Self-Regulatory Organizations; American Stock Exchange LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC, and NYSE Arca, Inc.; Notice of Filing of Proposed Rule Changes To Adopt a Trading Halt Rule in Connection With the Dissemination of Net Asset Value and Disclosed Portfolio for Certain Derivative Securities Products, 31903-31905 [E8-12395]

Download as PDF Federal Register / Vol. 73, No. 108 / Wednesday, June 4, 2008 / Notices Day Event/Activity B ........................ Decision on contention admission. should contact the NRC PDR Reference staff by telephone at 1–800–397–4209, or 301–415–4737 or by email to pdr@nrc.gov. [FR Doc. E8–12428 Filed 6–3–08; 8:45 am] BILLING CODE 7590–01–P NUCLEAR REGULATORY COMMISSION [Docket Nos. 50–445 and 50–446] rwilkins on PROD1PC63 with NOTICES Luminant Generation Company LLC; Notice of Withdrawal of Application for Amendment to Facility Operating Licenses The U.S. Nuclear Regulatory Commission (NRC, the Commission) has granted the request of Luminant Generation Company LLC (the licensee) to withdraw its January 18, 2007, application for an amendment to Facility Operating License Nos. NPF–87 and NPF–89 for the Comanche Peak Steam Electric Station, Units 1 and 2, located in Hood County, Texas. The proposed amendment would have revised Technical Specification 3.8.1 to extend the 72-hour completion time for one inoperable diesel generator to 14 days, provided an alternate AC [alternating current] power source was available. The Commission had previously issued a Notice of Consideration of Issuance of Amendment to Facility Operating Licenses, Proposed No Significant Hazards Consideration Determination, and Opportunity for a Hearing, published in the Federal Register on April 10, 2007 (72 FR 17952). However, by letter dated January 30, 2008, the licensee withdrew the proposed change. For further details with respect to this action, see the application for amendment dated January 18, 2007 (Agencywide Documents Access and Management System (ADAMS) Accession No. ML070230493), and the licensee’s letter dated January 30, 2008 (ADAMS Accession No. ML080390310), which withdrew the application for license amendment. Documents may be examined, and/or copied for a fee, at the NRC’s Public Document Room (PDR), located at One White Flint North, Public File Area O1 F21, 11555 Rockville Pike (first floor), Rockville, Maryland. Publicly available records are accessible electronically from the ADAMS Public Electronic Reading Room on the internet at the NRC Web site, https:// www.nrc.gov/reading-rm.html. Persons who do not have access to ADAMS or who encounter problems in accessing the documents located in ADAMS VerDate Aug<31>2005 31903 16:46 Jun 03, 2008 Jkt 214001 Dated at Rockville, Maryland, this 21st day of May, 2008. For the Nuclear Regulatory Commission. Balwant K. Singal, Senior Project Manager, Plant Licensing Branch IV, Division of Operating Reactor Licensing, Office of Nuclear Reactor Regulation. [FR Doc. E8–12492 Filed 6–3–08; 8:45 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57881; File Nos. SR–Amex2008–40; SR–NASDAQ–2008–046; SR– NYSE–2008–39; SR–NYSEArca-2008–50] Self-Regulatory Organizations; American Stock Exchange LLC, The NASDAQ Stock Market LLC, New York Stock Exchange LLC, and NYSE Arca, Inc.; Notice of Filing of Proposed Rule Changes To Adopt a Trading Halt Rule in Connection With the Dissemination of Net Asset Value and Disclosed Portfolio for Certain Derivative Securities Products May 29, 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 May 14, 2008, the American Stock Exchange LLC (‘‘Amex’’), The NASDAQ Stock Market LLC (‘‘Nasdaq’’), the New York Stock Exchange LLC (‘‘NYSE’’), and NYSE Arca, Inc. (‘‘NYSE Arca’’ and together with Amex, Nasdaq, and NYSE, collectively, the ‘‘Exchanges’’), through its wholly owned subsidiary, NYSE Arca Equities, Inc. (‘‘NYSE Arca Equities’’), each filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule changes as described in Items I, II, and III below, which Items have been substantially prepared by the Exchanges. The Commission is publishing this notice to solicit comments on the proposed rule changes from interested persons. 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00095 Fmt 4703 Sfmt 4703 I. Self-Regulatory Organizations’ Statement of the Terms of Substance of the Proposed Rule Changes Each Exchange proposes to amend its respective rules to require a trading halt (‘‘New Trading Halt Rule’’) in certain derivative securities products when the respective Exchange becomes aware that the net asset value (‘‘NAV’’) and/or disclosed portfolio (‘‘Disclosed Portfolio’’),3 as applicable, for such derivative securities product is not being disseminated to all market participants at the same time. The texts of the proposed rule changes are available at the Exchanges, the Commission’s Public Reference Room, and the Exchanges’ respective Internet Web sites.4 II. Self-Regulatory Organizations’ Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Changes In its filing with the Commission, each Exchange included statements concerning the purpose of, and basis for, its proposed rule change and discussed any comments it received on the proposed rule change. The text of the statements may be examined at the places specified in Item IV below. The Exchanges have prepared summaries, set forth in sections A, B, and C, below, of the most significant aspects of such statements. 3 ‘‘Disclosed Portfolio’’ is applicable only with respect to a series of Managed Fund Shares and is defined as the identities and quantities of the securities and other assets that: (1) Are held by a registered investment company organized as an open-end management investment company or similar entity that invests in a portfolio of securities selected by such investment company’s investment adviser consistent such investment company’s investment objectives and policies; and (2) form the basis for such investment company’s calculation of NAV. See Amex Rule 1002B (setting forth the continued listing standards for Managed Fund Shares and requiring, among other things, that the Disclosed Portfolio be disseminated at least once daily and made available to all market participants at the same time) and NYSE Arca Equities Rule 8.600 (setting forth the listing standards for Managed Fund Shares and requiring, among other things, that the Disclosed Portfolio be disseminated at least once daily and made available to all market participants at the same time). As of the date hereof, only Amex and NYSE Arca Equities have listing rules for Managed Fund Shares. See infra note 5. 4 See https://www.amex.com, https:// www.nasdaq.com, and https://www.nyse.com (for both NYSE and NYSE Arca). E:\FR\FM\04JNN1.SGM 04JNN1 31904 Federal Register / Vol. 73, No. 108 / Wednesday, June 4, 2008 / Notices A. Self-Regulatory Organizations’ Statement for the Purpose of, and Statutory Basis for, the Proposed Rule Changes rwilkins on PROD1PC63 with NOTICES 1. Purpose Each Exchange proposes to amend its respective rules 5 to require a trading halt in certain derivative securities products 6 that are listed and trading on 5 For purposes of the proposed rule changes, Amex seeks to adopt new Amex Rule 117A and Commentary .01 thereto (Net Asset Value/Disclosed Portfolio Dissemination and Trading Halts); Nasdaq seeks to amend Nasdaq Rule 4120 (Trading Halts); NYSE seeks to amend NYSE Rule 123D (Openings and Halts in Trading); and NYSE Arca seeks to amend NYSE Arca Equities Rule 7.34 (Trading Sessions). 6 Each Exchange seeks to apply its respective New Trading Halt Rule to certain derivative securities products for which: (1) Such Exchange has listing and trading standards; and (2) an NAV and, in the case of Managed Fund Shares, a Disclosed Portfolio, is disseminated. See proposed Amex Rule 117A (applying Amex’s New Trading Halt Rule to Portfolio Depositary Receipts (Amex Rule 1000– AEMI), Index Fund Shares (Amex Rule 1000A– AEMI), Trust Issued Receipts (Commentary .07 to Amex Rule 1202), Managed Fund Shares (Amex Rule 1000B), Commodity-Based Trust Shares (Amex Rule 1200A), Currency Trust Shares (Amex Rule 1200B), Paired Trust Shares (Amex Rule 1400), Partnership Units (Amex Rule 1500), and Trust Units (Amex Rule 1600)); proposed Nasdaq Rule 4120(a)(10) (applying Nasdaq’s New Trading Halt Rule to Portfolio Depository Receipts (Nasdaq Rule 4420(i)), Index Fund Shares (Nasdaq Rule 4420(j)), Trust Issued Receipts (Nasdaq Rule 4420(l)), Commodity-Related Securities (as defined in Nasdaq Rule 4630), and securities representing interests in unit investment trusts or investment companies); proposed NYSE Rule 123D(5) (applying NYSE’s New Trading Halt Rule to Investment Company Units (NYSE Rule 1100), Trust Issued Receipts (NYSE Rule 1200), Currency Trust Shares (NYSE Rule 1300A), and Commodity Trust Shares (NYSE Rule 1300B)); and proposed NYSE Arca Equities Rule 7.34(a)(5) (applying NYSE Arca’s New Trading Halt Rule to Investment Company Units (NYSE Arca Equities Rule 5.2(j)(3)), Portfolio Depositary Receipts (NYSE Arca Equities Rule 8.100), Trust Issued Receipts (NYSE Arca Equities Rule 8.200), Commodity-Based Trust Shares (NYSE Arca Equities Rule 8.201), Currency Trust Shares (NYSE Arca Equities Rule 8.202), Commodity Index Trust Shares (NYSE Arca Equities Rule 8.203), Commodity Futures Trust Shares (NYSE Arca Equities Rule 8.204), Partnership Units (NYSE Arca Equities Rule 8.300), Paired Trust Shares (NYSE Arca Equities Rule 8.400), Trust Units (NYSE Arca Equities Rule 8.500), and Managed Fund Shares (NYSE Arca Equities Rule 8.600)). Nasdaq seeks to apply its New Trading Halt Rule to proposed Managed Fund Shares through a separate proposed rule change. See Securities Exchange Release No. 57800 (May 8, 2008), 73 FR 27874 (May 14, 2008) (SR–NASDAQ–2008–039) (proposing, among other things, to include Managed Fund Shares (new Nasdaq Rule 4420(o)) under the definition of ‘‘Derivative Securities Product,’’ for purposes of Nasdaq Rule 4120(b)(4)(A)) (‘‘Nasdaq Proposal’’). Nasdaq represents that it will file an amendment to its proposed rule change (File No. SR-Nasdaq-2008–046) upon the Commission’s approval of the Nasdaq Proposal to modify its New Trading Halt Rule to account for the Disclosed Portfolio with respect to a series of Managed Fund Shares listed and traded on Nasdaq. E-mail from Sean Bennett, Assistant General Counsel, Nasdaq, to Edward Cho, Special Counsel, Division of VerDate Aug<31>2005 16:46 Jun 03, 2008 Jkt 214001 such Exchange, if such Exchange becomes aware that the NAV and/or Disclosed Portfolio, as applicable, for such derivative product is not being disseminated to all market participants at the same time. In addition, each Exchange would resume trading in such halted derivative securities product only when the NAV and/or Disclosed Portfolio, as applicable, is disseminated to all market participants.7 Each Exchange represents that, in the event the NAV and/or Disclosed Portfolio, as applicable, for a series of derivative securities product ceases to be disseminated altogether, such Exchange would halt trading in such derivative securities product. 2. Statutory Basis The Exchanges believe that their respective proposed rule changes are consistent with the Act and the rules and regulations under the Act applicable to national securities exchanges and, in particular, the requirements of section 6(b) of the Act.8 Specifically, the Exchanges believe their respective proposed rule changes are consistent with the requirements of section 6(b)(5) of the Act,9 which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. B. Self-Regulatory Organizations’ Statement on Burden on Competition The Exchanges believe that their respective proposed rule changes would impose no burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. Trading and Markets, Commission, dated May 19, 2008. 7 Nasdaq’s New Trading Halt Rule also provides that, in the case of a halted Derivative Securities Products (as defined in Nasdaq Rule 4120(b)(4)(A)) trading on Nasdaq pursuant to unlisted trading privileges, Nasdaq would resume trading in such Derivative Securities Product only until such time trading resumes in the listing market for such Derivative Securities Product. The Nasdaq Proposal also seeks to make technical, non-substantive changes to Nasdaq Rules 4120(a) and (c) to incorporate new Nasdaq Rule 4120(a)(10). 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(5). PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 C. Self-Regulatory Organizations’ Statement on Comments on the Proposed Rule Changes Received From Members, Participants, or Others The Exchanges have neither solicited nor received comments on their respective proposals. III. Date of Effectiveness of the Proposed Rule Changes and Timing for Commission Action Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the Exchanges consent, the Commission will: A. By order approve such proposed rule changes, or B. Institute proceedings to determine whether the proposed rule changes should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule changes are 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 Numbers SR–Amex–2008–40; SR– NASDAQ–2008–046; SR–NYSE–2008– 39; and SR–NYSEArca–2008–50 in 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 Numbers SR–Amex–2008–40; SR– NASDAQ–2008–046; SR–NYSE–2008– 39; and SR–NYSEArca–2008–50. These file numbers 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 changes that are filed with the Commission, and all written E:\FR\FM\04JNN1.SGM 04JNN1 Federal Register / Vol. 73, No. 108 / Wednesday, June 4, 2008 / Notices communications relating to the proposed rule changes 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 Section, 100 F Street, NE., Washington, DC 20549–1090 on business days between the hours of 10 a.m. and 3 p.m. Copies of such filings also will be available for inspection and copying at the respective principal offices of the Exchanges. 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 Numbers SR–Amex– 2008–40; SR–NASDAQ–2008–046; SR– NYSE–2008–39; and SR–NYSEArca– 2008–50 and should be submitted on or before June 25, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Acting Secretary. [FR Doc. E8–12395 Filed 6–3–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57861; File No. SR–NYSE– 2008–42] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Enhance Its NYSE OpenBook Product Offerings rwilkins on PROD1PC63 with NOTICES May 23, 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 May 16, 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 10 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). 16:46 Jun 03, 2008 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to enhance its NYSE OpenBook product offerings to offer additional separate data feeds containing NYSE quotations and order imbalance information. The text of the proposed rule change is available at https://www.nyse.com, the Exchange, 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 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. NYSE 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 NYSE OpenBook responds to the desire of some market participants for depth-of-market data. It is a compilation of limit order data that the Exchange provides to market data vendors, brokerdealers, private network providers and other entities (collectively, ‘‘Vendors’’) through a data feed. For every limit price, NYSE OpenBook includes the aggregate order volume. NYSE OpenBook is a packaged suite of data feed products. In addition to the current NYSE OpenBook data feed (‘‘NYSE OpenBook Realtime’’), for no additional charge, the Exchange makes available to NYSE OpenBook recipients a separate data feed containing NYSE quotations (‘‘NYSE BestQuote’’).5 NYSE BestQuote allows customers to see additional market interest that is not displayed in the NYSE limit order book and that, therefore, is not available in NYSE OpenBook. This proposed rule change: 5 NYSE added NYSE BestQuote to the NYSE OpenBook Realtime package in October 2006. See Securities Exchange Act Release No. 54594 (October 12, 2006), 71 FR 61819 (October 19, 2006) (SR– NYSE–2006–81). 1 15 VerDate Aug<31>2005 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. Jkt 214001 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 31905 i. Responds to a demand for a newly enhanced version of the NYSE OpenBook product to be called NYSE OpenBook Ultra, which provides orderlevel detail; and ii. Adds to NYSE OpenBook a new category of information: information regarding order imbalances prior to the market opening and closing auctions (‘‘Order Imbalance Information’’). (1) NYSE OpenBook Ultra. The Exchange makes NYSE OpenBook Realtime available on a snapshot basis, with updates distributed in real-time at intervals of one second. Pursuant to this proposed rule change, the Exchange proposes to make available an enhanced NYSE OpenBook service that would update NYSE OpenBook information upon receipt of each displayed limit order (‘‘NYSE OpenBook Ultra’’). NYSE OpenBook Ultra responds to the desire of some market participants for realtime depth-of-book data on an order-byorder basis. In addition, NYSE OpenBook Ultra will improve upon NYSE OpenBook Realtime by adding information regarding the changes in limit order interest, by providing more precise timestamp resolution (microseconds) and by providing an easy-to-read format that is optimized for speed and recoverability. The Exchange will continue to support NYSE OpenBook Realtime and will offer NYSE OpenBook Ultra as an optional alternative without additional or different fees or terms. However, the Exchange anticipates that it will reassess its pricing for NYSE OpenBook, and may restructure or modify the charges applicable to the NYSE OpenBook Realtime and NYSE OpenBook Ultra packages. The Exchange will submit any proposed new or modified fees to the Commission as proposed rule changes and will not impose any new or modified charges on data feed recipients and end-users prior to Commission approval. (2) Order Imbalance Information. Order Imbalance Information is a data feed of real-time order imbalances that accumulate prior to the opening of trading on the Exchange and prior to the close of trading on the Exchange. These orders are subject to execution at the market’s opening or closing price, as the case may be, and represent issues that are likely to be of particular trading interest at the opening or closing. The Exchange plans to distribute information about these imbalances in real-time at specified intervals prior to the opening and closing auctions. Initially, the Exchange proposes to make order imbalance information available at the following intervals: For opening order imbalances: E:\FR\FM\04JNN1.SGM 04JNN1

Agencies

[Federal Register Volume 73, Number 108 (Wednesday, June 4, 2008)]
[Notices]
[Pages 31903-31905]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-12395]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57881; File Nos. SR-Amex-2008-40; SR-NASDAQ-2008-046; 
SR-NYSE-2008-39; SR-NYSEArca-2008-50]


Self-Regulatory Organizations; American Stock Exchange LLC, The 
NASDAQ Stock Market LLC, New York Stock Exchange LLC, and NYSE Arca, 
Inc.; Notice of Filing of Proposed Rule Changes To Adopt a Trading Halt 
Rule in Connection With the Dissemination of Net Asset Value and 
Disclosed Portfolio for Certain Derivative Securities Products

May 29, 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 May 14, 2008, the American Stock Exchange LLC (``Amex''), The NASDAQ 
Stock Market LLC (``Nasdaq''), the New York Stock Exchange LLC 
(``NYSE''), and NYSE Arca, Inc. (``NYSE Arca'' and together with Amex, 
Nasdaq, and NYSE, collectively, the ``Exchanges''), through its wholly 
owned subsidiary, NYSE Arca Equities, Inc. (``NYSE Arca Equities''), 
each filed with the Securities and Exchange Commission (``Commission'') 
the proposed rule changes as described in Items I, II, and III below, 
which Items have been substantially prepared by the Exchanges. The 
Commission is publishing this notice to solicit comments on the 
proposed rule changes from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organizations' Statement of the Terms of Substance 
of the Proposed Rule Changes

    Each Exchange proposes to amend its respective rules to require a 
trading halt (``New Trading Halt Rule'') in certain derivative 
securities products when the respective Exchange becomes aware that the 
net asset value (``NAV'') and/or disclosed portfolio (``Disclosed 
Portfolio''),\3\ as applicable, for such derivative securities product 
is not being disseminated to all market participants at the same time. 
The texts of the proposed rule changes are available at the Exchanges, 
the Commission's Public Reference Room, and the Exchanges' respective 
Internet Web sites.\4\
---------------------------------------------------------------------------

    \3\ ``Disclosed Portfolio'' is applicable only with respect to a 
series of Managed Fund Shares and is defined as the identities and 
quantities of the securities and other assets that: (1) Are held by 
a registered investment company organized as an open-end management 
investment company or similar entity that invests in a portfolio of 
securities selected by such investment company's investment adviser 
consistent such investment company's investment objectives and 
policies; and (2) form the basis for such investment company's 
calculation of NAV. See Amex Rule 1002B (setting forth the continued 
listing standards for Managed Fund Shares and requiring, among other 
things, that the Disclosed Portfolio be disseminated at least once 
daily and made available to all market participants at the same 
time) and NYSE Arca Equities Rule 8.600 (setting forth the listing 
standards for Managed Fund Shares and requiring, among other things, 
that the Disclosed Portfolio be disseminated at least once daily and 
made available to all market participants at the same time). As of 
the date hereof, only Amex and NYSE Arca Equities have listing rules 
for Managed Fund Shares. See infra note 5.
    \4\ See https://www.amex.com, https://www.nasdaq.com, and https://
www.nyse.com (for both NYSE and NYSE Arca).
---------------------------------------------------------------------------

II. Self-Regulatory Organizations' Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Changes

    In its filing with the Commission, each Exchange included 
statements concerning the purpose of, and basis for, its proposed rule 
change and discussed any comments it received on the proposed rule 
change. The text of the statements may be examined at the places 
specified in Item IV below. The Exchanges have prepared summaries, set 
forth in sections A, B, and C, below, of the most significant aspects 
of such statements.

[[Page 31904]]

A. Self-Regulatory Organizations' Statement for the Purpose of, and 
Statutory Basis for, the Proposed Rule Changes

1. Purpose
    Each Exchange proposes to amend its respective rules \5\ to require 
a trading halt in certain derivative securities products \6\ that are 
listed and trading on such Exchange, if such Exchange becomes aware 
that the NAV and/or Disclosed Portfolio, as applicable, for such 
derivative product is not being disseminated to all market participants 
at the same time. In addition, each Exchange would resume trading in 
such halted derivative securities product only when the NAV and/or 
Disclosed Portfolio, as applicable, is disseminated to all market 
participants.\7\ Each Exchange represents that, in the event the NAV 
and/or Disclosed Portfolio, as applicable, for a series of derivative 
securities product ceases to be disseminated altogether, such Exchange 
would halt trading in such derivative securities product.
---------------------------------------------------------------------------

    \5\ For purposes of the proposed rule changes, Amex seeks to 
adopt new Amex Rule 117A and Commentary .01 thereto (Net Asset 
Value/Disclosed Portfolio Dissemination and Trading Halts); Nasdaq 
seeks to amend Nasdaq Rule 4120 (Trading Halts); NYSE seeks to amend 
NYSE Rule 123D (Openings and Halts in Trading); and NYSE Arca seeks 
to amend NYSE Arca Equities Rule 7.34 (Trading Sessions).
    \6\ Each Exchange seeks to apply its respective New Trading Halt 
Rule to certain derivative securities products for which: (1) Such 
Exchange has listing and trading standards; and (2) an NAV and, in 
the case of Managed Fund Shares, a Disclosed Portfolio, is 
disseminated. See proposed Amex Rule 117A (applying Amex's New 
Trading Halt Rule to Portfolio Depositary Receipts (Amex Rule 1000-
AEMI), Index Fund Shares (Amex Rule 1000A-AEMI), Trust Issued 
Receipts (Commentary .07 to Amex Rule 1202), Managed Fund Shares 
(Amex Rule 1000B), Commodity-Based Trust Shares (Amex Rule 1200A), 
Currency Trust Shares (Amex Rule 1200B), Paired Trust Shares (Amex 
Rule 1400), Partnership Units (Amex Rule 1500), and Trust Units 
(Amex Rule 1600)); proposed Nasdaq Rule 4120(a)(10) (applying 
Nasdaq's New Trading Halt Rule to Portfolio Depository Receipts 
(Nasdaq Rule 4420(i)), Index Fund Shares (Nasdaq Rule 4420(j)), 
Trust Issued Receipts (Nasdaq Rule 4420(l)), Commodity-Related 
Securities (as defined in Nasdaq Rule 4630), and securities 
representing interests in unit investment trusts or investment 
companies); proposed NYSE Rule 123D(5) (applying NYSE's New Trading 
Halt Rule to Investment Company Units (NYSE Rule 1100), Trust Issued 
Receipts (NYSE Rule 1200), Currency Trust Shares (NYSE Rule 1300A), 
and Commodity Trust Shares (NYSE Rule 1300B)); and proposed NYSE 
Arca Equities Rule 7.34(a)(5) (applying NYSE Arca's New Trading Halt 
Rule to Investment Company Units (NYSE Arca Equities Rule 
5.2(j)(3)), Portfolio Depositary Receipts (NYSE Arca Equities Rule 
8.100), Trust Issued Receipts (NYSE Arca Equities Rule 8.200), 
Commodity-Based Trust Shares (NYSE Arca Equities Rule 8.201), 
Currency Trust Shares (NYSE Arca Equities Rule 8.202), Commodity 
Index Trust Shares (NYSE Arca Equities Rule 8.203), Commodity 
Futures Trust Shares (NYSE Arca Equities Rule 8.204), Partnership 
Units (NYSE Arca Equities Rule 8.300), Paired Trust Shares (NYSE 
Arca Equities Rule 8.400), Trust Units (NYSE Arca Equities Rule 
8.500), and Managed Fund Shares (NYSE Arca Equities Rule 8.600)).
    Nasdaq seeks to apply its New Trading Halt Rule to proposed 
Managed Fund Shares through a separate proposed rule change. See 
Securities Exchange Release No. 57800 (May 8, 2008), 73 FR 27874 
(May 14, 2008) (SR-NASDAQ-2008-039) (proposing, among other things, 
to include Managed Fund Shares (new Nasdaq Rule 4420(o)) under the 
definition of ``Derivative Securities Product,'' for purposes of 
Nasdaq Rule 4120(b)(4)(A)) (``Nasdaq Proposal''). Nasdaq represents 
that it will file an amendment to its proposed rule change (File No. 
SR-Nasdaq-2008-046) upon the Commission's approval of the Nasdaq 
Proposal to modify its New Trading Halt Rule to account for the 
Disclosed Portfolio with respect to a series of Managed Fund Shares 
listed and traded on Nasdaq. E-mail from Sean Bennett, Assistant 
General Counsel, Nasdaq, to Edward Cho, Special Counsel, Division of 
Trading and Markets, Commission, dated May 19, 2008.
    \7\ Nasdaq's New Trading Halt Rule also provides that, in the 
case of a halted Derivative Securities Products (as defined in 
Nasdaq Rule 4120(b)(4)(A)) trading on Nasdaq pursuant to unlisted 
trading privileges, Nasdaq would resume trading in such Derivative 
Securities Product only until such time trading resumes in the 
listing market for such Derivative Securities Product. The Nasdaq 
Proposal also seeks to make technical, non-substantive changes to 
Nasdaq Rules 4120(a) and (c) to incorporate new Nasdaq Rule 
4120(a)(10).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchanges believe that their respective proposed rule changes 
are consistent with the Act and the rules and regulations under the Act 
applicable to national securities exchanges and, in particular, the 
requirements of section 6(b) of the Act.\8\ Specifically, the Exchanges 
believe their respective proposed rule changes are consistent with the 
requirements of section 6(b)(5) of the Act,\9\ which requires, among 
other things, that the rules of a national securities exchange be 
designed to prevent fraudulent and manipulative acts, to promote just 
and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in facilitating transactions in 
securities, 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.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organizations' Statement on Burden on Competition

    The Exchanges believe that their respective proposed rule changes 
would impose no burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act.

 C. Self-Regulatory Organizations' Statement on Comments on the 
Proposed Rule Changes Received From Members, Participants, or Others

    The Exchanges have neither solicited nor received comments on their 
respective proposals.

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

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchanges consent, the Commission will:
    A. By order approve such proposed rule changes, or
    B. Institute proceedings to determine whether the proposed rule 
changes should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
changes are 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 Numbers SR-Amex-2008-40; SR-NASDAQ-2008-046; SR-NYSE-2008-39; and 
SR-NYSEArca-2008-50 in 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 Numbers SR-Amex-2008-40; SR-
NASDAQ-2008-046; SR-NYSE-2008-39; and SR-NYSEArca-2008-50. These file 
numbers 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 changes that are 
filed with the Commission, and all written

[[Page 31905]]

communications relating to the proposed rule changes 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 Section, 100 F Street, NE., Washington, DC 20549-1090 on 
business days between the hours of 10 a.m. and 3 p.m. Copies of such 
filings also will be available for inspection and copying at the 
respective principal offices of the Exchanges. 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 Numbers SR-Amex-2008-40; SR-NASDAQ-2008-046; SR-
NYSE-2008-39; and SR-NYSEArca-2008-50 and should be submitted on or 
before June 25, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-12395 Filed 6-3-08; 8:45 am]
BILLING CODE 8010-01-P
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