Self-Regulatory Organizations; NASDAQ Stock Market, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Listing and Trading on the Exchange of Options on the SPDR Gold Trust, 34353-34355 [E8-13499]
Download as PDF
<![CDATA[
Federal Register / Vol. 73, No. 117 / Tuesday, June 17, 2008 / Notices
jlentini on PROD1PC65 with NOTICES
of an expiring information collection.
Standard Form 1153, Claim for Unpaid
Compensation for Deceased Civilian
Employee, is used to collect information
from individuals who have been
designated as beneficiaries of the
unpaid compensation of a deceased
Federal employee or who believe that
their relationship to the deceased
entitles them to receive the unpaid
compensation of the deceased Federal
employee. OPM needs this information
in order to adjudicate the claim and
properly assign a deceased Federal
employee’s unpaid compensation to the
appropriate individual(s).
The proposed revision to the expiring
information collection responds to
suggestions received from users. Part B,
1. is changed to clarify a beneficiary
may include a legal entity or estate as
provided for in 5 CFR 178.203(c) and to
provide instructions if more room is
needed to list designated beneficiaries.
Approximately 3,000 SF 1153 forms
are submitted annually. It takes
approximately 15 minutes to complete
the form. The annual estimated burden
is 750 hours.
Comments are particularly invited on:
—Whether this collection of information
is necessary for the proper
performance of functions of OPM, and
whether it will have practical utility;
—Whether our estimate of the public
burden of this collection is accurate,
and based on valid assumptions and
methodology; and
—Ways in which we can minimize the
burden of the collection of
information on those who are to
respond, through use of the
appropriate technological collection
techniques or other forms of
information technology.
For copies of this proposal, contact
Mary Beth Smith-Toomey on (202) 606–
8358, FAX (202) 418–3251, or e-mail to
mbtoomey@opm.gov. Please include a
mailing address with your request.
DATES: Comments on this proposal
should be received within 60 calendar
days from the date of this publication.
ADDRESSES: Send or deliver comments
to—Robert D. Hendler, Classification
and Pay Claim Program Manager, Center
for Merit System Accountability,
Division for Human Capital Leadership
and Merit System Accountability, U.S.
Office of Personnel Management, 1900 E
Street, NW., Room 6484, Washington,
DC 20415.
U.S. Office of Personnel Management.
Howard Weizmann,
Deputy Director.
[FR Doc. E8–13516 Filed 6–16–08; 8:45 am]
BILLING CODE 6325–43–P
VerDate Aug<31>2005
16:10 Jun 16, 2008
Jkt 214001
OFFICE OF PERSONNEL
MANAGEMENT
[OPM FORM 1673; OMB No. 3206–0232]
34353
U.S. Office of Personnel Management.
Howard Weizmann,
Deputy Director.
[FR Doc. E8–13517 Filed 6–16–08; 8:45 am]
Proposed Collection: Comment
Request for Review of an Expiring
Information Collection: Procedures for
Submitting Compensation and Leave
Claims
BILLING CODE 6325–43–P
U.S. Office of Personnel
Management.
ACTION: Notice.
[Release No. 34–57945; File No. SR–
NASDAQ–2008–051]
AGENCY:
SUMMARY: In accordance with the
Paperwork Reduction Act of 1995 (Pub.
L. 104–13, May 22, 1995), this notice
announces that the U.S. Office of
Personnel Management (OPM) intends
to submit to the Office of Management
and Budget (OMB) a request for review
of a revised information collection.
OPM Form 1673, Procedures for
Submitting Compensation and Leave
Claims, is used to collect information
from current and former Federal civilian
employees who are submitting a claim
for compensation and/or leave. OPM
needs this information in order to
adjudicate the claim.
Approximately 50 claims are
submitted annually. It takes
approximately 60 minutes to complete
the form. The annual estimated burden
is 50 hours.
Comments are particularly invited on:
—Whether this collection of information
is necessary for the proper
performance of functions of OPM, and
whether it will have practical utility;
—Whether our estimate of the public
burden of this collection is accurate,
and based on valid assumptions and
methodology; and
—Ways in which we can minimize the
burden of the collection of
information on those who are to
respond, through use of the
appropriate technological collection
techniques or other forms of
information technology.
For copies of this proposal, contact
Mary Beth Smith-Toomey at (202) 606–
8358, FAX (202) 418–3251, or e-mail to
mbtoomey@opm.gov. Please include a
mailing address with your request.
DATES: Comments on this proposal
should be received within 60 calendar
days from the date of this publication.
ADDRESSES: Send or deliver comments
to—Robert D. Hendler, Classification
and Pay Claim Program Manager, Center
for Merit System Accountability,
Division for Human Capital Leadership
and Merit System Accountability, U.S.
Office of Personnel Management, 1900 E
Street, NW., Room 6484, Washington,
DC 20415.
PO 00000
Frm 00108
Fmt 4703
Sfmt 4703
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations;
NASDAQ Stock Market, LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Listing and Trading on the Exchange
of Options on the SPDR Gold Trust
June 10, 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 June 3,
2008, the NASDAQ Stock Market, LLC
(‘‘NASDAQ’’ 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. NASDAQ filed the proposal
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6) 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 Substance of
the Proposed Rule Change
NASDAQ proposes to amend certain
NASDAQ Rules to enable the listing and
trading on the Exchange of options on
the SPDR Gold Trust. The text of the
proposed rule change is available at the
Exchange, the Commission’s Public
Reference Room, and https://
www.nasdaq.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 IV below. The
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
E:\FR\FM\17JNN1.SGM
17JNN1
34354
Federal Register / Vol. 73, No. 117 / Tuesday, June 17, 2008 / Notices
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
jlentini on PROD1PC65 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange states that the purpose
of the proposed rule change is to permit
the listing and trading of options on the
SPDR Gold Trust.
Currently, Chapter IV, Section 3(i) of
the NASDAQ Options Rules permits
only certain Fund Shares (also referred
to herein as exchange traded funds
(‘‘ETFs’’)) to underlie options traded on
the Exchange. Specifically, to be eligible
as an underlying security for options
traded on the Exchange, an ETF must
represent interests in registered
investment companies (or series thereof)
organized as open-end management
investment companies, unit investment
trusts or similar entities that are
principally traded on a national
securities exchange or through the
facilities of a national securities
association and reported as ‘‘national
market’’ securities, and that hold
portfolios of securities comprising or
otherwise based on or representing
investments in broad-based indexes or
portfolios of securities (or that hold
securities in one or more other
registered investment companies that
themselves hold such portfolios of
securities). The proposed rule change
would expand the types of ETFs that
may be approved for options trading on
the Exchange to include the SPDR Gold
Trust.
The Exchange states that apart from
allowing the SPDR Gold Trust to be an
underlying for options traded on the
Exchange as described above, the listing
standards for ETFs would remain
unchanged from those that apply under
current Exchange rules. ETFs on which
options may be listed and traded would
still have to be listed and traded on a
national securities exchange and satisfy
the other listing standards set forth in
Chapter IV, Section 3(i) of the NASDAQ
Options Rules.
Specifically, in addition to satisfying
the aforementioned listing
requirements, Fund Shares would have
to: (1) Meet the criteria and standards
set forth in paragraphs (a) and (b) of
Chapter IV, Section 3; or (2) be available
for creation or redemption each
business day from or through the Fund
in cash or in kind at a price related to
net asset value, and the Fund is
obligated to issue Fund Shares in a
VerDate Aug<31>2005
16:10 Jun 16, 2008
Jkt 214001
specified aggregate number even if some
or all of the securities required to be
deposited have not been received by the
Fund, subject to the condition that the
person obligated to deposit the
securities has undertaken to deliver the
securities as soon as possible and such
undertaking is secured by the delivery
and maintenance of collateral consisting
of cash or cash equivalents satisfactory
to the Fund, all as described in the
Fund’s prospectus.
The Exchange proposes that the
current continued listing standards for
options on ETFs would apply to options
on the SPDR Gold Trust. Specifically,
under Chapter IV, Section 4(h) of the
NASDAQ Options Rules, options on
Fund Shares may be subject to the
suspension of opening transactions as
follows: (1) Following the initial twelvemonth period beginning upon the
commencement of trading of the Fund
Shares, there are fewer than 50 record
and/or beneficial holders of the Fund
Shares for 30 or more consecutive
trading days; (2) the value of the index
or portfolio of securities on which Fund
Shares are based is no longer calculated
or available; or (3) such other event
occurs or condition exists that in the
opinion of the Exchange makes further
dealing on the Exchange inadvisable.
Additionally, the SPDR Gold Trust
would not be deemed to meet the
requirements for continued approval,
and the Exchange would not open for
trading any additional series of option
contracts of the class covering the SPDR
Gold Trust, if the SPDR Gold Trust
ceases to be an ‘‘NMS stock’’ as
provided for in paragraph (b)(v) of
Chapter IV, Section 4 of the NASDAQ
Options Rules or if the SPDR Gold Trust
is halted from trading on its primary
market. The Exchange believes that the
addition of the SPDR Gold Trust to
Chapter IV, Section 3(i) of the NASDAQ
Options Rules would not have any effect
on the rules pertaining to position and
exercise limits 5 or margin.6
The Exchange represents that its
surveillance procedures applicable to
trading in options on the SPDR Gold
Trust would be similar to those
applicable to all other options on other
ETFs currently traded on the Exchange.
Also, the Exchange may obtain
information from the New York
Mercantile Exchange, Inc. (a member of
the Intermarket Surveillance Group)
related to any financial instrument
traded there that is based, in whole or
5 See NASDAQ Options Rules, Chapter III,
Sections 7, Position Limits, and 9, Exercise Limits.
6 See NASDAQ Options Rule Chapter XIII,
Section 3, Margin Requirements.
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
in part, upon an interest in, or
performance of, gold.
2. Statutory Basis
The Exchange believes that amending
its rules to accommodate the listing and
trading of options on the SPDR Gold
Trust will benefit investors by providing
them with valuable risk management
tools. Accordingly, NASDAQ believes
that the proposed rule change is
consistent with Section 6(b) of the Act,7
in general, and furthers the objectives of
Section 6(b)(5) of the Act,8 in particular,
in that it is designed to remove
impediments to and perfect the
mechanism of a free and open market in
a manner consistent with the protection
of investors and the public interest.
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
The Exchange states that written
comments on the proposed rule change
were neither solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms does not become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 9 and Rule
19b–4(f)(6) thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing. However, Rule 19b–
4(f)(6)(iii) permits the Commission to
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
provide the Commission with written notice of its
intent to file the proposed rule change, along with
a brief description and text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has fulfilled this requirement.
8 15
E:\FR\FM\17JNN1.SGM
17JNN1
Federal Register / Vol. 73, No. 117 / Tuesday, June 17, 2008 / Notices
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange requests that the Commission
waive the 30-day operative delay so that
the Exchange can list and trade the
Shares immediately. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest to permit the listing and trading
of options on the SPDR Gold Trust
without further delay.11 The
Commission notes the proposal is
substantively identical to proposals that
were recently approved by the
Commission, and does not raise any
new regulatory issues.12 For these
reasons, the Commission designates the
proposed rule change as operative upon
filing.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NASDAQ–2008–051 on the
subject line.
jlentini on PROD1PC65 with NOTICES
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–2008–051. 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
11 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
12 See Securities Exchange Act Release No. 57894
(May 30, 2008) (SR–Amex–2008–15; SR–CBOE–
2005–11; SR–ISE–2008–12; SR–NYSEArca–2008–
52; and SR–Phlx–2008–17) (approving the listing
and trading of options on the SPDR Gold Trust).
VerDate Aug<31>2005
16:10 Jun 16, 2008
Jkt 214001
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 the 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–2008–051 and
should be submitted on or before July 8,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–13499 Filed 6–16–08; 8:45 am]
BILLING CODE 8010–01–P
34355
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
filed at the address listed above or other
locally announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties:
Yazoo.
Contiguous Counties:
Mississippi: Attala, Hinds, Holmes,
Humphreys, Issaquena, Madison,
Sharkey, Warren.
The Interest Rates are:
Percent
Homeowners With Credit Available
Elsewhere ...................................
Homeowners Without Credit Available Elsewhere ...........................
Businesses With Credit Available
Elsewhere ...................................
Businesses & Small Agricultural
Cooperatives
Without
Credit
Available Elsewhere ....................
Other (Including Non-Profit Organizations) With Credit Available
Elsewhere ...................................
Businesses And Non-Profit Organizations Without Credit Available
Elsewhere ...................................
5.375.
2.687.
8.000.
4.000.
5.250.
4.000.
[Disaster Declaration # 11282 and # 11283]
The number assigned to this disaster
for physical damage is 11282 6 and for
economic injury is 11283 0.
The State which received an EIDL
Declaration # is Mississippi.
Mississippi Disaster # MS–00020
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
U.S. Small Business
Administration.
ACTION: Notice.
Dated: June 11, 2008.
Jovita Carranza,
Acting Administrator.
[FR Doc. E8–13647 Filed 6–16–08; 8:45 am]
SMALL BUSINESS ADMINISTRATION
AGENCY:
SUMMARY: This is a notice of an
Administrative declaration of a disaster
for the State of Mississippi dated 06/11/
2008.
Incident: Severe Storms and Flooding.
Incident Period: 05/28/2008.
DATES: Effective Date: 06/11/2008.
Physical Loan Application Deadline
Date: 08/11/2008.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/11/2009.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
13 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00110
Fmt 4703
Sfmt 4703
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
Telegraph Hill Partners SBIC, L.P. ,
License No. 09/79–0453; Notice
Seeking Exemption Under Section 312
of the Small Business Investment Act,
Conflicts of Interest
Notice is hereby given that Telegraph
Hill Partners SBIC, L.P., 360 Post Street,
Suite 601, San Francisco, CA, 94108, a
Federal Licensee under the Small
Business Investment Act of 1958, as
amended (‘‘the Act’’), in connection
E:\FR\FM\17JNN1.SGM
17JNN1
]]>Agencies
[Federal Register Volume 73, Number 117 (Tuesday, June 17, 2008)]
[Notices]
[Pages 34353-34355]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-13499]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57945; File No. SR-NASDAQ-2008-051]
Self-Regulatory Organizations; NASDAQ Stock Market, LLC; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to the Listing and Trading on the Exchange of Options on the SPDR Gold
Trust
June 10, 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 June 3, 2008, the NASDAQ Stock Market, LLC (``NASDAQ'' 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.
NASDAQ filed the proposal pursuant to Section 19(b)(3)(A) of the Act
\3\ and Rule 19b-4(f)(6) 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)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NASDAQ proposes to amend certain NASDAQ Rules to enable the listing
and trading on the Exchange of options on the SPDR Gold Trust. The text
of the proposed rule change is available at the Exchange, the
Commission's Public Reference Room, and https://www.nasdaq.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 IV below. The
[[Page 34354]]
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 Exchange states that the purpose of the proposed rule change is
to permit the listing and trading of options on the SPDR Gold Trust.
Currently, Chapter IV, Section 3(i) of the NASDAQ Options Rules
permits only certain Fund Shares (also referred to herein as exchange
traded funds (``ETFs'')) to underlie options traded on the Exchange.
Specifically, to be eligible as an underlying security for options
traded on the Exchange, an ETF must represent interests in registered
investment companies (or series thereof) organized as open-end
management investment companies, unit investment trusts or similar
entities that are principally traded on a national securities exchange
or through the facilities of a national securities association and
reported as ``national market'' securities, and that hold portfolios of
securities comprising or otherwise based on or representing investments
in broad-based indexes or portfolios of securities (or that hold
securities in one or more other registered investment companies that
themselves hold such portfolios of securities). The proposed rule
change would expand the types of ETFs that may be approved for options
trading on the Exchange to include the SPDR Gold Trust.
The Exchange states that apart from allowing the SPDR Gold Trust to
be an underlying for options traded on the Exchange as described above,
the listing standards for ETFs would remain unchanged from those that
apply under current Exchange rules. ETFs on which options may be listed
and traded would still have to be listed and traded on a national
securities exchange and satisfy the other listing standards set forth
in Chapter IV, Section 3(i) of the NASDAQ Options Rules.
Specifically, in addition to satisfying the aforementioned listing
requirements, Fund Shares would have to: (1) Meet the criteria and
standards set forth in paragraphs (a) and (b) of Chapter IV, Section 3;
or (2) be available for creation or redemption each business day from
or through the Fund in cash or in kind at a price related to net asset
value, and the Fund is obligated to issue Fund Shares in a specified
aggregate number even if some or all of the securities required to be
deposited have not been received by the Fund, subject to the condition
that the person obligated to deposit the securities has undertaken to
deliver the securities as soon as possible and such undertaking is
secured by the delivery and maintenance of collateral consisting of
cash or cash equivalents satisfactory to the Fund, all as described in
the Fund's prospectus.
The Exchange proposes that the current continued listing standards
for options on ETFs would apply to options on the SPDR Gold Trust.
Specifically, under Chapter IV, Section 4(h) of the NASDAQ Options
Rules, options on Fund Shares may be subject to the suspension of
opening transactions as follows: (1) Following the initial twelve-month
period beginning upon the commencement of trading of the Fund Shares,
there are fewer than 50 record and/or beneficial holders of the Fund
Shares for 30 or more consecutive trading days; (2) the value of the
index or portfolio of securities on which Fund Shares are based is no
longer calculated or available; or (3) such other event occurs or
condition exists that in the opinion of the Exchange makes further
dealing on the Exchange inadvisable.
Additionally, the SPDR Gold Trust would not be deemed to meet the
requirements for continued approval, and the Exchange would not open
for trading any additional series of option contracts of the class
covering the SPDR Gold Trust, if the SPDR Gold Trust ceases to be an
``NMS stock'' as provided for in paragraph (b)(v) of Chapter IV,
Section 4 of the NASDAQ Options Rules or if the SPDR Gold Trust is
halted from trading on its primary market. The Exchange believes that
the addition of the SPDR Gold Trust to Chapter IV, Section 3(i) of the
NASDAQ Options Rules would not have any effect on the rules pertaining
to position and exercise limits \5\ or margin.\6\
---------------------------------------------------------------------------
\5\ See NASDAQ Options Rules, Chapter III, Sections 7, Position
Limits, and 9, Exercise Limits.
\6\ See NASDAQ Options Rule Chapter XIII, Section 3, Margin
Requirements.
---------------------------------------------------------------------------
The Exchange represents that its surveillance procedures applicable
to trading in options on the SPDR Gold Trust would be similar to those
applicable to all other options on other ETFs currently traded on the
Exchange. Also, the Exchange may obtain information from the New York
Mercantile Exchange, Inc. (a member of the Intermarket Surveillance
Group) related to any financial instrument traded there that is based,
in whole or in part, upon an interest in, or performance of, gold.
2. Statutory Basis
The Exchange believes that amending its rules to accommodate the
listing and trading of options on the SPDR Gold Trust will benefit
investors by providing them with valuable risk management tools.
Accordingly, NASDAQ believes that the proposed rule change is
consistent with Section 6(b) of the Act,\7\ in general, and furthers
the objectives of Section 6(b)(5) of the Act,\8\ in particular, in that
it is designed to remove impediments to and perfect the mechanism of a
free and open market in a manner consistent with the protection of
investors and the public interest.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange states that written comments on the proposed rule
change were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date of this filing, or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest, the proposed rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to provide the Commission
with written notice of its intent to file the proposed rule change,
along with a brief description and text of the proposed rule change,
at least five business days prior to the date of filing of the
proposed rule change, or such shorter time as designated by the
Commission. The Exchange has fulfilled this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) permits the Commission to
[[Page 34355]]
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange requests
that the Commission waive the 30-day operative delay so that the
Exchange can list and trade the Shares immediately. The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest to permit the listing
and trading of options on the SPDR Gold Trust without further
delay.\11\ The Commission notes the proposal is substantively identical
to proposals that were recently approved by the Commission, and does
not raise any new regulatory issues.\12\ For these reasons, the
Commission designates the proposed rule change as operative upon
filing.
---------------------------------------------------------------------------
\11\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
\12\ See Securities Exchange Act Release No. 57894 (May 30,
2008) (SR-Amex-2008-15; SR-CBOE-2005-11; SR-ISE-2008-12; SR-
NYSEArca-2008-52; and SR-Phlx-2008-17) (approving the listing and
trading of options on the SPDR Gold Trust).
---------------------------------------------------------------------------
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-2008-051 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-2008-051. 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 the 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-2008-051 and should
be submitted on or before July 8, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-13499 Filed 6-16-08; 8:45 am]
BILLING CODE 8010-01-P
