Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval to a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Amend and Restate Its Articles of Incorporation, 42890-42891 [E8-16824]

Download as PDF 42890 Federal Register / Vol. 73, No. 142 / Wednesday, July 23, 2008 / Notices 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Phlx–2008–54 on the subject line. Paper Comments mstockstill on PROD1PC66 with NOTICES • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Acting Secretary. [FR Doc. E8–16837 Filed 7–22–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58180; File No. SR–SCCP– 2008–01] Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval to a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Amend and Restate Its Articles of Incorporation July 17, 2008. I. Introduction On April 24, 2008, Stock Clearing All submissions should refer to File Corporation of Philadelphia (‘‘SCCP’’) Number SR–Phlx–2008–54. This file filed with the Securities and Exchange number should be included on the Commission (‘‘Commission’’) a subject line if e-mail is used. To help the proposed rule change pursuant to Commission process and review your Section 19(b)(1) of the Securities comments more efficiently, please use Exchange Act of 1934 (‘‘Act’’).1 Notice only one method. The Commission will of the proposal was published in the post all comments on the Commission’s Federal Register on May 20, 2008.2 Internet Web site (http://www.sec.gov/ SCCP filed Amendment No. 1 to the rules/sro.shtml). Copies of the proposed rule change on July 2, 2008.3 submission, all subsequent The Commission received no comments amendments, all written statements on the proposed rule change. This order with respect to the proposed rule provides notice of filing of Amendment change that are filed with the No. 1 to the proposed rule change, and Commission, and all written grants accelerated approval to the communications relating to the proposed rule change, as modified by Amendment No. 1. proposed rule change between the Commission and any person, other than II. Description those that may be withheld from the SCCP is amending its current Articles public in accordance with the of Incorporation (‘‘Articles’’) to more provisions of 5 U.S.C. 552, will be clearly state that all of the authorized available for inspection and copying in shares of common stock of SCCP are the Commission’s Public Reference Room, 100 F Street, NE., Washington, 10 17 CFR 200.30–3(a)(12). DC 20549, on official business days 1 15 U.S.C. 78s(b)(1). 2 Securities Exchange Act Release No. 57817 (May between the hours of 10 a.m. and 3 p.m. 14, 2008), 73 FR 29171. Copies of such filing also will be 3 In Amendment No. 1, SCCP filed the complete available for inspection and copying at Certificate of Incorporation and amended By-Laws the principal office of the Exchange. All of The NASDAQ OMX Group, Inc. (‘‘NASDAQ comments received will be posted OMX’’) in order to propose their adoption as rules of SCCP. The By-Laws contained minor without change; the Commission does amendments to terminology to apply to SCCP and not edit personal identifying SCCP’s parent corporation, the Philadelphia Stock information from submissions. You Exchange, Inc. (‘‘Phlx’’), all of the same provisions that are currently specifically applicable to The should submit only information that you wish to make available publicly. All NASDAQ Stock Market LLC (‘‘NASDAQ’’). Such amendments are being made in connection with the submissions should refer to File NASDAQ OMX Merger, as defined in footnote 6 Number SR–Phlx–2008–54 and should below. The amended By-Laws were published for comment in a separate filing by NASDAQ. See be submitted on or before August 13, Securities Exchange Act Release No. 57761 (May 1, 2008. 2008), 73 FR 26182 (May 8, 2008) (notice of SR– NASDAQ–2008–035) (‘‘NASDAQ Stock Market Proposal’’). VerDate Aug<31>2005 18:14 Jul 22, 2008 Jkt 214001 PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 issued and outstanding and are held by Phlx. In addition, SCCP is adding language to its Articles relating to transfers and assignments of SCCP shares of stock. SCCP is restating its Articles to consolidate previous amendments and make other technical amendments, which according to SCCP will modernize the existing language in the Articles.4 The purpose of the amendment and restatement of the Articles is to ensure that any future change in ownership of SCCP stock, whether transferred or assigned, in whole or in part, would be filed with the Commission under Section 19 of the Act and the rules promulgated thereunder. This language is consistent with language recently approved by the Commission in connection with the amending by Phlx of its Certificate of Incorporation and By-Laws 5 as a result of the proposed acquisition of Phlx by NASDAQ OMX.6 III. Discussion The Commission finds that the rule change is consistent with the requirements of the Act and the rules and regulations thereunder and particularly with the requirements of Section 17A(b)(3)(C) of the Act.7 The proposed rule change would amend SCCP’s Articles to reflect the proposed NASDAQ OMX Merger. The Commission notes that the proposed rule change does not amend SCCP’s rules or procedures with respect to the clearance and settlement of securities transactions or the safeguarding of securities and funds which are in SCCP’s control or for which it is responsible. Section 17A(b)(3)(C) of the Act requires that a clearing agency’s rules assure the fair representation of its shareholders and participants in the selection of its directors and administration of its affairs. SCCP 4 The specific amendments proposed for SCCP’s Articles can be viewed at http://www.phlx.com/ SCCP/sccp_rules/SR-SCCP-2008-01.pdf. 5 Securities Exchange Act Release No. 58179 (July 17, 2008) [File No. SR–Phlx–2008–31] (order approving proposed rule change relating to NASDAQ OMX’s acquisition of Phlx). 6 On November 7, 2007, NASDAQ OMX announced that it had entered into an agreement with Phlx pursuant to which NASDAQ OMX would acquire all of the outstanding capital stock of Phlx. In connection with this acquisition, Pinnacle Merger Corp., a Delaware corporation and wholly owned subsidiary of NASDAQ OMX, would be merged with and into Phlx with Phlx surviving the merger (‘‘NASDAQ OMX Merger’’). As a result of the NASDAQ OMX Merger, all of Phlx’s common stock would be owned by NASDAQ OMX. Thereafter, NASDAQ OMX would operate Phlx as a wholly-owned subsidiary and SCCP as an indirect wholly-owned subsidiary. Phlx and SCCP would continue to be separate self-regulatory organizations. 7 15 U.S.C. 78q–1(b)(3)(C). E:\FR\FM\23JYN1.SGM 23JYN1 Federal Register / Vol. 73, No. 142 / Wednesday, July 23, 2008 / Notices would remain a wholly-owned subsidiary of Phlx following the NASDAQ OMX Merger and the SCCP By-Laws relating to the selection, composition, powers, and duties of the SCCP board of directors, committees, and officers would remain unchanged. Accordingly, the Commission finds that SCCP’s rules would continue to assure the fair representation of its shareholders and participants in the section of SCCP’s directors and the administration of SCCP’s affairs as required by Section 17A(b)(3)(C). IV. Accelerated Approval The Commission finds good cause, pursuant to Section 19(b)(2) of the Act,8 for approving the proposal, as modified by Amendment No. 1, prior to the thirtieth day after the date of publication of notice of filing of Amendment No. 1 in the Federal Register.9 In Amendment No. 1, SCCP proposed to adopt as rules of SCCP the Certificate of Incorporation and By-Laws of NASDAQ OMX. The Certificate of Incorporation, as filed by the SCCP, was previously approved by the Commission as rules of the NASDAQ.10 The NASDAQ OMX By-Laws were similarly approved by the Commission.11 As filed by the SCCP, the NASDAQ OMX ByLaws include certain new terminology to reflect the acquisition of Phlx and SCCP by NASDAQ OMX. These changes were filed by NASDAQ Exchange as a proposed rule change, and were published for comment.12 The Commission received no comments on the proposed changes to the NASDAQ OMX By-Laws. As discussed more fully in the NASDAQ Stock Market Proposal, certain provisions of NASDAQ OMX’s Certificate and By-Laws are designed to facilitate the ability of NASDAQ OMX’s SRO subsidiaries, including SCCP, to maintain the independence of each of the SRO subsidiaries’ self-regulatory function, enable each SRO subsidiary to operate in a manner that complies with the federal securities laws, and facilitate the ability of each SRO subsidiary and the Commission to fulfill their regulatory and oversight obligations 8 15 U.S.C. 78s(b)(2). to Section 19(b)(2) of the Act, 15 U.S.C. 78s(b)(2), the Commission may not approve any proposed rule change, or amendment thereto, prior to the thirtieth day after the date of publication of the notice thereof, unless the Commission finds good cause for so doing. 10 See Securities Exchange Act Release No. 51328 (January 13, 2006), 71 FR 3550 (January 23, 2006) (order approving the application of NASDAQ for registration as a national securities exchange). 11 See id. 12 See Securities Exchange Act Release No. 57761, supra note 3. mstockstill on PROD1PC66 with NOTICES 9 Pursuant VerDate Aug<31>2005 18:14 Jul 22, 2008 Jkt 214001 under the Act.13 As stated above, the Commission finds that such provisions are consistent with the Act.14 Notably, the NASDAQ OMX Certificate of Incorporation and By-Laws are rules of NASDAQ that have been approved previously by the Commission, as noted above, and the changes to the NASDAQ OMX By-Laws were published for notice and comment, as noted above, and the Commission did not receive any comments thereon. Accordingly, the Commission finds good cause for approving SCCP’s proposal, as modified by Amendment No. 1, on an accelerated basis, pursuant to Section 19(b)(2) of the Act. V. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning Amendment No. 1, including whether Amendment No. 1 is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–SCCP–2008–01 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–SCCP–2008–01. 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 (http://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 13 In addition to the NASDAQ OMX Merger, NASDAQ OMX entered into an agreement with the Boston Stock Exchange (‘‘BSE’’), pursuant to which NASDAQ OMX would acquire all of the outstanding membership interests in BSE (‘‘BSE Acquisition’’). See Securities Exchange Act Release Nos. 57757 (May 1, 2008), 73 FR 26159 (SR–BSE– 2008–23) (notice of proposed rule change related to BSE Acquisition) and 57782 (May 6, 2008), 73 FR 27583 (May 13, 2008) (SR–BSECC–2008–01) (notice of proposal to amend the articles of organization and by-laws of the Boston Stock Exchange Clearing Corporation to reflect its proposed acquisition by NASDAQ OMX). 14 See supra note 7 and accompanying text. PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 42891 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 SCCP. 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–SCCP–2008–01 and should be submitted on or before August 13, 2008. VI. Conclusion On the basis of the foregoing, the Commission finds that the proposed rule change is consistent with the requirements of the Act and in particular Section 17A of the Act and the rules and regulations thereunder.15 It is therefore ordered, pursuant to Section 19(b)(2) of the Act,16 that the proposed rule change (SR–SCCP–2008– 01), as modified by Amendment No. 1 thereto, be and hereby is approved on an accelerated basis. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.17 Florence E. Harmon, Acting Secretary. [FR Doc. E8–16824 Filed 7–22–08; 8:45 am] BILLING CODE 8010–01–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Approval of Noise Compatibility Program; Orlando Executive Airport, Orlando, FL Federal Aviation Administration, DOT. ACTION: Notice. AGENCY: SUMMARY: The Federal Aviation Administration (FAA) announces its findings on the Noise Compatibility 15 In approving the proposed rule change, the Commission considered the proposal’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). See Securities Exchange Act Release No. 58179, supra note 5. 16 15 U.S.C. 78s(b)(2). 17 17 CFR 200.30–3(a)(12). E:\FR\FM\23JYN1.SGM 23JYN1

Agencies

[Federal Register Volume 73, Number 142 (Wednesday, July 23, 2008)]
[Notices]
[Pages 42890-42891]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-16824]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58180; File No. SR-SCCP-2008-01]


Self-Regulatory Organizations; Stock Clearing Corporation of 
Philadelphia; Notice of Filing of Amendment No. 1 and Order Granting 
Accelerated Approval to a Proposed Rule Change, as Modified by 
Amendment No. 1 Thereto, To Amend and Restate Its Articles of 
Incorporation

July 17, 2008.

I. Introduction

    On April 24, 2008, Stock Clearing Corporation of Philadelphia 
(``SCCP'') filed with the Securities and Exchange Commission 
(``Commission'') a proposed rule change pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'').\1\ Notice of the 
proposal was published in the Federal Register on May 20, 2008.\2\ SCCP 
filed Amendment No. 1 to the proposed rule change on July 2, 2008.\3\ 
The Commission received no comments on the proposed rule change. This 
order provides notice of filing of Amendment No. 1 to the proposed rule 
change, and grants accelerated approval to the proposed rule change, as 
modified by Amendment No. 1.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ Securities Exchange Act Release No. 57817 (May 14, 2008), 73 
FR 29171.
    \3\ In Amendment No. 1, SCCP filed the complete Certificate of 
Incorporation and amended By-Laws of The NASDAQ OMX Group, Inc. 
(``NASDAQ OMX'') in order to propose their adoption as rules of 
SCCP. The By-Laws contained minor amendments to terminology to apply 
to SCCP and SCCP's parent corporation, the Philadelphia Stock 
Exchange, Inc. (``Phlx''), all of the same provisions that are 
currently specifically applicable to The NASDAQ Stock Market LLC 
(``NASDAQ''). Such amendments are being made in connection with the 
NASDAQ OMX Merger, as defined in footnote 6 below. The amended By-
Laws were published for comment in a separate filing by NASDAQ. See 
Securities Exchange Act Release No. 57761 (May 1, 2008), 73 FR 26182 
(May 8, 2008) (notice of SR-NASDAQ-2008-035) (``NASDAQ Stock Market 
Proposal'').
---------------------------------------------------------------------------

II. Description

    SCCP is amending its current Articles of Incorporation 
(``Articles'') to more clearly state that all of the authorized shares 
of common stock of SCCP are issued and outstanding and are held by 
Phlx. In addition, SCCP is adding language to its Articles relating to 
transfers and assignments of SCCP shares of stock. SCCP is restating 
its Articles to consolidate previous amendments and make other 
technical amendments, which according to SCCP will modernize the 
existing language in the Articles.\4\
---------------------------------------------------------------------------

    \4\ The specific amendments proposed for SCCP's Articles can be 
viewed at http://www.phlx.com/SCCP/sccp_rules/SR-SCCP-2008-01.pdf.
---------------------------------------------------------------------------

    The purpose of the amendment and restatement of the Articles is to 
ensure that any future change in ownership of SCCP stock, whether 
transferred or assigned, in whole or in part, would be filed with the 
Commission under Section 19 of the Act and the rules promulgated 
thereunder. This language is consistent with language recently approved 
by the Commission in connection with the amending by Phlx of its 
Certificate of Incorporation and By-Laws \5\ as a result of the 
proposed acquisition of Phlx by NASDAQ OMX.\6\
---------------------------------------------------------------------------

    \5\ Securities Exchange Act Release No. 58179 (July 17, 2008) 
[File No. SR-Phlx-2008-31] (order approving proposed rule change 
relating to NASDAQ OMX's acquisition of Phlx).
    \6\ On November 7, 2007, NASDAQ OMX announced that it had 
entered into an agreement with Phlx pursuant to which NASDAQ OMX 
would acquire all of the outstanding capital stock of Phlx. In 
connection with this acquisition, Pinnacle Merger Corp., a Delaware 
corporation and wholly owned subsidiary of NASDAQ OMX, would be 
merged with and into Phlx with Phlx surviving the merger (``NASDAQ 
OMX Merger''). As a result of the NASDAQ OMX Merger, all of Phlx's 
common stock would be owned by NASDAQ OMX. Thereafter, NASDAQ OMX 
would operate Phlx as a wholly-owned subsidiary and SCCP as an 
indirect wholly-owned subsidiary. Phlx and SCCP would continue to be 
separate self-regulatory organizations.
---------------------------------------------------------------------------

III. Discussion

    The Commission finds that the rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder and 
particularly with the requirements of Section 17A(b)(3)(C) of the 
Act.\7\ The proposed rule change would amend SCCP's Articles to reflect 
the proposed NASDAQ OMX Merger. The Commission notes that the proposed 
rule change does not amend SCCP's rules or procedures with respect to 
the clearance and settlement of securities transactions or the 
safeguarding of securities and funds which are in SCCP's control or for 
which it is responsible. Section 17A(b)(3)(C) of the Act requires that 
a clearing agency's rules assure the fair representation of its 
shareholders and participants in the selection of its directors and 
administration of its affairs. SCCP

[[Page 42891]]

would remain a wholly-owned subsidiary of Phlx following the NASDAQ OMX 
Merger and the SCCP By-Laws relating to the selection, composition, 
powers, and duties of the SCCP board of directors, committees, and 
officers would remain unchanged. Accordingly, the Commission finds that 
SCCP's rules would continue to assure the fair representation of its 
shareholders and participants in the section of SCCP's directors and 
the administration of SCCP's affairs as required by Section 
17A(b)(3)(C).
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    \7\ 15 U.S.C. 78q-1(b)(3)(C).
---------------------------------------------------------------------------

IV. Accelerated Approval

    The Commission finds good cause, pursuant to Section 19(b)(2) of 
the Act,\8\ for approving the proposal, as modified by Amendment No. 1, 
prior to the thirtieth day after the date of publication of notice of 
filing of Amendment No. 1 in the Federal Register.\9\ In Amendment No. 
1, SCCP proposed to adopt as rules of SCCP the Certificate of 
Incorporation and By-Laws of NASDAQ OMX. The Certificate of 
Incorporation, as filed by the SCCP, was previously approved by the 
Commission as rules of the NASDAQ.\10\ The NASDAQ OMX By-Laws were 
similarly approved by the Commission.\11\ As filed by the SCCP, the 
NASDAQ OMX By-Laws include certain new terminology to reflect the 
acquisition of Phlx and SCCP by NASDAQ OMX. These changes were filed by 
NASDAQ Exchange as a proposed rule change, and were published for 
comment.\12\ The Commission received no comments on the proposed 
changes to the NASDAQ OMX By-Laws.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2).
    \9\ Pursuant to Section 19(b)(2) of the Act, 15 U.S.C. 
78s(b)(2), the Commission may not approve any proposed rule change, 
or amendment thereto, prior to the thirtieth day after the date of 
publication of the notice thereof, unless the Commission finds good 
cause for so doing.
    \10\ See Securities Exchange Act Release No. 51328 (January 13, 
2006), 71 FR 3550 (January 23, 2006) (order approving the 
application of NASDAQ for registration as a national securities 
exchange).
    \11\ See id.
    \12\ See Securities Exchange Act Release No. 57761, supra note 
3.
---------------------------------------------------------------------------

    As discussed more fully in the NASDAQ Stock Market Proposal, 
certain provisions of NASDAQ OMX's Certificate and By-Laws are designed 
to facilitate the ability of NASDAQ OMX's SRO subsidiaries, including 
SCCP, to maintain the independence of each of the SRO subsidiaries' 
self-regulatory function, enable each SRO subsidiary to operate in a 
manner that complies with the federal securities laws, and facilitate 
the ability of each SRO subsidiary and the Commission to fulfill their 
regulatory and oversight obligations under the Act.\13\ As stated 
above, the Commission finds that such provisions are consistent with 
the Act.\14\ Notably, the NASDAQ OMX Certificate of Incorporation and 
By-Laws are rules of NASDAQ that have been approved previously by the 
Commission, as noted above, and the changes to the NASDAQ OMX By-Laws 
were published for notice and comment, as noted above, and the 
Commission did not receive any comments thereon. Accordingly, the 
Commission finds good cause for approving SCCP's proposal, as modified 
by Amendment No. 1, on an accelerated basis, pursuant to Section 
19(b)(2) of the Act.
---------------------------------------------------------------------------

    \13\ In addition to the NASDAQ OMX Merger, NASDAQ OMX entered 
into an agreement with the Boston Stock Exchange (``BSE''), pursuant 
to which NASDAQ OMX would acquire all of the outstanding membership 
interests in BSE (``BSE Acquisition''). See Securities Exchange Act 
Release Nos. 57757 (May 1, 2008), 73 FR 26159 (SR-BSE-2008-23) 
(notice of proposed rule change related to BSE Acquisition) and 
57782 (May 6, 2008), 73 FR 27583 (May 13, 2008) (SR-BSECC-2008-01) 
(notice of proposal to amend the articles of organization and by-
laws of the Boston Stock Exchange Clearing Corporation to reflect 
its proposed acquisition by NASDAQ OMX).
    \14\ See supra note 7 and accompanying text.
---------------------------------------------------------------------------

V. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning Amendment No. 1, including whether Amendment No. 1 
is consistent with the Act. Comments may be submitted by any of the 
following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-SCCP-2008-01 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-SCCP-2008-01. 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 (http://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 SCCP. 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-SCCP-2008-01 and should be 
submitted on or before August 13, 2008.

VI. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposed rule change is consistent with the requirements of the Act and 
in particular Section 17A of the Act and the rules and regulations 
thereunder.\15\
---------------------------------------------------------------------------

    \15\ In approving the proposed rule change, the Commission 
considered the proposal's impact on efficiency, competition, and 
capital formation. 15 U.S.C. 78c(f). See Securities Exchange Act 
Release No. 58179, supra note 5.
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\16\ that the proposed rule change (SR-SCCP-2008-01), as modified 
by Amendment No. 1 thereto, be and hereby is approved on an accelerated 
basis.
---------------------------------------------------------------------------

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

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
---------------------------------------------------------------------------

    \17\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-16824 Filed 7-22-08; 8:45 am]
BILLING CODE 8010-01-P