Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Trading Halt Rule in Connection With the Dissemination of Net Asset Value and Disclosed Portfolio for Certain Derivative Securities Products, 57723-57725 [E8-23362]
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Federal Register / Vol. 73, No. 193 / Friday, October 3, 2008 / Notices
providers to send their non-market
maker flow to ISE.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
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 has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 6 and Rule 19b-4(f)(2) 7
thereunder. At any time within 60 days
of the filing of such 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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–23410 Filed 10–2–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58658; File No. SR–Phlx–
2008–64]
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–ISE–2008–71 on the subject
line.
Paper Comments
mstockstill on PROD1PC66 with NOTICES
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of the ISE. 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–ISE–2008–71 and should be
submitted on or before October 24,
2008.
• 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–ISE–2008–71. 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
Self-Regulatory Organizations;
NASDAQ OMX PHLX, Inc.; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Adopt a
Trading Halt Rule in Connection With
the Dissemination of Net Asset Value
and Disclosed Portfolio for Certain
Derivative Securities Products
September 26, 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
September 18, 2008, NASDAQ OMX
PHLX, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
6 15
U.S.C. 78s(b)(3)(A).
7 17 CFR 240.19b-4(f)(2).
VerDate Aug<31>2005
23:33 Oct 02, 2008
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. 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 Exchange proposes to amend
Phlx Rule 136 to state that the Exchange
will halt trading in New Derivative
Securities Products 3 listed on the
Exchange for which a net asset value
(and in the case of managed fund shares
or actively managed exchange-traded
funds, a ‘‘disclosed portfolio’’) is
disseminated if the Exchange becomes
aware that the net asset value and, if
applicable, the disclosed portfolio is not
being disseminated to all market
participants at the same time. The text
of the proposed rule change is available
on the Exchange’s Website at https://
www.phlx.com/regulatory/
reg_rulefilings.aspx , at the Exchange’s
principal office, 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
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
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to address trading halts for
New Derivative Securities Products
listed on the Exchange for which a net
asset value and/or a disclosed portfolio
is disseminated. Net asset values and
disclosed portfolios, when applicable,
are calculated daily and disseminated to
all market participants at the same time.
In this proposed rule change, the
Exchange is amending its rules to state
that the Exchange will halt trading in
New Derivative Securities Products
listed on the Exchange for which a net
asset value and/or a disclosed portfolio
1 15
Jkt 217001
PO 00000
Frm 00136
Fmt 4703
3 See
Sfmt 4703
57723
E:\FR\FM\03OCN1.SGM
Phlx Rule 136(e)(1).
03OCN1
57724
Federal Register / Vol. 73, No. 193 / Friday, October 3, 2008 / Notices
mstockstill on PROD1PC66 with NOTICES
is disseminated if the Exchange
becomes aware that the net asset value
or, if applicable, the disclosed portfolio
is not being disseminated to all market
participants at the same time. Also, the
Exchange will maintain the trading halt
until such time as the Exchange
becomes aware that the net asset value
and, if applicable, the disclosed
portfolio is available to all market
participants. In addition, the Exchange
represents that in the event that the net
asset value or the disclosed portfolio, as
applicable, for a New Derivative
Securities Product ceases to be
disseminated altogether, the Exchange
will halt trading in such New Derivative
Securities Product.
The Exchange notes that it recently
filed a proposed rule change in which
it adopted a rule, Phlx Rule 136(d)(4),
stating that the Exchange would halt
trading in New Derivative Securities
Products trading on the Exchange
pursuant to unlisted trading privileges,
if the listing market notifies the
Exchange that the net asset value and,
if applicable, the disclosed portfolio is
not being disseminated to all market
participants at the same time.4 Also the
Exchange is now proposing to clarify
the rule text in Phlx Rule 136(d)(4) by
changing the word ‘‘and’’ to ‘‘or’’ in the
second half of the first sentence of that
paragraph to make clear that the
Exchange would halt trading upon
notification by the listing market of the
New Derivative Securities Product that
either the net asset value or the
disclosed portfolio is not being
disseminated to all market participants
at the same time. Consistent with the
earlier proposed rule change, the
Exchange now proposes to adopt a rule,
Phlx Rule 136(c)(1)(B), stating that the
Exchange will halt trading in New
Derivative Securities Products listed on
the Exchange for which a net asset value
and/or a disclosed portfolio is
disseminated if the Exchange becomes
aware that the net asset value or, if
applicable, the disclosed portfolio is not
being disseminated to all market
participants at the same time. As a
consequence of the additional language
proposed in Phlx Rule 136(c), the
Exchange is renumbering the existing
material to provide more clarity to the
section.
2.Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,5 in general, and furthers the
4 See Securities Exchange Act Release No. 57806
(May 9, 2008), 73 FR 28541 (May 16, 2008) (SR–
Phlx–2008–34).
5 15 U.S.C. 78f(b).
VerDate Aug<31>2005
23:33 Oct 02, 2008
Jkt 217001
objectives of Section 6(b)(5) of the Act,6
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. The
Exchange believes the proposed rule
change is reasonably designed to
prevent trading in certain New
Derivative Securities Products when the
availability of certain information is
impaired. Specifically, the proposed
rule change is intended to protect
investors and the public interest when
key information relating to the net asset
value or the disclosed portfolio becomes
unavailable or available only to some
market participants, but not all
participants, at the time of
dissemination.
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 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
Because the foregoing 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 for 30 days
from the date on which it was filed, or
such shorter time as the Commission
may designate, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 7 and Rule 19b–4(f)(6) thereunder.8
A proposed rule change filed under
19b–4(f)(6) normally does not become
operative until 30 days after the date of
filing.9 However, Rule 19b–4(f)(6)(iii) 10
permits the Commission to designate a
shorter time if such action is consistent
6 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(6).
9 Id. In addition, Rule 19b–4(f)(6)(iii) requires a
self-regulatory organization to give the Commission
written notice of its intent to file 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 satisfied this requirement.
10 17 CFR 240.19b–4(f)(6)(iii).
7 15
PO 00000
Frm 00137
Fmt 4703
Sfmt 4703
with the protection of investors and the
public interest. Phlx requests that the
Commission waive the 30-day operative
delay and make the proposed rule
change operative upon filing because
this proposal raises no novel issues and
is virtually identical to the rule
proposals of the American Stock
Exchange LLC (‘‘Amex’’), the NASDAQ
Stock Market LLC (‘‘NASDAQ’’), the
New York Stock Exchange LLC
(‘‘NYSE’’) and NYSE Arca, Inc. (‘‘NYSE
Arca’’), which were recently approved
by the Commission.11 The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest. The Commission therefore
grants the Exchange’s request and
designates the proposal to be operative
upon filing.12
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–2008–64 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–2008–64. 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
11 See Securities Exchange Act Release No. 58111
(July 7, 2008), 73 FR 40643 (July 15, 2008) (SR–
Amex–2008–40, SR–NASDAQ–2008–046, SR–
NYSE–2008–39, SR–NYSEArca–2008–50).
12 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
E:\FR\FM\03OCN1.SGM
03OCN1
57725
Federal Register / Vol. 73, No. 193 / Friday, October 3, 2008 / Notices
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–Phlx–2008–64 and should
be submitted on or before October 24,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–23362 Filed 10–2–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58666; File No. SR–
NASDAQ–2008–018]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing of Proposed Rule Change and
Amendments No. 1 and 2 Thereto To
Remove From Rule 7019 the Fees for
Receiving Index Values
September 26, 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 March 12,
2008, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’) 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 Nasdaq. On
September 5, 2008, Nasdaq filed
Amendment No. 1 to the proposed rule
change. On September 25, 2008, Nasdaq
filed Amendment No. 2 to the proposed
rule change. The Commission is
publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq is proposing to remove from
the Nasdaq Rule 7019 fees for receiving
index values. Nasdaq’s rule book
contains rules pertaining to ‘‘facilities’’
of the exchange, and indexes are not
such ‘‘facilities’’ within the meaning of
the Act.
The text of the proposed rule change
to Rule 7019 is below. Proposed
deletions are in brackets.
*
*
*
*
*
7019. Market Data Distributor Fees
(a) No change.
(b) The charge to be paid by
Distributors of the following Nasdaq
Market Center real time data feeds shall
be:
Monthly direct access fee
Issue Specific Data:
Dynamic Intraday ................................................................................................
TotalView ............................................................................................................
OpenView ...........................................................................................................
[Market Summary Statistics]:
[Intraday] .............................................................................................................
[Real Time Index]
*
(c) and (d) No change.
*
*
*
*
mstockstill on PROD1PC66 with NOTICES
In its filing with the Commission,
Nasdaq 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. Nasdaq has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
23:33 Oct 02, 2008
Monthly external
distributor fee
..............................
$2,000
$1,000
..............................
$1,000
$500
..............................
$2,500
$1,250
[$500]
[$50]
[$1,500]
Jkt 217001
1. Purpose
Nasdaq designs and licenses to
financial product issuers and sponsors
and to other interested parties a number
of Nasdaq-proprietary securities
indexes. Nasdaq also calculates the
values of Nasdaq and, on occasion, nonNasdaq indexes and disseminates such
values to subscribers. The Nasdaq
indexes include broad market indexes,
such as the Nasdaq-100 and the Nasdaq
Composite, sectoral indexes, such as
Nasdaq Biotechnology, Nasdaq
Insurance or Nasdaq Transportation,
international indexes, such as Nasdaq
Israel and Nasdaq China, and custom
co-branded indexes, such as Nasdaq
Clean Edge. Some of these indexes
include only those components that are
listed on Nasdaq, while others may also
include components listed on other
exchanges.
All market participants, both
members and non-members of Nasdaq,
are currently able to subscribe to
Nasdaq’s index dissemination service.
Subscribers currently also receive intraday asset values as well as certain oncea-day information for exchange traded
funds (‘‘ETFs’’).3 The intra-day asset
values for ETFs that Nasdaq
disseminates can be calculated by
Nasdaq itself (subject to negotiating an
appropriate agreement on commercial
3 Nasdaq is submitting to the Commission in
connection with this filing the list of indexes and
ETFs that are currently (as of the date of this filing)
included in the Nasdaq index dissemination
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
VerDate Aug<31>2005
Monthly internal
distributor fee
service. This list changes frequently, and an up-todate list is available at: https://
www.nasdaqtrader.com/content/productsservices/
dataproducts/realtimeindexes/indexsymbols.pdf.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
PO 00000
Frm 00138
Fmt 4703
Sfmt 4703
E:\FR\FM\03OCN1.SGM
03OCN1
]]>Agencies
[Federal Register Volume 73, Number 193 (Friday, October 3, 2008)]
[Notices]
[Pages 57723-57725]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-23362]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58658; File No. SR-Phlx-2008-64]
Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a
Trading Halt Rule in Connection With the Dissemination of Net Asset
Value and Disclosed Portfolio for Certain Derivative Securities
Products
September 26, 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 September 18, 2008, NASDAQ OMX PHLX, Inc. (``Phlx'' 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 prepared by the Exchange. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Phlx Rule 136 to state that the
Exchange will halt trading in New Derivative Securities Products \3\
listed on the Exchange for which a net asset value (and in the case of
managed fund shares or actively managed exchange-traded funds, a
``disclosed portfolio'') is disseminated if the Exchange becomes aware
that the net asset value and, if applicable, the disclosed portfolio is
not being disseminated to all market participants at the same time. The
text of the proposed rule change is available on the Exchange's Website
at https://www.phlx.com/regulatory/reg_rulefilings.aspx , at the
Exchange's principal office, and at the Commission's Public Reference
Room.
---------------------------------------------------------------------------
\3\ See Phlx Rule 136(e)(1).
---------------------------------------------------------------------------
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 Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to address trading halts
for New Derivative Securities Products listed on the Exchange for which
a net asset value and/or a disclosed portfolio is disseminated. Net
asset values and disclosed portfolios, when applicable, are calculated
daily and disseminated to all market participants at the same time. In
this proposed rule change, the Exchange is amending its rules to state
that the Exchange will halt trading in New Derivative Securities
Products listed on the Exchange for which a net asset value and/or a
disclosed portfolio
[[Page 57724]]
is disseminated if the Exchange becomes aware that the net asset value
or, if applicable, the disclosed portfolio is not being disseminated to
all market participants at the same time. Also, the Exchange will
maintain the trading halt until such time as the Exchange becomes aware
that the net asset value and, if applicable, the disclosed portfolio is
available to all market participants. In addition, the Exchange
represents that in the event that the net asset value or the disclosed
portfolio, as applicable, for a New Derivative Securities Product
ceases to be disseminated altogether, the Exchange will halt trading in
such New Derivative Securities Product.
The Exchange notes that it recently filed a proposed rule change in
which it adopted a rule, Phlx Rule 136(d)(4), stating that the Exchange
would halt trading in New Derivative Securities Products trading on the
Exchange pursuant to unlisted trading privileges, if the listing market
notifies the Exchange that the net asset value and, if applicable, the
disclosed portfolio is not being disseminated to all market
participants at the same time.\4\ Also the Exchange is now proposing to
clarify the rule text in Phlx Rule 136(d)(4) by changing the word
``and'' to ``or'' in the second half of the first sentence of that
paragraph to make clear that the Exchange would halt trading upon
notification by the listing market of the New Derivative Securities
Product that either the net asset value or the disclosed portfolio is
not being disseminated to all market participants at the same time.
Consistent with the earlier proposed rule change, the Exchange now
proposes to adopt a rule, Phlx Rule 136(c)(1)(B), stating that the
Exchange will halt trading in New Derivative Securities Products listed
on the Exchange for which a net asset value and/or a disclosed
portfolio is disseminated if the Exchange becomes aware that the net
asset value or, if applicable, the disclosed portfolio is not being
disseminated to all market participants at the same time. As a
consequence of the additional language proposed in Phlx Rule 136(c),
the Exchange is renumbering the existing material to provide more
clarity to the section.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 57806 (May 9, 2008),
73 FR 28541 (May 16, 2008) (SR-Phlx-2008-34).
---------------------------------------------------------------------------
2.Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\5\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\6\ 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.
The Exchange believes the proposed rule change is reasonably designed
to prevent trading in certain New Derivative Securities Products when
the availability of certain information is impaired. Specifically, the
proposed rule change is intended to protect investors and the public
interest when key information relating to the net asset value or the
disclosed portfolio becomes unavailable or available only to some
market participants, but not all participants, at the time of
dissemination.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 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 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
Because the foregoing 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 for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act \7\ and
Rule 19b-4(f)(6) thereunder.\8\ A proposed rule change filed under 19b-
4(f)(6) normally does not become operative until 30 days after the date
of filing.\9\ However, Rule 19b-4(f)(6)(iii) \10\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. Phlx requests
that the Commission waive the 30-day operative delay and make the
proposed rule change operative upon filing because this proposal raises
no novel issues and is virtually identical to the rule proposals of the
American Stock Exchange LLC (``Amex''), the NASDAQ Stock Market LLC
(``NASDAQ''), the New York Stock Exchange LLC (``NYSE'') and NYSE Arca,
Inc. (``NYSE Arca''), which were recently approved by the
Commission.\11\ The Commission believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest. The Commission therefore grants the Exchange's request
and designates the proposal to be operative upon filing.\12\
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6).
\9\ Id. In addition, Rule 19b-4(f)(6)(iii) requires a self-
regulatory organization to give the Commission written notice of its
intent to file 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
satisfied this requirement.
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ See Securities Exchange Act Release No. 58111 (July 7,
2008), 73 FR 40643 (July 15, 2008) (SR-Amex-2008-40, SR-NASDAQ-2008-
046, SR-NYSE-2008-39, SR-NYSEArca-2008-50).
\12\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 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-2008-64 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-2008-64. 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
[[Page 57725]]
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-Phlx-2008-64 and should be submitted on or before
October 24, 2008.
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\13\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-23362 Filed 10-2-08; 8:45 am]
BILLING CODE 8011-01-P
