Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto to Expand the Trading Hours of Certain Exchange-Traded Funds, 50431-50435 [E7-17376]
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Federal Register / Vol. 72, No. 169 / Friday, August 31, 2007 / Notices
Regulation SHO.13 For this reason, the
Commission designates the proposal to
be operative upon filing with the
Commission.
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 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 an e-mail to rulecomments@sec.gov. Please include File
Number SR–NSX–2007–09 on the
subject line.
sroberts on PROD1PC70 with NOTICES
Paper Comments
• Send paper comments in triplicate
to Nancy Morris, Secretary, Securities
and Exchange Commission, 100 F.
Street, NE., Washington, DC 20549–
1090.
All submissions should refer to File
Number SR–NSX–2007–09. This file
number should be included in the
subject line if e-mail is used. To help the
Commission process and review
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 statement 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, 100 F. Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filings will also be
13 For purposes only of waiving the 30-day preoperative period, the Commission has considered
the proposed rule change’s impact on efficiency,
competition and capital formation. 15 U.S.C. 78c(f).
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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–NSX–2007–09 and should be
submitted on or before September 21,
2007.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.14
Nancy M. Morris,
Secretary.
[FR Doc. E7–17228 Filed 8–30–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56329; File No. SR–
NYSEArca–2007–75]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change and Amendment No. 1
Thereto to Expand the Trading Hours
of Certain Exchange-Traded Funds
August 28, 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 July 30,
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, II, and
III below, which Items have been
substantially prepared by the Exchange.
On August 22, 2007, the Exchange
submitted Amendment No. 1 to the
proposed rule change. The Commission
is publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to expand the
trading hours of securities of certain
exchange-traded funds (‘‘ETFs’’)
identified herein to include all three
Exchange trading sessions (Opening,
Core Trading, and Late Trading
Sessions). The text of the proposed rule
change is available at the Exchange, the
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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50431
Commission’s Public Reference Room,
and https://www.nyse.com.
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 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. 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
provides for three trading sessions on
the NYSE Arca Marketplace each day
that NYSE Arca Equities is open for
business: (1) An Opening Session (4
a.m. to 9:30 a.m. Eastern Time or ‘‘ET’’);
(2) a Core Trading Session (9:30 a.m. to
4 p.m. ET); and (3) a Late Trading
Session (4 p.m. to 8 p.m. ET). The Core
Trading Session for securities described
in NYSE Arca Equities Rules 5.2(j)(3),
8.100, 8.200, 8.201, 8.202, 8.203, 8.300,
and 8.400 currently concludes at 4:15
p.m. ET. 3
NYSE Arca proposes to expand the
trading hours of securities of the ETFs
identified below to include all three
Exchange trading sessions. The
Commission previously approved
proposals to list and trade and to trade
pursuant to unlisted trading privileges
(‘‘UTP’’) the securities of such ETFs.
The following ETFs are listed in reverse
chronological order based on the dates
of the Commission’s approval orders, in
one, but not all three, of the Exchange’s
trading sessions:
• the PowerShares DB U.S. Dollar
Index Bullish Fund and the
PowerShares DB U.S. Dollar Index
Bearish Fund; 4
3 NYSE Arca Equities Rules 5.2(j)(3), 8.100, 8.200,
8.201, 8.202, 8.203, 8.300, and 8.400 relate to
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) (establishing hours of trading for securities of
certain ETFs).
4 These ETFs were approved for trading on the
Exchange pursuant to UTP under Commentary .02
Continued
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sroberts on PROD1PC70 with NOTICES
• the PowerShares DB Energy Fund,
the PowerShares DB Oil Fund, the
PowerShares DB Precious Metals Fund,
the PowerShares DB Gold Fund, the
PowerShares DB Silver Fund, the
PowerShares DB Base Metals Fund, and
the PowerShares DB Agriculture Fund; 5
• 81 ETFs of the ProShares Trust,
including certain Ultra Funds, Short
Funds, and Ultra Short Funds: (1) Ultra
Russell 2000 ProShares (f/k/a Ultra
Russell 2000); (2) Ultra S&P SmallCap
600 ProShares (f/k/a Ultra S&P
SmallCap 600); (3) Ultra S&P500/
Citigroup Value; (4) Ultra S&P500/
Citigroup Growth; (5) Ultra S&P MidCap
400/Citigroup Value; (6) Ultra S&P
MidCap 400/Citigroup Growth; (7) Ultra
S&P SmallCap 600/Citigroup Value; (8)
Ultra S&P SmallCap 600/Citigroup
Growth; (9) Ultra Basic Materials
ProShares (f/k/a Ultra Basic Materials);
(10) Ultra Consumer Goods ProShares
(f/k/a Ultra Consumer Goods); (11) Ultra
Consumer Services ProShares (f/k/a
Ultra Consumer Services); (12) Ultra
Financials ProShares (f/k/a Ultra
Financials); (13) Ultra Health Care
ProShares (f/k/a Ultra Health Care); (14)
Ultra Industrials ProShares (f/k/a Ultra
Industrials); (15) Ultra Oil & Gas
ProShares (f/k/a Ultra Oil & Gas); (16)
Ultra Real Estate ProShares (f/k/a Ultra
Real Estate); (17) Ultra Semiconductors
ProShares (f/k/a Ultra Semiconductors);
(18) Ultra Technology ProShares (f/k/a
Ultra Technology); (19) Ultra Utilities
ProShares (f/k/a Ultra Utilities); (20)
Ultra Russell Midcap Index; (21) Ultra
Russell Midcap Growth ProShares
(f/k/a Ultra Russell Midcap Growth
Index); (22) Ultra Russell Midcap Value
ProShares (f/k/a Ultra Russell Midcap
Value Index); (23) Ultra Russell 1000
Index; (24) Ultra Russell 1000 Growth
ProShares (f/k/a Ultra Russell 1000
Growth Index); (25) Ultra Russell 1000
Value ProShares (f/k/a Ultra Russell
1000 Value Index); (26) Ultra Russell
2000 Growth ProShares (f/k/a Ultra
Russell 2000 Growth Index); (27) Ultra
Russell 2000 Value ProShares (f/k/a
Ultra Russell 2000 Value Index); (28)
Short Russell 2000 ProShares (f/k/a
Short Russell 2000); (29) Short S&P
SmallCap 600 ProShares (f/k/a Short
S&P SmallCap 600); (30) Short S&P500/
Citigroup Value; (31) Short S&P500/
to Rule 8.200 during the Core Trading Session. See
Securities Exchange Act Release No. 55484 (March
16, 2007), 72 FR 13847 (March 23, 2007) (SR–
NYSEArca–2006–67).
5 These ETFs were approved for trading on the
Exchange pursuant to UTP under Commentary .02
to Rule 8.200 during the Core Trading Session
(except for the PowerShares DB Base Metals Fund,
which was approved for trading during the Late
Session as well). See Securities Exchange Act
Release No. 55453 (March 13, 2007) 72 FR 13333
(March 21, 2007) (SR–NYSEArca–2006–62).
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Citigroup Growth; (32) Short S&P
MidCap 400/Citigroup Value; (33) Short
S&P MidCap 400/Citigroup Growth; (34)
Short S&P SmallCap 600/Citigroup
Value; (35) Short S&P SmallCap 600/
Citigroup Growth; (36) Short Basic
Materials; (37) Short Consumer Goods;
(38) Short Consumer Services; (39)
Short Financials; (40) Short Health Care;
(41) Short Industrials; (42) Short Oil &
Gas; (43) Short Real Estate; (44) Short
Semiconductors; (45) Short Technology;
(46) Short Utilities; (47) Short Russell
Midcap Index; (48) Short Russell
Midcap Growth Index; (49) Short
Russell Midcap Value Index; (50) Short
Russell 1000 Index; (51) Short Russell
1000 Growth Index; (52) Short Russell
1000 Value Index; (53) Short Russell
2000 Growth Index; (54) Short Russell
2000 Value Index; (55) UltraShort
Russell 2000 ProShares (f/k/a UltraShort
Russell 2000); (56) UltraShort S&P
SmallCap 600; (57) UltraShort S&P500/
Citigroup Value; (58) UltraShort
S&P500/Citigroup Growth; (59)
UltraShort S&P MidCap 400/Citigroup
Value; (60) UltraShort S&P MidCap 400/
Citigroup Growth; (61) UltraShort S&P
SmallCap 600/Citigroup Value; (62)
UltraShort S&P SmallCap 600/Citigroup
Growth; (63) UltraShort Basic Materials
ProShares (f/k/a UltraShort Basic
Materials); (64) UltraShort Consumer
Goods ProShares (f/k/a UltraShort
Consumer Goods); (65) UltraShort
Consumer Services ProShares (f/k/a
UltraShort Consumer Services); (66)
UltraShort Financials ProShares (f/k/a
UltraShort Financials); (67) UltraShort
Health Care ProShares (f/k/a UltraShort
Health Care); (68) UltraShort Industrials
ProShares (f/k/a UltraShort Industrials);
(69) UltraShort Oil & Gas ProShares
(f/k/a UltraShort Oil & Gas); (70)
UltraShort Real Estate ProShares (f/k/a
UltraShort Real Estate); (71) UltraShort
Semiconductors ProShares (f/k/a
UltraShort Semiconductors); (72)
UltraShort Technology ProShares (f/k/a
UltraShort Technology); (73) UltraShort
Utilities ProShares (f/k/a UltraShort
Utilities); (74) UltraShort Russell
Midcap Index; (75) UltraShort Russell
Midcap Growth ProShares (f/k/a
UltraShort Russell Midcap Growth
Index); (76) UltraShort Russell Midcap
Value ProShares (f/k/a UltraShort
Russell Midcap Value Index); (77)
UltraShort Russell 1000 Index; (78)
UltraShort Russell 1000 Growth
ProShares (f/k/a UltraShort Russell 1000
Growth Index); (79) UltraShort Russell
1000 Value ProShares (f/k/a UltraShort
Russell 1000 Value Index); (80)
UltraShort Russell 2000 Growth
ProShares (f/k/a UltraShort Russell 2000
Growth Index); and (81) UltraShort
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Russell 2000 Value ProShares (f/k/a
UltraShort Russell 2000 Value Index); 6
• the SPD 7 DJ Global Titans ETF
(f/k/a the streetTRACKS Dow Jones
Global Titans Index Fund);8
• the iShares 9 MSCI Emerging
Markets Index Fund; 10
• the iShares S&P Global Energy
Sector Index Fund, iShares S&P Global
Financials Sector Index Fund, iShares
S&P Global Health Care Sector Index
Fund, iShares S&P Global
Telecommunications Sector Index
Fund, iShares S&P Global Information
Technology Sector Index Fund, iShares
S&P Latin America 40 Index Fund, and
iShares MSCI EAFE Index Fund; 11
• the Claymore MACROshares Oil Up
Tradeable Shares and the Claymore
MACROshares Oil Down Tradeable
Shares; 12
• the DJ STOXX 50 ETF (f/k/a the
streetTRACKS Dow Jones STOXX 50
Fund) and the DJ Euro STOXX 50 ETF
(f/k/a the streetTRACKS Dow Jones
EURO STOXX 50 Fund); 13
• the iShares S&P Global 100 Index
Fund; 14
6 These ETFs of the ProShares Trust were
approved for trading on the Exchange pursuant to
UTP under Rule 5.2(j)(3) during the Core and Late
Trading Sessions. See Securities Exchange Act
Release No. 55125 (January 18, 2007), 72 FR 3462
(January 25, 2007) (SR–NYSEArca–2006–87). Some
of the ETFs of the ProShares Trust listed above are
not currently trading because they have not yet
been launched.
7 SPDR is a registered trademark of The
McGraw-Hill Companies, Inc.
8 This ETF was approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3)
during the Core and Late Trading Sessions. See
Securities Exchange Act Release No. 55085 (January
11, 2007), 72 FR 2717 (January 22, 2007) (SR–
NYSEArca–2006–37).
9 iShares is a registered trademark of Barclays
Global Investors, N.A.
10 This ETF was approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3)
during the Core and Late Trading Sessions. See
Securities Exchange Act Release No. 55083 (January
10, 2007), 72 FR 2322 (January 18, 2007) (SR–
NYSEArca–2006–39).
11 These ETFs were approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3)
during the Core and Late Trading Sessions. See
Securities Exchange Act Release No. 55053 (January
5, 2007), 72 FR 1794 (January 16, 2007) (SR–
NYSEArca–2006–38).
12 These ETFs were approved for trading on the
Exchange pursuant to UTP under Rule 8.400 during
the Core Trading Session. See Securities Exchange
Act Release No. 55033 (December 29, 2006) 72 FR
1253 (January 10, 2007) (SR–NYSEArca–2006–75).
13 These ETFs were approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3)
during the Core and Late Trading Sessions. See
Securities Exchange Act Release No. 55032
(December 29, 2006), 72 FR 1042 (January 9, 2007)
(SR–NYSEArca–2006–36).
14 These ETFs were approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3)
during the Core and Late Trading Sessions. See
Securities Exchange Act Release No. 55019
(December 28, 2006), 72 FR 1047 (January 9, 2007)
(SR–NYSEArca–2006–35).
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• the iShares MSCI Belgium Index
Fund, iShares MSCI France Index Fund,
iShares MSCI Italy Index Fund, iShares
MSCI Netherlands Index Fund, iShares
MSCI Spain Index Fund, iShares MSCI
Sweden Index Fund, iShares MSCI
Switzerland Index Fund, and iShares
MSCI United Kingdom Index Fund; 15
• the iShares S&P Europe 350 Index
Fund; 16
• the iShares MSCI Brazil Index Fund
and iShares MSCI South Africa Index
Fund; 17
• the iShares S&P Global Consumer
Discretionary Sector Index Fund,
iShares S&P Global Consumer Staples
Sector Index Fund, iShares S&P Global
Industrials Sector Index Fund, iShares
S&P Global Utilities Sector Index Fund,
and iShares S&P Global Materials Sector
Index Fund; 18
• the PowerShares DB G10 Currency
Harvest Fund; 19
• the UltraShort S&P 500 ProShares
(f/k/a Ultra Short 500 Fund, UltraShort
QQQ ProShares (f/k/a Ultra Short 100
Fund), UltraShort Dow 30 ProShares (f/
k/a Ultra Short 30 Fund), and UltraShort
Mid-Cap 400 ProShares (f/k/a Ultra
Short Mid-Cap 400 Fund); 20
• the Ultra S&P 500 ProShares (f/k/a
Ultra 500 Fund), Ultra QQQ ProShares
(f/k/a Ultra 100 Fund), Ultra Dow 30
ProShares (f/k/a Ultra 30 Fund), Ultra
Mid-Cap 400 ProShares (f/k/a Ultra
Mid-Cap 400 Fund), Short S&P 500
ProShares (f/k/a Short 500 Fund), Short
QQQ ProShares (f/k/a Short 100 Fund),
15 These ETFs were approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3)
during the Core and Late Trading Sessions. See
Securities Exchange Act Release No. 55017
(December 28, 2006), 72 FR 1044 (January 9, 2007)
(SR–NYSEArca–2006–34).
16 These ETFs were approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3)
during the Core and Late Trading Sessions. See
Securities Exchange Act Release No. 55004
(December 22, 2006), 72 FR 173 (January 3, 2007)
(SR–NYSEArca–2006–33).
17 These ETFs were approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3)
during the Core and Late Trading Sessions. See
Securities Exchange Act Release No. 55002
(December 21, 2006), 71 FR 78503 (December 29,
2006) (SR–NYSEArca–2006–32).
18 These ETFs were approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3)
during the Core and Late Trading Sessions. See
Securities Exchange Act Release No. 54473
(September 20, 2006), 71 FR 56204 (September 26,
2006) (SR–NYSEArca–2006–60).
19 This ETF was approved for trading on the
Exchange pursuant to UTP under Commentary .02
to Rule 8.200 during the Core Trading Session. See
Securities Exchange Act Release No. 54569 (October
4, 2006), 71 FR 60594 (October 13, 2006) (SR–
NYSEArca–2006–64).
20 These ETFs were approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3)
during the Core and Late Trading Sessions. See
Securities Exchange Act Release No. 54045 (June
26, 2006), 71 FR 37971 (July 3, 2006) (SR–PCX–
2005–115).
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Short Dow 30 ProShares (f/k/a Short 30
Fund), and Short Mid-Cap 400
ProShares (f/k/a Short Mid-Cap 400
Fund); 21
• the following ETFs of the
WisdomTree Trust: (1) WisdomTree
Europe Total Dividend Fund; (2)
WisdomTree Europe High-Yielding
Equity Fund; (3) WisdomTree Japan
Total Dividend Fund; (4) WisdomTree
Japan High-Yielding Equity Fund; (5)
WisdomTree DIEFA Fund; (6)
WisdomTree DIEFA High Yielding
Equity Fund; (7) WisdomTree Pacific
ex-Japan Total Dividend Fund; (8)
WisdomTree Pacific ex-Japan HighYielding Equity Fund; (9) WisdomTree
International LargeCap Dividend Fund;
(10) WisdomTree International MidCap
Dividend Fund; (11) WisdomTree
International SmallCap Dividend Fund;
(12) WisdomTree International
Dividend Top 100 Fund; (13)
WisdomTree Europe Dividend Top 100
Fund; (14) WisdomTree Europe
SmallCap Dividend Fund; (15)
WisdomTree Japan SmallCap Dividend
Fund; (16) WisdomTree International
Consumer Non-Cyclical Sector Fund;
(17) WisdomTree International Basic
Materials Sector Fund; (18) WisdomTree
International Communications Sector
Fund; (19) WisdomTree International
Consumer Cyclical Sector Fund; (20)
WisdomTree International Energy
Sector Fund; (21) WisdomTree
International Financial Sector Fund;
(22) WisdomTree International
Healthcare Sector Fund; (23)
WisdomTree International Industrial
Sector Fund; (24) WisdomTree
International Technology Sector Fund;
(25) WisdomTree International Utilities
Sector Fund; (26) WisdomTree
Emerging Markets Total Dividend Fund;
(27) WisdomTree Emerging Markets
High-Yielding Equity Fund; (28)
WisdomTree Emerging Markets
Dividend Top 100 Fund; (29)
WisdomTree Latin America Dividend
Fund; (30) WisdomTree Asia Emerging
Markets Total Dividend Fund; (31)
WisdomTree Asia Emerging Markets
High-Yielding Equity Fund; (32)
WisdomTree China Dividend Fund; (33)
WisdomTree Hong Kong Dividend
Fund; and (34) WisdomTree Singapore
Dividend Fund; 22
21 These ETFs were approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3)
during the Core and Late Trading Sessions. See
Securities Exchange Act Release No. 54026 (June
21, 2006), 71 FR 36850 (June 28, 2006) (SR–PCX–
2005–115).
22 These ETFs were approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3)
during the Core and Late Trading Sessions. See
Securities Exchange Act Release No. 53999 (June
15, 2006), 71 FR 35981 (June 22, 2006) (SR–
NYSEArca–2006–30). Some of the ETFs of the
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50433
• the iShares GSCI CommodityIndexed Trust; 23
• the United States Oil Fund, LP; 24
• the PowerShares DB Commodity
Index Tracking Fund (f/k/a the DB
Commodity Index Tracking Fund); 25
• the iShares Silver Trust; 26
• iShares MSCI Australia Index Fund,
iShares MSCI Austria Index Fund,
iShares MSCI Canada Index Fund,
iShares MSCI EMU Index Fund, iShares
MSCI Germany Index Fund, and iShares
MSCI Mexico Index Fund; 27
• the Vanguard European ETF (f/k/a
the Vanguard MSCI Europe Index
Fund), the Vanguard Pacific ETF (f/k/a
the Vanguard MSCI Pacific Index Fund),
and the Vanguard Emerging Markets
ETF (f/k/a the Vanguard MSCI Emerging
Markets Select Index Fund); 28 and
• the iShares COMEX Gold Trust.29
In support of this proposed rule
change, the Exchange states that the
representations in the approval orders
WisdomTree Trust are not currently trading because
they have not yet been launched.
23 This ETF was approved for trading on the
Exchange pursuant to UTP under Rule 8.203 during
the Core Trading Session. See Securities Exchange
Act Release No. 54025 (June 21, 2006), 71 FR 36856
(June 28, 2006) (SR–NYSEArca–2006–12).
24 This ETF was approved for trading on the
Exchange pursuant to UTP under Rule 8.300 during
the Core Trading Session. See Securities Exchange
Act Release No. 53875 (May 25, 2006), 71 FR 32164
(June 2, 2006) (SR–NYSEArca–2006–11).
25 This ETF was approved for trading on the
Exchange pursuant to UTP under Commentary .02
to Rule 8.200 during the Core Trading Session. See
Securities Exchange Act Release No. 53736 (April
27, 2006), 71 FR 26582 (May 5, 2006) (SR–PCX–
2006–22).
26 This ETF was approved for trading on the
Exchange pursuant to UTP under Rule 8.201 during
the Core Trading Session. See Securities Exchange
Act Release No. 53520 (March 20, 2006), 71 FR
14977 (March 24, 2006) (SR–PCX–2005–117).
27 These ETFs were approved for listing and
trading on the Exchange under Rule 5.2(j)(3) during
the Core and Late Trading Sessions. See Securities
Exchange Act Release No. 53230 (February 6, 2006),
71 FR 7594 (February 13, 2006) (SR–PCX–2005–
116).
28 These ETFs were originally approved for
trading on the Exchange pursuant to UTP under
Rule 5.2(j)(3) during the Core Trading Session. See
Securities Exchange Act Release No. 52221 (August
8, 2005), 70 FR 48222 (August 16, 2005) (SR–PCX–
2005–74). The Exchange expanded the hours during
which these ETFs were eligible to trade to include
the Late Trading Session in December 2005. See
Securities Exchange Act Release No. 52927
(December 8, 2005), 70 FR 74397 (December 15,
2005) (SR–PCX–2005–128).
29 This ETF was approved for UTP trading on the
Exchange under Rule 8.201 during the Core Trading
Session. See Securities Exchange Act Release No.
51067 (January 21, 2005), 70 FR 3952 (January 27,
2005) (SR–PCX–2004–132). This ETF was
subsequently approved for listing and trading in all
three Exchange trading sessions upon transfer of the
listing to the Exchange. See Securities Exchange Act
Release No. 56041 (July 11, 2007), 72 FR 39114
(July 17, 2007) (SR–NYSEArca–2007–43). Pursuant
to this proposal, the Exchange seeks to trade the
securities of this ETF in all three trading sessions
prior to the transfer of the listing.
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sroberts on PROD1PC70 with NOTICES
for the foregoing ETFs, as summarized
below, continue to apply with respect to
trading during the Core and Late
Trading Sessions:
1. The Exchange has appropriate rules
to facilitate transactions in shares of the
above ETFs during all trading sessions.
The Exchange deems such shares to be
equity securities, thus rendering trading
in such shares subject to the Exchange’s
existing rules governing the trading of
equity securities.
2. The Exchange’s surveillance
procedures are adequate to properly
monitor trading of shares of the above
ETFs in all trading sessions.30
3. The Exchange has distributed an
Information Bulletin to Equity Trading
Permit (‘‘ETP’’) Holders prior to the
commencement of trading of the shares
of the above ETFs on the Exchange that
explains the terms, characteristics, and
risks of trading such shares. In addition,
the Exchange states that it will
distribute an Information Bulletin that
explains the terms, characteristics, and
risks of trading the shares of the above
ETFs that have not yet been launched to
ETP Holders prior to the
commencement of trading of such
shares.
4. The Exchange will require ETP
Holders with a customer who purchases
newly issued shares of the above ETFs
in any trading session on the NYSE Arca
Marketplace to provide that customer
with a product description, if available,
or a prospectus, and has noted this
delivery requirement in the Information
Bulletin.
5. When the Exchange is the UTP
trading market, the Exchange will cease
trading in the shares of ETFs during all
trading sessions if (a) the listing market
stops trading the shares, or (b) the
listing market delists the shares.
Additionally, the Exchange may cease
trading the shares if such other event
shall occur or condition exists which, in
the opinion of the Exchange, makes
further dealings on the Exchange
inadvisable. UTP trading in the shares
of ETFs is also governed by the trading
halt provisions of NYSE Arca Equities
Rule 7.34 relating to temporary
interruptions in the calculation or wide
dissemination of the Intraday Indicative
Value (‘‘IIV’’) 31 or the value of the
30 The Exchange states that it may obtain
information via the Intermarket Surveillance Group
(‘‘ISG’’) from other exchanges who are members or
affiliate members of ISG. In addition, as referenced
in the applicable approval orders, the Exchange has
in place information sharing agreements with the
relevant exchange(s).
31 The IIV is also sometimes referred to as the
Indicative Optimized Portfolio Value (‘‘IOPV’’), the
Indicative Fund Value (‘‘IFV’’), the Indicative Trust
Value (‘‘ITV’’), and the Indicative Partnership Value
(‘‘IPV’’), depending upon the type of ETF being
VerDate Aug<31>2005
00:43 Aug 31, 2007
Jkt 211001
underlying index or other applicable
underlying benchmark. ETF shares will
be traded following a trading halt in
accordance with NYSE Arca Equities
Rule 7.35(f).
6. When the Exchange is the listing
market, the Exchange may consider all
relevant factors in exercising its
discretion to halt or suspend trading in
the shares of an ETF. Trading may be
halted because of market conditions or
for reasons that, in the view of the
Exchange, make trading in the shares
inadvisable. Factors for consideration
may include (a) the extent to which
trading is not occurring in the securities
or other instruments underlying an ETF,
or (b) whether other unusual conditions
or circumstances detrimental to the
maintenance of a fair and orderly
market are present. In addition, trading
in the shares of listed ETFs are subject
to trading halts caused by extraordinary
market volatility pursuant to the
Exchange’s ‘‘circuit breaker’’ rule (NYSE
Arca Equities Rule 7.12) or by the halt
or suspension of trading of the
underlying securities or other
instruments underlying an ETF. If the
IIV or the index value applicable to a
series of shares is not being
disseminated as required, the Exchange
may halt trading during the day in
which the interruption to the
dissemination of the IIV or the index
value occurs. If the interruption to the
dissemination of the IIV or the index
value persists past the trading day in
which it occurred, the Exchange will
halt trading no later than the beginning
of the trading day following the
interruption.
7. The IIV and/or index value (or
value of the underlying asset or
instrument, if not an index) will
continue to be disseminated during all
three trading sessions, to the extent the
relevant approval order provides for this
dissemination requirement.
The Exchange intends to distribute to
its ETP Holders and make available on
its Web site a Regulatory Information
Bulletin titled ‘‘Exchange-Traded
Funds—Extended Trading Hours’’ that
discloses and discusses, among other
things, the following: (1) The underlying
index value may not be updated during
the Core and Late Trading Sessions; (2)
the IIV may not be updated during the
Core and Late Trading Sessions; (3)
commodity and currency spot prices are
available in the Core and Late Trading
Sessions, but commodity and currency
futures prices generally will not be
available in the Core and Late Trading
traded and the terminology used in the Commission
approval orders.
PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
Sessions; 32 (4) lower liquidity in the
Core and Late Trading Sessions may
impact pricing; (5) higher volatility in
the Core and Late Trading Sessions may
impact pricing; (6) wider spreads may
occur in the Core and Late Trading
Sessions; (7) required customer
disclosures; 33 (8) the circumstances that
trigger trading halts; and (9) suitability
requirements. The Exchange recently
amended NYSE Arca Equities Rule
7.34(e) to require ETP Holders to
disclose additional risks associated with
extended hours trading in new
derivative securities products to
customers.34
The Exchange notes that if the official
index value does not change during
some or all of the period when trading
is occurring on the Exchange (for
example, because of time zone
differences or holidays in countries
where the index component stocks
trade), then the last calculated official
index value must remain available
throughout Exchange trading hours.
Similarly, if the IIV does not change
during any portion of Exchange trading
hours, then the last official calculated
IIV must remain available throughout
Exchange trading hours.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the
Act,35 in general, and furthers the
objectives of Section 6(b)(5),36 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
32 The Exchange states that, in certain cases, the
futures or options markets for a particular
commodity may be closed during part of the Core
Trading Session, and the IIV would be static for that
particular future or options price, but widely
disseminated. In addition, the prices of certain
futures contracts in commodities (e.g., gold) and
currencies are available on a 24-hour basis.
33 See infra note 34.
34 See Securities Exchange Act Release No. 56270
(August 15, 2007), 72 FR 47109 (August 22, 2007)
(SR–NYSEArca–2007–74). Specifically, the
Exchange requires ETP Holders to disclose to their
non-ETP Holder customers that an updated
underlying index value or IIV may not be calculated
or publicly disseminated during extended trading
hours. Since the IIV is not calculated or widely
disseminated during the Opening and Late Trading
Sessions, an investor who is unable to calculate an
implied value for a derivative securities product in
those sessions may be at a disadvantage to market
professionals. The Exchange believes that requiring
ETP Holders to disclose this risk to non-ETP
Holders will facilitate informed participation in
extended hours trading.
35 15 U.S.C. 78f(b).
36 15 U.S.C. 78f(b)(5).
E:\FR\FM\31AUN1.SGM
31AUN1
Federal Register / Vol. 72, No. 169 / Friday, August 31, 2007 / Notices
mechanism of a free and open market
and a national market system.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes the proposed
rule change will impose no 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 states that no written
comments were solicited or received
with respect to the proposed rule
change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which NYSE Arca consents, the
Commission will:
A. By order approve such proposed
rule change, or
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
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, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available
for inspection and copying at the
principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–NYSEArca–2007–75 and
should be submitted on or before
September 21, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.37
Nancy M. Morris,
Secretary.
[FR Doc. E7–17376 Filed 8–30–07; 8:45 am]
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:
BILLING CODE 8010–01–P
Electronic Comments
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Establish the Fill-orKill Order Type
• 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–NYSEArca–2007–75 on the
subject line.
sroberts on PROD1PC70 with NOTICES
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–2007–75. 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
VerDate Aug<31>2005
00:43 Aug 31, 2007
Jkt 211001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56323; File No. SR–
NYSEArca–2007–86]
August 27, 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 August
10, 2007, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or ‘‘Exchange’’), through its
wholly owned subsidiary, NYSE Arca
Equities, Inc. (‘‘NYSE Arca Equities’’ or
‘‘Corporation’’) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange, through NYSE Arca
Equities, is proposing to amend its rules
in order to add a new order type known
as the Fill-or-Kill Order. The changes
described in this rule proposal would
add new NYSE Arca Equities Rule
7.31(ll). The text of the proposed rule
change is available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
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 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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In order to provide additional
flexibility and increased functionality to
its system and its Users,5 the Exchange
proposes to add a new order type
known as the Fill-or-Kill order.
Fill-or-Kill orders are limit orders that
will be executed in full as soon as such
order is received. However, if execution
is not possible, the entire order will be
immediately cancelled. Of course, Fillor-Kill orders will not route out of NYSE
Arca to other market centers; they will
either be immediately executed, or
cancelled, in their entirety.
The Exchange believes that the
addition of the proposed order type will
3 15
37 17
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
50435
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 See NYSE Arca Equities Rule 1.1(yy) for the
definition of ‘‘User.’’
4 17
E:\FR\FM\31AUN1.SGM
31AUN1
]]>Agencies
[Federal Register Volume 72, Number 169 (Friday, August 31, 2007)]
[Notices]
[Pages 50431-50435]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-17376]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56329; File No. SR-NYSEArca-2007-75]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change and Amendment No. 1 Thereto to Expand the
Trading Hours of Certain Exchange-Traded Funds
August 28, 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 July 30, 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, II,
and III below, which Items have been substantially prepared by the
Exchange. On August 22, 2007, the Exchange submitted Amendment No. 1 to
the proposed rule change. The Commission is publishing this notice to
solicit comments on the proposed rule change, as amended, from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to expand the trading hours of securities of
certain exchange-traded funds (``ETFs'') identified herein to include
all three Exchange trading sessions (Opening, Core Trading, and Late
Trading Sessions). The text of the proposed rule change is available at
the Exchange, the Commission's Public Reference Room, and https://
www.nyse.com.
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 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. 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 provides for three trading sessions on
the NYSE Arca Marketplace each day that NYSE Arca Equities is open for
business: (1) An Opening Session (4 a.m. to 9:30 a.m. Eastern Time or
``ET''); (2) a Core Trading Session (9:30 a.m. to 4 p.m. ET); and (3) a
Late Trading Session (4 p.m. to 8 p.m. ET). The Core Trading Session
for securities described in NYSE Arca Equities Rules 5.2(j)(3), 8.100,
8.200, 8.201, 8.202, 8.203, 8.300, and 8.400 currently concludes at
4:15 p.m. ET. \3\
---------------------------------------------------------------------------
\3\ NYSE Arca Equities Rules 5.2(j)(3), 8.100, 8.200, 8.201,
8.202, 8.203, 8.300, and 8.400 relate to 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) (establishing
hours of trading for securities of certain ETFs).
---------------------------------------------------------------------------
NYSE Arca proposes to expand the trading hours of securities of the
ETFs identified below to include all three Exchange trading sessions.
The Commission previously approved proposals to list and trade and to
trade pursuant to unlisted trading privileges (``UTP'') the securities
of such ETFs. The following ETFs are listed in reverse chronological
order based on the dates of the Commission's approval orders, in one,
but not all three, of the Exchange's trading sessions:
the PowerShares DB U.S. Dollar Index Bullish Fund and the
PowerShares DB U.S. Dollar Index Bearish Fund; \4\
---------------------------------------------------------------------------
\4\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Commentary .02 to Rule 8.200 during the Core
Trading Session. See Securities Exchange Act Release No. 55484
(March 16, 2007), 72 FR 13847 (March 23, 2007) (SR-NYSEArca-2006-
67).
---------------------------------------------------------------------------
[[Page 50432]]
the PowerShares DB Energy Fund, the PowerShares DB Oil
Fund, the PowerShares DB Precious Metals Fund, the PowerShares DB Gold
Fund, the PowerShares DB Silver Fund, the PowerShares DB Base Metals
Fund, and the PowerShares DB Agriculture Fund; \5\
---------------------------------------------------------------------------
\5\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Commentary .02 to Rule 8.200 during the Core
Trading Session (except for the PowerShares DB Base Metals Fund,
which was approved for trading during the Late Session as well). See
Securities Exchange Act Release No. 55453 (March 13, 2007) 72 FR
13333 (March 21, 2007) (SR-NYSEArca-2006-62).
---------------------------------------------------------------------------
81 ETFs of the ProShares Trust, including certain Ultra
Funds, Short Funds, and Ultra Short Funds: (1) Ultra Russell 2000
ProShares (f/k/a Ultra Russell 2000); (2) Ultra S&P SmallCap 600
ProShares (f/k/a Ultra S&P SmallCap 600); (3) Ultra S&P500/Citigroup
Value; (4) Ultra S&P500/Citigroup Growth; (5) Ultra S&P MidCap 400/
Citigroup Value; (6) Ultra S&P MidCap 400/Citigroup Growth; (7) Ultra
S&P SmallCap 600/Citigroup Value; (8) Ultra S&P SmallCap 600/Citigroup
Growth; (9) Ultra Basic Materials ProShares (f/k/a Ultra Basic
Materials); (10) Ultra Consumer Goods ProShares (f/k/a Ultra Consumer
Goods); (11) Ultra Consumer Services ProShares (f/k/a Ultra Consumer
Services); (12) Ultra Financials ProShares (f/k/a Ultra Financials);
(13) Ultra Health Care ProShares (f/k/a Ultra Health Care); (14) Ultra
Industrials ProShares (f/k/a Ultra Industrials); (15) Ultra Oil & Gas
ProShares (f/k/a Ultra Oil & Gas); (16) Ultra Real Estate ProShares (f/
k/a Ultra Real Estate); (17) Ultra Semiconductors ProShares (f/k/a
Ultra Semiconductors); (18) Ultra Technology ProShares (f/k/a Ultra
Technology); (19) Ultra Utilities ProShares (f/k/a Ultra Utilities);
(20) Ultra Russell Midcap Index; (21) Ultra Russell Midcap Growth
ProShares (f/k/a Ultra Russell Midcap Growth Index); (22) Ultra Russell
Midcap Value ProShares (f/k/a Ultra Russell Midcap Value Index); (23)
Ultra Russell 1000 Index; (24) Ultra Russell 1000 Growth ProShares (f/
k/a Ultra Russell 1000 Growth Index); (25) Ultra Russell 1000 Value
ProShares (f/k/a Ultra Russell 1000 Value Index); (26) Ultra Russell
2000 Growth ProShares (f/k/a Ultra Russell 2000 Growth Index); (27)
Ultra Russell 2000 Value ProShares (f/k/a Ultra Russell 2000 Value
Index); (28) Short Russell 2000 ProShares (f/k/a Short Russell 2000);
(29) Short S&P SmallCap 600 ProShares (f/k/a Short S&P SmallCap 600);
(30) Short S&P500/Citigroup Value; (31) Short S&P500/Citigroup Growth;
(32) Short S&P MidCap 400/Citigroup Value; (33) Short S&P MidCap 400/
Citigroup Growth; (34) Short S&P SmallCap 600/Citigroup Value; (35)
Short S&P SmallCap 600/Citigroup Growth; (36) Short Basic Materials;
(37) Short Consumer Goods; (38) Short Consumer Services; (39) Short
Financials; (40) Short Health Care; (41) Short Industrials; (42) Short
Oil & Gas; (43) Short Real Estate; (44) Short Semiconductors; (45)
Short Technology; (46) Short Utilities; (47) Short Russell Midcap
Index; (48) Short Russell Midcap Growth Index; (49) Short Russell
Midcap Value Index; (50) Short Russell 1000 Index; (51) Short Russell
1000 Growth Index; (52) Short Russell 1000 Value Index; (53) Short
Russell 2000 Growth Index; (54) Short Russell 2000 Value Index; (55)
UltraShort Russell 2000 ProShares (f/k/a UltraShort Russell 2000); (56)
UltraShort S&P SmallCap 600; (57) UltraShort S&P500/Citigroup Value;
(58) UltraShort S&P500/Citigroup Growth; (59) UltraShort S&P MidCap
400/Citigroup Value; (60) UltraShort S&P MidCap 400/Citigroup Growth;
(61) UltraShort S&P SmallCap 600/Citigroup Value; (62) UltraShort S&P
SmallCap 600/Citigroup Growth; (63) UltraShort Basic Materials
ProShares (f/k/a UltraShort Basic Materials); (64) UltraShort Consumer
Goods ProShares (f/k/a UltraShort Consumer Goods); (65) UltraShort
Consumer Services ProShares (f/k/a UltraShort Consumer Services); (66)
UltraShort Financials ProShares (f/k/a UltraShort Financials); (67)
UltraShort Health Care ProShares (f/k/a UltraShort Health Care); (68)
UltraShort Industrials ProShares (f/k/a UltraShort Industrials); (69)
UltraShort Oil & Gas ProShares (f/k/a UltraShort Oil & Gas); (70)
UltraShort Real Estate ProShares (f/k/a UltraShort Real Estate); (71)
UltraShort Semiconductors ProShares (f/k/a UltraShort Semiconductors);
(72) UltraShort Technology ProShares (f/k/a UltraShort Technology);
(73) UltraShort Utilities ProShares (f/k/a UltraShort Utilities); (74)
UltraShort Russell Midcap Index; (75) UltraShort Russell Midcap Growth
ProShares (f/k/a UltraShort Russell Midcap Growth Index); (76)
UltraShort Russell Midcap Value ProShares (f/k/a UltraShort Russell
Midcap Value Index); (77) UltraShort Russell 1000 Index; (78)
UltraShort Russell 1000 Growth ProShares (f/k/a UltraShort Russell 1000
Growth Index); (79) UltraShort Russell 1000 Value ProShares (f/k/a
UltraShort Russell 1000 Value Index); (80) UltraShort Russell 2000
Growth ProShares (f/k/a UltraShort Russell 2000 Growth Index); and (81)
UltraShort Russell 2000 Value ProShares (f/k/a UltraShort Russell 2000
Value Index); \6\
---------------------------------------------------------------------------
\6\ These ETFs of the ProShares Trust were approved for trading
on the Exchange pursuant to UTP under Rule 5.2(j)(3) during the Core
and Late Trading Sessions. See Securities Exchange Act Release No.
55125 (January 18, 2007), 72 FR 3462 (January 25, 2007) (SR-
NYSEArca-2006-87). Some of the ETFs of the ProShares Trust listed
above are not currently trading because they have not yet been
launched.
---------------------------------------------------------------------------
the SPD [reg] \7\ DJ Global Titans ETF (f/k/a the
streetTRACKS Dow Jones Global Titans Index Fund);\8\
---------------------------------------------------------------------------
\7\ SPDR [reg] is a registered trademark of The McGraw-Hill
Companies, Inc.
\8\ This ETF was approved for trading on the Exchange pursuant
to UTP under Rule 5.2(j)(3) during the Core and Late Trading
Sessions. See Securities Exchange Act Release No. 55085 (January 11,
2007), 72 FR 2717 (January 22, 2007) (SR-NYSEArca-2006-37).
---------------------------------------------------------------------------
the iShares [reg] \9\ MSCI Emerging Markets Index Fund;
\10\
---------------------------------------------------------------------------
\9\ iShares[reg] is a registered trademark of Barclays Global
Investors, N.A.
\10\ This ETF was approved for trading on the Exchange pursuant
to UTP under Rule 5.2(j)(3) during the Core and Late Trading
Sessions. See Securities Exchange Act Release No. 55083 (January 10,
2007), 72 FR 2322 (January 18, 2007) (SR-NYSEArca-2006-39).
---------------------------------------------------------------------------
the iShares S&P Global Energy Sector Index Fund, iShares
S&P Global Financials Sector Index Fund, iShares S&P Global Health Care
Sector Index Fund, iShares S&P Global Telecommunications Sector Index
Fund, iShares S&P Global Information Technology Sector Index Fund,
iShares S&P Latin America 40 Index Fund, and iShares MSCI EAFE Index
Fund; \11\
---------------------------------------------------------------------------
\11\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Rule 5.2(j)(3) during the Core and Late
Trading Sessions. See Securities Exchange Act Release No. 55053
(January 5, 2007), 72 FR 1794 (January 16, 2007) (SR-NYSEArca-2006-
38).
---------------------------------------------------------------------------
the Claymore MACROshares Oil Up Tradeable Shares and the
Claymore MACROshares Oil Down Tradeable Shares; \12\
---------------------------------------------------------------------------
\12\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Rule 8.400 during the Core Trading Session.
See Securities Exchange Act Release No. 55033 (December 29, 2006) 72
FR 1253 (January 10, 2007) (SR-NYSEArca-2006-75).
---------------------------------------------------------------------------
the DJ STOXX 50 ETF (f/k/a the streetTRACKS Dow Jones
STOXX 50 Fund) and the DJ Euro STOXX 50 ETF (f/k/a the streetTRACKS Dow
Jones EURO STOXX 50 Fund); \13\
---------------------------------------------------------------------------
\13\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Rule 5.2(j)(3) during the Core and Late
Trading Sessions. See Securities Exchange Act Release No. 55032
(December 29, 2006), 72 FR 1042 (January 9, 2007) (SR-NYSEArca-2006-
36).
---------------------------------------------------------------------------
the iShares S&P Global 100 Index Fund; \14\
---------------------------------------------------------------------------
\14\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Rule 5.2(j)(3) during the Core and Late
Trading Sessions. See Securities Exchange Act Release No. 55019
(December 28, 2006), 72 FR 1047 (January 9, 2007) (SR-NYSEArca-2006-
35).
---------------------------------------------------------------------------
[[Page 50433]]
the iShares MSCI Belgium Index Fund, iShares MSCI France
Index Fund, iShares MSCI Italy Index Fund, iShares MSCI Netherlands
Index Fund, iShares MSCI Spain Index Fund, iShares MSCI Sweden Index
Fund, iShares MSCI Switzerland Index Fund, and iShares MSCI United
Kingdom Index Fund; \15\
---------------------------------------------------------------------------
\15\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Rule 5.2(j)(3) during the Core and Late
Trading Sessions. See Securities Exchange Act Release No. 55017
(December 28, 2006), 72 FR 1044 (January 9, 2007) (SR-NYSEArca-2006-
34).
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the iShares S&P Europe 350 Index Fund; \16\
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\16\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Rule 5.2(j)(3) during the Core and Late
Trading Sessions. See Securities Exchange Act Release No. 55004
(December 22, 2006), 72 FR 173 (January 3, 2007) (SR-NYSEArca-2006-
33).
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the iShares MSCI Brazil Index Fund and iShares MSCI South
Africa Index Fund; \17\
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\17\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Rule 5.2(j)(3) during the Core and Late
Trading Sessions. See Securities Exchange Act Release No. 55002
(December 21, 2006), 71 FR 78503 (December 29, 2006) (SR-NYSEArca-
2006-32).
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the iShares S&P Global Consumer Discretionary Sector Index
Fund, iShares S&P Global Consumer Staples Sector Index Fund, iShares
S&P Global Industrials Sector Index Fund, iShares S&P Global Utilities
Sector Index Fund, and iShares S&P Global Materials Sector Index Fund;
\18\
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\18\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Rule 5.2(j)(3) during the Core and Late
Trading Sessions. See Securities Exchange Act Release No. 54473
(September 20, 2006), 71 FR 56204 (September 26, 2006) (SR-NYSEArca-
2006-60).
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the PowerShares DB G10 Currency Harvest Fund; \19\
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\19\ This ETF was approved for trading on the Exchange pursuant
to UTP under Commentary .02 to Rule 8.200 during the Core Trading
Session. See Securities Exchange Act Release No. 54569 (October 4,
2006), 71 FR 60594 (October 13, 2006) (SR-NYSEArca-2006-64).
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the UltraShort S&P 500 ProShares (f/k/a Ultra Short 500
Fund, UltraShort QQQ ProShares (f/k/a Ultra Short 100 Fund), UltraShort
Dow 30 ProShares (f/k/a Ultra Short 30 Fund), and UltraShort Mid-Cap
400 ProShares (f/k/a Ultra Short Mid-Cap 400 Fund); \20\
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\20\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Rule 5.2(j)(3) during the Core and Late
Trading Sessions. See Securities Exchange Act Release No. 54045
(June 26, 2006), 71 FR 37971 (July 3, 2006) (SR-PCX-2005-115).
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the Ultra S&P 500 ProShares (f/k/a Ultra 500 Fund), Ultra
QQQ ProShares (f/k/a Ultra 100 Fund), Ultra Dow 30 ProShares (f/k/a
Ultra 30 Fund), Ultra Mid-Cap 400 ProShares (f/k/a Ultra Mid-Cap 400
Fund), Short S&P 500 ProShares (f/k/a Short 500 Fund), Short QQQ
ProShares (f/k/a Short 100 Fund), Short Dow 30 ProShares (f/k/a Short
30 Fund), and Short Mid-Cap 400 ProShares (f/k/a Short Mid-Cap 400
Fund); \21\
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\21\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Rule 5.2(j)(3) during the Core and Late
Trading Sessions. See Securities Exchange Act Release No. 54026
(June 21, 2006), 71 FR 36850 (June 28, 2006) (SR-PCX-2005-115).
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the following ETFs of the WisdomTree Trust: (1) WisdomTree
Europe Total Dividend Fund; (2) WisdomTree Europe High-Yielding Equity
Fund; (3) WisdomTree Japan Total Dividend Fund; (4) WisdomTree Japan
High-Yielding Equity Fund; (5) WisdomTree DIEFA Fund; (6) WisdomTree
DIEFA High Yielding Equity Fund; (7) WisdomTree Pacific ex-Japan Total
Dividend Fund; (8) WisdomTree Pacific ex-Japan High-Yielding Equity
Fund; (9) WisdomTree International LargeCap Dividend Fund; (10)
WisdomTree International MidCap Dividend Fund; (11) WisdomTree
International SmallCap Dividend Fund; (12) WisdomTree International
Dividend Top 100 Fund; (13) WisdomTree Europe Dividend Top 100 Fund;
(14) WisdomTree Europe SmallCap Dividend Fund; (15) WisdomTree Japan
SmallCap Dividend Fund; (16) WisdomTree International Consumer Non-
Cyclical Sector Fund; (17) WisdomTree International Basic Materials
Sector Fund; (18) WisdomTree International Communications Sector Fund;
(19) WisdomTree International Consumer Cyclical Sector Fund; (20)
WisdomTree International Energy Sector Fund; (21) WisdomTree
International Financial Sector Fund; (22) WisdomTree International
Healthcare Sector Fund; (23) WisdomTree International Industrial Sector
Fund; (24) WisdomTree International Technology Sector Fund; (25)
WisdomTree International Utilities Sector Fund; (26) WisdomTree
Emerging Markets Total Dividend Fund; (27) WisdomTree Emerging Markets
High-Yielding Equity Fund; (28) WisdomTree Emerging Markets Dividend
Top 100 Fund; (29) WisdomTree Latin America Dividend Fund; (30)
WisdomTree Asia Emerging Markets Total Dividend Fund; (31) WisdomTree
Asia Emerging Markets High-Yielding Equity Fund; (32) WisdomTree China
Dividend Fund; (33) WisdomTree Hong Kong Dividend Fund; and (34)
WisdomTree Singapore Dividend Fund; \22\
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\22\ These ETFs were approved for trading on the Exchange
pursuant to UTP under Rule 5.2(j)(3) during the Core and Late
Trading Sessions. See Securities Exchange Act Release No. 53999
(June 15, 2006), 71 FR 35981 (June 22, 2006) (SR-NYSEArca-2006-30).
Some of the ETFs of the WisdomTree Trust are not currently trading
because they have not yet been launched.
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the iShares GSCI Commodity-Indexed Trust; \23\
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\23\ This ETF was approved for trading on the Exchange pursuant
to UTP under Rule 8.203 during the Core Trading Session. See
Securities Exchange Act Release No. 54025 (June 21, 2006), 71 FR
36856 (June 28, 2006) (SR-NYSEArca-2006-12).
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the United States Oil Fund, LP; \24\
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\24\ This ETF was approved for trading on the Exchange pursuant
to UTP under Rule 8.300 during the Core Trading Session. See
Securities Exchange Act Release No. 53875 (May 25, 2006), 71 FR
32164 (June 2, 2006) (SR-NYSEArca-2006-11).
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the PowerShares DB Commodity Index Tracking Fund (f/k/a
the DB Commodity Index Tracking Fund); \25\
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\25\ This ETF was approved for trading on the Exchange pursuant
to UTP under Commentary .02 to Rule 8.200 during the Core Trading
Session. See Securities Exchange Act Release No. 53736 (April 27,
2006), 71 FR 26582 (May 5, 2006) (SR-PCX-2006-22).
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the iShares Silver Trust; \26\
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\26\ This ETF was approved for trading on the Exchange pursuant
to UTP under Rule 8.201 during the Core Trading Session. See
Securities Exchange Act Release No. 53520 (March 20, 2006), 71 FR
14977 (March 24, 2006) (SR-PCX-2005-117).
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iShares MSCI Australia Index Fund, iShares MSCI Austria
Index Fund, iShares MSCI Canada Index Fund, iShares MSCI EMU Index
Fund, iShares MSCI Germany Index Fund, and iShares MSCI Mexico Index
Fund; \27\
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\27\ These ETFs were approved for listing and trading on the
Exchange under Rule 5.2(j)(3) during the Core and Late Trading
Sessions. See Securities Exchange Act Release No. 53230 (February 6,
2006), 71 FR 7594 (February 13, 2006) (SR-PCX-2005-116).
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the Vanguard European ETF (f/k/a the Vanguard MSCI Europe
Index Fund), the Vanguard Pacific ETF (f/k/a the Vanguard MSCI Pacific
Index Fund), and the Vanguard Emerging Markets ETF (f/k/a the Vanguard
MSCI Emerging Markets Select Index Fund); \28\ and
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\28\ These ETFs were originally approved for trading on the
Exchange pursuant to UTP under Rule 5.2(j)(3) during the Core
Trading Session. See Securities Exchange Act Release No. 52221
(August 8, 2005), 70 FR 48222 (August 16, 2005) (SR-PCX-2005-74).
The Exchange expanded the hours during which these ETFs were
eligible to trade to include the Late Trading Session in December
2005. See Securities Exchange Act Release No. 52927 (December 8,
2005), 70 FR 74397 (December 15, 2005) (SR-PCX-2005-128).
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the iShares COMEX Gold Trust.\29\
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\29\ This ETF was approved for UTP trading on the Exchange under
Rule 8.201 during the Core Trading Session. See Securities Exchange
Act Release No. 51067 (January 21, 2005), 70 FR 3952 (January 27,
2005) (SR-PCX-2004-132). This ETF was subsequently approved for
listing and trading in all three Exchange trading sessions upon
transfer of the listing to the Exchange. See Securities Exchange Act
Release No. 56041 (July 11, 2007), 72 FR 39114 (July 17, 2007) (SR-
NYSEArca-2007-43). Pursuant to this proposal, the Exchange seeks to
trade the securities of this ETF in all three trading sessions prior
to the transfer of the listing.
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In support of this proposed rule change, the Exchange states that
the representations in the approval orders
[[Page 50434]]
for the foregoing ETFs, as summarized below, continue to apply with
respect to trading during the Core and Late Trading Sessions:
1. The Exchange has appropriate rules to facilitate transactions in
shares of the above ETFs during all trading sessions. The Exchange
deems such shares to be equity securities, thus rendering trading in
such shares subject to the Exchange's existing rules governing the
trading of equity securities.
2. The Exchange's surveillance procedures are adequate to properly
monitor trading of shares of the above ETFs in all trading
sessions.\30\
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\30\ The Exchange states that it may obtain information via the
Intermarket Surveillance Group (``ISG'') from other exchanges who
are members or affiliate members of ISG. In addition, as referenced
in the applicable approval orders, the Exchange has in place
information sharing agreements with the relevant exchange(s).
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3. The Exchange has distributed an Information Bulletin to Equity
Trading Permit (``ETP'') Holders prior to the commencement of trading
of the shares of the above ETFs on the Exchange that explains the
terms, characteristics, and risks of trading such shares. In addition,
the Exchange states that it will distribute an Information Bulletin
that explains the terms, characteristics, and risks of trading the
shares of the above ETFs that have not yet been launched to ETP Holders
prior to the commencement of trading of such shares.
4. The Exchange will require ETP Holders with a customer who
purchases newly issued shares of the above ETFs in any trading session
on the NYSE Arca Marketplace to provide that customer with a product
description, if available, or a prospectus, and has noted this delivery
requirement in the Information Bulletin.
5. When the Exchange is the UTP trading market, the Exchange will
cease trading in the shares of ETFs during all trading sessions if (a)
the listing market stops trading the shares, or (b) the listing market
delists the shares. Additionally, the Exchange may cease trading the
shares if such other event shall occur or condition exists which, in
the opinion of the Exchange, makes further dealings on the Exchange
inadvisable. UTP trading in the shares of ETFs is also governed by the
trading halt provisions of NYSE Arca Equities Rule 7.34 relating to
temporary interruptions in the calculation or wide dissemination of the
Intraday Indicative Value (``IIV'') \31\ or the value of the underlying
index or other applicable underlying benchmark. ETF shares will be
traded following a trading halt in accordance with NYSE Arca Equities
Rule 7.35(f).
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\31\ The IIV is also sometimes referred to as the Indicative
Optimized Portfolio Value (``IOPV''), the Indicative Fund Value
(``IFV''), the Indicative Trust Value (``ITV''), and the Indicative
Partnership Value (``IPV''), depending upon the type of ETF being
traded and the terminology used in the Commission approval orders.
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6. When the Exchange is the listing market, the Exchange may
consider all relevant factors in exercising its discretion to halt or
suspend trading in the shares of an ETF. Trading may be halted because
of market conditions or for reasons that, in the view of the Exchange,
make trading in the shares inadvisable. Factors for consideration may
include (a) the extent to which trading is not occurring in the
securities or other instruments underlying an ETF, or (b) whether other
unusual conditions or circumstances detrimental to the maintenance of a
fair and orderly market are present. In addition, trading in the shares
of listed ETFs are subject to trading halts caused by extraordinary
market volatility pursuant to the Exchange's ``circuit breaker'' rule
(NYSE Arca Equities Rule 7.12) or by the halt or suspension of trading
of the underlying securities or other instruments underlying an ETF. If
the IIV or the index value applicable to a series of shares is not
being disseminated as required, the Exchange may halt trading during
the day in which the interruption to the dissemination of the IIV or
the index value occurs. If the interruption to the dissemination of the
IIV or the index value persists past the trading day in which it
occurred, the Exchange will halt trading no later than the beginning of
the trading day following the interruption.
7. The IIV and/or index value (or value of the underlying asset or
instrument, if not an index) will continue to be disseminated during
all three trading sessions, to the extent the relevant approval order
provides for this dissemination requirement.
The Exchange intends to distribute to its ETP Holders and make
available on its Web site a Regulatory Information Bulletin titled
``Exchange-Traded Funds--Extended Trading Hours'' that discloses and
discusses, among other things, the following: (1) The underlying index
value may not be updated during the Core and Late Trading Sessions; (2)
the IIV may not be updated during the Core and Late Trading Sessions;
(3) commodity and currency spot prices are available in the Core and
Late Trading Sessions, but commodity and currency futures prices
generally will not be available in the Core and Late Trading Sessions;
\32\ (4) lower liquidity in the Core and Late Trading Sessions may
impact pricing; (5) higher volatility in the Core and Late Trading
Sessions may impact pricing; (6) wider spreads may occur in the Core
and Late Trading Sessions; (7) required customer disclosures; \33\ (8)
the circumstances that trigger trading halts; and (9) suitability
requirements. The Exchange recently amended NYSE Arca Equities Rule
7.34(e) to require ETP Holders to disclose additional risks associated
with extended hours trading in new derivative securities products to
customers.\34\
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\32\ The Exchange states that, in certain cases, the futures or
options markets for a particular commodity may be closed during part
of the Core Trading Session, and the IIV would be static for that
particular future or options price, but widely disseminated. In
addition, the prices of certain futures contracts in commodities
(e.g., gold) and currencies are available on a 24-hour basis.
\33\ See infra note 34.
\34\ See Securities Exchange Act Release No. 56270 (August 15,
2007), 72 FR 47109 (August 22, 2007) (SR-NYSEArca-2007-74).
Specifically, the Exchange requires ETP Holders to disclose to their
non-ETP Holder customers that an updated underlying index value or
IIV may not be calculated or publicly disseminated during extended
trading hours. Since the IIV is not calculated or widely
disseminated during the Opening and Late Trading Sessions, an
investor who is unable to calculate an implied value for a
derivative securities product in those sessions may be at a
disadvantage to market professionals. The Exchange believes that
requiring ETP Holders to disclose this risk to non-ETP Holders will
facilitate informed participation in extended hours trading.
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The Exchange notes that if the official index value does not change
during some or all of the period when trading is occurring on the
Exchange (for example, because of time zone differences or holidays in
countries where the index component stocks trade), then the last
calculated official index value must remain available throughout
Exchange trading hours. Similarly, if the IIV does not change during
any portion of Exchange trading hours, then the last official
calculated IIV must remain available throughout Exchange trading hours.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\35\ in general, and furthers the objectives of Section
6(b)(5),\36\ 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
[[Page 50435]]
mechanism of a free and open market and a national market system.
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\35\ 15 U.S.C. 78f(b).
\36\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes the proposed rule change will impose no
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 states that no written comments were solicited or
received with respect to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which NYSE Arca consents, the Commission will:
A. By order approve such proposed rule change, or
B. Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-2007-75 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-2007-75. 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, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2007-75 and should
be submitted on or before September 21, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\37\
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\37\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-17376 Filed 8-30-07; 8:45 am]
BILLING CODE 8010-01-P
