Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Accelerated Approval of Proposed Rule Change To Amend NYSE Arca Equities Rule 5.2(j)(6)(v) in Order To Add the CBOE Volatility Index® (“VIX®”) Futures (“VIX Futures”) to the Definition of Futures Reference Asset, 71082-71083 [E8-27883]

Download as PDF 71082 Federal Register / Vol. 73, No. 227 / Monday, November 24, 2008 / Notices 6(b)(4),6 in particular, in that it is intended to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. The Exchange believes that the proposed credits are reasonable. The proposed credits further the objectives of Regulation NMS by promoting competition and granting fair and equal access to all exchange participants. The Exchange also believes that the proposed changes to the Schedule are equitable in that they apply uniformly to our Users. 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 Exchange 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 The proposed rule change is effective upon filing pursuant to Section 19(b)(3)(A)(ii) of the Act and SEC Rule 19b–4(f)(2) thereunder in that it establishes or changes a due, fee, or other charge imposed on members by the self-regulatory organization. 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: Number SR–NYSEArca–2008–129 on the subject line. SECURITIES AND EXCHANGE COMMISSION Paper Comments [Release No. 34–58968; File No. SR– NYSEArca–2008–111] • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Accelerated Approval of Proposed Rule Change To Amend NYSE Arca Equities Rule All submissions should refer to File 5.2(j)(6)(v) in Order To Add the CBOE Number SR–NYSEArca–2008–129. This Volatility Index (‘‘VIX’’) Futures file number should be included on the (‘‘VIX Futures’’) to the Definition of subject line if e-mail is used. To help the Futures Reference Asset Commission process and review your November 17, 2008. comments more efficiently, please use On October 17, 2008, NYSE Arca, Inc. only one method. The Commission will post all comments on the Commission’s (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed with the Securities and Exchange Internet Web site (http://www.sec.gov/ Commission (‘‘Commission’’) a rules/sro/shtml). Copies of the proposed rule change pursuant to submission, all subsequent Section 19(b)(1) of the Securities amendments, all written statements Exchange Act of 1934 (‘‘Act’’) 1 and Rule with respect to the proposed rule 19b–4 2 thereunder to amend NYSE change that are filed with the Arca Equities Rule 5.2(j)(6)(v) to add the Commission, and all written CBOE Volatility Index (‘‘VIX’’) communications relating to the Futures (‘‘VIX Futures’’) to the proposed rule change between the definition of ‘‘Futures Reference Asset.’’ Commission and any person, other than The proposed rule change was those that may be withheld from the published for comment in the Federal public in accordance with the Register on October 30, 2008 for a 15provisions of 5 U.S.C. 552, will be day comment period.3 The Commission available for inspection and copying in received no comment letters regarding the Commission’s Public Reference the proposal. This order approves the Room, on official business days between proposed rule change. The Commission has previously the hours of 10 a.m. and 3 p.m. Copies approved the listing and trading, of such filing will also be available for pursuant to NYSE Arca Equities Rule inspection and copying at the principal 5.2(j)(6), including listing pursuant to office of the Exchange. All comments received will be posted without change; Rule 19b–4(e) under the Act (‘‘Rule 19b–4(e)’’), of Index-Linked Securities, the Commission does not edit personal which term currently is defined in identifying information from NYSE Arca Equities Rule 5.2(j)(6) to submissions. You should submit only encompass Equity Index-Linked information that you wish to make Securities, Commodity-Linked available publicly. All submissions Securities, Currency-Linked Securities, should refer to File No. SR–NYSEArca– Fixed Income Index-Linked Securities, 2008–129 and should be submitted on Futures-Linked Securities and or before December 15, 2008. Multifactor Index-Linked Securities.4 For the Commission, by the Division of The Exchange proposes to amend NYSE Trading and Markets, pursuant to delegated Arca Equities Rule 5.2(j)(6)(v) to add the authority.7 VIX Futures as an underlying financial instrument of a Futures-Linked Security Florence E. Harmon, and include VIX Futures within the Acting Secretary. definition of a Futures Reference Asset.5 [FR Doc. E8–27882 Filed 11–21–08; 8:45 am] After careful consideration, the BILLING CODE 8011–01–P Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 58855 (October 24, 2008), 73 FR 64647 (‘‘Notice’’). 4 See Securities Exchange Act Release Nos. 56637 (October 10, 2007), 72 FR 58704 (October 16, 2007) (SR–NYSEArca–2007–92) and 57505 (March 14, 2008), 73 FR 15550 (March 24, 2008) (SR– NYSEArca–2008–20). 5 For more details on the VIX and VIX Futures, see Notice, supra note 3. 2 17 sroberts on PROD1PC70 with NOTICES 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 6 15 U.S.C. 78f(b)(4). VerDate Aug<31>2005 19:32 Nov 21, 2008 7 17 Jkt 217001 PO 00000 CFR 200.30–3(a)(12). Frm 00130 Fmt 4703 Sfmt 4703 E:\FR\FM\24NON1.SGM 24NON1 Federal Register / Vol. 73, No. 227 / Monday, November 24, 2008 / Notices 71083 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Acting Secretary. [FR Doc. E8–27883 Filed 11–21–08; 8:45 am] Percent sroberts on PROD1PC70 with NOTICES and regulations thereunder applicable to a national securities exchange 6 and, in particular, the requirements of Section 6 of the Act.7 Specifically, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,8 which requires, among other things, that the rules of a national securities exchange be 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, 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. The Commission notes that it has previously approved NYSE Arca Equities Rule 5.2(j)(6) to list and trade Index-Linked Securities, including Futures-Linked Securities on the Exchange pursuant to Rule 19b–4(e).9 The Exchange represented that any securities it would list and/or trade pursuant to proposed amended NYSE Arca Equities Rule 5.2(j)(6) would continue to comply with all Exchange rules applicable to the listing and trading of Index Linked Securities. Therefore, the Commission does not believe that the proposed rule change raises any novel regulatory issues and hereby approves the proposed rule change. In addition, the Commission finds good cause, pursuant to Section 19(b)(2) of the Act,10 for approving the proposed rule change prior to the thirtieth day after the date of publication of notice in the Federal Register. The Commission believes that accelerating approval of the proposed rule change would facilitate the listing and trading of additional Futures-Linked Securities, offering greater choices to market participants, while still protecting investors. For the reasons discussed above, the Commission does not believe that the proposed rule change raises any new regulatory issues. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,11 that the proposed rule change (SR– NYSEArca2008–111) is hereby approved on an accelerated basis. 6 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 7 15 U.S.C. 78f. 8 15 U.S.C. 78f(b)(5). 9 See, supra, note 4. 10 15 U.S.C. 78s(b)(2). 11 15 U.S.C. 78s(b)(2). VerDate Aug<31>2005 19:32 Nov 21, 2008 Jkt 217001 BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration # 11527 and # 11528] Michigan Disaster # MI–00014 SUMMARY: This is a notice of an Administrative declaration of a disaster for the State of Michigan dated 11/17/ 2008. Incident: Severe Storms and Flooding. Incident Period: 09/12/2008 through 10/14/2008. Effective Date: 11/17/2008. Physical Loan Application Deadline Date: 01/16/2009. Economic Injury (EIDL) Loan Application Deadline Date: 08/17/2009. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the Administrator’s disaster declaration, applications for disaster loans may be filed at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Counties: Kalamazoo. Contiguous Counties: Michigan: Allegan, Barry, Branch, Calhoun, Cass, Saint Joseph, and Van Buren. The Interest Rates are: 12 17 PO 00000 CFR 200.30–3(a)(12). Frm 00131 Fmt 4703 Sfmt 4703 5.250 4.000 The number assigned to this disaster for physical damage is 11527 B and for economic injury is 11528 0. The State which received an EIDL Declaration # is Michigan. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) U.S. Small Business Administration. ACTION: Notice. AGENCY: Homeowners with Credit Available Elsewhere ................................. Homeowners without Credit Available Elsewhere ......................... Businesses with Credit Available Elsewhere ................................. Businesses & Small Agricultural Cooperatives without Credit Available Elsewhere .................. Other (Including Non-Profit Organizations) with Credit Available Elsewhere ................................. Businesses and Non-Profit Organizations without Credit Available Elsewhere ......................... Dated: November 17, 2008. Sandy K. Baruah, Acting Administrator. [FR Doc. E8–27778 Filed 11–21–08; 8:45 am] BILLING CODE 8025–01–P DEPARTMENT OF TRANSPORTATION [Docket No. OST–2007–27407] National Surface Transportation Infrastructure Financing Commission Department of Transportation (DOT). ACTION: Notice of meeting location and time. AGENCY: SUMMARY: This notice lists the location and time of the seventeenth meeting of the National Surface Transportation Infrastructure Financing Commission. FOR FURTHER INFORMATION CONTACT: John V. Wells, Chief Economist, U.S. Department of Transportation, (202) 366–9224, jack.wells@dot.gov. SUPPLEMENTARY INFORMATION: By Federal Register Notice dated March 12, 2007, and in accordance with the requirements of the Federal Advisory Committee Act (‘‘FACA’’) (5 U.S.C. App. 2) and the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (‘‘SAFETEA–LU’’) (Pub. L. 109–59, 119 Stat. 1144), the U.S. Department of Transportation (the ‘‘Department’’) issued a notice of intent to form the National Surface Transportation Infrastructure Financing Percent Commission (the ‘‘Financing Commission’’). Section 11142(a) of 5.750 SAFETEA–LU established the National Surface Transportation Infrastructure 2.875 Financing Commission and charged it 8.000 with analyzing future highway and transit needs and the finances of the Highway Trust Fund and with making 4.000 recommendations regarding alternative approaches to financing surface transportation infrastructure. E:\FR\FM\24NON1.SGM 24NON1

Agencies

[Federal Register Volume 73, Number 227 (Monday, November 24, 2008)]
[Notices]
[Pages 71082-71083]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-27883]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58968; File No. SR-NYSEArca-2008-111]


Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting 
Accelerated Approval of Proposed Rule Change To Amend NYSE Arca 
Equities Rule 5.2(j)(6)(v) in Order To Add the CBOE Volatility 
Index[reg] (``VIX[reg]'') Futures (``VIX Futures'') to the Definition 
of Futures Reference Asset

November 17, 2008.
    On October 17, 2008, NYSE Arca, Inc. (``NYSE Arca'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') a proposed rule change pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 \2\ 
thereunder to amend NYSE Arca Equities Rule 5.2(j)(6)(v) to add the 
CBOE Volatility Index[reg] (``VIX[reg]'') Futures (``VIX Futures'') to 
the definition of ``Futures Reference Asset.'' The proposed rule change 
was published for comment in the Federal Register on October 30, 2008 
for a 15-day comment period.\3\ The Commission received no comment 
letters regarding the proposal. This order approves the proposed rule 
change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 58855 (October 24, 
2008), 73 FR 64647 (``Notice'').
---------------------------------------------------------------------------

    The Commission has previously approved the listing and trading, 
pursuant to NYSE Arca Equities Rule 5.2(j)(6), including listing 
pursuant to Rule 19b-4(e) under the Act (``Rule 19b-4(e)''), of Index-
Linked Securities, which term currently is defined in NYSE Arca 
Equities Rule 5.2(j)(6) to encompass 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 proposes to amend NYSE Arca 
Equities Rule 5.2(j)(6)(v) to add the VIX Futures as an underlying 
financial instrument of a Futures-Linked Security and include VIX 
Futures within the definition of a Futures Reference Asset.\5\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release Nos. 56637 (October 10, 
2007), 72 FR 58704 (October 16, 2007) (SR-NYSEArca-2007-92) and 
57505 (March 14, 2008), 73 FR 15550 (March 24, 2008) (SR-NYSEArca-
2008-20).
    \5\ For more details on the VIX and VIX Futures, see Notice, 
supra note 3.
---------------------------------------------------------------------------

    After careful consideration, the Commission finds that the proposed 
rule change is consistent with the requirements of the Act and the 
rules

[[Page 71083]]

and regulations thereunder applicable to a national securities exchange 
\6\ and, in particular, the requirements of Section 6 of the Act.\7\ 
Specifically, the Commission finds that the proposed rule change is 
consistent with Section 6(b)(5) of the Act,\8\ which requires, among 
other things, that the rules of a national securities exchange be 
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, 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.
---------------------------------------------------------------------------

    \6\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78f.
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission notes that it has previously approved NYSE Arca 
Equities Rule 5.2(j)(6) to list and trade Index-Linked Securities, 
including Futures-Linked Securities on the Exchange pursuant to Rule 
19b-4(e).\9\ The Exchange represented that any securities it would list 
and/or trade pursuant to proposed amended NYSE Arca Equities Rule 
5.2(j)(6) would continue to comply with all Exchange rules applicable 
to the listing and trading of Index Linked Securities. Therefore, the 
Commission does not believe that the proposed rule change raises any 
novel regulatory issues and hereby approves the proposed rule change.
---------------------------------------------------------------------------

    \9\ See, supra, note 4.
---------------------------------------------------------------------------

    In addition, the Commission finds good cause, pursuant to Section 
19(b)(2) of the Act,\10\ for approving the proposed rule change prior 
to the thirtieth day after the date of publication of notice in the 
Federal Register. The Commission believes that accelerating approval of 
the proposed rule change would facilitate the listing and trading of 
additional Futures-Linked Securities, offering greater choices to 
market participants, while still protecting investors. For the reasons 
discussed above, the Commission does not believe that the proposed rule 
change raises any new regulatory issues.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\11\ that the proposed rule change (SR-NYSEArca2008-111) is hereby 
approved on an accelerated basis.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-27883 Filed 11-21-08; 8:45 am]
BILLING CODE 8011-01-P