Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending Commentary .07 to NYSE Arca Rule 6.4 Allowing the Exchange To Open Short Term Option Series That Are Opened by Other Securities Exchanges in Option Classes Selected by Other Exchanges Under Their Respective Short Term Option Rules, 36305-36307 [2012-14739]

Download as PDF Federal Register / Vol. 77, No. 117 / Monday, June 18, 2012 / Notices reason for granting the exemption from use of E-Filing no longer exists. Documents submitted in adjudicatory proceedings will appear in NRC’s electronic hearing docket, which is available to the public at https:// ehd1.nrc.gov/ehd/, unless excluded pursuant to an order of the Commission, or the presiding officer. Participants are requested not to include personal privacy information, such as social security numbers, home addresses, or home phone numbers in their filings, unless an NRC regulation or other law requires submission of such information. With respect to copyrighted works, except for limited excerpts that serve the purpose of the adjudicatory filings and would constitute a Fair Use application, participants are requested not to include copyrighted materials in their submission. A request for hearing shall not stay the immediate effectiveness of this order. Dated this 4th day of June 2012. For the Nuclear Regulatory Commission. Catherine Haney, Director, Office of Nuclear Material Safety and Safeguards. [FR Doc. 2012–14762 Filed 6–15–12; 8:45 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 500–1] Stream Communications Network & Media, Inc.; Order of Suspension of Trading mstockstill on DSK4VPTVN1PROD with NOTICES June 14, 2012. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Stream Communications Network & Media, Inc. because it has not filed any periodic reports since the period ended December 31, 2008. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the security of the above-listed company is suspended for the period from 9:30 a.m. EDT on June 14, 2012, through 11:59 p.m. EDT on June 27, 2012. VerDate Mar<15>2010 17:02 Jun 15, 2012 Jkt 226001 By the Commission. Elizabeth M. Murphy, Secretary. [FR Doc. 2012–14860 Filed 6–14–12; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67178; File No. SR– NYSEArca–2012–60] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending Commentary .07 to NYSE Arca Rule 6.4 Allowing the Exchange To Open Short Term Option Series That Are Opened by Other Securities Exchanges in Option Classes Selected by Other Exchanges Under Their Respective Short Term Option Rules June 11, 2012. 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 June 6, 2012, NYSE Arca, Inc. (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 Exchange. 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 Commentary .07 to NYSE Arca Rule 6.4 to allow the Exchange to open Short Term Option Series (‘‘Weeklies’’) that are opened by other securities exchanges in option classes selected by other exchanges under their respective short term option rules. The text of the proposed rule change is available on the Exchange’s Web site at www.nyse.com, at the principal office of the Exchange, 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, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00056 Fmt 4703 Sfmt 4703 36305 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this proposed rule change is to amend Commentary .07 to NYSE Arca Rule 6.4 to allow the Exchange to open Short Term Option Series (‘‘Weeklies’’) that are opened by other securities exchanges in option classes selected by other exchanges under their respective short term option rules.3 Currently, the Exchange may select up to 5 currently listed option classes on which Weeklies options may be opened in the Weeklies Program and the Exchange may also match any option classes that are selected by other securities exchanges that employ a similar program under their respective rules. For each option class eligible for participation in the Weeklies Program, the Exchange may open up to 30 Short Term Option Series for each expiration date in that class. This proposal seeks to allow the Exchange to open Weeklies option series that are opened by other securities exchanges in option classes selected by other exchanges under their respective short term option rules. This change is being proposed notwithstanding the current cap of 30 series per class under the Weeklies Program. This is a competitive filing and is based on existing rules of The NASDAQ Stock Market LLC for the NASDAQ Options Market (‘‘NOM’’) and NASDAQ OMX PHLX, Inc. (‘‘PHLX’’) and Chicago Board Options Exchange, Incorporated (‘‘CBOE’’).4 NYSE Arca is competitively disadvantaged since it operates a substantially similar Weeklies Program as NOM, PHLX and CBOE but is limited to listing a maximum of 30 series per 3 On July 12, 2005, the Commission approved the Weeklies Program on a pilot basis. See Securities Exchange Act Release No. 52013 (July 12, 2005), 70 FR 41471 (July 19, 2005) (SR–PCX–2005–32). The Weeklies Program was made permanent on June 23, 2010. See Securities Exchange Act Release No. 62369 (June 23, 2010), 75 FR 37868 (June 30, 2010) (SR–NYSEArca–2010–59). 4 See Securities Exchange Act Release Nos. 65775 (November 17, 2011), 76 FR 72473 (November 23, 2011) (SR–NASDAQ–2011–138) ; 65776 (November 17, 2011), 76 FR 72482 (November 23, 2011) (SR– PHLX–2011–131); and 66563 (March 9, 2012), 77 FR 15426 (March 15, 2012). E:\FR\FM\18JNN1.SGM 18JNN1 36306 Federal Register / Vol. 77, No. 117 / Monday, June 18, 2012 / Notices mstockstill on DSK4VPTVN1PROD with NOTICES options class that participates in its Weeklies Program (whereas PHLX, NOM and CBOE are not similarly restricted). The Exchange is not proposing any changes to the Weeklies Program other than the ability to open Weeklies option series that are opened by other securities exchanges in option classes selected by other exchanges under their respective short term option rules. The Exchange notes that the Weeklies Program has been well-received by market participants, in particular by retail investors. The Exchange believes that the current proposed revision to the Weeklies Program will permit the Exchange to meet increased customer demand and provide market participants with the ability to hedge in a greater number of option classes and series. With regard to the impact of this proposal on system capacity, the Exchange has analyzed its capacity and represents that it and the Options Price Reporting Authority (‘‘OPRA’’) have the necessary systems capacity to handle the potential additional traffic associated with trading of an expanded number of series for the classes that participate in the Weeklies Program. The proposed increase to the number of series per classes eligible to participate in the Weeklies Program is required for competitive purposes as well as to ensure consistency and uniformity among the competing options exchanges that have adopted similar Weeklies Programs. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ‘‘Act’’),5 in general, and furthers the objectives of Section 6(b)(5),6 in particular, 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, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. The Exchange believes that expanding the Weeklies Program will result in a continuing benefit to investors by giving them more flexibility to closely tailor their investment decisions and hedging decisions in a greater number of securities. The Exchange also believes that expanding the Weeklies Program will provide the investing public and 5 15 6 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). VerDate Mar<15>2010 17:02 Jun 15, 2012 Jkt 226001 other market participants with additional opportunities to hedge their investment thus allowing these investors to better manage their risk exposure. While the expansion of the Weeklies Program will generate additional quote traffic, the Exchange does not believe that this increased traffic will become unmanageable since the proposal remains limited to a fixed number of classes. Therefore, the Commission designates the proposal operative upon filing.10 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend 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. B. Self-Regulatory Organization’s Statement on Burden on Competition IV. Solicitation of Comments 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 Because the foregoing proposed rule change does not significantly affect the protection of investors or the public interest, does not impose any significant burden on competition, and, by its terms, does not become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 7 and Rule 19b– 4(f)(6) thereunder.8 The Exchange has requested that the Commission waive the 30-day operative delay. The Commission believes that waiver of the operative delay is consistent with the protection of investors and the public interest because the proposal is substantially similar to those of other exchanges that have been approved by the Commission and permit such exchanges to open Weekly option series that are opened by other securities exchanges under their respective short term option rules.9 7 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 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 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 this requirement. 9 See supra note 4. 8 17 PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 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 email to rulecomments@sec.gov. Please include File Number SR–NYSEArca–2012–60 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–2012–60. This file number should be included on the subject line if email 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 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for 10 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). E:\FR\FM\18JNN1.SGM 18JNN1 Federal Register / Vol. 77, No. 117 / Monday, June 18, 2012 / Notices 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–2012–60 and should be submitted on or before July 9, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–14739 Filed 6–15–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67186; File No. SR– NYSEArca–2012–59] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change Amending Independence Policy of the Board of Directors of NYSE Euronext and Creating New Independence Policy for Boards of Directors of the New York Stock Exchange LLC, NYSE MKT LLC, NYSE Regulation, Inc. and NYSE Market, Inc. June 12, 2012. mstockstill on DSK4VPTVN1PROD with NOTICES 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 June 8, 2012, NYSE Arca, Inc. (‘‘NYSE Arca’’) 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 NYSE Arca. 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 NYSE Arca proposes to amend the Independence Policy of the Board of Directors of NYSE Euronext (the ‘‘NYSE Euronext Director Independence Policy’’) and create a new independence policy (the ‘‘Subsidiary Director Independence Policy’’) for the boards of directors of NYSE MKT LLC (‘‘NYSE MKT’’), New York Stock Exchange LLC (‘‘the Exchange’’), NYSE Market, Inc. (‘‘NYSE Market’’) and NYSE Regulation, Inc. (‘‘NYSE Regulation’’ and, together, CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. the ‘‘Regulated Subsidiaries’’).3 In addition, NYSE MKT proposes to amend the Amended and Restated Bylaws of NYSE Euronext, the Amended and Restated Bylaws of NYSE Market, Inc., Third Amended and Restated Bylaws of NYSE Regulation, Inc., the Third Amended and Restated Operating Agreement of New York Stock Exchange LLC and the Second Amended and Restated Operating Agreement of NYSE MKT LLC (collectively the ‘‘Organizational Documents’’) to make certain conforming changes described below. The text of the proposed rule change is available on the Exchange’s Web site at www.nyse.com, at the principal office of the Exchange, 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, NYSE Arca 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. NYSE Arca 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this rule filing is to amend the NYSE Euronext Director Independence Policy, create the Subsidiary Director Independence Policy for the boards of directors of the Regulated Subsidiaries, and make certain conforming changes to the Organizational Documents, as set forth below. NYSE Euronext Director Independence Policy Under the Proposed Rule Change, the NYSE Euronext Director Independence Policy would be amended to reflect the following changes (the ‘‘Proposed Amendments’’): (i) A majority (as opposed to 75%) of the board of directors of NYSE Euronext (the ‘‘Board’’) would be required to be independent; (ii) Executive officers of listed companies would no longer be 11 17 1 15 VerDate Mar<15>2010 17:02 Jun 15, 2012 3 The Exchange and NYSE MKT are filing substantially the same proposed rule change. Jkt 226001 PO 00000 Frm 00058 Fmt 4703 Sfmt 4703 36307 prohibited from being considered independent for purposes of the Board; (iii) The ‘‘additional independence requirements’’ at the end of the current NYSE Euronext Director Independence Policy—which provide that executive officers of foreign private issuers, executive officers of NYSE Euronext and directors of affiliates of member organizations must together comprise no more than a minority of the total Board—would be eliminated; (iv) References to certain European regulatory authorities would be updated, because their names have changed; (v) References to NYSE Alternext US LLC and NYSE Amex LLC would refer instead to NYSE MKT LLC, because of this entity’s previous name changes; and (vi) Footnote 2 would be deleted because the NYSE Euronext Director Independence Policy would not be applicable to the Regulated Subsidiaries, each of which is proposed to have its own director independence policy. The Commission previously considered and approved these aspects of the director independence policy in connection with the previously proposed combination of NYSE ¨ Euronext and Deutsche Borse AG (the ‘‘Combination’’).4 Under the rule change approved in connection with the Combination, Alpha Beta Netherlands Holding N.V. (‘‘Holdco’’)—which was the holding company formed in connection with the Combination that would have become the parent company of NYSE Euronext—would have adopted a director independence policy that was substantially similar to the current NYSE Euronext Director Independence Policy, except for the Proposed Amendments noted above and except for certain references to the independence standards and criteria in the Dutch Corporate Governance Code that would be added, given that Holdco was formed under and subject to the laws of the Netherlands. Upon consummation of the Combination, the NYSE Euronext Director Independence Policy would have ceased to apply. On February 2, 2012, following the European Commission’s decision to prohibit the Combination, NYSE ¨ Euronext and Deutsche Borse agreed to terminate the agreement to combine their businesses. NYSE Arca explained the reasons for incorporating the Proposed Amendments in Holdco’s director 4 See Securities Exchange Act Release No. 34– 66171 (January 17, 2012) File Nos. SR–EDGA– 2011–34; SR–EDGX–2011–33; SR–ISE–2011–69; SR–NYSE–2011–51; SR–NYSEAmex–2011–78; SR– NYSEArca–2011–72), 77 FR 3297. E:\FR\FM\18JNN1.SGM 18JNN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 77, Number 117 (Monday, June 18, 2012)]
[Notices]
[Pages 36305-36307]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-14739]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67178; File No. SR-NYSEArca-2012-60]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change Amending
Commentary .07 to NYSE Arca Rule 6.4 Allowing the Exchange To Open
Short Term Option Series That Are Opened by Other Securities Exchanges
in Option Classes Selected by Other Exchanges Under Their Respective
Short Term Option Rules

June 11, 2012.
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 June 6, 2012, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE
Arca'') 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 Exchange. 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 Commentary .07 to NYSE Arca Rule 6.4
to allow the Exchange to open Short Term Option Series (``Weeklies'')
that are opened by other securities exchanges in option classes
selected by other exchanges under their respective short term option
rules. The text of the proposed rule change is available on the
Exchange's Web site at www.nyse.com, at the principal office of the
Exchange, 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, 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
The purpose of this proposed rule change is to amend Commentary .07
to NYSE Arca Rule 6.4 to allow the Exchange to open Short Term Option
Series (``Weeklies'') that are opened by other securities exchanges in
option classes selected by other exchanges under their respective short
term option rules.\3\
---------------------------------------------------------------------------

\3\ On July 12, 2005, the Commission approved the Weeklies
Program on a pilot basis. See Securities Exchange Act Release No.
52013 (July 12, 2005), 70 FR 41471 (July 19, 2005) (SR-PCX-2005-32).
The Weeklies Program was made permanent on June 23, 2010. See
Securities Exchange Act Release No. 62369 (June 23, 2010), 75 FR
37868 (June 30, 2010) (SR-NYSEArca-2010-59).
---------------------------------------------------------------------------

Currently, the Exchange may select up to 5 currently listed option
classes on which Weeklies options may be opened in the Weeklies Program
and the Exchange may also match any option classes that are selected by
other securities exchanges that employ a similar program under their
respective rules. For each option class eligible for participation in
the Weeklies Program, the Exchange may open up to 30 Short Term Option
Series for each expiration date in that class.
This proposal seeks to allow the Exchange to open Weeklies option
series that are opened by other securities exchanges in option classes
selected by other exchanges under their respective short term option
rules. This change is being proposed notwithstanding the current cap of
30 series per class under the Weeklies Program. This is a competitive
filing and is based on existing rules of The NASDAQ Stock Market LLC
for the NASDAQ Options Market (``NOM'') and NASDAQ OMX PHLX, Inc.
(``PHLX'') and Chicago Board Options Exchange, Incorporated
(``CBOE'').\4\
---------------------------------------------------------------------------

\4\ See Securities Exchange Act Release Nos. 65775 (November 17,
2011), 76 FR 72473 (November 23, 2011) (SR-NASDAQ-2011-138) ; 65776
(November 17, 2011), 76 FR 72482 (November 23, 2011) (SR-PHLX-2011-
131); and 66563 (March 9, 2012), 77 FR 15426 (March 15, 2012).
---------------------------------------------------------------------------

NYSE Arca is competitively disadvantaged since it operates a
substantially similar Weeklies Program as NOM, PHLX and CBOE but is
limited to listing a maximum of 30 series per

[[Page 36306]]

options class that participates in its Weeklies Program (whereas PHLX,
NOM and CBOE are not similarly restricted).
The Exchange is not proposing any changes to the Weeklies Program
other than the ability to open Weeklies option series that are opened
by other securities exchanges in option classes selected by other
exchanges under their respective short term option rules.
The Exchange notes that the Weeklies Program has been well-received
by market participants, in particular by retail investors. The Exchange
believes that the current proposed revision to the Weeklies Program
will permit the Exchange to meet increased customer demand and provide
market participants with the ability to hedge in a greater number of
option classes and series.
With regard to the impact of this proposal on system capacity, the
Exchange has analyzed its capacity and represents that it and the
Options Price Reporting Authority (``OPRA'') have the necessary systems
capacity to handle the potential additional traffic associated with
trading of an expanded number of series for the classes that
participate in the Weeklies Program.
The proposed increase to the number of series per classes eligible
to participate in the Weeklies Program is required for competitive
purposes as well as to ensure consistency and uniformity among the
competing options exchanges that have adopted similar Weeklies
Programs.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Securities Exchange Act of 1934 (the ``Act''),\5\ in general, and
furthers the objectives of Section 6(b)(5),\6\ in particular, 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, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
The Exchange believes that expanding the Weeklies Program will result
in a continuing benefit to investors by giving them more flexibility to
closely tailor their investment decisions and hedging decisions in a
greater number of securities. The Exchange also believes that expanding
the Weeklies Program will provide the investing public and other market
participants with additional opportunities to hedge their investment
thus allowing these investors to better manage their risk exposure.
While the expansion of the Weeklies Program will generate additional
quote traffic, the Exchange does not believe that this increased
traffic will become unmanageable since the proposal remains limited to
a fixed number of classes.
---------------------------------------------------------------------------

\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest, does not
impose any significant burden on competition, and, by its terms, does
not become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\
---------------------------------------------------------------------------

\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6). 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 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 this requirement.
---------------------------------------------------------------------------

The Exchange has requested that the Commission waive the 30-day
operative delay. The Commission believes that waiver of the operative
delay is consistent with the protection of investors and the public
interest because the proposal is substantially similar to those of
other exchanges that have been approved by the Commission and permit
such exchanges to open Weekly option series that are opened by other
securities exchanges under their respective short term option rules.\9\
Therefore, the Commission designates the proposal operative upon
filing.\10\
---------------------------------------------------------------------------

\9\ See supra note 4.
\10\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend 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 email to rule-comments@sec.gov. Please
include File Number SR-NYSEArca-2012-60 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-2012-60. This
file number should be included on the subject line if email 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
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for

[[Page 36307]]

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-2012-60 and should
be submitted on or before July 9, 2012.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-14739 Filed 6-15-12; 8:45 am]
BILLING CODE 8011-01-P

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