Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the NASDAQ OMX PHLX, Inc. Relating to Clarification Regarding Capitalization-Weighting of Indexes, 60375-60377 [E8-24119]
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Federal Register / Vol. 73, No. 198 / Friday, October 10, 2008 / Notices
or a similar in-person meeting.28 SIFMA
suggested that instead of providing the
full ODD, firms should provide
information on how to access the
ODD.29 FINRA responded by stating that
the requirement to deliver the ODD to
prospective customers during a seminar
or in-person meeting should be
maintained as it also poses virtually no
burden and makes the disclosures to a
prospective customer as accessible as
other forms of options communications.
mstockstill on PROD1PC66 with NOTICES
IV. Discussion and Findings
After careful review of the proposed
rule change, the comment letter and
FINRA’s response to the comment letter,
the Commission finds that the proposed
rule change is consistent with the
requirements of the Act, and the rules
and regulations thereunder that are
applicable to a national securities
association.30 In particular, the
Commission believes that the proposed
rule change is consistent with the
provisions of Section 15A(b)(6) of the
Act,31 which requires, among other
things, that FINRA rules be designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, and, in
general, to protect investors and the
public interest. The Commission
believes that the proposed rule change
would provide the investing public with
options communications rules that are
designed to provide appropriate
safeguards and greater clarity by
promoting harmonization between
FINRA’s and other SROs’ options
communications rules.
The Commission also finds good
cause to approve the proposed rule
change, as modified by Amendment No.
1, prior to the thirtieth day after the date
of publication of notice of filing of the
amendment in the Federal Register. The
proposed rule change was published in
the Federal Register on May 2, 2008.32
FINRA submitted Amendment No. 1 in
response to comments received on the
proposed rule change and to reflect
recently approved changes to the rule
text. Amendment No. 1 does not
materially modify the scope of the
proposed rule change as published in
the Federal Register. The Commission
believes that approving Amendment No.
1 will simplify firms’ compliance, and
is consistent with the public interest
and the investor protection goals of the
28 See
SIFMA letter.
29 Id.
30 In
approving this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition and capital formation. See
15 U.S.C. 78c(f).
31 15 U.S.C. 78o–3(b)(6).
32 See supra note 3.
VerDate Aug<31>2005
20:11 Oct 09, 2008
Jkt 217001
Act. Finally, the Commission finds that
it is in the public interest to approve the
proposed rule change as soon as
possible to expedite its implementation.
Accordingly, the Commission believes
good cause exists, consistent with
Section 19(b)(2) of the Act 33 to approve
the proposed rule change, as modified
by Amendment No. 1, on an accelerated
basis.
VI. 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–FINRA–2008–013 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–FINRA–2008–013. 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
the principal office of FINRA. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
33 15
PO 00000
U.S.C. 78s(b)(2).
Frm 00148
Fmt 4703
Sfmt 4703
60375
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–FINRA–2008–013 and
should be submitted on or before
October 31, 2008.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,34 that the
proposed rule change (SR–FINRA–
2008–013), as modified by Amendment
No. 1, be, and hereby is, approved on an
accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.35
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–24121 Filed 10–9–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58733; File No. SR–Phlx–
2008–67]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
NASDAQ OMX PHLX, Inc. Relating to
Clarification Regarding CapitalizationWeighting of Indexes
October 3, 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 29, 2008, the 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. Phlx
filed the proposal pursuant to Section
19(b)(3)(A) of the Act3 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, pursuant to Section
19(b)(1) of the Act5 and Rule 19b–4
34 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
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)(6).
5 15 U.S.C. 78s(b)(1).
35 17
E:\FR\FM\10OCN1.SGM
10OCN1
60376
Federal Register / Vol. 73, No. 198 / Friday, October 10, 2008 / Notices
thereunder,6 proposes to clarify the
methodology used in calculating
capitalization-weighted and modified
capitalization-weighted indexes
underlying options listed pursuant to
Exchange Rule 1009A(b).
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.phlx.com/regulatory/
reg_rulefilings.aspx, the principal office
of the Exchange, 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.
mstockstill on PROD1PC66 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange currently lists a
number of narrow-based stock index
options pursuant to the listing standards
established in section (b) of Phlx Rule
1009A, Designation of the Index (the
‘‘Generic Listing Rule’’). The Generic
Listing Rule includes capitalizationweighting (including modified
capitalization-weighting) as a
permissible component weighting
methodology for indexes underlying
options listed pursuant to the Generic
Listing Rule. The Exchange would like
to clarify that component last sale prices
used to calculate index values under
capitalization-weighting methodology
can be either primary exchange regularway last sale prices or the regular-way
last sale prices reported on the
consolidated tape. A primary exchange
last sale price is generally the last sale
price on a trade executed through the
facilities of the exchange where the
component maintains its listing. A
consolidated tape last sale price is the
last sale price reported under the
appropriate national market system
reporting plan, regardless of where the
trade was executed.7
6 17
CFR 240.19b–4.
that was included in the ‘‘Purpose’’
section of the filing to add modified capitalizationweighting as a permissible weighting methodology
7 Language
VerDate Aug<31>2005
20:11 Oct 09, 2008
Jkt 217001
2. Statutory Basis
The Exchange believes that the
proposal is consistent with Section 6(b)
of the Act8 in general, and furthers the
objectives of Section 6(b)(5) of the Act9
in particular, in that it is designed 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 by
clarifying that investors may have
access to options listed pursuant to the
Generic Listing Rule that underlie
indexes other than those based
exclusively on primary exchange last
sale prices.
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
nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms does not become
operative for 30 days after the date of
this filing, the proposed rule change has
become effective pursuant to Section
19(b)(3)(A) of the Act 10 and Rule 19b–
4(f)(6) thereunder.11 In addition, Rule
19b–4(f)(6)(iii) 12 requires a selfregulatory organization to provide the
Commission with written notice of its
intent to file the proposed rule change,
along with a brief description and text
of the proposed rule change, at least
five-business days prior to the date of
filing of the proposed rule change. The
for indexes underlying options listed pursuant to
the Generic Listing Rule could be interpreted to
permit only primary exchange last sale prices to be
used. See Securities Exchange Act Release No.
46211 (July 16, 2002), 67 FR 47874 (July 22, 2002)
(SR–Phlx–2002–42). This, of course, is not always
the best approach in calculating indexes, since in
some cases the consolidated tape may be a better
source for current prices.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
PO 00000
Frm 00149
Fmt 4703
Sfmt 4703
Exchange has satisfied the five-businessday pre-filing requirement.
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–2008–67 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–2008–67. 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
E:\FR\FM\10OCN1.SGM
10OCN1
Federal Register / Vol. 73, No. 198 / Friday, October 10, 2008 / Notices
you wish to make available publicly. All
submissions should refer to File
Number SR–Phlx–2008–67 and should
be submitted on or before October 31,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–24119 Filed 10–9–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58731; File No. SR–NSX–
2008–17]
Self-Regulatory Organizations;
National Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Amend
Exchange Rule 16 and NSX Fee
Schedule Concerning Liquidity—
Adding Rebates and Market Data
Credits for Order Delivery
Transactions
October 3, 2008.
mstockstill on PROD1PC66 with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’)1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 22, 2008, National Stock
Exchange, Inc. (‘‘NSX’’ or the
‘‘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
Commission is publishing this notice to
solicit comment on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
National Stock Exchange, Inc. (‘‘NSX’’
or ‘‘Exchange’’) is proposing to amend
Exchange Rule 16 and the NSX Fee and
Rebate Schedule (the ‘‘Fee Schedule’’)
in order to (i) reduce the rebate for
adding liquidity in Order Delivery mode
of order interaction for those securities
trading at one dollar or more and (ii)
eliminate the trade and quote market
data revenue credit in Order Delivery
mode for all Tape A securities.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.nsx.com, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
20:11 Oct 09, 2008
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
Purpose
With this rule change, the Exchange is
proposing to reduce the liquidity adding
rebates and market data revenue credits
in Order Delivery mode of order
interaction (‘‘Order Delivery Mode’’).3
In particular, this rule change proposes
to reduce the rebate for adding liquidity
in securities trading at or above one
dollar in Order Delivery Mode to a flat
rebate of $0.0023 per share executed for
Tape A, and to $0.0025 per share
executed for Tapes B and C. In addition,
the Exchange is proposing to eliminate
the trade and quote market data revenue
credit for all Tape A securities executed
in Order Delivery Mode.
Reduction of Rebate for Adding
Liquidity in Order Delivery Mode
With respect to securities traded at
one dollar or more in Order Delivery
Mode, the instant filing proposes
simplifying the Fee Schedule by
reducing the per share executed rebate
to a flat rate of $0.0023 for Tape A
securities and to $0.0025 for Tapes B
and C securities. Currently, the per
share rebate for adding liquidity across
all tapes in Order Delivery Mode for
securities executed at one dollar or more
is $0.0027 if ‘‘Executed ADV’’ is equal
to or greater than 60 million, and
$0.0026 if ‘‘Executed ADV’’ is less than
60 million. As set forth in explanatory
endnote number 6 to the Fee Schedule
(which endnote is proposed to be
deleted as no longer necessary),
‘‘Executed ADV’’ means, with respect to
an ETP Holder, ‘‘the number of shares
such ETP Holder has executed on
average per trading day (excluding
partial trading days and securities under
3 This rule change proposes no changes to the fees
and rebates applicable to securities executed in the
Automatic Execution (‘‘Auto Ex’’) mode of order
interaction under NSX Rule 16.2(b)(1).
13 17
VerDate Aug<31>2005
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 parts of such
statements.
Jkt 217001
PO 00000
Frm 00150
Fmt 4703
Sfmt 4703
60377
one dollar) across all tapes on NSX for
the calendar month in which the
executions occurred.’’ The instant filing
proposes to simplify the Fee Schedule
by eliminating the tiered rebate
structure in Order Delivery Mode based
on ‘‘Executed ADV’’ and replacing it
with a flat fee based solely on whether
the security is Tape A, B or C. The
instant filing will affect the calculation
of the ‘‘Executed ADV’’ for the month of
September, 2008. Accordingly, the
‘‘Executed ADV’’ will be calculated
based on the average per trading day
(excluding partial trading days and
securities under one dollar) across all
tapes on NSX for the period beginning
September 1, 2008 and ending
September 22, 2008, the period when
the old Fee Schedule (prior to the
instant modification) was in effect.
Notice will be provided to ETP Holders
respecting the calculation of the
Executed ADV.
The instant rule filing proposes no
changes to the liquidity adding rebates
applicable to securities trading at less
than one dollar in Order Delivery
Mode.4
Elimination of Market Data Revenue
Credit for Tape A Securities in Order
Delivery Mode
With respect to Tape A securities in
Order Delivery Mode, the instant filing
proposes to eliminate the market data
revenue credit in both trades and
quotes. Currently in Order Delivery
Mode, ETP Holders receive a credit of
50% of both trade and quote market
data revenues across all tapes. This
credit is proposed to be eliminated for
all Tape A securities in Order Delivery
Mode, regardless of price.
No Changes to Auto Ex
For purposes of clarity, the proposed
rule change proposes no modifications
to the fees and rebates relating to any
trades in Auto Ex.
Rationale
The Exchange has determined that
these changes are necessary to increase
the revenue of the Exchange and to
adequately fund its regulatory and
general business functions. The
proposed modification is reasonable and
equitably allocated to those ETP Holders
that opt to provide liquidity in Order
Delivery Mode, and is not
discriminatory because ETP Holders are
free to elect whether to send orders in
4 Securities which trade under one dollar in
Order Delivery Mode and which add liquidity
currently receive a rebate of 0.10% of the trade
value, where ‘‘trade value’’ means a dollar amount
equal to the price per share multiplied by the
number of shares executed.
E:\FR\FM\10OCN1.SGM
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]]>Agencies
[Federal Register Volume 73, Number 198 (Friday, October 10, 2008)]
[Notices]
[Pages 60375-60377]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-24119]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58733; File No. SR-Phlx-2008-67]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the NASDAQ OMX PHLX, Inc.
Relating to Clarification Regarding Capitalization-Weighting of Indexes
October 3, 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 29, 2008, the 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. Phlx filed
the 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.
---------------------------------------------------------------------------
\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)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange, pursuant to Section 19(b)(1) of the Act\5\ and Rule
19b-4
[[Page 60376]]
thereunder,\6\ proposes to clarify the methodology used in calculating
capitalization-weighted and modified capitalization-weighted indexes
underlying options listed pursuant to Exchange Rule 1009A(b).
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(1).
\6\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
The text of the proposed rule change is available on the Exchange's
Web site at https://www.phlx.com/regulatory/reg_rulefilings.aspx, the
principal office of the Exchange, 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 Exchange currently lists a number of narrow-based stock index
options pursuant to the listing standards established in section (b) of
Phlx Rule 1009A, Designation of the Index (the ``Generic Listing
Rule''). The Generic Listing Rule includes capitalization-weighting
(including modified capitalization-weighting) as a permissible
component weighting methodology for indexes underlying options listed
pursuant to the Generic Listing Rule. The Exchange would like to
clarify that component last sale prices used to calculate index values
under capitalization-weighting methodology can be either primary
exchange regular-way last sale prices or the regular-way last sale
prices reported on the consolidated tape. A primary exchange last sale
price is generally the last sale price on a trade executed through the
facilities of the exchange where the component maintains its listing. A
consolidated tape last sale price is the last sale price reported under
the appropriate national market system reporting plan, regardless of
where the trade was executed.\7\
---------------------------------------------------------------------------
\7\ Language that was included in the ``Purpose'' section of the
filing to add modified capitalization-weighting as a permissible
weighting methodology for indexes underlying options listed pursuant
to the Generic Listing Rule could be interpreted to permit only
primary exchange last sale prices to be used. See Securities
Exchange Act Release No. 46211 (July 16, 2002), 67 FR 47874 (July
22, 2002) (SR-Phlx-2002-42). This, of course, is not always the best
approach in calculating indexes, since in some cases the
consolidated tape may be a better source for current prices.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposal is consistent with Section
6(b) of the Act\8\ in general, and furthers the objectives of Section
6(b)(5) of the Act\9\ in particular, in that it is designed 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
by clarifying that investors may have access to options listed pursuant
to the Generic Listing Rule that underlie indexes other than those
based exclusively on primary exchange last sale prices.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 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 nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date of this filing, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6)
thereunder.\11\ In addition, Rule 19b-4(f)(6)(iii) \12\ requires a
self-regulatory organization to provide the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least five-
business days prior to the date of filing of the proposed rule change.
The Exchange has satisfied the five-business-day pre-filing
requirement.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
\12\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
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-2008-67 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-2008-67. 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
[[Page 60377]]
you wish to make available publicly. All submissions should refer to
File Number SR-Phlx-2008-67 and should be submitted on or before
October 31, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-24119 Filed 10-9-08; 8:45 am]
BILLING CODE 8011-01-P
