Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change Relating to Continued Listing Criteria Applicable to Equity Linked Notes and “Other Securities”, 60385-60386 [E8-24117]
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Federal Register / Vol. 73, No. 198 / Friday, October 10, 2008 / Notices
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–NYSE–2008–98 and should
be submitted on or before October 31,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–24182 Filed 10–9–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change Relating to Continued
Listing Criteria Applicable to Equity
Linked Notes and ‘‘Other Securities’’
mstockstill on PROD1PC66 with NOTICES
October 2, 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
September 30, 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 selfregulatory organization. The
Commission is publishing this notice to
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
VerDate Aug<31>2005
20:11 Oct 09, 2008
Jkt 217001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Arca, through its wholly owned
subsidiary NYSE Arca Equities, Inc.
(‘‘NYSE Arca Equities’’ or the
‘‘Corporation’’), proposes to adopt NYSE
Arca Equities Rules 5.5(i) and 5.5(j) to
specify continued listing criteria
applicable to securities listed on the
Exchange pursuant to NYSE Arca
Equities Rules 5.2(j)(1) (‘‘Other
Securities’’) and 5.2(j)(2) (‘‘Equity
Linked Notes’’), respectively. The text of
the proposed rule change is available on
the Exchange’s Web site at
www.nyse.com, 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
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
[Release No. 34–58720; File No. SR–
NYSEArca–2008–104]
12 17
solicit comments on the proposed rule
change from interested persons.
1. Purpose
The Exchange proposes to adopt
NYSE Arca Equities Rules 5.5(i) and
5.5(j) to specify continued listing
criteria applicable to securities listed on
the Exchange pursuant to NYSE Arca
Equities Rules 5.2(j)(1) (‘‘Other
Securities’’) and 5.2(j)(2) (‘‘Equity
Linked Notes’’ or ‘‘ELNs’’), respectively.
NYSE Arca Equities Rule 5.2(j)(1)
provides that the Exchange will
consider listing any security not
otherwise covered by the requirements
of NYSE Arca Equities Rule 5.2 subject
to specified initial listing requirements,
including minimum number of publicly
held trading units and minimum
principal amount/market value, the
required minimum number of public
beneficial holders, and required issuer’s
total assets and net worth. NYSE Arca
Equities Rule 5.2(j)(2) sets forth initial
listing requirements applicable to ELNs,
including numerical listing standards
PO 00000
Frm 00158
Fmt 4703
Sfmt 4703
60385
applicable to the ELN’s issuer, the issue
itself, and the underlying security for
the ELN.
Securities listed under NYSE Arca
Equities Rules 5.2(j)(1) and 5.2(j)(2) are
subject to trading suspension or
delisting pursuant to standards set forth
in Rule 5.5(l) (‘‘Other Reasons for
Suspending or Delisting’’). Proposed
NYSE Arca Equities Rule 5.5(i) and
5.5(j) would provide that the
Corporation will commence delisting or
removal proceedings (unless the
Commission has approved the
continued trading of an issue of
securities listed pursuant to Rule
5.2(j)(1) or Rule 5.2(j)(2), respectively), if
the aggregate market value or the
principal amount of the securities
publicly held is less than $400,000, or
if such other event shall occur or
condition exists which in the opinion of
the Corporation makes further dealings
on the Corporation inadvisable.
The proposed minimum standard of
$400,000 is the same as the minimum
maintenance criterion for principal
amount of securities publicly held
previously approved by the Commission
for securities listed on the Exchange
under Rule 5.2(j)(6) (Equity IndexLinked Securities, Commodity-Linked
Securities, Currency-Linked Securities,
Fixed Income Index-Linked Securities,
Futures-Linked Securities and
Multifactor Index-Linked Securities).4
The Exchange believes that the
proposed criteria provide an adequate
minimum threshold for the dollar
principal amount of derivatively-priced
securities such as those listed under
Rules 5.2(j)(1) and 5.2(j)(2) to permit
sufficient market liquidity, and provides
flexibility to the Exchange to commence
delisting proceedings based on other
events or conditions that may occur.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) 5 of the
Securities Exchange Act of 1934
(‘‘Act’’), in general, and furthers the
objectives of Section 6(b)(5) 6 of the Act,
in particular in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, and to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system. The
4 See, e.g., Securities Exchange Act Release No.
57701 (April 23, 2008), 73 FR 23281 (April 29,
2008) (SR–NYSEArca–2008–20).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
E:\FR\FM\10OCN1.SGM
10OCN1
60386
Federal Register / Vol. 73, No. 198 / Friday, October 10, 2008 / Notices
Exchange believes that the proposed
rule change will provide more specific
continued listing criteria for securities
listed under NYSE Arca Equities Rules
5.2(j)(1) and 5.2(j)(2), and provides an
adequate minimum threshold for the
dollar principal amount of derivativelypriced securities such as those listed
under Rules 5.2(j)(1) and 5.2(j)(2) to
permit sufficient market liquidity.
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
All submissions should refer to File
Number SR–NYSEArca–2008–104. 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 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–NYSEArca–2008–104 and
should be submitted on or before
October 31, 2008.
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve the proposed
rule change; or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–24117 Filed 10–9–08; 8:45 am]
IV. Solicitation of Comments
BILLING CODE 8011–01–P
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:
mstockstill on PROD1PC66 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–2008–104 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.
VerDate Aug<31>2005
20:11 Oct 09, 2008
Jkt 217001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58717; File No. SR–
NYSEArca–2008–106]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Amending Rule 6.87—
Obvious Errors and Catastrophic
Errors
October 2, 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 October
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
2, 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 and II
below, which Items have been prepared
by the self-regulatory organization.
NYSE Arca filed the proposed rule
change as a ‘‘non-controversial’’
proposal pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(6)
thereunder,4 which renders the proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 6.87—Obvious Errors and
Catastrophic Errors. The text of the
proposed rule change is available at the
principal office of the Exchange, the
Commission’s Public Reference Room,
and at 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
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 is to amend
Exchange rules governing obvious and
catastrophic errors, by adding
provisions which will allow for the
nullification of trades that are a result of
either an erroneous quote, or print, in
the underlying security. Specifically,
NYSE Arca is proposing new Rule
6.87(a)(4) Erroneous Print in the
Underlying, and new Rule 6.87(a)(5)
Erroneous Quote in the Underlying.
Market participants on NYSE Arca
base the value of their quotes and orders
off of the price of underlying security.
These two proposed provisions cover
7 17
1 15
PO 00000
Frm 00159
Fmt 4703
3 15
4 17
Sfmt 4703
E:\FR\FM\10OCN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
10OCN1
Agencies
[Federal Register Volume 73, Number 198 (Friday, October 10, 2008)]
[Notices]
[Pages 60385-60386]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-24117]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58720; File No. SR-NYSEArca-2008-104]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to Continued Listing Criteria
Applicable to Equity Linked Notes and ``Other Securities''
October 2, 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 September 30, 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 Substance
of the Proposed Rule Change
NYSE Arca, through its wholly owned subsidiary NYSE Arca Equities,
Inc. (``NYSE Arca Equities'' or the ``Corporation''), proposes to adopt
NYSE Arca Equities Rules 5.5(i) and 5.5(j) to specify continued listing
criteria applicable to securities listed on the Exchange pursuant to
NYSE Arca Equities Rules 5.2(j)(1) (``Other Securities'') and 5.2(j)(2)
(``Equity Linked Notes''), respectively. The text of the proposed rule
change is available on the Exchange's Web site at www.nyse.com, 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 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 Exchange proposes to adopt NYSE Arca Equities Rules 5.5(i) and
5.5(j) to specify continued listing criteria applicable to securities
listed on the Exchange pursuant to NYSE Arca Equities Rules 5.2(j)(1)
(``Other Securities'') and 5.2(j)(2) (``Equity Linked Notes'' or
``ELNs''), respectively.
NYSE Arca Equities Rule 5.2(j)(1) provides that the Exchange will
consider listing any security not otherwise covered by the requirements
of NYSE Arca Equities Rule 5.2 subject to specified initial listing
requirements, including minimum number of publicly held trading units
and minimum principal amount/market value, the required minimum number
of public beneficial holders, and required issuer's total assets and
net worth. NYSE Arca Equities Rule 5.2(j)(2) sets forth initial listing
requirements applicable to ELNs, including numerical listing standards
applicable to the ELN's issuer, the issue itself, and the underlying
security for the ELN.
Securities listed under NYSE Arca Equities Rules 5.2(j)(1) and
5.2(j)(2) are subject to trading suspension or delisting pursuant to
standards set forth in Rule 5.5(l) (``Other Reasons for Suspending or
Delisting''). Proposed NYSE Arca Equities Rule 5.5(i) and 5.5(j) would
provide that the Corporation will commence delisting or removal
proceedings (unless the Commission has approved the continued trading
of an issue of securities listed pursuant to Rule 5.2(j)(1) or Rule
5.2(j)(2), respectively), if the aggregate market value or the
principal amount of the securities publicly held is less than $400,000,
or if such other event shall occur or condition exists which in the
opinion of the Corporation makes further dealings on the Corporation
inadvisable.
The proposed minimum standard of $400,000 is the same as the
minimum maintenance criterion for principal amount of securities
publicly held previously approved by the Commission for securities
listed on the Exchange under Rule 5.2(j)(6) (Equity Index-Linked
Securities, Commodity-Linked Securities, Currency-Linked Securities,
Fixed Income Index-Linked Securities, Futures-Linked Securities and
Multifactor Index-Linked Securities).\4\ The Exchange believes that the
proposed criteria provide an adequate minimum threshold for the dollar
principal amount of derivatively-priced securities such as those listed
under Rules 5.2(j)(1) and 5.2(j)(2) to permit sufficient market
liquidity, and provides flexibility to the Exchange to commence
delisting proceedings based on other events or conditions that may
occur.
---------------------------------------------------------------------------
\4\ See, e.g., Securities Exchange Act Release No. 57701 (April
23, 2008), 73 FR 23281 (April 29, 2008) (SR-NYSEArca-2008-20).
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) \5\ of the
Securities Exchange Act of 1934 (``Act''), in general, and furthers the
objectives of Section 6(b)(5) \6\ of the Act, in particular in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
The
[[Page 60386]]
Exchange believes that the proposed rule change will provide more
specific continued listing criteria for securities listed under NYSE
Arca Equities Rules 5.2(j)(1) and 5.2(j)(2), and provides an adequate
minimum threshold for the dollar principal amount of derivatively-
priced securities such as those listed under Rules 5.2(j)(1) and
5.2(j)(2) to permit sufficient market liquidity.
---------------------------------------------------------------------------
\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 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
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve the proposed rule change; or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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-2008-104 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-2008-104. 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 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-NYSEArca-2008-104 and should
be submitted on or before October 31, 2008.
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-24117 Filed 10-9-08; 8:45 am]
BILLING CODE 8011-01-P