Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NYSE Arca Marketplace Trading Sessions, 26667-26669 [E7-9044]
Download as PDF
<![CDATA[
Federal Register / Vol. 72, No. 90 / Thursday, May 10, 2007 / Notices
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) SPDR S&P
International Small Cap ETF; and (2)
SPDR S&P World ex-US ETF. These
ICUs currently trade on the Exchange on
a UTP basis pursuant to generic listing
standards for foreign derivative
securities products described in NYSE
Arca Equities Rule 5.2(j)(3) that were
adopted by the Exchange pursuant to
Rule 19b–4(e) under the Act.9
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,10 in general, and
furthers the objectives of Section
6(b)(5),11 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.
pwalker on PROD1PC71 with 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
9 See Securities Exchange Act Release No. 55621
(April 12, 2007), 72 FR 19571 (April 18, 2007) (SR–
NYSEArca–2006–86).
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
15:04 May 09, 2007
Jkt 211001
Act 12 and Rule 19b–4(f)(6)
thereunder.13
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.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
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–2007–41 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
12 15
U.S.C. 78s(b)(3)(A).
CRF 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.
14 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).
26667
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2007–41. 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–2007–41 and should be
submitted by or before May 31, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–9045 Filed 5–9–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55708; File No. SR–
NYSEArca–2007–39]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to NYSE Arca
Marketplace Trading Sessions
13 17
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
May 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 April 20,
2007 NYSE Arca, Inc. (‘‘NYSE Arca’’ or
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\10MYN1.SGM
10MYN1
26668
Federal Register / Vol. 72, No. 90 / Thursday, May 10, 2007 / Notices
‘‘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. 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 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 lists
the following investment company units
(ICUs) 5 of funds that are trading on
NYSE Arca, L.L.C. (‘‘NYSE Arca
Marketplace’’), the equities trading
facility of NYSE Arca Equities, pursuant
to unlisted trading privileges (‘‘UTP’’):
(1) Claymore/Robeco Developed
International Equity ETF; (2) Claymore/
Robeco Developed World Equity ETF;
(3) iShares 6 MSCI EAFE Growth Index
Fund; (4) iShares MSCI EAFE Value
Index Fund; (5) SPDR 7 FTSE/
Macquarie Global Infrastructure 100
Index ETF; (6) SPDR S&P China ETF;
(7) SPDR S&P Emerging Asia Pacific
ETF; (8) SPDR S&P Emerging Europe
ETF; (9) SPDR S&P Emerging Latin
America ETF; (10) SPDR S&P Emerging
Markets ETF; (11) SPDR S&P Emerging
Middle East & Africa ETF; (12)
streetTRACKS 8 DJ Wilshire
International Real Estate ETF; (13)
streetTRACKS MSCI ACWI ex-US ETF;
(14) streetTRACKS Russell/Nomura
PRIMETM Japan ETF; (15)
streetTRACKS Russell/Nomura Small
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 NYSE Arca Equities Rule 5.1(b)(15) defines an
ICU as a security representing an interest in a
registered investment company that could be
organized as a unit investment trust, an open-end
management investment company or a similar
entity.
6 iShares is a registered trademark of Barclays
Global Investors, N.A.
7 SPDR is a registered trademark of The
McGraw-Hill Companies, Inc. and licensed by State
Street Bank and Trust Company.
8 streetTRACKS is a registered trademark of
State Street Corporation.
CapTM Japan ETF; and (16) Vanguard 9
FTSE All-World ex U.S. ETF. The text
of the proposed rule change is available
on the Exchange’s Web site (https://
www.nyse.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.10
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
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 lists: (1) Claymore/Robeco
Developed International Equity ETF; (2)
pwalker on PROD1PC71 with NOTICES
4 17
VerDate Aug<31>2005
15:04 May 09, 2007
Jkt 211001
9 Vanguard is a registered trademark of The
Vanguard Group, Inc.
10 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, ICUs, 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).
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
Claymore/Robeco Developed World
Equity ETF; (3) iShares MSCI EAFE
Growth Index Fund; (4) iShares MSCI
EAFE Value Index Fund; (5) SPDR
FTSE/Macquarie Global Infrastructure
100 Index ETF; (6) SPDR S&P China
ETF; (7) SPDR S&P Emerging Asia
Pacific ETF; (8) SPDR S&P Emerging
Europe ETF; (9) SPDR S&P Emerging
Latin America ETF; (10) SPDR S&P
Emerging Markets ETF; (11) SPDR S&P
Emerging Middle East & Africa ETF; (12)
streetTRACKS DJ Wilshire International
Real Estate ETF; (13) streetTRACKS
MSCI ACWI ex-US ETF; (14)
streetTRACKS Russell/Nomura
PRIMETM Japan ETF; (15)
streetTRACKS Russell/Nomura Small
Cap Japan ETF; and (16) Vanguard FTSE
All-World ex U.S. ETF. These ICUs
currently trade on the Exchange on a
UTP basis pursuant to generic listing
standards for foreign derivative
securities products described in NYSE
Arca Equities Rule 5.2(j)(3) that were
adopted by the Exchange pursuant to
Rule 19b–4(e) under the Act.11
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,12 in general, and
furthers the objectives of Section
6(b)(5),13 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.
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;
11 See Securities Exchange Act Release No. 55621
(April 12, 2007), 72 FR 19571 (April 18, 2007) (SR–
NYSEArca–2006–86).
12 15 U.S.C. 78f(b).
13 15 U.S.C. 78f(b)(5).
E:\FR\FM\10MYN1.SGM
10MYN1
Federal Register / Vol. 72, No. 90 / Thursday, May 10, 2007 / Notices
(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 14 and Rule 19b–4(f)(6)
thereunder.15
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.16
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:
14 15
U.S.C. 78s(b)(3)(A).
CRF 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.
16 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).
pwalker on PROD1PC71 with NOTICES
15 17
VerDate Aug<31>2005
15:04 May 09, 2007
Jkt 211001
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–2007–39 on the
subject line.
Paper Comments
26669
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55709; File No. SR–OCC–
2007–05]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change Relating to
OCC’s Clearing Fee Schedule
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
May 4, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–9044 Filed 5–9–07; 8:45 am]
The purpose of the proposed rule
change is to amend OCC’s standard
clearing and new products fee
schedules, effective May 1, 2007, as
described below. First, OCC is making
permanent the current discounted
clearing fee schedule for (i) securities
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
April 11, 2007, The Options Clearing
Corporation (‘‘OCC’’) filed with the
Securities and Exchange Commission
All submissions should refer to File
(‘‘Commission’’) the proposed rule
Number SR–NYSEArca–2007–39. This
change as described in Items I, II, and
file number should be included on the
subject line if e-mail is used. To help the III below, which items have been
prepared primarily by OCC. 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 from interested persons.
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 proposed rule change would (i)
with respect to the proposed rule
make permanent the current discounted
change that are filed with the
clearing fee schedule for specified
Commission, and all written
contracts, (ii) further discount the newly
adopted clearing fee schedule, and (iii)
communications relating to the
modify the new product clearing fee
proposed rule change between the
Commission and any person, other than schedule, with all changes being
effective May 1, 2007.
those that may be withheld from the
public in accordance with the
II. Self-Regulatory Organization’s
provisions of 5 U.S.C. 552, will be
Statement of the Purpose of, and
available for inspection and copying in
Statutory Basis for, the Proposed Rule
the Commission’s Public Reference
Change
Room. Copies of such filing will also be
In its filing with the Commission,
available for inspection and copying at
OCC included statements concerning
the principal office of the Exchange. All the purpose of and basis for the
comments received will be posted
proposed rule change and discussed any
without change; the Commission does
comments it received on the proposed
not edit personal identifying
rule change. The text of these statements
information from submissions. You
may be examined at the places specified
should submit only information that
in Item IV below. OCC has prepared
you wish to make available publicly. All summaries, set forth in sections (A), (B),
submissions should refer to File number and (C) below, of the most significant
SR–NYSEArca–2007–39 and should be
aspects of such statements.2
submitted by or before May 31, 2007.
(A) Self-Regulatory Organization’s
For the Commission, by the Division of
Statement of the Purpose of, and
Market Regulation, pursuant to delegated
Statutory Basis for, the Proposed Rule
authority.17
Change
BILLING CODE 8010–01–P
1 15
U.S.C. 78s(b)(1).
Commission has modified parts of these
statements.
2 The
17 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00082
Fmt 4703
Sfmt 4703
E:\FR\FM\10MYN1.SGM
10MYN1
]]>Agencies
[Federal Register Volume 72, Number 90 (Thursday, May 10, 2007)]
[Notices]
[Pages 26667-26669]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-9044]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55708; File No. SR-NYSEArca-2007-39]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Relating to NYSE
Arca Marketplace Trading Sessions
May 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 April 20, 2007 NYSE Arca, Inc. (``NYSE Arca'' or
[[Page 26668]]
``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. 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).
---------------------------------------------------------------------------
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 lists the following investment company
units (ICUs) \5\ of funds that are trading on NYSE Arca, L.L.C. (``NYSE
Arca Marketplace''), the equities trading facility of NYSE Arca
Equities, pursuant to unlisted trading privileges (``UTP''): (1)
Claymore/Robeco Developed International Equity ETF; (2) Claymore/Robeco
Developed World Equity ETF; (3) iShares[supreg] \6\ MSCI EAFE Growth
Index Fund; (4) iShares[supreg] MSCI EAFE Value Index Fund; (5)
SPDR[supreg] \7\ FTSE/Macquarie Global Infrastructure 100 Index ETF;
(6) SPDR[supreg] S&P China ETF; (7) SPDR[supreg] S&P Emerging Asia
Pacific ETF; (8) SPDR[supreg] S&P Emerging Europe ETF; (9) SPDR[supreg]
S&P Emerging Latin America ETF; (10) SPDR[supreg] S&P Emerging Markets
ETF; (11) SPDR[supreg] S&P Emerging Middle East & Africa ETF; (12)
streetTRACKS[supreg] \8\ DJ Wilshire International Real Estate ETF;
(13) streetTRACKS[supreg] MSCI ACWI ex-US ETF; (14)
streetTRACKS[supreg] Russell/Nomura PRIMETM Japan ETF; (15)
streetTRACKS[supreg] Russell/Nomura Small CapTM Japan ETF; and (16)
Vanguard[supreg] \9\ FTSE All-World ex U.S. ETF. The text of the
proposed rule change is available on the Exchange's Web site (https://
www.nyse.com), at the principal office of the Exchange, and at the
Commission's Public Reference Room.
---------------------------------------------------------------------------
\5\ NYSE Arca Equities Rule 5.1(b)(15) defines an ICU as a
security representing an interest in a registered investment company
that could be organized as a unit investment trust, an open-end
management investment company or a similar entity.
\6\ iShares[supreg] is a registered trademark of Barclays Global
Investors, N.A.
\7\ SPDR[supreg] is a registered trademark of The McGraw-Hill
Companies, Inc. and licensed by State Street Bank and Trust Company.
\8\ streetTRACKS[supreg] is a registered trademark of State
Street Corporation.
\9\ Vanguard[supreg] is a registered trademark of The Vanguard
Group, Inc.
---------------------------------------------------------------------------
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.\10\
---------------------------------------------------------------------------
\10\ 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, ICUs, 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 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 lists: (1)
Claymore/Robeco Developed International Equity ETF; (2) Claymore/Robeco
Developed World Equity ETF; (3) iShares MSCI EAFE Growth Index Fund;
(4) iShares MSCI EAFE Value Index Fund; (5) SPDR FTSE/Macquarie Global
Infrastructure 100 Index ETF; (6) SPDR S&P China ETF; (7) SPDR S&P
Emerging Asia Pacific ETF; (8) SPDR S&P Emerging Europe ETF; (9) SPDR
S&P Emerging Latin America ETF; (10) SPDR S&P Emerging Markets ETF;
(11) SPDR S&P Emerging Middle East & Africa ETF; (12) streetTRACKS DJ
Wilshire International Real Estate ETF; (13) streetTRACKS MSCI ACWI ex-
US ETF; (14) streetTRACKS Russell/Nomura PRIMETM Japan ETF; (15)
streetTRACKS Russell/Nomura Small Cap Japan ETF; and (16) Vanguard FTSE
All-World ex U.S. ETF. These ICUs currently trade on the Exchange on a
UTP basis pursuant to generic listing standards for foreign derivative
securities products described in NYSE Arca Equities Rule 5.2(j)(3) that
were adopted by the Exchange pursuant to Rule 19b-4(e) under the
Act.\11\
---------------------------------------------------------------------------
\11\ See Securities Exchange Act Release No. 55621 (April 12,
2007), 72 FR 19571 (April 18, 2007) (SR-NYSEArca-2006-86).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\12\ in general, and furthers the
objectives of Section 6(b)(5),\13\ 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.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78f(b).
\13\ 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
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;
[[Page 26669]]
(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 \14\
and Rule 19b-4(f)(6) thereunder.\15\
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CRF 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.
---------------------------------------------------------------------------
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.\16\
---------------------------------------------------------------------------
\16\ 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).
---------------------------------------------------------------------------
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-2007-39 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-2007-39. 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-2007-39 and should be submitted by or before
May 31, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\17\
---------------------------------------------------------------------------
\17\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-9044 Filed 5-9-07; 8:45 am]
BILLING CODE 8010-01-P
