51684 Federal Register / Vol. 73, No. 172 / Thursday, September 4, 2008 / Notices 

26 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 58208 

(July 22, 2008), 73 FR 43968. 

4Equity Index-Linked Securities are securities 

that provide for the payment at maturity of a cash 

amount based on the performance of an underlying 

index or indexes of equity securities (‘‘Equity 

Reference Asset’’). 

5NYSE Arca Equities Rule 5.2(j)(6)(B)(I)(1)(b)(ii) 

provides that each component security of the 

underlying index shall have trading volume in each 

of the last six months of not less than 1,000,000 

shares per month, except that for each of the lowest 

dollar weighted component securities in the index 

that, in the aggregate, account for no more than 10% 

of the dollar weight of the index, the trading 

volume shall be at least 500,000 shares per month 

in each of the last six months. The Exchange 

represented that as of July 17, 2008, in each of the 

prior six months, 87.995% of the Index had a 

trading volume of 1,000,000 shares, and 8.79% of 

the bottom 10% of the Index had a trading volume 

of 500,000 shares. 

6NYSE Arca Equities Rule 5.2(j)(6)(B)(I)(1)(b)(v) 

provides that all component securities of the 

underlying index shall be either (A) securities 

(other than foreign country securities and American 

Depositary Receipts (‘‘ADRs’’)) that are (x) issued by 

an Act reporting company or by an investment 

company registered under the Investment Company 

Act of 1940, which in each case is listed on a 

national securities exchange, and (y) an ‘‘NMS 

stock’’ (as defined in Rule 600 of Regulation NMS) 

or (B) foreign country securities or ADRs, provided 

that foreign country securities or foreign country 

securities underlying ADRs having their primary 

trading market outside the United States on foreign 

trading markets that are not members of the 

Intermarket Surveillance Group (‘‘ISG’’) or parties 

to comprehensive surveillance sharing agreements 

with the Exchange will not, in the aggregate, 

represent more than 20% of the dollar weight of the 

index. See Securities Exchange Act Release No. 

58376 (August 18, 2008), 73 FR 49726 (August 22, 

2008) (SR–NYSEArca–2008–70) (approving certain 

amendments to NYSE Arca Equities Rule 

5.2(j)(6)(B)(I) and, as a result, the renumbering of 

NYSE Arca Equities Rule 5.2(j)(6)(B)(I)(1)(b)(vi) to 

NYSE Arca Equities Rule 5.2(j)(6)(B)(I)(1)(b)(v), 

among other subsections). 

7 17 CFR 240.10A–3. 

All submissions should refer to File 

Number SR–NYSEArca–2008–90. 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–2008–90 and 

should be submitted on or before 

September 25, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.26

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–20467 Filed 9–3–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58437; File No. SR–

NYSEArca–2008–77] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Approving Proposed 

Rule Change To List and Trade the 

Barclays Middle East Equities (MSCI 

GCC) Non Exchange Traded Notes Due 

2038 

August 28, 2008. 

I. Introduction 

On July 17, 2008, NYSE Arca, Inc. 

(‘‘Exchange’’ or ‘‘NYSE Arca’’), through 

its wholly owned subsidiary, NYSE 

Arca Equities, Inc. (‘‘NYSE Arca 

Equities’’), filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

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

Securities Exchange Act of 1934 

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

proposed rule change to list and trade 

the Barclays Middle East Equities (MSCI 

GCC) Non Exchange Traded Notes Due 

2038. The proposed rule change was 

published for comment in the Federal 

Register on July 29, 2008.3 The 

Commission received no comment 

letters on the proposed rule change. 

This order approves the proposed rule 

change. 

II. Description of the Proposed Rule 

Change 

The Exchange proposed to list and 

trade shares of the Barclays Middle East 

Equities (MSCI GCC) Non Exchange 

Traded Notes Due 2038 (‘‘Notes’’), 

which are linked to the MSCI Gulf 

Cooperation Council (GCC) Countries 

ex-Saudi Arabia Net Total Return 

IndexSM (U.S. dollar) (‘‘Index’’), under 

NYSE Arca Equities Rule 5.2(j)(6), 

which includes the Exchange’s listing 

standards for Equity Index-Linked 

Securities.4 The Notes are senior 

unsecured debt obligations of Barclays 

Bank PLC (‘‘Barclays’’). The Index is 

comprised of all of the equity securities 

(each an ‘‘Index Component’’ and, 

collectively, the ‘‘Index Components’’) 

that are included in the following five 

individual country indices (each a 

‘‘Country Index’’ and, collectively, the 

‘‘Country Indices’’): (1) MSCI Bahrain 

IndexSM; (2) MSCI Kuwait IndexSM; (3) 

MSCI Oman IndexSM; (4) MSCI Qatar 

IndexSM; and (5) MSCI United Arab 

Emirates IndexSM. Each Country Index 

is a free float-adjusted market 

capitalization index that is designed to 

measure the market performance, 

including price performance and 

income from dividend payments, of 

equity securities in the country it 

represents. The Index and the Country 

Indices are calculated and maintained 

by MSCI, Inc. 

The Exchange submitted the proposed 

rule change because the Index does not 

meet all of the ‘‘generic’’ listing 

requirements of NYSE Arca Equities 

Rule 5.2(j)(6) applicable to the listing of 

Equity Index-Linked Securities. 

Specifically, the Index meets all such 

requirements except for those set forth 

in NYSE Arca Equities Rules 

5.2(j)(6)(B)(I)(1)(b)(ii) 5 and (v).6 The 

Exchange represented that: (1) Except 

for NYSE Arca Equities Rules 

5.2(j)(6)(B)(I)(1)(b)(ii) and (v), the Notes 

currently satisfy all of the generic listing 

standards under NYSE Arca Equities 

Rule 5.2(j)(6) applicable to Equity IndexLinked Securities; (2) the continued 

listing standards under NYSE Arca 

Equities Rule 5.2(j)(6) applicable to 

Equity Index-Linked Securities shall 

apply to the Notes; and (3) Barclays is 

required to comply with Rule 10A–3 

under the Act 7 for the initial and 

continued listing of the Notes. In 

addition, the Exchange represented that 

the Notes will comply with all other 

requirements applicable to Equity 

Index-Linked Securities including, but 

not limited to, requirements relating to 

the dissemination of key information 

such as the Equity Reference Asset 

value and Intraday Indicative Value, 

rules and policies governing the trading 

of equity securities, trading hours, 

trading halts, surveillance, firewalls, 

and Information Bulletin to ETP 

Holders, as set forth in prior 

Commission orders approving the 

generic listing rules applicable to the 

listing and trading of Index-Linked 


sroberts on PROD1PC77 with NOTICES
Federal Register / Vol. 73, No. 172 / Thursday, September 4, 2008 / Notices 51685 

8See, e.g., Securities Exchange Act Release Nos. 

56637 (October 10, 2007), 72 FR 58704 (October 16, 

2007) (SR–NYSEArca–2007–92); 57132 (January 11, 

2008), 73 FR 3300 (January 17, 2008) (SR–

NYSEArca–2007–125); 56838 (November 26, 2007), 

72 FR 67774 (November 30, 2007) (SR–NYSEArca–

2007–118); 56879 (December 3, 2007) 72 FR 69271 

(December 7, 2007) (SR–NYSEArca–2007–110); and 

52204 (August 3, 2005), 70 FR 46559 (August 10, 

2005) (SR–PCX–2005–63). 

9For a list of the current members and affiliate 

members of ISG, see http://www.isgportal.com. 

10See Barclay’s Prospectus, as amended, filed 

pursuant to Rule 424(b)(2) under the Act (File No. 

333–145845). 

11 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). 

12 15 U.S.C. 78f(b)(5). 

13See supra notes 5 and 6, respectively, and 

accompanying text. 

14See, e.g., Securities Exchange Act Release No. 

54944 (December 15, 2006), 71 FR 77432 (December 

26, 2006) (SR–NYSE–2006–69) (approving the 

listing and trading of exchange-traded notes linked 

to the MSCI India Equities Index). 

Securities, generally, and Equity IndexLinked Securities, in particular.8

The Exchange stated that it might be 

unable to obtain surveillance 

information from the Middle East 

Exchanges regarding the component 

stocks, but that it intended to use its 

existing surveillance procedures 

applicable to derivative products to 

monitor trading in the Notes. The 

Exchange represented that such 

procedures are adequate to properly 

monitor Exchange trading of the Notes 

in all trading sessions and to deter and 

detect violations of Exchange rules. The 

Exchange also noted that its current 

trading surveillance focuses on 

detecting 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 added that it may obtain 

information via ISG from other 

exchanges that are members of ISG.9

Notwithstanding the Notes’ inability 

to meet the requirements of NYSE Arca 

Equities Rules 5.2(j)(6)(B)(I)(1)(b)(ii) and 

(v), the Exchange stated that the Index 

is sufficiently broad-based in scope and, 

as such, less susceptible to potential 

manipulation, insofar as the Index 

contains 105 companies, listed in five 

countries, with no one Middle East 

Exchange listing greater than 50% of the 

Index Components. The Exchange 

further stated that no one Index 

Component dominates the underlying 

Index. 

Detailed descriptions of the Notes, the 

Index (including the methodology used 

to determine the composition of the 

Index), fees, redemption procedures and 

payment at redemption, payment at 

maturity, taxes, and risk factors relating 

to the Notes are available in the 

Prospectus 10 or on the Web site for the 

Notes (http://www.barclays.com), as 

applicable. 

III. Discussion and Commission’s 

Findings 

After careful review, the Commission 

finds that NYSE Arca’s proposal to list 

and trade the Notes is consistent with 

the Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.11 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,12 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 facilitating 

transactions in securities, 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. 

Although NYSE Arca Equities Rule 

5.2(j)(6)(B)(I) permits the Exchange to 

approve the listing and trading of Equity 

Index-Linked Securities, the Notes do 

not meet all of the generic listing 

requirements thereunder because the 

components of the Index do not meet 

the requirements in NYSE Arca Equities 

Rules 5.2(j)(6)(B)(I)(1)(b)(ii) and (v).13

NYSE Arca Equities Rule 

5.2(j)(6)(B)(I)(1)(b)(ii) provides that each 

component security of the underlying 

index shall have trading volume in each 

of the last six months of not less than 

1,000,000 shares per month, except that 

for each of the lowest dollar weighted 

component securities in the index that, 

in the aggregate, account for no more 

than 10% of the dollar weight of the 

index, the trading volume shall be at 

least 500,000 shares per month in each 

of the last six months. According to the 

Exchange, as of July 17, 2008, in each 

of the prior six months, 87.995% of the 

Index had a trading volume of 1,000,000 

shares, and 8.79% of the bottom 10% of 

the Index had a trading volume of 

500,000 shares. Such percentages do not 

meet the minimum required thresholds 

and, therefore, the Notes cannot be 

listed and traded pursuant to the generic 

listing standards of NYSE Arca Equities 

Rule 5.2(j)(6)(B)(I) applicable to Equity 

Index-Linked Securities. 

In addition, NYSE Arca Equities Rule 

5.2(j)(6)(B)(I)(1)(b)(v) provides that all 

component securities of the underlying 

index shall be either (A) securities 

(other than foreign country securities 

and ADRs) that are (x) issued by an Act 

reporting company or by an investment 

company registered under the 

Investment Company Act of 1940, 

which, in each case, is listed on a 

national securities exchange, and (y) an 

‘‘NMS stock’’ (as defined in Rule 600 of 

Regulation NMS) or (B) foreign country 

securities or ADRs, provided that 

foreign country securities or foreign 

country securities underlying ADRs 

having their primary trading market 

outside the United States on foreign 

trading markets that are not members of 

ISG or parties to comprehensive 

surveillance sharing agreements with 

the Exchange will not, in the aggregate, 

represent more than 20% of the dollar 

weight of the index. According to the 

Exchange, in the case of the Notes, the 

components underlying the Index are 

foreign country securities that trade on 

foreign trading markets with which the 

Exchange has not entered into any 

comprehensive surveillance sharing 

agreements. In addition, the Exchange 

stated that none of the Middle East 

Exchanges are members of ISG. 

The Commission notes that the 

Exchange represents that it has 

attempted, but to date has not been able, 

to enter into comprehensive 

surveillance sharing agreements with 

the Middle East Exchanges. The 

Commission further notes that, in 

certain limited circumstances, it has 

previously approved the listing and 

trading of derivative securities products 

based on indices that were composed of 

stocks for which a national securities 

exchange has not entered into a 

comprehensive surveillance sharing 

agreement with the relevant foreign 

exchange.14 The Exchange has 

represented that it intends to utilize its 

existing surveillance procedures 

applicable to derivative products to 

monitor trading in the Notes and that 

such procedures are adequate to 

properly monitor Exchange trading of 

the Notes in all trading sessions and to 

deter and detect violations of Exchange 

rules. 

In addition, the Exchange has 

represented that the Notes will comply 

with all other requirements applicable 

to Equity Index-Linked Securities 

including, but not limited to, 

requirements relating to the 

dissemination of key information such 

as the Equity Reference Asset value and 

Intraday Indicative Value, rules and 

policies governing the trading of equity 

securities, trading hours, trading halts, 

surveillance, firewalls, and Information 

Bulletin to ETP Holders, as set forth in 

prior Commission orders approving the 

generic listing rules applicable to the 

listing and trading of Index-Linked 


sroberts on PROD1PC77 with NOTICES
51686 Federal Register / Vol. 73, No. 172 / Thursday, September 4, 2008 / Notices 

15See supra note 8. 

16See Securities Exchange Act Release No. 57349 

(February 19, 2008), 73 FR 10084 (February 25, 

2008) (SR–NYSEArca–2008–22). See also Securities 

Exchange Act Release Nos. 55953 (June 25, 2007), 

72 FR 36084 (July 2, 2007) (SR–NYSE–2007–46); 

and 56695 (October 24, 2007), 72 FR 61413 (October 

30, 2007) (SR–NYSEArca–2007–111). 

17 17 CFR 200.30–3(a)(12). 

Securities, generally, and Equity IndexLinked Securities, in particular.15

The Commission believes that the 

listing and trading of the Notes is 

consistent with the Act. The 

Commission notes that, based on the 

Exchange’s representations, the Notes 

otherwise meet all of the other 

applicable generic listing standards 

under NYSE Arca Equities Rule 5.2(j)(6). 

The Commission notes that the Index is 

composed of all of the equity securities 

(103 stocks) that are included in five 

separate Country Indices and has a total 

market capitalization of over $100 

billion. The Commission further notes 

that it has previously approved the 

listing and trading of derivative 

securities products based on indices 

that were composed of stocks that did 

not meet certain quantitative generic 

listing criteria.16

For the foregoing reasons, the 

Commission believes that the proposal 

to list and trade the Notes is consistent 

with the Act and finds good cause for 

approving the proposed rule change. 

This order is based on the Exchange’s 

representations. 

It is therefore ordered, pursuant to 

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

proposed rule change (SR–NYSEArca–

2008–77) be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–20470 Filed 9–3–08; 8:45 am] 

BILLING CODE 8010–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #11411] 

Florida Disaster #FL–00036 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Florida (FEMA–1785–DR), 

dated 08/24/2008. 

Incident: Tropical Storm Fay. 

Incident Period: 08/18/2008 and 

continuing. 

Effective Date: 08/24/2008. 

Physical Loan Application Deadline 

Date: 10/23/2008. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 05/25/2009. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

08/24/2008, Private Non-Profit 

organizations that provide essential 

services of governmental nature may file 

disaster loan applications at the address 

listed above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: 

Brevard, Monroe, Okeechobee, Saint 

Lucie. 

Contiguous Counties (Economic Injury 

Loans Only): 

Collier, Glades, Hendry, Highlands, 

Indian River, Martin, Miami-Dade, 

Orange, Osceola, Palm Beach, Polk, 

Seminole, Volusia. 

The Interest Rates are: 

Percent 

Other (Including Non-Profit Organizations) With Credit Available 

Elsewhere ................................... 5.250 

Businesses and Non-Profit Organizations Without Credit Available 

Elsewhere ................................... 4.000 

The number assigned to this disaster 

for physical damage and for economic 

injury is 11411. 

(Catalog of Federal Domestic Assistance 

Number 59002 and 59008) 

James E. Rivera, 

Acting Associate Administrator for Disaster 

Assistance. 

[FR Doc. E8–20448 Filed 9–3–08; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #11409 and #11410] 

Florida Disaster #FL–00035 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 1. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for the State of Florida (FEMA–

1785–DR), dated 08/26/2008. 

Incident: Tropical Storm Fay. 

Incident Period: 08/18/2008 and 

continuing. 

Effective Date: 08/26/2008. 

Physical Loan Application Deadline 

Date: 10/27/2008. 

EIDL Loan Application Deadline Date: 

05/26/2009. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: The notice 

of the Presidential disaster declaration 

for the State of FLORIDA , dated 08/26/ 

2008 is hereby amended to include the 

following areas as adversely affected by 

the disaster: 

Primary Counties: (Physical Damage 

and Economic Injury Loans): 

Hendry, Okeechobee, Saint Lucie, 

Volusia. 

Contiguous Counties: (Economic Injury 

Loans Only): 

Florida: Broward, Charlotte, Collier, 

Flagler, Glades, Highlands, Lake, 

Lee, Marion, Martin, Palm Beach, 

Polk, Putnam. 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

Herbert L. Mitchell, 

Associate Administrator for Disaster 

Assistance. 

[FR Doc. E8–20449 Filed 9–3–08; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #11409 and #11410] 

Florida Disaster #FL–00035 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for the State of Florida (FEMA–

1785–DR), dated 08/26/2008. 

Incident: Tropical Storm Fay. 

Incident Period: 08/18/2008 and 

continuing. 

Effective Date: 08/26/2008. 

Physical Loan Application Deadline 

Date: 10/27/2008. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 05/26/2009. 


sroberts on PROD1PC77 with NOTICES