Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Exchange's Standard Position and Exercise Limit Pilot Program, 9823-9825 [E7-3745]

Download as PDF Federal Register / Vol. 72, No. 42 / Monday, March 5, 2007 / Notices III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the forgoing rule change does not: (1) Significantly affect the protection of investors or the public interest; (2) impose any significant burden on competition; and (3) become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 11 and Rule 19b– 4(f)(6) thereunder.12 A proposed rule change filed under 19b–4(f)(6) normally may not become operative prior to 30 days after the date of filing.13 However, Rule 19b– 4(f)(6)(iii) 14 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because such waiver would permit the Exchange rules to immediately reflect the new Trading Phase Date, March 5, 2007. For this reason, the Commission designates the proposed rule change to be operative upon filing with the Commission.15 At any time within 60 days of the filing of such 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 11 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 13 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 19b–4(f)(6)(iii) requires that a self-regulatory organization submit to 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 business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. NYSE Arca has satisfied the five-day pre-filing notice requirement. 14 Id. 15 For the purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). erjones on PRODPC74 with NOTICES 12 17 VerDate Aug<31>2005 15:17 Mar 02, 2007 Jkt 211001 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 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–2007–18. 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 the 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–2007–18 and should be submitted on or before March 26, 2007. Frm 00099 Fmt 4703 For the Commission, by the Division of Market Regulation, pursuant to delegated authority.16 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–3740 Filed 3–2–07; 8:45 am] BILLING CODE 8010–01–P • 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–NYSEArca–2007–18 on the subject line. PO 00000 9823 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55347; File No. SR– NYSEArca–2007–19] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Exchange’s Standard Position and Exercise Limit Pilot Program February 26, 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 February 23, 2007, the NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’) 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 has filed the proposal as a ‘‘non-controversial’’ rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) thereunder,4 which renders it effective upon filing with the Commission. 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 NYSE Arca proposes to amend its rules to extend the time period in NYSE Arca Rule 6.8(a), which covers the position limit and exercise limits pilot program for equity option contracts and options on the Nasdaq–100 Tracking Stock (‘‘QQQQ’’) (‘‘Pilot Program’’). The text of the proposed rule change is available at NYSE Arca, the Commission’s Public Reference Room, and http://www.nysearca.com. 16 17 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). 1 15 E:\FR\FM\05MRN1.SGM 05MRN1 9824 Federal Register / Vol. 72, No. 42 / Monday, March 5, 2007 / Notices II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, NYSE Arca 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. NYSE Arca 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 The purpose of this proposal is to extend the period for the Exchange’s Pilot Program relating to standard position and exercise limits for equity option contracts and for options on QQQQs until September 1, 2007.5 Specifically, the Pilot Program increased the applicable position and exercise limits for equity options and options on the QQQQ in accordance with the following levels: Current equity option contract limit 6 Pilot Program Equity Option Contract Limit 13,500 22,500 31,500 60,000 75,000 25,000 50,000 75,000 200,000 250,000 Current QQQQ option contract limit Pilot program QQQQ option contract limit 300,000 900,000 The Exchange believes that extending the Pilot Program until September 1, 2007 is warranted due to the positive feedback from OTP Holders and for the reasons cited in the original rule filing that proposed the Pilot Program.7 The Exchange has not encountered any problems or difficulties relating to the Pilot Program since its inception. For these reasons, the Exchange requests that the Commission extend the Pilot Program until September 1, 2007. 2. Statutory Basis erjones on PRODPC74 with NOTICES The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations thereunder and, in particular, the requirements of Section 6(b) of the Act.8 Specifically, the Exchange believes the proposed rule change is consistent with Section 6(b)(5) of the Act 9 that requires that the rules of an exchange be designed to promote just and equitable principles of trade, to prevent fraudulent and manipulative acts, to remove impediments to and perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest. 5 The Pilot Program, which was effective upon filing on February 25, 2005 and subsequently extended, is due to expire on March 1, 2007. See Securities Exchange Act Release No. 51286 (March 1, 2005), 70 FR 11297 (March 8, 2005) (SR–PCX– 2003–55) (‘‘Pilot Program Notice’’). See also Securities Exchange Act Release Nos. 54385 (August 30, 2006), 71 FR 53150 (September 8, 2006) (SR–NYSEArca–49); 53350 (February 22, 2006), 71 FR 10582 (March 1, 2006) (SR–PCX–2006–08); and 52263 (August 15, 2005), 70 FR 49003 (August 22, 2005) (SR–PCX–2005–95). VerDate Aug<31>2005 15:17 Mar 02, 2007 Jkt 211001 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 Written comments on the proposed rule change were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing rule change does not: (1) Significantly affect the protection of investors or the public interest; (2) impose any significant burden on competition; and (3) become operative for 30 days from the date of this filing, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 10 and Rule 19b– 4(f)(6) thereunder.11 A proposed rule change filed under Rule 19b–4(f)(6) normally may not 6 Except when the Pilot Program is in effect. Pilot Program Notice, supra note 5. 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(5). 10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(6). 12 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 19b–4(f)(6)(iii) requires that a self-regulatory organization submit to the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the 7 See PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 become operative prior to 30 days after the date of filing.12 However, Rule 19b– 4(f)(6)(iii) 13 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and in the public interest because it will allow the Pilot Program to continue uninterrupted.14 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 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: proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. NYSEArca has satisfied the five-day pre-filing requirement. 13 Id. 14 For purposes only of waiving the operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). E:\FR\FM\05MRN1.SGM 05MRN1 Federal Register / Vol. 72, No. 42 / Monday, March 5, 2007 / Notices 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 No. SR–NYSEArca–2007–19 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. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55349; File No. SR–OCC– 2006–08] Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving Proposed Rule Change To Revise Stock Futures Adjustment Methodology February 26, 2007. I. Introduction On May 19, 2006, The Options Clearing Corporation (‘‘OCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) proposed All submissions should refer to File No. rule change SR–OCC–2006–08 pursuant SR–NYSEArca–2007–19. This file to Section 19(b)(1) of the Securities number should be included on the Exchange Act of 1934 (‘‘Act’’).1 Notice subject line if e-mail is used. To help the of the proposal was published in the Commission process and review your Federal Register on December 14, comments more efficiently, please use 2006.2 The Commission received no only one method. The Commission will comment letters. For the reasons post all comments on the Commission’s discussed below, the Commission is approving the proposed rule change. Internet Web site (http://www.sec.gov/ rules/sro.shtml). Copies of the II. Description submission, all subsequent OCC is seeking to amend Article XII amendments, all written statements (Futures and Futures Options), Section with respect to the proposed rule 3 (Adjustments to Futures and Futures change that are filed with the Options) of OCC’s By-Laws to conform Commission, and all written to the changes adopted in rule change communications relating to the SR–OCC–2006–01, which amended proposed rule change between the Article VI (Clearance of Exchange Commission and any person, other than Transactions), Section 11A those that may be withheld from the (Adjustments for Stock Option public in accordance with the Contracts).3 provisions of 5 U.S.C. 552, will be On January 12, 2006, OCC filed with available for inspection and copying in the Commission proposed rule change the Commission’s Public Reference SR–OCC–2006–01. Pursuant to SR– Room. Copies of such filing will also be OCC–2006–01, OCC proposed, among other things, to amend its adjustment available for inspection and copying at rules in Article VI, Section 11A for stock the principal office of NYSE Arca. All option contracts with respect to stock comments received will be posted dividends, stock distributions, and stock without change; the Commission does splits. Subject to the Commission not edit personal identifying approving proposed rule change SR– information from submissions. You OCC–2006–01, OCC proposed to amend should submit only information that you wish to make available publicly. All Article XII, Section 3 to ensure stock futures contracts can be adjusted in a submissions should refer to File No. manner consistent with adjustments SR–NYSEArca-2007–19 and should be made to stock option contracts on the submitted on or before March 26, 2007. same underlying security. For the Commission, by the Division of As described in rule change SR–OCC– Market Regulation, pursuant to delegated 2006–01, OCC amended certain of its authority.15 adjustment rules with respect to stock option contracts to eliminate the need to Florence E. Harmon, Deputy Secretary. [FR Doc. E7–3745 Filed 3–2–07; 8:45 am] erjones on PRODPC74 with NOTICES BILLING CODE 8010–01–P 15 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 15:17 Mar 02, 2007 Jkt 211001 1 15 U.S.C. 78s(b)(1). Exchange Act Release No. 54898 (December 8, 2006), 71 FR 75287. 3 Securities Exchange Act Release Nos. 55258 (February 8, 2007), 72 FR 7701 [File No. SR–OCC– 2006–01] (order approving proposed rule change to revise stock options adjustment methodology) and 53400 (March 2, 2006), 71 FR 12226 [File No. SR– OCC–2006–01] (notice of filing of proposed rule change to revise stock options adjustment methodology). 2 Securities PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 9825 round strike prices and/or units of trading in the event of certain stock dividends, stock distributions, and stock splits.4 The adjustment rules for stock futures as currently provided in Article XII, Section 3 parallel the adjustment rules for stock options provided in Article VI, Section 11A. Uniformity of the two provisions would ensure that stock futures contracts can be adjusted in a manner consistent with adjustments made to stock option contracts on the same underlying security. The changes to Article XII, Section 3 that are the subject of this proposed rule change are made solely to track the changes made to Article VI, Section 11A and are intended to ensure that adjustments to stock options and to stock futures made for stock dividends, stock distributions, and stock splits will remain consistent with respect to an underlying security. As noted above, the central purpose of the rule change in SR–OCC–2006–01 was to eliminate inequities which resulted from certain rounding practices previously required by OCC’s By-Laws because stock option strike prices are quoted in and are therefore rounded to the nearest one-eighth. Stock futures do not have the same inequities because they are quoted in decimals. Nevertheless, in order to ensure adjustments for stock options and for stock futures remain consistent, OCC proposes to revise the adjustment rules with respect to stock futures to match the revised adjustment rules with respect to stock options for stock dividends, stock distributions, and stock splits. OCC will implement the proposed rule change described herein concurrently with the implementation of the changes approved in SR–OCC– 2006–01. III. Discussion Section 19(b) of the Act directs the Commission to approve a proposed rule change of a self-regulatory organization if it finds that such proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to such organization. Section 17A(b)(3)(F) of the Act requires that the rules of a clearing agency be designed, in general, to protect investors and the public interest.5 The Commission believes that OCC’s rule change is consistent with this Section because it is intended solely to keep the adjustment rules for stock futures with respect to stock 4 The notice and order for SR–OCC–2006–01 describes OCC’s proposed changes to and the rationale for the rule change to its adjustment rules for stock options. 5 15 U.S.C. 78q–1(b)(3)(F). E:\FR\FM\05MRN1.SGM 05MRN1

Agencies

[Federal Register Volume 72, Number 42 (Monday, March 5, 2007)]
[Notices]
[Pages 9823-9825]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-3745]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55347; File No. SR-NYSEArca-2007-19]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Extend the 
Exchange's Standard Position and Exercise Limit Pilot Program

February 26, 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 February 23, 2007, the NYSE Arca, Inc. (``NYSE Arca'' or 
``Exchange'') 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 has filed the proposal as a ``non-controversial'' rule 
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6) thereunder,\4\ which renders it effective upon filing with the 
Commission. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \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

    NYSE Arca proposes to amend its rules to extend the time period in 
NYSE Arca Rule 6.8(a), which covers the position limit and exercise 
limits pilot program for equity option contracts and options on the 
Nasdaq-100 Tracking Stock (``QQQQ'') (``Pilot Program''). The text of 
the proposed rule change is available at NYSE Arca, the Commission's 
Public Reference Room, and http://www.nysearca.com.

[[Page 9824]]

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NYSE Arca 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. NYSE Arca 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
    The purpose of this proposal is to extend the period for the 
Exchange's Pilot Program relating to standard position and exercise 
limits for equity option contracts and for options on QQQQs until 
September 1, 2007.\5\ Specifically, the Pilot Program increased the 
applicable position and exercise limits for equity options and options 
on the QQQQ in accordance with the following levels:
---------------------------------------------------------------------------

    \5\ The Pilot Program, which was effective upon filing on 
February 25, 2005 and subsequently extended, is due to expire on 
March 1, 2007. See Securities Exchange Act Release No. 51286 (March 
1, 2005), 70 FR 11297 (March 8, 2005) (SR-PCX-2003-55) (``Pilot 
Program Notice''). See also Securities Exchange Act Release Nos. 
54385 (August 30, 2006), 71 FR 53150 (September 8, 2006) (SR-
NYSEArca-49); 53350 (February 22, 2006), 71 FR 10582 (March 1, 2006) 
(SR-PCX-2006-08); and 52263 (August 15, 2005), 70 FR 49003 (August 
22, 2005) (SR-PCX-2005-95).

------------------------------------------------------------------------
   Current equity option contract        Pilot Program Equity Option
             limit \6\                          Contract Limit
------------------------------------------------------------------------
                         13,500                               25,000
                         22,500                               50,000
                         31,500                               75,000
                         60,000                              200,000
                         75,000                              250,000
------------------------------------------------------------------------
 Current QQQQ option contract limit   Pilot program QQQQ option contract
                                                    limit
------------------------------------------------------------------------
                        300,000                              900,000
------------------------------------------------------------------------

    The Exchange believes that extending the Pilot Program until 
September 1, 2007 is warranted due to the positive feedback from OTP 
Holders and for the reasons cited in the original rule filing that 
proposed the Pilot Program.\7\ The Exchange has not encountered any 
problems or difficulties relating to the Pilot Program since its 
inception. For these reasons, the Exchange requests that the Commission 
extend the Pilot Program until September 1, 2007.
---------------------------------------------------------------------------

    \6\ Except when the Pilot Program is in effect.
    \7\ See Pilot Program Notice, supra note 5.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Act and the rules and regulations thereunder and, in particular, 
the requirements of Section 6(b) of the Act.\8\ Specifically, the 
Exchange believes the proposed rule change is consistent with Section 
6(b)(5) of the Act \9\ that requires that the rules of an exchange be 
designed to promote just and equitable principles of trade, to prevent 
fraudulent and manipulative acts, to remove impediments to and perfect 
the mechanism for a free and open market and a national market system, 
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    Written comments on the proposed rule change were neither solicited 
nor received.

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

    Because the foregoing rule change does not: (1) Significantly 
affect the protection of investors or the public interest; (2) impose 
any significant burden on competition; and (3) become operative for 30 
days from the date of this filing, or such shorter time as the 
Commission may designate, it has become effective pursuant to Section 
19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally may 
not become operative prior to 30 days after the date of filing.\12\ 
However, Rule 19b-4(f)(6)(iii) \13\ permits the Commission to designate 
a shorter time if such action is consistent with the protection of 
investors and the public interest. The Exchange has requested that the 
Commission waive the 30-day operative delay. The Commission believes 
that waiving the 30-day operative delay is consistent with the 
protection of investors and in the public interest because it will 
allow the Pilot Program to continue uninterrupted.\14\
---------------------------------------------------------------------------

    \12\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization submit to 
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 business days prior to the date of filing 
of the proposed rule change, or such shorter time as designated by 
the Commission. NYSEArca has satisfied the five-day pre-filing 
requirement.
    \13\ Id.
    \14\ For purposes only of waiving the operative delay, the 
Commission has considered the proposed rule's impact on efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    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 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:

[[Page 9825]]

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 No. SR-NYSEArca-2007-19 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 No. SR-NYSEArca-2007-19. 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 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 No. SR-NYSEArca-2007-19 and should be submitted on or before March 
26, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-3745 Filed 3-2-07; 8:45 am]
BILLING CODE 8010-01-P