Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Trading Sessions on NYSE Arca Marketplace, 60048-60049 [E7-20806]

Download as PDF 60048 Federal Register / Vol. 72, No. 204 / Tuesday, October 23, 2007 / Notices Rule 17f–1 could not be monitored effectively. The Commission estimates that there are 25,628 reporting institutions (respondents) and, on average, each respondent would need to retain 33 records annually, with each retention requiring approximately 1 minute (33 minutes or .55 hours). The total estimated annual burden is 14,095.4 hours (25,628 × .55 hours = 14,095.4). Assuming an average hourly cost for clerical work of $22.00, the average total yearly record retention cost for each respondent would be $12.10. Based on these estimates, the total annual cost for the estimated 25,628 reporting institutions would be approximately $310,099. Rule 17f–1(g) does not require periodic collection, but does require retention of records generated as a result of compliance with Rule 17f–1. Under Section 17(b) and (f) of the Act, the information required by Rule 17f–1(g) is available to the Commission and Federal bank regulators for examinations or collection purposes. Rule 0–4 of the Act deems such information to be confidential. Please note that an agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Comments should be directed to (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to: Alexander_T._Hunt@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. Dated: October 17, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–20794 Filed 10–22–07; 8:45 am] BILLING CODE 8011–01–P rfrederick on PROD1PC67 with NOTICES SECURITIES AND EXCHANGE COMMISSION Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold the following 15:33 Oct 22, 2007 Jkt 214001 Dated: October 18, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–20830 Filed 10–22–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56666; File No. SR– NYSEArca–2007–107] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Trading Sessions on NYSE Arca Marketplace October 17, 2007. Sunshine Act Meeting VerDate Aug<31>2005 meeting during the week of October 22, 2007: A Closed Meeting will be held on Thursday, October 25, 2007 at 2 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters may also be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), (9)(B), and (10) and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matters at the Closed Meeting. Commissioner Casey, as duty officer, voted to consider the items listed for the closed meeting in closed session. The subject matter of the Closed Meeting scheduled for Thursday, October 25, 2007 will be: Formal orders of investigation; Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings of an enforcement nature; Resolution of litigation claims; and Other matters related to enforcement actions. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. 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 October 1 15 2 17 PO 00000 Fmt 4703 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange, through its wholly owned subsidiary, NYSE Arca Equities, Inc. (‘‘NYSE Arca Equities’’ or ‘‘Corporation’’), proposes to delete paragraph (a)(3)(B) from NYSE Arca Equities Rule 7.34, which includes a list of securities eligible to trade in one or more, but not all three, of the Exchange’s trading sessions. The Exchange also proposes to amend the language in paragraph (a)(3)(C) to remove the corresponding requirement to post the list of securities on its Web site since the list is obsolete. The text of the proposed rule change is available on the Exchange’s Web site at http:// www.nyse.com, at the Exchange’s Office of the Secretary, 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 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. 3 15 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00050 11, 2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been substantially prepared by the Exchange. The Exchange has filed the proposed rule change as one constituting a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule under section 19(b)(3)(A)(i) of the Act 3 and Rule 19b 4(f)(1) thereunder,4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 4 17 Sfmt 4703 E:\FR\FM\23OCN1.SGM U.S.C. 78s(b)(3)(A)(i). CFR 240.19b–4(f)(1). 23OCN1 Federal Register / Vol. 72, No. 204 / Tuesday, October 23, 2007 / Notices 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 that the NYSE Arca Marketplace shall have three trading sessions each day: An Opening Session (4 a.m. to 9:30 a.m. Eastern Time (‘‘ET’’)), a Core Trading Session (9:30 a.m. to 4 p.m. ET), and a Late Trading Session (4 p.m. to 8 p.m. ET). The Core Trading Session for securities described in 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 concludes at 4:15 p.m. ET.5 The Exchange has expanded the trading hours for the shares of certain exchange-traded funds (‘‘ETFs’’) that trade on the NYSE Arca Marketplace to include all three trading sessions.6 Accordingly, the Exchange proposes to delete paragraph (a)(3)(B) from NYSE Arca Equities Rule 7.34 since the list of those securities which are eligible to trade in one or more, but not all three, of the Exchange’s trading sessions is now obsolete. In addition, the Exchange maintains on its Web site (http:// www.nyse.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. Therefore, the Exchange proposes to amend the language in paragraph (a)(3)(C) of NYSE Arca Equities Rule 7.34 to remove the corresponding requirement to post such list on the Exchange’s Web site. rfrederick on PROD1PC67 with NOTICES 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act 7 in general, and furthers the objectives of section 6(b)(5) 5 NYSE Arca Equities Rules 5.1(b)(13), 5.2(j)(3), 8.100, 8.200, 8.201, 8.202, 8.203, 8.300, and 8.400 relate to Unit Investment Trusts, Investment Company Units, Portfolio Depositary Receipts, Trust Issued Receipts, Commodity-Based Trust Shares, Currency Trust Shares, Commodity Index Trust Shares, Partnership Units, and Paired Trust Shares, respectively. See Securities Exchange Act Release No. 54997 (December 21, 2006), 71 FR 78501 (December 29, 2006) (SR–NYSEArca–2006– 77) (approving amendments to NYSE Arca Equities Rule 7.34 including provisions relating to trading sessions of securities on the NYSE Arca Marketplace). 6 See Securities Exchange Act Release No. 56627 (October 5, 2007) (SR–NYSEArca–2007–75) (expanding the trading sessions of certain ETFs); Securities Exchange Act Release No. 56625 (October 5, 2007) (SR–NYSEArca–2007–73) (amending generic listing standards for investment company units and portfolio depositary receipts to allow for trading of ETFs in all three of the Exchange’s trading sessions). 7 15 U.S.C. 78f(b). VerDate Aug<31>2005 15:33 Oct 22, 2007 Jkt 214001 of the Act 8 in particular, because it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change is effective upon filing pursuant to section 19(b)(3)(A)(i) of the Act9 and Rule 19b– 4(f)(1) thereunder,10 in that it constitutes a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule of the Exchange, it has become effective pursuant to section 19(b)(3)(A)(i) of the Act11 and Rule 19b–4(f)(1) thereunder.12 At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such proposed 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: 60049 Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send e-mail to rulecomments@sec.gov. Please include File Number SR–NYSEArca–2007–107 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–2007–107. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://www.sec.gov/ rules/sro/shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room, 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–2007–107 and should be submitted on or before November 13, 2007. 8 15 For the Commission, by the Division of Market Regulation, pursuant to delegated authority.13 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–20806 Filed 10–22–07; 8:45 am] 9 15 BILLING CODE 8011–01–P U.S.C. 78f(b)(5). U.S.C. 78s(b)(3)(A)(i). 10 17 CFR 240.19b–4(f)(1). 11 15 U.S.C. 78s(b)(3)(A)(i). 12 17 CFR 240.19b–4(f)(1). PO 00000 Frm 00051 Fmt 4703 Sfmt 4703 13 17 E:\FR\FM\23OCN1.SGM CFR 200.30–3(a)(12). 23OCN1

Agencies

[Federal Register Volume 72, Number 204 (Tuesday, October 23, 2007)]
[Notices]
[Pages 60048-60049]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-20806]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56666; File No. SR-NYSEArca-2007-107]


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

October 17, 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 October 11, 2007, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II, and III below, which 
Items have been substantially prepared by the Exchange. The Exchange 
has filed the proposed rule change as one constituting a stated policy, 
practice, or interpretation with respect to the meaning, 
administration, or enforcement of an existing rule under section 
19(b)(3)(A)(i) of the Act \3\ and Rule 19b 4(f)(1) thereunder,\4\ which 
renders the proposal 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)(i).
    \4\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange, through its wholly owned subsidiary, NYSE Arca 
Equities, Inc. (``NYSE Arca Equities'' or ``Corporation''), proposes to 
delete paragraph (a)(3)(B) from NYSE Arca Equities Rule 7.34, which 
includes a list of securities eligible to trade in one or more, but not 
all three, of the Exchange's trading sessions. The Exchange also 
proposes to amend the language in paragraph (a)(3)(C) to remove the 
corresponding requirement to post the list of securities on its Web 
site since the list is obsolete. The text of the proposed rule change 
is available on the Exchange's Web site at http://www.nyse.com, at the 
Exchange's Office of the Secretary, 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 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.

[[Page 60049]]

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 that the NYSE Arca 
Marketplace shall have three trading sessions each day: An Opening 
Session (4 a.m. to 9:30 a.m. Eastern Time (``ET'')), a Core Trading 
Session (9:30 a.m. to 4 p.m. ET), and a Late Trading Session (4 p.m. to 
8 p.m. ET). The Core Trading Session for securities described in 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 concludes at 4:15 p.m. ET.\5\
---------------------------------------------------------------------------

    \5\ NYSE Arca Equities Rules 5.1(b)(13), 5.2(j)(3), 8.100, 
8.200, 8.201, 8.202, 8.203, 8.300, and 8.400 relate to Unit 
Investment Trusts, Investment Company Units, Portfolio Depositary 
Receipts, Trust Issued Receipts, Commodity-Based Trust Shares, 
Currency Trust Shares, Commodity Index Trust Shares, Partnership 
Units, and Paired Trust Shares, respectively. See Securities 
Exchange Act Release No. 54997 (December 21, 2006), 71 FR 78501 
(December 29, 2006) (SR-NYSEArca-2006-77) (approving amendments to 
NYSE Arca Equities Rule 7.34 including provisions relating to 
trading sessions of securities on the NYSE Arca Marketplace).
---------------------------------------------------------------------------

    The Exchange has expanded the trading hours for the shares of 
certain exchange-traded funds (``ETFs'') that trade on the NYSE Arca 
Marketplace to include all three trading sessions.\6\ Accordingly, the 
Exchange proposes to delete paragraph (a)(3)(B) from NYSE Arca Equities 
Rule 7.34 since the list of those securities which are eligible to 
trade in one or more, but not all three, of the Exchange's trading 
sessions is now obsolete. In addition, the Exchange maintains on its 
Web site (http://www.nyse.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. Therefore, the Exchange proposes to amend the language in 
paragraph (a)(3)(C) of NYSE Arca Equities Rule 7.34 to remove the 
corresponding requirement to post such list on the Exchange's Web site.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 56627 (October 5, 
2007) (SR-NYSEArca-2007-75) (expanding the trading sessions of 
certain ETFs); Securities Exchange Act Release No. 56625 (October 5, 
2007) (SR-NYSEArca-2007-73) (amending generic listing standards for 
investment company units and portfolio depositary receipts to allow 
for trading of ETFs in all three of the Exchange's trading 
sessions).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with section 6(b) of the Act \7\ in general, and furthers the 
objectives of section 6(b)(5) of the Act \8\ in particular, because it 
is designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in facilitating 
transactions in securities, and to remove impediments to and perfect 
the mechanism of a free and open market and a national market system.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 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 proposed rule change is effective upon filing pursuant 
to section 19(b)(3)(A)(i) of the Act\9\ and Rule 19b-4(f)(1) 
thereunder,\10\ in that it constitutes a stated policy, practice, or 
interpretation with respect to the meaning, administration, or 
enforcement of an existing rule of the Exchange, it has become 
effective pursuant to section 19(b)(3)(A)(i) of the Act\11\ and Rule 
19b-4(f)(1) thereunder.\12\ At any time within 60 days of the filing of 
the proposed rule change, the Commission may summarily abrogate such 
proposed 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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(i).
    \10\ 17 CFR 240.19b-4(f)(1).
    \11\ 15 U.S.C. 78s(b)(3)(A)(i).
    \12\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send e-mail to rule-comments@sec.gov. Please include File 
Number SR-NYSEArca-2007-107 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-2007-107. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro/shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for inspection 
and copying in the Commission's Public Reference Room, 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-2007-107 and should 
be submitted on or before November 13, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-20806 Filed 10-22-07; 8:45 am]
BILLING CODE 8011-01-P