Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NYSE Arca Marketplace Trading Sessions, 17973-17975 [E7-6675]
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Federal Register / Vol. 72, No. 68 / Tuesday, April 10, 2007 / Notices
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.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–6673 Filed 4–9–07; 8:45 am]
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
cprice-sewell on PROD1PC66 with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2007–36 on the
subject line.
BILLING CODE 8010–01–P
[Release No. 34–55577; File No. SR–
NYSEArca–2007–32]
15:22 Apr 09, 2007
Jkt 211001
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 IV below.
The Exchange has prepared summaries,
set forth in Sections A, B, and C below,
of the most significant aspects of such
statements.
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to NYSE Arca
Marketplace Trading Sessions
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
April 3, 2007.
NYSE Arca Equities Rule 7.34
currently provides, in part, that 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 p.m. PT.5
NYSE Arca Equities Rule 7.34
includes a list of those securities which
are eligible to trade in one or more, but
not all three, of the Exchange’s trading
sessions. The Exchange maintains on its
Internet Web site (https://
www.nysearca.com) 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 list: (1)
PowerShares DB Agriculture Fund; (2)
PowerShares DB Base Metals Fund; (3)
PowerShares DB Energy Fund; (4)
PowerShares DB Gold Fund; (5)
PowerShares DB Oil Fund; (6)
PowerShares DB Precious Metals Fund;
(7) PowerShares DB Silver Fund; (8)
PowerShares DB U.S. Dollar Index
Bearish Fund; and (9) PowerShares DB
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 March 23,
2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
‘‘Exchange’’), through its wholly owned
Paper Comments
subsidiary NYSE Arca Equities, Inc.
• Send paper comments in triplicate
(‘‘NYSE Arca Equities’’), filed with the
to Nancy M. Morris, Secretary,
Securities and Exchange Commission
Securities and Exchange Commission,
(‘‘Commission’’) the proposed rule
Station Place, 100 F Street, NE.,
change as described in Items I and II
Washington, DC 20549–1090.
below, which Items have been
All submissions should refer to File
substantially prepared by the Exchange.
Number SR–NYSE–2007–36. This file
The Exchange filed the proposal
number should be included on the
pursuant to Section 19(b)(3)(A) of the
subject line if e-mail is used. To help the Act 3 and Rule 19b–4(f)(6) thereunder,4
Commission process and review your
which renders the proposed rule change
comments more efficiently, please use
effective upon filing with the
only one method. The Commission will Commission.
post all comments on the Commission’s
I. Self-Regulatory Organization’s
Internet Web site (https://www.sec.gov/
Statement of the Terms of Substance of
rules/sro.shtml). Copies of the
the Proposed Rule Change
submission, all subsequent
amendments, all written statements
The Exchange proposes, through
with respect to the proposed rule
NYSE Arca Equities, to update the list
change that are filed with the
in NYSE Arca Equities Rule 7.34 of
Commission, and all written
securities eligible to trade in one or
communications relating to the
more, but not all three, of the
proposed rule change between the
Exchange’s trading sessions. The
Commission and any person, other than Exchange proposes to add to the list
those that may be withheld from the
shares of certain Funds (‘‘Shares’’) that
public in accordance with the
are traded on NYSE Arca, L.L.C. (‘‘NYSE
provisions of 5 U.S.C. 552, will be
Arca Marketplace’’), the equities trading
available for inspection and copying in
facility of NYSE Arca Equities, pursuant
the Commission’s Public Reference
to unlisted trading privileges (‘‘UTP’’).
Room. Copies of such filing also will be The text of the proposed rule change is
available for inspection and copying at
available on the Exchange’s Web site
the principal offices of the Exchange.
(https://www.nysearca.com), at the
All comments received will be posted
principal office of the Exchange, and at
without change; the Commission does
the Commission’s Public Reference
not edit personal identifying
Room.
information from submissions. You
should submit only information that
8 17 CFR 200.30–3(a)(12).
you wish to make available publicly. All
1 15 U.S.C.78s(b)(1).
submissions should refer to File
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
Number SR–NYSE–2007–36 and should
4 17 CFR 240.19b–4(f)(6).
be submitted on or before May 1, 2007.
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1. Purpose
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) (amending NYSE Arca Equities Rule 7.34).
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17974
Federal Register / Vol. 72, No. 68 / Tuesday, April 10, 2007 / Notices
U.S. Dollar Index Bullish Fund.6 These
securities, which are Trust Issued
Receipts as described in NYSE Arca
Equities Rule 8.200 Commentary .02, are
traded on the NYSE Arca Marketplace
pursuant to UTP.
The Exchange proposes to delete the
iShares FTSE/Xinhua China 25 Index
Fund from the lists since these
securities are eligible to trade in all
three of the Exchange’s trading
sessions.7 These securities, which are
Investment Company Units described in
NYSE Arca Equities Rule 5.2(j)(3), are
traded on the NYSE Arca Marketplace
pursuant to UTP.
The Exchange proposes to change the
trading sessions of iShares COMEX
Gold Trust trading session to accurately
reflect that they are traded in the core
trading session only.8 The securities,
which are Commodity-Based Trust
Shares as described in NYSE Arca
Equities Rule 8.201, are traded on the
Exchange pursuant to UTP.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,9 in general, and
furthers the objectives of Section
6(b)(5),10 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.
cprice-sewell on PROD1PC66 with NOTICES
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.
6 The Commission has approved the trading of
Shares of the PowerShares DB Agriculture Fund,
PowerShares DB Base Metals Fund, PowerShares
DB Energy Fund, PowerShares DB Gold Fund,
PowerShares DB Oil Fund, PowerShares DB
Precious Metals Fund, and PowerShares DB Silver
Fund on the NYSE Arca Marketplace pursuant to
UTP. See Securities Exchange Act Release No.
55453 (March 13, 2007), 72 FR 13333 (March 21,
2007) (SR–NYSEArca–2006–62). The Commission
has approved the trading of Shares of the
PowerShares DB U.S. Dollar Index Bearish Fund
and PowerShares DB U.S. Dollar Index Bullish
Fund on the NYSE Arca Marketplace pursuant to
UTP. See Securities Exchange Act Release No.
55484 (March 16, 2007), 72 FR 13847 (March 23,
2007) (SR–NYSEArca–2006–67).
7 The Commission has approved trading of these
securities on the NYSE Arca Marketplace pursuant
to UTP. See Securities Exchange Act Release No.
50799 (December 6, 2004), 69 FR 72242 (December
13, 2004) (SR–PCX–2004–99).
8 The Commission has approved the trading of
these securities on the NYSE Arca Marketplace
pursuant to UTP. See Securities Exchange Act
Release No. 51067 (January 21, 2005), 70 FR 3952
(January 27, 2005) (SR–PCX–2004–132).
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
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15:22 Apr 09, 2007
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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.
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 11 and Rule 19b–4(f)(6)
thereunder.12
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
NYSE Arca Equities 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.13
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
11 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.
13 For purposes only of waiving 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).
12 17
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Sfmt 4703
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSEArca–2007–32 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–2007–32. 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 (https://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–2007–32 and should be
submitted by or before May 1, 2007.
E:\FR\FM\10APN1.SGM
10APN1
Federal Register / Vol. 72, No. 68 / Tuesday, April 10, 2007 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–6675 Filed 4–9–07; 8:45 am]
Reference Room, and https://
www.nyse.com.
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55578; File No. SR–
NYSEArca–2007–29]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to NYSE Arca
Rule 7.20 and 7.31
April 4, 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 March 20,
2007, 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 filed the proposed rule
change pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(6)
thereunder, which renders it effective
upon filing with the Commission.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
cprice-sewell on PROD1PC66 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Arca, through its wholly owned
subsidiary, NYSE Arca Equities, Inc.
(‘‘NYSE Arca Equities’’), is proposing to
amend its rules governing NYSE Arca,
LLC (‘‘NYSE Arca Marketplace’’), the
equities trading facility of NYSE Arca
Equities. With this filing, the Exchange
proposes to clarify: (1) That Equity
Trading Permit (‘‘ETP’’) Holders who
are not registered Market Makers 5 are
prohibited from entering Q Orders
pursuant to NYSE Arca Equities Rule
7.20(a), and (2) when Q Orders will
automatically repost pursuant to NYSE
Arca Equities Rule 7.31(l). The text of
the proposed rule change is available at
the Exchange, the Commission’s Public
CFR 200.30–3(a)(12).
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).
5 See NYSE Arca Rule 1.1(u).
15:22 Apr 09, 2007
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Pursuant to NYSE Arca Equities Rule
7.23(a)(1) (Obligations of Market
Makers), Market Makers are required to
maintain continuous, two-sided Q
Orders in those securities in which the
Market Maker is registered to trade.
NYSE Arca Equities Rule 7.31(k)(1)(A)
provides that a Market Maker may
instruct the NYSE Arca Marketplace
before 6:28 a.m. (Pacific Time) to enter
a Q Order on its behalf at price levels
set forth in Rule 7.31(k)(1)(A).6
Furthermore, Rule 7.31(k) provides that
upon execution, the Q Order entered
pursuant to the Market Maker’s
instructions will automatically repost
with the original size at $10 below the
original bid or $10 above the original
offer, but never below $0.01.
The amendment to Rule 7.31 reflected
in this rule filing is consistent with the
intent of the rule and how the system
currently operates. Specifically, such
automatic reposting will not occur if the
Market Maker initially enters the Q
Order without a reserve size, or if the
Market Maker initially enters the Q
Order with a reserve size and such
reserve size is exhausted. The proposed
amendment clarifies that under such
circumstances, a Market Maker will be
responsible for reposting a new Q Order
in the security in order to remain in
compliance with its continuous Q Order
obligation pursuant to Rule 7.23(a)(1).
In addition, due to the broad
definition of ‘‘Q Order’’ in Rule
7.31(k)(1), ETP Holders, who are not
registered Market Makers, have been
6 These price levels are: (1) At the last price and
size entered by the Market Maker during the
previous trading day, either including or excluding
reserve size; (2) at a specified percentage from the
best bid or offer; or (3) at the standard Q defined
as $0.01 bid and 2 times the previous day’s close
for the offer with specified display and reserve
sizes.
14 17
VerDate Aug<31>2005
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 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 Exchange
has prepared summaries set forth in
Sections A, B, and C below of the most
significant aspects of such statements.
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17975
improperly acting as Market Makers by
entering Q Orders on the NYSE Arca
Marketplace. In order to prevent this
practice, the Corporation is clarifying
the language in NYSE Arca Equities
Rule 7.20(a) to prohibit specifically ETP
Holders not registered as Market Makers
from acting as Market Markers (i.e.,
submitting Q Orders) and make Rule
7.20(a) more consistent with the
proposed changes to Rule 7.31(k)(l).
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) 7 of the Act,
in general, and furthers the objectives of
Section 6(b)(5) 8 in particular in that it
is designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system.
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.
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, it has
become effective pursuant to Section
19(b)(3)(A) 9 and Rule 19b–4(f)(6)
thereunder.10 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,
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6).
8 15
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]]>Agencies
[Federal Register Volume 72, Number 68 (Tuesday, April 10, 2007)]
[Notices]
[Pages 17973-17975]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-6675]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55577; File No. SR-NYSEArca-2007-32]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Relating to NYSE
Arca Marketplace Trading Sessions
April 3, 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 March 23, 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.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes, through NYSE Arca Equities, 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
Exchange proposes to add to the list shares of certain Funds
(``Shares'') that 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 (https://
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 IV 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 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 p.m. PT.\5\
---------------------------------------------------------------------------
\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) (amending NYSE Arca
Equities Rule 7.34).
---------------------------------------------------------------------------
NYSE Arca Equities Rule 7.34 includes a list of those securities
which are eligible to trade in one or more, but not all three, of the
Exchange's trading sessions. The Exchange maintains on its Internet Web
site (https://www.nysearca.com) 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
list: (1) PowerShares DB Agriculture Fund; (2) PowerShares DB Base
Metals Fund; (3) PowerShares DB Energy Fund; (4) PowerShares DB Gold
Fund; (5) PowerShares DB Oil Fund; (6) PowerShares DB Precious Metals
Fund; (7) PowerShares DB Silver Fund; (8) PowerShares DB U.S. Dollar
Index Bearish Fund; and (9) PowerShares DB
[[Page 17974]]
U.S. Dollar Index Bullish Fund.\6\ These securities, which are Trust
Issued Receipts as described in NYSE Arca Equities Rule 8.200
Commentary .02, are traded on the NYSE Arca Marketplace pursuant to
UTP.
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\6\ The Commission has approved the trading of Shares of the
PowerShares DB Agriculture Fund, PowerShares DB Base Metals Fund,
PowerShares DB Energy Fund, PowerShares DB Gold Fund, PowerShares DB
Oil Fund, PowerShares DB Precious Metals Fund, and PowerShares DB
Silver Fund on the NYSE Arca Marketplace pursuant to UTP. See
Securities Exchange Act Release No. 55453 (March 13, 2007), 72 FR
13333 (March 21, 2007) (SR-NYSEArca-2006-62). The Commission has
approved the trading of Shares of the PowerShares DB U.S. Dollar
Index Bearish Fund and PowerShares DB U.S. Dollar Index Bullish Fund
on the NYSE Arca Marketplace pursuant to UTP. See Securities
Exchange Act Release No. 55484 (March 16, 2007), 72 FR 13847 (March
23, 2007) (SR-NYSEArca-2006-67).
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The Exchange proposes to delete the iShares[supreg] FTSE/Xinhua
China 25 Index Fund from the lists since these securities are eligible
to trade in all three of the Exchange's trading sessions.\7\ These
securities, which are Investment Company Units described in NYSE Arca
Equities Rule 5.2(j)(3), are traded on the NYSE Arca Marketplace
pursuant to UTP.
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\7\ The Commission has approved trading of these securities on
the NYSE Arca Marketplace pursuant to UTP. See Securities Exchange
Act Release No. 50799 (December 6, 2004), 69 FR 72242 (December 13,
2004) (SR-PCX-2004-99).
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The Exchange proposes to change the trading sessions of
iShares[supreg] COMEX Gold Trust trading session to accurately reflect
that they are traded in the core trading session only.\8\ The
securities, which are Commodity-Based Trust Shares as described in NYSE
Arca Equities Rule 8.201, are traded on the Exchange pursuant to UTP.
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\8\ The Commission has approved the trading of these securities
on the NYSE Arca Marketplace pursuant to UTP. See Securities
Exchange Act Release No. 51067 (January 21, 2005), 70 FR 3952
(January 27, 2005) (SR-PCX-2004-132).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\9\ in general, and furthers the
objectives of Section 6(b)(5),\10\ 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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\9\ 15 U.S.C. 78f(b).
\10\ 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.
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 \11\
and Rule 19b-4(f)(6) thereunder.\12\
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 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 NYSE Arca Equities 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.\13\
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\13\ For purposes only of waiving 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 (https://
www.sec.gov/rules/sro.shtml); or
Send e-mail to rule-comments@sec.gov. Please include File
Number SR-NYSEArca-2007-32 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-2007-32.
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 (https://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-2007-32 and should be submitted by or before
May 1, 2007.
[[Page 17975]]
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-6675 Filed 4-9-07; 8:45 am]
BILLING CODE 8010-01-P
