Federal Register / Vol. 74, No. 49 / Monday, March 16, 2009 / Notices 11167 

33 Id. 

34See NYSE Arca Order at 74784. 

35 Id. 

36SIFMA Letter at 2. 

37Schwab Letter at 2. 

38Schwab Letter at 1. 

39See Schwab Letter at 2 (‘‘[T]he proposal will 

allow [Vendors] to manipulate the data as we 

choose and to aggregate this data with data from 

other exchanges to offer innovative market data 

displays to our customers.’’). 

40See SIFMA Letter at 3 (‘‘SIFMA has long 

advocated a nonprofessional fee for depth-of-book 

data to promote market transparency and investor 

protection’’). 

41 15 U.S.C. 78s(b)(2). 

42 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. 

4 15 U.S.C. 78s(b)(1). 

5See Securities Exchange Act Release Nos. 58704 

(October 1, 2008), 73 FR 59026 (October 8, 2008) 

(order approving listing and trading on the 

Exchange of the Trusts (‘‘Approval Order’’)); 58469 

Continued 

are a significant alternative to the 

exchange’s market data product.33

For more specific information 

concerning depth, market participants 

can choose among products offered by 

the various exchanges and ECNs.34 The 

various self-regulatory organizations, 

the several Trade Reporting Facilities of 

FINRA, and ECNs that produce 

proprietary data are all sources of 

competition. In addition, market 

participants can assess depth with tools 

other than market data, such as 

‘‘pinging’’ orders that search out both 

displayed and nondisplayed size at all 

price points within an order’s limit 

price.35

In sum, there are a variety of 

alternative sources of information that 

impose significant competitive 

pressures on the NYSE in setting the 

terms for distributing its depth-of-book 

order data. The Commission believes 

that the availability of those 

alternatives, as well as the NYSE’s 

compelling need to attract order flow, 

imposed significant competitive 

pressure on the NYSE to act equitably, 

fairly, and reasonably in setting the 

terms of its proposal. 

Because the NYSE was subject to 

significant competitive forces in setting 

the terms of the proposal, the 

Commission will approve the proposal 

in the absence of a substantial 

countervailing basis to find that its 

terms nevertheless fail to meet an 

applicable requirement of the Act or the 

rules thereunder. Neither commenter 

raised concerns with regard to a 

substantial countervailing basis that the 

terms of the proposal failed to meet the 

requirements of the Act or the rules 

thereunder. Further, an analysis of the 

proposal does not provide such a basis. 

The Exchange proposes to switch 

from a per-device fee to a Subscriber 

Entitlement fee. The Exchange is also 

proposing to introduce a 

nonprofessional Subscriber Fee that is 

subject to a monthly maximum amount. 

This change will lower the fees payable 

for NYSE OpenBook data for 

nonprofessional Subscribers from $60 

per month to $15 per month per 

individual and device. The commenters 

supported NYSE’s changes to its market 

data fee structure. SIFMA believes that 

the unit of count pilot holds the promise 

of simplified and fairer market date fee 

administration that would avoid 

duplicate counting of an individual 

using multiple devices.36 Schwab stated 

that the changes in how users are of data 

are counted will make the market data 

billing process more efficient and 

reduce administrative burdens.37

Schwab stated that the proposal would 

for the first-time allow retail customers 

obtain affordable depth-of-book market 

data.38 The Commission believes that 

this proposed rule change will provide 

vendors with the flexibility to manage 

NYSE market data in a manner that they 

determine is most useful and efficient to 

their business operations.39 In addition, 

the overall reduction in costs for NYSE 

OpenBook could lead to a wider 

distribution of the market data and 

greater market transparency.40

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,41 that the 

proposed rule change (SR–NYSE–2008– 

131) be, and hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.42

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–5570 Filed 3–13–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59542; File No. SR– 

NYSEArca–2009–14] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change Relating to the Leverage 

Factor Applicable to the MacroShares 

Major Metro Housing Trusts 

March 9, 2008. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on March 3, 

2009, 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 self-regulatory organization. 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 

Pursuant to the provisions of Section 

19(b)(1) of the Act,4 the Exchange, 

through its wholly-owned subsidiary 

NYSE Arca Equities, Inc. (‘‘NYSE Arca 

Equities’’ or the ‘‘Corporation’’) 

proposes to modify the representation 

made in SR–NYSEArca–2008–92 

regarding the leverage factor applicable 

to the MacroShares Major Metro 

Housing Up Trust (‘‘Up Trust’’) and the 

MacroShares Major Metro Housing 

Down Trust (‘‘Down Trust’’) 

(collectively, the ‘‘Trusts’’), and, 

specifically, to indicate that the leverage 

factor to be applied will be 3 rather than 

2. The shares of the Up Trust are 

referred to as the Up MacroShares, and 

the shares of the Down Trust are 

referred to as the Down MacroShares 

(collectively, the ‘‘Shares’’). The text of 

the proposed rule change is available on 

the Exchange’s Web site at http:// 

www.nyse.com, at the Exchange’s 

principal office and at the Public 

Reference Room of the Commission. 

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 Commission has approved 

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

the Exchange’s proposal to list and trade 

the Up MacroShares and the Down 

MacroShares under NYSE Arca Equities 

Rule 8.400.5 As described in the 

Approval Order and Notice, the Up 

11168 Federal Register / Vol. 74, No. 49 / Monday, March 16, 2009 / Notices 

(September 5, 2008), 73 FR 53306 (September 15, 

2008) (SR–NYSEArca–2008–92) (notice of proposed 

rule change to list and trade the Trusts on the 

Exchange (‘‘Notice’’)). The Shares are being offered 

by the Trusts under the Securities Act of 1933, 15 

U.S.C. 77a. On February 17, 2009, the depositor 

filed with the Commission preliminary Registration 

Statements on Form S–1 (Amendment No. 3) for the 

Up MacroShares (File No. 333–151522) and for the 

Down MacroShares (File No. 333–151523) 

(‘‘Registration Statements’’). The descriptions 

herein relating to the operation of the Trusts is 

based on the Registration Statements. 

6The income distribution agreement and 

applicable settlement contracts are attached as 

exhibits to the Registration Statements. 

7The Reference Value of the Index is the 

Reference Price for purposes of NYSE Arca Equities 

Rule 8.400. 

8With the exception of the proposed change to 

the leverage factor, and a change in the distribution 

date from a date in 2018 to a date in 2014, all 

representations made by the Exchange in the Notice 

continue to apply. 

9See note 5, supra. 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(5). 

Trust and the Down Trust intend to 

issue Up MacroShares and Down 

MacroShares, respectively, on a 

continuous basis. The Up MacroShares 

and the Down MacroShares represent 

undivided beneficial interests in the Up 

Trust and the Down Trust, respectively. 

The assets of the Down Trust will 

consist of an income distribution 

agreement and settlement contracts 

entered into with the Up Trust. 

Similarly, the assets of the Up Trust will 

consist of an income distribution 

agreement and settlement contracts 

entered into with the Down Trust.6 Each 

Trust will also hold U.S. Treasuries, 

repurchase agreements on U.S. 

Treasuries and cash to secure its 

obligations under the income 

distribution agreement and the 

settlement contracts. The trustee for the 

Trusts is State Street Bank and Trust 

Company. 

As described in the Notice, the Trusts 

will make quarterly distributions of net 

income, if any, on the treasuries and a 

final distribution of all assets they hold 

on deposit on the final scheduled 

termination date, an early termination 

date or a redemption date. Each 

quarterly and final distribution will be 

based on the value of the S&P/CaseShiller Composite-10 Home Price Index 

(‘‘Index’’), as well as on prevailing 

interest rates on U.S. Treasury 

obligations. The last published value of 

the S&P/Case-Shiller Composite-10 

Home Price Index is referred to as the 

‘‘Reference Value of the Index’’ or 

‘‘Reference Value’’, as discussed in the 

Notice.7

If the Reference Value rises above its 

specified starting level, the Up Trust’s 

Underlying Value (as described in the 

Notice) will increase to include all of its 

assets plus a portion of the assets of the 

paired Down Trust. This portion of 

assets due from the Down Trust will be 

multiplied by a specified ‘‘leverage 

factor’’. Conversely, if the level of the 

Reference Value of the Index falls below 

its starting level on and after the closing 

date, the Up Trust’s Underlying Value 

will decrease, because a portion of its 

assets will be included in the 

Underlying Value of its paired Down 

Trust, such portion being multiplied by 

the leverage factor. 

Thus, an increase in the Reference 

Value of the Index results in a 

proportionate decrease in the 

Underlying Value of the Down Trust, 

multiplied by the leverage factor. A 

decrease in the Reference Value of the 

Index results in a proportionate increase 

in the Underlying Value of the Down 

Trust, multiplied by the leverage factor. 

The Notice stated that the leverage 

factor would be 2, as initially described 

in the Registration Statements. The 

Trusts now intend to utilize a leverage 

factor of 3.8 The effect of this will be to 

triple any increase or decrease in the 

Underlying Value of the Up Trust or the 

Down Trust, depending upon whether 

there is an increase or decrease in the 

Reference Value of the Index. This 

would make the per share Underlying 

Value and the market price of Up 

MacroShares and Down MacroShares 

more volatile than the housing prices 

which those shares reference. 

With the exception of U.S. Treasuries, 

repurchase agreements on U.S. 

Treasuries and cash, the Trusts will not 

hold assets (e.g., common stocks, swaps 

or options) upon which payment to 

investors is based. Rather, the portion of 

Trust assets due from one Trust to 

another changes as a result of changes 

to the Reference Value. This amount 

will be multiplied by the leverage factor 

of 3, but applying the leverage factor 

does not otherwise affect the assets held 

by the Trusts or the value of the Index. 

Additional information relating to the 

Trusts and Shares is available in the 

Registration Statements, the Notice and 

the Approval Order.9

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) 10 of the Act 

in general and furthers the objectives of 

Section 6(b)(5) 11 in particular in that it 

is designed to prevent fraudulent and 

manipulative acts and practices, to 

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 transaction in securities, 

and, in general, to protect investors and 

the public interest. The Exchange 

believes that the proposal will facilitate 

the listing and trading of additional 

types of exchange-traded products that 

will enhance competition among market 

participants, to the benefit of investors 

and the marketplace. In addition, the 

listing and trading criteria set forth in 

NYSE Arca Equities Rule 8.400 are 

intended to protect investors and the 

public interest. 

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 35 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 the proposed 

rule change, or 

(B) Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

The Exchange has requested 

accelerated approval of this proposed 

rule change prior to the 30th day after 

the date of publication of the notice in 

the Federal Register. The Commission 

is considering granting accelerated 

approval of the proposed rule change at 

the end of a 15-day comment period. 

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 

Federal Register / Vol. 74, No. 49 / Monday, March 16, 2009 / Notices 11169 

12 17 CFR 200.30–3(a)(12). 

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

Number SR–NYSEArca–2009–14 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–2009–14. 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 inspection and copying 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–2009–14 and 

should be submitted on or before March 

31, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–5568 Filed 3–13–09; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Highway Administration 

[Docket No. FHWA–2009–0027] 

Request for Renewal of Currently 

Approved Information Collection: 

Certification of Enforcement of Vehicle 

Size and Weight Laws 

AGENCY: Federal Highway 

Administration (FHWA), DOT. 

ACTION: Notice and request for 

comments. 

SUMMARY: The FHWA invites public 

comments about our intention to request 

the Office of Management and Budget’s 

(OMB) approval for a new information 

collection, which is summarized below 

under SUPPLEMENTARY INFORMATION. We 

are required to publish this notice in the 

Federal Register by the Paperwork 

Reduction Act of 1995. 

DATES: Please submit comments by May 

15, 2009. 

ADDRESSES: You may submit comments 

identified by DOT Docket ID Number 

FHWA–2009–0027 by any of the 

following methods: 

Web Site: For access to the docket to 

read background documents or 

comments received go to the Federal 

eRulemaking Portal: http:// 

www.regulations.gov. Follow the online 

instructions for submitting comments. 

Fax: 1–202–493–2251. 

Mail: Docket Management Facility, 

U.S. Department of Transportation, 

West Building Ground Floor, Room 

W12–140, 1200 New Jersey Avenue, SE., 

Washington, DC 20590–0001. 

Hand Delivery or Courier: U.S. 

Department of Transportation, West 

Building Ground Floor, Room W12–140, 

1200 New Jersey Avenue, SE., 

Washington, DC 20590, between 9 a.m. 

and 5 p.m. ET, Monday through Friday, 

except Federal holidays. 

FOR FURTHER INFORMATION CONTACT: John 

Nicholas (202 366–2317), Department of 

Transportation, Federal Highway 

Administration, Office of Freight 

Management and Operations, 1200 New 

Jersey Avenue, SE., Washington, DC 

20590. Office hours are from 8 a.m. to 

5 p.m., Monday through Friday, except 

Federal holidays. 

SUPPLEMENTARY INFORMATION: 

Title: Certification of Enforcement of 

Vehicle Size and Weight Laws. 

Background: Title 23, U.S.C., section 

141, requires each State, the District of 

Columbia and Puerto Rico to file an 

annual certification that they are 

enforcing their size and weight laws on 

Federal-aid highways and that their 

Interstate System weight limits are 

consistent with Federal requirements to 

be eligible to receive an apportionment 

of Federal highway trust funds. Section 

141 also authorizes the Secretary to 

require States to file such information as 

is necessary to verify that their 

certifications are accurate. To determine 

whether States are adequately enforcing 

their size and weight limits, each must 

submit an updated plan for enforcing 

their size and weight limits to the 

FHWA at the beginning of each fiscal 

year. At the end of the fiscal year, they 

must submit their certifications and 

sufficient information to verify that their 

enforcement goals established in the 

plan have been met. Failure of a State 

to file a certification, adequately enforce 

its size and weight laws and enforce 

weight laws on the Interstate System 

that are consistent with Federal 

requirements, could result in a specified 

reduction of its Federal highway fund 

apportionment for the next fiscal year. 

In addition, section 123 of the Surface 

Transportation Assistance Act of 1978 

(Pub. L. 95–599, 92 Stat.2689, 2701) 

requires each jurisdiction to inventory 

(1) its penalties for violation of its size 

and weight laws, and (2) the term and 

cost of its oversize and overweight 

permits. 

Respondents: The State Departments 

of Transportation (or equivalent) in the 

50 States, the District of Columbia, and 

the Commonwealth of Puerto Rico. 

Frequency: Twice annually. 

Estimated Average Burden per 

Response: Each response will take 

approximately 40 hours. 

Estimated Total Annual Burden 

Hours: The estimated total annual 

burden for all respondents is 4,160 

hours. 

Public Comments Invited: You are 

asked to comment on any aspect of this 

information collection, including: (1) 

Whether the proposed collection is 

necessary for the FHWA’s performance; 

(2) the accuracy of the estimated 

burdens; (3) ways for the FHWA to 

enhance the quality, usefulness, and 

clarity of the collected information; and 

(4) ways that the burden could be 

minimized, including the use of 

electronic technology, without reducing 

the quality of the collected information. 

The agency will summarize and/or 

include your comments in the request 

for OMB’s clearance of this information 

collection. 

Authority: The Paperwork Reduction Act 

of 1995; 44 U.S.C. Chapter 35, as amended; 

and 49 CFR 1.48.