Federal Register / Vol. 73, No. 166 / Tuesday, August 26, 2008 / Notices 50385 

14 15 U.S.C. 78f(b)(5). 

15E-mail from Michael Cavalier, Associate 

General Counsel, NYSE Euronext, to Edward Cho 

and Christopher Chow, Special Counsels, 

Commission, dated August 13, 2008. 

16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

and interpretive relief granted by the 

Commission from any rules under the 

Exchange Act. The Bulletin will also 

disclose that the NAV for the Shares 

will be calculated after 4 p.m. Eastern 

Time each trading day. 

2. Statutory Basis 

The basis under the Exchange Act for 

this proposed rule change is the 

requirement under Section 6(b)(5) 14

that an exchange have rules that are 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to remove impediments to, and 

perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest. The 

Exchange believes that the proposed 

rule change will facilitate the listing and 

trading of an additional type of actively 

managed exchange-traded product that 

will enhance competition among market 

participants, to the benefit of investors 

and the marketplace. 

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 Exchange 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.15 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 Exchange 

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–2008–85 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2008–85. 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–2008–85 and 

should be submitted on or before 

September 10, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19707 Filed 8–25–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58396; File No. SR–

NYSEArca–2008–86] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change Relating to Listing of the 

WisdomTree Dreyfus Emerging 

Markets Fund 

August 20, 2008. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on August 

11, 2008, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or ‘‘Exchange’’), through its 

wholly owned subsidiary, NYSE Arca 

Equities, Inc. (‘‘NYSE Arca Equities’’), 

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 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 the shares of the following fund of 

the WisdomTree Trust (the ‘‘Trust’’) 

under NYSE Arca Equities Rule 8.600 

(Managed Fund Shares): WisdomTree 

Dreyfus Emerging Markets Fund 

(‘‘Fund’’). The shares of the Fund are 

collectively referred to herein as the 

‘‘Shares.’’ The text of the proposed rule 

change is available at the Exchange, the 

Commission’s Public Reference Room, 

and 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, 

NYSE Arca included statements 

concerning the purpose of, and basis for, 

the proposed rule change and discussed 


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50386 Federal Register / Vol. 73, No. 166 / Tuesday, August 26, 2008 / Notices 

3The Commission approved NYSE Arca Equities 

Rule 8.600 and the listing and trading of certain 

funds of the PowerShares Actively Managed Funds 

Trust on the Exchange pursuant to Rule 8.600 in 

Securities Exchange Act Release No. 57619 (April 

4, 2008) (SR–NYSEArca–2008–25). The 

Commission approved listing and trading on the 

Exchange of twelve other actively-managed funds of 

the WisdomTree Trust in Securities Exchange Act 

Release No. 57801 (May 8, 2008), 73 FR 27878 (May 

14, 2008) (SR–NYSEArca–2008–31). 

4See Post-Effective Amendment No. 14 to 

Registration Statement on Form N–1A for the Trust 

(File Nos. 333–132380 and 811–21864) (the 

‘‘Registration Statement’’). The descriptions of the 

Fund and the Shares contained herein are based on 

information in the Registration Statement. 

5WisdomTree Investments, Inc. (‘‘WisdomTree 

Investments’’) is the parent company of 

WisdomTree Asset Management. 

6The Commission has issued an order granting 

certain exemptive relief to the Trust under the 

Investment Company Act of 1940 (15 U.S.C. 80a–

1) (‘‘1940 Act’’). See Investment Company Act 

Release No. 28174 (February 27, 2008) (File No. 

812–13470). In compliance with Commentary .05 to 

NYSE Arca Equities Rule 8.600, which applies to 

Managed Fund Shares based on an international or 

global portfolio, the Trust’s application for 

exemptive relief under the 1940 Act states that the 

Fund will comply with the federal securities laws 

in accepting securities for deposits and satisfying 

redemptions with redemption securities, including 

that the securities accepted for deposits and the 

securities used to satisfy redemption requests are 

sold in transactions that would be exempt from 

registration under the Securities Act of 1933 (15 

U.S.C. 77a). 

7 Data for the currencies of these countries is 

included in the Bank for International Settlements 

Triennial Central Bank Survey, December 2007 

(‘‘BIS Survey’’). The Fund will invest in 

instruments that provide exposure to currencies 

selected from the top 42 currencies in the chart 

included in the BIS Survey (‘‘Currency distribution 

of foreign exchange turnover’’), reflecting the 

percentage share of average daily turnover for the 

applicable month and year. 

8The Fund may pursue its objectives through 

direct investments in money market instruments 

issued by entities in the applicable non-U.S. 

country and denominated in the applicable nonU.S. currency when WisdomTree Asset 

Management believes it is in the best interest of the 

Fund to do so. The decision to secure exposure 

directly or indirectly will be a function of, among 

other things, market accessibility, credit exposure, 

and tax ramifications for foreign investors. If the 

Fund pursues direct investment, eligible 

investments will include short-term securities 

issued by the applicable foreign government and its 

agencies or instrumentalities, bank debt obligations 

and time deposits, bankers’ acceptances, 

commercial paper, short-term corporate debt 

obligations, mortgage-backed securities, and assetbacked securities. 

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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to list and 

trade the Shares of the WisdomTree 

Dreyfus Emerging Markets Fund under 

NYSE Arca Equities Rule 8.600, which 

governs the listing and trading of 

‘‘Managed Fund Shares,’’ on the 

Exchange.3 The Fund will be an actively 

managed exchange traded fund. The 

Shares will be offered by the Trust, 

which was established as a Delaware 

statutory trust on December 15, 2005. 

The Trust is registered with the 

Commission as an investment 

company.4

Description of the Shares and the Fund 

WisdomTree Asset Management, Inc. 

(‘‘WisdomTree Asset Management’’) is 

the investment adviser to the Fund.5

WisdomTree Asset Management is not 

affiliated with any broker-dealer. The 

Bank of New York is the administrator, 

custodian and transfer agent for the 

Fund. ALPS Distributors, Inc. serves as 

the distributor for the Fund.6

The Fund seeks to earn current 

income reflective of money market rates 

in emerging market currencies available 

to foreign investors, as well as provide 

exposure to changes in the value of 

emerging market currencies relative to 

the U.S. Dollar. Since the Fund’s 

investment objective has been adopted 

as a non-fundamental investment 

policy, the Fund’s investment objective 

may be changed without a vote of 

shareholders. 

The Fund seeks to achieve its 

investment objective by investing in 

short-term securities and instruments 

designed to provide exposure to the 

currencies and money market rates of a 

specified set of emerging market 

countries. The set of countries is 

selected and reconstituted on annual 

basis with similar allocations to each 

country being established (in U.S. Dollar 

terms) at the reconstitution date and 

consequently reset each quarter. While 

the fund is actively managed, it will 

strive to adhere to these general 

parameters in both currency selection 

and approximate allocation, unless it is 

believed to be to the detriment of the 

fund. The reconstitution and allocation 

is described in more detail below. 

A basket of from 5 to 12 currencies is 

selected at least annually from a pool of 

eligible currencies to provide a 

representative and diversified proxy for 

developing market currencies relative to 

the U.S. Dollar. Countries and their 

capital markets are first classified as 

frontier, emerging, developing, and 

developed markets based on a number 

of quantitative and qualitative factors to 

determine eligibility. Only the 

currencies of countries and capital 

markets classified as developing or 

emerging markets will be deemed 

eligible. The selection of the constituent 

currencies is then driven by the 

liquidity and tradability of the 

individual currencies, a country’s 

economic and capital market 

development, and optimizing regional 

and economic diversification. The Fund 

attempts to invest in instruments that 

provide exposure to the most liquid 

currencies in the geographical regions in 

which the Fund invests. The Fund will 

seek to provide an equally-weighted 

exposure to these currencies. The Fund 

will be rebalanced on a quarterly basis 

to maintain this equal weighting. The 

basket will be reconstituted each year 

following a similar classification and 

selection process. Significant events, 

such as the reclassification of a 

country’s currency from developing to 

developed, may cause the Fund to 

reconstitute its portfolio more 

frequently than annually. At launch, the 

Fund initially will select a subset of the 

following markets: Brazil, Chile, China, 

the Czech Republic, Hungary, India, 

Malaysia, Mexico, Poland, Russia, South 

Africa, South Korea, Taiwan, Turkey, 

and Thailand.7

In addition to using the BIS Survey to 

assess liquidity, the Fund’s portfolio 

managers also use information about 

transaction volume, bid-ask spreads, 

and average transaction size in each 

currency and in contracts and 

derivatives on such currencies to assess 

liquidity. This information is obtained 

through market observation, through 

subscription services and from publicly 

available sources. 

Because the market for money market 

instruments in these countries generally 

is less liquid and accessible to foreign 

investors than corresponding markets in 

more developed economies, the Fund 

intends to achieve exposure to the 

applicable non-U.S. market(s) by 

investing primarily in short term U.S. 

money market securities and also in 

forward currency contracts and swaps. 

The combination of U.S. money market 

securities with forward currency 

contracts and currency swaps is 

designed to create a position 

economically similar to a money market 

instrument denominated in a non-U.S. 

currency. A forward currency contract is 

an agreement to buy or sell a specific 

currency at a future date at a price set 

at the time of the contract. A currency 

swap is an agreement between two 

parties to exchange one currency for 

another at a future rate.8

The Fund generally will maintain a 

weighted average portfolio maturity of 


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Federal Register / Vol. 73, No. 166 / Tuesday, August 26, 2008 / Notices 50387 

9The NAV of the Fund’s shares generally is 

calculated once daily Monday through Friday as of 

the close of regular trading on the New York Stock 

Exchange, generally 4:00 p.m. Eastern time (the 

‘‘NAV Calculation Time’’). NAV per share is 

calculated by dividing the Fund’s net assets by the 

number of Fund shares outstanding. For more 

information regarding the valuation of Fund 

investments in calculating the Fund’s NAV, see the 

Registration Statement. 

10The Bid/Ask Price of the Fund is determined 

using the midpoint of the highest bid and the 

lowest offer on the Exchange as of the time of 

calculation of such Fund’s NAV. The records 

relating to Bid/Ask Prices will be retained by the 

Fund and their service providers. 

11The Core Trading Session is 9:30 a.m. to 4 p.m. 

Eastern time. 

12Under accounting procedures followed by the 

Fund, trades made on the prior business day (‘‘T’’) 

will be booked and reflected in NAV on the current 

business day (‘‘T+1’’). Notwithstanding the 

foregoing, portfolio trades that are executed prior to 

the opening of the Exchange on any business day 

may be booked and reflected in NAV on such 

business day. Accordingly, the Fund will be able to 

disclose at the beginning of the business day the 

portfolio that will form the basis for the NAV 

calculation at the end of the business day. 13See 17 CFR 240.10A–3. 

90 days or less and will not purchase 

any money market instrument with a 

remaining maturity of more than 397 

calendar days. The Fund will not invest 

in non-U.S. equity securities. 

The Fund issues and redeems Shares 

on a continuous basis at net asset value 

(‘‘NAV’’) 9 only in large blocks of shares, 

typically 50,000 shares or more 

(‘‘Creation Units’’), in transactions with 

authorized participants. Creations of the 

Fund are usually in exchange for cash 

and redemptions are usually in 

exchange for a basket of U.S. money 

market instruments and/or a designated 

amount of cash. Once created, Shares of 

the Fund trade on the secondary market 

in amounts less than a Creation Unit. 

For more information regarding the 

Shares and the Fund, including 

investment strategies, risks, creation and 

redemption procedures, fees, portfolio 

holdings disclosure policies, 

distributions and taxes, see the 

Registration Statement. 

Availability of Information 

The Fund’s Web site 

(www.wisdomtree.com), which will be 

publicly available prior to the public 

offering of Shares, will include a form 

of the Prospectus for the Fund that may 

be downloaded. The Web site will 

include additional quantitative 

information updated on a daily basis, 

including, for the Fund: (1) The prior 

business day’s reported NAV, mid-point 

of the bid/ask spread at the time of 

calculation of such NAV (the ‘‘Bid/Ask 

Price’’),10 and a calculation of the 

premium and discount of the Bid/Ask 

Price against the NAV; and (2) data in 

chart format displaying the frequency 

distribution of discounts and premiums 

of the daily Bid/Ask Price against the 

NAV, within appropriate ranges, for 

each of the four previous calendar 

quarters. On each business day, before 

commencement of trading in Shares in 

the Core Trading Session 11 on the 

Exchange, the Trust will disclose on its 

Web site the identities and quantities of 

the portfolio of securities and other 

assets (the ‘‘Disclosed Portfolio’’) held 

by each Fund that will form the basis for 

the Fund’s calculation of NAV at the 

end of the business day.12 The Web site 

and information will be publicly 

available at no charge. 

In addition, an estimated value, 

defined in Rule 8.600 as the ‘‘Portfolio 

Indicative Value,’’ that reflects an 

estimated intraday value of the Fund’s 

portfolio, will be disseminated. The 

Portfolio Indicative Value will be based 

upon the current value for the 

components of the Disclosed Portfolio 

and will be updated and disseminated 

by the Exchange at least every 15 

seconds during the Core Trading 

Session on the Exchange through the 

facilities of the Consolidated Tape 

Association. The dissemination of the 

Portfolio Indicative Value, together with 

the Disclosed Portfolio, will allow 

investors to determine the value of the 

underlying portfolio of the Fund on a 

daily basis and to provide a close 

estimate of that value throughout the 

trading day. 

Information regarding market price 

and volume of the Shares is and will be 

continually available on a real-time 

basis throughout the day on brokers’

computer screens and other electronic 

services. The previous day’s closing 

price and trading volume information 

will be published daily in the financial 

section of newspapers. Quotation and 

last sale information for the Shares will 

be available via the Consolidated Tape 

Association high-speed line. 

Initial and Continued Listing 

The Shares will be subject to Rule 

8.600(d), which sets forth the initial and 

continued listing criteria applicable to 

Managed Fund Shares. A minimum of 

100,000 Shares will be required to be 

outstanding at the commencement of 

trading. The Exchange states that this 

minimum number of Shares required to 

be outstanding is comparable to 

requirements that have been applied to 

previously listed series of exchangetraded funds. The Exchange believes 

that the proposed minimum number of 

Shares outstanding at the start of trading 

will be sufficient to provide market 

liquidity. The Exchange represents that, 

for initial and/or continued listing, the 

Shares must be in compliance with Rule 

10A–313 under the Exchange Act, as 

provided by NYSE Arca Equities Rule 

5.3. 

The Exchange represents that it will 

obtain a representation (prior to listing 

of the Fund) from the Trust that the 

NAV per Share will be calculated daily 

and made available to all market 

participants at the same time. 

Trading Halts 

With respect to trading halts, the 

Exchange may consider all relevant 

factors in exercising its discretion to 

halt or suspend trading in the Shares of 

the Fund. Shares of the Funds will be 

halted if the ‘‘circuit breaker’’

parameters in NYSE Arca Equities Rule 

7.12 are reached. Trading may be halted 

because of market conditions or for 

reasons that, in the view of the 

Exchange, make trading in the Shares 

inadvisable. These may include: (1) The 

extent to which trading is not occurring 

in the securities comprising the 

Disclosed Portfolio and/or the financial 

instruments of the Fund; or (2) whether 

other unusual conditions or 

circumstances detrimental to the 

maintenance of a fair and orderly 

market are present. Trading in the 

Shares will be subject to Rule 

8.600(d)(2)(D), which sets forth 

circumstances under which Shares of 

the Fund may be halted. 

Trading Rules 

The Exchange deems the Shares to be 

equity securities, thus rendering trading 

in the Shares subject to the Exchange’s 

existing rules governing the trading of 

equity securities. Shares will trade on 

the NYSE Arca Marketplace from 4 a.m. 

to 8 p.m. Eastern time in accordance 

with NYSE Arca Equities Rule 7.34 

(Opening, Core, and Late Trading 

Sessions). The Exchange has 

appropriate rules to facilitate 

transactions in the Shares during all 

trading sessions. The minimum trading 

increment for Shares on the Exchange 

will be $0.01. 

Surveillance 

The Exchange intends to utilize its 

existing surveillance procedures 

applicable to derivative products (which 

includes Managed Fund Shares) to 

monitor trading in the Shares. The 

Exchange represents that these 

procedures are adequate to properly 

monitor Exchange trading of the Shares 

in all trading sessions and to deter and 

detect violations of Exchange rules and 

applicable federal securities laws. 

The Exchange’s current trading 

surveillance focuses on detecting 


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50388 Federal Register / Vol. 73, No. 166 / Tuesday, August 26, 2008 / Notices 

14For a list of the current members of ISG, see 

www.isgportal.org. The Exchange notes that not all 

of the components of the Disclosed Portfolio for the 

Fund may trade on exchanges that are members of 

ISG. 

15NYSE Arca Equities Rule 9.2(a) provides that 

an ETP Holder, before recommending a transaction, 

must have reasonable grounds to believe that the 

recommendation is suitable for the customer based 

on any facts disclosed by the customer as to his 

other security holdings and as to his financial 

situation and needs. Further, the rule provides, 

with a limited exception, that prior to the execution 

of a transaction recommended to a non-institutional 

customer, the ETP Holder shall make reasonable 

efforts to obtain information concerning the 

customer’s financial status, tax status, investment 

objectives, and any other information that the ETP 

Holder believes would be useful to make a 

recommendation. See Securities Exchange Act 

Release No. 54026 (June 21, 2006), 71 FR 36850 

(June 28, 2006) (SR–PCX–2005–115). 16 15 U.S.C. 78f(b)(5). 17CFR 200.30–3(a)(12). 

securities trading outside their normal 

patterns. When such situations are 

detected, surveillance analysis follows 

and investigations are opened, where 

appropriate, to review the behavior of 

all relevant parties for all relevant 

trading violations. 

The Exchange may obtain information 

via the Intermarket Surveillance Group 

(‘‘ISG’’) from other exchanges who are 

members of the ISG.14

In addition, the Exchange also has a 

general policy prohibiting the 

distribution of material, non-public 

information by its employees. 

Information Bulletin 

Prior to the commencement of 

trading, the Exchange will inform its 

ETP Holders in an Information Bulletin 

(‘‘Bulletin’’) of the special 

characteristics and risks associated with 

trading the Shares. Specifically, the 

Bulletin will discuss the following: (1) 

The procedures for purchases and 

redemptions of Shares in Creation Unit 

aggregations (and that Shares are not 

individually redeemable); (2) NYSE 

Arca Equities Rule 9.2(a),15 which 

imposes a duty of due diligence on its 

ETP Holders to learn the essential facts 

relating to every customer prior to 

trading the Shares; (3) the risks involved 

in trading the Shares during the 

Opening and Late Trading Sessions 

when an updated Portfolio Indicative 

Value will not be calculated or publicly 

disseminated; (4) how information 

regarding the Portfolio Indicative Value 

is disseminated; (5) the requirement that 

ETP Holders deliver a prospectus to 

investors purchasing newly issued 

Shares prior to or concurrently with the 

confirmation of a transaction; and (6) 

trading information. 

In addition, the Bulletin will 

reference that the Fund is subject to 

various fees and expenses described in 

the Registration Statement. The Bulletin 

will discuss any exemptive, no-action, 

and interpretive relief granted by the 

Commission from any rules under the 

Exchange Act. The Bulletin will also 

disclose that the NAV for the Shares 

will be calculated after 4 p.m. Eastern 

time each trading day. 

2. Statutory Basis 

The basis under the Exchange Act for 

this proposed rule change is the 

requirement under Section 6(b)(5)16 that 

an exchange have rules that are 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to remove impediments to, and 

perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest. The 

Exchange believes that the proposed 

rule change will facilitate the listing and 

trading of an additional type of 

exchange-traded product 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 

Rule 8.600 are intended to protect 

investors and the public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

NYSE Arca 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 neither solicited 

nor received written comments on 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 Exchange consents, 

the Commission will: 

A. By order approve such proposed 

rule change, or 

B. Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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 (www.sec.gov/rules/ 

sro.shtml ); or 

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

Number SR–NYSEArca–2008–86 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2008–86. 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 (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–2008–86 and 

should be submitted on or before 

September 16, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19708 Filed 8–25–08; 8:45 am] 

BILLING CODE 8010–01–P 


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