Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 6.4 and Adopting Rule 6.4A, 22884-22886 [2010-10031]
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22884
Federal Register / Vol. 75, No. 83 / Friday, April 30, 2010 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 12 and
paragraph (f)(2) of Rule 19b–4 13
thereunder. 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:
business days between the hours of 10
a.m. and 3 p.m. Copies of such filing
also will be available for inspection and
copying at the principal office of 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–Phlx–
2010–62 and should be submitted on or
before May 21, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–10030 Filed 4–29–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–Phlx–2010–62 on the
subject line.
[Release No. 34–61977; File No. SR–
NYSEArca–2010–30]
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–Phlx–2010–62. 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 Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official
April 23, 2010.
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Rule 6.4 and
Adopting Rule 6.4A
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 16,
2010, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
the ‘‘Exchange’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III, below, which Items have been
prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 6.4 and adopt Rule 6.4A to apply
uniform objective standards to the range
of options series exercise (or strike)
prices available for trading on the
Exchange, and to amend Rule 6.4(e) to
delineate the timing for adding new
Long Term Equity Option Series. The
text of the proposed rule change is
attached as Exhibit 5 to the 19b–4 form.
A copy of this filing is available on the
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
12 15
U.S.C. 78s(b)(3)(A)(ii).
13 17 CFR 240.19b–4(f)(2).
VerDate Mar<15>2010
13:41 Apr 29, 2010
1 15
Jkt 220001
PO 00000
Frm 00149
Fmt 4703
Sfmt 4703
Exchange’s Web site at https://
www.nyse.com, at the Exchange’s
principal office, at the Commission’s
Public Reference Room, and on the
Commission’s Web site at https://
www.sec.gov.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of
and basis for the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to amend
Rule 6.4 and adopt Rule 6.4A to apply
uniform objective standards to the range
of options series exercise (or strike)
prices available for trading on the
Exchange, and to amend Rule 6.4(e) to
delineate the timing for adding new
Long Term Equity Option Series.
The Options Listing Procedures Plan
(‘‘OLPP’’) was approved by the
Securities and Exchange Commission
(the ‘‘Commission’’) on July 6, 2001 and
has been amended several times.3 The
OLPP provides procedures for: (i)
Listing and trading new option classes;
(ii) selecting new options series; (iii)
petitioning The Options Clearing
Corporation (‘‘OCC’’) to review the
eligibility, pursuant to the exchanges’
listing standards, of a selected option
class without delaying the trading of
that option class; (iv) determining
operational details for option contracts
adjusted pursuant to OCC By-Laws; (v)
admitting new sponsors; and (vi) losing
eligibility to participate in the OLPP.
This current filing is primarily
concerned with codifying certain
provisions of the OLPP pertaining to
selecting new option series and certain
3 See e.g., Securities Exchange Act Release Nos.
44521 (July 6, 2001), 66 FR 36809 (July 13, 2001)
(order approving OLPP); 58205 (July 22, 2008), 73
FR 43798 (July 28, 2008) (order granting permanent
approval to amendment no. 1 to the OLPP); 58630
(September 24, 2008) 73 FR 57166 (October 1, 2008)
(order granting permanent approval to amendment
no. 2 to the OLPP); and 60531 (August 19, 2009),
74 FR 43173 (August 26, 2009) (order approving
amendment no. 3 to the OLPP).
E:\FR\FM\30APN1.SGM
30APN1
Federal Register / Vol. 75, No. 83 / Friday, April 30, 2010 / Notices
strike setting parameters that have been
adopted under the OLPP. The Exchange
believes that it is helpful to codify select
provisions into NYSE Arca’s rules so
that all applicable rules governing series
selection and applicable strike setting
parameters are located in a single place.
In addition, the Exchange understands
that other Sponsor Exchanges to the
OLPP will be submitting similar filings
to codify portions of the OLPP in their
respective rulebooks. Below the
Exchange briefly describes the
provisions of the OLPP that the
Exchange is proposing to codify into
NYSE Arca’s rules.
impediments to and to perfect the
mechanism for a free and open market
and a national market system and, in
general, to protect investors and the
public interest. The Exchange believes
that codifying certain provisions of the
OLPP, as amended, serves to foster
investor protection.
OLPP Amendments Pertaining to
LEAPS
Amendments 1 and 2 to the OLPP
adopted provisions governing the listing
of Long-Term Equity Option Series
(‘‘LEAPS’’). Amendment 1 provided for
a uniform time frame for the
introduction of new LEAPS on equity
option classes, options on exchange
traded funds (‘‘ETFs’’), or options on
Trust Issued Receipts (‘‘TIRs’’).
Amendment 2 provided for a uniform
minimum volume threshold per
underlying class to qualify for the
introduction of a new expiration year of
LEAPs on equity, ETF and TIR classes.
The Exchange is proposing to codify the
changes made to the OLPP by
Amendments 1 and 2 by amending Rule
6.4(e).
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.
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
Strike Setting Parameters
Amendment 3 to the OLPP adopted
uniform objective standards to the range
of options series exercise (or strike)
prices available for trading on Sponsor
Exchanges to the OLPP as a quote
mitigation strategy. The Exchange is
proposing to codify the changes made to
the OLPP by Amendment 3 by inserting
a reference in Rule 6.4 and by adopting
new Rule 6.4A, Select Provisions of
Options Listing Procedures Plan. The
Exchange is proposing to create a new
rule that can be easily amended in the
future if other amendments to the OLPP
are made which similarly warrant being
codified into NYSE Arca’s rules.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with Section
6(b) 4 of the Securities Exchange Act of
1934 (the ‘‘Act’’), in general, and furthers
the objectives of Section 6(b)(5) 5 in
particular in that it is designed to
promote just and equitable principles of
trade, to prevent fraudulent and
manipulative acts, to remove
4 15
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
VerDate Mar<15>2010
13:41 Apr 29, 2010
Jkt 220001
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.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 6 and Rule
19b–4(f)(6) thereunder.7 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 8 and Rule
19b–4(f)(6)(iii) thereunder.9
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
6 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change along with a brief
description and the text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has satisfied the pre-filing requirement.
7 17
PO 00000
Frm 00150
Fmt 4703
Sfmt 4703
22885
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSEArca–2010–30 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–2010–30. 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 Web site viewing and
printing 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–2010–30 and should be
submitted on or before May 21, 2010.
E:\FR\FM\30APN1.SGM
30APN1
22886
Federal Register / Vol. 75, No. 83 / Friday, April 30, 2010 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–10031 Filed 4–29–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
[Release No. 34–61978; File No. SR–
NYSEAmex–2010–39]
Self-Regulatory Organizations; NYSE
Amex LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Rule 903 and
Adopting Rule 903A
April 23, 2010.
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 16,
2010, NYSE Amex LLC (‘‘NYSE Amex’’
or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III, below, which Items have been
prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
The Exchange proposes to amend
Rule 903 and adopt Rule 903A to apply
uniform objective standards to the range
of options series exercise (or strike)
prices available for trading on the
Exchange, and to amend Rule 903
Commentary .03 to delineate the timing
for adding new Long Term Equity
Option Series. The text of the proposed
rule change is attached as Exhibit 5 to
the 19b–4 form. A copy of this filing is
available on the Exchange’s Web site at
https://www.nyse.com, at the Exchange’s
principal office, at the Commission’s
Public Reference Room, and on the
Commission’s Web site at https://
www.sec.gov.
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
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
13:41 Apr 29, 2010
Jkt 220001
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.
1. Purpose
The purpose of this filing is to amend
Rule 903 and adopt Rule 903A to apply
uniform objective standards to the range
of options series exercise (or strike)
prices available for trading on the
Exchange, and to amend Rule 903
Commentary .03 to delineate the timing
for adding new Long Term Equity
Option Series. The Exchange is also
proposing to remove provisions in
Commentary .03 related to Short Term
Option Series and place those
provisions in new Commentary .10.
Commentary .10 will only contain
provisions previously approved by the
Commission.3
The Options Listing Procedures Plan
(‘‘OLPP’’) was approved by the
Securities and Exchange Commission
(the ‘‘Commission’’) on July 6, 2001 and
has been amended several times.4 The
OLPP provides procedures for: (i)
Listing and trading new option classes;
(ii) selecting new options series; (iii)
petitioning The Options Clearing
Corporation (‘‘OCC’’) to review the
eligibility, pursuant to the exchanges’
listing standards, of a selected option
class without delaying the trading of
that option class; (iv) determining
operational details for option contracts
adjusted pursuant to OCC By-Laws; (v)
admitting new sponsors; and (vi) losing
eligibility to participate in the OLPP.
This current filing is primarily
concerned with codifying certain
provisions of the OLPP pertaining to
selecting new option series and certain
strike setting parameters that have been
adopted under the OLPP. The Exchange
believes that it is helpful to codify select
provisions into NYSE Amex’s rules so
3 See Securities Exchange Act Release No. 52014
(July 12, 2005) 70 FR 41244 (July 18, 2005).
4 See e.g., Securities Exchange Act Release Nos.
44521 (July 6, 2001), 66 FR 36809 (July 13, 2001)
(order approving OLPP); 58205 (July 22, 2008), 73
FR 43798 (July 28, 2008) (order granting permanent
approval to amendment no. 1 to the OLPP); 58630
(September 24, 2008) 73 FR 57166 (October 1, 2008)
(order granting permanent approval to amendment
no. 2 to the OLPP); and 60531 (August 19, 2009),
74 FR 43173 (August 26, 2009) (order approving
amendment no. 3 to the OLPP).
PO 00000
Frm 00151
Fmt 4703
Sfmt 4703
that all applicable rules governing series
selection and applicable strike setting
parameters are located in a single place.
In addition, the Exchange understands
that other Sponsor Exchanges to the
OLPP will be submitting similar filings
to codify portions of the OLPP in their
respective rulebooks. Below the
Exchange briefly describes the
provisions of the OLPP that the
Exchange is proposing to codify into
NYSE Amex’s rules.
OLPP Amendments Pertaining to
LEAPS
Amendments 1 and 2 to the OLPP
adopted provisions governing the listing
of Long-Term Equity Option Series
(‘‘LEAPS’’). Amendment 1 provided for
a uniform time frame for the
introduction of new LEAPS on equity
option classes, options on exchange
traded funds (‘‘ETFs’’), or options on
Trust Issued Receipts (‘‘TIRs’’).
Amendment 2 provided for a uniform
minimum volume threshold per
underlying class to qualify for the
introduction of a new expiration year of
LEAPs on equity, ETF and TIR classes.
The Exchange is proposing to codify the
changes made to the OLPP by
Amendments 1 and 2 by amending Rule
903 Commentary .03.
Strike Setting Parameters
Amendment 3 to the OLPP adopted
uniform objective standards to the range
of options series exercise (or strike)
prices available for trading on Sponsor
Exchanges to the OLPP as a quote
mitigation strategy. The Exchange is
proposing to codify the changes made to
the OLPP by Amendment 3 by inserting
a reference in Rule 903 and by adopting
new Rule 903A, Select Provisions of
Options Listing Procedures Plan. The
Exchange is proposing to create a new
rule that can be easily amended in the
future if other amendments to the OLPP
are made which similarly warrant being
codified into NYSE Amex’s rules.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with Section
6(b) 5 of the Securities Exchange Act of
1934 (the ‘‘Act’’), in general, and furthers
the objectives of Section 6(b)(5) 6 in
particular in that it is designed to
promote just and equitable principles of
trade, to prevent fraudulent and
manipulative acts, to remove
impediments to and to perfect the
mechanism for a free and open market
and a national market system and, in
general, to protect investors and the
5 15
6 15
E:\FR\FM\30APN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
30APN1
]]>Agencies
[Federal Register Volume 75, Number 83 (Friday, April 30, 2010)]
[Notices]
[Pages 22884-22886]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-10031]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61977; File No. SR-NYSEArca-2010-30]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending Rule 6.4
and Adopting Rule 6.4A
April 23, 2010.
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 16, 2010, NYSE Arca, Inc. (``NYSE Arca'' or the ``Exchange'')
filed with the Securities and Exchange Commission (the ``Commission'')
the proposed rule change as described in Items I, II, and III, below,
which Items have been prepared by the self-regulatory organization. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rule 6.4 and adopt Rule 6.4A to
apply uniform objective standards to the range of options series
exercise (or strike) prices available for trading on the Exchange, and
to amend Rule 6.4(e) to delineate the timing for adding new Long Term
Equity Option Series. The text of the proposed rule change is attached
as Exhibit 5 to the 19b-4 form. A copy of this filing is available on
the Exchange's Web site at https://www.nyse.com, at the Exchange's
principal office, at the Commission's Public Reference Room, and on the
Commission's Web site at https://www.sec.gov.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to amend Rule 6.4 and adopt Rule 6.4A
to apply uniform objective standards to the range of options series
exercise (or strike) prices available for trading on the Exchange, and
to amend Rule 6.4(e) to delineate the timing for adding new Long Term
Equity Option Series.
The Options Listing Procedures Plan (``OLPP'') was approved by the
Securities and Exchange Commission (the ``Commission'') on July 6, 2001
and has been amended several times.\3\ The OLPP provides procedures
for: (i) Listing and trading new option classes; (ii) selecting new
options series; (iii) petitioning The Options Clearing Corporation
(``OCC'') to review the eligibility, pursuant to the exchanges' listing
standards, of a selected option class without delaying the trading of
that option class; (iv) determining operational details for option
contracts adjusted pursuant to OCC By-Laws; (v) admitting new sponsors;
and (vi) losing eligibility to participate in the OLPP.
---------------------------------------------------------------------------
\3\ See e.g., Securities Exchange Act Release Nos. 44521 (July
6, 2001), 66 FR 36809 (July 13, 2001) (order approving OLPP); 58205
(July 22, 2008), 73 FR 43798 (July 28, 2008) (order granting
permanent approval to amendment no. 1 to the OLPP); 58630 (September
24, 2008) 73 FR 57166 (October 1, 2008) (order granting permanent
approval to amendment no. 2 to the OLPP); and 60531 (August 19,
2009), 74 FR 43173 (August 26, 2009) (order approving amendment no.
3 to the OLPP).
---------------------------------------------------------------------------
This current filing is primarily concerned with codifying certain
provisions of the OLPP pertaining to selecting new option series and
certain
[[Page 22885]]
strike setting parameters that have been adopted under the OLPP. The
Exchange believes that it is helpful to codify select provisions into
NYSE Arca's rules so that all applicable rules governing series
selection and applicable strike setting parameters are located in a
single place. In addition, the Exchange understands that other Sponsor
Exchanges to the OLPP will be submitting similar filings to codify
portions of the OLPP in their respective rulebooks. Below the Exchange
briefly describes the provisions of the OLPP that the Exchange is
proposing to codify into NYSE Arca's rules.
OLPP Amendments Pertaining to LEAPS
Amendments 1 and 2 to the OLPP adopted provisions governing the
listing of Long-Term Equity Option Series (``LEAPS''). Amendment 1
provided for a uniform time frame for the introduction of new LEAPS on
equity option classes, options on exchange traded funds (``ETFs''), or
options on Trust Issued Receipts (``TIRs''). Amendment 2 provided for a
uniform minimum volume threshold per underlying class to qualify for
the introduction of a new expiration year of LEAPs on equity, ETF and
TIR classes. The Exchange is proposing to codify the changes made to
the OLPP by Amendments 1 and 2 by amending Rule 6.4(e).
Strike Setting Parameters
Amendment 3 to the OLPP adopted uniform objective standards to the
range of options series exercise (or strike) prices available for
trading on Sponsor Exchanges to the OLPP as a quote mitigation
strategy. The Exchange is proposing to codify the changes made to the
OLPP by Amendment 3 by inserting a reference in Rule 6.4 and by
adopting new Rule 6.4A, Select Provisions of Options Listing Procedures
Plan. The Exchange is proposing to create a new rule that can be easily
amended in the future if other amendments to the OLPP are made which
similarly warrant being codified into NYSE Arca's rules.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b) \4\ of the Securities Exchange Act of 1934 (the ``Act''),
in general, and furthers the objectives of Section 6(b)(5) \5\ in
particular in that it is designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts, to
remove impediments to and to perfect the mechanism for a free and open
market and a national market system and, in general, to protect
investors and the public interest. The Exchange believes that codifying
certain provisions of the OLPP, as amended, serves to foster investor
protection.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
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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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \6\ and Rule 19b-4(f)(6) thereunder.\7\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6)(iii) thereunder.\9\
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\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 CFR 240.19b-4(f)(6).
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires the Exchange to give the Commission written
notice of the Exchange's intent to file the proposed rule change
along with a brief description and the text of the proposed rule
change, at least five business days prior to the date of filing of
the proposed rule change, or such shorter time as designated by the
Commission. The Exchange has satisfied the pre-filing requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-2010-30 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-2010-30. 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 Web site
viewing and printing 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-2010-30 and should be submitted on or before May 21, 2010.
[[Page 22886]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-10031 Filed 4-29-10; 8:45 am]
BILLING CODE 8011-01-P
