Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Approving Proposed Rule Change To Expand the Number of Components in the PHLX Oil Service SectorSM, 28840 [2011-12154]

Download as PDF 28840 Federal Register / Vol. 76, No. 96 / Wednesday, May 18, 2011 / Notices All submissions should refer to File Number SR–BX–2011–026, and should be submitted on or before June 8, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–12199 Filed 5–17–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64478; File No. SR–Phlx– 2011–28] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Approving Proposed Rule Change To Expand the Number of Components in the PHLX Oil Service SectorSM Known as OSXSM, and Changing the Weighting Methodology From PriceWeighted to Capitalization-Weighted May 12, 2011. I. Introduction On March 2, 2011, NASDAQ OMX PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘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 expand the number of components in the Phlx Oil Service SectorSM (the ‘‘Index’’) and to change the Index’s weighting methodology. The proposed rule change was published in the Federal Register on March 17, 2011.3 The Commission received no comments on the proposal. This order approves the proposed rule change. srobinson on DSKHWCL6B1PROD with NOTICES II. Description of the Proposal The Exchange proposes to expand the number of components in the Index from fifteen to thirty components and to change the Index weighting methodology from price-weighted to modified capitalization-weighted. No other changes are made to the Index or the options thereon. The Exchange stated in its filing that the purpose of the proposed rule change is to expand the number of components in the Index, and to change the Index 9 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 64075 (March 11, 2011), 76 FR 14702. On April 8, 2011, the Commission extended the time to act on SR– Phlx–2011–28 by 45 days. See Securities Exchange Act Release No. 64282 (April 8, 2011), 76 FR 21084 (April 14, 2011). 1 15 VerDate Mar<15>2010 16:31 May 17, 2011 Jkt 223001 weighting methodology to modified capitalization-weighted. Index options subsequent to the proposed rule change will be identical to Index options that are currently listed and trading and will trade pursuant to similar contract specifications (updated regarding components and weighting methodology).4 The only post-proposal difference in Index options is that they will overlie an Index with thirty components (as opposed to fifteen) and the Index will be modified capitalization-weighted (the Index is currently price-weighted).5 III. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange. In particular, the Commission finds that the proposal is consistent with Section 6(b)(5) of the Act,6 which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to 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.7 The Commission believes that the proposed rule change is appropriate given the changes that have occurred to the sector of the economy that the Index overlies. The increase in the number of components from 15 to 30 will provide more depth to the Index, even as it continues to meet the definition of a narrow-based index under the Exchange’s rules.8 Likewise, the change from capitalization-weighted to priceweighted is within the parameters of the Exchange’s generic rules for narrowbased indices. 4 The contract specifications for the Index options are available at https://www.nasdaqtrader.com/ micro.aspx?id=phlxsectorscontractspecs. 5 For a detailed description of the Index and its components, see Release No. 64075, supra note 3. 6 15 U.S.C. 78f(b)(5). 7 In approving the proposed rule change, the Commission notes that it has considered the proposed rule’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 8 See Exchange Rule 1009A. PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–12154 Filed 5–17–11; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION Disaster Declaration # 12572 and # 12573 Tennessee Disaster # TN–00053 U.S. Small Business Administration. ACTION: Notice. AGENCY: This is a Notice of the Presidential declaration of a major disaster for the State of Tennessee (FEMA—1979–DR), dated 05/09/2011. Incident: Severe Storms, Tornadoes, Straight-line, Winds, and Flooding. Incident Period: 04/19/2011 and continuing. Effective Date: 05/09/2011. Physical Loan Application Deadline Date: 07/08/2011. Economic Injury (EIDL) Loan Application Deadline Date: 02/09/2012. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on 05/09/2011, applications for disaster loans may be filed at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Counties (Physical Damage and Economic Injury Loans): Dyer, Lake, Obion, Shelby, Stewart. Contiguous Counties (Economic Injury Loans Only): Tennessee: Benton, Crockett, Fayette, Gibson, Henry, Houston, Lauderdale, Montgomery, Tipton, Weakley. Arkansas: Crittenden, Mississippi. Kentucky: Calloway, Christian, Fulton, Hickman, Trigg. Missouri: New Madrid, Pemiscot. Mississippi: Desoto, Marshall. The Interest Rates are: SUMMARY: 9 17 CFR 200.30–3(a)(12). E:\FR\FM\18MYN1.SGM 18MYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 76, Number 96 (Wednesday, May 18, 2011)]
[Notices]
[Page 28840]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-12154]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64478; File No. SR-Phlx-2011-28]


Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order 
Approving Proposed Rule Change To Expand the Number of Components in 
the PHLX Oil Service Sector\SM\ Known as OSX\SM\, and Changing the 
Weighting Methodology From Price-Weighted to Capitalization-Weighted

May 12, 2011.

I. Introduction

    On March 2, 2011, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``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 expand the number of components in the Phlx Oil Service 
Sector\SM\ (the ``Index'') and to change the Index's weighting 
methodology. The proposed rule change was published in the Federal 
Register on March 17, 2011.\3\ The Commission received no comments on 
the proposal. This order approves the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 64075 (March 11, 
2011), 76 FR 14702. On April 8, 2011, the Commission extended the 
time to act on SR-Phlx-2011-28 by 45 days. See Securities Exchange 
Act Release No. 64282 (April 8, 2011), 76 FR 21084 (April 14, 2011).
---------------------------------------------------------------------------

II. Description of the Proposal

    The Exchange proposes to expand the number of components in the 
Index from fifteen to thirty components and to change the Index 
weighting methodology from price-weighted to modified capitalization-
weighted. No other changes are made to the Index or the options 
thereon.
    The Exchange stated in its filing that the purpose of the proposed 
rule change is to expand the number of components in the Index, and to 
change the Index weighting methodology to modified capitalization-
weighted.
    Index options subsequent to the proposed rule change will be 
identical to Index options that are currently listed and trading and 
will trade pursuant to similar contract specifications (updated 
regarding components and weighting methodology).\4\ The only post-
proposal difference in Index options is that they will overlie an Index 
with thirty components (as opposed to fifteen) and the Index will be 
modified capitalization-weighted (the Index is currently price-
weighted).\5\
---------------------------------------------------------------------------

    \4\ The contract specifications for the Index options are 
available at https://www.nasdaqtrader.com/micro.aspx?id=phlxsectorscontractspecs.
    \5\ For a detailed description of the Index and its components, 
see Release No. 64075, supra note 3.
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III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange. In 
particular, the Commission finds that the proposal is consistent with 
Section 6(b)(5) of the Act,\6\ which requires, among other things, that 
the rules of a national securities exchange be designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of trade, to 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.\7\
---------------------------------------------------------------------------

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

    The Commission believes that the proposed rule change is 
appropriate given the changes that have occurred to the sector of the 
economy that the Index overlies. The increase in the number of 
components from 15 to 30 will provide more depth to the Index, even as 
it continues to meet the definition of a narrow-based index under the 
Exchange's rules.\8\ Likewise, the change from capitalization-weighted 
to price-weighted is within the parameters of the Exchange's generic 
rules for narrow-based indices.
---------------------------------------------------------------------------

    \8\ See Exchange Rule 1009A.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-12154 Filed 5-17-11; 8:45 am]
BILLING CODE 8011-01-P

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