Federal Register / Vol. 73, No. 194 / Monday, October 6, 2008 / Notices 58285 

23 15 U.S.C. 78f(b)(5). 

24See, e.g., Securities Exchange Act Release No. 

54170 (July 18, 2006), 71 FR 42149 (July 25, 2006) 

(SR–NASDAQ–2006–006) (order approving 

Nasdaq’s proposal to adopt Nasdaq Rule 2140, 

restricting affiliations between Nasdaq and its 

members), and NYSE/Arca Order, supra note 15. 

25See PO Plus Approval Order, supra note 5. 

26See supra notes 16–21 and accompanying text. 

See also PO Plus Approval Order, supra note 5 

(approving the routing of orders by Arca Securities, 

in its capacity as a facility of NYSE, to NYSE Arca) 

and NYSE Alternext US Order, supra note 6 

(including approval of NYSE Alternext US’s 

affiliation with Arca Securities for purposes of 

routing orders, in its capacity as a facility of NYSE 

Arca and NYSE, to NYSE Alternext US). 

This order approves only the routing of orders by 

Arca Securities, in its capacity as a facility of NYSE 

Arca, to NYSE, subject to the conditions discussed 

herein. This approval does not include Arca 

Securities providing routing of orders from Amex, 

which will be affiliated with NYSE Arca following 

Amex’s acquisition by NYSE Euronext, to NYSE. 

Amex does not currently use Arca Securities to 

route orders to other markets and has not requested 

approval of such in its filing related to its 

acquisition by NYSE Euronext. See NYSE Alternext 

U.S. Order, supra note 6). 

27This oversight will be accomplished through 

the 17d–2 agreement between FINRA and NYSE. 

See supra note 16 and accompanying text. 

28See supra note 20 and accompanying text. 

29See Amendment No. 1, supra note 4. 

30 15 U.S.C. 78s(b)(2). Pursuant to Section 19(b)(2) 

of the Act, the Commission may not approve any 

proposed rule change, or amendment thereto, prior 

to the thirtieth day after the date of publication of 

notice thereof, unless the Commission finds good 

cause for so doing. 

31See NYSE Alternext US Order, supra note 6, at 

section III.D.2. 

32See supra note 3 and accompanying text. 

33 15 U.S.C. 78s(b)(2). 

34 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,23 which requires, 

among other things, that the rules of an 

exchange be designed to prevent 

fraudulent and manipulative acts and 

practices; to promote just and equitable 

principles of trade; to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating 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; and 

are not designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

In the past, the Commission has 

expressed concern that the affiliation of 

an exchange with one of its members 

raises potential conflicts of interest, and 

the potential for unfair competitive 

advantage.24 The proposed expansion of 

NYSE Arca’s PO Order type, which the 

Commission approved today,25 will 

expand the activities of Arca Securities 

in routing orders to the NYSE. Although 

the Commission continues to be 

concerned about potential unfair 

competition and conflicts of interest 

between an exchange’s self-regulatory 

obligations and its commercial interest 

when the exchange is affiliated with one 

of its members, for the reasons 

discussed below, the Commission 

believes that it is consistent with the 

Act to permit Arca Securities to provide 

inbound routing to NYSE, subject to the 

conditions described above.26

NYSE has proposed five conditions 

applicable to Arca Securities routing 

activities, which are enumerated above. 

The Commission believes that these 

conditions mitigate its concerns about 

potential conflicts of interest and unfair 

competitive advantage. In particular, the 

Commission believes that FINRA’s 

oversight of Arca Securities,27 combined 

with NYSE Regulation’s monitoring of 

Arca Securities’ compliance with 

NYSE’s trading rules and quarterly 

reporting to NYSE’s CRO, will help to 

protect the independence of NYSE’s 

regulatory responsibilities with respect 

to Arca Securities. The Commission also 

believes that the proposed amendment 

to NYSE Rule 2B28 is designed to 

ensure that Arca Securities cannot use 

any information advantage it may have 

because of its affiliation with NYSE. 

Furthermore, the Commission believes 

that NYSE’s proposal to allow Arca 

Securities to route PO Plus orders 

inbound to NYSE from NYSE Arca, on 

a pilot basis, will provide NYSE and the 

Commission an opportunity to assess 

the impact of any conflicts of interest of 

allowing an affiliated member of NYSE 

to route orders inbound to NYSE and 

whether such affiliation provides an 

unfair competitive advantage. 

IV. Accelerated Approval 

NYSE has asked the Commission to 

accelerate approval of the proposed rule 

change. NYSE notes that the proposed 

rule change reflects the Exchange’s 

efforts to address concerns identified by 

the Commission regarding informational 

advantages favoring Arca Securities and 

states in part that ‘‘accelerated approval 

* * * will permit the Exchange to 

immediately address this issue.’’ 29 The 

Commission finds good cause for 

approving the proposed rule change 

prior to the thirtieth day after the date 

of publication of notice of filing in the 

Federal Register.30 The Commission 

notes that the protections proposed by 

NYSE, which are designed to address 

conflict of interest concerns identified 

by the Commission in connection with 

the inbound routing of orders to an 

exchange when the routing brokerdealer is an affiliate of that exchange, 

are consistent with those approved by 

the Commission in another rule filing.31

The Commission also notes that the 

proposed rule change was published for 

the full 21-day comment period,32 and 

the comment period ended on 

September 25, 2008. No comments were 

received on the proposal. 

Accordingly, the Commission finds 

good cause for approving the proposed 

rule change on an accelerated basis, 

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

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,33 that the 

proposed rule change (SR–NYSE–2008– 

76), as modified by Amendment No. 1 

thereto, be, and hereby is, approved on 

an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.34

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–23486 Filed 10–3–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58681; File No. SR– 

NYSEArca–2008–90] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Granting Accelerated 

Approval of Proposed Rule Change, as 

Modified by Amendment No. 1 Thereto, 

Amending NYSE Arca Equities Rule 

7.31(x) to Change the Permissible 

Order Entry Time and Eligibility of Its 

Primary Only Order and Amending 

NYSE Arca Equities Rule 14.3 to 

Establish Procedures Designed To 

Manage Potential Informational 

Advantages Resulting From the 

Affiliation Between the Exchange and 

Archipelago Securities L.L.C. 

September 29, 2008. 

I. Introduction 

On August 20, 2008, NYSE Arca, Inc., 

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

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Exchange 

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

proposed rule change to (i) amend 

NYSE Arca Equities Rule 7.31(x) to 

change the permissible order entry time 

and eligibility of its Primary Only Order 

type (‘‘PO Order’’) and (ii) amend NYSE 

Arca Equities Rule 14.3 to establish 

procedures designed to manage 


jlentini on PROD1PC65 with NOTICES
58286 Federal Register / Vol. 73, No. 194 / Monday, October 6, 2008 / Notices 

3See Securities Exchange Act Release No. 58431 

(August 27, 2008), 73 FR 51681 (‘‘PO Plus Notice’’). 

On February 13, 2008, NYSE Arca filed a 

proposal to modify its PO Order pursuant to 

19(b)(3)(A), making it effective upon filing with the 

Commission. See Securities Exchange Act Release 

No. 57377 (February 25, 2008), 73 FR 11177 

(February 29, 2008) (SR–NYSEArca–2008–19). The 

Commission abrogated the proposal on April 11, 

2008, noting that it has, in the past, expressed 

concern about the potential for unfair competition 

and conflicts of interest between an exchange’s selfregulatory obligations and its commercial interests 

if an exchange were affiliated with one of its 

members, as well as the potential for unfair 

competitive advantage that the affiliated member 

could have by virtues of informational or 

operational advantages, or the ability to receive 

preferential treatment. See Securities Exchange Act 

Release No. 57648 (April 11, 2008), 73 FR 20981 

(April 17, 2008) at note 9 and accompanying text. 

The Commission noted that NYSE Arca’s filing 

raised this issue by expanding the activities of Arca 

Securities in sending orders to its affiliate, the 

NYSE, and therefore should be subject to notice and 

comment and review pursuant to Sections 19(b)(1) 

and 19(b)(2) of the Act. See id. at note 10 and 

accompanying text. Further, the Commission stated 

that the issue of whether the routing of PO Orders 

by Arca Securities to the NYSE is consistent with 

existing NYSE and NYSE Arca rules should be 

subject to notice and comment and review pursuant 

to Sections 19(b)(1) and 19(b)(2) of the Act. See id. 

at note 11 and accompanying text. 

4 In Amendment No. 1, NYSE Arca requested that 

the Commission accelerate approval of the 

proposed rule change. Because Amendment No. 1 

is technical in nature, the Commission is not 

publishing it for comment. 

5See NYSE Arca Equities Rule 7.31(x). Currently, 

a PO Order entered for participation in the primary 

market opening must be entered before 6:28 a.m. 

(Pacific Time), and a PO Order entered for 

participation in the primary market re-opening after 

a trading halt must be entered after trading was 

halted on NYSE Arca and before the re-opening 

time. See id. 

6Amex will change its name to NYSE Alternext 

US LLC in connection with the acquisition of Amex 

by NYSE Euronext. See Securities Exchange Act 

Release No. 58673 (September 29, 2008) (SR– 

Amex–2008–62; SR–NYSE–2008–60) (order 

approving a proposed rule change related to the 

acquisition of the Amex by NYSE Euronext) 

(‘‘NYSE Alternext US Order’’). The transaction is 

expected to close shortly. 

7 17 CFR 240.600(b). 

8See NYSE Alternext US Order, supra note 6. 

9NYSE is wholly owned by NYSE Group, which 

is in turn wholly owned by NYSE Euronext. 

10Such outbound routing includes the routing of 

PO Orders to the primary market. 

11See Securities Exchange Act Release No. 52497 

(September 22, 2005), 70 FR 56949 (September 29, 

2005) (SR–PCX–2005–90) (order approving 

proposed rule changes in connection with the 

acquisition of the Pacific Exchange, Inc. (‘‘PCX,’’ 

n/k/a NYSE Arca) by Archipelago Holdings, Inc.). 

12 Id. 

13See PO Plus Notice, supra note 3, at notes 19– 

21 and accompanying text. See also Securities 

Exchange Act Release No. 55590 (April 5, 2007), 72 

FR 18707 (April 13, 2007) (SR–NYSE–2007–29) 

(order filed for immediate effectiveness to among 

other things, establish a mechanism to route orders 

from NYSE to away market centers). 

potential information advantages 

resulting from the affiliation between 

the Exchange and Archipelago 

Securities L.L.C. (‘‘Arca Securities’’). On 

September 4, 2008, the proposed rule 

change was published for comment in 

the Federal Register.3 The Commission 

received no comments on the proposed 

rule change. On September 25, 2008, 

NYSE Arca filed Amendment No. 1.4

This order approves the proposed rule 

change, as modified by Amendment No. 

1, on an accelerated basis. 

II. Background 

A. PO Plus Proposal 

NYSE Arca proposes to expand the 

availability of its PO Order type. NYSE 

Arca’s PO Order is a market or limit 

order that is to be routed to the primary 

market in that security without first 

attempting to access liquidity on the 

NYSE Arca book. Such orders, 

currently, may only be entered until a 

cut-off time established from time to 

time by the Exchange.5 The orders are 

routed to the primary market through 

NYSE Arca’s routing broker-dealer, Arca 

Securities, which is an affiliate of NYSE 

Arca as described more fully below. The 

‘‘primary market’’ may be the New York 

Stock Exchange LLC (‘‘NYSE’’) or the 

American Stock Exchange LLC 

(‘‘Amex’’),6 each of which, as described 

more fully below, also is (or will be) an 

affiliate of NYSE Arca and Arca 

Securities. 

NYSE Arca proposes to modify the PO 

Order type so that such orders may be 

entered at any time throughout the 

trading day and be immediately routed 

to the primary, listing market for 

execution. A PO Order would have to be 

a day or immediate-or-cancel (‘‘IOC’’) 

order. If the PO Order is not an IOC 

order it would remain at the venue to 

which it was routed, until executed, 

cancelled, or the end of day. Further, 

under the proposal, PO Orders entered 

for participation in the primary market, 

other than for participation in the 

primary market opening or primary 

market re-opening, must be marked with 

the modifier PO+. Such orders would be 

eligible for entry and execution 

throughout the trading day. Finally, the 

proposal permits an entering party to 

designate a PO Order as an Intermarket 

Sweep Order (as defined in Rule 600(b) 

of Regulation NMS under the Act).7

In addition, NYSE Arca proposes that: 

(1) The use of certain non-public 

information by Arca Securities would be 

restricted; (2) NYSE Regulation, Inc. 

(‘‘NYSE Regulation’’) would collect and 

maintain certain information with 

respect to Arca Securities; and (3) 

routing by Arca Securities to NYSE 

Arca, in Arca Securities’s capacity as a 

facility of NYSE, be authorized for a 

pilot period of 12 months. 

B. Arca Securities Routing Function 

NYSE Euronext, a Delaware 

Corporation (‘‘NYSE Euronext’’) 

currently indirectly owns Arca 

Securities, a broker-dealer, that is a 

member of NYSE Arca. In addition, 

NYSE Euronext indirectly owns two 

registered securities exchanges—NYSE 

Arca and NYSE—and has entered into 

an agreement to acquire a third 

securities exchange—Amex.8 Thus, 

Arca Securities is (or will be) an affiliate 

of each of these exchanges. 

NYSE Arca Equities Rule 3.10 

prohibits: (1) An NYSE Arca member 

from being affiliated with NYSE Group, 

Inc. (‘‘NYSE Group’’); 9 and (2) NYSE 

Group, or any entity with which it is 

affiliated, from maintaining an 

ownership interest in a member. Thus, 

Arca Securities’s affiliation with NYSE 

Arca would violate NYSE Arca rules, 

absent Commission approval. 

The Commission has approved Arca 

Securities affiliation with, and operation 

as a facility of, NYSE Arca for the 

provision of outbound routing from 

NYSE Arca to other market centers,10

subject to certain conditions.11 Arca 

Securities’s operation as a facility 

providing outbound routing for NYSE 

Arca was (and continues to be) subject 

to the conditions that: (1) Arca 

Securities continue to operate and be 

regulated as a facility of NYSE Arca; (2) 

Arca Securities only provide outbound 

routing services; (3) the primary 

regulatory responsibility for Arca 

Securities would lie with an unaffiliated 

SRO; and (4) the use of Arca Securities 

for outbound routing is available only to 

NYSE Arca members and use of Arca 

Securities’s routing function remains 

optional.12 Arca Securities also operates 

as a facility of NYSE and similarly 

provides outbound routing from NYSE 

to other market centers, subject to 

conditions similar to those listed 

above.13

Currently, the operation of Arca 

Securities as a facility of NYSE Arca and 

NYSE providing outbound routing 

services from those exchanges is subject, 

respectively, to NYSE Arca and NYSE 

oversight, as well as Commission 

oversight. NYSE Arca and NYSE are 

each responsible for ensuring that Arca 

Securities is operated consistent with 

Section 6 of the Act and their respective 

rules. In addition, NYSE Arca and 

NYSE, respectively, must file with the 

Commission rule changes and fees 

relating to Arca Securities. 

Recognizing that the Commission has 

previously expressed concern regarding 

the potential for conflicts of interest in 

instances where a member firm is 

affiliated with an exchange to which it 

is routing orders, NYSE Arca proposes 


jlentini on PROD1PC65 with NOTICES
Federal Register / Vol. 73, No. 194 / Monday, October 6, 2008 / Notices 58287 

14NYSE Arca also states that Arca Securities is 

subject to independent oversight by FINRA, its 

Designated Examining Authority, for compliance 

with financial responsibility requirements. See PO 

Plus Notice, supra note 3, at section II.A.1.c. 

15NYSE Regulation is a wholly owned subsidiary 

of the NYSE that performs the regulatory functions 

of the NYSE pursuant to a delegation agreement. 

NYSE Regulation also performs many of the 

regulatory functions of NYSE Arca pursuant to a 

regulatory services agreement. See Securities 

Exchange Act Release No. 53382 (February 27, 

2006), 71 FR 11251 (March 6, 2006) (SR–NYSE– 

2005–77) (‘‘NYSE/Arca Order’’) at 11255. 

16Specifically, NYSE Regulation ‘‘will collect and 

maintain the following information of which NYSE 

Regulation staff becomes aware—namely, all alerts, 

complaints, investigations and enforcement actions 

where Arca Securities (in its capacity as a facility 

of NYSE, routing orders to NYSE Arca) is identified 

as a participant that has potentially violated NYSE 

Arca or applicable SEC rules—in an easily 

accessible manner so as to facilitate any review 

conducted by the SEC’s Office of Compliance 

Inspections and Examination.’’ See PO Plus Notice, 

supra note 3, at section II.A.1.c. 

17See id. 

18See proposed NYSE Arca Equities Rule 14.3(e). 

19See PO Plus Notice, supra note 3, at section 

II.A.1.(e). 

20 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). 

21 15 U.S.C. 78f(b)(5). 

22See, e.g. , Securities Exchange Act Release No. 

54170 (July 18, 2006), 71 FR 42149 (July 25, 2006) 

(SR–NASDAQ–2006–006) (order approving 

Nasdaq’s proposal to adopt Nasdaq Rule 2140, 

restricting affiliations between Nasdaq and its 

members), and NYSE/Arca Order, supra note 15. 

23See supra notes 14–19 and accompanying text. 

See also Securities Exchange Act Release No. 58680 

(September 29, 2008) (SR–NYSE–2008–76) 

(approving the expansion of the routing of order by 

Arca Securities, in its capacity as a facility of NYSE 

Arca, to NYSE) and NYSE Alternext US Order, 

supra note 6 (including approval of NYSE Alternext 

US’s affiliation with Arca Securities for purposes of 

Arca Securities routing orders, in its capacity as a 

facility of NYSE Arca and NYSE, to NYSE Alternext 

US). 

This order approves only the routing of orders by 

Arca Securities, in its capacity as a facility of the 

NYSE, to NYSE Arca, subject to the conditions 

discussed herein. This approval does not include 

Arca Securities providing routing of orders from 

Amex, which will be affiliated with NYSE Arca 

following Amex’s acquisition by NYSE Euronext, to 

NYSE Arca. Amex does not currently use Arca 

Securities to route orders to other markets and has 

not requested approval of such in its filing related 

to its acquisition by NYSE Euronext. See NYSE 

Alternext US Order, supra note 6. 

24This oversight will be accomplished through 

the 17d–2 agreement among FINRA and NYSE 

Arca. See supra note 14 and accompanying text. 

25See supra note 18 and accompanying text. 

26 17 CFR 240.611. 

to accept inbound orders that its 

affiliate, Arca Securities, routes in its 

capacity as a facility of NYSE, subject to 

the following limitations and 

conditions: 

• First, NYSE Arca states that FINRA 

and NYSE Arca have entered into an 

agreement pursuant to Rule 17d–2 

under the Act. Pursuant to this 

agreement, FINRA is allocated 

regulatory responsibilities to review 

Arca Securities’ compliance with 

certain NYSE Arca rules.14 NYSE Arca, 

however, retains ultimate responsibility 

for enforcing its rules with respect to 

Arca Securities. 

• Second, NYSE Regulation15 will 

monitor Arca Securities for compliance 

with NYSE Arca’s trading rules, and 

will collect and maintain certain related 

information.16

• Third, NYSE Arca states that NYSE 

Regulation has agreed with NYSE Arca 

that it will provide a report to NYSE 

Arca’s CRO, on a quarterly basis, that: 

(i) Quantifies all alerts (of which NYSE 

Regulation is aware) that identify Arca 

Securities as a participant that has 

potentially violated NYSE Arca or 

Commission rules, and (ii) quantifies 

the number of all investigations that 

identify Arca Securities as a participant 

that has potentially violated NYSE Arca 

or Commission rules.17

• Fourth, NYSE Arca proposes new 

Rule 14.3(e) that will require NYSE 

Euronext, as the holding company 

owning both NYSE Arca and Arca 

Securities, to establish and maintain 

procedures and internal controls 

reasonably designed to ensure that Arca 

Securities does not develop or 

implement changes to its system, based 

on non-public information obtained 

regarding planned changes to the NYSE 

Arca systems as a result of its affiliation 

with NYSE Arca, until such information 

is available generally to similarly 

situated members of NYSE Arca, in 

connection with the provision of 

inbound order routing to NYSE Arca.18

• Fifth, NYSE Arca proposes that 

routing from Arca Securities to NYSE 

Arca, in Arca Securities’s capacity as a 

facility of NYSE, be authorized for a 

pilot period of twelve months.19

III. Discussion 

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.20 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,21 which requires, 

among other things, that the rules of an 

exchange be designed to prevent 

fraudulent and manipulative acts and 

practices; to promote just and equitable 

principles of trade; to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating 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; and 

are not designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

In the past, the Commission has 

expressed concern that the affiliation of 

an exchange with one of its members 

raises potential conflicts of interest, and 

the potential for unfair competitive 

advantage.22 Although the Commission 

continues to be concerned about 

potential unfair competition and 

conflicts of interest between an 

exchange’s self-regulatory obligations 

and its commercial interest when the 

exchange is affiliated with one of its 

members, for the reasons discussed 

below, the Commission believes that it 

is consistent with the Act to permit Arca 

Securities to provide inbound routing to 

NYSE Arca, on a pilot basis, subject to 

the conditions described above.23

NYSE Arca has proposed five 

conditions applicable to Arca Securities 

routing activities, which are enumerated 

above. The Commission believes that 

these conditions mitigate its concerns 

about potential conflicts of interest and 

unfair competitive advantage. In 

particular, the Commission believes that 

FINRA’s oversight of Arca Securities,24

combined with NYSE Regulation’s 

monitoring of Arca Securities’ 

compliance with NYSE Arca’s trading 

rules and quarterly reporting to NYSE 

Arca’s CRO, will help to protect the 

independence of NYSE Arca’s 

regulatory responsibilities with respect 

to Arca Securities. The Commission also 

believes that proposed NYSE Arca 

Equities Rule 14.3(e) 25 is designed to 

ensure that Arca Securities cannot use 

any information advantage it may have 

because of its affiliation with NYSE 

Arca. Furthermore, the Commission 

believes that NYSE Arca’s proposal to 

allow Arca Securities to route orders 

inbound to NYSE Arca from NYSE, on 

a pilot basis, will provide NYSE Arca 

and the Commission an opportunity to 

assess the impact of any conflicts of 

interest of allowing an affiliated member 

of NYSE Arca to route orders inbound 

to NYSE Arca and whether such 

affiliation provides an unfair 

competitive advantage. 

The Commission also finds the 

expansion of the PO Order consistent 

with the Act. The expanded PO Order 

will provide NYSE Arca members 

greater choice in the handling of their 

orders, and their method of compliance 

with their obligations under Rule 611 of 

Regulation NMS.26


jlentini on PROD1PC65 with NOTICES
58288 Federal Register / Vol. 73, No. 194 / Monday, October 6, 2008 / Notices 

27See Amendment No. 1, supra note 4. 

28 15 U.S.C. 78s(b)(2). Pursuant to Section 19(b)(2) 

of the Act, the Commission may not approve any 

proposed rule change, or amendment thereto, prior 

to the thirtieth day after the date of publication of 

notice thereof, unless the Commission finds good 

cause for so doing. 

29See NYSE Alternext US Order, supra note 6, at 

section III.D.2. 

30See supra note 3 and accompanying text. 

31 15 U.S.C. 78s(b)(2). 

32 17 CFR 200.30–3(a)(12). 

IV. Accelerated Approval 

NYSE Arca has asked the Commission 

to accelerate approval of the proposed 

rule change. NYSE Arca states in part 

that ‘‘accelerated approval * * * will 

eliminate certain competitive 

disadvantages that exist by permitting 

the Exchange to immediately offer 

directed orders to its Users.’’ 27 The 

Commission finds good cause for 

approving the proposed rule change 

prior to the thirtieth day after the date 

of publication of notice of filing in the 

Federal Register.28 The Commission 

notes that the protections proposed by 

NYSE Arca, which are designed to 

address conflict of interest concerns 

identified by the Commission in 

connection with the inbound routing of 

orders to an exchange when the routing 

broker-dealer is an affiliate of that 

exchange, are consistent with those 

approved by the Commission in another 

rule filing.29 The Commission also notes 

that the proposed rule change was 

published for the full 21-day comment 

period,30 and the comment period 

ended on September 25, 2008. No 

comments were received on the 

proposal. 

Accordingly, the Commission finds 

good cause for approving the proposed 

rule change, on an accelerated basis, 

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

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,31 that the 

proposed rule change (SR–NYSEArca– 

2008–90), as modified by Amendment 

No. 1 thereto, be, and hereby is, 

approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.32

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–23487 Filed 10–3–08; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration # 11409 and # 11410] 

Florida Disaster Number FL–00035 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 5. 

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 through 

09/12/2008. 

DATES: Effective Date: 09/24/2008. 

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): Alachua, 

Gadsden, Liberty, Martin. 

Contiguous Counties (Economic Injury 

Loans Only): 

Florida: Calhoun, Gilchrist, Gulf, 

Jackson. 

Georgia: Decatur, Seminole. 

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. E8–23426 Filed 10–3–08; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration # 11411] 

Florida Disaster Number FL–00036 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 6. 

SUMMARY: This is an amendment 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 through 

09/12/2008. 

DATES: Effective Date: 09/24/2008. 

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: The notice 

of the President’s major disaster 

declaration for Private Non-Profit 

organizations in the State of Florida, 

dated 08/24/2008, is hereby amended to 

include the following areas as adversely 

affected by the disaster. 

Primary Counties: Lee. 

All other counties contiguous to the 

above named primary county have 

previously been declared. 

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. E8–23428 Filed 10–3–08; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration # 11449 and # 11450] 

Indiana Disaster Number IN–00026 

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 Indiana ( 

FEMA–1795–DR ) , dated 09/23/2008. 

Incident: Severe Storms and Flooding. 

Incident Period: 09/12/2008 and 

Continuing. 

DATES: Effective Date: 09/26/2008. 

Physical Loan Application Deadline 

Date: 11/24/2008. 

EIDL Loan Application Deadline Date: 

06/23/2009. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 


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