Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca Rule 6.62 To Include an Opening Only Order, 26179-26181 [E8-10250]
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Federal Register / Vol. 73, No. 90 / Thursday, May 8, 2008 / Notices
operates in a highly competitive market
in which market participants can
readily direct order flow to competing
venues if they deem fee levels at a
particular venue to be excessive.
Although the proposed rule change
increases order execution and routing
fees and decreases liquidity provider
credits for non-displayed liquidity, it
also increases credits for displayed
liquidity. Nasdaq believes that its fees
remain competitive with those charged
by other venues and therefore continue
to be reasonable and equitably allocated
to those members that opt to direct
orders to Nasdaq rather than competing
venues.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become effective upon filing with
the Commission pursuant to Section
19(b)(3)(A)(ii) of the Act 13 and Rule
19b–4(f)(2) thereunder,14 in that the
proposed rule change establishes or
changes a member due, fee, or other
charge imposed by the self-regulatory
organization. At any time within 60
days of the filing of the 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.
mstockstill on PROD1PC66 with 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:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NASDAQ–2008–036 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.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57759; File No. SR–
NYSEArca–2008–44]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending NYSE Arca
Rule 6.62 To Include an Opening Only
Order
May 1, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
All submissions should refer to File
notice is hereby given that on April 23,
Number SR–NASDAQ–2008–036. This
2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
file number should be included on the
‘‘Exchange’’) filed with the Securities
subject line if e-mail is used. To help the and Exchange Commission
Commission process and review your
(‘‘Commission’’) the proposed rule
comments more efficiently, please use
change as described in Items I and II
only one method. The Commission will below, which Items have been prepared
post all comments on the Commission’s substantially by NYSE Arca. NYSE Arca
filed the proposed rule change as a
Internet Web site (https://www.sec.gov/
‘‘non-controversial’’ proposed rule
rules/sro.shtml). Copies of the
change pursuant to Section 19(b)(3)(A)
submission, all subsequent
of the Act 3 and Rule 19b–4(f)(6)
amendments, all written statements
thereunder,4 which renders it effective
with respect to the proposed rule
upon filing with the Commission. The
change that are filed with the
Commission is publishing this notice to
Commission, and all written
solicit comments on the proposed rule
communications relating to the
change from interested persons.
proposed rule change between the
Commission and any person, other than I. Self-Regulatory Organization’s
those that may be withheld from the
Statement of the Terms of Substance of
public in accordance with the
the Proposed Rule Change
provisions of 5 U.S.C. 552, will be
The Exchange proposes to amend
available for inspection and copying in
NYSE Arca Rule 6.62 to include an
the Commission’s Public Reference
Room on official business days between additional order type, known as the
Opening Only Order, to provide
the hours of 10 a.m. and 3 p.m. Copies
investors greater flexibility. The text of
of such filing also will be available for
the proposed rule change is available at
inspection and copying at the principal
office of Nasdaq. All comments received https://www.nyse.com, the principal
office of NYSE Arca, and the
will be posted without change; the
Commission’s Public Reference Room.
Commission does not edit personal
identifying information from
II. Self-Regulatory Organization’s
submissions. You should submit only
Statement of the Purpose of, and
information that you wish to make
Statutory Basis for, the Proposed Rule
available publicly. All submissions
Change
should refer to File Number SR–
In its filing with the Commission,
NASDAQ–2008–036 and should be
NYSE Arca included statements
submitted on or before May 29, 2008.
concerning the purpose of and basis for
For the Commission, by the Division of
the proposed rule change. The text of
Trading and Markets, pursuant to delegated
these statements may be examined at
authority.15
the places specified in Item IV below.
Florence E. Harmon,
NYSE Arca has prepared summaries, set
Deputy Secretary.
forth in Sections A, B, and C below, of
the most significant aspects of such
[FR Doc. E8–10211 Filed 5–7–08; 8:45 am]
statements.
BILLING CODE 8010–01–P
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
13 15
14 17
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
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17:22 May 07, 2008
15 17
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CFR 200.30–3(a)(12).
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Federal Register / Vol. 73, No. 90 / Thursday, May 8, 2008 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In order to provide additional
flexibility and increased functionality to
its system and its users, the Exchange
proposes to amend NYSE Arca Rule
6.62 in order to add a new order type
known as the Opening Only Order.5 The
Opening Only Order will provide
investors with the opportunity to enter
orders that will participate only in the
Opening Auction, and not be available
for trading after the opening. Some
investors wish to transact business
when a series opens for trading, but not
later. Currently, without an Opening
Only Order, these investors must cancel
any unexecuted portion of an order after
the opening. During the time between
the opening and the submission and
processing of the cancellation, the order
entrant is exposed to the risk of an
unwanted execution. Opening Only
Orders that are not executed during the
Opening Auction will automatically be
cancelled. The Opening Only Order
offers investors greater flexibility to
manage their risk.6
Although not currently a defined
order type and not currently accepted
by the Exchange, NYSE Arca Rule
6.64A(b) already provides for the
implementation and inclusion of
‘‘opening only’’ orders in the opening
auction.7
2. Statutory Basis
mstockstill on PROD1PC66 with NOTICES
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,8
in general, and with Section (b)(5) of the
Act,9 in particular, in that the proposal
is designed to prevent fraudulent and
manipulative practices, 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.
5 Opening Only Orders will only apply to the
Opening Auction on the OX system. This order type
will not be available for PCX Plus Opening
Rotations. NYSE Arca has decommissioned its PCX
Plus system.
6 This order type is substantially similar to the
opening order offered by the Philadelphia Stock
Exchange (Rule 1066(c)(5)) and by the Chicago
Board Options Exchange (Rule 6.53(l)).
7 Rule 6.64A(b) reads in part: ‘‘Contingency
orders (except for ‘opening only’ orders) will not
participate in the Auction Process.’’
8 15 U.S.C. 78f.
9 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
17:22 May 07, 2008
Jkt 214001
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 proposed rule
change 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, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 10 and Rule 19b–
4(f)(6) thereunder.11
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.12 However, Rule 19b–
4(f)(6)(iii) 13 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 so that the proposal can become
operative immediately. The Exchange
believes that the creation of an opening
only order type helps to promote a fair,
orderly and competitive options market.
Further, the Exchange notes that waiver
of the operative delay will immediately
afford market participants on NYSE
Arca the same investment opportunities
presently available at other option
exchanges. Based on the foregoing, the
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest, and therefore designates
the proposal as operative upon filing.14
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file 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. NYSE Arca has complied with this
requirement.
13 Id.
14 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
11 17
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
At any time within 60 days of the
filing of the 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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–NYSEArca–2008–44 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2008–44. This
file number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 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 NYSE Arca. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
E:\FR\FM\08MYN1.SGM
08MYN1
Federal Register / Vol. 73, No. 90 / Thursday, May 8, 2008 / Notices
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NYSEArca–2008–44 and should be
submitted on or before May 29, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–10250 Filed 5–7–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57768; File No. SR–DTC–
2007–10]
Self-Regulatory Organizations; The
Depository Trust Company; Order
Granting Accelerated Approval of an
Amended Proposed Rule Change To
Implement the New Issue Information
Dissemination Service for Municipal
Securities
May 2, 2008.
I. Introduction
On August 16, 2007, The Depository
Trust Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) and on September 12,
2007,1 March 3, 2008,2 and April 9,
2008 3 amended proposed rule change
SR–DTC–2007–10 pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’).4 Notice of the proposal
was published in the Federal Register
on October 3, 2007,5 March 24, 2008,6
and April 16, 2008.7 The Commission
received no comment letters. For the
reasons discussed below, the
Commission is approving the proposed
rule change on an accelerated basis.
II. Description
The New Issue Identification
Dissemination Service (‘‘NIIDS’’) is
designed to improve the process by
which municipal securities new issue
information is provided by underwriters
to information vendors. NIIDS will
provide for the collection of information
15 17
CFR 200.30–3(a)(12).
amendment changed a misplaced word in
a footnote.
2 The amendment changed the implementation
date of the service and made other technical
changes.
3 The amendment changed the implementation
date of the service.
4 15 U.S.C. 78s(b)(1).
5 Securities Exchange Act Release No. 56552
(September 27, 2007), 72 FR 56407.
6 Securities Exchange Act Release No. 57513
(March 17, 2008), 73 FR 15548.
7 Securities Exchange Act Release No. 57647
(April 10, 2008), 73 FR 20727.
mstockstill on PROD1PC66 with NOTICES
1 The
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17:22 May 07, 2008
Jkt 214001
about new issues from underwriters or
their representatives in an electronic
format and for making that data
available immediately to information
vendors. NIIDS is designed to enable the
dissemination of new issue information
as quickly and efficiently as possible
after the information is made available
by underwriters.
Municipal Securities Rulemaking
Board (‘‘MSRB’’) Rule G–14 generally
requires municipal securities dealers to
report municipal securities transactions
to the MSRB within 15 minutes of the
time of the trade.8 Inter-dealer trades
eligible for comparison by a clearing
agency are required to be submitted to
the MSRB through the National
Securities Clearing Corporation’s
(‘‘NSCC’’) Real Time Trade Matching
System (‘‘RTTM’’) within the 15 minute
time frame in Rule G–14. NSCC requires
certain securities information in order to
process and to report transactions
involving those securities. Therefore, it
is necessary that dealers trading newly
issued municipal securities have the
securities information needed for trade
submission by the time the trade is
required to be reported.
Pursuant to current practice in the
municipal securities market, each
information vendor works separately to
obtain information from offering
documents and from underwriters. Each
information vendor’s success in
obtaining information about newly
issued municipal securities depends in
large part upon the voluntary
cooperation of the underwriters. It is not
unusual for information vendors to have
inconsistent information or for some
information vendors to receive
information before others.
Consequently, critical new issue
information may be missing, inaccurate,
or both in the automated trade
processing systems used by dealers to
report trades in new issues. This can
result in the late submission of trade
reports or in trade reports that must be
canceled and resubmitted or amended
because they contain inaccurate data.
To address concerns that dealers often
lack timely access to electronically
formatted accurate securities
information necessary to process and
report municipal securities transactions
in real-time, MSRB Rule G–14 provides
for reporting of trades within threehours of the time of trade for a dealer
trading in ‘‘when, as, and if issued’’
municipal securities if the dealer is not
a syndicate manager or syndicate
member for the issue, has not traded the
issue in the previous year, and does not
have the CUSIP information or
8 MSRB
PO 00000
Rule G–14, RTRS Procedures (a)(ii).
Frm 00108
Fmt 4703
Sfmt 4703
26181
indicative data for that issue in their
securities master file (‘‘Reporting
Exemption’’).9 The Reporting
Exemption will expire in 2008. In order
to prepare for the Reporting
Exemption’s expiration, the Securities
Industry and Financial Markets
Association asked DTC to include a
centralized automated mechanism for
the real-time collection and
dissemination of the required
information as part of the planned
reengineering of DTC’s underwriting
system. In response to this request, DTC
built NIIDS to help make the collection
and dissemination of municipal
securities new issue information more
efficient for the industry.
NIIDS Process
To commence the process, the
Dissemination Agent for a new issue
municipal security must input the key
data elements required for the reporting,
comparison, confirmation, and
settlement of trades in municipal
securities (‘‘NIIDS Data Elements’’) into
NIIDS. The inputting will constitute a
request that DTC make the information
available to the industry through NIIDS.
DTC will not confirm the accuracy of
the NIIDS Data Elements and will act
only as a conduit to pass along such
information to data vendors.10 DTC
anticipates the data vendors will then
disseminate the information to the
industry thereby enabling dealers to
make timely and accurate reporting of
their municipal trades. DTC will record
the name of the Dissemination Agent
that inputs the NIIDS Data Elements and
the time such information is submitted.
DTC will begin disseminating the data
when it has received authorization from
the Dissemination Agent through NIIDS.
In addition, NIIDS will contain the
contact information for the
Dissemination Agent that populated the
NIIDS Data Elements for each issue to
enable users of the data to contact them
with questions or comments.
DTC is providing NIIDS to the
industry in order to facilitate the
collection and dissemination of
municipal securities new issue
information. As DTC is only a conduit
of the information and does not confirm
the validity of any of the NIIDS Data
Elements, use of NIIDS by any party will
constitute an agreement that DTC shall
not be liable for any loss or damages in
relation to its collection and
dissemination of NIIDS Data Elements.
Each NIIDS user will agree to indemnify
9 MSRB
Rule G–14, RTRS Procedures (a)(ii)(C).
vendors or others that wish to receive
NIIDS Data Elements must register in advance with
DTC.
10 Data
E:\FR\FM\08MYN1.SGM
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]]>Agencies
[Federal Register Volume 73, Number 90 (Thursday, May 8, 2008)]
[Notices]
[Pages 26179-26181]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10250]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57759; File No. SR-NYSEArca-2008-44]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca
Rule 6.62 To Include an Opening Only Order
May 1, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on April 23, 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 prepared substantially by NYSE Arca. NYSE Arca filed the
proposed rule change as a ``non-controversial'' proposed 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend NYSE Arca Rule 6.62 to include an
additional order type, known as the Opening Only Order, to provide
investors greater flexibility. The text of the proposed rule change is
available at https://www.nyse.com, the principal office of NYSE Arca,
and the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NYSE Arca included statements
concerning the purpose of and basis for 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.
[[Page 26180]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
In order to provide additional flexibility and increased
functionality to its system and its users, the Exchange proposes to
amend NYSE Arca Rule 6.62 in order to add a new order type known as the
Opening Only Order.\5\ The Opening Only Order will provide investors
with the opportunity to enter orders that will participate only in the
Opening Auction, and not be available for trading after the opening.
Some investors wish to transact business when a series opens for
trading, but not later. Currently, without an Opening Only Order, these
investors must cancel any unexecuted portion of an order after the
opening. During the time between the opening and the submission and
processing of the cancellation, the order entrant is exposed to the
risk of an unwanted execution. Opening Only Orders that are not
executed during the Opening Auction will automatically be cancelled.
The Opening Only Order offers investors greater flexibility to manage
their risk.\6\
---------------------------------------------------------------------------
\5\ Opening Only Orders will only apply to the Opening Auction
on the OX system. This order type will not be available for PCX Plus
Opening Rotations. NYSE Arca has decommissioned its PCX Plus system.
\6\ This order type is substantially similar to the opening
order offered by the Philadelphia Stock Exchange (Rule 1066(c)(5))
and by the Chicago Board Options Exchange (Rule 6.53(l)).
---------------------------------------------------------------------------
Although not currently a defined order type and not currently
accepted by the Exchange, NYSE Arca Rule 6.64A(b) already provides for
the implementation and inclusion of ``opening only'' orders in the
opening auction.\7\
---------------------------------------------------------------------------
\7\ Rule 6.64A(b) reads in part: ``Contingency orders (except
for `opening only' orders) will not participate in the Auction
Process.''
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\8\ in general, and with
Section (b)(5) of the Act,\9\ in particular, in that the proposal is
designed to prevent fraudulent and manipulative practices, 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f.
\9\ 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 proposed rule change 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, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 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.\12\
However, Rule 19b-4(f)(6)(iii) \13\ 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 so that the proposal can
become operative immediately. The Exchange believes that the creation
of an opening only order type helps to promote a fair, orderly and
competitive options market. Further, the Exchange notes that waiver of
the operative delay will immediately afford market participants on NYSE
Arca the same investment opportunities presently available at other
option exchanges. Based on the foregoing, the Commission believes that
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest, and therefore designates the
proposal as operative upon filing.\14\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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.
NYSE Arca has complied with this requirement.
\13\ Id.
\14\ For purposes only of waiving the 30-day operative delay of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the 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 (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File No. SR-NYSEArca-2008-44 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2008-44. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 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 NYSE Arca. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only
[[Page 26181]]
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2008-44 and should be submitted
on or before May 29, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-10250 Filed 5-7-08; 8:45 am]
BILLING CODE 8010-01-P
