Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto Relating to the Adoption of Listing Standards for Managed Trust Securities and the Listing and Trading of Shares of the iShares® Diversified Alternatives Trust, 21041-21046 [E9-10445]
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Federal Register / Vol. 74, No. 86 / Wednesday, May 6, 2009 / Notices
between the hours of 10:00 a.m. to 3:00
p.m. Copies of such filing also will be
available for inspection and copying at
OCC’s principal office and on OCC’s
Web site at https://www.theocc.com/
publications/rules/proposed_changes/
proposed_changes.jsp. 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 No. OCC–2009–08
and should be submitted on or before
May 27, 2009.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act 7 that the
proposed rule change (SR–OCC–2009–
08) be, and it hereby is, approved on an
accelerated basis.8
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.9
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–10448 Filed 5–5–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59835; File No. SR–
NYSEArca–2009–30]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change and Amendment No. 1
Thereto Relating to the Adoption of
Listing Standards for Managed Trust
Securities and the Listing and Trading
of Shares of the iShares® Diversified
Alternatives Trust
April 28, 2009.
mstockstill on PROD1PC66 with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (‘‘Act’’
or ‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that,
on April 9, 2009, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or ‘‘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.
On April 24, 2009, the Exchange filed
Amendment No. 1 to the proposed rule
change. The Commission is publishing
7 15
U.S.C. 78s(b)(2).
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).
9 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
8 In
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18:36 May 05, 2009
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this notice to solicit comments on the
proposed rule change, as amended, from
interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange, through its wholly
owned subsidiary NYSE Arca Equities,
Inc. (‘‘NYSE Arca Equities’’ or
‘‘Corporation’’), proposes new NYSE
Arca Equities Rule 8.700 (‘‘Managed
Trust Securities’’). The Exchange also
proposes to list and trade shares
(‘‘Shares’’) of the iShares® Diversified
Alternatives Trust (‘‘Trust’’) pursuant to
this rule. The Exchange also proposes to
amend NYSE Arca Equities Rule 7.34
and its Listing Fees to add references to
proposed NYSE Arca Equities Rule
8.700. The text of the proposed rule
change is available on the Exchange’s
Web site at https://www.nyse.com, at the
Exchange’s principal office and at the
Commission’s Public Reference Room.3
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 Exchange proposes new NYSE
Arca Equities Rule 8.700 for the purpose
of permitting the listing and trading, or
trading pursuant to unlisted trading
privileges (‘‘UTP’’) of Managed Trust
Securities issued by a trust that is a
commodity pool as defined in the
Commodity Exchange Act (‘‘CEA’’) and
regulations thereunder, and that is
managed by a commodity pool operator
(‘‘CPO’’) registered with the Commodity
Futures Trading Commission (‘‘CFTC’’)
and registered under the Securities Act
of 1933, as amended. The trust would
hold long and/or short positions in
3 E-mail from Sudhir Bhattacharyya, Vice
President—Legal, NYSE Euronext, to Edward Y.
Cho, Special Counsel, Division of Trading and
Markets, Commission, dated April 21, 2009
(‘‘Exchange Confirmation’’).
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Frm 00143
Fmt 4703
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21041
exchange traded futures and/or currency
forward contracts as selected by the
trust’s advisor consistent with the trust’s
objectives, which would only include
exchange traded futures contracts
involving commodities, currencies,
stock indices, fixed income indices,
interest rates and sovereign, private and
mortgage or asset backed debt
instruments as disclosed in the trust’s
prospectus, as such may be amended
from time to time. In addition, such
shares would be issuable and
redeemable continuously in specified
aggregate amounts at net asset value
(‘‘NAV’’).4 The Exchange also proposes
to amend NYSE Arca Equities Rule 7.34
(Trading Sessions) to reference
securities described in proposed Rule
8.700 in Rule 7.34(a)(3)(A) relating to
hours of the Exchange’s Core Trading
Session, in Rule 7.34(a)(4)(A) relating to
trading halts for trading pursuant to
UTP during the Exchange’s Opening
Session, and in Rule 7.34(a)(5) relating
to trading halts when the NAV and/or
‘‘Disclosed Portfolio’’ is not being
disseminated to all market participants
at the same time.5 In addition, the
Exchange proposes to amend its listing
fees by incorporating the securities
described in proposed Rule 8.700 in the
term ‘‘Derivative Securities Products.’’
Pursuant to this proposed rule
change, the Exchange proposes to list
and trade the Shares of the Trust. The
4 The Commission has previously approved NYSE
Arca Equities rules to list and trade products based
on or related to commodities. See Securities
Exchange Act Release No. 57838 (May 20, 2008), 73
FR 30649 (May 28, 2008) (SR–NYSEArca–2008–09)
(approving new NYSE Arca Equities Rule 8.204
‘‘Commodity Futures Trust Shares’’ for to list and
trade the AirShares EU Carbon Allowances Fund);
Securities Exchange Act Release No. 54025 (June
21, 2006), 71 FR 36856 (June 28, 2006) (SR–
NYSEArca–2006–12) (approving new NYSE Arca
Equities Rule 8.203 ‘‘Commodity-Indexed Trust
Shares’’ for trading pursuant to UTP the iShares
GSCI Commodity-Indexed Trust); Securities
Exchange Act Release No. 51067 (January 21, 2005),
70 FR 3952 (January 27, 2005) (SR–PCX–2004–132)
(approving new NYSE Arca Equities Rule 8.201
‘‘Commodity-Based Trust Shares’’ for trading
pursuant to UTP the iShares COMEX Gold Trust);
Securities Exchange Act Release No. 56041 (July 11,
2007), 72 FR 39114 (July 17, 2007) (SR–NYSEArca–
2007–43) (approving listing of shares of iShares
COMEX Gold Trust pursuant to NYSE Arca Equities
Rule 8.201); Securities Exchange Act Release No.
53875 (May 25, 2006), 71 FR 32164 (June 2, 2006)
(SR–NYSEArca–2006–11) (approving new NYSE
Arca Equities Rule 8.300 ‘‘Partnership Shares’’ for
trading pursuant to UTP the United States Oil
Fund, LP); Securities Exchange Act Release No.
53736 (April 27, 2006), 71 FR 26582 (May 5, 2006)
(SR–PCX–2006–22) (approving new Commentary
.02 to NYSE Arca Equities Rule 8.200 ‘‘Investment
Shares’’ for trading pursuant to UTP the DB
Commodity Index Tracking Fund); Securities
Exchange Act Release No. 58162 (July 15, 2008), 73
FR 42391 (July 21, 2008) (SR–NYSEArca–2008–73)
(approving new NYSE Arca Equities Rule 8.200
‘‘Trust Issued Receipts’’).
5 See Exchange Confirmation, supra note 3.
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Federal Register / Vol. 74, No. 86 / Wednesday, May 6, 2009 / Notices
Shares represent ownership of a
fractional undivided beneficial interest
in the net assets of the Trust. The Trust
will be a commodity pool, as defined in
the CEA and the applicable rules of the
CFTC, and will be formed as a Delaware
statutory trust.6 Barclays Global
Investors International, Inc., a Delaware
corporation and an indirect subsidiary
of Barclays Bank PLC, will serve as
Sponsor of the Trust. The Sponsor has
been registered under the CEA since
October 13, 2005. The Sponsor will
serve as the CPO of the Trust. The
Sponsor is registered as a CPO under the
CEA and is a member of the National
Futures Association (‘‘NFA’’).
The Shares will conform to the initial
and continued listing criteria under
proposed Rule 8.700.
The Trust is required to comply with
Rule 10A–3 under the Act for the initial
and continued listing of the Shares.7
Proposed Listing Rules
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Proposed Definition. Proposed Rule
8.700(c)(1) defines a ‘‘Managed Trust
Security’’ as a security that is registered
under the Securities Act of 1933, as
amended (a) is issued by a trust that (i)
is a commodity pool as defined in the
CEA and regulations thereunder, and
that is managed by a CPO registered
with the CFTC, and (ii) holds long and/
or short positions in exchange-traded
futures contracts and/or currency
forward contracts selected by the trust’s
advisor consistent with the trust’s
investment objectives,8 which would
6 The Trust is not an investment company
registered under the Investment Company Act of
1940, according to the Registration Statement on
Form S–1 for the Trust, which was filed with the
Commission on August 20, 2008 (File No. 333–
153099) (‘‘Registration Statement’’). The
information in this proposed rule change is based
upon representations in the Registration Statement.
7 17 CFR 240.10A–3. Rule 10A–3(e)(3) provides
that, in the case of a listed limited partnership or
limited liability company where such entity does
not have a board of directors or equivalent body,
the term ‘‘board of directors’’ means the board of
directors of the managing general partner, managing
member or equivalent body. The Trust itself has no
employees or board of directors and its operations
are conducted by the Trustee, subject to the
direction of the Sponsor. Accordingly, the Trust has
designated a committee of the board of directors of
the Sponsor to act as the audit committee of the
Trust for Rule 10A–3 purposes. The Sponsor’s role
under the governing documents of the Trust makes
the Sponsor analogous to the managing member of
a limited liability company. The Exchange believes
it is reasonable to interpret Rule 10A–3(e)(3) as
permitting a trust to utilize a committee of the
board of directors of its sponsor as the trust’s audit
committee for purposes of compliance with Rule
10A–3, provided that the sponsor’s role with
respect to the trust is analogous to the relationship
between a managing member and a limited liability
company.
8 It should be noted that the trust holdings will
be actively managed in accordance with the trust’s
investment objectives; therefore, products listed
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18:36 May 05, 2009
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only include exchange-traded futures
contracts involving commodities,
currencies, stock indices, fixed income
indices, interest rates and sovereign,
private and mortgage or asset backed
debt instruments 9 and/or forward
contracts on specified currencies, as
disclosed in the trust’s prospectus as
such may be amended from time to time
(b) is issued and redeemed continuously
in specified aggregate amounts at the
next applicable net asset value.
Proposed Rule 8.700(c)(2) defines
‘‘Disclosed Portfolio’’ as the identities
and quantities of the assets held by the
trust that will form the basis for the
trust’s calculation of the net asset value
at the end of the business day. Proposed
Rule 8.700(c)(3) defines ‘‘Intraday
Indicative Value’’ as the estimated
indicative value of a Managed Trust
Security based on current information
regarding the value of the assets in the
Disclosed Portfolio. Finally, Proposed
Rule 8.700(c)(4) defines ‘‘Reporting
Authority’’ as, in respect of a particular
series of Managed Trust Security, the
Corporation,10 an institution, or a
reporting or information service
designated by the trust or the
Corporation or by the exchange that lists
a particular series of Managed Trust
Security (if the Corporation is trading
such series pursuant to unlisted trading
privileges) as the official source for
calculating and reporting information
relating to such series, including, but
not limited to, the (i) Intraday Indicative
Value, (ii) the Disclosed Portfolio, (iii)
the amount of any cash distribution to
holders of Managed Trust Security, (iv)
net asset value, or (v) other information
relating to the issuance, redemption, or
trading of Managed Trust Security. A
series of Managed Trust Security may
have more than one Reporting
Authority, each having different
functions.
Designation. Proposed Rule 8.700(d)
provides that the Corporation 11 may
trade, either by listing or pursuant to
UTP, Managed Trust Securities that are
based on an underlying portfolio of
exchange-traded futures and/or
currency forward contracts. Each issue
of Managed Trust Securities would be
designated as a separate trust or series
under proposed Rule 8.700 are ineligible for listing
under any other existing Exchange rule (e.g., Rules
8.203 and 8.204).
9 E-mail from Sudhir Bhattacharyya, Vice
President–Legal, NYSE Euronext, to Edward Y. Cho,
Special Counsel, Division of Trading and Markets,
Commission, dated April 8, 2009 (confirming that
the trust may only hold exchange-traded futures
contracts on sovereign, private, and mortgage- or
asset-backed debt and not the debt itself).
10 See Exchange Confirmation, supra note 3.
11 See id.
PO 00000
Frm 00144
Fmt 4703
Sfmt 4703
and would be identified by a unique
symbol.
Proposed Initial and Continued
Listing Criteria. The Managed Trust
Securities will be subject to the criteria
for listing and trading set forth in
proposed Rule 8.700(e).
Proposed Rule 8.700(e)(1) provides
that each series of Managed Trust
Securities will be listed and traded on
the Corporation subject to application of
the initial listing criteria. Proposed Rule
8.700(e)(1)(A) provides that the
Corporation 12 will establish a minimum
number of Managed Trust Securities
that will be required to be outstanding
at the time of commencement of trading.
In addition, proposed Rule
8.700(e)(1)(B) provides that the
Corporation 13 will obtain a
representation from the issuer of each
series of Managed Trust Securities that
the net asset value for the series will be
calculated daily and that the net asset
value and Disclosed Portfolio will be
made available to all market
participants at the same time.14
Proposed Rule 8.700(e)(2) provides
that each series of Managed Trust
Securities will be listed and traded
subject to application of the following
continued listing criteria: (1) The
Intraday Indicative Value for Managed
Trust Securities will be widely
disseminated by one or more major
market data vendors at least every 15
seconds during the time when the
Managed Trust Securities trade on the
Corporation; (2) the Disclosed Portfolio
will be disseminated at least once daily
and will be made available to all market
participants at the same time; 15 and (3)
the Reporting Authority that provides
the Disclosed Portfolio must implement
and maintain, or be subject to,
procedures designed to prevent the use
and dissemination of material, nonpublic information regarding the actual
components of the portfolio.
The proposed continued listing
criteria in proposed Rule 8.700(e)(2)(C)
provides for the suspension of trading in
or removal from listing of the Managed
Trust Securities under any of the
following circumstances:
• If, following the initial twelve (12)
month period beginning upon the
commencement of trading of the Shares:
(a) the trust has fewer than 50,000
Shares issued and outstanding; or (b) if
the market value of all Shares is less
than $1,000,000; or (c) if there are fewer
than 50 record and/or beneficial holders
12 See
id.
id.
14 See id.
15 See id.
13 See
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of the Shares for 30 consecutive trading
days; or
• If the Intraday Indicative Value for
the trust is no longer calculated or
available or the Disclosed Portfolio is
not made available to all market
participants at the same time;
• If the trust issuing the Managed
Trust Securities has failed to file any
filings required by the Commission or if
the Corporation is aware that the trust
is not in compliance with the conditions
of any exemptive order or no-action
relief granted by the Commission to the
trust with respect to the series of
Managed Trust Securities; or
• If such other event shall occur or
condition exists which in the opinion of
the Corporation 16 makes further
dealings on the Exchange inadvisable.
Proposed Rule 8.700(e)(2)(D) provides
that, if the Intraday Indicative Value of
a series of Managed Trust Securities is
not being disseminated as required, the
Corporation may halt trading during the
day in which the interruption to the
dissemination of the Intraday Indicative
Value occurs. If the interruption to the
dissemination of the Intraday Indicative
Value persists past the trading day in
which it occurred, the Corporation will
halt trading no later than the beginning
of the trading day following the
interruption. If a series of Managed
Fund Shares is trading on the
Corporation pursuant to UTP, the
Corporation will halt trading in that
series as specified in NYSE Arca
Equities Rule 7.34(a), as proposed to be
amended. In addition, if the Exchange
becomes aware that the NAV or the
Disclosed Portfolio with respect to a
series of Managed Fund Shares is not
disseminated to all market participants
at the same time, it will halt trading in
such series until such time as the NAV
or the Disclosed Portfolio is available to
all market participants.
Proposed Rule 8.700(e)(2)(E) provides
that the Corporation will remove the
Managed Trust Securities from listing
upon termination of the trust.17
Proposed Rule 8.700(e)(3) provides
that the term of a trust is as stated in the
trust’s prospectus, but that the trust may
be terminated earlier as may be
specified in the prospectus.
Proposed Rule 8.700(e)(4) sets forth
proposed requirements for the trustee of
a trust: (i) The trustee of a trust must be
a trust company or banking institution
having substantial capital and surplus
and the experience and facilities for
handling corporate trust business. In
cases where, for any reason, an
individual has been appointed as
16 See
17 See
id.
id.
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18:36 May 05, 2009
Jkt 217001
trustee, a qualified trust company or
banking institution must be appointed
co-trustee, and (ii) no change is to be
made in the trustee of a listed issue
without prior notice to and approval of
the Corporation.
Proposed Rule 8.700(e)(5) provides
that voting rights will be as set forth in
the applicable trust prospectus.
Proposed Rule 8.700(f) sets forth
certain restrictions on ETP Holders
acting as registered Market Makers in
Managed Trust Securities to facilitate
surveillance. Proposed Rule 8.700(f)(2)–
(3) requires that the ETP Holder acting
as a registered Market Maker in the
Managed Trust Securities provide the
Corporation with necessary information
relating to its trading in the underlying
commodity or applicable currency,
related futures or options on futures, or
any other related derivatives.18
Proposed Rule 8.700(f)(4) prohibits the
ETP Holder acting as a registered Market
Maker in the Managed Trust Securities
from using any material nonpublic
information received from any person
associated with an ETP Holder or
employee of such person regarding
trading by such person or employee in
the underlying commodity or applicable
currency, related futures or options on
futures or any other related derivative
(including the Managed Trust
Securities).19 In addition, Proposed Rule
8.700(f)(1) prohibits the ETP Holder
acting as a registered Market Maker in
the Managed Trust Securities from being
affiliated with a market maker in the
underlying commodity or applicable
currency, related futures or options on
futures or any other related derivative
unless adequate information barriers are
in place, as provided in Rule 7.26.20
Proposed Rule 8.700(g) relates to the
Corporation’s21 limitation of liability.
Proposed Rule 8.700(h) specifically
provides that the Corporation22 will file
separate proposals under Section 19(b)
of the Securities Exchange Act of 193423
before listing and trading separate and
distinct Managed Trust Securities.
Proposed Commentary .01 to Rule
8.700 requires ETP Holders to provide
all purchasers of newly issued Managed
Trust Securities with a prospectus.
Proposed Commentary .02 to Rule 8.700
provides that trading in the Managed
Trust Securities will occur during the
trading hours specified in NYSE Arca
Equities Rule 7.34. Proposed
Commentary .03 to Rule 8.700 provides
18 See
id.
id.
20 See id.
21 See id.
22 See id.
23 15 U.S.C. 78s(b).
19 See
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21043
that the Corporation’s rules governing
the trading of equity securities apply.
Proposed Commentary .04 to Rule 8.700
provides that the Corporation will
implement written surveillance
procedures for Managed Trust
Securities. Lastly, proposed
Commentary .05 to new Rule 8.700
provides that, if the trust’s advisor is
affiliated with a broker-dealer, the
broker-dealer shall erect a ‘‘fire wall’’
around the personnel who have access
to information concerning changes and
adjustments to the Disclosed Portfolio.
In addition, proposed Commentary .05
further requires that personnel who
make decisions on the trust’s portfolio
composition must be subject to
procedures designed to prevent the use
and dissemination of material nonpublic information regarding the trust’s
portfolio.
Amendments to NYSE Arca Equities
Rule 7.34
The Exchange proposes to amend
Rule 7.34(a)(3) to add Managed Trust
Securities to the list of securities for
which the Core Trading Session on the
Exchange concludes at 1:15 p.m., Pacific
Time. In addition, Managed Trust
Securities would be included under
‘‘Derivative Securities Products’’ for
purposes of Rule 7.34(a)(4) relating to
trading halts for trading pursuant to
UTP of Derivative Securities Products
on the Exchange. The Exchange also
proposes to amend Rule 7.34(a)(4) to
correct the punctuation at the end of the
provision. Further, the Exchange
proposed to amend Rule 7.34(a)(5) to
add Managed Trust Securities to the list
of securities for which a trading halt
will occur when the NAV and/or
‘‘Disclosed Portfolio’’ is not being
disseminated to all market participants
at the same time.24
Amendments to Listing Fees
The Exchange proposes to add
Managed Trust Securities to the
securities included under the term
‘‘Derivative Securities Products’’ in note
3 of the NYSE Arca Equities listing fee
schedule.
Description of the Trust
Barclays Global Investors, N.A., an
affiliate of the Sponsor or a successor
trustee, will be the trustee (the
‘‘Trustee’’) of the Trust. The Trust will
be governed by the trust agreement (the
‘‘Trust Agreement’’) among the Sponsor,
the Trustee and the Delaware Trustee.25
24 See
Exchange Confirmation, supra note 3.
Trust Company, a Delaware
banking corporation, will serve as the Delaware
Trustee of the Trust. The Delaware Trustee will not
25 Wilmington
Continued
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The Trust Agreement will set out the
rights of the registered holders of the
Shares and the rights and obligations of
the Sponsor, the Trustee and the
Delaware Trustee. The Trustee will be
responsible for the day-to-day
administration of the Trust, including
(1) processing orders for the creation
and redemption of Baskets and (2)
calculating the net asset value of the
Trust on each Business Day. The
Trustee will have the authority to
delegate some of its responsibilities
under the Trust Agreement to a Trust
Administrator or agent. Initially, State
Street Bank & Trust Company, a banking
corporation organized under the laws of
Massachusetts, will serve as the Trust
Administrator. The Trustee will
delegate the valuation of certain assets
of the Trust for the purposes of the daily
calculation of the net asset value of the
Trust and the remainder of its day-today administrative responsibilities to
the Trust Administrator.26
Barclays Global Fund Advisors (the
‘‘Advisor’’) will serve as the commodity
trading advisor (‘‘CTA’’) of the Trust.
The CTA has been registered with the
CFTC as a CTA since April 5, 1993, and
is a member of the National Futures
Association in such capacity.
According to the Registration
Statement, the investment objective of
the Trust will be to maximize absolute
returns from its portfolio of (i)
exchange-traded futures contracts
involving commodities, currencies,
certain eligible stock and/or bond
indices, interest rates and sovereign,
private and mortgage- or asset-backed
debt instruments 27 and/or (ii) certain
currency forward contracts in the top 25
most liquid or actively traded currencies
measured by turnover in the most recent
BIS Central Bank Survey, each as
disclosed in the Trust’s prospectus as
such may be amended from time to
time, while seeking to reduce the risks
and volatility inherent in those
investments by taking long and short
positions in historically correlated
assets. The Trust will also earn interest
on the assets used to collateralize its
trading positions. The return on assets
in the portfolio, if any, is not intended
to track the performance of any index or
other benchmark. There is no assurance
be entitled to exercise any of the powers, or have
any of the duties or responsibilities, of the Trustee.
The Delaware Trustee will be a trustee of the Trust
for the sole and limited purpose of fulfilling the
requirements of the Delaware Statutory Trust Act.
26 Terms relating to operation of the Trust,
referred to, but not defined herein, are defined in
the Registration Statement.
27 See supra note 9.
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18:36 May 05, 2009
Jkt 217001
that the Trust will achieve its
investment objectives.
At the discretion of the Advisor, the
Trust may enter into certain currency
forward contracts of the variety
described in the prospectus.
At the discretion of the Advisor, the
Trust may engage in trading activities
with respect to various exchange-traded
futures contracts involving
commodities, currencies, certain eligible
stock and/or bond indices, interest rates
and sovereign, private and mortgage- or
asset-backed debt instruments 28 as
described further in the Registration
Statement.
Description of the Shares
The Trust will create and redeem
Shares from time to time, but only by
authorized participants in one or more
baskets, with each basket constituting a
block of not less than 25,000 Shares.
Additional information regarding the
Trust and the Shares, including creation
and redemption procedures, risks, fees
and expenses and procedural matters
related to the Shares is included in the
Registration Statement.
A minimum of 100,000 Shares will be
required to be outstanding at the start of
trading.
Dissemination and Availability of
Information About the Underlying
Assets and the Shares
The Web site for the Trust at https://
www.iShares.com, which is publicly
accessible at no charge, will contain the
following information: (1) The prior
business day’s NAV per Share 29 and the
reported closing price; (2) the mid-point
of the bid-ask price in relation to the
NAV per Share as of the time the NAV
is calculated (‘‘Bid-Ask Price’’); 30 (3)
calculation of the premium or discount
of such price against such NAV per
Share; (4) data in chart form displaying
the frequency distribution of discounts
and premiums of the Bid-Ask Price
against the NAV per Share, within
appropriate ranges for each of the four
(4) previous calendar quarters; (5) the
prospectus and the most recent periodic
reports filed with the SEC or required by
the CFTC; 31 and (6) other applicable
quantitative information.
28 See
id.
most recent end-of-day NAV of the Trust
and NAV per Share will be published by the
Sponsor as of 4 p.m. ET on Reuters and/or
Bloomberg and on the Trust’s Web site at https://
www.iShares.com. The end-of-day NAV per Share
will also be published the following morning on the
consolidated tape.
30 The Bid-Ask Price of Shares is determined
using the highest bid and lowest offer as of the time
of calculation of the NAV per Share.
31 Monthly account statements conforming to
applicable CFTC and NFA requirements are posted
29 The
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Fmt 4703
Sfmt 4703
The Trust’s portfolio holdings (i.e.
Disclosed Portfolio) will be disclosed on
the Trust’s Web site daily at https://
www.iShares.com. The Trust has
informed the Exchange that Web site
disclosure of portfolio holdings will be
made daily and will include, as
applicable, the name identifier and
number of each futures contract, the
amount and currency type of each
forward contract and amount of cash
held in the portfolio of the Trust. The
portfolio holdings will be disclosed to
all market participants via the Trust’s
Web site at the same time.
As noted above, the Trust’s NAV will
be calculated and disseminated daily.32
The Exchange will disseminate for the
Trust on a daily basis by means of
Consolidated Tape Association CQ High
Speed Lines information with respect to
the recent Trust NAV, Shares
outstanding and the Basket amount. The
Exchange will also make available on its
Web site daily trading volume, closing
prices and the Trust’s NAV per Share.
Pricing for futures contracts are
available from the relevant exchange on
which such futures contracts trade and
pricing for forward contracts are
available from major market data
vendors.
The Intraday Indicative Value will be
widely disseminated by one or more
major market data vendors at least every
15 seconds during the time the Shares
trade on the Exchange.
Information regarding market price
and volume of the Shares is and will be
continually available on a real-time
basis throughout the day on brokers’
computer screens and other electronic
services. The previous day’s closing
price and trading volume information
will be published daily in the financial
section of newspapers. Quotation and
last sale information for the Shares will
be available via the Consolidated Tape
Association high-speed line.
The current trading price per Share
will be published continuously as trades
occur throughout each trading day on
the consolidated tape, Reuters and/or
Bloomberg.
Trading Halts
With respect to trading halts, the
Exchange may consider all relevant
factors in exercising its discretion to
on the Trust’s Web site at https://www.iShares.com.
Additional reports may be posted on the Trust’s
Web site in the discretion of the Sponsor or as
required by regulatory authorities.
32 The Exchange will obtain a representation from
the Trust that the net asset value per share for the
Shares will be calculated daily and that the net
asset value and the Disclosed Portfolio will be made
available to all market participants at the same time.
E:\FR\FM\06MYN1.SGM
06MYN1
Federal Register / Vol. 74, No. 86 / Wednesday, May 6, 2009 / Notices
halt or suspend trading in the Shares.33
Trading in the Shares will be halted if
the circuit breaker parameters under
NYSE Arca Equities Rule 7.12 are
reached. Trading may also be halted
because of market conditions or for
reasons that, in the view of the
Exchange, make trading in the Shares
inadvisable. These may include: (1) The
extent to which trading is not occurring
in the underlying futures contracts, or
(2) whether other unusual conditions or
circumstances detrimental to the
maintenance of a fair and orderly
market are present. Trading in the
Shares will be subject to proposed
NYSE Arca Equities Rule 8.700(e)(2)(D),
which sets forth circumstances under
which trading in the Shares may be
halted.
If a series of Managed Trust Securities
is trading on the Corporation pursuant
to UTP, the Corporation will halt
trading in that series as specified in
Rule 7.34(a). In addition, if the
Exchange becomes aware that the net
asset value with respect to a series of
Managed Trust Securities is not
disseminated to all market participants
at the same time, it will halt trading in
such series until such time as the net
asset value is available to all market
participants.
Trading Rules
Under proposed Rule 8.700(b),
Managed Trust Securities are included
within the Exchange’s definition of
‘‘securities.’’ The Exchange deems the
Shares to be equity securities, thus
rendering trading in the Shares subject
to the Exchange’s existing rules
governing the trading of equity
securities. Proposed Commentary .02 to
Rule 8.700 provides that transactions in
Managed Trust Securities will occur
during the trading hours specified in
Rule 7.34. Therefore, in accordance with
Rule 7.34, the Shares will trade on the
NYSE Arca Marketplace from 4 a.m. to
8 p.m. ET. The Exchange has
appropriate rules to facilitate
transactions in the Shares during all
trading sessions.
mstockstill on PROD1PC66 with NOTICES
Surveillance
The Exchange intends to utilize its
existing surveillance procedures
applicable to derivative products (which
will include Managed Trust Securities)
to monitor trading in the Shares. The
Exchange represents that these
procedures are adequate to properly
monitor Exchange trading of the Shares
in all trading sessions and to deter and
33 See Commentary .04 to NYSE Arca Equities
Rule 7.12.
VerDate Nov<24>2008
18:36 May 05, 2009
Jkt 217001
detect violations of Exchange rules and
applicable federal securities laws.
The Exchange’s current trading
surveillance focuses on detecting
securities trading outside their normal
patterns. When such situations are
detected, surveillance analysis follows
and investigations are opened, where
appropriate, to review the behavior of
all relevant parties for all relevant
trading violations.
The Exchange may obtain information
via the Intermarket Surveillance Group
(‘‘ISG’’) from other exchanges who are
members of the ISG.34 In addition, the
Exchange has an Information Sharing
Agreement in place with New York
Mercantile Exchange (‘‘NYMEX’’), the
Kansas City Board of Trade (‘‘KBOT’’),
ICE Futures and the London Metal
Exchange (‘‘LME’’) for the purpose of
providing information in connection
with trading in or related to futures
contracts traded on NYMEX, KBOT, ICE
Futures and LME. In addition, for
components traded on exchanges, not
more than 10% of the weight of the
Trust’s portfolio in the aggregate shall
consist of components whose principal
trading market is not a member of ISG
or is a market with which the Exchange
does not have a comprehensive
surveillance sharing agreement.
In addition, the Exchange also has a
general policy prohibiting the
distribution of material, non-public
information by its employees.
Information Bulletin
Prior to the commencement of
trading, the Exchange will inform its
ETP Holders in an Information Bulletin
(‘‘Bulletin’’) of the special
characteristics and risks associated with
trading the Shares. Specifically, the
Bulletin will discuss the following: (1)
The procedures for purchases and
redemptions of Shares in Baskets (and
that Shares are not individually
redeemable); (2) Rule 9.2(a), which
imposes a duty of due diligence on its
ETP Holders to learn the essential facts
relating to every customer prior to
trading the Shares; (3) the requirement
that ETP Holders deliver a prospectus to
investors purchasing newly issued
Shares prior to or concurrently with the
confirmation of a transaction; (4) the
risks involved in trading the Shares
during the Opening and Late Trading
Sessions when an updated Intraday
Indicative Value 35 will not be
34 For a list of current members and affiliate
members of ISG, see https://www.isgportal.org. The
Exchange notes that not all of the components of
the Trust may trade on exchanges that are currently
members or affiliate members of ISG.
35 See Exchange Confirmation, supra note 3.
PO 00000
Frm 00147
Fmt 4703
Sfmt 4703
21045
calculated or publicly disseminated;
and (5) trading information.
In addition, the Bulletin will
reference that the Trust is subject to
various fees and expenses described in
the relevant registration statement.
The Bulletin will also reference the
fact that there is no regulated source of
last sale information regarding physical
commodities and many of the asset
classes that the Trust may hold, that the
Commission has no jurisdiction over the
trading of certain futures contracts.
The Bulletin will also discuss any
exemptive, no-action and interpretive
relief granted by the Commission from
any rules under the Act.
The Bulletin will also disclose that
the NAV for the Shares will be
calculated after 4:00 p.m. ET each
trading day.
2. Statutory Basis
The basis under the Exchange Act for
this proposed rule change is the
requirement under Section 6(b)(5),36 in
particular, that an exchange have rules
that are designed to prevent fraudulent
and manipulative acts and practices, to
promote just and equitable principles of
trade, to remove impediments to, and
perfect the mechanism of a free and
open market and, in general, to protect
investors and the public interest. The
Exchange believes that the proposal to
list and trade the Shares of the Trust
will facilitate the listing and trading of
additional types of exchange-traded
products that will enhance competition
among market participants, to the
benefit of investors and the
marketplace.37 In addition, the listing
and trading criteria set forth in the
proposed rules are intended to protect
investors and the public interest.
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
36 15
U.S.C. 78f(b)(5).
Exchange Confirmation, supra note 3.
37 See
E:\FR\FM\06MYN1.SGM
06MYN1
21046
Federal Register / Vol. 74, No. 86 / Wednesday, May 6, 2009 / Notices
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:
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–2009–30 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2009–30. 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
VerDate Nov<24>2008
18:36 May 05, 2009
Jkt 217001
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–2009–30 and
should be submitted on or before May
27, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.38
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–10445 Filed 5–5–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59843; File No. SR–
NASDAQ–2009–035]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify Fees
for Members Using the NASDAQ
Market Center
April 29, 2009.
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 April 14,
2009, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by NASDAQ. Pursuant to
Section 19(b)(3)(A)(ii) of the Act 3 and
Rule 19b–4(f)(2) thereunder,4 NASDAQ
has designated this proposal as
establishing or changing a due, fee, or
other charge, which renders the
proposed rule change effective upon
filing.
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 the Substance
of the Proposed Rule Change
NASDAQ proposes to modify pricing
for NASDAQ members using the Nasdaq
Market Center. This proposed rule
change, which is effective upon filing,
will become operative on April 15,
2009. The text of the proposed rule
change is available at https://
38 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
nasdaqomx.cchwallstreet.com/, at
NASDAQ’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,
NASDAQ included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below.
NASDAQ has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
NASDAQ is modifying its pricing for
order execution and routing of equities.
As detailed below, NASDAQ is
establishing two fee schedules for the
month of April, the first is applicable
from April 1 through April 14 and the
second from April 15 to April 30. The
effect of the fee changes will vary with
respect to the listing venue of the
securities being traded and whether a
member is accessing or providing
liquidity or routing an order.
Fee Schedule Applicable From April
1 through April 14. For the first half of
April, NASDAQ will charge the same
‘‘per transaction’’ fees and offer the
same ‘‘per transaction’’ credits that were
approved [sic] 5 and put into effect prior
to April 1 through the filing of SR–
NASDAQ–2009–029. NASDAQ will
modify the fee schedule by reducing the
levels of market activity at which
members qualify for reduced ‘‘per
transaction’’ pricing. For firms that meet
the reduced market activity
requirements, this will result in an
effective reduction of transaction-based
prices. For firms that do not meet the
reduced market activity requirements,
there will be no change in fees.
As always, NASDAQ calculates
market activity levels on a monthly
basis at the end of each month.
Therefore, although NASDAQ is not
changing the transaction-based fees and
rebates for the first half of April and the
firms’ market activity for this period
have already been fixed, firms can still
affect their average market activity
1 15
PO 00000
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Fmt 4703
Sfmt 4703
5 The Commission does not approve proposed
rule changes filed pursuant to Section 19(b)(3)(A)
of the Act.
E:\FR\FM\06MYN1.SGM
06MYN1
]]>Agencies
[Federal Register Volume 74, Number 86 (Wednesday, May 6, 2009)]
[Notices]
[Pages 21041-21046]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-10445]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59835; File No. SR-NYSEArca-2009-30]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change and Amendment No. 1 Thereto Relating to the
Adoption of Listing Standards for Managed Trust Securities and the
Listing and Trading of Shares of the iShares[supreg] Diversified
Alternatives Trust
April 28, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that, on April 9, 2009, NYSE Arca, Inc. (``NYSE Arca''
or ``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. On April
24, 2009, the Exchange filed Amendment No. 1 to the proposed rule
change. The Commission is publishing this notice to solicit comments on
the proposed rule change, as amended, from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange, through its wholly owned subsidiary NYSE Arca
Equities, Inc. (``NYSE Arca Equities'' or ``Corporation''), proposes
new NYSE Arca Equities Rule 8.700 (``Managed Trust Securities''). The
Exchange also proposes to list and trade shares (``Shares'') of the
iShares[supreg] Diversified Alternatives Trust (``Trust'') pursuant to
this rule. The Exchange also proposes to amend NYSE Arca Equities Rule
7.34 and its Listing Fees to add references to proposed NYSE Arca
Equities Rule 8.700. The text of the proposed rule change is available
on the Exchange's Web site at https://www.nyse.com, at the Exchange's
principal office and at the Commission's Public Reference Room.\3\
---------------------------------------------------------------------------
\3\ E-mail from Sudhir Bhattacharyya, Vice President--Legal,
NYSE Euronext, to Edward Y. Cho, Special Counsel, Division of
Trading and Markets, Commission, dated April 21, 2009 (``Exchange
Confirmation'').
---------------------------------------------------------------------------
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 Exchange proposes new NYSE Arca Equities Rule 8.700 for the
purpose of permitting the listing and trading, or trading pursuant to
unlisted trading privileges (``UTP'') of Managed Trust Securities
issued by a trust that is a commodity pool as defined in the Commodity
Exchange Act (``CEA'') and regulations thereunder, and that is managed
by a commodity pool operator (``CPO'') registered with the Commodity
Futures Trading Commission (``CFTC'') and registered under the
Securities Act of 1933, as amended. The trust would hold long and/or
short positions in exchange traded futures and/or currency forward
contracts as selected by the trust's advisor consistent with the
trust's objectives, which would only include exchange traded futures
contracts involving commodities, currencies, stock indices, fixed
income indices, interest rates and sovereign, private and mortgage or
asset backed debt instruments as disclosed in the trust's prospectus,
as such may be amended from time to time. In addition, such shares
would be issuable and redeemable continuously in specified aggregate
amounts at net asset value (``NAV'').\4\ The Exchange also proposes to
amend NYSE Arca Equities Rule 7.34 (Trading Sessions) to reference
securities described in proposed Rule 8.700 in Rule 7.34(a)(3)(A)
relating to hours of the Exchange's Core Trading Session, in Rule
7.34(a)(4)(A) relating to trading halts for trading pursuant to UTP
during the Exchange's Opening Session, and in Rule 7.34(a)(5) relating
to trading halts when the NAV and/or ``Disclosed Portfolio'' is not
being disseminated to all market participants at the same time.\5\ In
addition, the Exchange proposes to amend its listing fees by
incorporating the securities described in proposed Rule 8.700 in the
term ``Derivative Securities Products.''
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\4\ The Commission has previously approved NYSE Arca Equities
rules to list and trade products based on or related to commodities.
See Securities Exchange Act Release No. 57838 (May 20, 2008), 73 FR
30649 (May 28, 2008) (SR-NYSEArca-2008-09) (approving new NYSE Arca
Equities Rule 8.204 ``Commodity Futures Trust Shares'' for to list
and trade the AirShares EU Carbon Allowances Fund); Securities
Exchange Act Release No. 54025 (June 21, 2006), 71 FR 36856 (June
28, 2006) (SR-NYSEArca-2006-12) (approving new NYSE Arca Equities
Rule 8.203 ``Commodity-Indexed Trust Shares'' for trading pursuant
to UTP the iShares GSCI Commodity-Indexed Trust); Securities
Exchange Act Release No. 51067 (January 21, 2005), 70 FR 3952
(January 27, 2005) (SR-PCX-2004-132) (approving new NYSE Arca
Equities Rule 8.201 ``Commodity-Based Trust Shares'' for trading
pursuant to UTP the iShares COMEX Gold Trust); Securities Exchange
Act Release No. 56041 (July 11, 2007), 72 FR 39114 (July 17, 2007)
(SR-NYSEArca-2007-43) (approving listing of shares of iShares COMEX
Gold Trust pursuant to NYSE Arca Equities Rule 8.201); Securities
Exchange Act Release No. 53875 (May 25, 2006), 71 FR 32164 (June 2,
2006) (SR-NYSEArca-2006-11) (approving new NYSE Arca Equities Rule
8.300 ``Partnership Shares'' for trading pursuant to UTP the United
States Oil Fund, LP); Securities Exchange Act Release No. 53736
(April 27, 2006), 71 FR 26582 (May 5, 2006) (SR-PCX-2006-22)
(approving new Commentary .02 to NYSE Arca Equities Rule 8.200
``Investment Shares'' for trading pursuant to UTP the DB Commodity
Index Tracking Fund); Securities Exchange Act Release No. 58162
(July 15, 2008), 73 FR 42391 (July 21, 2008) (SR-NYSEArca-2008-73)
(approving new NYSE Arca Equities Rule 8.200 ``Trust Issued
Receipts'').
\5\ See Exchange Confirmation, supra note 3.
---------------------------------------------------------------------------
Pursuant to this proposed rule change, the Exchange proposes to
list and trade the Shares of the Trust. The
[[Page 21042]]
Shares represent ownership of a fractional undivided beneficial
interest in the net assets of the Trust. The Trust will be a commodity
pool, as defined in the CEA and the applicable rules of the CFTC, and
will be formed as a Delaware statutory trust.\6\ Barclays Global
Investors International, Inc., a Delaware corporation and an indirect
subsidiary of Barclays Bank PLC, will serve as Sponsor of the Trust.
The Sponsor has been registered under the CEA since October 13, 2005.
The Sponsor will serve as the CPO of the Trust. The Sponsor is
registered as a CPO under the CEA and is a member of the National
Futures Association (``NFA'').
---------------------------------------------------------------------------
\6\ The Trust is not an investment company registered under the
Investment Company Act of 1940, according to the Registration
Statement on Form S-1 for the Trust, which was filed with the
Commission on August 20, 2008 (File No. 333-153099) (``Registration
Statement''). The information in this proposed rule change is based
upon representations in the Registration Statement.
---------------------------------------------------------------------------
The Shares will conform to the initial and continued listing
criteria under proposed Rule 8.700.
The Trust is required to comply with Rule 10A-3 under the Act for
the initial and continued listing of the Shares.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 240.10A-3. Rule 10A-3(e)(3) provides that, in the
case of a listed limited partnership or limited liability company
where such entity does not have a board of directors or equivalent
body, the term ``board of directors'' means the board of directors
of the managing general partner, managing member or equivalent body.
The Trust itself has no employees or board of directors and its
operations are conducted by the Trustee, subject to the direction of
the Sponsor. Accordingly, the Trust has designated a committee of
the board of directors of the Sponsor to act as the audit committee
of the Trust for Rule 10A-3 purposes. The Sponsor's role under the
governing documents of the Trust makes the Sponsor analogous to the
managing member of a limited liability company. The Exchange
believes it is reasonable to interpret Rule 10A-3(e)(3) as
permitting a trust to utilize a committee of the board of directors
of its sponsor as the trust's audit committee for purposes of
compliance with Rule 10A-3, provided that the sponsor's role with
respect to the trust is analogous to the relationship between a
managing member and a limited liability company.
---------------------------------------------------------------------------
Proposed Listing Rules
Proposed Definition. Proposed Rule 8.700(c)(1) defines a ``Managed
Trust Security'' as a security that is registered under the Securities
Act of 1933, as amended (a) is issued by a trust that (i) is a
commodity pool as defined in the CEA and regulations thereunder, and
that is managed by a CPO registered with the CFTC, and (ii) holds long
and/or short positions in exchange-traded futures contracts and/or
currency forward contracts selected by the trust's advisor consistent
with the trust's investment objectives,\8\ which would only include
exchange-traded futures contracts involving commodities, currencies,
stock indices, fixed income indices, interest rates and sovereign,
private and mortgage or asset backed debt instruments \9\ and/or
forward contracts on specified currencies, as disclosed in the trust's
prospectus as such may be amended from time to time (b) is issued and
redeemed continuously in specified aggregate amounts at the next
applicable net asset value.
---------------------------------------------------------------------------
\8\ It should be noted that the trust holdings will be actively
managed in accordance with the trust's investment objectives;
therefore, products listed under proposed Rule 8.700 are ineligible
for listing under any other existing Exchange rule (e.g., Rules
8.203 and 8.204).
\9\ E-mail from Sudhir Bhattacharyya, Vice President-Legal, NYSE
Euronext, to Edward Y. Cho, Special Counsel, Division of Trading and
Markets, Commission, dated April 8, 2009 (confirming that the trust
may only hold exchange-traded futures contracts on sovereign,
private, and mortgage- or asset-backed debt and not the debt
itself).
---------------------------------------------------------------------------
Proposed Rule 8.700(c)(2) defines ``Disclosed Portfolio'' as the
identities and quantities of the assets held by the trust that will
form the basis for the trust's calculation of the net asset value at
the end of the business day. Proposed Rule 8.700(c)(3) defines
``Intraday Indicative Value'' as the estimated indicative value of a
Managed Trust Security based on current information regarding the value
of the assets in the Disclosed Portfolio. Finally, Proposed Rule
8.700(c)(4) defines ``Reporting Authority'' as, in respect of a
particular series of Managed Trust Security, the Corporation,\10\ an
institution, or a reporting or information service designated by the
trust or the Corporation or by the exchange that lists a particular
series of Managed Trust Security (if the Corporation is trading such
series pursuant to unlisted trading privileges) as the official source
for calculating and reporting information relating to such series,
including, but not limited to, the (i) Intraday Indicative Value, (ii)
the Disclosed Portfolio, (iii) the amount of any cash distribution to
holders of Managed Trust Security, (iv) net asset value, or (v) other
information relating to the issuance, redemption, or trading of Managed
Trust Security. A series of Managed Trust Security may have more than
one Reporting Authority, each having different functions.
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\10\ See Exchange Confirmation, supra note 3.
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Designation. Proposed Rule 8.700(d) provides that the Corporation
\11\ may trade, either by listing or pursuant to UTP, Managed Trust
Securities that are based on an underlying portfolio of exchange-traded
futures and/or currency forward contracts. Each issue of Managed Trust
Securities would be designated as a separate trust or series and would
be identified by a unique symbol.
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\11\ See id.
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Proposed Initial and Continued Listing Criteria. The Managed Trust
Securities will be subject to the criteria for listing and trading set
forth in proposed Rule 8.700(e).
Proposed Rule 8.700(e)(1) provides that each series of Managed
Trust Securities will be listed and traded on the Corporation subject
to application of the initial listing criteria. Proposed Rule
8.700(e)(1)(A) provides that the Corporation \12\ will establish a
minimum number of Managed Trust Securities that will be required to be
outstanding at the time of commencement of trading. In addition,
proposed Rule 8.700(e)(1)(B) provides that the Corporation \13\ will
obtain a representation from the issuer of each series of Managed Trust
Securities that the net asset value for the series will be calculated
daily and that the net asset value and Disclosed Portfolio will be made
available to all market participants at the same time.\14\
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\12\ See id.
\13\ See id.
\14\ See id.
---------------------------------------------------------------------------
Proposed Rule 8.700(e)(2) provides that each series of Managed
Trust Securities will be listed and traded subject to application of
the following continued listing criteria: (1) The Intraday Indicative
Value for Managed Trust Securities will be widely disseminated by one
or more major market data vendors at least every 15 seconds during the
time when the Managed Trust Securities trade on the Corporation; (2)
the Disclosed Portfolio will be disseminated at least once daily and
will be made available to all market participants at the same time;
\15\ and (3) the Reporting Authority that provides the Disclosed
Portfolio must implement and maintain, or be subject to, procedures
designed to prevent the use and dissemination of material, non-public
information regarding the actual components of the portfolio.
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\15\ See id.
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The proposed continued listing criteria in proposed Rule
8.700(e)(2)(C) provides for the suspension of trading in or removal
from listing of the Managed Trust Securities under any of the following
circumstances:
If, following the initial twelve (12) month period
beginning upon the commencement of trading of the Shares: (a) the trust
has fewer than 50,000 Shares issued and outstanding; or (b) if the
market value of all Shares is less than $1,000,000; or (c) if there are
fewer than 50 record and/or beneficial holders
[[Page 21043]]
of the Shares for 30 consecutive trading days; or
If the Intraday Indicative Value for the trust is no
longer calculated or available or the Disclosed Portfolio is not made
available to all market participants at the same time;
If the trust issuing the Managed Trust Securities has
failed to file any filings required by the Commission or if the
Corporation is aware that the trust is not in compliance with the
conditions of any exemptive order or no-action relief granted by the
Commission to the trust with respect to the series of Managed Trust
Securities; or
If such other event shall occur or condition exists which
in the opinion of the Corporation \16\ makes further dealings on the
Exchange inadvisable.
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\16\ See id.
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Proposed Rule 8.700(e)(2)(D) provides that, if the Intraday
Indicative Value of a series of Managed Trust Securities is not being
disseminated as required, the Corporation may halt trading during the
day in which the interruption to the dissemination of the Intraday
Indicative Value occurs. If the interruption to the dissemination of
the Intraday Indicative Value persists past the trading day in which it
occurred, the Corporation will halt trading no later than the beginning
of the trading day following the interruption. If a series of Managed
Fund Shares is trading on the Corporation pursuant to UTP, the
Corporation will halt trading in that series as specified in NYSE Arca
Equities Rule 7.34(a), as proposed to be amended. In addition, if the
Exchange becomes aware that the NAV or the Disclosed Portfolio with
respect to a series of Managed Fund Shares is not disseminated to all
market participants at the same time, it will halt trading in such
series until such time as the NAV or the Disclosed Portfolio is
available to all market participants.
Proposed Rule 8.700(e)(2)(E) provides that the Corporation will
remove the Managed Trust Securities from listing upon termination of
the trust.\17\
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\17\ See id.
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Proposed Rule 8.700(e)(3) provides that the term of a trust is as
stated in the trust's prospectus, but that the trust may be terminated
earlier as may be specified in the prospectus.
Proposed Rule 8.700(e)(4) sets forth proposed requirements for the
trustee of a trust: (i) The trustee of a trust must be a trust company
or banking institution having substantial capital and surplus and the
experience and facilities for handling corporate trust business. In
cases where, for any reason, an individual has been appointed as
trustee, a qualified trust company or banking institution must be
appointed co-trustee, and (ii) no change is to be made in the trustee
of a listed issue without prior notice to and approval of the
Corporation.
Proposed Rule 8.700(e)(5) provides that voting rights will be as
set forth in the applicable trust prospectus.
Proposed Rule 8.700(f) sets forth certain restrictions on ETP
Holders acting as registered Market Makers in Managed Trust Securities
to facilitate surveillance. Proposed Rule 8.700(f)(2)-(3) requires that
the ETP Holder acting as a registered Market Maker in the Managed Trust
Securities provide the Corporation with necessary information relating
to its trading in the underlying commodity or applicable currency,
related futures or options on futures, or any other related
derivatives.\18\ Proposed Rule 8.700(f)(4) prohibits the ETP Holder
acting as a registered Market Maker in the Managed Trust Securities
from using any material nonpublic information received from any person
associated with an ETP Holder or employee of such person regarding
trading by such person or employee in the underlying commodity or
applicable currency, related futures or options on futures or any other
related derivative (including the Managed Trust Securities).\19\ In
addition, Proposed Rule 8.700(f)(1) prohibits the ETP Holder acting as
a registered Market Maker in the Managed Trust Securities from being
affiliated with a market maker in the underlying commodity or
applicable currency, related futures or options on futures or any other
related derivative unless adequate information barriers are in place,
as provided in Rule 7.26.\20\
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\18\ See id.
\19\ See id.
\20\ See id.
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Proposed Rule 8.700(g) relates to the Corporation's\21\ limitation
of liability. Proposed Rule 8.700(h) specifically provides that the
Corporation\22\ will file separate proposals under Section 19(b) of the
Securities Exchange Act of 1934\23\ before listing and trading separate
and distinct Managed Trust Securities.
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\21\ See id.
\22\ See id.
\23\ 15 U.S.C. 78s(b).
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Proposed Commentary .01 to Rule 8.700 requires ETP Holders to
provide all purchasers of newly issued Managed Trust Securities with a
prospectus. Proposed Commentary .02 to Rule 8.700 provides that trading
in the Managed Trust Securities will occur during the trading hours
specified in NYSE Arca Equities Rule 7.34. Proposed Commentary .03 to
Rule 8.700 provides that the Corporation's rules governing the trading
of equity securities apply. Proposed Commentary .04 to Rule 8.700
provides that the Corporation will implement written surveillance
procedures for Managed Trust Securities. Lastly, proposed Commentary
.05 to new Rule 8.700 provides that, if the trust's advisor is
affiliated with a broker-dealer, the broker-dealer shall erect a ``fire
wall'' around the personnel who have access to information concerning
changes and adjustments to the Disclosed Portfolio. In addition,
proposed Commentary .05 further requires that personnel who make
decisions on the trust's portfolio composition must be subject to
procedures designed to prevent the use and dissemination of material
non-public information regarding the trust's portfolio.
Amendments to NYSE Arca Equities Rule 7.34
The Exchange proposes to amend Rule 7.34(a)(3) to add Managed Trust
Securities to the list of securities for which the Core Trading Session
on the Exchange concludes at 1:15 p.m., Pacific Time. In addition,
Managed Trust Securities would be included under ``Derivative
Securities Products'' for purposes of Rule 7.34(a)(4) relating to
trading halts for trading pursuant to UTP of Derivative Securities
Products on the Exchange. The Exchange also proposes to amend Rule
7.34(a)(4) to correct the punctuation at the end of the provision.
Further, the Exchange proposed to amend Rule 7.34(a)(5) to add Managed
Trust Securities to the list of securities for which a trading halt
will occur when the NAV and/or ``Disclosed Portfolio'' is not being
disseminated to all market participants at the same time.\24\
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\24\ See Exchange Confirmation, supra note 3.
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Amendments to Listing Fees
The Exchange proposes to add Managed Trust Securities to the
securities included under the term ``Derivative Securities Products''
in note 3 of the NYSE Arca Equities listing fee schedule.
Description of the Trust
Barclays Global Investors, N.A., an affiliate of the Sponsor or a
successor trustee, will be the trustee (the ``Trustee'') of the Trust.
The Trust will be governed by the trust agreement (the ``Trust
Agreement'') among the Sponsor, the Trustee and the Delaware
Trustee.\25\
[[Page 21044]]
The Trust Agreement will set out the rights of the registered holders
of the Shares and the rights and obligations of the Sponsor, the
Trustee and the Delaware Trustee. The Trustee will be responsible for
the day-to-day administration of the Trust, including (1) processing
orders for the creation and redemption of Baskets and (2) calculating
the net asset value of the Trust on each Business Day. The Trustee will
have the authority to delegate some of its responsibilities under the
Trust Agreement to a Trust Administrator or agent. Initially, State
Street Bank & Trust Company, a banking corporation organized under the
laws of Massachusetts, will serve as the Trust Administrator. The
Trustee will delegate the valuation of certain assets of the Trust for
the purposes of the daily calculation of the net asset value of the
Trust and the remainder of its day-to-day administrative
responsibilities to the Trust Administrator.\26\
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\25\ Wilmington Trust Company, a Delaware banking corporation,
will serve as the Delaware Trustee of the Trust. The Delaware
Trustee will not be entitled to exercise any of the powers, or have
any of the duties or responsibilities, of the Trustee. The Delaware
Trustee will be a trustee of the Trust for the sole and limited
purpose of fulfilling the requirements of the Delaware Statutory
Trust Act.
\26\ Terms relating to operation of the Trust, referred to, but
not defined herein, are defined in the Registration Statement.
---------------------------------------------------------------------------
Barclays Global Fund Advisors (the ``Advisor'') will serve as the
commodity trading advisor (``CTA'') of the Trust. The CTA has been
registered with the CFTC as a CTA since April 5, 1993, and is a member
of the National Futures Association in such capacity.
According to the Registration Statement, the investment objective
of the Trust will be to maximize absolute returns from its portfolio of
(i) exchange-traded futures contracts involving commodities,
currencies, certain eligible stock and/or bond indices, interest rates
and sovereign, private and mortgage- or asset-backed debt instruments
\27\ and/or (ii) certain currency forward contracts in the top 25 most
liquid or actively traded currencies measured by turnover in the most
recent BIS Central Bank Survey, each as disclosed in the Trust's
prospectus as such may be amended from time to time, while seeking to
reduce the risks and volatility inherent in those investments by taking
long and short positions in historically correlated assets. The Trust
will also earn interest on the assets used to collateralize its trading
positions. The return on assets in the portfolio, if any, is not
intended to track the performance of any index or other benchmark.
There is no assurance that the Trust will achieve its investment
objectives.
---------------------------------------------------------------------------
\27\ See supra note 9.
---------------------------------------------------------------------------
At the discretion of the Advisor, the Trust may enter into certain
currency forward contracts of the variety described in the prospectus.
At the discretion of the Advisor, the Trust may engage in trading
activities with respect to various exchange-traded futures contracts
involving commodities, currencies, certain eligible stock and/or bond
indices, interest rates and sovereign, private and mortgage- or asset-
backed debt instruments \28\ as described further in the Registration
Statement.
---------------------------------------------------------------------------
\28\ See id.
---------------------------------------------------------------------------
Description of the Shares
The Trust will create and redeem Shares from time to time, but only
by authorized participants in one or more baskets, with each basket
constituting a block of not less than 25,000 Shares. Additional
information regarding the Trust and the Shares, including creation and
redemption procedures, risks, fees and expenses and procedural matters
related to the Shares is included in the Registration Statement.
A minimum of 100,000 Shares will be required to be outstanding at
the start of trading.
Dissemination and Availability of Information About the Underlying
Assets and the Shares
The Web site for the Trust at https://www.iShares.com, which is
publicly accessible at no charge, will contain the following
information: (1) The prior business day's NAV per Share \29\ and the
reported closing price; (2) the mid-point of the bid-ask price in
relation to the NAV per Share as of the time the NAV is calculated
(``Bid-Ask Price''); \30\ (3) calculation of the premium or discount of
such price against such NAV per Share; (4) data in chart form
displaying the frequency distribution of discounts and premiums of the
Bid-Ask Price against the NAV per Share, within appropriate ranges for
each of the four (4) previous calendar quarters; (5) the prospectus and
the most recent periodic reports filed with the SEC or required by the
CFTC; \31\ and (6) other applicable quantitative information.
---------------------------------------------------------------------------
\29\ The most recent end-of-day NAV of the Trust and NAV per
Share will be published by the Sponsor as of 4 p.m. ET on Reuters
and/or Bloomberg and on the Trust's Web site at https://www.iShares.com. The end-of-day NAV per Share will also be published
the following morning on the consolidated tape.
\30\ The Bid-Ask Price of Shares is determined using the highest
bid and lowest offer as of the time of calculation of the NAV per
Share.
\31\ Monthly account statements conforming to applicable CFTC
and NFA requirements are posted on the Trust's Web site at https://www.iShares.com. Additional reports may be posted on the Trust's Web
site in the discretion of the Sponsor or as required by regulatory
authorities.
---------------------------------------------------------------------------
The Trust's portfolio holdings (i.e. Disclosed Portfolio) will be
disclosed on the Trust's Web site daily at https://www.iShares.com. The
Trust has informed the Exchange that Web site disclosure of portfolio
holdings will be made daily and will include, as applicable, the name
identifier and number of each futures contract, the amount and currency
type of each forward contract and amount of cash held in the portfolio
of the Trust. The portfolio holdings will be disclosed to all market
participants via the Trust's Web site at the same time.
As noted above, the Trust's NAV will be calculated and disseminated
daily.\32\ The Exchange will disseminate for the Trust on a daily basis
by means of Consolidated Tape Association CQ High Speed Lines
information with respect to the recent Trust NAV, Shares outstanding
and the Basket amount. The Exchange will also make available on its Web
site daily trading volume, closing prices and the Trust's NAV per
Share.
---------------------------------------------------------------------------
\32\ The Exchange will obtain a representation from the Trust
that the net asset value per share for the Shares will be calculated
daily and that the net asset value and the Disclosed Portfolio will
be made available to all market participants at the same time.
---------------------------------------------------------------------------
Pricing for futures contracts are available from the relevant
exchange on which such futures contracts trade and pricing for forward
contracts are available from major market data vendors.
The Intraday Indicative Value will be widely disseminated by one or
more major market data vendors at least every 15 seconds during the
time the Shares trade on the Exchange.
Information regarding market price and volume of the Shares is and
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services. The
previous day's closing price and trading volume information will be
published daily in the financial section of newspapers. Quotation and
last sale information for the Shares will be available via the
Consolidated Tape Association high-speed line.
The current trading price per Share will be published continuously
as trades occur throughout each trading day on the consolidated tape,
Reuters and/or Bloomberg.
Trading Halts
With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to
[[Page 21045]]
halt or suspend trading in the Shares.\33\ Trading in the Shares will
be halted if the circuit breaker parameters under NYSE Arca Equities
Rule 7.12 are reached. Trading may also be halted because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable. These may include: (1) The extent to
which trading is not occurring in the underlying futures contracts, or
(2) whether other unusual conditions or circumstances detrimental to
the maintenance of a fair and orderly market are present. Trading in
the Shares will be subject to proposed NYSE Arca Equities Rule
8.700(e)(2)(D), which sets forth circumstances under which trading in
the Shares may be halted.
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\33\ See Commentary .04 to NYSE Arca Equities Rule 7.12.
---------------------------------------------------------------------------
If a series of Managed Trust Securities is trading on the
Corporation pursuant to UTP, the Corporation will halt trading in that
series as specified in Rule 7.34(a). In addition, if the Exchange
becomes aware that the net asset value with respect to a series of
Managed Trust Securities is not disseminated to all market participants
at the same time, it will halt trading in such series until such time
as the net asset value is available to all market participants.
Trading Rules
Under proposed Rule 8.700(b), Managed Trust Securities are included
within the Exchange's definition of ``securities.'' The Exchange deems
the Shares to be equity securities, thus rendering trading in the
Shares subject to the Exchange's existing rules governing the trading
of equity securities. Proposed Commentary .02 to Rule 8.700 provides
that transactions in Managed Trust Securities will occur during the
trading hours specified in Rule 7.34. Therefore, in accordance with
Rule 7.34, the Shares will trade on the NYSE Arca Marketplace from 4
a.m. to 8 p.m. ET. The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions.
Surveillance
The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products (which will include
Managed Trust Securities) to monitor trading in the Shares. The
Exchange represents that these procedures are adequate to properly
monitor Exchange trading of the Shares in all trading sessions and to
deter and detect violations of Exchange rules and applicable federal
securities laws.
The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. When such situations
are detected, surveillance analysis follows and investigations are
opened, where appropriate, to review the behavior of all relevant
parties for all relevant trading violations.
The Exchange may obtain information via the Intermarket
Surveillance Group (``ISG'') from other exchanges who are members of
the ISG.\34\ In addition, the Exchange has an Information Sharing
Agreement in place with New York Mercantile Exchange (``NYMEX''), the
Kansas City Board of Trade (``KBOT''), ICE Futures and the London Metal
Exchange (``LME'') for the purpose of providing information in
connection with trading in or related to futures contracts traded on
NYMEX, KBOT, ICE Futures and LME. In addition, for components traded on
exchanges, not more than 10% of the weight of the Trust's portfolio in
the aggregate shall consist of components whose principal trading
market is not a member of ISG or is a market with which the Exchange
does not have a comprehensive surveillance sharing agreement.
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\34\ For a list of current members and affiliate members of ISG,
see https://www.isgportal.org. The Exchange notes that not all of the
components of the Trust may trade on exchanges that are currently
members or affiliate members of ISG.
---------------------------------------------------------------------------
In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin (``Bulletin'') of the special
characteristics and risks associated with trading the Shares.
Specifically, the Bulletin will discuss the following: (1) The
procedures for purchases and redemptions of Shares in Baskets (and that
Shares are not individually redeemable); (2) Rule 9.2(a), which imposes
a duty of due diligence on its ETP Holders to learn the essential facts
relating to every customer prior to trading the Shares; (3) the
requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; (4) the risks involved in trading the
Shares during the Opening and Late Trading Sessions when an updated
Intraday Indicative Value \35\ will not be calculated or publicly
disseminated; and (5) trading information.
---------------------------------------------------------------------------
\35\ See Exchange Confirmation, supra note 3.
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In addition, the Bulletin will reference that the Trust is subject
to various fees and expenses described in the relevant registration
statement.
The Bulletin will also reference the fact that there is no
regulated source of last sale information regarding physical
commodities and many of the asset classes that the Trust may hold, that
the Commission has no jurisdiction over the trading of certain futures
contracts.
The Bulletin will also discuss any exemptive, no-action and
interpretive relief granted by the Commission from any rules under the
Act.
The Bulletin will also disclose that the NAV for the Shares will be
calculated after 4:00 p.m. ET each trading day.
2. Statutory Basis
The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5),\36\ in particular, that an
exchange have rules that are designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediments to, and perfect the
mechanism of a free and open market and, in general, to protect
investors and the public interest. The Exchange believes that the
proposal to list and trade the Shares of the Trust will facilitate the
listing and trading of additional types of exchange-traded products
that will enhance competition among market participants, to the benefit
of investors and the marketplace.\37\ In addition, the listing and
trading criteria set forth in the proposed rules are intended to
protect investors and the public interest.
---------------------------------------------------------------------------
\36\ 15 U.S.C. 78f(b)(5).
\37\ See Exchange Confirmation, supra note 3.
---------------------------------------------------------------------------
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
[[Page 21046]]
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-2009-30 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2009-30. 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-2009-30 and should
be submitted on or before May 27, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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\38\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-10445 Filed 5-5-09; 8:45 am]
BILLING CODE 8010-01-P
