Federal Register / Vol. 72, No. 80 / Thursday, April 26, 2007 / Notices 20901 

endeavor to provide Participants with 

written estimates of each Participant’s 

percentage of total volume within five 

business days of month end. 

3. For purposes of this Exhibit 1, net 

distributable operating income for any 

particular calendar year shall be 

calculated by adding all revenues from 

the UTP Quote Data Feed, the UTP 

Trade Data Feed, and the OTC Montage 

Data Feed including revenues from the 

dissemination of information respecting 

Eligible Securities to foreign 

marketplaces (collectively, ‘‘the Data 

Feeds’’), and subtracting from such 

revenues the costs incurred by the 

Processor, set forth below, in collecting, 

consolidating, validating, generating, 

and disseminating the Data Feeds. 

These costs include, but are not limited 

to, the following: 

a. The Processor costs directly 

attributable to creating OTC Montage 

Data Feed, including: 

1. Cost of collecting Participant quotes 

into the Processor’s quote engine; 

2. Cost of processing quotes and 

creating OTC Montage Data Feed 

messages within the Processor’s quote 

engine; 

3. Cost of the Processor’s 

communication management subsystem 

that distributes OTC Montage Data Feed 

to the market data vendor network for 

further distribution. 

b. The costs directly attributable to 

creating the UTP Quote Data Feed, 

including: 

1. The costs of collecting each 

Participant’s best bid, best offer, and 

aggregate volume into the Processor’s 

quote engine and, in the case of NASD, 

the costs of identifying the NASD 

Participant(s) that constitute NASD’s 

Best Bid and Offer quotations; 

2. Cost of calculating the national best 

bid and offer price within the 

Processor’s quote engine; 

3. Cost of creating the UTP Quote Data 

Feed message within the Processor’s 

quote engine; 

4. Cost of the Processor’s 

communication management subsystem 

that distributes the UTP Quote Data 

Feed to the market data vendors’

networks for further distribution. 

c. The costs directly attributable to 

creating the UTP Trade Data Feed, 

including: 

1. The costs of collecting each 

Participant’s last sale and volume 

amount into the Processor’s quote 

engine 

2. Cost of determining the appropriate 

last sale price and volume amount 

within the Processor’s trade engine; 

3. Cost of utilizing the Processor’s 

trade engine to distribute the UTP Trade 

Data Feed for distribution to the market 

data vendors. 

4. Cost of the Processor’s 

communication management subsystem 

that distributes the UTP Trade Data 

Feed to the market data vendors’

networks for further distribution. 

d. The additional costs that are shared 

across all Data Feeds, including: 

1. Telecommunication Operations 

costs of supporting the Participant lines 

into the Processor’s facilities; 

2. Telecommunications Operations 

costs of supporting the external market 

data vendor network; 

3. Data Products account management 

and auditing function with the market 

data vendors; 

4. Market Operations costs to support 

symbol maintenance, and other data 

integrity issues; 

5. Overhead costs, including 

management support of the Processor, 

Human Resources, Finance, Legal, and 

Administrative Services. 

e. Processor costs excluded from the 

calculation of net distributable 

operating income include trade 

execution costs for transactions 

executed using a Nasdaq service and 

trade report collection costs reported 

through a Nasdaq service, as such 

services are market functions for which 

Participants electing to use such 

services pay market rate. 

f. For the purposes of this provision, 

the following definitions shall apply: 

1. ‘‘Quote engine’’ shall mean the 

Nasdaq’s NT or Tandem system that is 

operated by Nasdaq to collect quotation 

information for Eligible Securities; 

2. ‘‘Trade engine’’ shall mean the 

Nasdaq Tandem system that is operated 

by Nasdaq for the purpose of collecting 

last sale information in Eligible 

Securities. 

3. At the time a Participant 

implements a Processor-approved 

electronic interface with the Processor, 

the Participant will become eligible to 

receive revenue. 

4. Processor shall endeavor to provide 

Participants with written estimates of 

each Participant’s quarterly net 

distributable operating income within 

45 calendar days of the end of the 

quarter, and estimated quarterly 

payments or billings shall be made on 

the basis of such estimates. All quarterly 

payments or billings shall be made to 

each eligible Participant within 45 days 

following the end of each calendar 

quarter in which the Participant is 

eligible to receive revenue, provided 

that each quarterly payment or billing 

shall be reconciled against a 

Participant’s cumulative year-to-date 

payment or billing received to date and 

adjusted accordingly, and further 

provided that the total of such estimated 

payments or billings shall be reconciled 

at the end of each calendar year and, if 

necessary, adjusted by March 31st of the 

following year. Interest shall be 

included in quarterly payments and in 

adjusted payments made on March 31st 

of the following year. Such interest shall 

accrue monthly during the period in 

which revenue was earned and not yet 

paid and will be based on the 90-day 

Treasury bill rate in effect at the end of 

the quarter in which the payment is 

made. Monthly interest shall start 

accruing 45 days following the month in 

which it is earned and accrue until the 

date on which the payment is made. 

In conjunction with calculating 

estimated quarterly and reconciled 

annual payments under this Exhibit 1, 

the Processor shall submit to the 

Participants a quarterly itemized 

statement setting forth the basis upon 

which net operating income was 

calculated, including a quarterly 

itemized statement of the Processor 

costs set forth in Paragraph 3 of this 

Exhibit. Such Processor costs and Plan 

revenues shall be adjusted annually 

based solely on the Processor’s quarterly 

itemized statement audited pursuant to 

Processor’s annual audit. Processor shall 

pay or bill Participants for the audit 

adjustments within thirty days of 

completion of the annual audit. By 

majority vote of the Operating 

Committee, the Processor shall engage 

an independent auditor to audit the 

Processor’s costs or other calculation(s), 

the cost of which audit shall be shared 

equally by all Participants. The 

Processor agrees to cooperate fully in 

providing the information necessary to 

complete such audit. 

[FR Doc. E7–7953 Filed 4–25–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

In the Matter of Internetstudios.com, 

Inc., and World Cyberlinks Corp. File 

No. 500–1; Order of Suspension of 

Trading 

April 24, 2007. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of 

Internetstudios.com, Inc. because it has 

not filed any periodic reports since it 

filed a Form 10–QSB for the period 

ended September 30, 2005. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of World 


rwilkins on PROD1PC63 with NOTICES
20902 Federal Register / Vol. 72, No. 80 / Thursday, April 26, 2007 / Notices 

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

2 17 CFR 240.19b–4. 

3Commentary .06 to Amex Rule 915 sets forth the 

initial listing and maintenance standards for shares 

or other securities (‘‘Exchange-Traded Fund 

Shares’’) that are principally traded on a national 

securities exchange or through the facilities of a 

national securities exchange and reported as a 

national market security, and that represent an 

interest in a registered investment company 

organized as an open-end management investment 

company, a unit investment trust or other similar 

entity. 

4The Emerging Markets Index includes 

approximately 848 equity components of 

companies located in emerging markets around the 

world. As of February 28, 2007, the largest markets 

covered in the Index were South Korea, Taiwan, 

Brazil, China and Russia (which made up 15.7%, 

12.4%, 10.5%, 10.5% and 10.0%, respectively, of 

the Index’s market capitalization). MSCI 

(www.msci.com) calculates and maintains the 

Emerging Markets Index. The Index is a 

capitalization-weighted index whose component 

securities are adjusted for available float and must 

meet objective criteria for inclusion in the Index. 

The Index aims to capture 85% of the publicly 

available total market capitalization in each 

emerging market included in the Index. The Index 

is rebalanced quarterly, calculated in U.S. Dollars 

on a real time basis, and disseminated every 60 

seconds during market trading hours. 

5As of February 28, 2007, the Fund was 

comprised of 863 securities and had total net assets 

of $13.5 billion. OAO Gazprom ADR had the 

greatest individual weight at 4.16%. The aggregate 

percentage weighting of the top 10 securities in the 

Fund was 18.1%. 

Cyberlinks Corp. because it has not filed 

any periodic reports since it filed a 

Form 10–KSB for the period ended July 

31, 2002. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of the above-listed 

companies. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the abovelisted companies, is suspended for the 

period from 9:30 a.m. EDT on April 24, 

2007, through 11:59 p.m. EDT on May 

7, 2007. 

By the Commission. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 07–2074 Filed 4–24–07; 11:54 am] 

BILLING CODE 8010–01–M 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55648; File No. SR–Amex–

2007–09] 

Self-Regulatory Organizations; 

American Stock Exchange LLC; Notice 

of Filing and Order Granting 

Accelerated Approval of Proposed 

Rule Change as Modified by 

Amendment No. 1 Thereto Relating to 

the Listing and Trading of Options on 

Vanguard Emerging Markets ETF 

April 19, 2007. 

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 January 

19, 2007, the American Stock Exchange 

LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been substantially prepared by the 

Exchange. The Exchange submitted 

Amendment No. 1 to the proposed rule 

change on March 23, 2007. The 

Commission is publishing this notice 

and order to solicit comments on the 

proposal, as amended, from interested 

persons and to approve the proposed 

rule change, as modified by Amendment 

No. 1, on an accelerated basis. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to list and 

trade options (‘‘Fund Options’’) on the 

Vanguard Emerging Markets ETF. The 

text of the proposed rule change is 

available on the Amex’s Web site at 

http://www.amex.com, the Office of the 

Secretary, the Amex 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 III 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 purpose of this rule change is to 

obtain approval to list for trading on the 

Exchange options on the Vanguard 

Emerging Markets ETF (the ‘‘Fund’’) 

(symbol: VWO) on a pilot basis for six 

(6) months to commence on the date of 

approval. Commentary .06 to Amex 

Rule 915 and Commentary .07 to Amex 

Rule 916, respectively (the ‘‘Listing 

Standards’’) establish the Exchange’s 

initial listing and maintenance 

standards. The Listing Standards permit 

the Exchange to list funds structured as 

open-end investment companies (such 

as the Fund), unit investment trust 

(‘‘UITs’’) or other similar entities, 

without having to file for approval with 

the Commission to list for trading 

options on such funds.3 The Exchange 

submits that the Fund meets 

substantially all of the Listing Standard 

requirements, and for the requirements 

that are not met, sufficient mechanisms 

exist that would provide the Exchange 

with adequate surveillance and 

regulatory information with respect to 

the Fund. 

The Fund is an open-end investment 

company designed to hold a portfolio of 

securities which tracks the performance 

of the MSCI Emerging Markets Index 

(the ‘‘Index’’ or ‘‘Select Index’’).4 The 

Fund employs a ‘‘representative 

sampling’’ methodology to track the 

Index, which means that the Fund 

invests in a representative sample of 

securities in the Index that have a 

similar investment profile as the Index.5

Securities selected by the Fund have 

aggregate investment characteristics 

(based on market capitalization and 

industry weightings), fundamental 

characteristics (such as return 

variability, earnings valuation and 

yield) and liquidity measures similar to 

those of the Index. 

The Index provides exposure to 25 

emerging market countries in Europe, 

Asia, Africa, and Latin America. As of 

February 28, 2007, the Emerging 

Markets Index consisted of companies 

representing Argentina, Brazil, Chile, 

China, Colombia, the Czech Republic, 

Egypt, Hungary, India, Indonesia, Israel, 

Jordan, Malaysia, Mexico, Morocco, 

Pakistan, Peru, the Philippines, Poland, 

Russia, South Africa, South Korea, 

Taiwan, Thailand, and Turkey. MSCI 

periodically adjusts the list of included 

countries to keep pace with the 

evolution in world markets (such 

adjustments made on a forward-looking 

basis, so past performance of the 

Emerging Markets Index always reflects 

actual country representation during the 

relevant period). 

The Fund generally invests at least 

95% of its assets in the common stocks 

included in the Index. In order to 

improve portfolio liquidity and give the 

Fund additional flexibility to comply 

with the requirements of the U.S. 

Internal Revenue Code and other 

regulatory requirements and to manage 

future corporate actions and index 

changes in smaller markets, the Fund 

also has the authority to invest the 

remainder of its assets in securities that 


rwilkins on PROD1PC63 with NOTICES