Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Securities With Restricted Trading Sessions on XLE, 2974-2975 [E8-629]

Download as PDF 2974 Federal Register / Vol. 73, No. 11 / Wednesday, January 16, 2008 / Notices requirements of the Act and in particular section 17A of the Act and the rules and regulations thereunder.8 It is therefore ordered, pursuant to section 19(b)(2) of the Act, that the proposed rule change (File No. SR– OCC–2007–19) be and hereby is approved. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–630 Filed 1–15–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57116; File No. SR–Phlx– 2007–95] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Securities With Restricted Trading Sessions on XLE January 9, 2008. 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 December 31, 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. jlentini on PROD1PC65 with NOTICES 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 8 In approving the proposed rule change, the Commission considered the proposal’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 9 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(6). VerDate Aug<31>2005 17:55 Jan 15, 2008 Jkt 214001 S&P Global 100 Index Fund; (2) iShares S&P Global Consumer Discretionary Sector Index Fund; (3) iShares S&P Global Consumer Staples Sector Index Fund; (4) iShares S&P Global Energy Sector Index Fund; (5) iShares S&P Global Financials Sector Index Fund; (6) iShares S&P Global Healthcare Sector Index Fund; (7) iShares S&P Global Industrials Sector Index Fund; (8) iShares S&P Global Materials Sector Index Fund; (9) iShares S&P Global Technology Sector Index Fund; (10) iShares S&P Global Telecommunications Sector Index Fund; (11) iShares S&P Global Utilities Sector Index Fund; (12) WisdomTree International Basic Materials Sector Fund; (13) WisdomTree International Communications Sector Fund; (14) WisdomTree International Consumer Cyclical Sector Fund; (15) WisdomTree International Consumer Non-Cyclical Sector Fund; (16) WisdomTree International Energy Sector Fund; (17) WisdomTree International Financial Sector Fund; (18) WisdomTree International Health Care Sector Fund; (19) WisdomTree International Industrial Sector Fund; (20) WisdomTree International Technology Sector Fund; and (21) WisdomTree International Utilities Sector Fund.5 The text of the proposed rule change is available at Phlx’s principal office, the Commission’s Public Reference Room, and http://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. 5 NYSEArca, Inc. 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 a similar rule change 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. PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 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 the securities listed above 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 (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 above-listed securities to this list. 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. 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 6 15 7 15 E:\FR\FM\16JAN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(5). 16JAN1 Federal Register / Vol. 73, No. 11 / Wednesday, January 16, 2008 / Notices 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 securities 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: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Phlx–2007–95 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, jlentini on PROD1PC65 with NOTICES 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). 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). VerDate Aug<31>2005 19:36 Jan 15, 2008 Jkt 214001 Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–Phlx–2007–95. 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 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–2007–95 and should be submitted on or before February 6, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–629 Filed 1–15–08; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION Committee Management; Notice of Establishment The Administrator of the U.S. Small Business Administration (SBA) has determined that the renewal of the Washington, DC District Advisory Council is necessary and in the public interest in connection with the performance of duties imposed upon the Administrator, U.S. Small Business Administration by 15 U.S.C. 633. This determination follows consultation with 11 17 PO 00000 CFR 200.30–3(a)(12). Frm 00095 Fmt 4703 Sfmt 4703 2975 the Office of Management and Budget and with the Management Secretariat, General Services Administration. Name of Committee: Washington, DC District Advisory Council. Purpose and Objective: The Council provides advice and opinions regarding the effectiveness of and need for SBA programs, particularly within the local districts which members represent. Its members provide an essential connection between SBA, SBA program participants, and the local small business community. Balanced Membership Plans: The required minimum membership is 9 members. SBA selects members predominantely from the private sector, including people from such industries as retail, manufacturing, and financial services. Members also include representatives from academia, the media, and appropriate Federal, State and local agencies. Duration: Continuing. Responsible SBA Officials: Antonio Doss, Acting District Director, Washington, DC District Office, U.S. Small Business Administration, 740 15th Street, NW., Washington, DC 20005. Meredith Davis, Committee Management Officer. [FR Doc. 08–111 Filed 1–15–08; 8:45 am] BILLING CODE 8025–01–M SMALL BUSINESS ADMINISTRATION Committee Management; Notice of Renewal The Administrator of the U.S. Small Business Administration (SBA) has determined that the renewal of the Audit and Financial Management Advisory Committee is necessary and in the public interest in connection with the performance of duties imposed upon the Administrator, U.S. Small Business Administration by 15 U.S.C. 633. This determination follows consultation with the Management Secretariat, General Services Administration. Name of Committee: Audit and Financial Management Advisory Committee. Purpose and Objective: The committee provides recommendations and advice regarding the Agency’s financial management, including the financial reporting process, systems of internal controls, audit process and process for monitoring compliance with relevant laws and regulations. Balanced Membership Plans: The committee consists of at least three (3) members including one Chairperson. Committee membership must be fairly E:\FR\FM\16JAN1.SGM 16JAN1

Agencies

[Federal Register Volume 73, Number 11 (Wednesday, January 16, 2008)]
[Notices]
[Pages 2974-2975]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-629]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57116; File No. SR-Phlx-2007-95]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Securities With Restricted Trading Sessions on XLE

January 9, 2008.
    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 December 31, 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).
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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] S&P 
Global 100 Index Fund; (2) iShares[reg] S&P Global Consumer 
Discretionary Sector Index Fund; (3) iShares[reg] S&P Global Consumer 
Staples Sector Index Fund; (4) iShares[reg] S&P Global Energy Sector 
Index Fund; (5) iShares[reg] S&P Global Financials Sector Index Fund; 
(6) iShares[reg] S&P Global Healthcare Sector Index Fund; (7) 
iShares[reg] S&P Global Industrials Sector Index Fund; (8) iShares[reg] 
S&P Global Materials Sector Index Fund; (9) iShares[reg] S&P Global 
Technology Sector Index Fund; (10) iShares[reg] S&P Global 
Telecommunications Sector Index Fund; (11) iShares[reg] S&P Global 
Utilities Sector Index Fund; (12) WisdomTree International Basic 
Materials Sector Fund; (13) WisdomTree International Communications 
Sector Fund; (14) WisdomTree International Consumer Cyclical Sector 
Fund; (15) WisdomTree International Consumer Non-Cyclical Sector Fund; 
(16) WisdomTree International Energy Sector Fund; (17) WisdomTree 
International Financial Sector Fund; (18) WisdomTree International 
Health Care Sector Fund; (19) WisdomTree International Industrial 
Sector Fund; (20) WisdomTree International Technology Sector Fund; and 
(21) WisdomTree International Utilities Sector Fund.\5\ The text of the 
proposed rule change is available at Phlx's principal office, the 
Commission's Public Reference Room, and http://www.phlx.com.
---------------------------------------------------------------------------

    \5\ NYSEArca, Inc. 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 a similar rule 
change 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.
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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.

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 the securities listed above 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 (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 above-listed securities to this 
list. 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

[[Page 2975]]

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\
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    \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 securities 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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2007-95 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-2007-95. 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 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-2007-95 and should be 
submitted on or before February 6, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
Florence E. Harmon,
Deputy Secretary.
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    \11\ 17 CFR 200.30-3(a)(12).
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 [FR Doc. E8-629 Filed 1-15-08; 8:45 am]
BILLING CODE 8011-01-P