Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to the Liquidity Make or Take Pricing Structure Linkage Fees Portion of the Fee Schedule for Exchange Services, 32368-32369 [E8-12688]

Download as PDF 32368 Federal Register / Vol. 73, No. 110 / Friday, June 6, 2008 / Notices be 4,656 hours (3,104 + 1,552). The Commission believes that these 4,656 hours would be borne by staff working at a rate of $40 per hour.1 Subject to certain exceptions, the Rule prohibits brokers-dealers from publishing a quotation for a security, or submitting a quotation for publication, in a quotation medium unless they have reviewed specified information concerning the security and the issuer. The broker-dealer must also make the information reasonably available upon request to any person expressing an interest in a proposed transaction in the security with such broker or dealer. The collection of information that is submitted to FINRA for review and approval is currently not available to the public from FINRA. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Comments should be directed to (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to: Alexander_T._Hunt@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. Dated: May 28, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–12628 Filed 6–5–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on May 29, 2008, the Boston Stock Exchange, Inc. (‘‘BSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared substantially by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons, and simultaneously granting accelerated approval of the proposed rule change. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is proposing to amend the Liquidity Make or Take Pricing Structure (‘‘Make or Take Pricing’’)— Intermarket Linkage Transaction fees (‘‘Linkage Fees’’) portion of the Fee Schedule 3 of the Boston Options Exchange (‘‘BOX’’) to modify the Linkage Fees associated with the Make or Take Pricing.4 The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https:// www.bostonoptions.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 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 III below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to the Liquidity Make or Take Pricing Structure Linkage Fees Portion of the Fee Schedule for Exchange Services PWALKER on PROD1PC71 with NOTICES [Release No. 34–57900; File No. SR–BSE– 2008–32] A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to amend Section 7(c) of the BOX Fee Schedule in order to revise the Liquidity Make or Take Pricing—Linkage Fees portion of the BOX Fee Schedule, so as to conform with fee changes the Exchange recently proposed for Liquidity Make or Take June 2, 2008. 1 15 Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 1 See Appendix C, SIFMA Office Salaries Data— Sept. 2007 for General Clerk national hourly rate. VerDate Aug<31>2005 16:09 Jun 05, 2008 Jkt 214001 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 The BOX Fee Schedule can be found on the BOX Web site at https://www.bostonoptions.com. 4 Capitalized terms not otherwise defined herein shall have the meanings set forth in the BOX Rules. 2 17 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 Pricing within certain liquid Penny Pilot Program classes.5 Executions on BOX resulting from orders sent via the Intermarket Linkage System (‘‘Linkage Orders’’) are subject to the same billing treatment as other broker-dealer orders. On September 6, 2007, the Exchange introduced the Liquidity Make or Take Pricing for all classes contained in the Penny Pilot Program.6 Since Linkage Orders that are sent to and executed on BOX take liquidity, such orders are assessed a $0.45 per contract fee for executed transactions in issues participating in the Penny Pilot Program.7 On May 28, 2008, the Exchange filed a rule proposal with the Commission that reduces the fees and credits that it charges and applies to transactions in the iShares Russell 2000  Index Fund (‘‘IWM’’), Powershares  QQQ Trust Series 1 (‘‘QQQQ’’) and the Standard & Poor’s Depositary Receipts  (‘‘SPY’’) (‘‘Tier 2 Classes’’) by fifteen cents ($0.15).8 In conjunction with the reduction of these fees and credits for Tier 2 Classes, the Exchange is now proposing to make the applicable fee for Linkage Orders the same as those for classes included in the Liquidity Make or Take Pricing. Specifically, the Exchange proposes to change the fee schedule to state that: ‘‘[t]he charge for inbound Linkage Orders in instruments which are contained in the Liquidity Make or Take pricing structure will be the applicable ‘take’ fee for classes included in the Liquidity Make or Take pricing structure.’’ Consequently, the Exchange is proposing to reduce the fees that it charges for Linkage Orders in Tier 2 Classes by fifteen cents ($0.15) to thirty cents ($0.30). The Linkage Fee of forty-five cents ($0.45) will remain the same for Tier 1 classes.9 The Exchange 5 See Securities Exchange Act Release No. 57887 (May 30, 2008) (SR–BSE–2008–31) (proposing reduced fees and credits for certain liquid Penny Pilot Program classes). 6 Securities Exchange Act Release No. 56371 (September 7, 2007), 72 FR 52401 (September 13, 2007) (SR–BSE–2007–43). The Exchange may trade options contracts in one-cent increments in certain approved issues as part of the Penny Pilot Program through March 27, 2009. See Securities Exchange Act Release No. 56566 (September 27, 2007), 72 FR 56400 (October 3, 2007) (SR–BSE–2007–40). 7 See Securities Exchange Act Release No. 56371 (September 7, 2007), 72 FR 52401 (September 13, 2007) (SR–BSE–2007–43). ‘‘Linkage Orders that are not executed upon receipt are rejected back to the sender and are never posted in the BOX Book. Therefore, a Linkage Order would never be eligible to receive a credit of the Transaction Fee.’’ Id. 8 See note 5, supra. Fee changes made pursuant to the proposal, which was effective upon filing, are reflected in the Fee Schedule attached to SR–BSE– 2008–31 as Exhibit 5. 9 Tier 1 pricing applies to all classes that currently participate in the Penny Pilot, other than the Tier 2 Classes. E:\FR\FM\06JNN1.SGM 06JNN1 Federal Register / Vol. 73, No. 110 / Friday, June 6, 2008 / Notices is proposing to amend the BOX Fee Schedule, effective June 2, 2008, pending Commission approval. 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act,10 in general, and Section 6(b)(4) of the Act,11 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities for the purpose of executing Linkage Orders that are routed to the Exchange from other market centers. 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 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–BSE–2008–32 and should be submitted on or before June 27, 2008. IV. Commission’s Findings and Order Granting Accelerated Approval of Proposed Rule Change After careful consideration, the III. Solicitation of Comments Commission finds that the proposed Interested persons are invited to rule change is consistent with the requirements of the Act and the rules submit written data, views, and and regulations thereunder applicable to arguments concerning the foregoing, a national securities exchange 12 and, in including whether the proposed rule particular, with the requirements of change is consistent with the Act. Section 6(b) of the Act.13 In particular, Comments may be submitted by any of the Commission finds that the the following methods. Exchange’s proposal is consistent with Electronic Comments Section 6(b)(4) of the Act,14 which • Use the Commission’s Internet requires that the rules of the Exchange comment form (https://www.sec.gov/ provide for the equitable allocation of rules/sro.shtml); or reasonable dues, fees, and other charges • Send an e-mail to ruleamong its members and other persons comments@sec.gov. Please include File using its facilities. The Commission Number SR–BSE–2008–32 on the notes that this proposal conforms subject line. Linkages Fees with those fees charged on other broker-dealer executions. Paper Comments The Exchange requests that the • Send paper comments in triplicate Commission approve the proposed rule to Secretary, Securities and Exchange change on an accelerated basis pursuant Commission, 100 F Street, NE., to Section 19(b)(2) of the Act.15 The Washington, DC 20549–1090. Commission finds good cause, pursuant to Section 19(b)(2)(B) of the Act,16 for All submissions should refer to File approving the proposed rule change Number SR–BSE–2008–32. This file prior to the 30th day after the date of number should be included on the subject line if e-mail is used. To help the publication of the notice of the filing thereof in the Federal Register. An Commission process and review your comments more efficiently, please use 12 In approving this rule, the Commission notes only one method. The Commission will that it has considered its impact on efficiency, post all comments on the Commission’s competition, and capital formation. 15 U.S.C. 78c(f). 13 15. U.S.C. 78f(b). Internet Web site (https://www.sec.gov/ PWALKER on PROD1PC71 with NOTICES Written comments on the proposed rule change were neither solicited nor received. 10 15 11 15 U.S.C. 78f(b)(4). 15 15 U.S.C. 78s(b)(2). 16 15 U.S.C. 78s(b)(2)(B). U.S.C. 78f(b). U.S.C. 78f(b)(4). VerDate Aug<31>2005 16:09 Jun 05, 2008 Jkt 214001 PO 00000 Frm 00087 Fmt 4703 accelerated approval will allow the Exchange to immediately implement a lower fee for market participants executing certain Linkage Orders on the Exchange. V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act 17 that the proposed rule change (SR–BSE–2008– 32), is hereby approved on an accelerated basis. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Florence E. Harmon, Acting Secretary. [FR Doc. E8–12688 Filed 6–5–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57884; File No. SR–CHX– 2008–07] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change to Trade Shares of 12 Funds of the ProShares Trust Pursuant to Unlisted Trading Privileges May 30, 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 15, 2008, the Chicago Stock Exchange, Inc. (‘‘CHX’’ or ‘‘Exchange’’) 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 the Exchange. This order provides notice of the proposed rule change and approves the proposal on an accelerated basis. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to trade shares (‘‘Shares’’) of the following 12 funds of the ProShares Trust (f/k/a xtraShares Trust) (‘‘Trust’’) pursuant to unlisted trading privileges (‘‘UTP’’): (1) Ultra S&P 500 ProShares (f/k/a Ultra 500 Fund); (2) Ultra QQQ ProShares (f/k/a Ultra 100 Fund); (3) Ultra Dow 30 ProShares (f/k/a Ultra 30 Fund); (4) Ultra Mid-Cap 400 ProShares (f/k/a Ultra Mid-Cap 400 Fund); (5) Short S&P 17 15 U.S.C. 78s(b)(2). U.S.C. 78s(b)(2)(B). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 18 15 14 15 Sfmt 4703 32369 E:\FR\FM\06JNN1.SGM 06JNN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 73, Number 110 (Friday, June 6, 2008)]
[Notices]
[Pages 32368-32369]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-12688]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57900; File No. SR-BSE-2008-32]


Self-Regulatory Organizations; Boston Stock Exchange, Inc.; 
Notice of Filing and Order Granting Accelerated Approval of Proposed 
Rule Change Relating to the Liquidity Make or Take Pricing Structure 
Linkage Fees Portion of the Fee Schedule for Exchange Services

June 2, 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 29, 2008, the Boston Stock Exchange, Inc. (``BSE'' or the 
``Exchange'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
below, which Items have been prepared substantially by the Exchange. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons, and simultaneously 
granting accelerated approval of the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is proposing to amend the Liquidity Make or Take 
Pricing Structure (``Make or Take Pricing'')--Intermarket Linkage 
Transaction fees (``Linkage Fees'') portion of the Fee Schedule \3\ of 
the Boston Options Exchange (``BOX'') to modify the Linkage Fees 
associated with the Make or Take Pricing.\4\ The text of the proposed 
rule change is available at the Exchange, the Commission's Public 
Reference Room, and https://www.bostonoptions.com.
---------------------------------------------------------------------------

    \3\ The BOX Fee Schedule can be found on the BOX Web site at 
https://www.bostonoptions.com.
    \4\ Capitalized terms not otherwise defined herein shall have 
the meanings set forth in the BOX Rules.
---------------------------------------------------------------------------

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 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 III 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
    The purpose of this filing is to amend Section 7(c) of the BOX Fee 
Schedule in order to revise the Liquidity Make or Take Pricing--Linkage 
Fees portion of the BOX Fee Schedule, so as to conform with fee changes 
the Exchange recently proposed for Liquidity Make or Take Pricing 
within certain liquid Penny Pilot Program classes.\5\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 57887 (May 30, 2008) 
(SR-BSE-2008-31) (proposing reduced fees and credits for certain 
liquid Penny Pilot Program classes).
---------------------------------------------------------------------------

    Executions on BOX resulting from orders sent via the Intermarket 
Linkage System (``Linkage Orders'') are subject to the same billing 
treatment as other broker-dealer orders. On September 6, 2007, the 
Exchange introduced the Liquidity Make or Take Pricing for all classes 
contained in the Penny Pilot Program.\6\ Since Linkage Orders that are 
sent to and executed on BOX take liquidity, such orders are assessed a 
$0.45 per contract fee for executed transactions in issues 
participating in the Penny Pilot Program.\7\
---------------------------------------------------------------------------

    \6\ Securities Exchange Act Release No. 56371 (September 7, 
2007), 72 FR 52401 (September 13, 2007) (SR-BSE-2007-43). The 
Exchange may trade options contracts in one-cent increments in 
certain approved issues as part of the Penny Pilot Program through 
March 27, 2009. See Securities Exchange Act Release No. 56566 
(September 27, 2007), 72 FR 56400 (October 3, 2007) (SR-BSE-2007-
40).
    \7\ See Securities Exchange Act Release No. 56371 (September 7, 
2007), 72 FR 52401 (September 13, 2007) (SR-BSE-2007-43). ``Linkage 
Orders that are not executed upon receipt are rejected back to the 
sender and are never posted in the BOX Book. Therefore, a Linkage 
Order would never be eligible to receive a credit of the Transaction 
Fee.'' Id.
---------------------------------------------------------------------------

    On May 28, 2008, the Exchange filed a rule proposal with the 
Commission that reduces the fees and credits that it charges and 
applies to transactions in the iShares Russell 2000 [supreg] Index Fund 
(``IWM''), Powershares [supreg] QQQ Trust Series 1 (``QQQQ'') and the 
Standard & Poor's Depositary Receipts [supreg] (``SPY'') (``Tier 2 
Classes'') by fifteen cents ($0.15).\8\ In conjunction with the 
reduction of these fees and credits for Tier 2 Classes, the Exchange is 
now proposing to make the applicable fee for Linkage Orders the same as 
those for classes included in the Liquidity Make or Take Pricing. 
Specifically, the Exchange proposes to change the fee schedule to state 
that: ``[t]he charge for inbound Linkage Orders in instruments which 
are contained in the Liquidity Make or Take pricing structure will be 
the applicable `take' fee for classes included in the Liquidity Make or 
Take pricing structure.'' Consequently, the Exchange is proposing to 
reduce the fees that it charges for Linkage Orders in Tier 2 Classes by 
fifteen cents ($0.15) to thirty cents ($0.30). The Linkage Fee of 
forty-five cents ($0.45) will remain the same for Tier 1 classes.\9\ 
The Exchange

[[Page 32369]]

is proposing to amend the BOX Fee Schedule, effective June 2, 2008, 
pending Commission approval.
---------------------------------------------------------------------------

    \8\ See note 5, supra. Fee changes made pursuant to the 
proposal, which was effective upon filing, are reflected in the Fee 
Schedule attached to SR-BSE-2008-31 as Exhibit 5.
    \9\ Tier 1 pricing applies to all classes that currently 
participate in the Penny Pilot, other than the Tier 2 Classes.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposal is consistent with the 
requirements of Section 6(b) of the Act,\10\ in general, and Section 
6(b)(4) of the Act,\11\ in particular, in that it is designed to 
provide for the equitable allocation of reasonable dues, fees, and 
other charges among its members and issuers and other persons using its 
facilities for the purpose of executing Linkage Orders that are routed 
to the Exchange from other market centers.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    Written comments on the proposed rule change were neither solicited 
nor received.

III. 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-BSE-2008-32 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-BSE-2008-32. 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-BSE-2008-32 and should be 
submitted on or before June 27, 2008.

IV. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Rule Change

    After careful consideration, the Commission finds that the proposed 
rule change is consistent with the requirements of the Act and the 
rules and regulations thereunder applicable to a national securities 
exchange \12\ and, in particular, with the requirements of Section 6(b) 
of the Act.\13\ In particular, the Commission finds that the Exchange's 
proposal is consistent with Section 6(b)(4) of the Act,\14\ which 
requires that the rules of the Exchange provide for the equitable 
allocation of reasonable dues, fees, and other charges among its 
members and other persons using its facilities. The Commission notes 
that this proposal conforms Linkages Fees with those fees charged on 
other broker-dealer executions.
---------------------------------------------------------------------------

    \12\ In approving this rule, the Commission notes that it has 
considered its impact on efficiency, competition, and capital 
formation. 15 U.S.C. 78c(f).
    \13\ 15. U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange requests that the Commission approve the proposed rule 
change on an accelerated basis pursuant to Section 19(b)(2) of the 
Act.\15\ The Commission finds good cause, pursuant to Section 
19(b)(2)(B) of the Act,\16\ for approving the proposed rule change 
prior to the 30th day after the date of publication of the notice of 
the filing thereof in the Federal Register. An accelerated approval 
will allow the Exchange to immediately implement a lower fee for market 
participants executing certain Linkage Orders on the Exchange.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(2).
    \16\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act 
\17\ that the proposed rule change (SR-BSE-2008-32), is hereby approved 
on an accelerated basis.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-12688 Filed 6-5-08; 8:45 am]
BILLING CODE 8010-01-P

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