Federal Register / Vol. 74, No. 6 / Friday, January 9, 2009 / Notices 977 

4 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 

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

6 15 U.S.C. 78f(b)(8). 

7See Notice. 

8 Id. 

9See Securities Exchange Act Release Nos. 58088 

(July 2, 2008), 73 FR 39747 (July 10, 2008)(SR– 

CBOE–2008–16); 58224 (July 25, 2008), 73 FR 

44303 (July 30, 2008) (SR–ISE–2007–94); and 59081 

(December 11, 2008), 73 FR 76432 (December 16, 

2008) (SR–Phlx–2008–79). 

10 15 U.S.C. 78s(b)(2). 

11 15 U.S.C. 78s(b)(2). 

12 17 CFR 200.30–3(a)(12). 

applicable to a national securities 

exchange.4 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,5 which, among other 

things, requires that the rules of a 

national securities exchange be 

designed to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating 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. The Commission 

also finds that the proposed rule change 

is consistent with Section 6(b)(8) of the 

Act,6 which requires that the rules of an 

exchange not impose any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

The Commission believes that, given 

the electronic environment of NYSE 

Arca OX, reducing the exposure period 

from three seconds to one second could 

facilitate the prompt execution of 

orders, while continuing to provide 

market participants with an opportunity 

to compete for exposed bids and offers. 

To substantiate that NYSE Arca 

members could receive, process, and 

communicate a response back to the 

Exchange within one second, the 

Exchange stated that it distributed a 

survey to its members that regularly 

access the Exchange on an electronic 

basis. NYSE Arca stated that all but one 

responding firm indicated that their 

approximate turnaround time for 

responding to trading interest was equal 

to, or less than, 100 milliseconds, while 

the other responding firm simply stated 

that their turnaround time was ‘‘less 

than one second.’’ 7 NYSE Arca also 

stated that none of the responding firms 

anticipated any problems related to 

order processing, if the Exchange was to 

reduce the exposure period to one 

second.8 Based on NYSE Arca’s 

statements regarding the survey results, 

the Commission believes that market 

participants should continue to have 

opportunities to compete for exposed 

bids and offers within a one second 

exposure period. Accordingly, the 

Commission believes that it is 

consistent with the Act for NYSE Arca 

to reduce the exposure time discussed 

herein from three seconds to one 

second. 

The Commission finds good cause to 

approve the proposed rule change prior 

to the thirtieth day after publication for 

comment in the Federal Register. The 

Commission notes that the proposed 

rule change was noticed for a fifteen-day 

comment period, and no comments 

were received. The Commission 

believes that the Exchange has provided 

reasonable support for its belief that the 

Exchange’s market participants would 

continue to have an opportunity to 

compete for exposed bids and offers if 

the exposure period was reduced to one 

second as proposed. Finally, the 

Commission also notes that the 

proposed rule change is similar to 

recently approved proposals submitted 

by the Chicago Board Options Exchange, 

Incorporated, the International 

Securities Exchange, LLC, and NASDAQ 

OMX PHLX, Inc.9 Therefore, the 

Commission finds good cause, 

consistent with Section 19(b)(2) of the 

Act,10 to approve the proposed rule 

change on an accelerated basis. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,11 that the 

proposed rule change (SR–NYSEArca– 

2008–135), be, and hereby is, approved 

on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–137 Filed 1–8–09; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 6477] 

Culturally Significant Objects Imported 

for Exhibition Determinations: ‘‘A 

Circus Family: Picasso to Leger’’ 

SUMMARY: Notice is hereby given of the 

following determinations: Pursuant to 

the authority vested in me by the Act of 

October 19, 1965 (79 Stat. 985; 22 U.S.C. 

2459), Executive Order 12047 of March 

27, 1978, the Foreign Affairs Reform and 

Restructuring Act of 1998 (112 Stat. 

2681, et seq.; 22 U.S.C. 6501 note, et 

seq.), Delegation of Authority No. 234 of 

October 1, 1999, Delegation of Authority 

No. 236 of October 19, 1999, as 

amended, and Delegation of Authority 

No. 257 of April 15, 2003 [68 FR 19875], 

I hereby determine that the object to be 

included in the exhibition ‘‘A Circus 

Family: Picasso to Leger,’’ imported 

from abroad for temporary exhibition 

within the United States, is of cultural 

significance. The object is imported 

pursuant to a loan agreement with the 

foreign owner or custodian. I also 

determine that the exhibition or display 

of the exhibit object at the Baltimore 

Museum of Art, Baltimore, MD, from on 

or about February 22, 2009, until on or 

about May 17, 2009, and at possible 

additional exhibitions or venues yet to 

be determined, is in the national 

interest. Public Notice of these 

Determinations is ordered to be 

published in the Federal Register. 

FOR FURTHER INFORMATION CONTACT: For 

further information, including a list of 

the exhibit objects, contact Carol B. 

Epstein, Attorney-Adviser, Office of the 

Legal Adviser, U.S. Department of State 

(telephone: 202/453–8048). The address 

is U.S. Department of State, SA–44, 301 

4th Street, SW., Room 700, Washington, 

DC 20547–0001. 

Dated: December 22, 2008. 

C. Miller Crouch, 

Principal Deputy Assistant Secretary for 

Educational and Cultural Affairs, Department 

of State. 

[FR Doc. E9–208 Filed 1–8–09; 8:45 am] 

BILLING CODE 4710–05–P 

DEPARTMENT OF STATE 

[Public Notice 6478] 

Culturally Significant Objects Imported 

for Exhibition Determinations: ‘‘Turner 

to Cezanne: Masterpieces from the 

Davies Collection, National Museum 

Wales’’ 

SUMMARY: Notice is hereby given of the 

following determinations: Pursuant to 

the authority vested in me by the Act of 

October 19, 1965 (79 Stat. 985; 22 U.S.C. 

2459), Executive Order 12047 of March 

27, 1978, the Foreign Affairs Reform and 

Restructuring Act of 1998 (112 Stat. 

2681, et seq.; 22 U.S.C. 6501 note, et 

seq.), Delegation of Authority No. 234 of 

October 1, 1999, Delegation of Authority 

No. 236 of October 19, 1999, as 

amended, and Delegation of Authority 

No. 257 of April 15, 2003 [68 FR 19875], 

I hereby determine that the objects to be 

included in the exhibition ‘‘Turner to 

Cezanne: Masterpieces from the Davies 

Collection, National Museum Wales,’’ 

imported from abroad for temporary 

mstockstill on PROD1PC66 with NOTICES