Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Eliminating Certain Obsolete Rules, 46679-46681 [E8-18382]
Download as PDF
Federal Register / Vol. 73, No. 155 / Monday, August 11, 2008 / Notices
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2008–70 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–NYSE–2008–70. 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 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–NYSE–
2008–70 and should be submitted on or
before September 2, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–18374 Filed 8–8–08; 8:45 am]
rmajette on PRODPC74 with NOTICES
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 58266; File No. SR–NYSEArca–
2008–80]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Eliminating Certain
Obsolete Rules
July 30, 2008.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on July 24,
2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the self-regulatory
organization. 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 the Substance
of the Proposed Rule Change
The Exchange proposes to amend its
rules in order to remove obsolete and
unnecessary rule text related to
information that is now obsolete. These
changes are being made for
administrative purposes only. By
abolishing these out-dated references,
the Exchange is not changing or altering
any obligations, rights, policies or
practices enumerated within its rules.
The text of the proposed rule change is
available at the Exchange, and the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization 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 those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
CFR 200.30–3(a)(12).
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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 by NYSE
Arca is to remove obsolete and
unnecessary rule text in several of its
rules. By abolishing these out-dated
references, the Exchange is not changing
or altering any obligations, rights,
policies or practices enumerated within
its rules.
In September 2006, the Exchange
revised its rules to conform to
Regulation NMS.4 At that time, there
was a transitional period where the preNMS version of certain rules were in
effect until a specified date (February 5,
2007), after which the new NMS version
of the rule would take effect. As a result,
there are several Exchange rules that
contain both pre-NMS provisions as
well as current applicable provisions. In
fact, many of the Exchange’s rules are
identified either as operative through
February 5, 2007 or operative after
February 5, 2007. Retaining these
outdated pre-NMS provisions fosters
unnecessary confusion. The Exchange
proposes to amend its rules to remove
this text that is both unnecessary and,
by its very terms, obsolete.
The specific proposed changes are
discussed in further detail below.
• Rule 1.1: This rule sets forth certain
definitions and references that are in
effect at NYSE Arca. By this proposal,
the Exchange is eliminating obsolete
terms that were identified as being in
effect until February 5, 2007 while
maintaining (without revision) the
currently operative terms that were
identified as having taken effect as of
February 5, 2007, as shown below.
› Rule 1.1(aa): The Exchange is
deleting the out-dated definition of the
term ‘‘Nasdaq Security’’ while retaining
the currently operative definition of the
same term.
› Rule 1.1(dd): The Exchange is
deleting the out-dated definition of the
term ‘‘NBBO’’ while retaining the
currently operative definition of the
same term.
› Rule 1.1(rr): The Exchange is
deleting the out-dated definition of the
term ‘‘Security’’ while retaining the
currently operative definition of the
same term.
› Rule 1.1(ddd): The Exchange is
deleting the unnecessary reference to
the operative date of the definition of
the term ‘‘NMS Stock’’ while retaining
4 See Securities Exchange Act Release No. 54549
(September 29, 2006), 71 FR 59179 (October 6,
2006) (SR–NYSEArca–2006–59).
2 15
15 17
46679
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46680
Federal Register / Vol. 73, No. 155 / Monday, August 11, 2008 / Notices
the currently operative definition of the
same term.
› Rule 1.1(eee): The Exchange is
deleting the unnecessary reference to
the operative date of the term ‘‘Protected
Bid, Protected Offer, Protected
Quotation’’ while retaining the currently
operative definition of the same term.
› Rule 1.1(fff): The Exchange is
deleting the unnecessary reference to
the operative date of the term ‘‘TradeThrough’’ while retaining the currently
operative definition of the same term.
› Rule 1.1(ggg): The Exchange is
deleting the unnecessary reference to
the operative date of the term ‘‘Trading
Center’’ while retaining the currently
operative definition of the same term.
› Rule 1.1(hhh): The Exchange is
deleting the unnecessary reference to
the operative date of the term ‘‘Effective
National Market System Plan, Regular
Trading Hours’’ while retaining the
currently operative definition of the
same term.
• Rule 7.1, Hours of Business: The
Exchange is hereby eliminating the
obsolete rule text that was identified as
being in effect until February 5, 2007
while maintaining (without revision)
the currently operative rule text that
was identified as having taken effect as
of February 5, 2007.
• Rule 7.18, Trading in Nasdaq
Securities: The Exchange is hereby
eliminating the obsolete rule text that
was identified as being in effect until
February 5, 2007 while maintaining the
currently operative rule text that was
identified as having taken effect as of
February 5, 2007.
› Rule 7.18(c), Applicability.
According to this sub-section, ‘‘the
following Rules of the Corporation will
not be applicable to transactions on the
Corporation in Nasdaq Securities: Rules
7.55–7.57.’’ This section is obsolete and
unnecessary. Rule 7.55 concerns the
retired Intermarket Trading System Plan
(‘‘ITS Plan’’) and Rules 7.56–7.57 are
marked as inoperative as of February 5,
2007. Accordingly, the Exchange is
deleting this rule text as obsolete. As
outlined below, the Exchange is also
proposing to delete all references to the
retired ITS Plan.
• Rule 7.28, NMS Market Access: The
Exchange is deleting the unnecessary
reference to the operative date of the
rule (February 5, 2007) while retaining
the currently operative rule text.
• Rule 7.31, Orders and Modifiers:
This Rule defines certain orders
available on the Exchange and explains
their operability. By this proposal, the
Exchange is eliminating the obsolete
rule text that was identified as being in
effect until February 5, 2007, while
maintaining (without revision) the
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15:22 Aug 08, 2008
Jkt 214001
currently operative rule text that was
identified as having taken effect as of
February 5, 2007.
• Rule 7.35, Auctions: This Rule
defines certain available auctions on the
Exchange and their operability. The
Exchange is hereby deleting Rule
7.35(f)(3)(D), pertaining to ITS, which
had been marked as inoperative after
February 5, 2007.
• Rule 7.37, Order Execution: This
Rule sets forth the priority of execution
of the Exchange’s available order types.
The Exchange is eliminating the
obsolete rule text that was identified as
being in effect until February 5, 2007,
while maintaining the currently
operative rule text that was identified as
having taken effect as of February 5,
2007. With one exception, the Exchange
is not altering or revising the currently
operative text of Rule 7.37. Specifically,
with respect to the introductory
paragraph to Rule 7.37, the Exchange is
proposing to delete the references to the
ITS Plan and certain order interaction
therewith.
• Rule 7.40, Trade Execution and
Reporting: By this proposal, the
Exchange is eliminating the obsolete
rule text that was identified as being in
effect until February 5, 2007, while
maintaining (without revision) the
currently operative rule text that was
identified as having taken effect as of
February 5, 2007.
• Rule 7.55, Definitions: This Rule
concerns the ITS Plan and was marked
as operative through February 5, 2007.
The ITS Plan has been retired and the
Rule is not operative by its very terms.
The Exchange is hereby deleting this
Rule in its entirety.
• Rule 7.56, ITS ‘‘Trade-Throughs’’
and ‘‘Locked Markets’’: This Rule
concerns the ITS Plan and was marked
as operative through February 5, 2007.
The ITS Plan has been retired and the
Rule is not operative by its very terms.
The Exchange is hereby deleting this
Rule in its entirety.
• Rule 7.57, Block Trade Policy: By
this proposal, the Exchange is
eliminating this obsolete Rule that was
identified as being in effect until
February 5, 2007.
• Rule 7.58, Compliance with TwoSided Quote Requirement in ITS Plan:
This Rule concerns the ITS Plan and
was marked as operative through
February 5, 2007. The ITS Plan has been
retired and the Rule is not operative by
its very terms. The Exchange is hereby
deleting this Rule in its entirety.
• Rule 7.65(J). The Exchange is
hereby eliminating the out-dated and
unnecessary reference to the ITS Plan.
The Exchange is not making any other
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Frm 00099
Fmt 4703
Sfmt 4703
changes to Rule 7.65, Portfolio Crossing
Service.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with and
furthers the objectives of Section 6(b)(5)
of the Act,5 in that it is designed to
prevent fraudulent and manipulative
practices, to promote just and equitable
principles of trade, to remove
impediments to, and perfect the
mechanisms of, a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. The Exchange believes
that the proposed rule change will
eliminate unnecessary confusion in its
rule structure by removing outdated and
obsolete rule references.
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 solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 6 and Rule
19b–4(f)(6) thereunder.7 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, 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 8 and Rule 19b–4(f)(6)(iii)
thereunder.9
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
5 15
U.S.C. 78(f)(b)(5).
U.S.C. 78s(b)(3)(A)(iii).
7 17 CFR 240.19b–4(f)(6).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6)(iii).
6 15
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Federal Register / Vol. 73, No. 155 / Monday, August 11, 2008 / Notices
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:
rmajette on PRODPC74 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
Number SR–NYSEArca–2008–80 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–NYSEArca–2008–80. 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 NYSE Arca’s
principal office and on its Internet Web
site at https://www.nyse.com. 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–2008–80, and
should be submitted on or before
September 2, 2008.
10 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
15:22 Aug 08, 2008
Jkt 214001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–18382 Filed 8–8–08; 8:45 am]
BILLING CODE 8010–01–P
46681
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[Release No. 34–58295; File No. SR–
NYSEArca–2008–75]
1. Purpose
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Its Schedule of
Fees and Charges for Exchange
Services In Order To Revise Certain
Transaction Fees
The purpose of this filing is to amend
the existing Schedule in order to (i)
make changes to Transaction Fees
assessed on certain executions in issues
that trade as part of the Penny Pilot,5
and (ii) eliminate the Market Maker Post
Liquidity Incentive Credit. A
description of the proposed change
follows.
August 4, 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 July 14,
2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ 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
prepared by the Exchange. The
Exchange filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(2) 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
NYSE Arca proposes to amend its
Schedule of Fees and Charges for
Exchange Services (‘‘Schedule’’) in
order to revise certain Transaction Fees.
The text of the proposed rule change is
available at NYSE Arca, the
Commission’s Public Reference Room,
and https://www.nyse.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
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)(2).
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Sfmt 4703
Post/Take Pricing
NYSE Arca offers market participants
a Post/Take pricing model for
electronically executed transactions in
issues that are included in the Penny
Pilot. Under the present rate schedule,
all electronic orders that ‘‘take’’
liquidity from the Consolidated Book
(incoming electronic quotes and orders
that are executed upon receipt) are
charged a fee of $0.45 per contract.
NYSE Arca now proposes to revise the
Post/Take pricing it applies to
transactions in selected Penny Pilot
issues that the Exchange has designated
as ‘‘Tier 1’’ issues. Specifically the
Exchange will: (a) Raise the Take
Liquidity fee, in certain highly active
issues, from $0.45 to $0.55 per contract
for all market participants; (b) raise the
Post Liquidity credit, in certain highly
active issues, from $0.30 to $.40 for
Lead Market Makers and NYSE Arca
Market Makers; and (c) raise the Post
Liquidity credit, in certain highly active
issues, from $0.25 to $0.35 for both
electronic broker-dealer and electronic
customer transactions.
The new fee will initially apply to
transactions in the following ten (10)
option issues that the Exchange has
designated as Tier 1 Penny Pilot issues.
AAPL Apple Inc
CSCO Cisco Systems, Inc.
DIA Diamonds Trust
MSFT Microsoft Corporation
IWM iShares Russell 2000 Index
QQQQ PowerShares QQQ Trust
RIMM Research in Motion
5 The Exchange may trade option contracts in one
cent increments in certain approved issues as part
of the Penny Pilot, through March 27, 2009. See
Securities Exchange Act Release No. 56568
(September 27, 2007), 72 FR 56422 (October 3,
2007) (Order approving SR–NYSEArca–2007–88).
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Agencies
[Federal Register Volume 73, Number 155 (Monday, August 11, 2008)]
[Notices]
[Pages 46679-46681]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-18382]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 58266; File No. SR-NYSEArca-2008-80]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Eliminating Certain
Obsolete Rules
July 30, 2008.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on July 24, 2008, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. 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\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange proposes to amend its rules in order to remove
obsolete and unnecessary rule text related to information that is now
obsolete. These changes are being made for administrative purposes
only. By abolishing these out-dated references, the Exchange is not
changing or altering any obligations, rights, policies or practices
enumerated within its rules. The text of the proposed rule change is
available at the Exchange, and the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
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 those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts 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 by NYSE Arca is to remove obsolete and
unnecessary rule text in several of its rules. By abolishing these out-
dated references, the Exchange is not changing or altering any
obligations, rights, policies or practices enumerated within its rules.
In September 2006, the Exchange revised its rules to conform to
Regulation NMS.\4\ At that time, there was a transitional period where
the pre-NMS version of certain rules were in effect until a specified
date (February 5, 2007), after which the new NMS version of the rule
would take effect. As a result, there are several Exchange rules that
contain both pre-NMS provisions as well as current applicable
provisions. In fact, many of the Exchange's rules are identified either
as operative through February 5, 2007 or operative after February 5,
2007. Retaining these outdated pre-NMS provisions fosters unnecessary
confusion. The Exchange proposes to amend its rules to remove this text
that is both unnecessary and, by its very terms, obsolete.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 54549 (September 29,
2006), 71 FR 59179 (October 6, 2006) (SR-NYSEArca-2006-59).
---------------------------------------------------------------------------
The specific proposed changes are discussed in further detail
below.
Rule 1.1: This rule sets forth certain definitions and
references that are in effect at NYSE Arca. By this proposal, the
Exchange is eliminating obsolete terms that were identified as being in
effect until February 5, 2007 while maintaining (without revision) the
currently operative terms that were identified as having taken effect
as of February 5, 2007, as shown below.
[dec221] Rule 1.1(aa): The Exchange is deleting the out-dated
definition of the term ``Nasdaq Security'' while retaining the
currently operative definition of the same term.
[dec221] Rule 1.1(dd): The Exchange is deleting the out-dated
definition of the term ``NBBO'' while retaining the currently operative
definition of the same term.
[dec221] Rule 1.1(rr): The Exchange is deleting the out-dated
definition of the term ``Security'' while retaining the currently
operative definition of the same term.
[dec221] Rule 1.1(ddd): The Exchange is deleting the unnecessary
reference to the operative date of the definition of the term ``NMS
Stock'' while retaining
[[Page 46680]]
the currently operative definition of the same term.
[dec221] Rule 1.1(eee): The Exchange is deleting the unnecessary
reference to the operative date of the term ``Protected Bid, Protected
Offer, Protected Quotation'' while retaining the currently operative
definition of the same term.
[dec221] Rule 1.1(fff): The Exchange is deleting the unnecessary
reference to the operative date of the term ``Trade-Through'' while
retaining the currently operative definition of the same term.
[dec221] Rule 1.1(ggg): The Exchange is deleting the unnecessary
reference to the operative date of the term ``Trading Center'' while
retaining the currently operative definition of the same term.
[dec221] Rule 1.1(hhh): The Exchange is deleting the unnecessary
reference to the operative date of the term ``Effective National Market
System Plan, Regular Trading Hours'' while retaining the currently
operative definition of the same term.
Rule 7.1, Hours of Business: The Exchange is hereby
eliminating the obsolete rule text that was identified as being in
effect until February 5, 2007 while maintaining (without revision) the
currently operative rule text that was identified as having taken
effect as of February 5, 2007.
Rule 7.18, Trading in Nasdaq Securities: The Exchange is
hereby eliminating the obsolete rule text that was identified as being
in effect until February 5, 2007 while maintaining the currently
operative rule text that was identified as having taken effect as of
February 5, 2007.
[dec221] Rule 7.18(c), Applicability. According to this sub-
section, ``the following Rules of the Corporation will not be
applicable to transactions on the Corporation in Nasdaq Securities:
Rules 7.55-7.57.'' This section is obsolete and unnecessary. Rule 7.55
concerns the retired Intermarket Trading System Plan (``ITS Plan'') and
Rules 7.56-7.57 are marked as inoperative as of February 5, 2007.
Accordingly, the Exchange is deleting this rule text as obsolete. As
outlined below, the Exchange is also proposing to delete all references
to the retired ITS Plan.
Rule 7.28, NMS Market Access: The Exchange is deleting the
unnecessary reference to the operative date of the rule (February 5,
2007) while retaining the currently operative rule text.
Rule 7.31, Orders and Modifiers: This Rule defines certain
orders available on the Exchange and explains their operability. By
this proposal, the Exchange is eliminating the obsolete rule text that
was identified as being in effect until February 5, 2007, while
maintaining (without revision) the currently operative rule text that
was identified as having taken effect as of February 5, 2007.
Rule 7.35, Auctions: This Rule defines certain available
auctions on the Exchange and their operability. The Exchange is hereby
deleting Rule 7.35(f)(3)(D), pertaining to ITS, which had been marked
as inoperative after February 5, 2007.
Rule 7.37, Order Execution: This Rule sets forth the
priority of execution of the Exchange's available order types. The
Exchange is eliminating the obsolete rule text that was identified as
being in effect until February 5, 2007, while maintaining the currently
operative rule text that was identified as having taken effect as of
February 5, 2007. With one exception, the Exchange is not altering or
revising the currently operative text of Rule 7.37. Specifically, with
respect to the introductory paragraph to Rule 7.37, the Exchange is
proposing to delete the references to the ITS Plan and certain order
interaction therewith.
Rule 7.40, Trade Execution and Reporting: By this
proposal, the Exchange is eliminating the obsolete rule text that was
identified as being in effect until February 5, 2007, while maintaining
(without revision) the currently operative rule text that was
identified as having taken effect as of February 5, 2007.
Rule 7.55, Definitions: This Rule concerns the ITS Plan
and was marked as operative through February 5, 2007. The ITS Plan has
been retired and the Rule is not operative by its very terms. The
Exchange is hereby deleting this Rule in its entirety.
Rule 7.56, ITS ``Trade-Throughs'' and ``Locked Markets'':
This Rule concerns the ITS Plan and was marked as operative through
February 5, 2007. The ITS Plan has been retired and the Rule is not
operative by its very terms. The Exchange is hereby deleting this Rule
in its entirety.
Rule 7.57, Block Trade Policy: By this proposal, the
Exchange is eliminating this obsolete Rule that was identified as being
in effect until February 5, 2007.
Rule 7.58, Compliance with Two-Sided Quote Requirement in
ITS Plan: This Rule concerns the ITS Plan and was marked as operative
through February 5, 2007. The ITS Plan has been retired and the Rule is
not operative by its very terms. The Exchange is hereby deleting this
Rule in its entirety.
Rule 7.65(J). The Exchange is hereby eliminating the out-
dated and unnecessary reference to the ITS Plan. The Exchange is not
making any other changes to Rule 7.65, Portfolio Crossing Service.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
and furthers the objectives of Section 6(b)(5) of the Act,\5\ in that
it is designed to prevent fraudulent and manipulative practices, to
promote just and equitable principles of trade, to remove impediments
to, and perfect the mechanisms of, a free and open market and a
national market system, and, in general, to protect investors and the
public interest. The Exchange believes that the proposed rule change
will eliminate unnecessary confusion in its rule structure by removing
outdated and obsolete rule references.
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\5\ 15 U.S.C. 78(f)(b)(5).
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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 solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \6\ and Rule 19b-4(f)(6) thereunder.\7\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, 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 \8\ and Rule 19b-
4(f)(6)(iii) thereunder.\9\
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\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 240.19b-4(f)(6).
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6)(iii).
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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
[[Page 46681]]
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-NYSEArca-2008-80 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-NYSEArca-2008-80. 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 NYSE Arca's principal office and on its
Internet Web site at https://www.nyse.com. 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-2008-80, and should be
submitted on or before September 2, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-18382 Filed 8-8-08; 8:45 am]
BILLING CODE 8010-01-P