Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Trading Sessions for Selected ETFs, 67332-67333 [E7-23122]
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Federal Register / Vol. 72, No. 228 / Wednesday, November 28, 2007 / Notices
ebenthall on PRODPC61 with NOTICES
closing prices, and other quantitative
information. Finally, the 12 Month Oil
Fund and the 12 Month Natural Gas
Fund’s Web sites will disclose, on each
business day that the Amex is open for
trading, the total portfolio composition.
The Commission also believes that the
Exchange’s trading halt rules are
reasonably designed to prevent trading
in the Units when transparency is
impaired. Existing NYSE Arca Equities
Rule 7.34(a)(4), which will apply to the
trading of the Units, provides that, if the
Benchmark Futures Contract or
Indicative Partnership Value is no
longer calculated or disseminated as
required (a) during the Opening Session
(4 a.m. to 9:30 a.m. ET), the Exchange
may continue to trade the Units for the
remainder of the Opening Session; (b)
during the Core Trading Session (9:30
a.m. to 4 p.m. ET), the Exchange must
halt trading in the Units; and (c) during
the Late Trading Session (4 p.m. to 8
p.m. ET), the Exchange may continue
trading in the Units only if the original
listing market traded such Units until
the close of its regular trading session
without halt. If the Benchmark Futures
Contract or Indicative Partnership Value
continues not to be calculated or
disseminated as of the next business
day’s Opening Session, the Exchange
will not commence trading in the Units
in such Opening Session.28
The Commission notes that, if the
Units should be delisted by the listing
exchange, the Exchange would no
longer have authority to trade the Units
pursuant to this order.
In support of this proposal, the
Exchange has made the following
representations:
(1) The Exchange’s surveillance
procedures are adequate to properly
monitor the trading of the Units on a
UTP basis during all trading sessions.
(2) The Exchange would inform its
ETP Holders in an Information Bulletin
of the special characteristics and risks
associated with trading the Units,
including risks inherent with trading
the Units during the Opening and Late
Trading Sessions when the updated
Indicative Partnership Value is not
calculated and disseminated and
suitability recommendation
requirements.
(3) The Exchange would require its
members to deliver a prospectus to
investors purchasing Units prior to or
concurrently with a transaction in such
Units and will note this prospectus
28 The Exchange may resume trading in the Units
only if the calculation and dissemination of the
Benchmark Futures Contract or Indicative
Partnership Value resumes, or trading in the Units
resumes in the original listing market. See NYSE
Arca Equities Rule 7.34(a)(4)(C)(2).
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15:18 Nov 27, 2007
Jkt 214001
delivery requirement in the Information
Bulletin.
This approval order is based on the
Exchange’s representations.
The Commission finds good cause for
approving this proposal before the
thirtieth day after the publication of
notice thereof in the Federal Register.
As noted above, the Commission has
approved the original listing and trading
of the Units on Amex.29 The
Commission presently is not aware of
any regulatory issue that should cause it
to revisit that finding or would preclude
the trading of the Units on the Exchange
pursuant to UTP. Accelerating approval
of this proposal should benefit investors
by creating, without undue delay,
additional competition in the market for
such Units.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,30 that the
proposed rule change (SR–NYSEArca–
2007–102) be, and it hereby is, approved
on an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.31
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–23112 Filed 11–27–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56828; File No. SR–Phlx–
2007–87]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Trading
Sessions for Selected ETFs
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(6) thereunder,4 which renders
it effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Phlx proposes to update the list in
Phlx Rule 101 of securities eligible to
trade in one or more, but not all three,
of the Exchange’s trading sessions. The
securities to be added are: (1) iShares
MSCI Canada Index Fund; (2) iShares
MSCI EAFE Index Fund; (3) iShares
MSCI EAFE Value Index Fund; (4)
iShares MSCI Emerging Markets Index
Fund; (5) iShares MSCI S&P Europe
350 Index Fund; (6) SPDR DJ Global
Titans ETF; and (7) Vanguard Emerging
Markets ETF.5 The text of the proposed
rule change is available at Phlx’s
principal office, the Commission’s
Public Reference Room, and https://
www.phlx.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,
Phlx 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 those
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 parts of such
statements.
November 20, 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 November
19, 2007, the Philadelphia Stock
Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been substantially prepared by Phlx.
The Exchange filed the proposal as a
‘‘non-controversial’’ proposed rule
change pursuant to Section
29 See
supra note 4.
U.S.C. 78s(b)(2).
31 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
30 15
PO 00000
Frm 00067
Fmt 4703
Sfmt 4703
3 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
5 Recently, NYSEArca, Inc. (‘‘NYSEArca’’) filed
and received approval for a proposed rule change
to expand the trading hours of the securities of
certain exchange-traded funds (‘‘ETFs’’) traded on
the NYSE Arca Marketplace to include all three
trading sessions. See Securities Exchange Act
Release No. 56627 (October 5, 2007), 72 FR 58145
(October 12, 2007) (SR–NYSEArca–2007–75). Phlx
is not proposing to adopt these changes at this time.
Prior to this, NYSEArca restricted the trading of
certain ETFs, including those referred to in this
proposed rule change, to one or two, but not all
three, of its trading sessions. In this proposed rule
change, Phlx is proposing to adopt the same
restricted sessions that NYSEArca had for the
named ETFs prior to the approval of SR–
NYSEArca–2007–75.
4 17
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Federal Register / Vol. 72, No. 228 / Wednesday, November 28, 2007 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
1. Purpose
No written comments were either
solicited or received.
The purpose of the proposed rule
change is to accommodate the trading of
various securities that may not trade
during all three trading sessions on XLE.
Phlx Rule 101 provides that XLE shall
have three trading sessions each day: A
Pre Market Session (8 a.m. Eastern Time
(‘‘ET’’) to 9:30 a.m. ET), a Core Session
(9:30 a.m. ET to 4 p.m. or 4:15 p.m. ET),
and a Post Market Session (end of Core
Session to 6 p.m. ET). Phlx Rule 101
includes a list of those securities that
are eligible to trade in one or more, but
not all three, of XLE’s trading sessions.
The Exchange maintains on its Web site
(https://www.phlx.com) a list that
identifies all securities traded on XLE
that do not trade for the duration of each
of the three sessions specified in Phlx
Rule 101. The Exchange proposes to add
the following securities to this list: (1)
iShares MSCI Canada Index Fund; (2)
iShares MSCI EAFE Index Fund; (3)
iShares MSCI EAFE Value Index
Fund; (4) iShares MSCI Emerging
Markets Index Fund; (5) iShares MSCI
S&P Europe 350 Index Fund; (6) SPDR
DJ Global Titans ETF; and (7) Vanguard
Emerging Markets ETF. These securities
are traded on the Exchange pursuant to
unlisted trading privileges and are Index
Fund Shares, described in Phlx Rule
803(l).
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 6 in general, and furthers the
objectives of Section 6(b)(5) of the Act 7
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and in general to protect
investors and the public interest.
ebenthall on PRODPC61 with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
6 15
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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15:18 Nov 27, 2007
Jkt 214001
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (1) Significantly affect
the protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate if
consistent with the protection of
investors and the public interest, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) thereunder.9
Phlx has requested that the
Commission waive the 30-day operative
delay and designate the proposed rule
change to become operative
immediately. The Commission believes
that granting this request is consistent
with the protection of investors and the
public interest because the Exchange is
merely clarifying which ETFs do not
trade in all three of its trading sessions
when such trading hours have been
established pursuant to other proposed
rule changes. Therefore, the
Commission designates the proposed
rule change as operative upon filing.10
At any time within 60 days of the
filing of such proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in the 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:
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Phlx has
given the Commission written notice of its intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date on
which the Exchange filed the proposed rule change.
See 17 CFR 240.19b–4(f)(6)(iii).
10 For the purposes only of waiving the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
9 17
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Frm 00068
Fmt 4703
Sfmt 4703
67333
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–Phlx–2007–87 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–Phlx–2007–87. 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 such 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–Phlx–2007–87 and should
be submitted on or before December 19,
2007.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Nancy M. Morris,
Secretary.
[FR Doc. E7–23122 Filed 11–27–07; 8:45 am]
BILLING CODE 8011–01–P
11 17
E:\FR\FM\28NON1.SGM
CFR 200.30–3(a)(12).
28NON1
]]>Agencies
[Federal Register Volume 72, Number 228 (Wednesday, November 28, 2007)]
[Notices]
[Pages 67332-67333]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-23122]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56828; File No. SR-Phlx-2007-87]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Trading Sessions for Selected ETFs
November 20, 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 November 19, 2007, the Philadelphia Stock Exchange, Inc. (``Phlx''
or ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been substantially prepared by Phlx. The
Exchange filed the proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder,\4\ which renders it effective upon filing with
the Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Phlx proposes to update the list in Phlx Rule 101 of securities
eligible to trade in one or more, but not all three, of the Exchange's
trading sessions. The securities to be added are: (1) iShares[reg] MSCI
Canada Index Fund; (2) iShares[reg] MSCI EAFE Index Fund; (3)
iShares[reg] MSCI EAFE Value Index Fund; (4) iShares[reg] MSCI Emerging
Markets Index Fund; (5) iShares[reg] MSCI S&P Europe 350 Index Fund;
(6) SPDR[reg] DJ Global Titans ETF; and (7) Vanguard Emerging Markets
ETF.\5\ The text of the proposed rule change is available at Phlx's
principal office, the Commission's Public Reference Room, and https://
www.phlx.com.
---------------------------------------------------------------------------
\5\ Recently, NYSEArca, Inc. (``NYSEArca'') filed and received
approval for a proposed rule change to expand the trading hours of
the securities of certain exchange-traded funds (``ETFs'') traded on
the NYSE Arca Marketplace to include all three trading sessions. See
Securities Exchange Act Release No. 56627 (October 5, 2007), 72 FR
58145 (October 12, 2007) (SR-NYSEArca-2007-75). Phlx is not
proposing to adopt these changes at this time. Prior to this,
NYSEArca restricted the trading of certain ETFs, including those
referred to in this proposed rule change, to one or two, but not all
three, of its trading sessions. In this proposed rule change, Phlx
is proposing to adopt the same restricted sessions that NYSEArca had
for the named ETFs prior to the approval of SR-NYSEArca-2007-75.
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Phlx 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 those 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 parts of such
statements.
[[Page 67333]]
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to accommodate the
trading of various securities that may not trade during all three
trading sessions on XLE. Phlx Rule 101 provides that XLE shall have
three trading sessions each day: A Pre Market Session (8 a.m. Eastern
Time (``ET'') to 9:30 a.m. ET), a Core Session (9:30 a.m. ET to 4 p.m.
or 4:15 p.m. ET), and a Post Market Session (end of Core Session to 6
p.m. ET). Phlx Rule 101 includes a list of those securities that are
eligible to trade in one or more, but not all three, of XLE's trading
sessions. The Exchange maintains on its Web site (https://www.phlx.com)
a list that identifies all securities traded on XLE that do not trade
for the duration of each of the three sessions specified in Phlx Rule
101. The Exchange proposes to add the following securities to this
list: (1) iShares[reg] MSCI Canada Index Fund; (2) iShares[reg] MSCI
EAFE Index Fund; (3) iShares[reg] MSCI EAFE Value Index Fund; (4)
iShares[reg] MSCI Emerging Markets Index Fund; (5) iShares[reg] MSCI
S&P Europe 350 Index Fund; (6) SPDR[reg] DJ Global Titans ETF; and (7)
Vanguard Emerging Markets ETF. These securities are traded on the
Exchange pursuant to unlisted trading privileges and are Index Fund
Shares, described in Phlx Rule 803(l).
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \6\ in general, and furthers the objectives of Section
6(b)(5) of the Act \7\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and in general to protect investors and the public interest.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 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
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (1)
Significantly affect the protection of investors or the public
interest; (2) impose any significant burden on competition; and (3)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate if consistent with
the protection of investors and the public interest, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Phlx has given the
Commission written notice of its intent to file the proposed rule
change, along with a brief description and text of the proposed rule
change, at least five business days prior to the date on which the
Exchange filed the proposed rule change. See 17 CFR 240.19b-
4(f)(6)(iii).
---------------------------------------------------------------------------
Phlx has requested that the Commission waive the 30-day operative
delay and designate the proposed rule change to become operative
immediately. The Commission believes that granting this request is
consistent with the protection of investors and the public interest
because the Exchange is merely clarifying which ETFs do not trade in
all three of its trading sessions when such trading hours have been
established pursuant to other proposed rule changes. Therefore, the
Commission designates the proposed rule change as operative upon
filing.\10\
---------------------------------------------------------------------------
\10\ For the purposes only of waiving the operative date of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in the 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 rule-comments@sec.gov. Please include
File Number SR-Phlx-2007-87 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-Phlx-2007-87. 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 such 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-Phlx-2007-87 and should be
submitted on or before December 19, 2007.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E7-23122 Filed 11-27-07; 8:45 am]
BILLING CODE 8011-01-P
