Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving Proposed Rule Change Relating to Listing of the Wilshire Micro-Cap ETF, 51863-51864 [2010-20819]
Download as PDF
Federal Register / Vol. 75, No. 162 / Monday, August 23, 2010 / Notices
erowe on DSK5CLS3C1PROD with NOTICES
IV. Solicitation of Comments
51863
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
(‘‘Index’’). The Index is designed to
represent micro-sized companies and is
Interested persons are invited to
a subset of the Wilshire 5000 Total
submit written data, views, and
Market IndexSM (the ‘‘Wilshire 5000’’).
arguments concerning the foregoing,
The Index represents a float-adjusted,
including whether the proposed rule
market capitalization-weighted index of
[FR Doc. 2010–20820 Filed 8–20–10; 8:45 am]
change is consistent with the Act.
the issues ranked below 2500 by market
BILLING CODE 8010–01–P
Comments may be submitted by any of
capitalization of the Wilshire 5000. As
the following methods:
of March 31, 2010, the Index was
SECURITIES AND EXCHANGE
comprised of approximately 1,564
Electronic Comments
COMMISSION
securities of micro-capitalization
companies.
• Use the Commission’s Internet
[Release No. 34–62737; File No. SR–
The Exchange represents that: (i)
NYSEArca–2010–64]
comment form (https://www.sec.gov/
Except for Commentaries .01(a)(A)(1) 6
rules/sro.shtml); or
and .01(a)(A)(5) 7 to NYSE Arca Equities
Self-Regulatory Organizations; NYSE
• Send an e-mail to ruleRule 5.2(j)(3), the Shares of the Fund
Arca, Inc.; Order Approving Proposed
comments@sec.gov. Please include File
currently satisfy all of the other generic
Rule Change Relating to Listing of the
Number SR–NASDAQ–2010–100 on the Wilshire Micro-Cap ETF
listing standards under NYSE Arca
subject line.
Equities Rule 5.2(j)(3); (ii) the continued
August 17, 2010.
listing standards under NYSE Arca
Paper Comments
Equities Rules 5.2(j)(3) and 5.5(g)(2)
I. Introduction
applicable to Units shall apply to the
• Send paper comments in triplicate
On July 1, 2010, NYSE Arca, Inc.
Shares; and (iii) the Trust is required to
to Elizabeth M. Murphy, Secretary,
(‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
comply with Rule 10A–3 8 under the
Securities and Exchange Commission,
the Securities and Exchange
Act for the initial and continued listing
100 F Street, NE., Washington, DC
Commission (‘‘Commission’’) pursuant
of the Shares. Additionally, the
20549–1090.
to Section 19(b)(1) of the Securities
Exchange represents that the Shares will
1 and Rule
Exchange Act of 1934 (‘‘Act’’)
All submissions should refer to File
comply with all other requirements
2 a proposed rule
19b–4 thereunder,
Number SR–NASDAQ–2010–100. This
applicable to Units including, but not
change to list and trade shares (‘‘Shares’’)
file number should be included on the
limited to, requirements relating to the
subject line if e-mail is used. To help the of the Wilshire Micro-Cap ETF. The
dissemination of key information such
proposed rule change was published for
Commission process and review your
as the value of the Index and Intraday
comment in the Federal Register on July
comments more efficiently, please use
Indicative Value, rules governing the
3 The Commission received no
15, 2010.
trading of equity securities, trading
only one method. The Commission will
comment letters on the proposed rule
hours, trading halts, surveillance, and
post all comments on the Commission’s
change. This order approves the
Information Bulletin to ETP Holders, as
Internet Web site (https://www.sec.gov/
proposed rule change.
set forth in Exchange rules applicable to
rules/sro.shtml). Copies of the
Units and prior Commission orders
II. Description of the Proposed Rule
submission, all subsequent
approving the generic listing rules
Change
amendments, all written statements
applicable to the listing and trading of
with respect to the proposed rule
The Exchange proposes to list and
Units.9
change that are filed with the
trade the Shares of the Wilshire Micro4 under NYSE
Commission, and all written
Cap ETF (the ‘‘Fund’’)
6 Commentary .01(a)(A)(1) to NYSE Arca Equities
communications relating to the
Arca Equities Rule 5.2(j)(3), the
Rule 5.2(j)(3) provides that component stocks
Exchange’s listing standards for
proposed rule change between the
(excluding Units and securities defined in Section
Commission and any person, other than Investment Company Units (‘‘Units’’).5
2 of NYSE Arca Equities Rule 8, collectively,
‘‘Derivative Securities Products’’) that in the
The Fund is a series of the Claymore
those that may be withheld from the
aggregate account for at least 90% of the weight of
Exchange-Traded Fund Trust.
public in accordance with the
the index or portfolio (excluding such Derivative
The Fund seeks investment results
provisions of 5 U.S.C. 552, will be
Securities Products) each shall have a minimum
that correspond generally to the
market value of at least $75 million. The Exchange
available for Web site viewing and
has represented that, as of April 21, 2010, 76.93%
performance, before fees and expenses,
printing in the Commission’s Public
of the weight of the Index components had a market
of the Wilshire US Micro-Cap Index SM
Reference Room, on official business
capitalization greater than $75 million.
7 Commentary .01(a)(A)(5) to NYSE Arca Equities
days between the hours of 10 a.m. and
17 17 CFR 200.30–3(a)(12).
Rule 5.2(j)(3) provides that all securities in the
3 p.m. Copies of the filing also will be
1 15 U.S.C. 78s(b)(1).
index or portfolio shall be US Component Stocks
available for inspection and copying at
2 17 CFR 240.19b–4.
listed on a national securities exchange and shall
3 See Securities Exchange Act Release No. 62471
the principal office of the Exchange. All
be NMS Stocks as defined in Rule 600 of Regulation
(July 8, 2010), 75 FR 41252 (‘‘Notice’’).
NMS under the Act. The Exchange has represented
comments received will be posted
4 See the Claymore Exchange-Traded Fund
that, as of April 21, 2010, 201 of approximately
without change; the Commission does
1,564 components in the Index, accounting for
Trust’s registration statement on Form N–1A, dated
not edit personal identifying
approximately 12.8% of the total stocks in the
May 18, 2010 (File Nos. 333–134551; 811–21906)
Index and approximately 3.7% of the Index weight,
information from submissions. You
(‘‘Registration Statement’’).
were non-NMS stocks that trade either on the OTC
5 An Investment Company Unit is a security that
should submit only information that
Bulletin Board or the Pink OTC Markets.
you wish to make available publicly. All represents an interest in a registered investment
8 17 CFR 240.10A–3.
company that holds securities comprising, or
submissions should refer to File
9 See, e.g., Securities Exchange Act Release Nos.
otherwise based on or representing an interest in,
Number SR–NASDAQ–2010–100 and
44551 (July 12, 2001), 66 FR 37716 (July 19, 2001)
an index or portfolio of securities (or holds
(SR–PCX–2001–14) (order approving generic listing
securities in another registered investment
should be submitted on or before
standards for Units and Portfolio Depositary
company that holds securities comprising, or
September 13, 2010.
Receipts); and 41983 (October 6, 1999), 64 FR 56008
otherwise based on or representing an interest in,
an index or portfolio of securities). See NYSE Arca
Equities Rule 5.2(j)(3)(A).
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15:31 Aug 20, 2010
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(October 15, 1999) (SR–PCX–98–29) (order
approving rules for listing and trading of Units).
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51864
Federal Register / Vol. 75, No. 162 / Monday, August 23, 2010 / Notices
Detailed descriptions of the Fund, the
Index, procedures for creating and
redeeming Shares, transaction fees and
expenses, dividends, distributions,
taxes, risks, and reports to be distributed
to beneficial owners of the Shares can
be found in the Registration Statement
or on the Web site for the Fund
(https://www.claymore.com), as
applicable.10
III. Discussion and Commission’s
Findings
After careful review, the Commission
finds that the Exchange’s proposal to list
and trade the Shares is consistent with
the Act and the rules and regulations
thereunder applicable to a national
securities exchange.11 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act,12 in that it is designed
to prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest.
NYSE Arca Equities Rule 5.2(j)(3)
permits the Exchange to consider
qualifying Units for listing and trading
pursuant to Rule 19b–4(e) under the
Act. Commentary .01(a)(A) of Rule
5.2(j)(3) sets forth the generic listing
requirements applicable to Units based
on U.S. indexes or portfolios.13 These
generic listing standards are designed to
ensure that the securities composing the
indexes and portfolios underlying the
Units are well capitalized and actively
10 See
also Notice, supra, note 3.
approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
12 15 U.S.C. 78f(b)(5).
13 In addition to the requirements set forth in
Commentaries .01(a)(A)(1) and .01(a)(A)(5)
discussed above, Rule 5.2(j)(3) also provides, among
other things, that (i) the component stocks
(excluding Derivative Securities Products)
representing at least 70% of the weight of the index
or portfolio (excluding such Derivative Securities
Products) must have a minimum monthly trading
volume during each of the last six months of at least
250,000 shares, or minimum notional monthly
trading volume of $25 million, (ii) the most heavily
weighted component stock (excluding Derivative
Securities Products) in an underlying index or
portfolio cannot exceed 30% of the weight of the
index or portfolio, and the five most heavily
weighted component stocks (excluding Derivative
Securities Products) cannot together exceed 65% of
the weight of the index or portfolio, and (iii) the
index or portfolio must include a minimum of 13
stocks. See Commentaries .01(a)(A)(2), .01(a)(A)(3)
and .01(a)(A)(4) to NYSE Arca Equities Rule
5.2(j)(3).
erowe on DSK5CLS3C1PROD with NOTICES
11 In
VerDate Mar<15>2010
15:31 Aug 20, 2010
Jkt 220001
traded, and serve to prevent fraudulent
and manipulative acts.14 As discussed
above, the Shares do not qualify for
generic listing under the Exchange’s
rule because the Index does not meet
the criteria set forth in Commentaries
.01(a)(A)(1) and .01(a)(A)(5) of NYSE
Arca Equities Rule 5.2(j)(3) applicable to
Units based on U.S. indexes or
portfolios.15
The Commission believes that the
listing and trading of the Shares is
consistent with the Act. The Shares
currently satisfy all but two of the
generic listing standards under the rule,
and the Commission believes that the
composition of the Index, despite failing
to satisfy the requirements of
Commentaries .01(a)(A)(1) and
.01(a)(A)(5) to NYSE Arca Equities Rule
5.2(j)(3), does not raise any regulatory
concerns. The capitalization criterion of
Commentary .01(a)(A)(1), together with
the liquidity requirement applicable to
the Index components, are designed to
prevent fraudulent or manipulative
acts.16 The Commission believes that
the Index should not be susceptible to
manipulation in light of the
characteristics of the Index components
when viewed as a whole. The generic
listing requirement that all securities in
the Index be NMS Stocks is designed to
ensure that listed Units are not used as
surrogates for trading in unregistered
securities.17 The Commission believes
that the Shares will not serve this
function because non-NMS stocks
account for only approximately 3.7% of
the Index weight.
In addition, the Commission notes
that it has not received any comments
regarding the proposed rule change.
IV. Conclusion
For the forgoing reasons, the
Commission believes that the
Exchange’s proposal to list and trade the
Shares is consistent with the Act. This
order is based on the Exchange’s
representations.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,18 that the
proposed rule change (SR–NYSEArca–
2010–64) be, and it hereby is, approved.
14 See Securities Exchange Act Release No. 44551
(July 12, 2001), 66 FR 37716 (July 19, 2001) (SR–
PCX–2001–14).
15 See notes 6 and 7, supra.
16 See Securities Exchange Act Release No. 44551,
supra note 14, 66 FR at 37719.
17 See Securities Exchange Act Release No. 55621
(April 12, 2007), 72 FR 19571, 19576 (April 18,
2007) (SR–NYSEArca–2006–86).
18 15 U.S.C. 78s(b)(2).
PO 00000
Frm 00117
Fmt 4703
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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–20819 Filed 8–20–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62734; File No. SR–MSRB–
2010–06]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing of Proposed
Rule Change To Establish a
Subscription To the Information
Collected by the MSRB’s Short-term
Obligation Rate Transparency
(‘‘SHORT’’) System
August 17, 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 August
10, 2010, the Municipal Securities
Rulemaking Board (‘‘MSRB’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the MSRB. 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 MSRB is filing with the
Commission a proposed rule change to
establish a subscription to the
information collected by the MSRB’s
Short-term Obligation Rate
Transparency (‘‘SHORT’’) System. The
MSRB has requested that the proposed
rule change be made effective on
September 30, 2010.
The text of the proposed rule change
is available on the MSRB’s Web site at
https://www.msrb.org, at the MSRB’s
principal office, and at the
Commission’s Public Reference Room. If
approved, the rule text for the Shortterm Obligation Rate Transparency
Subscription Service would be available
on the MSRB Web site at https://
www.msrb.org/Rules-andInterpretations.aspx under the heading
Information Facilities.
19 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\23AUN1.SGM
23AUN1
Agencies
[Federal Register Volume 75, Number 162 (Monday, August 23, 2010)]
[Notices]
[Pages 51863-51864]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-20819]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62737; File No. SR-NYSEArca-2010-64]
Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving
Proposed Rule Change Relating to Listing of the Wilshire Micro-Cap ETF
August 17, 2010.
I. Introduction
On July 1, 2010, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'')
filed with the Securities and Exchange Commission (``Commission'')
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to
list and trade shares (``Shares'') of the Wilshire Micro-Cap ETF. The
proposed rule change was published for comment in the Federal Register
on July 15, 2010.\3\ The Commission received no comment letters on the
proposed rule change. This order approves the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 62471 (July 8,
2010), 75 FR 41252 (``Notice'').
---------------------------------------------------------------------------
II. Description of the Proposed Rule Change
The Exchange proposes to list and trade the Shares of the Wilshire
Micro-Cap ETF (the ``Fund'') \4\ under NYSE Arca Equities Rule
5.2(j)(3), the Exchange's listing standards for Investment Company
Units (``Units'').\5\ The Fund is a series of the Claymore Exchange-
Traded Fund Trust.
---------------------------------------------------------------------------
\4\ See the Claymore Exchange-Traded Fund Trust's registration
statement on Form N-1A, dated May 18, 2010 (File Nos. 333-134551;
811-21906) (``Registration Statement'').
\5\ An Investment Company Unit is a security that represents an
interest in a registered investment company that holds securities
comprising, or otherwise based on or representing an interest in, an
index or portfolio of securities (or holds securities in another
registered investment company that holds securities comprising, or
otherwise based on or representing an interest in, an index or
portfolio of securities). See NYSE Arca Equities Rule 5.2(j)(3)(A).
---------------------------------------------------------------------------
The Fund seeks investment results that correspond generally to the
performance, before fees and expenses, of the Wilshire US Micro-Cap
Index \SM\ (``Index''). The Index is designed to represent micro-sized
companies and is a subset of the Wilshire 5000 Total Market Index\SM\
(the ``Wilshire 5000''). The Index represents a float-adjusted, market
capitalization-weighted index of the issues ranked below 2500 by market
capitalization of the Wilshire 5000. As of March 31, 2010, the Index
was comprised of approximately 1,564 securities of micro-capitalization
companies.
The Exchange represents that: (i) Except for Commentaries
.01(a)(A)(1) \6\ and .01(a)(A)(5) \7\ to NYSE Arca Equities Rule
5.2(j)(3), the Shares of the Fund currently satisfy all of the other
generic listing standards under NYSE Arca Equities Rule 5.2(j)(3); (ii)
the continued listing standards under NYSE Arca Equities Rules
5.2(j)(3) and 5.5(g)(2) applicable to Units shall apply to the Shares;
and (iii) the Trust is required to comply with Rule 10A-3 \8\ under the
Act for the initial and continued listing of the Shares. Additionally,
the Exchange represents that the Shares will comply with all other
requirements applicable to Units including, but not limited to,
requirements relating to the dissemination of key information such as
the value of the Index and Intraday Indicative Value, rules governing
the trading of equity securities, trading hours, trading halts,
surveillance, and Information Bulletin to ETP Holders, as set forth in
Exchange rules applicable to Units and prior Commission orders
approving the generic listing rules applicable to the listing and
trading of Units.\9\
---------------------------------------------------------------------------
\6\ Commentary .01(a)(A)(1) to NYSE Arca Equities Rule 5.2(j)(3)
provides that component stocks (excluding Units and securities
defined in Section 2 of NYSE Arca Equities Rule 8, collectively,
``Derivative Securities Products'') that in the aggregate account
for at least 90% of the weight of the index or portfolio (excluding
such Derivative Securities Products) each shall have a minimum
market value of at least $75 million. The Exchange has represented
that, as of April 21, 2010, 76.93% of the weight of the Index
components had a market capitalization greater than $75 million.
\7\ Commentary .01(a)(A)(5) to NYSE Arca Equities Rule 5.2(j)(3)
provides that all securities in the index or portfolio shall be US
Component Stocks listed on a national securities exchange and shall
be NMS Stocks as defined in Rule 600 of Regulation NMS under the
Act. The Exchange has represented that, as of April 21, 2010, 201 of
approximately 1,564 components in the Index, accounting for
approximately 12.8% of the total stocks in the Index and
approximately 3.7% of the Index weight, were non-NMS stocks that
trade either on the OTC Bulletin Board or the Pink OTC Markets.
\8\ 17 CFR 240.10A-3.
\9\ See, e.g., Securities Exchange Act Release Nos. 44551 (July
12, 2001), 66 FR 37716 (July 19, 2001) (SR-PCX-2001-14) (order
approving generic listing standards for Units and Portfolio
Depositary Receipts); and 41983 (October 6, 1999), 64 FR 56008
(October 15, 1999) (SR-PCX-98-29) (order approving rules for listing
and trading of Units).
---------------------------------------------------------------------------
[[Page 51864]]
Detailed descriptions of the Fund, the Index, procedures for
creating and redeeming Shares, transaction fees and expenses,
dividends, distributions, taxes, risks, and reports to be distributed
to beneficial owners of the Shares can be found in the Registration
Statement or on the Web site for the Fund (https://www.claymore.com), as
applicable.\10\
---------------------------------------------------------------------------
\10\ See also Notice, supra, note 3.
---------------------------------------------------------------------------
III. Discussion and Commission's Findings
After careful review, the Commission finds that the Exchange's
proposal to list and trade the Shares is consistent with the Act and
the rules and regulations thereunder applicable to a national
securities exchange.\11\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Act,\12\
in that it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\11\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
NYSE Arca Equities Rule 5.2(j)(3) permits the Exchange to consider
qualifying Units for listing and trading pursuant to Rule 19b-4(e)
under the Act. Commentary .01(a)(A) of Rule 5.2(j)(3) sets forth the
generic listing requirements applicable to Units based on U.S. indexes
or portfolios.\13\ These generic listing standards are designed to
ensure that the securities composing the indexes and portfolios
underlying the Units are well capitalized and actively traded, and
serve to prevent fraudulent and manipulative acts.\14\ As discussed
above, the Shares do not qualify for generic listing under the
Exchange's rule because the Index does not meet the criteria set forth
in Commentaries .01(a)(A)(1) and .01(a)(A)(5) of NYSE Arca Equities
Rule 5.2(j)(3) applicable to Units based on U.S. indexes or
portfolios.\15\
---------------------------------------------------------------------------
\13\ In addition to the requirements set forth in Commentaries
.01(a)(A)(1) and .01(a)(A)(5) discussed above, Rule 5.2(j)(3) also
provides, among other things, that (i) the component stocks
(excluding Derivative Securities Products) representing at least 70%
of the weight of the index or portfolio (excluding such Derivative
Securities Products) must have a minimum monthly trading volume
during each of the last six months of at least 250,000 shares, or
minimum notional monthly trading volume of $25 million, (ii) the
most heavily weighted component stock (excluding Derivative
Securities Products) in an underlying index or portfolio cannot
exceed 30% of the weight of the index or portfolio, and the five
most heavily weighted component stocks (excluding Derivative
Securities Products) cannot together exceed 65% of the weight of the
index or portfolio, and (iii) the index or portfolio must include a
minimum of 13 stocks. See Commentaries .01(a)(A)(2), .01(a)(A)(3)
and .01(a)(A)(4) to NYSE Arca Equities Rule 5.2(j)(3).
\14\ See Securities Exchange Act Release No. 44551 (July 12,
2001), 66 FR 37716 (July 19, 2001) (SR-PCX-2001-14).
\15\ See notes 6 and 7, supra.
---------------------------------------------------------------------------
The Commission believes that the listing and trading of the Shares
is consistent with the Act. The Shares currently satisfy all but two of
the generic listing standards under the rule, and the Commission
believes that the composition of the Index, despite failing to satisfy
the requirements of Commentaries .01(a)(A)(1) and .01(a)(A)(5) to NYSE
Arca Equities Rule 5.2(j)(3), does not raise any regulatory concerns.
The capitalization criterion of Commentary .01(a)(A)(1), together with
the liquidity requirement applicable to the Index components, are
designed to prevent fraudulent or manipulative acts.\16\ The Commission
believes that the Index should not be susceptible to manipulation in
light of the characteristics of the Index components when viewed as a
whole. The generic listing requirement that all securities in the Index
be NMS Stocks is designed to ensure that listed Units are not used as
surrogates for trading in unregistered securities.\17\ The Commission
believes that the Shares will not serve this function because non-NMS
stocks account for only approximately 3.7% of the Index weight.
---------------------------------------------------------------------------
\16\ See Securities Exchange Act Release No. 44551, supra note
14, 66 FR at 37719.
\17\ See Securities Exchange Act Release No. 55621 (April 12,
2007), 72 FR 19571, 19576 (April 18, 2007) (SR-NYSEArca-2006-86).
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In addition, the Commission notes that it has not received any
comments regarding the proposed rule change.
IV. Conclusion
For the forgoing reasons, the Commission believes that the
Exchange's proposal to list and trade the Shares is consistent with the
Act. This order is based on the Exchange's representations.
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\18\ that the proposed rule change (SR-NYSEArca-2010-64) be, and it
hereby is, approved.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------
\19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-20819 Filed 8-20-10; 8:45 am]
BILLING CODE 8010-01-P