Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Trading the Two-Character Ticker Symbol “HA”, 31524-31526 [E8-12197]
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31524
Federal Register / Vol. 73, No. 106 / Monday, June 2, 2008 / Notices
Number SR–NASDAQ–2008–044 on the
subject line.
acts and practices, to promote just and
equitable principles of trade, to remove
The Exchange believes that the
impediments to and perfect the
proposed rule change is consistent with Paper Comments
mechanism of a free and open market
12 of the Act, in general, and
Section 6(b)
• Send paper comments in triplicate
and a national market system, and, in
furthers the objectives of Section
to Secretary, Securities and Exchange
general, to protect investors and the
13 in particular, in that it is
6(b)(5),
Commission, 100 F Street, NE.,
public interest.
designed to prevent fraudulent and
Washington, DC 20549–1090.
The Commission finds good cause for
manipulative acts and practices, to
approving this proposal before the 30th
promote just and equitable principles of All submissions should refer to File
day after the publication of notice
Number SR–NASDAQ–2008–044. This
trade, to remove impediments to and
thereof in the Federal Register. The
file number should be included on the
perfect the mechanisms of a free and
subject line if e-mail is used. To help the proposed rule change seeks to clarify
open market and a national market
that the Exchange’s listing and trading
Commission process and review your
system, and, in general, to protect
of SEEDS is subject to Rule 19b–4(e)
comments more efficiently, please use
investors and the public interest.
only one method. The Commission will under the Act and would conform the
Nasdaq believes that the clarification of
post all comments on the Commission’s Exchange’s rules to those of other
Nasdaq Rule 4420(g) is needed to avoid
exchanges.16 In addition, the proposed
Internet Web site (https://www.sec.gov/
further confusion surrounding the part
changes relating to the number of
of the Act that such securities are listed. rules/sro.shtml). Copies of the
securities that may underlie SEEDS and
submission, all subsequent
In addition, Nasdaq believes that
the term of a SEED seek to conform the
amendments, all written statements
eliminating the maximum term of
Exchange’s rules to those of other
SEEDS and allowing SEEDS to be linked with respect to the proposed rule
exchanges that have been previously
change that are filed with the
to multiple securities provides issuers
approved by the Commission.17
Commission, and all written
with flexibility to create such securities
Therefore, Commission does not believe
communications relating to the
and allows Nasdaq to compete
that this proposal raises any novel
effectively with the other markets, while proposed rule change between the
Commission and any person, other than regulatory issues and believes that
maintaining high standards and
accelerating approval of this proposal is
those that may be withheld from the
protecting investors. Nasdaq notes that
appropriate and would ensure that the
public in accordance with the
the Commission has already
Exchange’s rules clearly reflect the
provisions of 5 U.S.C. 552, will be
determined, through its approval of the
standards for listing and trading SEEDS
available for inspection and copying in
Amex rules, that linking Equity Linked
and conform Nasdaq’s rules to those of
the Commission’s Public Reference
Term Notes to up to thirty underlying
other exchanges without delay.
Room, 100 F Street, NE., Washington,
securities without a maximum term is
DC 20549, on official business days
V. Conclusion
consistent with Section 6(b)(5) of the
between the hours of 10 a.m. and 3 p.m.
Act.
It is therefore ordered, pursuant to
Copies of the filing also will be available
Section 19(b)(2) of the Act,18 that the
B. Self-Regulatory Organization’s
for inspection and copying at the
proposed rule change (SR–NASDAQ–
Statement on Burden on Competition
principal office of the Exchange. All
2008–044), be, and it hereby is,
comments received will be posted
Nasdaq does not believe that the
approved on an accelerated basis.
without change; the Commission does
proposed rule change will impose any
For the Commission, by the Division of
not edit personal identifying
burden on competition that is not
Trading and Markets, pursuant to delegated
information from submissions. You
necessary or appropriate in furtherance
authority.19
should submit only information that
of the purposes of the Act.
you wish to make available publicly. All Florence E. Harmon,
C. Self-Regulatory Organization’s
Acting Secretary.
submissions should refer to File
Statement on Comments on the
[FR Doc. E8–12196 Filed 5–30–08; 8:45 am]
Number SR–NASDAQ–2008–044 and
Proposed Rule Change Received From
should be submitted on or before June
BILLING CODE 8010–01–P
Members, Participants or Others
23, 2008.
Written comments were neither
IV. Commission’s Findings and Order
SECURITIES AND EXCHANGE
solicited nor received.
Granting Accelerated Approval of the
COMMISSION
Proposed Rule Change
III. Solicitation of Comments
[Release No. 34–57875; File No. SR–
After careful consideration, the
Interested persons are invited to
NASDAQ–2008–047]
Commission finds that the proposed
submit written data, views, and
rule change is consistent with the
Self-Regulatory Organizations; The
arguments concerning the foregoing,
requirements of the Act and the rules
NASDAQ Stock Market LLC; Notice of
including whether the proposed rule
and regulations thereunder applicable to Filing and Immediate Effectiveness of
change is consistent with the Act.
a national securities exchange.14 In
Proposed Rule Change Relating to
Comments may be submitted by any of
particular, the Commission finds that
Trading the Two-Character Ticker
the following methods:
the proposed rule change is consistent
Symbol ‘‘HA’’
Electronic Comments
with Section 6(b)(5) of the Act,15 which
requires that the rules of an exchange be May 27, 2008.
• Use the Commission’s Internet
Pursuant to Section 19(b)(1) of the
designed, among other things, to
comment form (https://www.sec.gov/
Securities Exchange Act of 1934
prevent fraudulent and manipulative
rules/sro.shtml); or
• Send an e-mail to rule16 See e.g., Chicago Board Options Exchange Rule
14 In approving this rule change, the Commission
comments@sec.gov. Please include File
31.5(I) and NYSE Arca Rule 5.2(j)(2).
jlentini on PROD1PC65 with NOTICES
2. Statutory Basis
notes that it has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
15 15 U.S.C. 78f(b)(5).
12 15
U.S.C. 78f(b).
13 15 U.S.C. 78f(b)(5).
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17 See
supra notes 9–10 and accompanying text.
U.S.C. 78s(b)(2).
19 17 CFR 200.30–3(a)(12).
18 15
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02JNN1
Federal Register / Vol. 73, No. 106 / Monday, June 2, 2008 / Notices
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 20,
2008, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’) 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 substantially prepared by
Nasdaq. Nasdaq has filed this proposal
pursuant to Section 19(b)(3)(A) 3 of the
Act and Rule 19b–4(f)(5) thereunder,4
which renders the proposal 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 the Substance
of the Proposed Rule Change
Nasdaq proposes to trade the common
stock of Hawaiian Holdings, Inc. on
Nasdaq using the two-character symbol
‘‘HA.’’
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
Nasdaq 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. Nasdaq 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
Historically, securities listed on
Nasdaq have traded using four or five
character symbols.5 In 2005, however,
Nasdaq announced its intent to allow
companies listed on Nasdaq to also use
one, two or three character symbols
beginning on January 31, 2007.6 This
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)(5).
5 This includes securities listed on Nasdaq’s
predecessor market, operated as a facility of the
NASD.
6 See Head Trader Alert 2005–133 (November 14,
2005), available at: https://www.nasdaqtrader.com/
TraderNews.aspx?id=hta2005-133 and Vendor Alert
2005–070 (November 14, 2005), available at: https://
www.nasdaqtrader.com/
TraderNews.aspx?id=nva2005-070. See also Head
Trader Alert 2006–144 (September 29, 2006),
available at: https://www.nasdaqtrader.com/
TraderNews.aspx?id=hta2006-144, Head Trader
Alert 2006–193 (November 16, 2006), available at:
jlentini on PROD1PC65 with NOTICES
2 17
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19:06 May 30, 2008
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31525
announcement was designed to provide
market participants and vendors the
time needed to make required changes
to their own systems that may be
affected by the change. Since February
20, 2007, Nasdaq has had the ability to
accept and distribute Nasdaq-listed
securities with one, two or three
character symbols. Nasdaq reminded
market participants about this change
again on March 1, 2007, stressing that
‘‘[a]ll customers should have completed
their coding and testing efforts to ensure
their readiness to support 1-, 2- and 3character NASDAQ–listed issues,’’ 7 and
on March 22, 2007, Delta Financial
Corporation transferred to Nasdaq from
the American Stock Exchange and
maintained its three-character symbol,
DFC.8 Subsequently, the Commission
approved a rule change to permit any
company to transfer from another
exchange to Nasdaq and maintain its
three-character symbols.9 On April 28,
2008, CA, Inc. transferred to Nasdaq
from the New York Stock Exchange and
maintained its two-character symbol,
CA.10 The Exchange states that there
have been no trading problems reported
to Nasdaq as a result of listing securities
on Nasdaq with two-character or threecharacter symbols.
Nasdaq now proposes to allow
Hawaiian Holdings, Inc., which
currently trades on another domestic
market with the two-character symbol
HA, to transfer its common stock to
Nasdaq and continue using that twocharacter symbol. Nasdaq believes that
allowing this company to maintain its
symbol will reduce investor confusion
and promote competition among
exchanges. Specifically, allowing
Hawaiian Holdings to maintain its
trading symbol will reduce investor
confusion associated with its transfer to
Nasdaq because investors will continue
to be able to obtain quotations and
execute trades using the same familiar
symbol and will allow the issuer to
maintain a symbol that has become a
part of its identity to investors.11
Further, Nasdaq believes that permitting
Hawaiian Holdings to maintain its
symbol will enhance competition
among exchanges by removing concerns
about investor confusion surrounding
its symbol from the factors a company
must consider when choosing where to
list its equities. This proposal is also
consistent with the historical practice of
allowing companies to maintain their
symbols when they switch among
national securities exchanges.12
Given the foregoing, Nasdaq believes
that market participants were provided
adequate notice of this change and are
prepared to accommodate the trading of
this company on Nasdaq using the
symbol HA. Further, Nasdaq believes
that any change to the symbol will cause
confusion among investors and market
participants. As such, Nasdaq proposes
to begin trading the common stock of
Hawaiian Holdings, Inc. on Nasdaq
using the symbol HA on June 2, 2008.
While this filing relates to the transfer
of this issuer, Nasdaq remains
committed to working with the
Commission and other markets to
establish an equitable and transparent
symbol assignment plan.13
https://www.nasdaqtrader.com/
TraderNews.aspx?id=hta2006-193 and Vendor Alert
2006–065 (October 4, 2006), available at: https://
www.nasdaqtrader.com/
TraderNews.aspx?id=nva2006–065.
7 Head Trader Alert 2007–050 (March 1, 2007),
available at: https://www.nasdaqtrader.com/
TraderNews.aspx?id=hta2007-050.
8 See Securities Exchange Act Release No. 55519
(March 26, 2007) 72 FR 15737 (April 2, 2007) (SR–
NASDAQ–2007–025).
9 See Securities Exchange Act Release No. 56028
(July 9, 2007), 72 FR 38639 (July 13, 2007)
(approving SR–NASDAQ–2007–031). Over 25
companies with three-character symbols have listed
on Nasdaq.
10 See Securities Exchange Act Release No. 57696
(April 22, 2008) 73 FR 22987 (April 28, 2008) (SR–
NASDAQ–2008–034).
11 A market transfer will still be transparent to
investors because, under the Commission’s rules, a
company must announce the transfer of its listing
on a Form 8–K. See Form 8–K, item 3.01(d). In
addition, the issuer must publish notice of its intent
to withdraw a class of securities from listing and/
or registration, along with its reasons for such
withdrawal, via a press release and, if it has a
publicly accessible Web site, on that Web site. See
Exchange Act Rule 12d2–2(c)(2)(iii), 17 CFR
240.12d2–2(c)(2)(iii).
12 See, e.g., Darwin Professional Underwriters, Inc
(from NYSE Arca to NYSE keeping the symbol DR),
Chile Fund, Inc. (from NYSE to Amex keeping the
symbol CH), and iShares NYSE 100 (from NYSE to
NYSE Arca keeping the symbol NY).
13 See Securities Exchange Act Release No. 56037
(July 10, 2007) 72 FR 39096 (July 17, 2007).
PO 00000
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2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act, in
general and with Section 6(b)(5) of the
Act, in particular, in that it is designed
to prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, remove
impediments to a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. As described above, the
proposed rule change will reduce
investor confusion and encourage
competition between national securities
exchanges.
E:\FR\FM\02JNN1.SGM
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31526
Federal Register / Vol. 73, No. 106 / Monday, June 2, 2008 / Notices
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 rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 14 and Rule 19b–4(f)(5)
thereunder 15 in that it effects a change
to an order-entry or trading system that:
(i) Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) does not have the effect of limiting
the access to or availability of the
system. As such, this proposed rule
change is effective upon filing with the
Commission.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–12197 Filed 5–30–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57870; File No. SR–NYSE–
2008–37]
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–2008–047 on the
subject line.
Paper Comments
jlentini on PROD1PC65 with NOTICES
All submissions should refer to File
Number SR–NASDAQ–2008–047. This
file number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–NASDAQ–2008–047 and
should be submitted on or before June
23, 2008.
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
Self-Regulatory Organizations; New
York Stock Exchange, LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To Amend
NYSE Rule 13 To Extend the Definition
of Routing Broker and Effect
Conforming Changes to NYSE Rule 17
May 27, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’), 1 and Rule 19b–4 thereunder,2
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
notice is hereby given that on May 9,
2008, the New York Stock Exchange,
LLC (‘‘NYSE’’ 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 the
Exchange. The Exchange has designated
the proposed rule change as a ‘‘noncontroversial’’ rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(6) thereunder,4 which renders
the proposed rule change 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 Exchange proposes to amend
Exchange Rule 13 to include in the
definition of ‘‘Routing Broker’’ any nonaffiliate third-party broker-dealer that
may act as a Routing Broker for the
Exchange. The Exchange further
proposes a conforming amendment to
Exchange Rule 17 to allow for the
operation of such a non-affiliate thirdparty broker-dealer. The text of the
proposed rule change is available at
NYSE, the Commission’s Public
Reference Room, and www.nyse.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, the
Exchange 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.
The Exchange 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
Through this filing, the Exchange
proposes to amend Exchange Rule 13 to
expand the definition of ‘‘Routing
Broker’’ to include any non-affiliate
third-party broker-dealer that may act as
a Routing Broker for the Exchange. The
Exchange further proposes to make
conforming amendments to Exchange
Rule 17 to allow for the operation of
16 17
14 15
U.S.C. 78s(b)(3)(A).
15 17 CFR 240.19b–4(f)(5).
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19:06 May 30, 2008
1 15
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4 17
E:\FR\FM\02JNN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
02JNN1
]]>Agencies
[Federal Register Volume 73, Number 106 (Monday, June 2, 2008)]
[Notices]
[Pages 31524-31526]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-12197]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57875; File No. SR-NASDAQ-2008-047]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Trading the Two-Character Ticker Symbol ``HA''
May 27, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 31525]]
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 20, 2008, The NASDAQ Stock Market LLC (``Nasdaq'') 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 substantially prepared by Nasdaq. Nasdaq has filed this
proposal pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-
4(f)(5) thereunder,\4\ which renders the proposal 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)(5).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
Nasdaq proposes to trade the common stock of Hawaiian Holdings,
Inc. on Nasdaq using the two-character symbol ``HA.''
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Nasdaq 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. Nasdaq 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
Historically, securities listed on Nasdaq have traded using four or
five character symbols.\5\ In 2005, however, Nasdaq announced its
intent to allow companies listed on Nasdaq to also use one, two or
three character symbols beginning on January 31, 2007.\6\ This
announcement was designed to provide market participants and vendors
the time needed to make required changes to their own systems that may
be affected by the change. Since February 20, 2007, Nasdaq has had the
ability to accept and distribute Nasdaq-listed securities with one, two
or three character symbols. Nasdaq reminded market participants about
this change again on March 1, 2007, stressing that ``[a]ll customers
should have completed their coding and testing efforts to ensure their
readiness to support 1-, 2- and 3-character NASDAQ-listed issues,'' \7\
and on March 22, 2007, Delta Financial Corporation transferred to
Nasdaq from the American Stock Exchange and maintained its three-
character symbol, DFC.\8\ Subsequently, the Commission approved a rule
change to permit any company to transfer from another exchange to
Nasdaq and maintain its three-character symbols.\9\ On April 28, 2008,
CA, Inc. transferred to Nasdaq from the New York Stock Exchange and
maintained its two-character symbol, CA.\10\ The Exchange states that
there have been no trading problems reported to Nasdaq as a result of
listing securities on Nasdaq with two-character or three-character
symbols.
---------------------------------------------------------------------------
\5\ This includes securities listed on Nasdaq's predecessor
market, operated as a facility of the NASD.
\6\ See Head Trader Alert 2005-133 (November 14, 2005),
available at: https://www.nasdaqtrader.com/
TraderNews.aspx?id=hta2005-133 and Vendor Alert 2005-070 (November
14, 2005), available at: https://www.nasdaqtrader.com/
TraderNews.aspx?id=nva2005-070. See also Head Trader Alert 2006-144
(September 29, 2006), available at: https://www.nasdaqtrader.com/
TraderNews.aspx?id=hta2006-144, Head Trader Alert 2006-193 (November
16, 2006), available at: https://www.nasdaqtrader.com/
TraderNews.aspx?id=hta2006-193 and Vendor Alert 2006-065 (October 4,
2006), available at: https://www.nasdaqtrader.com/
TraderNews.aspx?id=nva2006-065.
\7\ Head Trader Alert 2007-050 (March 1, 2007), available at:
https://www.nasdaqtrader.com/TraderNews.aspx?id=hta2007-050.
\8\ See Securities Exchange Act Release No. 55519 (March 26,
2007) 72 FR 15737 (April 2, 2007) (SR-NASDAQ-2007-025).
\9\ See Securities Exchange Act Release No. 56028 (July 9,
2007), 72 FR 38639 (July 13, 2007) (approving SR-NASDAQ-2007-031).
Over 25 companies with three-character symbols have listed on
Nasdaq.
\10\ See Securities Exchange Act Release No. 57696 (April 22,
2008) 73 FR 22987 (April 28, 2008) (SR-NASDAQ-2008-034).
---------------------------------------------------------------------------
Nasdaq now proposes to allow Hawaiian Holdings, Inc., which
currently trades on another domestic market with the two-character
symbol HA, to transfer its common stock to Nasdaq and continue using
that two-character symbol. Nasdaq believes that allowing this company
to maintain its symbol will reduce investor confusion and promote
competition among exchanges. Specifically, allowing Hawaiian Holdings
to maintain its trading symbol will reduce investor confusion
associated with its transfer to Nasdaq because investors will continue
to be able to obtain quotations and execute trades using the same
familiar symbol and will allow the issuer to maintain a symbol that has
become a part of its identity to investors.\11\ Further, Nasdaq
believes that permitting Hawaiian Holdings to maintain its symbol will
enhance competition among exchanges by removing concerns about investor
confusion surrounding its symbol from the factors a company must
consider when choosing where to list its equities. This proposal is
also consistent with the historical practice of allowing companies to
maintain their symbols when they switch among national securities
exchanges.\12\
---------------------------------------------------------------------------
\11\ A market transfer will still be transparent to investors
because, under the Commission's rules, a company must announce the
transfer of its listing on a Form 8-K. See Form 8-K, item 3.01(d).
In addition, the issuer must publish notice of its intent to
withdraw a class of securities from listing and/or registration,
along with its reasons for such withdrawal, via a press release and,
if it has a publicly accessible Web site, on that Web site. See
Exchange Act Rule 12d2-2(c)(2)(iii), 17 CFR 240.12d2-2(c)(2)(iii).
\12\ See, e.g., Darwin Professional Underwriters, Inc (from NYSE
Arca to NYSE keeping the symbol DR), Chile Fund, Inc. (from NYSE to
Amex keeping the symbol CH), and iShares NYSE 100 (from NYSE to NYSE
Arca keeping the symbol NY).
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Given the foregoing, Nasdaq believes that market participants were
provided adequate notice of this change and are prepared to accommodate
the trading of this company on Nasdaq using the symbol HA. Further,
Nasdaq believes that any change to the symbol will cause confusion
among investors and market participants. As such, Nasdaq proposes to
begin trading the common stock of Hawaiian Holdings, Inc. on Nasdaq
using the symbol HA on June 2, 2008. While this filing relates to the
transfer of this issuer, Nasdaq remains committed to working with the
Commission and other markets to establish an equitable and transparent
symbol assignment plan.\13\
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\13\ See Securities Exchange Act Release No. 56037 (July 10,
2007) 72 FR 39096 (July 17, 2007).
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2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act, in general and with Section
6(b)(5) of the Act, in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, remove impediments to a free and open
market and a national market system, and, in general, to protect
investors and the public interest. As described above, the proposed
rule change will reduce investor confusion and encourage competition
between national securities exchanges.
[[Page 31526]]
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 rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(5) thereunder \15\ in
that it effects a change to an order-entry or trading system that: (i)
Does not significantly affect the protection of investors or the public
interest; (ii) does not impose any significant burden on competition;
and (iii) does not have the effect of limiting the access to or
availability of the system. As such, this proposed rule change is
effective upon filing with the Commission.
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\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(5).
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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 Number SR-NASDAQ-2008-047 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NASDAQ-2008-047. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASDAQ-2008-047 and should
be submitted on or before June 23, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-12197 Filed 5-30-08; 8:45 am]
BILLING CODE 8010-01-P
