51114 Federal Register / Vol. 76, No. 159 / Wednesday, August 17, 2011 / Notices 

20 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The ETFS is physically-backed by gold bullion 

which are held in Switzerland. 

All submissions should refer to File 

Number SR–NYSEAmex–2011–60. 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 such filing 

also will be available for inspection and 

copying at the principal office of NYSE 

Amex. 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 publicly available. All 

submissions should refer to File 

Number SR–NYSEAmex–2011–60 and 

should be submitted on or before 

September 7, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2011–20903 Filed 8–16–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–65099; File No. SR– 

NASDAQ–2011–109] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Options on ETFS Gold Trust 

August 11, 2011. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 2 thereunder, 

notice is hereby given that on August 2, 

2011, the NASDAQ Stock Market LLC 

(‘‘NASDAQ’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

in Items I and II below, which Items 

have been prepared by NASDAQ. 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 NASDAQ Stock Market LLC 

proposes to list and trade options on the 

ETFS Gold Trust. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http:// 

www.nasdaq.cchwallstreet.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 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change. The text of 

these 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 aspects 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 the proposed rule 

change is to amend certain rules to 

enable the listing and trading on the 

Exchange of options on the ETFS Gold 

Trust (‘‘SGOL’’).3 Specifically, the 

Exchange proposes to amend Chapter 

IV, entitled ‘‘Securities Traded on 

NOM,’’ at Sec. 3 entitled ‘‘Criteria for 

Underlying Securities’’ to add SGOL to 

the list of products deemed appropriate 

for options trading. 

Exchange Rules at Chapter IV, Section 

3 list the securities deemed appropriate 

for options trading, which shall include 

shares or other securities (‘‘ExchangeTraded Fund Shares’’ or ‘‘ETFS’’), 

including but not limited to Partnership 

Units, as defined in Section 3, that are 

principally traded on a national 

securities exchange and are defined as 

an ‘‘NMS stock’’ under Rule 600 of 

Regulation NMS, and that (i) Represent 

interests in registered investment 

companies (or series thereof) organized 

as open-end management investment 

companies, unit investment trusts or 

similar entities, and that hold portfolios 

of securities comprising or otherwise 

based on or representing investments in 

indexes or portfolios of securities (or 

that hold securities in one or more other 

registered investment companies that 

themselves hold such portfolios of 

securities) (‘‘Funds’’) and/or financial 

instruments including, but not limited 

to, stock index futures contracts, options 

on futures, options on securities and 

indexes, equity caps, collars and floors, 

swap agreements, forward contracts, 

repurchase agreements and reverse 

repurchase agreements (the ‘‘Financial 

Instruments’’), and money market 

instruments, including, but not limited 

to, U.S. government securities and 

repurchase agreements (the ‘‘Money 

Market Instruments’’) constituting or 

otherwise based on or representing an 

investment in an index or portfolio of 

securities and/or Financial Instruments 

and Money Market Instruments, or (ii) 

represent commodity pool interests 

principally engaged, directly or 

indirectly, in holding and/or managing 

portfolios or baskets of securities, 

commodity futures contracts, options on 

commodity futures contracts, swaps, 

forward contracts and/or options on 

physical commodities and/or non-U.S. 

currency (‘‘Commodity Pool ETFs’’) or 

(iii) represent interests in a trust or 

similar entity that holds a specified nonU.S. currency or currencies deposited 

with the trust or similar entity when 

aggregated in some specified minimum 

number may be surrendered to the trust 

by the beneficial owner to receive the 

specified non-U.S. currency or 

currencies and pays the beneficial 

owner interest and other distributions 

on the deposited non-U.S. currency or 

currencies, if any, declared and paid by 

the trust (‘‘Currency Trust Shares’’), or 

(iv) represent interests in the SPDR Gold 

Trust or are issued by the iShares 

COMEX Gold Trust or iShares Silver 

Trust. This rule change proposes to 

expand the types of ETFs that may be 

approved for options trading to include 

SGOL. 

Apart from allowing SGOL to be an 

underlying for options traded in the 

Exchange as described above, the listing 

standards for ETFs will remain 

unchanged from those that apply under 

current Exchange Rules. ETFs on which 

options may be listed and traded must 

still be listed and traded on a national 


Emcdonald on DSK2BSOYB1PROD with NOTICES
Federal Register / Vol. 76, No. 159 / Wednesday, August 17, 2011 / Notices 51115 

4The ETFS must meet the criteria and guidelines 

for underlying securities as set forth in Chapter IV, 

Section 3(a), (b) and (i) of the NASDAQ Options 

Rules. 

5See Chapter IV, Section 4. 

6See NASDAQ Options Rules, Chapter III, 

Sections 7 (Position Limits), and 9 (Exercise Limits) 

and Chapter XIII, Section 3 (Margin Requirements). 

7 15 U.S.C. 78f(b). 

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

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

provide the Commission with written notice of its 

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 fulfilled this requirement. 

11For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

12See Securities Exchange Act Release Nos. 

61483 (February 3, 2010), 75 FR 6753 (February 10, 

2010) (SR–CBOE–2010–007, SR–ISE–2009–106, 

SR–NYSEAmex-2009–86, and SR–NYSEArca-2009– 

110), 62464 (July 7, 2010), 75 FR 40007 (July 13, 

2010) (SR–BX–2010–045) (rule filings to enable the 

listing and trading of options on ETFS Gold Trust 

on CBOE, ISE, NYSE Amex, NYSE Arca and BOX). 

securities exchange and must satisfy 

other listing standards.4

The Exchange notes that the current 

continued listing standards for options 

on Exchange-Traded Fund Shares 

would also apply to options on SGOL. 

Specifically, under Chapter IV, Section 

4(h) of the NASDAQ Options Rules, 

Fund Shares approved for options 

trading pursuant to Section 3 of Chapter 

IV will not be deemed to meet the 

requirements for continued approval, 

and Nasdaq shall not open for trading 

any additional series of option contracts 

of the class covering such Fund Shares 

if the security is delisted from trading as 

provided in subparagraph (b)(v) of 

Section [sic]. In addition, Nasdaq 

Regulation shall consider the 

suspension of opening transactions in 

any series of options of the class 

covering Fund Shares in any of the 

following circumstances: 

(i) In the case of options covering 

Fund Shares approved pursuant to 

Section 3(i)(iv)(1), in accordance with 

the terms of subparagraphs (b)(i), (ii) 

and (iii) of Section 4; 

(ii) In the case of options covering 

Fund Shares approved pursuant to 

Section 3(i)(iv)(2) of Chapter IV, 

following the initial twelve-month 

period beginning upon the 

commencement of trading in the Fund 

Shares on a national securities exchange 

and are defined as NMS stock under 

Rule 600 of Regulation NMS, there were 

fewer than 50 record and/or beneficial 

holders of such Fund Shares for 30 

consecutive days; 

(iii) The value of the index, non-U.S. 

currency, portfolio of commodities 

including commodity futures contracts, 

options on commodity futures contracts, 

swaps, forward contracts and/or options 

on physical commodities and/or 

Financial Instruments or Money Market 

Instruments, or portfolio of securities on 

which the Fund Shares are based is no 

longer calculated or available; or 

(iv) Such other event occurs or 

condition exists that in the opinion of 

Nasdaq Regulation makes further 

dealing in such options on NOM 

inadvisable.5

The addition of SGOL to Exchange 

Rules at Chapter IV, Section 3 will not 

have any effect on the rules pertaining 

to position and exercise limits or 

margin.6 Further, the Exchange 

represents that its surveillance 

procedures applicable to trading in 

options on SGOL will be similar to 

those applicable to all other options on 

other ETFs currently traded on the 

Exchange. The Exchange may obtain 

trading information via the Intermarket 

Surveillance Group (‘‘ISG’’) from other 

exchanges who are members or affiliates 

of the ISG. The Exchange may also 

obtain trading information from various 

commodity futures exchanges 

worldwide that have entered into 

comprehensive surveillance sharing 

agreements with the Exchange. In 

connection with SGOL, the Exchange 

represents that it may obtain 

information from the New York 

Mercantile Exchange, Inc. (‘‘NYMEX’’), 

pursuant to a comprehensive 

surveillance sharing agreement, related 

to any financial instrument that is 

based, in whole or in part, upon an 

interest in or performance of gold. Prior 

to listing and trading options on SGOL, 

the Exchange represents that it will 

either have the ability to obtain specific 

trading information via ISG or through 

a comprehensive surveillance sharing 

agreement with the marketplace or 

marketplaces with last sale reporting 

that represent(s) the highest volume in 

derivatives (options or futures) on the 

underlying gold. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 7 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 8

in particular, in that it is designed to 

promote just and equitable principles of 

trade, 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, by 

amending its rules to accommodate the 

listing and trading of options on SGOL, 

which will benefit investors by 

providing them with valuable risk 

management tools. 

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 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change: (i) Does not significantly affect 

the protection of investors or the public 

interest; (ii) does not impose any 

significant burden on competition; and 

(iii) by its terms does not become 

operative for 30 days after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest, the proposed rule 

change has become effective pursuant to 

Section 19(b)(3)(A) of the Act 9 and Rule 

19b–4(f)(6) thereunder.10

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative for 30 days after the 

date of filing. However, Rule 19b– 

4(f)(6)(iii) permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange requests that the Commission 

waive the 30-day operative delay so that 

the Exchange can list and trade options 

on ETFS Gold Trust immediately. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest.11 The Commission notes 

the proposal is substantively identical to 

proposals previously approved by the 

Commission, and does not raise any 

new regulatory issues.12 For these 

reasons, the Commission designates the 

proposed rule change as operative upon 

filing. 

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. 


Emcdonald on DSK2BSOYB1PROD with NOTICES
51116 Federal Register / Vol. 76, No. 159 / Wednesday, August 17, 2011 / Notices 

13The text of the proposed rule change is 

available on the Commission’s Web site at http:// 

www.sec.gov. 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The ETFS is physically-backed by gold bullion 

which are held in Switzerland. 

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–NASDAQ–2011–109 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–NASDAQ–2011–109. 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.13 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– 

NASDAQ–2011–109 and should be 

submitted on or before September 7, 

2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2011–20900 Filed 8–16–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–65098; File No. SR–Phlx2011–102] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Options on ETFS Gold Trust 

August 11, 2011. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 2 thereunder, 

notice is hereby given that on August 2, 

2011, NASDAQ OMX PHLX LLC 

(‘‘Phlx’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘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 list and 

trade options on the ETFS Gold Trust. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://www.nasdaqtrader.com/ 

micro.aspx?id=PHLXRulefilings, 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 

Exchange 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 these 

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 aspects 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 the proposed rule 

change is to amend certain rules to 

enable the listing and trading on the 

Exchange of options on the ETFS Gold 

Trust (‘‘SGOL’’).3 Specifically, the 

Exchange proposes to amend Exchange 

Rule 1009, entitled ‘‘Criteria for 

Underlying Securities,’’ to amend 

Commentary .06 (iv) to add SGOL to the 

list of products deemed appropriate for 

options trading. 

Currently Exchange Rule 1009 lists 

the securities deemed appropriate for 

options trading, which includes shares 

or other securities (‘‘Exchange-Traded 

Fund Shares’’ or ‘‘ETFS’’), including but 

not limited to Partnership Units, as 

defined in Commentary .08, that are 

principally traded on a national 

securities exchange and are defined as 

an ‘‘NMS stock’’ under Rule 600 of 

Regulation NMS, and that (i) Represent 

an interest in a registered investment 

company organized as an open-end 

management investment company, a 

unit investment trust or a similar entity 

which holds securities and/or financial 

instruments including, but not limited 

to, stock index futures contracts, options 

on futures, options on securities and 

indexes, equity caps, collars and floors, 

swap agreements, forward contracts, 

repurchase agreements and reverse 

repurchase agreements (the ‘‘Financial 

Instruments’’), and money market 

instruments, including, but not limited 

to, U.S. government securities and 

repurchase agreements (the ‘‘Money 

Market Instruments’’) constituting or 

otherwise based on or representing an 

investment in an index or portfolio of 

securities and/or Financial Instruments 

and Money Market Instruments, or (ii) 

represent commodity pool interests 

principally engaged, directly or 

indirectly, in holding and/or managing 

portfolios or baskets of securities, 

commodity futures contracts, options on 

commodity futures contracts, swaps, 

forward contracts and/or options on 

physical commodities and/or non-U.S. 

currency (‘‘Commodity Pool ETFs’’) or 

(iii) represent interests in a trust or 

similar entity that holds a specified nonU.S. currency or currencies deposited 

with the trust or similar entity when 

aggregated in some specified minimum 

number may be surrendered to the trust 

by the beneficial owner to receive the 

specified non-U.S. currency or 


Emcdonald on DSK2BSOYB1PROD with NOTICES