Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Closing Time for Options on Exchange-Traded Funds, 4656-4658 [E8-1303]

Download as PDF 4656 Federal Register / Vol. 73, No. 17 / Friday, January 25, 2008 / Notices The purpose of this rule change is to extend the IWM Pilot Program through March 1, 2008. The Exchange is not proposing any other changes to the IWM Pilot Program at this time. The Exchange believes that maintaining the increased position and exercise limits for IWM options will lead to a more liquid and competitive market environment for IWM options that will benefit all investors interested in trading this product. As a result, the Exchange believes that the above stated reasons justify the IWM Pilot Program and requests that the Commission extend the IWM Pilot Program through March 1, 2008. NYSE Arca represents that it has not encountered any problems or difficulties relating to the IWM Pilot Program since its inception. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with and furthers the objectives of Section 6(b)(5) of the Act 7 in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanisms 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 solicited or received with respect to the proposed rule change. jlentini on PROD1PC65 with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has designated the proposed rule change as one that: (1) Does not significantly affect the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) does not become operative for 30 days from the date of filing, or such shorter time as the Commission may designate if consistent with the IWM options shall be equivalent to the position limit prescribed for IWM options in Commentary .06 under Rule 6.8. The increased exercise limits would only be in effect during the IWM Pilot Program. 7 15 U.S.C. 78f(b)(5). VerDate Aug<31>2005 16:59 Jan 24, 2008 Jkt 214001 protection of investors and the public interest. Therefore, the foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 8 and subparagraph (f)(6) of Rule 19b–4 thereunder.9 The Exchange has asked the Commission to waive the operative delay to permit the IWM Pilot Program extension to become effective prior to the 30th day after filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because it will allow the benefits of the IWM Pilot Program to continue without interruption.10 Therefore, the Commission designates the proposal operative upon filing. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate the rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–NYSEArca–2008–07 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–2008–07. 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–NYSEArca–2008–07 and should be submitted on or before February 15, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Nancy M. Morris, Secretary. [FR Doc. E8–1265 Filed 1–24–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57167; File No. SR– NYSEArca–2008–10] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Closing Time for Options on Exchange-Traded Funds 8 15 January 17, 2008. 9 17 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 January 16, 2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or the ‘‘Exchange’’), through its wholly owned subsidiary, NYSE Arca U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires a self-regulatory organization to provide the Commission with 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 of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has fulfilled this requirement. 10 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 11 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\25JAN1.SGM 25JAN1 Federal Register / Vol. 73, No. 17 / Friday, January 25, 2008 / Notices Equities, Inc. (‘‘NYSE Arca Equities’’), filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by NYSE Arca. The Exchange filed the proposal as ‘‘non-controversial’’ 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change NYSE Arca proposes to amend NYSE Arca Rule 7.1 in order to provide the Exchange with flexibility, similar to that of other options exchanges, regarding the time at which options on exchangetraded funds (‘‘ETFs’’) cease trading on the Exchange. The text of the proposed rule change is available at the Exchange’s principal office, the Commission’s Public Reference Room, and http://www.nysearca.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, NYSE Arca 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. jlentini on PROD1PC65 with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend NYSE Arca Rule 7.1 (‘‘Rule’’), Trading Sessions, to provide the Exchange with flexibility, similar to that of other options exchanges, regarding the time at which options on ETFs cease trading on the Exchange. The rule currently specifies the trading hours for options on ETFs as commencing at 6:30 a.m. Pacific Time (‘‘PT’’) and ending at the same time as the primary listing exchange closes its core trading session in the underlying ETF. 3 15 4 17 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). VerDate Aug<31>2005 16:59 Jan 24, 2008 Jkt 214001 Recently, the Exchange submitted a proposed rule change that was effective upon filing that governed the trading hours of options on ETFs.5 As a result of that proposed rule change, the Exchange synchronized the closing time for options on ETFs with the time at which the underlying ETF closes on its primary listing exchange. In the case of NYSE Arca Equities, starting January 2, 2008, the closing time for its primary listed ETFs changed to 1 p.m. PT. Since that date, the Exchange has closed trading in options on NYSE Arca Equities primary listed ETFs at 1 p.m. PT. For the most part, other options exchanges followed suit. However, certain options exchanges, most notably the Chicago Board Options Exchange (‘‘CBOE’’), the American Stock Exchange, and the International Stock Exchange have continued to trade options on iShares Russell 2000 Index Fund (‘‘IWM’’), an ETF that is listed on NYSE Arca Equities, until 1:15 p.m. PT. The Exchange, meanwhile, closes trading in options on IWM at 1 p.m. PT in keeping with NYSE Arca Rule 7.1. Although compliant with its rules, the Exchange is operating at a competitive disadvantage because other options exchanges allow their members to trade options on IWM until 1:15 p.m. PT. To address this apparent disadvantage, the Exchange proposes to amend Rule 7.1 similar to CBOE Rule 6.1 so that options on ETFs may be traded on the Exchange until 1:15 p.m. each business day.6 2. Statutory Basis 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),8 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 mechanisms of a free and 5 See Securities Exchange Act Release No. 57087 (January 2, 2008), 73 FR 1656 (January 9, 2008) (SR– NYSEArca–2008–01). 6 Commentary .01 to CBOE Rule 6.1 states, in part, that ‘‘hours during which transactions in options on individual stocks may be made on the Exchange shall correspond to the normal hours for business set forth in the rules of the primary exchange listing the stocks underlying CBOE options.’’ Commentary .03 to CBOE Rule 6.1 states: ‘‘Options on Units, as defined under Interpretation and Policy .06 to Rule 5.3, and options on the Nasdaq–100 Index Tracking Stock may be traded on the Exchange until 3:15 p.m. [Central Time] each business day.’’ 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(5). PO 00000 Frm 00142 Fmt 4703 Sfmt 4703 4657 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 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 9 and Rule 19b– 4(f)(6) thereunder.10 NYSE Arca has requested that the Commission waive the 30-day operative delay and designate the proposed rule change to become operative upon filing. The proposed rule is similar to rules of other exchanges and does not appear to raise any novel or significant regulatory issues. Therefore, the Commission designates the proposed rule change as operative upon filing.11 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. 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). The Exchance has requested that the Commission waive the requirement that the Exchange provide 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 pursuant to rule 19b–4(f)(6)(iii). The Commission hereby grants this request. 11 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). 10 17 E:\FR\FM\25JAN1.SGM 25JAN1 4658 Federal Register / Vol. 73, No. 17 / Friday, January 25, 2008 / Notices 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: BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION 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–NYSEArca–2008–10 on the subject line. jlentini on PROD1PC65 with NOTICES For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–1303 Filed 1–24–08; 8:45 am] [Investment Company Act Release No. 28123; 812–13363] The TIGERS Revenue Trust and VTL Associates, LLC; Notice of Application January 18, 2008. Securities and Exchange Commission (‘‘Commission’’). Paper Comments ACTION: Notice of an application for an order under section 6(c) of the • Send paper comments in triplicate Investment Company Act of 1940 (the to Nancy M. Morris, Secretary, ‘‘Act’’) for an exemption from sections Securities and Exchange Commission, 2(a)(32), 5(a)(1), 22(d), and 24(d) of the 100 F Street, NE., Washington, DC Act and rule 22c–1 under the Act; under 20549–1090. sections 6(c) and 17(b) of the Act for an All submissions should refer to File exemption from sections 17(a)(1) and Number SR–NYSEArca–2008–10. This (a)(2) of the Act; and under section file number should be included on the 12(d)(1)(J) of the Act for exemption from subject line if e-mail is used. To help the sections 12(d)(1)(A) and 12(d)(1)(B) of Commission process and review your the Act. comments more efficiently, please use only one method. The Commission will SUMMARY OF THE APPLICATION: The post all comments on the Commission’s applicants request an order that would permit (a) series of open-end Internet Web site (http://www.sec.gov/ management investment companies to rules/sro.shtml ). Copies of the issue shares (‘‘Shares’’) that can be submission, all subsequent redeemed only in large aggregations amendments, all written statements (‘‘Creation Units’’); (b) secondary market with respect to the proposed rule transactions in Shares to occur at change that are filed with the negotiated prices; (c) dealers to sell Commission, and all written Shares to purchasers in the secondary communications relating to the market unaccompanied by a prospectus proposed rule change between the when prospectus delivery is not Commission and any person, other than required by the Securities Act of 1933 those that may be withheld from the (‘‘Securities Act’’); (d) certain affiliated public in accordance with the persons of the series to deposit provisions of 5 U.S.C. 552, will be securities into, and receive securities available for inspection and copying in from, the series in connection with the the Commission’s Public Reference purchase and redemption of Creation Room, 100 F Street, NE., Washington, Units; and (e) certain registered DC 20549, on official business days management investment companies and between the hours of 10 a.m. and 3 p.m. unit investment trusts outside of the Copies of such filing also will be same group of investment companies as available for inspection and copying at the series to acquire Shares. the principal office of the Exchange. All APPLICANTS: The TIGERS Revenue Trust comments received will be posted (the ‘‘Trust’’) and VTL Associates, LLC without change; the Commission does (the ‘‘Adviser’’). not edit personal identifying FILING DATES: The application was filed information from submissions. You on February 8, 2007 and amended on should submit only information that September 5, 2007 and December 7, you wish to make available publicly. All 2007. Applicants have agreed to file an submissions should refer to File amendment during the notice period, Number SR–NYSEArca–2008–10 and the substance of which is reflected in should be submitted on or before the notice. February 15, 2008. AGENCY: 12 17 VerDate Aug<31>2005 16:59 Jan 24, 2008 Jkt 214001 PO 00000 CFR 200.30–3(a)(12). Frm 00143 Fmt 4703 Sfmt 4703 HEARING OR NOTIFICATION OF HEARING: An order granting the application will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on February 12, 2008, and should be accompanied by proof of service on applicants, in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should state the nature of the writer’s interest, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission’s Secretary. ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549– 1090; Applicants, One Commerce Square, 2005 Market Street, Suite 2020, Philadelphia, PA 19103. FOR FURTHER INFORMATION CONTACT: Barbara T. Heussler, Senior Counsel, at (202) 551–6990, or Janet M. Grossnickle, Branch Chief, at (202) 551–6821 (Division of Investment Management, Office of Investment Company Regulation). The following is a summary of the application. The complete application may be obtained for a fee at the Public Reference Desk, U.S. Securities and Exchange Commission, 100 F Street, NE., Washington DC 20549–0102 (telephone (202) 551–5850). SUPPLEMENTARY INFORMATION: Applicants’ Representations 1. The Trust is registered as an openend management investment company and is organized as a Delaware statutory trust authorized to issue multiple series or portfolios. The Trust intends to offer and sell Shares of at least one or more separate investment portfolios (‘‘each an ‘‘Index Fund’’).1 The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the ‘‘Advisers Act’’) and will serve as the investment adviser to each Index Fund. The Adviser will enter into a sub-advisory agreement with The Bank of New York (‘‘BNY’’) to serve as a sub-adviser with respect to the Initial Index Funds. BNY, and any 1 All Index Funds and the Trust, wherever appropriate, are collectively referred to herein as the ‘‘Trust.’’ The Trust currently intends to offer three series, the TIGERS Revenue-Weighted Large Cap Index Fund, TIGERS Revenue-Weighted Mid Cap Index Fund and TIGERS Revenue-Weighted Small Cap Index Fund (collectively, the ‘‘Initial Index Funds’’). E:\FR\FM\25JAN1.SGM 25JAN1

Agencies

[Federal Register Volume 73, Number 17 (Friday, January 25, 2008)]
[Notices]
[Pages 4656-4658]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-1303]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57167; File No. SR-NYSEArca-2008-10]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Relating to the 
Closing Time for Options on Exchange-Traded Funds

January 17, 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 January 16, 2008, NYSE Arca, Inc. (``NYSE Arca'' or the 
``Exchange''), through its wholly owned subsidiary, NYSE Arca

[[Page 4657]]

Equities, Inc. (``NYSE Arca Equities''), filed with the Securities and 
Exchange Commission (``Commission'') the proposed rule change as 
described in Items I and II below, which Items have been substantially 
prepared by NYSE Arca. The Exchange filed the proposal as ``non-
controversial'' 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

    NYSE Arca proposes to amend NYSE Arca Rule 7.1 in order to provide 
the Exchange with flexibility, similar to that of other options 
exchanges, regarding the time at which options on exchange-traded funds 
(``ETFs'') cease trading on the Exchange. The text of the proposed rule 
change is available at the Exchange's principal office, the 
Commission's Public Reference Room, and http://www.nysearca.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, NYSE Arca 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend NYSE Arca Rule 7.1 (``Rule''), 
Trading Sessions, to provide the Exchange with flexibility, similar to 
that of other options exchanges, regarding the time at which options on 
ETFs cease trading on the Exchange. The rule currently specifies the 
trading hours for options on ETFs as commencing at 6:30 a.m. Pacific 
Time (``PT'') and ending at the same time as the primary listing 
exchange closes its core trading session in the underlying ETF.
    Recently, the Exchange submitted a proposed rule change that was 
effective upon filing that governed the trading hours of options on 
ETFs.\5\ As a result of that proposed rule change, the Exchange 
synchronized the closing time for options on ETFs with the time at 
which the underlying ETF closes on its primary listing exchange. In the 
case of NYSE Arca Equities, starting January 2, 2008, the closing time 
for its primary listed ETFs changed to 1 p.m. PT.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 57087 (January 2, 
2008), 73 FR 1656 (January 9, 2008) (SR-NYSEArca-2008-01).
---------------------------------------------------------------------------

    Since that date, the Exchange has closed trading in options on NYSE 
Arca Equities primary listed ETFs at 1 p.m. PT. For the most part, 
other options exchanges followed suit. However, certain options 
exchanges, most notably the Chicago Board Options Exchange (``CBOE''), 
the American Stock Exchange, and the International Stock Exchange have 
continued to trade options on iShares Russell 2000 Index Fund 
(``IWM''), an ETF that is listed on NYSE Arca Equities, until 1:15 p.m. 
PT. The Exchange, meanwhile, closes trading in options on IWM at 1 p.m. 
PT in keeping with NYSE Arca Rule 7.1.
    Although compliant with its rules, the Exchange is operating at a 
competitive disadvantage because other options exchanges allow their 
members to trade options on IWM until 1:15 p.m. PT. To address this 
apparent disadvantage, the Exchange proposes to amend Rule 7.1 similar 
to CBOE Rule 6.1 so that options on ETFs may be traded on the Exchange 
until 1:15 p.m. each business day.\6\
---------------------------------------------------------------------------

    \6\ Commentary .01 to CBOE Rule 6.1 states, in part, that 
``hours during which transactions in options on individual stocks 
may be made on the Exchange shall correspond to the normal hours for 
business set forth in the rules of the primary exchange listing the 
stocks underlying CBOE options.'' Commentary .03 to CBOE Rule 6.1 
states: ``Options on Units, as defined under Interpretation and 
Policy .06 to Rule 5.3, and options on the Nasdaq-100 Index Tracking 
Stock may be traded on the Exchange until 3:15 p.m. [Central Time] 
each business day.''
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2. Statutory Basis
    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),\8\ 
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 mechanisms 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 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 \9\ and Rule 19b-
4(f)(6) thereunder.\10\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). The Exchance has requested that the 
Commission waive the requirement that the Exchange provide 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 pursuant to rule 19b-
4(f)(6)(iii). The Commission hereby grants this request.
---------------------------------------------------------------------------

    NYSE Arca has requested that the Commission waive the 30-day 
operative delay and designate the proposed rule change to become 
operative upon filing. The proposed rule is similar to rules of other 
exchanges and does not appear to raise any novel or significant 
regulatory issues. Therefore, the Commission designates the proposed 
rule change as operative upon filing.\11\
---------------------------------------------------------------------------

    \11\ 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.

[[Page 4658]]

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-NYSEArca-2008-10 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-2008-10. 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-NYSEArca-2008-10 and should 
be submitted on or before February 15, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-1303 Filed 1-24-08; 8:45 am]
BILLING CODE 8011-01-P