6764 Federal Register / Vol. 73, No. 24 / Tuesday, February 5, 2008 / Notices 

10 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). 

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

12See NYSE Arca Rules 5.49 and 6.9. 

13See NYSE Arca Rule 5.25. 

14 17 CFR 242.600(b)(47). 

15See supra note 5. 

16See Securities Exchange Act Release Nos. 

56871 (November 30, 2007), 72 FR 68924 

(December 6, 2007) (approving SR–ISE–2007–87 on 

an accelerated basis); 56715 (October 29, 2007), 72 

FR 62287 (November 2, 2007) (approving SR–

CBOE–2007–119 on an accelerated basis); 56650 

(October 12, 2007), 72 FR 59123 (October 18, 2007) 

(SR–Amex–2007–35). 

17 15 U.S.C. 78s(b)(2). 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b-4. 

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

4 17 CFR 240.19b-4(f)(2). 

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 such filing also will be 

available for inspection and copying at 

the principal offices 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–2008–03 and 

should be submitted on or before 

February 26, 2008. 

IV. Commission’s Findings and Order 

Granting Accelerated Approval of the 

Proposed Rule Change 

After careful review, the Commission 

finds that the proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.10 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,11 which requires that 

an exchange have rules designed, among 

other things, 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. 

Surveillance 

The Commission notes that the 

Exchange has represented that its 

existing surveillance procedures 

applicable to trading options are 

adequate to properly monitor trading in 

Multiple Fund Shares options and 

Inverse Fund Shares options. In 

addition, the Exchange represented that 

the expansion of the types of 

investments that may be held by 

Multiple Fund Shares or Inverse Fund 

Shares under NYSE Arca Rules 5.3(g) 

and 5.4 will not have any effect on the 

rules pertaining to position and exercise 

limits 12 or margin.13

Listing and Trading Options on Fund 

Shares 

The Commission notes that, pursuant 

to the proposed rule change, the 

Exchange represented that the current 

continuing or maintenance listing 

standards for options on Exchange 

Traded Fund Shares will continue to 

apply. These provisions include 

requirements regarding initial and 

continued listing standards, suspension 

of opening transactions, and trading 

halts. Proposed amended NYSE Arca 

Rule 5.3(g), would require that Multiple 

Fund Shares and Inverse Fund Shares 

be traded on a national securities 

exchange and must be an ‘‘NMS stock’’

as defined under Rule 600 of Regulation 

NMS.14

The Commission believes that this 

proposal is necessary to enable the 

Exchange to list and trade options on 

Multiple Fund Shares and Inverse Fund 

Shares such as those currently issued by 

ProShares Trust and Rydex ETF Trust 

that trade on the Exchange pursuant to 

unlisted trading privileges under NYSE 

Arca Equities Rule 5.2(j)(3).15 The 

Commission believes that the ability to 

trade options on the Multiple and 

Inverse Fund Shares will provide 

investors with additional risk 

management tools. The Commission 

further believes that the proposed 

amendment to the Exchange’s listing 

criteria for options on Exchange Traded 

Fund Shares will ensure that the 

Exchange will be able to list options on 

the Funds of the ProShares Trust and 

Rydex ETF Trust as well as other 

Multiple Fund Shares or Inverse Fund 

Shares that may be introduced in the 

future, thereby affording investors 

greater investment choices. 

The Commission finds good cause for 

approving this proposal before the 30th 

day after the publication of notice 

thereof in the Federal Register. The 

Commission notes that it has previously 

approved substantially similar 

proposals by other national securities 

exchanges.16 The Commission presently 

is not aware of any regulatory issue that 

should cause it to revisit those findings 

or would preclude the listing and 

trading of the options on Multiple Fund 

and Inverse Fund Shares on the 

Exchange. Accelerating approval of this 

proposed rule change would allow the 

options on Multiple Fund and Inverse 

Fund Shares to be listed on the 

Exchange without undue delay and 

continuously traded without 

interruption, to the benefit of investors. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,17 that the 

proposed rule change (SR–NYSEArca–

2008–03) be, and it hereby is, approved 

on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–1986 Filed 2–4–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–57221; File No. SR–

NYSEArca-2008–11] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending Fees 

Applicable to Certain Exchange Traded 

Funds and Rebates for Tape B 

Securities 

January 29, 2008. 

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

Securities Exchange Act of 1934 (‘‘Act’’) 

and Rule 19b-4 thereunder,2 notice is 

hereby given that on January 16, 2008, 

NYSE Arca, Inc. (‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been substantially prepared by the 

Exchange. The Exchange filed the 

proposed rule change pursuant to 

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

19b-4(f)(2) thereunder,4 which renders 

the proposal effective upon filing with 

the Commission. 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, through its whollyowned subsidiary NYSE Arca Equities, 

proposes to amend the section of its 

Schedule of Fees and Charges for 


rmajette on PROD1PC64 with NOTICES
Federal Register / Vol. 73, No. 24 / Tuesday, February 5, 2008 / Notices 6765 

5See NYSE Arca Equities Rule 1.1(n). 

6Although the rebates for Tape B securities are 

paid by the Exchange to ETP Holders on a monthly 

basis, these revenues are received by the Exchange 

from the CTA quarterly. As a result, the Exchange 

provides an estimated monthly payment to ETP 

Holders for eligible transactions submitted for Tape 

B securities based on information available and/or 

previous monies received from the CTA. 

7Rebates for Tape B securities are applicable to 

limit orders submitted by ETP Holders that are 

residing in the NYSE Arca Equities Book and that 

execute against inbound marketable orders. 

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

9 15 U.S.C. 78f(b)(4). 

10 15 U.S.C. 78s(b)(3)(A)(ii). 

11 17 CFR 240.19b-4(f)(2). 

Exchange Services (the ‘‘Fee Schedule’’) 

that applies to: (1) Orders submitted to 

the Exchange by ETP Holders 5 for (i) 

equity securities listed on the American 

Stock Exchange, LLC or any regional 

securities exchange (‘‘Tape B 

Securities’’) or (ii) Exchange Traded 

Funds (‘‘ETFs’’) listed on the New York 

Stock Exchange, LLC (‘‘NYSE’’); and (2) 

fees assessed by the Exchange for 

certain connectivity applications. While 

changes to the Fee Schedule pursuant to 

this proposal are effective upon filing, 

this filing applies the changes 

retroactively to January 1, 2008. The text 

of the proposed rule change is available 

at the Exchange, the Commission’s 

Public Reference Room, and on the 

Exchange’s Internet Web site at 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 

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 this proposed rule 

change is to amend the relevant section 

of its Fee Schedule that applies to 

rebates provided to ETP Holders that 

submit orders which provide liquidity 

on NYSE Arca Equities for equity 

securities listed on the American Stock 

Exchange, LLC, or any regional stock 

exchange, commonly referred to as Tape 

B Securities. Currently, ETP Holders 

must qualify to receive the rebates for 

Tape B Securities by meeting criteria 

specified within the Fee Schedule. 

These criteria, based on trade volume 

submitted to NYSE Arca Equities in 

Tape B securities by an ETP Holder, 

designate initial and ongoing 

requirements in order for the ETP 

Holder to meet and maintain their 

eligibility to receive the rebates. Paid 

monthly,6 the rebate represents an 

estimated fifty percent (50%) of the tape 

revenue credit received from the 

Consolidated Tape Association (‘‘CTA’’) 

by the Exchange for the eligible 

transactions 7 of Tape B securities 

executed by the ETP Holder. Tape 

revenue received by the Exchange for 

transactions submitted by ETP Holders 

that do not meet the eligibility criteria 

for the Tape B rebates is not shared with 

such ETP Holders. 

As NYSE Arca Equities no longer 

believes such criteria, or limiting the 

eligibility for such rebates, to be 

appropriate, the Exchange proposes to 

remove the criteria in their entirety and 

provide fifty percent (50%) of the 

estimated tape revenue credit to all ETP 

Holders which submit limit orders for 

Tape B securities that provide liquidity 

for the NYSE Arca Equities Book. 

Payment of the rebates will continue on 

a monthly basis. While changes to the 

Fee Schedule pursuant to this proposal 

will be effective upon filing, the changes 

will be implemented retroactively to 

January 1, 2008 for billing purposes of 

the Exchange. 

With this filing, the Exchange also 

makes clarifying amendments to the Fee 

Schedule to reflect the transfer of all 

ETFs previously listed on the NYSE to 

NYSE Arca Equities. The transfer, 

announced by the NYSE in 2007, was 

completed by its deadline of December 

31, 2007. Therefore, references to fees, 

credits or rebates specific to ETFs listed 

on the NYSE are obsolete. 

Additionally, the current charge of 

$300 listed for subscription of the 

RealTick financial software, operated 

by Townsend Analytics (‘‘TAL’’) and 

offered to ETP Holders by the Exchange 

is not appropriate in light of the various 

options that ETP Holders may select to 

receive. Depending on the RealTick 

package an ETP Holder elects to receive, 

the charge may be greater or lesser than 

the current listed charge of $300. For 

this reason, NYSE Arca Equities 

proposes to clarify that all fees assessed 

to an ETP Holder for each RealTick 

workstation to which they subscribe 

shall be fees incurred by the Exchange 

from TAL, for providing such services, 

and passed through to the ETP Holder. 

There will be no change to the fees 

payable by ETP Holders for the use of 

the RealTick software as a result of 

this amendment. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the Act,8

in general, and furthers the objectives of 

Section 6(b)(4) of the Act,9 in particular, 

in that it is designed to provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among Exchange 

members and other persons using its 

facilities. 

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 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing proposed rule change is 

effective upon filing pursuant to Section 

19(b)(3)(A)(ii) 10 of the Act and Rule 

19b–4(f)(2) 11 thereunder because it 

establishes or changes a due, fee, or 

other charge applicable only to a 

member imposed by the Exchange. At 

any time within 60 days of the filing of 

the proposed rule change, the 

Commission may summarily abrogate 

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. 

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-2008–11 on the 

subject line. 


rmajette on PROD1PC64 with NOTICES
6766 Federal Register / Vol. 73, No. 24 / Tuesday, February 5, 2008 / Notices 

12 17 CFR 200.30–3(a)(12). 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2008–11. 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 on official business days between 

the hours of 10 a.m. and 3 p.m. Copies 

of such filing will also 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 No. SR–NYSEArca2008–11 and should be submitted on or 

before February 26, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–1987 Filed 2–4–08; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Public Federal Regulatory 

Enforcement Fairness Hearing; Region 

IX Regulatory Fairness Board 

The U.S. Small Business 

Administration (SBA) Region IX 

Regulatory Fairness Board and the SBA 

Office of the National Ombudsman will 

hold a National Regulatory Fairness 

Hearing on Tuesday, February 5, 2008, 

at 10 a.m. The forum is open to the 

public and will take place at the San 

Francisco Chamber of Commerce Board 

Room, 235 Montgomery Street, 12th 

Floor, San Francisco, CA 94104. The 

purpose of the meeting is for Business 

Organizations, Trade Associations, 

Chambers of Commerce and related 

organizations serving small business 

concerns to report experiences regarding 

unfair or excessive Federal regulatory 

enforcement issues affecting their 

members. 

Anyone wishing to attend or to make 

a presentation must contact Gary 

Marshall, in writing or by fax in order 

to be placed on the agenda. Gary 

Marshall, Business Development 

Specialist, SBA, San Francisco District 

Office, 455 Market Street, 6th Floor, San 

Francisco, CA 94105–2420, phone (415) 

744–6771 and fax (202) 481–2018, 

e-mail: Gary.marshall@sba.gov. 

For more information, see our Web 

site at www.sba.gov/ombudsman. 

Cherylyn H. Lebon, 

Committee Management Officer. 

[FR Doc. E8–2003 Filed 2–4–08; 8:45 am] 

BILLING CODE 8025–01–P 

DEPARTMENT OF STATE 

[Public Notice 6090] 

Notice of Receipt of Application for a 

Presidential Permit to Construct, 

Operate, and Maintain a New Border 

Crossing Facility on the U.S.-Canada 

Border at Buffalo, New York and Fort 

Erie, Ontario 

SUMMARY: The Department of State 

hereby gives notice that, on January 15, 

2008, it received an application for a 

Presidential Permit to authorize the 

construction, operation, and 

maintenance of a new border crossing 

facility on the U.S.-Canada border at 

Buffalo, NY and Fort Erie, Ontario. The 

proposed new crossing, a vehicular 

bridge across the Niagara River, would 

be approximately one and one half 

miles north of the existing Peace Bridge 

across the Niagara River and would 

connect to existing roads via an 

interchange with State Route 198 

(Scajaquada Expressway) leading to 

Interstate Route 190 (I–190, the Niagara 

Section of the New York State 

Thruway). The application was filed by 

the Ambassador Niagara Signature 

Bridge Group (ANSBG). According to 

the application, ANSBG is an 

unincorporated unit of the Detroit 

International Bridge Company (DIBC), a 

Michigan corporation. As stated in the 

application, DIBC, along with a related 

Canadian corporation, the Canadian 

Transit Company (CTC), own and 

operate the Ambassador Bridge across 

the Detroit River, connecting Detroit, 

Michigan and Windsor, Ontario and 

DIBC and CTC are ultimately owned by 

Manuel J. and Matthew T. Maroun. 

The Department of State’s jurisdiction 

over this application is based upon 

Executive Order 11423 of August 16, 

1968, as amended, and the International 

Bridge Act of 1972, 33 U.S.C. 535, et 

seq. As provided in E.O. 11423, the 

Department is circulating this 

application to relevant Federal and State 

agencies for review and comment. 

Under E.O. 11423 and the International 

Bridge Act, the Department has the 

responsibility to determine, taking into 

account input from these agencies and 

other interested stakeholders, whether 

this proposed border crossing is in the 

U.S. national interest. 

DATES: Interested members of the public 

are invited to submit written comments 

regarding this application on or before 

April 28, 2008 to Ms. Eleanore Fox, 

Officer for Border Affairs, via e-mail at 

WHACAN@state.gov or by mail at 

WHA/CAN—room 3917, Department of 

State, 2201 C Street NW., Washington, 

DC 20520. 

FOR FURTHER INFORMATION CONTACT: Ms. 

Eleanore Fox, Officer for Border Affairs, 

via e-mail at WHACAN@state.gov or by 

mail at WHA/CAN—room 3917, 

Department of State, 2201 C Street NW., 

Washington, DC 20520. General 

information about Presidential Permits 

is available on the Internet at http:// 

www.state.gov/p/wha/rt/permit. 

SUPPLEMENTARY INFORMATION: This 

application and related environmental 

documents are available for review in 

the Office of Canadian Affairs, 

Department of State, during normal 

business hours. 

Dated: January 31, 2008. 

Alex Lee, 

Director, Office of Canadian Affairs, 

Department of State. 

[FR Doc. E8–2080 Filed 2–4–08; 8:45 am] 

BILLING CODE 4710–29–P 

DEPARTMENT OF TRANSPORTATION 

Federal Highway Administration 

Notice of Final Federal Agency Actions 

on Proposed Highway in California 

AGENCY: Federal Highway 

Administration (FHWA), DOT. 

ACTION: Notice of Limitation on Claims. 

SUMMARY: This notice announces actions 

taken by the California Department of 

Transportation (Caltrans) pursuant to its 

assigned responsibilities under 23 

U.S.C. 327, as well as certain Federal 


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