; and (iii) Become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, it has become effective pursuant to Section 19(b)(3)(A) of the Act 9 and Rule 19b–4(f)(6) thereunder.10 The Exchange has asked the Commission to waive the 30-day operative delay. The Commission believes that such waiver is consistent with the protection of investors and the public interest because the proposed rule change should provide transparency and more clarity with respect to the trading hours eligibility of certain derivative securities products and should promote consistency in the trading halts of derivative securities. The Commission notes that this filing does not change the trading hours of the Derivative Securities Products listed in Rule 7.34, but codifies trading hour sessions that have been established through other rule changes or through the use of the Exchange’s generic listing standards pursuant to Rule 19b–4(e) under the Act. For these reasons, the Commission designates the proposed rule change as operative immediately.11 At any time within 60 days of the filing of the proposed rule change the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires an exchange to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Commission has determined to waive the fiveday pre-filing notice requirement in this case. 11 For purposes only of accelerating the operative date of this proposal, the Commission has considered the rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). sroberts on PROD1PC70 with NOTICES 10 17 VerDate Aug<31>2005 21:36 Feb 06, 2007 Jkt 211001 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 e-mail to rulecomments@sec.gov. Please include File Number SR–NYSEArca–2007–11 on the subject line. 5783 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55215; File No. SR– NYSEArca–2006–51] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto Relating to Amendments to Registration Rules of NYSE Arca, Inc. January 31, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 Paper Comments (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on • Send paper comments in triplicate November 14, 2006, NYSE Arca, Inc. to Nancy M. Morris, Secretary, (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed Securities and Exchange Commission, with the Securities and Exchange 100 F Street NE, Washington, DC Commission (‘‘Commission’’) the 20549–1090. proposed rule change as described in Items I, II, and III below, which Items All submissions should refer to File have been substantially prepared by the Number SR–NYSEArca–2007–11. This Exchange. The Exchange filed file number should be included on the subject line if e-mail is used. To help the Amendment No. 1 to the proposed rule change on January 12, 2007. The Commission process and review your Commission is publishing this notice to comments more efficiently, please use solicit comments on the proposed rule only one method. The Commission will change, as amended, from interested post all comments on the Commission’s persons. Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s rules/sro/shtml). Copies of the Statement of the Terms of Substance of submission, all subsequent the Proposed Rule Change amendments, all written statements The Exchange proposes to amend with respect to the proposed rule certain NYSE Arca Rules governing change that are filed with the registration of OTP Holders 3 and Commission, and all written employees of Option Trading Permit communications relating to the (‘‘OTP’’) Firms 4 in order to: (i) Clarify proposed rule change between the Commission and any person, other than registration procedures and make them consistent with the procedures of other those that may be withheld from the self-regulatory organizations (‘‘SROs’’), public in accordance with the and (ii) include an additional provisions of 5 U.S.C. 552, will be registration category in connection with available for inspection and copying in the Exchange’s new options trading the Commission’s Public Reference platform, OX.5 The text of the proposed Room. Copies of such filing will also be rule change is available at NYSE Arca, available for inspection and copying at the Commission’s Public Reference the principal office of the Exchange. All Room, and www.nysearca.com/ comments received will be posted regulation/filings.asp. without change; the Commission does II. Self-Regulatory Organization’s not edit personal identifying Statement of the Purpose of, and information from submissions. You Statutory Basis for, the Proposed Rule should submit only information that you wish to make available publicly. All Change In its filing with the Commission, the submissions should refer to File number Exchange included statements SR–NYSEArca–2007–11 and should be concerning the purpose of and basis for submitted by February 28, 2007. the proposed rule change and discussed For the Commission, by the Division of any comments it received on the Market Regulation, pursuant to delegated proposed rule change. The text of these authority.12 statements may be examined at the Florence E. Harmon, Deputy Secretary. [FR Doc. E7–1938 Filed 2–6–07; 8:45 am] BILLING CODE 8010–01–P 12 17 PO 00000 CFR 200.30–3(a)(12). Frm 00109 Fmt 4703 Sfmt 4703 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See NYSE Arca Rule 1.1(q). 4 See NYSE Arca Rule 1.1(r). 5 See Securities Exchange Act Release No. 54238 (July 28, 2006), 71 FR 44758 (August 7, 2006) (SR– NYSEArca–2006–13). 2 17 E:\FR\FM\07FEN1.SGM 07FEN1

Agencies

[Federal Register Volume 72, Number 25 (Wednesday, February 7, 2007)]
[Notices]
[Pages 5782-5783]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-1938]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55194; File No. SR-NYSEArca-2007-11]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Relating to NYSE 
Arca Marketplace Trading Sessions

January 30, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on January 26, 2007, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange''), 
through its wholly owned subsidiary NYSE Arca Equities, Inc. (``NYSE 
Arca Equities''), filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been substantially prepared by the Exchange. 
The Exchange filed the proposal pursuant to Section 19(b)(3)(A) of the 
Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposed 
rule change effective upon filing with the Commission.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to update the list in NYSE Arca Equities Rule 
7.34 of securities eligible to trade in one or more, but not all three, 
of the Exchange's trading sessions. The securities to be added to the 
list are: (1) Ultra Russell 2000 ProShares; (2) Ultra SmallCap600 
ProShares; (3) Short Russell 2000 ProShares; (4) Short SmallCap600 
ProShares; (5) UltraShort Russell 2000 ProShares; (6) UltraShort 
SmallCap600 ProShares (each a ``Fund''). The shares of each Fund 
(``Shares'') are traded on NYSE Arca, L.L.C. (``NYSE Arca 
Marketplace''), the equities trading facility of NYSE Arca Equities, 
pursuant to unlisted trading privileges (``UTP'').
    The text of the proposed rule change is available on the Exchange's 
Web site (http://www.nysearca.com), at the principal office of the 
Exchange, 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 Exchange included statements 
concerning the purpose of, and basis for, the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item III below. The Exchange 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    NYSE Arca Equities Rule 7.34 currently provides, in part, that the 
NYSE Arca Marketplace shall have three trading sessions each day: An 
Opening Session (1 a.m. Pacific Time (``PT'') to 6:30 a.m. PT), a Core 
Trading Session (6:30 a.m. PT to 1 p.m. PT), and a Late Trading Session 
(1 p.m. PT to 5 p.m. PT), and that the Core Trading Session for 
securities described in NYSE Arca Equities Rules 5.1(b)(13), 
5.1(b)(18), 5.2(j)(3), 8.100, 8.200, 8.201, 8.202, 8.203, 8.300, and 
8.400 (each, a ``Derivative Securities Product'') shall conclude at 
1:15 pm PT.\5\
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    \5\ NYSE Arca Equities Rules 5.1(b)(13), 5.2(j)(3), 8.100, 
8.200, 8.201, 8.202, 8.203, 8.300, and 8.400 relate to Unit 
Investment Trusts, Investment Company Units, Portfolio Depositary 
Receipts, Trust Issued Receipts, Commodity-Based Trust Shares, 
Currency Trust Shares, Commodity Index Trust Shares, Partnership 
Units, and Paired Trust Shares, respectively. See Securities 
Exchange Act Release No. 54997 (December 21, 2006), 71 FR 78501 
(December 29, 2006) (SR-NYSEArca-2006-77) (relating to amendments to 
NYSE Arca Equities Rule 7.34); Securities Exchange Act Release No. 
55178 (January 25, 2007) (SR-NYSEArca-2007-02) (relating to 
additional amendments to NYSE Arca Equities Rule 7.34).
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    The Exchange also includes in NYSE Arca Equities Rule 7.34 a list 
of those securities which are eligible to trade in one or more, but not 
all three, of the Exchange's trading sessions and maintains on its Web 
site a list that identifies all securities traded on the NYSE Arca 
Marketplace that do not trade for the duration of each of the three 
sessions specified in NYSE Arca Equities Rule 7.34. The Exchange 
proposes to add the following securities to these lists: (1) Ultra 
Russell 2000 ProShares; (2) Ultra SmallCap600 ProShares; (3) Short 
Russell 2000 ProShares; (4) Short SmallCap600 ProShares; (5) UltraShort 
Russell 2000 ProShares; (6) UltraShort SmallCap600 ProShares.\6\ These 
securities are traded on the NYSE Arca Marketplace pursuant to UTP and 
are Investment Company Units, described in Exchange Rule 5.2(j)(3).
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    \6\ The Commission approved the trading of the Shares of the 
Funds on the NYSE Arca Marketplace pursuant to UTP in Securities 
Exchange Act Release No. 55125 (January 18, 2007), 72 FR 3462 
(January 25, 2007) (SR-NYSEArca-2006-87).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\7\ in general, and furthers the 
objectives of Section 6(b)(5),\8\ in particular, in that it is designed 
to facilitate transactions in securities, to promote just and equitable 
principles of trade, to enhance competition, and to protect investors 
and the public interest.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

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 written comments on 
the proposed rule change.

[[Page 5783]]

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

    Because the foregoing proposed rule change does not:
    (i) Significantly affect the protection of investors or the public 
interest;
    (ii) Impose any significant burden on competition; and
    (iii) Become operative for 30 days from the date on which it was 
filed, or such shorter time as the Commission may designate if 
consistent with the protection of investors and the public interest, it 
has become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and 
Rule 19b-4(f)(6) thereunder.\10\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires an exchange to give the Commission written notice of its 
intent to file the proposed rule change, along with a brief 
description and text of the proposed rule change, at least five days 
prior to the date of filing of the proposed rule change, or such 
shorter time as designated by the Commission. The Commission has 
determined to waive the five-day pre-filing notice requirement in 
this case.
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    The Exchange has asked the Commission to waive the 30-day operative 
delay. The Commission believes that such waiver is consistent with the 
protection of investors and the public interest because the proposed 
rule change should provide transparency and more clarity with respect 
to the trading hours eligibility of certain derivative securities 
products and should promote consistency in the trading halts of 
derivative securities. The Commission notes that this filing does not 
change the trading hours of the Derivative Securities Products listed 
in Rule 7.34, but codifies trading hour sessions that have been 
established through other rule changes or through the use of the 
Exchange's generic listing standards pursuant to Rule 19b-4(e) under 
the Act. For these reasons, the Commission designates the proposed rule 
change as operative immediately.\11\
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    \11\ For purposes only of accelerating the operative date of 
this proposal, the Commission has considered the rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

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 e-mail to rule-comments@sec.gov. Please include File 
Number SR-NYSEArca-2007-11 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2007-11. 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 will also 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-NYSEArca-2007-11 and should be submitted by February 28, 
2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-1938 Filed 2-6-07; 8:45 am]
BILLING CODE 8010-01-P