Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Arca, Inc. Amending Exchange Rule 6.39-Securities Accounts of Market Makers, 67243-67244 [E8-26885]

Download as PDF Federal Register / Vol. 73, No. 220 / Thursday, November 13, 2008 / Notices 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 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Florence E. Harmon, Acting Secretary. [FR Doc. E8–26894 Filed 11–12–08; 8:45 am] 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: BILLING CODE 8011–01–P Electronic Comments Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Arca, Inc. Amending Exchange Rule 6.39—Securities Accounts of Market Makers mstockstill on PROD1PC66 with NOTICES • 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–NYSE–2008–105 on the subject line. 17:13 Nov 12, 2008 Jkt 217001 of the most significant parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58899; File No. SR– NYSEArca–2008–116] November 5, 2008. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Paper Comments notice is hereby given that, on • Send paper comments in triplicate November 3, 2008, NYSE Arca, Inc. to Secretary, Securities and Exchange (‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed Commission, 100 F Street, NE., with the Securities and Exchange Washington, DC 20549–1090. Commission (the ‘‘Commission’’) the proposed rule change as described in All submissions should refer to File Items I, II, and III below, which Items Number SR–NYSE–2008–105. This file have been prepared by the selfnumber should be included on the subject line if e-mail is used. To help the regulatory organization. The Commission is publishing this notice to Commission process and review your solicit comments on the proposed rule comments more efficiently, please use change from interested persons. only one method. The Commission will post all comments on the Commission’s I. Self-Regulatory Organization’s Statement of the Terms of Substance of Internet Web site (http://www.sec.gov/ the Proposed Rule Change rules/sro.shtml). Copies of the submission, all subsequent The Exchange proposes to amend amendments, all written statements Exchange Rule 6.39—Securities with respect to the proposed rule Accounts of Market Makers. The text of change that are filed with the the proposed rule change is attached as Commission, and all written Exhibit 5, is available on the Exchange’s communications relating to the Web site at www.nyse.com, at the proposed rule change between the Exchange’s principal office and at the Commission and any person, other than Commission’s Public Reference Room. those that may be withheld from the II. Self-Regulatory Organization’s public in accordance with the Statement of the Purpose of, and provisions of 5 U.S.C. 552, will be Statutory Basis for, the Proposed Rule available for inspection and copying in Change the Commission’s Public Reference In its filing with the Commission, the Room, on official business days between self-regulatory organization included the hours of 10 a.m. and 3 p.m. Copies statements concerning the purpose of, of the filing also will be available for and basis for, the proposed rule change inspection and copying at the principal and discussed any comments it received office of the Exchange. All comments received will be posted without change; on the proposed rule change. The text of those statements may be examined at the Commission does not edit personal the places specified in Item IV below. identifying information from The Exchange has prepared summaries, submissions. You should submit only set forth in sections A, B, and C below, information that you wish to make available publicly. All submissions 15 17 CFR 200.30–3(a)(12). should refer to File Number SR–NYSE– 1 15 U.S.C. 78s(b)(1). 2008–105 and should be submitted on 2 15 U.S.C. 78a. or before December 4, 2008. 3 17 CFR 240.19b–4. VerDate Aug<31>2005 67243 PO 00000 Frm 00126 Fmt 4703 Sfmt 4703 The purpose of this filing is to amend Rule 6.39 by modifying the terms under which a clearing firm reports trade information to the Exchange on behalf of a Market Maker. Presently, with respect to transactions to be cleared into all accounts carried for Market Makers, each clearing firm shall, on the business day following order entry date report to the Exchange every executed order entered by the Market Maker for the purchase or sale of a security underlying options traded on the Exchange, as well as opening and closing positions in all such securities held in each account. The Exchange does, on occasion, find the need to review Market Maker order records in conjunction with an investigation, inquiries regarding a specific trade, or a routine examination. However, since this is not information that the Exchange typically uses on a daily basis, there is no need for the Exchange to collect such information, on a daily basis. Requiring this information to be reported on a daily basis, instead of ‘‘upon request’’ creates an unnecessary burden on Market Makers, clearing firms and the Exchange alike. The Exchange hereby proposes to amend Rule 6.39 by removing the obligation for a clearing firm to report such trades on a daily basis, and instead require the firms to report such trades only upon request of the Exchange. Supplying the Exchange with trade information, when requested instead of on a daily basis, is consistent with the requirements at both the International Securities Exchange (‘‘ISE’’) 4 and the Boston Options Exchange (‘‘BOX’’).5 2. Statutory Basis This rule change is designed merely to create a more efficient mechanism for clearing firms to report market maker trade information to the Exchange. NYSE Arca believes that the proposed rule change is consistent with Section 6(b) of the Act 6 in general, and furthers the objectives of Section 6(b)(5) of the Act 7 in particular, because it is 4 See ISE Rule 807(b)—Reports of Orders. BOX Trading Rules Chapter VI Sec. 7(b)— Reports of Orders. 6 15 U.S.C. 78f (b). 7 15 U.S.C. 78f (b)(5). 5 See E:\FR\FM\13NON1.SGM 13NON1 67244 Federal Register / Vol. 73, No. 220 / Thursday, November 13, 2008 / Notices 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. 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. mstockstill on PROD1PC66 with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Pursuant to Section 19(b)(3)(A) 8 of the Act and Rule 19b–4(f)(6) 9 thereunder, NYSE Arca has designated this proposed rule change as one that 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, if consistent with the protection of investors and the public interest. The Exchange provided the Commission with written notice of its intent to file this proposed rule change at least five business days prior to the date of the filing. 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: 8 15 9 17 U.S.C. § 78s(b)(3)(A). CRF 240.19b–4(f)(6). VerDate Aug<31>2005 17:13 Nov 12, 2008 Electronic Comments SMALL BUSINESS ADMINISTRATION • 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–NYSEArca–2008–116 on the subject line. [Disaster Declaration #11469 and #11470] U.S. Small Business Administration. ACTION: Amendment 2. AGENCY: SUMMARY: This is an amendment of the Presidential declaration of a major disaster for the State of Illinois (FEMA– • Send paper comments in triplicate 1800–DR), dated 10/03/2008. to Secretary, Securities and Exchange Incident: Severe storms and flooding. Commission, 100 F Street, NE., Incident Period: 09/13/2008 through 10/05/2008. Washington, DC 20549–1090. Effective Date: 11/03/2008. All submissions should refer to File Physical Loan Application Deadline Number SR–NYSEArca–2008–116. This Date: 12/02/2008. file number should be included on the EIDL Loan Application Deadline Date: subject line if e-mail is used. To help the 07/03/2009. Commission process and review your ADDRESSES: Submit completed loan comments more efficiently, please use applications to : U.S. Small Business only one method. The Commission will Administration, Processing And post all comments on the Commission’s Disbursement Center, 14925 Kingsport Internet Web site (http://www.sec.gov/ Road, Fort Worth, TX 76155. rules/sro.shtml). Copies of the FOR FURTHER INFORMATION CONTACT: A submission, all subsequent Escobar, Office of Disaster Assistance, amendments, all written statements U.S. Small Business Administration, with respect to the proposed rule 409 3rd Street, SW., Suite 6050, change that are filed with the Washington, DC 20416. Commission, and all written SUPPLEMENTARY INFORMATION: The notice communications relating to the of the Presidential disaster declaration proposed rule change between the for the State of Illinois, dated 10/03/ Commission and any person, other than 2008 is hereby amended to include the those that may be withheld from the following areas as adversely affected by the disaster: public in accordance with the provisions of 5 U.S.C. 552, will be Primary Counties: (Physical Damage and available for inspection and copying in Economic Injury Loans): Woodford. the Commission’s Public Reference Contiguous Counties: (Economic Injury Section, 100 F Street, NE., Washington, Loans Only): DC 20549–1090. Copies of the filing will Illinois: McLean, Peoria, Tazewell. also be available for inspection and All other information in the original copying at NYSE Arca’s principal office declaration remains unchanged. and on its Internet Web site at http:// (Catalog of Federal Domestic Assistance www.nyse.com. All comments received Numbers 59002 and 59008) will be posted without change; the Commission does not edit personal Herbert L. Mitchell, identifying information from Associate Administrator for Disaster submissions. You should submit only Assistance. information that you wish to make [FR Doc. E8–26927 Filed 11–12–08; 8:45 am] available publicly. All submissions BILLING CODE 8025–01–P should refer to File Number SR– NYSEArca–2008–116 and should be SMALL BUSINESS ADMINISTRATION submitted on or before December 4, 2008. [Disaster Declaration #11418 and #11419] Paper Comments For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Acting Secretary. [FR Doc. E8–26885 Filed 11–12–08; 8:45 am] BILLING CODE 8011–01–P 10 17 Jkt 217001 Illinois Disaster Number IL–00019 PO 00000 CFR 200.30–3(a)(12). Frm 00127 Fmt 4703 Sfmt 4703 Louisiana Disaster Number LA–00019 U.S. Small Business Administration. ACTION: Amendment 6. AGENCY: SUMMARY: This is an amendment of the Presidential declaration of a major disaster for the State of Louisiana (FEMA–1786–DR), dated 09/02/2008. E:\FR\FM\13NON1.SGM 13NON1

Agencies

[Federal Register Volume 73, Number 220 (Thursday, November 13, 2008)]
[Notices]
[Pages 67243-67244]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-26885]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58899; File No. SR-NYSEArca-2008-116]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by NYSE Arca, Inc. Amending 
Exchange Rule 6.39--Securities Accounts of Market Makers

November 5, 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 November 3, 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Exchange Rule 6.39--Securities 
Accounts of Market Makers. The text of the proposed rule change is 
attached as Exhibit 5, 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this filing is to amend Rule 6.39 by modifying the 
terms under which a clearing firm reports trade information to the 
Exchange on behalf of a Market Maker.
    Presently, with respect to transactions to be cleared into all 
accounts carried for Market Makers, each clearing firm shall, on the 
business day following order entry date report to the Exchange every 
executed order entered by the Market Maker for the purchase or sale of 
a security underlying options traded on the Exchange, as well as 
opening and closing positions in all such securities held in each 
account.
    The Exchange does, on occasion, find the need to review Market 
Maker order records in conjunction with an investigation, inquiries 
regarding a specific trade, or a routine examination. However, since 
this is not information that the Exchange typically uses on a daily 
basis, there is no need for the Exchange to collect such information, 
on a daily basis. Requiring this information to be reported on a daily 
basis, instead of ``upon request'' creates an unnecessary burden on 
Market Makers, clearing firms and the Exchange alike.
    The Exchange hereby proposes to amend Rule 6.39 by removing the 
obligation for a clearing firm to report such trades on a daily basis, 
and instead require the firms to report such trades only upon request 
of the Exchange. Supplying the Exchange with trade information, when 
requested instead of on a daily basis, is consistent with the 
requirements at both the International Securities Exchange (``ISE'') 
\4\ and the Boston Options Exchange (``BOX'').\5\
---------------------------------------------------------------------------

    \4\ See ISE Rule 807(b)--Reports of Orders.
    \5\ See BOX Trading Rules Chapter VI Sec. 7(b)--Reports of 
Orders.
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2. Statutory Basis
    This rule change is designed merely to create a more efficient 
mechanism for clearing firms to report market maker trade information 
to the Exchange. NYSE Arca believes that the proposed rule change is 
consistent with Section 6(b) of the Act \6\ in general, and furthers 
the objectives of Section 6(b)(5) of the Act \7\ in particular, because 
it is

[[Page 67244]]

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.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f (b).
    \7\ 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

    Pursuant to Section 19(b)(3)(A) \8\ of the Act and Rule 19b-4(f)(6) 
\9\ thereunder, NYSE Arca has designated this proposed rule change as 
one that does not:
---------------------------------------------------------------------------

    \8\ 15 U.S.C. Sec.  78s(b)(3)(A).
    \9\ 17 CRF 240.19b-4(f)(6).
---------------------------------------------------------------------------

    (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, if 
consistent with the protection of investors and the public interest.
    The Exchange provided the Commission with written notice of its 
intent to file this proposed rule change at least five business days 
prior to the date of the filing. 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-NYSEArca-2008-116 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-2008-116. 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 (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 Section, 100 F Street, 
NE., Washington, DC 20549-1090. Copies of the filing will also be 
available for inspection and copying at NYSE Arca's principal office 
and on its Internet Web site at http://www.nyse.com. All comments 
received will be posted without change; the Commission does not edit 
personal identifying information from submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSEArca-2008-116 and should 
be submitted on or before December 4, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-26885 Filed 11-12-08; 8:45 am]
BILLING CODE 8011-01-P