Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Increasing the Maximum Number of Quoters in Options Overlying the SPDR Gold Trust, 34822-34823 [E8-13706]

Download as PDF 34822 Federal Register / Vol. 73, No. 118 / Wednesday, June 18, 2008 / Notices investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay and designate the proposed rule change operative upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Waiving the 30-day operative delay ensures that the Exchange’s rules will be updated without delay. The Commission believes that the proposed rule change will provide clarity and consistency to all market participants who may reference the Exchange’s rules. Therefore, the Commission designates the proposal operative upon filing.13 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: rwilkins on PROD1PC63 with NOTICES Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–NYSEArca–2008–59 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEArca–2008–59. 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 13 For purposes only of waiving the 30-day operative delay of this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). VerDate Aug<31>2005 19:32 Jun 17, 2008 Jkt 214001 change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of NYSE Arca. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR– NYSEArca–2008–59 and should be submitted on or before July 9, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Florence E. Harmon, Acting Secretary. [FR Doc. E8–13710 Filed 6–17–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57953; File No. SR–Phlx– 2008–45] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Increasing the Maximum Number of Quoters in Options Overlying the SPDR Gold Trust June 11, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 2 thereunder, notice is hereby given that on June 6, 2008, the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’ 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 Phlx. The Exchange has designated this proposal as one constituting a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule under Section 19(b)(3)(A)(i) of the Act,3 and 14 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)(i). 1 15 PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 Rule 19b–4(f)(1) 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 The Phlx proposes to increase the Maximum Number of Quoters (‘‘MNQ’’) in options overlying the SPDR Gold Trust (‘‘GLD’’). The text of the proposed rule change is available on Phlx’s Web site (https://www.phlx.com), at the Phlx’s Office of the Secretary, and at 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, the Phlx 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 Phlx 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 the proposed rule change is to enhance liquidity on the Exchange in options overlying GLD by setting the highest MNQ permissible under Exchange rules for such options.5 Exchange Rule 507, Commentary .04 provides a procedure by which the Exchange’s Options Allocation, Evaluation and Securities Committee (‘‘OAESC’’) 6 may increase the MNQ for a particular product. Specifically, when exceptional circumstances warrant, the OAESC may increase the MNQ for an existing or new product. ‘‘Exceptional circumstances’’ refers to substantial trading volume, whether actual or expected (e.g., in the case of a new 4 17 CFR 240.19b–4(f)(1). Rule 507, Commentary .02 provides: ‘‘The term ‘MNQ’ refers to the maximum number of participants that may be assigned in a particular equity option at any one time. The MNQ levels for options trading on the Exchange are as follows, based on the preceding month’s national volumes: (a) 22 for the 5% most actively traded options; (b) 17 for the next 10% most actively traded options; (c) 12 for all other options.’’ 6 See Exchange By-Law Article X, Section 10–7. 5 Exchange E:\FR\FM\18JNN1.SGM 18JNN1 Federal Register / Vol. 73, No. 118 / Wednesday, June 18, 2008 / Notices product or a major news announcement or corporate event). Upon cessation of the exceptional circumstances, the OAESC, in its discretion, may determine to reduce the MNQ, provided, however, that any reduction must be undertaken in accordance with the procedure established in the Rule 507. The effect of an increase in the MNQ is procompetitive in that it increases the number of market participants that may quote electronically in a product. The purpose of this filing is to increase the MNQ for options overlying GLD, which is a new product in which the Exchange expects substantial trading volume. The Exchange proposes to increase the MNQ in GLD options from 12 quoters, the MNQ applicable to new products with no ‘‘track record’’ sufficient to determine whether such product falls within the top 5% most actively traded options, to 22 quoters, based on the Exchange’s belief that options overlying GLD will eventually fall within this category. Increasing the MNQ in GLD options will enable the Exchange to enhance the liquidity offered, thereby offering deeper and more liquid markets. The Exchange represents that it will comply with all of the requirements of Exchange Rule 507 in increasing the MNQ in GLD options and, if it determines subsequently to reduce such MNQ, in reducing the MNQ in GLD options. Changes to the MNQ will be announced to the membership via Exchange Circular. 2. Statutory Basis The Exchange believes that its proposal 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 promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest, by adding depth and liquidity to the Exchange’s markets in GLD options. rwilkins on PROD1PC63 with NOTICES 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. 7 15 8 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). VerDate Aug<31>2005 18:01 Jun 17, 2008 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change will take effect upon filing with the Commission pursuant to Section 19(b)(3)(A)(i) of the Act 9 and Rule 19b– 4(f)(1) thereunder,10 because it constitutes a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule. 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–Phlx–2008–45 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–Phlx–2008–45. 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 9 15 U.S.C. 78s(b)(3)(A)(i). CFR 240.19b–4(f)(1). 10 17 Jkt 214001 PO 00000 Frm 00126 Fmt 4703 Sfmt 4703 34823 Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Phlx. 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–Phlx– 2008–45 and should be submitted on or before July 9, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Acting Secretary. [FR Doc. E8–13706 Filed 6–17–08; 8:45 am] BILLING CODE 8010–01–P DEPARTMENT OF STATE [Public Notice: 6264] 60-Day Notice of Proposed Information Collection: Exchange Visitor (J–1 Visa) Compliance Evaluation Program, SV– 2008–0014, Secondary School Student; SV–2008–0015, Summer Work Travel; SV–2008–0016, Training Program; SV– 2008–0017, Internship Program, NewOMB No. 1405–XXXX Notice of request for public comments. ACTION: SUMMARY: The Department of State is seeking Office of Management and Budget (OMB) approval for the information collection described below. The purpose of this notice is to allow 60 days for public comment in the Federal Register preceding submission to OMB. We are conducting this process in accordance with the Paperwork Reduction Act of 1995. • Title of Information Collection: Exchange Visitor (J–1 Visa) Compliance Evaluation Program. • OMB Control Number: None. • Type of Request: New Collection. • Originating Office: Bureau of Educational and Cultural Affairs (ECA), Office of Exchange Coordination and Designation (ECA/EC). 11 17 E:\FR\FM\18JNN1.SGM CFR 200.30–3(a)(12). 18JNN1

Agencies

[Federal Register Volume 73, Number 118 (Wednesday, June 18, 2008)]
[Notices]
[Pages 34822-34823]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-13706]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57953; File No. SR-Phlx-2008-45]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Increasing the Maximum Number of Quoters in Options Overlying the SPDR 
Gold Trust

June 11, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given 
that on June 6, 2008, the Philadelphia Stock Exchange, Inc. (``Phlx'' 
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 
Phlx. The Exchange has designated this proposal as one constituting a 
stated policy, practice, or interpretation with respect to the meaning, 
administration, or enforcement of an existing rule under Section 
19(b)(3)(A)(i) of the Act,\3\ and Rule 19b-4(f)(1) 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)(i).
    \4\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

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

    The Phlx proposes to increase the Maximum Number of Quoters 
(``MNQ'') in options overlying the SPDR Gold Trust (``GLD''). The text 
of the proposed rule change is available on Phlx's Web site (https://
www.phlx.com), at the Phlx's Office of the Secretary, and at 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, the Phlx 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 Phlx 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 the proposed rule change is to enhance liquidity on 
the Exchange in options overlying GLD by setting the highest MNQ 
permissible under Exchange rules for such options.\5\
---------------------------------------------------------------------------

    \5\ Exchange Rule 507, Commentary .02 provides:
    ``The term `MNQ' refers to the maximum number of participants 
that may be assigned in a particular equity option at any one time. 
The MNQ levels for options trading on the Exchange are as follows, 
based on the preceding month's national volumes:
    (a) 22 for the 5% most actively traded options;
    (b) 17 for the next 10% most actively traded options;
    (c) 12 for all other options.''
---------------------------------------------------------------------------

    Exchange Rule 507, Commentary .04 provides a procedure by which the 
Exchange's Options Allocation, Evaluation and Securities Committee 
(``OAESC'') \6\ may increase the MNQ for a particular product. 
Specifically, when exceptional circumstances warrant, the OAESC may 
increase the MNQ for an existing or new product. ``Exceptional 
circumstances'' refers to substantial trading volume, whether actual or 
expected (e.g., in the case of a new

[[Page 34823]]

product or a major news announcement or corporate event). Upon 
cessation of the exceptional circumstances, the OAESC, in its 
discretion, may determine to reduce the MNQ, provided, however, that 
any reduction must be undertaken in accordance with the procedure 
established in the Rule 507.
---------------------------------------------------------------------------

    \6\ See Exchange By-Law Article X, Section 10-7.
---------------------------------------------------------------------------

    The effect of an increase in the MNQ is procompetitive in that it 
increases the number of market participants that may quote 
electronically in a product. The purpose of this filing is to increase 
the MNQ for options overlying GLD, which is a new product in which the 
Exchange expects substantial trading volume.
    The Exchange proposes to increase the MNQ in GLD options from 12 
quoters, the MNQ applicable to new products with no ``track record'' 
sufficient to determine whether such product falls within the top 5% 
most actively traded options, to 22 quoters, based on the Exchange's 
belief that options overlying GLD will eventually fall within this 
category.
    Increasing the MNQ in GLD options will enable the Exchange to 
enhance the liquidity offered, thereby offering deeper and more liquid 
markets. The Exchange represents that it will comply with all of the 
requirements of Exchange Rule 507 in increasing the MNQ in GLD options 
and, if it determines subsequently to reduce such MNQ, in reducing the 
MNQ in GLD options. Changes to the MNQ will be announced to the 
membership via Exchange Circular.
2. Statutory Basis
    The Exchange believes that its proposal 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 promote 
just and equitable principles of trade, to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system, and, in general to protect investors and the public interest, 
by adding depth and liquidity to the Exchange's markets in GLD options.
---------------------------------------------------------------------------

    \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

    No written comments were either solicited or received.

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

    The foregoing proposed rule change will take effect upon filing 
with the Commission pursuant to Section 19(b)(3)(A)(i) of the Act \9\ 
and Rule 19b-4(f)(1) thereunder,\10\ because it constitutes a stated 
policy, practice, or interpretation with respect to the meaning, 
administration, or enforcement of an existing rule.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(i).
    \10\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

    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-Phlx-2008-45 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-Phlx-2008-45. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for inspection and 
copying in the Commission's Public Reference Room, on official business 
days between the hours of 10 a.m. and 3 p.m. Copies of such filing also 
will be available for inspection and copying at the principal office of 
the Phlx. 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-
Phlx-2008-45 and should be submitted on or before July 9, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-13706 Filed 6-17-08; 8:45 am]
BILLING CODE 8010-01-P
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