53312 Federal Register / Vol. 73, No. 179 / Monday, September 15, 2008 / Notices 

24 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. 

4NYSE Arca Rule 6.62(e) defines a ‘‘Complex 

Order’’ as any order involving the simultaneous 

purchase and/or sale of two or more different 

option series in the same underlying security, for 

the same account, in a ratio that is equal to or 

greater than one-to-three (.333) and less than or 

equal to three-to-one (3.00) and for the purpose of 

executing a particular investment strategy. 

5See Securities Exchange Act Release No. 58174 

(July 16, 2008), 73 FR 42640 (July 22, 2008) (order 

approving SR–NYSEArca–2008–54, establishing 

rules pertaining to automated electronic trading of 

Complex Orders). 

(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 of 

the filing thereof. 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 

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

Number SR–NYSEArca–2008–92 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–2008–92. 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–2008–92 and 

should be submitted on or before 

September 30, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–21329 Filed 9–12–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58473; File No. SR– 

NYSEArca–2008–97] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Rule Change by NYSE Arca, Inc. 

Amending Its Schedule of Fees and 

Charges for Exchange Services in 

Order To Establish a New Fee for 

Electronically Executed Complex 

Orders 

September 8, 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 

September 5, 2008, 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, II, and III 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 

The Exchange proposes to amend its 

Schedule of Fees and Charges for 

Exchange Services (‘‘Schedule’’) in 

order to establish certain Transaction 

Fees. 

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 purpose of this filing is to amend 

the existing Schedule in order to create 

a new fee structure covering 

electronically executed Complex 

Orders.4

Pursuant to a recent rule filing 5 the 

Exchange will be introducing automated 

complex order trading for all market 

participants on NYSE Arca. In 

conjunction with this new functionality, 

the Exchange proposes to introduce two 

new transaction fees specific to 

Complex Order executions. Pursuant to 

this proposal, electronically entered and 

executed Complex Orders when 

executed against similar contra-side 

Complex Orders will be subject to a 

reduced transaction fee. 

Complex Orders that are executed 

against other similar Complex Orders 

will be subject to a transaction fee of 

$0.10 per contract. For example, if a 

Complex Order, comprised of two legs, 

executes against a similar two-legged 

Complex Order, each market participant 

will be charged $0.20 ($0.10 per 

contract). To expand on this example, if 

the same strategy is executed a total of 

ten (10) times, each participant would 

be charged $2.00. If a Complex Order 

comprised of three legs executes against 

a similar three-legged Complex Order, 

then each participant would be charged 

$0.30 for the transaction. To expand on 

this example, if the same three-legged 

Complex Order is executed a total of ten 

(10) times, each participant would be 

changed $3.00. All electronically 

executed Complex Orders, regardless of 

whether they are entered by Market 

Makers, Brokers Dealers, or OTP Firms 

representing Public Customers, will be 

billed this same rate when their order is 

executed against another Complex 

Order. 

mstockstill on PROD1PC66 with NOTICES

Federal Register / Vol. 73, No. 179 / Monday, September 15, 2008 / Notices 53313 

6 15 U.S.C. 78f. 

7 15 U.S.C. 78f(b)(4). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(2). 

The Exchange proposes a separate fee 

for electronically executed Complex 

Orders when the same member firm 

represents both sides of the transaction. 

Complex Orders, entered by a firm that 

trade against a similar Complex Order 

represented by the same firm, will be 

subject to a transaction fee of $0.05 per 

contract. For example, if a Complex 

Order comprised of two legs is entered 

by Firm A and executes against a similar 

two-legged Complex Order also for Firm 

A, the firm will be charged a total of 

$0.20 (four contracts at $.05 per 

contract) for each time the complex 

order strategy is executed. To expand on 

this example, if the same two-legged 

Complex Order is executed a total of ten 

(10) times, the transaction would be 

subject to a $1.00 fee per Complex 

Order, and since the same firm is a party 

to both sides of the transaction, they 

would be charged a total of $2.00. If a 

Complex Order entered by Firm A, 

which is comprised of three legs, 

executes against a similar three-legged 

Complex Order entered by Firm A, then 

the firm would be charged a total of 

$0.30 for each time the three-legged 

Complex Order is executed. To expand 

on this example, if the same threelegged Complex Order is executed a 

total of ten (10) times, the transaction 

would be subject to a $1.50 fee per 

Complex Order, and since the firm 

represents both sides of the transaction, 

they would be charged a total of $3.00. 

There may be occasions where a 

Complex Order will not execute against 

a similar contra-side Complex Order, 

but instead will execute against the 

individual leg markets represented by 

quotes and/or orders in the 

Consolidated Book. This scenario will 

occur when the best price for the 

Complex Order strategy is actually 

represented by a combination of 

individual quotes and/or orders, resting 

in the Consolidated Book. In situations 

where Complex Orders are executed 

utilizing two or more individual quotes 

or orders from the Consolidated Book, 

standard transaction fees, as shown on 

the Schedule, will apply to all 

participants on the trade. For Complex 

Order transactions in Penny Pilot issues, 

when the Complex Order is executed 

against individual quotes and/or orders 

represented in the Consolidated Book, 

the Complex Order will be deemed to be 

taking liquidity from the Consolidated 

Book and therefore will be subject to the 

‘‘Take Liquidity’’ rates, as shown on the 

Schedule. 

NYSE Arca plans to implement these 

fees in conjunction with the planned 

introduction of the initial phase of 

automated electronic Complex Order 

trading on September 15, 2008. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 of the Act,6

in general, and Section 6(b)(4) of the 

Act,7 in particular, in that it is designed 

to provide for the equitable allocation of 

reasonable dues, fees, and other charges 

among its members and other persons 

using its facilities. in that it provides for 

the equitable allocation of reasonable 

dues, fees and other charges among its 

members and other market participants 

on NYSE Arca. [sic] The Exchange 

believes that the proposed rates are 

reasonable. The proposed rate structure 

is part of the Exchange’s efforts to attract 

and enhance participation on the 

Exchange, with respect to the 

implementation of electronic complex 

order trading. The Exchange also 

believes that the proposed changes to 

the Fee Schedule are equitable in that 

they apply uniformly to all market 

participants on NYSE Arca. 

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 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 8 of the Act and 

subparagraph (f)(2) of Rule 19b–4 9

thereunder, because it establishes a due, 

fee, or other charge imposed by NYSE 

Arca. 

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–2008–97 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–2008–97. 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 will also be available 

for inspection and copying at the 

principal office of the self-regulatory 

organization. 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–2008–97 and should be 

submitted on or before October 6, 2008. 

mstockstill on PROD1PC66 with NOTICES

53314 Federal Register / Vol. 73, No. 179 / Monday, September 15, 2008 / Notices 

10 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. 58276 

(July 31, 2008), 73 FR 46126. 

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’’). See NYSE Arca Equities Rule 

5.2(j)(6)(i). 

5The Exchange stated that 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 or on the Web site for the Notes 

(http://www.credit-suisse.com), as applicable. See 

Credit Suisse’s prospectus, as amended, filed 

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

333–132936–14). 

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 

Depository 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, are 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, renumbering 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. 

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

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

2005) (SR–PCX–2005–63); 56637 (October 10, 

2007), 72 FR 58704 (October 16, 2007) (SR– 

NYSEArca–2007–92); 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 

57132 (January 11, 2008), 73 FR 3300 (January 17, 

2008) (SR–NYSEArca–2007–125). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–21330 Filed 9–12–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58474; File No. SR– 

NYSEArca–2008–79] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Approving Proposed 

Rule Change To List and Trade 

ELEMENTSSM Linked to the CS/RT 

Emerging Infrastructure Total Return 

Index Powered by HOLTTM Due 2023 

September 8, 2008. 

I. Introduction 

On July 22, 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 ELEMENTSTM Linked to the CS/RT 

Emerging Infrastructure Total Return 

Index Powered by HOLTTM due 2023. 

The proposed rule change was 

published for comment in the Federal 

Register on August 7, 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 the ELEMENTSSM Linked to the 

CS/RT Emerging Infrastructure Total 

Return Index Powered by HOLTTM due 

2023 (the ‘‘Notes’’), which are linked to 

the CS/RT Emerging Infrastructure Total 

Return Index Powered by HOLTTM (U.S. 

dollar) (the ‘‘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 Credit Suisse, acting 

through its Nassau Branch (‘‘Credit 

Suisse’’). The Index is comprised of 50 

equally-weighted exchange-listed 

emerging infrastructure-related 

companies that are chosen according to 

a rules-based methodology for scoring 

stocks (each an ‘‘Index Component’’ 

and, collectively, the ‘‘Index 

Components’’). The Index enables 

investors to participate in the 

performance of a selection of companies 

that have a focus on infrastructure, 

power and utilities, or agriculture and 

derive at least 15% of their revenue 

from the Global Emerging Markets 

(‘‘GEM’’). A GEM is defined as any 

country except the United States, 

Canada, Australia, New Zealand, Japan, 

Hong Kong, Singapore, Austria, 

Belgium, Luxembourg, Denmark, 

Finland, France, Germany, Greece, 

Ireland, Italy, the Netherlands, Norway, 

Portugal, Spain, Sweden, and the 

United Kingdom.5

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 Rule 

5.2(j)(6)(B)(I)(1)(b)(v).6 The Exchange 

represented that: (1) Except for NYSE 

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

the Notes currently satisfy all of the 

generic listing standards under NYSE 

Arca Equities Rule 5.2(j)(6) applicable to 

Equity Index-Linked 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) Credit Suisse 

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, rules and policies governing the 

trading of equity securities, trading 

hours, trading halts, surveillance, 

firewalls, and Information Bulletins to 

ETP Holders, as set forth in prior 

Commission orders approving the 

generic listing rules applicable to the 

listing and trading of Index-Linked 

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

The Exchange stated that, as of April 

30, 2008, the market capitalization of 

the ten largest Index Components 

accounting for the top 20% of the Index 

weight was approximately $873.9 

billion. The highest weighted stock was 

Vodafone Group PLC, which accounted 

for 2% of the Index weight and had a 

market capitalization of approximately 

$209.6 billion. 

With respect to NYSE Arca Equities 

Rule 5.2(j)(6)(B)(I)(1)(b)(v), which 

requires that at least 80% of the 

component stock trade on markets that 

are members of ISG or parties to 

comprehensive surveillance sharing 

agreements with the Exchange, the 

Exchange represented that it has 

attempted, but was unable, to enter into 

comprehensive surveillance sharing 

agreements with markets on which 

approximately 36% of the Index 

Components trade. Specifically, the 

Exchange does not have comprehensive 

surveillance sharing agreements with 

Euronext Amsterdam (2%), Euronext 

Lisbon (2%), Euronext Paris (6%), JSE 

Securities Exchange (Johannesburg) 

(6%), Borsa Italiana (Milan) (4%), 

Prague Stock Exchange (2%), Bovespa 

(State of Sa ̃o Paulo Stock Exchange) 

mstockstill on PROD1PC66 with NOTICES