77926 Federal Register / Vol. 75, No. 239 / Tuesday, December 14, 2010 / Notices 

6 15 U.S.C. 78s(b)(3)(A). 

7 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 the five-day pre-filing requirement. 

8See Securities and Exchange Act Release No. 

61696 (March 12, 2010), 75 FR 13174 (March 18, 

2010) (SR–CBOE–2010–005). 

9For 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). 

10 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 63267 

(November 8, 2010), 75 FR 69494 (‘‘Notice’’). 

5See the Registration Statement for the Trust on 

Form S–1, filed with the Commission on July 22, 

2010 (No. 333–168277) (‘‘Registration Statement’’). 

The descriptions of the Trust, the Shares and the 

gold market contained in the Notice are based on 

the Registration Statement. 

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 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 

The Exchange has neither solicited 

nor received comments on 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 6 and Rule 19b4(f)(6) thereunder.7

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 that of another exchange that 

has been approved by the Commission.8

Therefore, the Commission designates 

the proposal operative upon filing.9

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–BX–2010–085 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–BX–2010–085. This file 

number should be included on the 

subject line if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street, NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. All comments received will 

be posted without change; the 

Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–BX– 

2010–085 and should be submitted on 

or before January 4, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–31230 Filed 12–13–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63464; File No. SR– 

NYSEArca–2010–95] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Granting Accelerated 

Approval of a Proposed Rule Change 

To List and Trade Shares of the ETFS 

Asian Gold Trust 

December 8, 2010. 

On September 22, 2010, NYSE Arca, 

Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) 1 of the Securities 

Exchange Act of 1934 (‘‘Act’’) 2 and Rule 

19b–4 thereunder,3 a proposed rule 

change to list and trade shares (‘‘Shares’’) 

of the ETFS Asian Gold Trust (‘‘Trust’’). 

The proposed rule change was 

published in the Federal Register on 

November 12, 2010.4 The Commission 

received no comments on the proposal. 

This order approves the proposed rule 

change on an accelerated basis. 

I. Description of the Proposal 

The Exchange proposes to list and 

trade Shares pursuant to NYSE Arca 

Equities Rule 8.201, which governs the 

listing and trading of Commodity-Based 

Trust Shares. The Exchange represents 

that the Shares satisfy the requirements 

of NYSE Arca Equities Rule 8.201 and 

thereby qualify for listing on the 

Exchange. 

The Trust will issue Shares, which 

represent units of fractional undivided 

beneficial interest in and ownership of 

the Trust. The investment objective of 

the Trust is for the Shares to reflect the 

performance of the price of gold bullion, 

less the expenses of the Trust’s 

operations.5

The Exchange deems the Shares to be 

equity securities, which subjects the 

Shares to the Exchange’s existing rules 


srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 75, No. 239 / Tuesday, December 14, 2010 / Notices 77927 

6See supra notes 4 and 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. See 15 U.S.C. 78c(f). 

8 15 U.S.C. 78f(b)(5). 

9 15 U.S.C. 78k–1(a)(1)(C)(iii). 

10The bid-ask price of the Trust is determined 

using the highest bid and lowest offer on the 

Consolidated Tape as of the time of calculation of 

the closing day NAV. 

11See e-mail from Timothy J. Malinowski, Senior 

Director, NYSE Euronext, to Christopher W. Chow, 

Special Counsel, and Steve Varholik, Special 

Counsel, Commission, dated December 1, 2010. 

12See NYSE Arca Equities Rule 8.201(e)(2). 

governing the trading of equity 

securities, and has represented that 

trading of the Shares on the Exchange, 

will occur in accordance with NYSE 

Arca Equities Rule 7.34(a). The 

Exchange also has represented that it 

has appropriate rules to facilitate 

transactions in the Shares during all 

trading sessions. 

Additional details regarding the 

Shares and Trust including, among 

other things, creations and redemptions 

of the Shares, the organization and 

structure of the Trust, custody of the 

Trust’s holdings, Trust expenses, Trust 

termination events, the Singapore and 

London gold markets, the gold futures 

markets, and the gold markets generally, 

the dissemination and availability of 

information about the underlying assets, 

trading halts, applicable trading rules, 

surveillance, and the Information 

Bulletin can be found in the Notice and/ 

or the Registration Statement.6

II. Discussion and Commission 

Findings 

After careful consideration, the 

Commission finds that the proposed 

rule change to list and trade the Shares 

is consistent with the requirements of 

the Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.7 In particular, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of Section 6(b)(5) of the 

Act,8 which requires, among other 

things, that the Exchange’s rules be 

designed to prevent fraudulent and 

manipulative acts and practices, 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

regulating, clearing, settling, processing 

information with respect to, and 

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. 

In addition, the Commission finds 

that the proposal to list and trade the 

Shares on the Exchange is consistent 

with Section 11A(a)(1)(C)(iii) of the 

Act,9 which sets forth Congress’ finding 

that it is in the public interest and 

appropriate for the protection of 

investors and the maintenance of fair 

and orderly markets to assure the 

availability to brokers, dealers and 

investors of information with respect to 

quotations for and transactions in 

securities. The Exchange states that 

there is a considerable amount of gold 

price and gold market information 

available on public Web sites and 

through professional and subscription 

services as discussed below. For 

example, investors may obtain on a 24- 

hour basis gold pricing information 

based on the spot price for an ounce of 

gold from various financial information 

service providers, such as Reuters and 

Bloomberg. Reuters and Bloomberg 

provide at no charge on their Web sites 

delayed information regarding the spot 

price of gold and last sale prices of gold 

futures, as well as information about 

news and developments in the gold 

market. Reuters and Bloomberg also 

offer a professional service to 

subscribers for a fee that provides 

information on gold prices directly from 

market participants. An organization 

named EBS provides an electronic 

trading platform to institutions such as 

bullion banks and dealers for the trading 

of spot gold, as well as a feed of live 

streaming prices to Reuters and 

Moneyline Telerate subscribers. 

Complete real-time data for gold futures 

and options prices traded on the 

COMEX are available by subscription 

from Reuters and Bloomberg. 

In addition, the Trust’s Web site will 

provide the following information: (1) 

An intraday indicative value (‘‘IIV’’) per 

share for the Shares, updated at least 

every 15 seconds, as calculated by the 

Exchange or a third party financial data 

provider, during the Exchange’s Core 

Trading Session (9:30 a.m. to 4 p.m., 

Eastern Standard Time); and (2) the 

Creation Basket Deposit and net asset 

value (‘‘NAV’’) of the Trust as calculated 

each business day by the Sponsor. In 

addition, the Web site for the Trust will 

contain the following information, on a 

per Share basis, for the Trust: (1) The 

mid-point of the bid-ask price 10 at the 

close of trading in relation to the NAV 

as of the time the NAV is calculated 

(‘‘Bid/Ask Price’’), and a calculation of 

the premium or discount of such price 

against such NAV; and (2) data in chart 

format displaying the frequency 

distribution of discounts and premiums 

of the Bid/Ask Price against the NAV, 

within appropriate ranges, for each of 

the four previous calendar quarters. The 

Web site for the Trust will also provide 

the Trust’s prospectus, as well as the 

two most recent reports to stockholders. 

Finally, the Trust Web site will provide 

the last sale price of the Shares as traded 

in the US market. 

The Exchange will provide on its Web 

site http://www.nyx.com a link to the 

Trust’s Web site. In addition, the 

Exchange will make available over the 

Consolidated Tape quotation 

information, trading volume, closing 

prices and NAV for the Shares from the 

previous day. The NYMEX also 

provides delayed futures and options 

information on current and past trading 

sessions and market news free of charge 

on its Web site. There are a variety of 

other public Web sites providing 

information on gold, ranging from those 

specializing in precious metals to sites 

maintained by major newspapers, such 

as The Wall Street Journal. In addition, 

the London AM Fix and London PM Fix 

are publicly available at no charge at or 

http://www.thebulliondesk.com. 

The Commission further believes that 

the proposal to list and trade the Shares 

is reasonably designed to promote fair 

disclosure of information that may be 

necessary to price the Shares 

appropriately and to prevent trading 

when a reasonable degree of 

transparency cannot be assured. The 

Exchange states that it will obtain a 

representation from the Trust that the 

NAV will be calculated daily and made 

available to all market participants at 

the same time.11

Following the initial 12-month period 

following commencement of trading, the 

Exchange will consider the suspension 

of trading in Shares or removing Shares 

from listing if, among other things: (1) 

The value of the underlying commodity 

is no longer calculated or available on 

at least a 15-second delayed basis from 

a source unaffiliated with the sponsor, 

Trust, custodian or the Exchange; (2) the 

Exchange stops providing a hyperlink 

on its Web site to any such unaffiliated 

commodity value; or (3) the IIV is no 

longer made available on at least a 15- 

second delayed basis.12 Under NYSE 

Arca Equities Rule 7.34(a)(5), if the 

Exchange becomes aware that the NAV 

is not being disseminated to all market 

participants at the same time, it must 

halt trading on the NYSE Marketplace 

until such time as the NAV is available 

to all market participants. With respect 

to trading halts, the Exchange may 

consider all relevant factors in 

exercising its discretion to halt or 

suspend trading in the Shares. These 

may include: (1) The extent to which 

conditions in the underlying gold 


srobinson on DSKHWCL6B1PROD with NOTICES
77928 Federal Register / Vol. 75, No. 239 / Tuesday, December 14, 2010 / Notices 

13See NYSE Arca Equities Rule 7.12. 

14 15 U.S.C. 78s(b)(2). 

15See, e.g., Securities Exchange Act Release No. 

59895 (May 8, 2009), 74 FR 22993 (May 15, 2009) 

(SR–NYSEArca–2009–40). 

16See Notice, supra note 4, 75 FR at 69495, nn. 

5–11. 

17 15 U.S.C.78s(b)(2). 

18 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

markets have caused disruptions and/or 

lack of trading; or (2) whether other 

unusual conditions or circumstances 

detrimental to the maintenance of a fair 

and orderly market are present. In 

addition, trading in Shares will be 

subject to trading halts caused by 

extraordinary market volatility pursuant 

to the Exchange’s ‘‘circuit breaker’’ 

rule.13

Further, NYSE Arca Equities Rule 

8.201 sets forth certain restrictions on 

ETP Holders acting as registered Market 

Makers in the Shares to facilitate 

surveillance. Pursuant to NYSE Arca 

Equities Rule 8.201(g), an ETP Holder 

acting as a registered Market Maker in 

the Shares is required to provide the 

Exchange with information relating to 

its trading in the applicable underlying 

commodity, related commodity futures 

or options on commodity futures, or any 

other related commodity derivatives. 

Commentary .04 of NYSE Arca Equities 

Rule 6.3 requires an ETP Holder acting 

as a registered Market Maker in 

Commodity-Based Trust Shares to 

establish, maintain and enforce written 

policies and procedures reasonably 

designed to prevent the misuse of any 

material nonpublic information with 

respect to such products, any 

components of the related products, any 

physical asset or commodity underlying 

the product, applicable currencies, 

underlying indexes, related futures or 

options on futures, and any related 

derivative instruments. 

In support of this proposal, the 

Exchange has made representations, 

including the following: 

(1) The Shares will be subject to the 

initial and continued listing criteria 

under NYSE Arca Equities Rule 

8.201(e). 

(2) The Exchange’s surveillance 

procedures are adequate to properly 

monitor Exchange trading of the Shares 

in all trading sessions and to deter and 

detect violations of Exchange rules and 

applicable federal securities laws. In 

addition, the Exchange may obtain 

trading information via the Intermarket 

Surveillance Group (‘‘ISG’’) from other 

exchanges who are members of the ISG. 

(3) Prior to the commencement of 

trading, the Exchange will inform its 

ETP Holders in an Information Bulletin 

of the special characteristics and risks 

associated with trading the Shares. 

Specifically, the Information Bulletin 

will discuss the following: (a) The 

procedures for purchases and 

redemptions of Shares in Baskets 

(including noting that Shares are not 

individually redeemable); (b) NYSE 

Arca Equities Rule 9.2(a), which 

imposes a duty of due diligence on its 

ETP Holders to learn the essential facts 

relating to every customer prior to 

trading the Shares; (c) how information 

regarding the IIV is disseminated; (d) 

the requirement that ETP Holders 

deliver a prospectus to investors 

purchasing newly issued Shares prior to 

or concurrently with the confirmation of 

a transaction; (d) the possibility that 

trading spreads and the resulting 

premium or discount on the Shares may 

widen as a result of reduced liquidity of 

gold trading during the Core and Late 

Trading Sessions after the close of the 

major world gold markets; and (e) 

trading information. In addition, the 

Information Bulletin will reference that 

the Trust is subject to various fees and 

expenses described in the Registration 

Statement. The Information Bulletin 

will also reference the fact that there is 

no regulated source of last sale 

information regarding physical gold, 

that the Commission has no jurisdiction 

over the trading of gold as a physical 

commodity, and that the CFTC has 

regulatory jurisdiction over the trading 

of gold futures contracts and options on 

gold futures contracts. 

This approval order is based on the 

Exchange’s representations. 

The Commission finds good cause, 

pursuant to Section 19(b)(2) of the 

Act,14 for approving the proposed rule 

change prior to the 45th day after 

publication of notice in the Federal 

Register. The Commission does not 

believe that the Exchange’s proposal to 

list and trade the Shares presents any 

novel regulatory issues. The 

Commission has previously approved 

proposals by the Exchange to list and 

trade shares of similar trusts that hold 

gold bullion pursuant to NYSE Arca 

Equities Rule 8.201.15 Additionally, the 

Commission has previously approved 

proposals to list and trade shares of 

trusts that hold other commodities such 

as platinum, palladium, and silver 

pursuant to NYSE Arca Equities Rule 

8.201.16

III. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,17 that the 

proposed rule change (SR–NYSEArca– 

2010–95) be, and it hereby is, approved 

on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–31288 Filed 12–13–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63471; File No. SR– 

NYSEArca–2010–108] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Arca, Inc. Amending Its Fee Schedule 

December 8, 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 December 

1, 2010, NYSE Arca, Inc. (‘‘NYSE Arca’’ 

or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I 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 its 

Fee Schedule (the ‘‘Schedule’’). While 

changes to the Schedule pursuant to this 

proposal will be effective on filing, the 

changes will become operative on 

December 1, 2010. The text of the 

proposed rule change is available at the 

Exchange’s principal office, on the 

Commission’s Web site at http:// 

www.sec.gov, at the Commission’s 

Public Reference Room, and the 

Exchange’s Web site at 

http:www.nyse.com. 

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, 


srobinson on DSKHWCL6B1PROD with NOTICES