Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 6.37B Pertaining to Market Maker Quotations, 15822-15824 [E8-5915]

Download as PDF 15822 Federal Register / Vol. 73, No. 58 / Tuesday, March 25, 2008 / Notices transactions in securities, remove impediments to and perfect the mechanisms of a free and open market and a national market system, and protect investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change does not 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 not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing rule does not (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) 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 and Rule 19b–4(f)(6) thereunder.10 The Exchange has asked the Commission to waive the 30-day operative delay in order to allow the Exchange to remove an obsolete rule without delay. The Commission believes such waiver is consistent with the protection of investors and the public interest because the existing rule regarding the POETS system is obsolete and serves no purpose related to the administration of the Exchange.11 Waiver of the 30-day operative delay specified in Rule 19b–4(f)(6) will allow the Exchange to update its Rules without delay. For these reasons, the Commission designates the proposals to mstockstill on PROD1PC66 with NOTICES 10 17 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. 11 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). VerDate Aug<31>2005 18:33 Mar 24, 2008 Jkt 214001 be operative upon filing with the Commission. 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 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–2008–27 on the subject line. available publicly. All submissions should refer to File Number SR– NYSEArca–2008–27 and should be submitted on or before April 15, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–5912 Filed 3–24–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57522; File No. SR– NYSEArca–2008–30)] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 6.37B Pertaining to Market Maker Quotations March 18, 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 March 14, Paper Comments 2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed with the Securities • Send paper comments in triplicate and Exchange Commission to Nancy M. Morris, Secretary, (‘‘Commission’’) the proposed rule Securities and Exchange Commission, change as described in Items I and II 100 F Street, NE., Washington, DC below, which Items have been 20549–1090. substantially prepared by NYSE Arca. All submissions should refer to File The Exchange has filed the proposal as Number SR–NYSEArca–2008–27. This a ‘‘non-controversial’’ rule change file number should be included on the subject line if e-mail is used. To help the pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) thereunder,4 Commission process and review your which renders it effective upon filing comments more efficiently, please use only one method. The Commission will with the Commission. The Commission post all comments on the Commission’s is publishing this notice to solicit comments on the proposed rule change Internet Web site (http://www.sec.gov/ from interested persons. rules/sro.shtml). Copies of the submission, all subsequent I. Self-Regulatory Organization’s amendments, all written statements Statement of the Terms of Substance of with respect to the proposed rule the Proposed Rule Change change that are filed with the NYSE Arca proposes to amend NYSE Commission, and all written Arca Rule 6.37B Market Maker communications relating to the Quotations—OX. The text of the proposed rule change between the Commission and any person, other than proposed rule change is available at NYSE Arca, the Commission’s Public those that may be withheld from the Reference Room, and http:// public in accordance with the www.nysearca.com. provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room 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 PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 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 12 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). 1 15 E:\FR\FM\25MRN1.SGM 25MRN1 Federal Register / Vol. 73, No. 58 / Tuesday, March 25, 2008 / Notices 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. NYSE Arca has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. mstockstill on PROD1PC66 with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this rule change is to revise the review period the Exchange uses when determining a Market Maker’s compliance with the 60% quoting obligations contained in NYSE Arca Rule 6.37B(c). The Exchange also proposes to add a provision to Rule 6.37B(c) that will deal with exceptions to Market Maker quoting obligations. Market Makers, other than Lead Market Makers (‘‘LMM’’), are required to provide continuous two-sided quotations throughout the trading day in their appointed issues for 60% of the time that the Exchange is open for trading in each issue. Compliance with this obligation is presently measured on a per-calendar-quarter basis. The Exchange proposes to reduce the review period from a quarterly basis down to a monthly basis. The Exchange believes that this change is consistent with a recently approved rule change for LMM quoting obligations.5 The Exchange believes that the shorter time period will allow the NYSE Arca Options Surveillance Department to more effectively monitor a Market Maker’s compliance with their quoting obligations. On occasion, a situation may arise where a Market Maker is unable to provide continuous quotations due to circumstances completely beyond his or her control. Accordingly, the Exchange proposes to amend Rule 6.37B(c) to state that if a technical failure or limitation of a system of the Exchange prevents a Market Maker from providing timely and accurate electronic quotes, the duration of such failure shall not be considered in determining whether the Market Maker has satisfied the 60% quoting standard. The Exchange may also take into consideration demonstrated legal or regulatory requirements or other mitigating circumstances that might prevent a Market Maker from providing 5 See Securities Exchange Act Release No. 57186 (January 22, 2008), 73 FR 4931 (January 28, 2008) (SR–NYSEArca–2007–121). VerDate Aug<31>2005 18:33 Mar 24, 2008 Jkt 214001 continuous quotations. In order for the Exchange to consider any exceptions to quoting obligations, Market Makers must notify the Exchange promptly whenever circumstances arise that prevent them from providing continuous quotations. The Exchange notes that this proposed amendment is similar to NYSE Arca Rule 6.37B(b), which provides for limited exceptions to LMM quoting obligations. The Exchange also proposes minor technical changes to Rule 6.37B. The Exchange states that the terms ‘‘issue’’ and ‘‘class,’’ when used in the context of a Market Maker’s Appointment, are virtually interchangeable words. However, for the sake of consistency within Rule 6.37B, the Exchange proposes to use just the term ‘‘issue.’’ Accordingly, wherever the term ‘‘class’’ is used, it will now read ‘‘issue.’’ The Exchange also proposes a minor change to the numbering of subsections within the Rule. 2. Statutory Basis The Exchange believes that the proposed rule change 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, 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. The Exchange believes that this rule change will create a more efficient procedure for the Exchange to monitor quoting obligations of Market Makers, while at the same time providing relief for these obligations when a situation arises that is completely beyond the control of the Market Maker. 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. 6 15 7 15 PO 00000 U.S.C. 78f(b). U.S.C. 78f(b)(5). Frm 00106 Fmt 4703 Sfmt 4703 15823 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing 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 after the date of this filing, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 8 and Rule 19b– 4(f)(6) thereunder.9 A proposed rule change filed under 19b–4(f)(6) normally may not become operative prior to 30 days after the date of filing.10 However, Rule 19b– 4(f)(6)(iii) 11 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because such waiver would allow the Exchange to implement the proposal without needless delay. The Commission notes that it recently approved a substantially similar NYSE Arca proposal pertaining to LMM quoting obligations.12 For these reasons, the Commission designates the proposed rule change to be operative upon filing with the Commission.13 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 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, 8 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 10 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 19b–4(f)(6)(iii) requires that a self-regulatory organization submit to 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 of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied the fiveday pre-filing notice requirement. 11 Id. 12 See supra note 5. 13 For the 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). 9 17 E:\FR\FM\25MRN1.SGM 25MRN1 15824 Federal Register / Vol. 73, No. 58 / Tuesday, March 25, 2008 / Notices 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–NYSEArca–2008–30 on the subject line. mstockstill on PROD1PC66 with NOTICES Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEArca–2008–30. 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 NYSE Arca. 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–2008–30 and should be submitted on or before April 15, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–5915 Filed 3–24–08; 8:45 am] BILLING CODE 8011–01–P 14 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 18:33 Mar 24, 2008 Jkt 214001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57520; File No. SR–OCC– 2008–02] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Definition and Use of the Terms ‘‘Settlement Price’’ and ‘‘Final Settlement Price’’ March 18, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on January 24, 2008, The Options Clearing Corporation (‘‘OCC’’) 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 prepared primarily by OCC. OCC filed the proposed rule change pursuant to Section 19(b)(3)(A)(i) of the Act 2 and Rule 19b–4(f)(1) 3 thereunder so that the proposal was 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 The proposed rule change amends the definition and use of the terms ‘‘settlement price’’ and ‘‘final settlement price’’ as applied to futures contracts cleared by OCC for the purpose of improving the definitions and establishing consistent usage. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of such statements.4 1 15 U.S.C. 78s(b)(1). U.S.C. 78s–1(b)(3)(A)(i). 3 17 CFR 240.19b–4(f)(1). 4 The Commission has modified parts of these statements. 2 15 PO 00000 Frm 00107 Fmt 4703 Sfmt 4703 (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The primary purpose of the proposed rule change is to revise OCC’s By-Laws and Rules to eliminate any inconsistencies in the use of the terms ‘‘settlement price’’ and ‘‘final settlement price’’ and to clarify the roles of OCC and of the exchanges on which futures are traded in determining the daily and if applicable intraday settlement price and the final settlement price of a series of futures contracts. OCC is also making one change in its rules to reflect a change in the services available to clearing members. The two key components of the proposed rule change involve the definition of ‘‘settlement price’’ and ‘‘final settlement price’’ as used in OCC’s By-Laws and Rules and the location of the language governing the manner in which settlement prices are determined. Currently, the prices used to calculate daily or intraday variation payments are referred to simply as ‘‘settlement prices’’ rather than ‘‘interim settlement prices.’’ The term ‘‘settlement price’’ does not encompass the term ‘‘final settlement price,’’ which is separately defined to refer only to the price used to determine the value of a contract at maturity. There are provisions of OCC’s By-Laws and Rules that apply equally to daily or intraday settlement prices and final settlement prices. Accordingly, OCC is revising the definition of ‘‘settlement price’’ to encompass both types of prices. The term ‘‘interim settlement price’’ will be used to refer to prices used to determine daily and intraday variation payments. In addition, the definition of ‘‘final settlement price’’ is being revised in recognition of the possibility that prices determined in the futures markets themselves, as opposed to prices determined in the cash markets for the underlying interests, may sometimes be used to determine the final settlement price. OCC is also moving the language regarding the establishment of the interim settlement price for futures from Rule 1301(d) to Article XII, Section 6 of OCC’s By-Laws. OCC believes that this language more logically belongs in Article XII, which currently governs only the establishment of final settlement prices. Proposed Changes to By-Laws OCC is introducing the new term ‘‘interim settlement price’’ in Article I, Section 1 of its By-Laws with respect to futures to refer to what is currently defined simply as ‘‘settlement price’’ E:\FR\FM\25MRN1.SGM 25MRN1

Agencies

[Federal Register Volume 73, Number 58 (Tuesday, March 25, 2008)]
[Notices]
[Pages 15822-15824]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-5915]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57522; File No. SR-NYSEArca-2008-30)]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change to Amend Rule 6.37B 
Pertaining to Market Maker Quotations

March 18, 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 March 14, 2008, NYSE Arca, Inc. (``NYSE Arca'' 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 NYSE Arca. The Exchange has filed 
the proposal as a ``non-controversial'' rule change pursuant to Section 
19(b)(3)(A) 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).
    \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 6.37B Market Maker 
Quotations--OX. The text of the proposed rule change is available at 
NYSE Arca, 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

[[Page 15823]]

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. NYSE Arca has prepared summaries, set forth in Sections 
A, B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this rule change is to revise the review period the 
Exchange uses when determining a Market Maker's compliance with the 60% 
quoting obligations contained in NYSE Arca Rule 6.37B(c). The Exchange 
also proposes to add a provision to Rule 6.37B(c) that will deal with 
exceptions to Market Maker quoting obligations.
    Market Makers, other than Lead Market Makers (``LMM''), are 
required to provide continuous two-sided quotations throughout the 
trading day in their appointed issues for 60% of the time that the 
Exchange is open for trading in each issue. Compliance with this 
obligation is presently measured on a per-calendar-quarter basis. The 
Exchange proposes to reduce the review period from a quarterly basis 
down to a monthly basis. The Exchange believes that this change is 
consistent with a recently approved rule change for LMM quoting 
obligations.\5\ The Exchange believes that the shorter time period will 
allow the NYSE Arca Options Surveillance Department to more effectively 
monitor a Market Maker's compliance with their quoting obligations.
    On occasion, a situation may arise where a Market Maker is unable 
to provide continuous quotations due to circumstances completely beyond 
his or her control. Accordingly, the Exchange proposes to amend Rule 
6.37B(c) to state that if a technical failure or limitation of a system 
of the Exchange prevents a Market Maker from providing timely and 
accurate electronic quotes, the duration of such failure shall not be 
considered in determining whether the Market Maker has satisfied the 
60% quoting standard. The Exchange may also take into consideration 
demonstrated legal or regulatory requirements or other mitigating 
circumstances that might prevent a Market Maker from providing 
continuous quotations. In order for the Exchange to consider any 
exceptions to quoting obligations, Market Makers must notify the 
Exchange promptly whenever circumstances arise that prevent them from 
providing continuous quotations. The Exchange notes that this proposed 
amendment is similar to NYSE Arca Rule 6.37B(b), which provides for 
limited exceptions to LMM quoting obligations.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 57186 (January 22, 
2008), 73 FR 4931 (January 28, 2008) (SR-NYSEArca-2007-121).
---------------------------------------------------------------------------

    The Exchange also proposes minor technical changes to Rule 6.37B. 
The Exchange states that the terms ``issue'' and ``class,'' when used 
in the context of a Market Maker's Appointment, are virtually 
interchangeable words. However, for the sake of consistency within Rule 
6.37B, the Exchange proposes to use just the term ``issue.'' 
Accordingly, wherever the term ``class'' is used, it will now read 
``issue.'' The Exchange also proposes a minor change to the numbering 
of subsections within the Rule.
2. Statutory Basis
    The Exchange believes that the proposed rule change 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, 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. 
The Exchange believes that this rule change will create a more 
efficient procedure for the Exchange to monitor quoting obligations of 
Market Makers, while at the same time providing relief for these 
obligations when a situation arises that is completely beyond the 
control of the Market Maker.
---------------------------------------------------------------------------

    \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 solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing 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 after the date of this filing, or such shorter time as the 
Commission may designate, 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).
---------------------------------------------------------------------------

    A proposed rule change filed under 19b-4(f)(6) normally may not 
become operative prior to 30 days after the date of filing.\10\ 
However, Rule 19b-4(f)(6)(iii) \11\ permits the Commission to designate 
a shorter time if such action is consistent with the protection of 
investors and the public interest. The Exchange has requested that the 
Commission waive the 30-day operative delay. The Commission believes 
that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest because such waiver 
would allow the Exchange to implement the proposal without needless 
delay. The Commission notes that it recently approved a substantially 
similar NYSE Arca proposal pertaining to LMM quoting obligations.\12\ 
For these reasons, the Commission designates the proposed rule change 
to be operative upon filing with the Commission.\13\
---------------------------------------------------------------------------

    \10\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization submit to 
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 of filing 
of the proposed rule change, or such shorter time as designated by 
the Commission. The Exchange has satisfied the five-day pre-filing 
notice requirement.
    \11\ Id.
    \12\ See supra note 5.
    \13\ For the 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).
---------------------------------------------------------------------------

    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 
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,

[[Page 15824]]

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-2008-30 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-2008-30. 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 NYSE Arca. 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-2008-30 and should 
be submitted on or before April 15, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-5915 Filed 3-24-08; 8:45 am]
BILLING CODE 8011-01-P