Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Reflect a Change to the Process for Determining the Benchmark Values Used by the ETFS Platinum Trust, ETFS Palladium Trust, ETFS Precious Metals Trust and ETFS White Metals Basket Trust, 72036-72039 [2014-28473]

Agencies

• SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 79, Number 233 (Thursday, December 4, 2014)]
[Notices]
[Pages 72036-72039]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-28473]



[[Page 72036]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73701; File No. SR-NYSEArca-2014-135]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change to Reflect a Change 
to the Process for Determining the Benchmark Values Used by the ETFS 
Platinum Trust, ETFS Palladium Trust, ETFS Precious Metals Trust and 
ETFS White Metals Basket Trust

November 28, 2014.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on November 25, 2014, NYSE Arca, Inc. (the ``Exchange'' or 
``NYSE Arca'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to change rule [sic] to reflect a change to 
the process for determining the benchmark values used by the ETFS 
Platinum Trust, the ETFS Palladium Trust, the ETFS Precious Metals 
Trust and the ETFS White Metals Basket Trust, each of which is 
currently listed on the Exchange under NYSE Arca Equities Rule 8.201, 
with respect to calculation of the net asset value of shares of each 
such trust. 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to reflect a change in the administrative 
process for determining the benchmark values used by the ETFS Platinum 
Trust, the ETFS Palladium Trust, the ETFS Precious Metals Trust and the 
ETFS White Metals Basket Trust (each a ``Trust'' and, collectively, the 
``Trusts'') with respect to calculation of the net asset value 
(``NAV'') of shares (``Shares'') of each such Trust. The Trusts are 
listed and traded pursuant to NYSE Arca Equities Rules 8.201 for 
Commodity-Based Trust Shares. The sponsor for the Trusts is ETFS 
Services USA LLC (``Sponsor'').
    The proposed administrative change would replace as of the close of 
business November 30, 2014 references to the ``London AM Fix'' and 
``London PM Fix,'' (collectively, the ``London Fix''), the current 
platinum and palladium price mechanism that the London Platinum and 
Palladium Fixing Company Limited (the ``LPPFCL'') manually administers, 
with an electronic platinum and palladium bullion price fixing system 
(known as LMEbullion) administered by the London Metal Exchange 
(``LME''),\4\ as described below.
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    \4\ The LME is regulated by the Financial Conduct Authority 
(FCA), an independent non-governmental body which exercises 
statutory regulatory power under the Financial Services and Markets 
Act of 2000 of the United Kingdom and which also regulates the major 
participating members of the London Bullion Market Association and 
the London Platinum and Palladium Market (the ``LPPM'').
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Revised London Fix Procedures for Platinum and Palladium
    On November 18, 2014, the Sponsor issued a press release (``Press 
Release'') stating that the LPPFCL has announced its intention to 
revise the London Fix pricing benchmark processes for platinum and 
palladium after November 30, 2014. The afternoon session of the London 
Fix has been the ``Benchmark Price'' for valuation of platinum and 
palladium bullion held respectively by each of the Trusts. The LPPFCL 
has accepted a proposal by the LME to administer revised platinum and 
palladium price benchmark mechanisms on its behalf. Commencing December 
1, 2014, the LME will operate platinum and palladium bullion price 
fixing systems (LMEbullion) that will replicate electronically the 
current manual London Fix processes employed by the LPPFCL as well as 
provide electronic market clearing processes for platinum and palladium 
bullion transactions at the fixed prices established by the LME pricing 
mechanism.\5\ The new electronic price fixing processes to be used by 
the LME will continue to establish and publish fixed prices for troy 
ounces of platinum and palladium twice each London trading day during 
fixing sessions beginning at 9:45 a.m. London time (the ``LME AM Fix'') 
and 2:00 p.m. London time (the ``LME PM Fix''). In addition to 
utilizing the same London Fix standards and methods, the LME will also 
supervise the platinum and palladium electronic price fixing processes 
through its market operations, compliance, internal audit and third-
party complaint handling capabilities in order to support the integrity 
of the LME AM and PM Fixes.
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    \5\ In a press release dated October 16, 2014, LME stated that 
LME's electronic solution relating to the fix for platinum and 
palladium, LMEbullion, will provide a pricing methodology that fully 
meets the administrative and regulatory needs of market participants 
including the International Organization of Securities Commissions 
(``IOSCO'') Principles for Financial Benchmarks.
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    The Sponsor anticipates that, commencing December 1, 2014, the 
Sponsor will determine that the LME PM Fix will continue to be an 
appropriate basis for valuing platinum and palladium, as applicable, 
received upon purchase of a Trust's Shares, delivered upon redemption 
of a Trust's Shares and for determining the value of a Trust's platinum 
and palladium bullion, as applicable each trading day. The Sponsor also 
expects to determine that the LME PM Fix will fairly represent the 
commercial value of platinum and palladium bullion, as applicable, held 
by each Trust.
Exchange-Listed Platinum and Palladium-based Products
    The Exchange lists and trades shares of exchange traded products 
that reference the London Fix for one or more purposes. Specifically, 
the Exchange lists and trades shares of the ETFS Platinum Trust \6\, 
the ETFS

[[Page 72037]]

Palladium Trust \7\, the ETFS White Metals Basket Trust \8\ and the 
ETFS Precious Metals Basket Trust,\9\ each of which is currently listed 
on the Exchange under NYSE Arca Equities Rule 8.201.
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    \6\ See Securities Exchange Act Release Nos. 60970 (November 9, 
2009), 74 FR 59319 (November 17, 2009) (SR-NYSEArca-2009-95) (notice 
of filing of proposed rule change to list and trade shares of the 
ETFS Platinum Trust) (``ETFS Platinum Notice''); 61220 (December 22, 
2009), 74 FR 68886 (December 29, 2009) (SR-NYSEArca-2009-95) (order 
approving proposed rule change to list and trade shares of the ETFS 
Platinum Trust).
    \7\ See Securities Exchange Act Release Nos. 60971 (November 9, 
2009), 74 FR 59283 (November 17, 2009) (SR-NYSEArca-2009-94) (notice 
of filing of proposed rule change to list and trade shares of the 
ETFS Palladium Trust) (``ETFS Palladium Notice''); 61220 (December 
22, 2009), 74 FR 68895 (December 29, 2009) (SR-NYSEArca-2009-94) 
(order approving proposed rule change to list and trade shares of 
the ETFS Palladium Trust).
    \8\ See Securities Exchange Act Release No. 62620 (July 30, 
2010), 75 FR 47655 (August 6, 2010) (SR-NYSEArca-2010-71) (notice of 
filing of proposed rule change to list and trade shares of the ETFS 
White Metals Basket Trust); 62875 (September 9, 2010), 75 FR 56156 
(September 15, 2010) (SR-NYSEArca-2010-71) (order approving proposed 
rule change to list and trade shares of the ETFS White Metals Basket 
Trust).
    \9\ See Securities Exchange Act Release No. 62402 (June 29, 
2010), 75 FR 39292 (July 8, 2010) (SR-NYSEArca-2010-56) (notice of 
filing of proposed rule change to list and trade shares of the ETFS 
Precious Metals Basket Trust); 62692 (August 11, 2010), 75 FR 50789 
(August 17, 2010) (order approving proposed rule change to list and 
trade shares of the ETFS Precious Metals Basket Trust).
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    With respect to the Trusts, the NAV of Shares of the respective 
Trusts is based on the London PM Fix, as described in the applicable 
rule filings relating to listing and trading of Shares of each of the 
Trusts \10\ and in the registration statement under the Securities Act 
of 1933 Act (``1933 Act'') relating to each such Trust.\11\ After 
November 30, 2014, the Trusts will utilize the benchmark price 
ascertained through the LME administered electronic fixing process for 
purposes of calculating the NAV of such Trust's Shares. The Sponsor of 
the Trusts has represented that, on December 1, 2014, the Sponsor 
intends to use the LME PM Fix for purposes of determining the net asset 
value of Shares of the Trusts. Accordingly, the Exchange proposes to 
change the benchmark price used by the Trusts for calculation of the 
NAV of Shares of each of such Trust to the LME PM Fix.
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    \10\ As described in the ETFS Platinum Notice and the ETFS 
Palladium Notice, twice daily during London trading hours there is a 
fix which provides reference platinum and palladium prices for that 
day's trading. Many long-term contracts will be priced on the basis 
of either the morning (AM) or afternoon (PM) London Fix, and market 
participants will usually refer to one or the other of these prices 
when looking for a basis for valuations. The London Fix is the most 
widely used benchmark for daily platinum and palladium prices and is 
quoted by various financial information sources. The LPPM designated 
the LPPFCL to administer the London Fix. Formal participation in the 
London Fix is traditionally limited to four firms, each of which is 
a bullion dealer and a member of the LPPM. The chairmanship now 
rotates annually among the four LPPM fixing member firms. The 
morning session of the fix starts at 9:45 a.m. London time and the 
afternoon session starts at 2:00 p.m. London time. The four LPPM 
fixing members are currently: BASF SE., Goldman Sachs Group Inc., 
HSBC Holdings and Standard Bank PLC. Any other market participant 
wishing to participate in platinum and palladium trading on the fix 
is required to do so through one of the four LPPM fixing members. 
Orders are placed either with one of the four LPPM fixing members or 
with another precious metals dealer who will then be in contact with 
a LPPM fixing member during the fixing. The fixing members net-off 
all orders when communicating their net interest at the fixing. The 
fix begins with the fixing chairman suggesting a ``trying price,'' 
reflecting the market price prevailing at the opening of the fix. 
This is relayed by the fixing members to their dealing rooms which 
have direct communication with all interested parties. Any market 
participant may enter the fixing process at any time, or adjust or 
withdraw his order. The platinum or palladium price is adjusted up 
or down until all the buy and sell orders are matched, at which time 
the price is declared fixed. All fixing orders are transacted on the 
basis of this fixed price, which is instantly relayed to the market 
through various media. The London Fix is widely viewed as a full and 
fair representation of all market interest at the time of the fix.
    \11\ See the registration statement for the ETFS Palladium Trust 
on Form S-3, filed with the Commission on April 17, 2014 (No. 333-
195335); the registration statement for the ETFS Platinum Trust on 
Form S-3ASR, filed with the Commission on June 3, 2013, and Post-
Effective Amendment No. 1 thereto, filed with the Commission on June 
5, 2013 (File No. 333-189061); Post-Effective Amendment No. 1 to the 
registration statement for the ETFS Precious Metals Trust on Form S-
3, filed with the Commission on August 13, 2014 (No. 333-195675); 
and Post-Effective Amendment No. 1 to the registration statement for 
the ETFS White Metals Basket Trust on Form S-1, filed with the 
Commission on August 13, 2014 (No. 333-195441) (each a 
``Registration Statement'' and, collectively, the ``Registration 
Statements'').
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    Each LME AM and PM Fix is widely expected to be viewed as a full 
and fair representation of all market interest. The LME's electronic 
price fixing processes are similar to the non-electronic processes 
previously used to establish the applicable London Fix where the London 
Fix process adjusted the platinum or palladium price up or down until 
all the buy and sell orders entered by LPPM fixing members are matched, 
at which time the price was declared fixed. Nevertheless, the LME AM 
and PM Fixes have several advantages over the previous London Fix. The 
LME's electronic price fixing processes will be fully transparent in 
real time to the platinum and palladium market participants and, at the 
close of each electronic fixing, to the general public. The LME AM and 
PM Fixes are also to be established by more LBBM [sic] members 
(initially approximately ten) than was the London Fix (four LPPM fixing 
members). The LME's electronic price fixing processes also will be 
fully auditable by third parties since an audit trail exists from the 
beginning of each fixing session. Moreover, the market operation, 
compliance, internal audit and third-party complaint handling 
capabilities of the LME will support the integrity of the LME AM and PM 
Fix.\12\
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    \12\ The Prudential Regulation Authority (PRA) at the Bank of 
England has overall responsibility for the prudential regulation of 
banks, building societies, credit unions, insurers and major 
investment firms, many of whom are active in the bullion market. The 
conduct of financial institutions is overseen by the Financial 
Conduct Authority (FCA), which was formed from the former Financial 
Services Authority and is separate from the Bank of England.
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    The Exchange believes the new LME electronic price fixing processes 
will serve as an appropriate replacement to the London Fix for purposes 
of determining the NAV of Shares of the Trusts because of the 
transparency of the fixing process, the anticipated participation of an 
increased number of market participants compared to the London Fix, and 
the auditability of the palladium and platinum pricing mechanism.
    In connection with this proposed rule change, (1) the Sponsor of 
the Trusts will issue a press release informing the public of the date 
a Trust will first use the LME PM Fix to value the palladium or 
platinum, as applicable, held by a Trust; (2) the Sponsor will file the 
applicable press release with the Commission by means of Form 8-K, 
which will be available on the applicable Trust's Web site; and (3) the 
Sponsor will file an amendment to the applicable Registration Statement 
relating to the proposed change.\13\
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    \13\ The Sponsor for the Trusts represents that it manages the 
Trusts in the manner described in the applicable proposed rule 
change (see supra, notes 6-9), and will not implement the changes 
described herein until the instant proposed rule change is 
operative.
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    The Sponsor for the Trusts represents that there is no change to 
the investment objective of the applicable Trust from that described in 
the applicable proposed rule change.\14\ The Trusts will be subject to 
all initial and continued listing requirements under NYSE Arca Equities 
Rule 8.201.
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    \14\ See supra, notes 6-9.
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    Except for the changes noted above, all other facts presented and 
representations made in the proposed rule changes referenced above 
remain unchanged.

[[Page 72038]]

    All terms referenced but not defined herein are defined in the 
applicable proposed rule changes referenced above.\15\
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    \15\ See supra, notes 6-9.
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2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(5) \16\ that an exchange have rules that 
are designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to remove 
impediments to, and perfect the mechanism of a free and open market 
and, in general, to protect investors and the public interest.
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    \16\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change is designed to 
prevent fraudulent and manipulative acts and practices in that, 
according to the LME press release, the new LMEbullion fixing processes 
will provide a pricing methodology that fully meets the administrative 
and regulatory needs of market participants, including the IOSCO 
Principles for Financial Benchmarks (the ``IOSCO Principles'').\17\ In 
order to meet the IOSCO Principles, the LMEbullion electronic process 
will be auditable and transparent. Moreover, the LME AM and PM Fix will 
be the clearing prices for platinum and palladium bullion transactions 
that will clear through an electronic clearing process that the LME is 
establishing simultaneously with the establishment of the LMEbullion 
process. The Exchange believes the new LME fixing processes will serve 
as an appropriate replacement to the London Fix for platinum and 
palladium for purposes of determining the NAV of Shares of the Trusts 
because of the transparency of the fixing process, the participation of 
an increased number of market participants (initially, approximately 
ten LPPM members) compared to the London Fix (four LPPM members), and 
the auditability of the pricing mechanism. For each LME AM and PM Fix 
session, buying and selling order placements will be displayed 
electronically in real time for all platinum and palladium fixing 
participants. The LME will observe all fixing session buying and 
selling order placements, including the identity of those submitting 
orders. In addition, each LME AM and PM Fix and all order placement 
information will become publicly available electronically through the 
LME via financial news media services (such as, Bloomberg, Thomson 
Reuters, FactSet, Metal Radar and other services) instantly after the 
conclusion of the fixing process, as described above.
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    \17\ The IOSCO Principles are designed to enhance the integrity, 
the reliability and the oversight of benchmarks by establishing 
guidelines for benchmark administrators and other relevant bodies in 
the following areas: Governance: To protect the integrity of the 
benchmark determination process and to address conflicts of 
interest; Benchmark quality: To promote the quality and integrity of 
benchmark determinations through the application of design factors; 
Quality of the methodology: To promote the quality and integrity of 
methodologies by setting out minimum information that should be 
addressed within a methodology. These principles also call for 
credible transition policies in case a benchmark may cease to exist 
due to market structure change. Accountability mechanisms: To 
establish complaints processes, documentation requirements and audit 
reviews. The IOSCO Principles provide a framework of standards that 
might be met in different ways, depending on the specificities of 
each benchmark. In addition to a set of high level principles, the 
framework offers a subset of more detailed principles for benchmarks 
having specific risks arising from their reliance on submissions 
and/or their ownership structure. For further information concerning 
the IOSCO Principles, see https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf.
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    The proposed change will permit the Trusts to continue to function 
as platinum- and palladium-based exchange-traded products by utilizing 
a new price mechanism to replace the London Fix, which is not expected 
to be available after November 30, 2014, and that will provide a sound 
and reasonable basis for calculation of NAV. Such prices will be widely 
disseminated by one or more major market data vendors and/or exchanges. 
Prior to or following the effectiveness of this proposed rule change, 
(1) the Sponsor of the Trusts will issue a press release informing the 
public of the date a Trust will first use the LME Fix to value the 
platinum and palladium held by a Trust; (2) the Sponsor of the Trusts 
will file the applicable press release with the Commission by means of 
Form 8-K, which will be available on the applicable Trust's Web site; 
and (3) the Sponsor will file an amendment to the applicable 
Registration Statements under the 1933 Act relating to the proposed 
change. Such press releases and Registration Statement amendments will 
protect investors and the public interest by providing notification to 
investors of the new LME price mechanism prior to the use of the LME PM 
Fix by the Trusts. The Sponsor represents that there is no change to 
the investment objective of the applicable Trust from that described in 
the applicable proposed rule change. The Trusts will comply with all 
initial and continued listing requirements under NYSE Arca Equities 
Rule 8.201. Except for the changes noted above, all other facts 
presented and representations made in proposed rule changes referenced 
above remain unchanged.
    The proposed rule change is designed to perfect the mechanism of a 
free and open market and, in general, to protect investors and the 
public interest in that the LME's electronic price fixing processes 
will be fully transparent in real time to the platinum and palladium 
market participants and, at the close of each electronic fixing, to the 
general public. The LME's electronic price fixing processes also will 
be fully auditable by third parties since an audit trail exists from 
the beginning of each fixing session. Moreover, the market operation, 
compliance, internal audit and third-party complaint handling 
capabilities of the LME will support the integrity of the LME AM and PM 
Fix. The Trusts will continue to be listed and traded on the Exchange 
pursuant to the initial and continued listing criteria in NYSE Arca 
Equities Rule 8.201. Except for the changes noted above, all other 
facts presented and representations made in proposed rule changes 
referenced above remain unchanged.\18\
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    \18\ See supra, notes 6-9.
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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. The proposed change will 
permit the Trusts to continue to function as platinum- or palladium-
based exchange-traded products by utilizing an electronic mechanism to 
replace the manual London Fix, which is not expected to be available 
after November 30, 2014, and that will provide a sound and reasonable 
basis for calculation of NAV.

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 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 for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate, the

[[Page 72039]]

proposed rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \19\ and Rule 19b-4(f)(6) thereunder.\20\
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    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its 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.
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    The Exchange has asked the Commission to waive the 30-day operative 
delay so that the proposal may become operative immediately upon 
filing. The Exchange states that the proposed change will provide 
additional transparency to platinum and palladium pricing compared to 
the previous London Fix for several reasons. The Exchange represents 
that LME's electronic price fixing processes will be fully transparent 
in real time to the platinum and palladium market participants and, at 
the close of each electronic fixing, to the general public. The 
Exchange represents that LME's electronic price fixing processes also 
will be fully auditable by third parties because an audit trail exists 
from the beginning of each fixing session. Moreover, the Exchange 
states that the market operation, compliance, internal audit and third-
party complaint handling capabilities of the LME will support the 
integrity of the LME AM and PM Fix. The Exchange represents that the 
number of platinum and palladium participants that initially are 
expected to participate in the LMEbullion fixing process (approximately 
ten LPPM members) exceeds the number of market participants determining 
the London Fix prior to December 1, 2014 (currently four LPPM fixing 
members), and will contribute to the integrity and reliability of the 
pricing process.
    The Commission believes that waiver of the operative delay is 
consistent with the protection of investors and the public interest. 
Waiver of the operative delay will allow the Trusts, whose Shares are 
actively traded, to use the LME Fix as the basis for calculating the 
NAV by December 1, 2014, thereby facilitating the transition to the new 
price mechanism without disruption in trading. Therefore, the 
Commission designates the proposed rule change to be operative upon 
filing.\21\
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    \21\ 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).
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    At any time within 60 days of the filing of such 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. If the Commission 
takes such action, the Commission shall institute proceedings under 
Section 19(b)(2)(B) \22\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \22\ 15 U.S.C. 78s(b)(2)(B).
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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-2014-135 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2014-135. 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 such filing will also 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-2014-135 and should 
be submitted on or before December 26, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2014-28473 Filed 12-3-14; 8:45 am]
BILLING CODE 8011-01-P