Federal Register / Vol. 75, No. 238 / Monday, December 13, 2010 / Notices 77689 

15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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–NYSE–2010–76 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–NYSE–2010–76. 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 on official business 

days between the hours of 10 a.m. and 

3 p.m. Copies of such 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–NYSE–2010–76 and should 

be submitted on or before January 3, 

2011 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–31200 Filed 12–10–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63462; File No. SR– 

NYSEArca–2010–106] 

Self-Regulatory Organizations; Notice 

of Filing of Proposed Rule Change by 

NYSE Arca, Inc. Amending Its Rules 

Regarding the Listing of Option Series 

With $1 Strike Prices 

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 

November 24, 2010, 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 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 

rules regarding the listing of $1 strike 

prices. The text of the proposed rule 

change is available at the principal 

office of the Exchange, the 

Commission’s Public Reference Room, 

on the Commission’s Web site at 

http://www.sec.gov and 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, 

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 amend 

Rule 6.4 Commentary .04 to improve the 

operation of the $1 Strike Price Program. 

Currently, the $1 Strike Price Program 

only allows the listing of new $1 strikes 

within $5 of the previous day’s closing 

price. In certain circumstances this has 

led to situations where there are no atthe-money $1 strikes for a day, despite 

significant demand. For instance, on 

November 15, 2010, the underlying 

shares of Isilon Systems Inc. opened at 

$33.83. It had closed the previous 

trading day at $26.29. Options were 

available in $1 intervals up to $31, but 

because of the restriction to only listing 

within $5 of the previous close, the 

Exchange was not able to add $32, $33, 

$34, $36, $37 or $38 strikes during the 

day. 

The Exchange proposes that $1 

interval strike prices be allowed to be 

added immediately within $5 of the 

official opening price in the primary 

listing market. Thus, on any day, $1 

Strike Program strikes may be added 

within $5 of either the opening price or 

the previous day’s closing price. 

On occasion, the price movement in 

the underlying security has been so 

great that listing within $5 of either the 

previous day’s closing price or the day’s 

opening price will leave a gap in the 

continuity of strike prices. For instance, 

if an issue closes at $14 one day, and the 

next day opens above $27, the $21 and 

$22 strikes will be more than $5 from 

either benchmark. The Exchange 

proposes that any such discontinuity be 

avoided by allowing the listing of all $1 

Strike Program strikes between the 

closing price and the opening price. 

Additionally, issues that are in the $1 

Strike Price Program may currently have 

$2.50 interval strike prices added that 

are more than $5 from the underlying 

price or are more than a nine months to 

expiration (long-term options series). In 

such cases, the listing of a $2.50 interval 

strike may lead to discontinuities in 

strike prices and also a lack of parallel 

strikes in different expiration months of 

the same issue. For instance, under the 

current rules, the Exchange may list a 

$12.50 strike in a $1 Strike Program 

issue where the underlying price is $24. 

This allowance was provided to avoid 

too large of an interval between the 

standard strike prices of $10 and $15. 

The unintended consequence, however, 

is that if the underlying price should 

decline to $16, the Exchange would not 

be able to list a $12 or $13 strike. If the 


wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
77690 Federal Register / Vol. 75, No. 238 / Monday, December 13, 2010 / Notices 

3Rule 6.4A codifies the limitation on strike price 

ranges outlined in the OLPP, which, except in 

limited circumstances, prohibits options series with 

an exercise price more than 100% above or below 

the price of the underlying security if that price is 

$20 or less. If the price of the underlying security 

is greater than $20, the Exchange shall not list new 

options series with an exercise price more than 

50% above or below the price of the underlying 

security. 

4 15 U.S.C. 78f(b). 

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

underlying stayed near this level at 

expiration, a new expiration month 

would have the $12 and $13 strike but 

not the $12.50, leading to a disparity in 

strike intervals in different months of 

the same option class. This has also led 

to investor confusion, as they regularly 

request the addition of inappropriate 

strikes so as to roll a position from one 

month to another at the same strike 

level. 

To avoid this problem, the Exchange 

proposes to prohibit $2.50 interval 

strikes below $50 in all $1 Strike Price 

Program issues, including long term 

option series. At each standard $5 

increment strike more than $5 from the 

price of the underlying security, the 

Exchange proposes to list the strike $2 

above the standard strike for each 

interval above the price of the 

underlying security, and $2 below the 

standard strike, for each interval below 

the price of the underlying security, 

provided it meets the Options Listing 

Procedures Plan (‘‘OLPP’’) Provisions in 

Rule 6.4A.3 For instance, if the 

underlying security was trading at $19, 

the Exchange could list, for each month, 

the following strikes: $3, $5, $8, $10, 

$13, $14, $15, $16, $17, $18, $19, $20, 

$21, $22, $23, $24, $25, $27, $30, $32, 

$35, and $37. 

Instead of $2.50 strikes for long-term 

options, the Exchange proposes to list 

one long-term $1 Strike option series 

strike in the interval between each 

standard $5 strike, with the $1 Strike 

being $2 above the standard strike price 

for each interval above the price of the 

underlying security, and $2 below the 

standard strike price, for each interval 

below the price of the underlying 

security. In addition, the Exchange may 

list the long-term $1 strike which is $2 

above the standard strike just below the 

underlying price at the time of listing, 

and may add additional long-term 

options series strikes as the price of the 

underlying security moves, consistent 

with the OLPP. For instance, if the 

underlying is trading at $21.25, longterm strikes could be listed at $15, $18, 

$20, $22, $25, $27, and $30. If the 

underlying subsequently moved to $22, 

the $32 strike could be added. If the 

underlying moved to $19.75, the $13, 

$10, $8, and $5 strikes could be added. 

The Exchange also proposes that 

additional long-term option strikes may 

not be listed within $1 of an existing 

strike until less than nine months to 

expiration. 

Finally, the Exchange represents that 

it has the necessary systems capacity to 

support the small increase in new 

options series that will result from these 

changes to the $1 Strike Price Program. 

2. Statutory Basis 

The Exchange believes that this 

proposed rule change is consistent with 

Section 6(b) of the Securities Exchange 

Act of 1934 (‘‘Act’’),4 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act 5 in particular, in that it is 

designed to prevent fraudulent and 

manipulative acts and practices, 

promote just and equitable principles of 

trade, 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 

particular, the proposed rule change 

seeks to reduce investor confusion and 

address issues that have arisen in the 

operation of the $1 Strike Price Program 

by providing a consistent application of 

strike price intervals for issues in the $1 

Strike Price Program. 

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 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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–NYSEArca–2010–106 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–2010–106. 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– 

NYSEArca–2010–106 and should be 

submitted on or before January 3, 2011. 


wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
Federal Register / Vol. 75, No. 238 / Monday, December 13, 2010 / Notices 77691 

6 17 CFR 200.30–3(a)(12). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–31224 Filed 12–10–10; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Revocation of License of Small 

Business Investment Company 

Pursuant to the authority granted to 

the United States Small Business 

Administration by the Final Order of the 

United States District Court for the 

Northern District of Texas, Fort Worth 

Division, dated October 22, 2007, the 

United States Small Business 

Administration hereby revokes the 

license of SBIC Partners II, L.P., a 

Delaware Limited Partnership, to 

function as a small business investment 

company under the Small Business 

Investment Company License No. 06/ 

76–0316 issued to SBIC Partners II, L.P. 

on June 16, 1998 and said license is 

hereby declared null and void as of July 

28, 2010. 

U.S. Small Business Administration. 

Sean J. Greene, 

Associate Administrator for Investment. 

[FR Doc. 2010–31153 Filed 12–10–10; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

Surrender of License of Small 

Business Investment Company 

Pursuant to the authority granted to 

the United States Small Business 

Administration under the Small 

Business Investment Act of 1958, under 

Section 309 of the Act and Section 

107.1900 of the Small Business 

Administration Rules and Regulations 

(13 CFR 107.1900) to function as a small 

business investment company under the 

Small Business Investment Company 

License No. 02/72–0616 issued to 

RockMaple Ventures, L.P., and said 

license is hereby declared null and void 

as of August 4, 2010. 

U.S. Small Business Administration. 

Sean J. Greene, 

AA/Investment. 

[FR Doc. 2010–31152 Filed 12–10–10; 8:45 am] 

BILLING CODE 8025–01–P 

TENNESSEE VALLEY AUTHORITY 

Douglas and Nolichucky Tributary 

Reservoirs Land Management Plan, in 

Cocke, Greene, Hamblen, Jefferson, 

and Sevier Counties, TN 

AGENCY: Tennessee Valley Authority 

(TVA). 

ACTION: Issuance of Record of Decision 

(ROD). 

SUMMARY: This notice is provided in 

accordance with the Council on 

Environmental Quality’s regulations (40 

CFR 1500 to 1508) and TVA’s 

procedures for implementing the 

National Environmental Policy Act 

(NEPA). TVA has prepared the Douglas 

and Nolichucky Tributary Reservoirs 

Land Management Plan for the 3,191 

acres of TVA-managed public land on 

these reservoirs in northeastern 

Tennessee. On November 4, 2010, the 

TVA Board of Directors (TVA Board) 

approved the plan, implementing the 

Preferred Alternative (Alternative C, 

Modified Land Use Alternative) 

identified in the final environmental 

impact statement (FEIS). Under the plan 

adopted by the TVA Board, TVAmanaged public land on Douglas and 

Nolichucky tributary reservoirs has been 

allocated into broad use categories or 

‘‘zones,’’ including Project Operations 

(Zone 2), Sensitive Resource 

Management (Zone 3), Natural Resource 

Conservation (Zone 4), Industrial (Zone 

5), Developed Recreation (Zone 6), and 

Shoreline Access (Zone 7). Allocations 

were made in a manner consistent with 

TVA’s 2006 Land Policy. 

FOR FURTHER INFORMATION CONTACT: 

Amy Henry, NEPA Specialist, 

Environmental Permits and Compliance, 

Tennessee Valley Authority, 400 West 

Summit Hill Drive, WT 11D, Knoxville, 

Tennessee 37902–1499; telephone (865) 

632–4045 or e-mail abhenry@tva.gov. 

SUPPLEMENTARY INFORMATION: TVA 

manages public lands to protect the 

integrated operation of TVA reservoir 

and power systems, to provide for 

appropriate public use and enjoyment of 

the reservoir system, and to provide for 

continuing economic growth in the 

Tennessee Valley. 

Douglas and Nolichucky tributary 

reservoirs are located in northeastern 

Tennessee. The reservoirs are along the 

Nolichucky and French Broad rivers, 

which flow west from North Carolina to 

the Tennessee River. Existing uses 

around the reservoirs on public and 

private land include TVA project 

operations, developed and dispersed 

recreation, private residences, and 

undeveloped areas. A total of 597 miles 

of shoreline surrounds these reservoirs, 

but the portion of shoreline owned and 

managed by TVA differs greatly between 

them, with 19 of 36 miles of Nolichucky 

Reservoir shoreline being managed by 

TVA while only 69 of the 561 miles of 

Douglas Reservoir shoreline are 

managed by TVA. 

TVA originally acquired nearly 3,760 

acres of land on the two reservoirs. 

About 15 percent of that land has been 

transferred to State and other Federal 

agencies for public recreation or natural 

resource conservation use. TVA 

presently manages approximately 3,191 

acres along these reservoirs. Reservoir 

properties on Douglas Reservoir 

previously were planned in 1965 

utilizing a Forecast System. Nolichucky 

Reservoir has never been planned. 

The plan is designed to guide future 

decision-making and the management of 

these reservoir properties in a manner 

consistent with the 2006 TVA Land 

Policy and other relevant TVA policies. 

Public Involvement 

TVA published a notice of intent to 

prepare an Environmental Impact 

Statement (EIS) in the Federal Register 

on May 30, 2008. Between May 30 and 

July 15, 2008, TVA sought input from 

individuals, various State and Federal 

agencies, elected officials, and local 

organizations. Thirty participants 

attended a public scoping meeting held 

on June 12, 2008, in Morristown, 

Tennessee. TVA received over 100 

scoping comments, the majority of 

which concerned management of 

natural and recreation resources, 

reservoir water levels, and land 

ownership issues on the Nolichucky 

Reservoir. TVA used these comments to 

develop three alternatives for 

assessment in the EIS: Alternative A— 

No Action Alternative; Alternative B— 

Proposed Land Use Alternative; and 

Alternative C—Modified Land Use 

Alternative. 

The notice of availability (NOA) of the 

Draft EIS (DEIS) was published in the 

Federal Register on March 12, 2010. 

TVA accepted comments on the DEIS 

until April 26, 2010. Approximately 40 

people attended a public meeting on 

April 6, 2010, in Newport, Tennessee. 

TVA received a total of 38 comments 

from individuals; interested 

organizations; and Federal, State, and 

local government agencies. 

The majority of the public responses 

focused on land use allocation for 

specific parcels of TVA-managed land, 

in particular on the Nolichucky 

Reservoir. There were also comments 

about the NEPA process and alternative 

selection, stewardship of public lands, 

recreation on public lands including the 

safety of hunters and adjacent 


wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1