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]

Download as PDF 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 (http://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 (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 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 http:// 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 (http://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 (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 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: http:// 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 http://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\
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

    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 (http://
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 (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 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.
---------------------------------------------------------------------------

    \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