7624 Federal Register / Vol. 73, No. 27 / Friday, February 8, 2008 / Notices 

24 15 U.S.C. 78f(b)(5) and 78k–1. 25 In approving this rule, the Commission notes 

that it has considered the proposed rule’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 

26As noted above, OCC will be the issuer and 

guarantor of all FLEX currency options. The 

Commission is designating FLEX currency options 

as standardized options for purposes of the options 

disclosure framework established under Rule 9b–1 

of the Act. See Securities Exchange Act Release 

Nos. 31910 (February 23, 1993), 58 FR 12056 

(March 2, 1993); 34925 (November 1, 1994), 59 FR 

55720 (November 8, 1994); and 36841 (February 14, 

1996), 61 FR 6666 (February 21, 1996). 

27See Securities Exchange Act Release No. 39549 

(January 14, 1998), 63 FR 3601 (January 23, 1998). 28See supra note 22 and accompanying text. 

29See supra note 26. 

30 15 U.S.C. 78s(b)(2). 

31 17 CFR 240.9b–1(a)(4). 

32 17 CFR 200.30–3(a)(12) and 17 CFR 200.30–

3(a)(51). 

rule change, as amended, is consistent 

with the requirements of the Act and the 

rules and regulations thereunder 

applicable to a national securities 

exchange, and, in particular, the 

requirements of Section 6(b)(5) and 11A 

of the Act.24 Specifically, the 

Commission finds that Phlx’s proposal 

is designed to provide investors with a 

tailored product that may be more 

suitable to their investment needs. 

Moreover, consistent with Section 11A, 

the proposal encourages fair 

competition among brokers and dealers 

and exchange markets, by allowing the 

Exchange to compete with the over-thecounter market in foreign currency 

options. Additionally, the Commission 

believes that the proposal will help 

promote the maintenance of fair and 

orderly markets because it will extend 

the benefits of a listed, exchange market 

to FCOs that are more flexible than 

currently listed FCOs.25

The proposed rule change will permit 

the trading of U.S. dollar-settled FCOs 

with individually tailored expiration 

dates and strike prices.26 The 

Commission notes that it previously 

approved rules relating to the listing 

and trading of FLEX index and equity 

options on Phlx, which give investors 

and other market participants the ability 

to individually tailor, within specified 

limits, certain terms of those index and 

equity options.27 The current proposal 

incorporates FLEX currency options 

into these existing rules and regulatory 

framework. The Commission finds that 

the Exchange’s proposal to introduce 

the trading of FLEX currency options 

into the market in this manner, which 

will result in a substantially similar 

regulatory structure for all FLEX 

products traded on Phlx, is consistent 

with the Act. 

Pursuant to the proposed rule change, 

the Exchange will be able to offer 

investors and other market participants 

the ability to trade FLEX currency 

options with an expiration date in any 

month, business day and year, subject to 

certain explicit restrictions as described 

above. The ability to customize 

expiration dates is designed to enable 

investors and other market participants 

to hedge their exchange rate exposure 

more accurately by trading a contract 

that expires on the date of their choice. 

The proposal also will permit investors 

and other market participants to 

individually tailor the strike prices of 

FLEX currency options. As the proposal 

makes clear, such strike prices need not 

be consistent with strike price intervals 

permissible for non-FLEX U.S. dollarsettled FCOs. This additional flexibility 

permits users of FLEX currency options 

to tailor the product according to their 

investment needs and objectives, and 

the Commission finds it consistent with 

the Act. 

The Commission also believes that the 

Exchange has extended the application 

of existing rules regarding FLEX index 

and equity options, and non-FLEX U.S. 

dollar-settled FCOs, to FLEX currency 

options consistent with the Act. For 

example, like FLEX index and equity 

options, the expiration date for a FLEX 

currency option cannot fall on or within 

two business days prior or subsequent 

to an expiration date for a non-FLEX 

option on the same underlying 

currency. Further, the procedure for 

quoting and trading of FLEX currency 

options in Rule 1079(b) will be the same 

as the existing procedure for the quoting 

and trading of FLEX index and equity 

options. The proposal also sets 

minimum size requirements for RFQs 

and responses to RFQs, as it does for 

FLEX index and equity options. 

Similarly, the Exchange’s proposal 

applies certain rules governing nonFLEX U.S. dollar-settled FCOs to FLEX 

currency options. For example, like 

non-FLEX U.S. dollar-settled FCOs, 

FLEX currency options will be quoted 

in terms of dollars per unit of 

underlying foreign currency, and may 

be quoted and traded in the same 

minimum increments that are 

established for non-FLEX U.S. dollarsettled FCOs. The settlement value 

determination for FLEX currency 

options also will be calculated in a 

manner that is substantially identical to 

the calculation of settlement value for 

non-FLEX U.S. dollar-settled FCOs, and 

FLEX currency options will have the 

same trading hours as non-FLEX U.S. 

dollar-settled FCOs. 

In addition, the proposal requires the 

aggregation of positions in FLEX 

currency options with positions in nonFLEX U.S. dollar-settled FCOs and 

physical delivery FCOs for purposes of 

determining compliance with the 

Exchange’s existing position limit rules 

in Rule 1001.28 The Commission 

believes that such aggregation, which is 

designed to minimize concerns 

regarding manipulations or disruptions 

of the market for those and related 

products, is consistent with the Act. 

Finally, the Commission believes that 

a regulatory system designed to protect 

public customers must be in place 

before the trading of sophisticated 

financial instruments, such as FLEX 

currency options, can commence on a 

national securities exchange. Phlx has 

represented that Exchange rules and 

regulations involving sales practice will 

be applicable to FLEX currency options, 

and that the Exchange has adequate 

surveillance procedures for, and 

systems capacity to support, the trading 

of FLEX currency options. Thus, the 

Commission believes that the goal of 

ensuring adequate customer protection 

has been satisfied by the Exchange, 

consistent with the Act. 

IV. Conclusion 

For the foregoing reasons, the 

Commission finds that the proposed 

rule change, as amended, is consistent 

with the Act and the rules and 

regulations thereunder applicable to a 

national securities exchange. In 

addition, the Commission finds 

pursuant to Rule 9b–1 under the Act 

that FLEX currency options are 

standardized options for purposes of the 

options disclosure framework 

established under Rule 9b–1 of the 

Act.29

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,30 that the 

proposed rule change (SR–Phlx–2007–

68), as amended, is approved. 

It is further ordered, pursuant to Rule 

9b–1(a)(4) under the Act,31 that FLEX 

currency options are designated as 

standardized options. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.32

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–2332 Filed 2–7–08; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

National Small Business Development 

Center Advisory Board; Public Meeting 

Pursuant to the Federal Advisory 

Committee Act, Appendix 2 of Title 5, 

United States Code, Public Law 92–463, 


pwalker on PROD1PC71 with NOTICES
Federal Register / Vol. 73, No. 27 / Friday, February 8, 2008 / Notices 7625 

notice is hereby given that the U.S. 

Small Business Administration (SBA), 

National Small Business Development 

Center Advisory Board will be hosting 

a public meeting via conference call to 

discuss such matters that may be 

presented by Board members, staff of 

the SBA and interested others. The 

conference call is scheduled for 

Tuesday, February 19, 2008, at 1 p.m. 

Eastern Standard Time. The purpose of 

this meeting is to discuss the upcoming 

ASBDC Spring Conference in March and 

other official SBDC business. 

Anyone wishing to make an oral 

presentation to the Board must contact 

Alanna Falcone, Program Analyst, U.S. 

Small Business Administration, Office 

of Small Business Development Centers, 

409 3rd Street, SW., Washington, DC 

20416, telephone (202) 619–1612 or fax 

(202) 481–0134. 

Cherylyn H. Lebon, 

Committee Management Officer. 

[FR Doc. E8–2290 Filed 2–7–08; 8:45 am] 

BILLING CODE 8025–01–P‘

DEPARTMENT OF STATE 

[Public Notice 6094] 

Evaluation of the Intergovernmental 

Panel on Climate Change 

ACTION: Request for public comment. 

SUMMARY: The U.S. State Department, in 

its role as coordinator for the U.S. 

Government’s role in the IPCC, requests 

public comment on the activities and 

process of the Intergovernmental Panel 

on Climate Change (IPCC) in order to 

facilitate the U.S. Government’s effort to 

assess and enhance the IPCC’s highlevel of scientific credibility and 

relevance for the evolving needs of 

decision-maker. 

The IPCC is a scientific 

intergovernmental body set up by the 

World Meteorological Organization 

(WMO) and the United Nations 

Environment Program (UNEP). The 

IPCC’s role is to assess on a 

comprehensive, objective, open, and 

transparent basis the latest scientific, 

technical, and socio-economic literature 

produced worldwide. Consistent with 

this role, the IPCC does not conduct 

research, nor does it monitor climate 

related data or parameters. 

In order to fulfill this role, the IPCC 

produces comprehensive assessment 

reports at regular intervals of the state 

of knowledge with respect to climate 

change science; impacts, vulnerability 

and adaptation; and mitigation. The 

most recent of these, the Fourth 

Assessment Report, was completed in 

November 2007. The First Assessment 

Report was completed in 1990, the 

Second Assessment Report in 1995, and 

the Third Assessment Report in 2001. 

These reports have been widely used as 

key references for the state of knowledge 

on climate change, including in 

international climate discussions under 

the United Nations Framework 

Convention on Climate Change 

(UNFCCC). The IPCC also issues 

periodic Special Reports on specific 

aspects of climate change. The most 

recent of these, on Carbon Dioxide 

Capture and Storage, was released in 

2005. The United States has played a 

leading role in the IPCC since its 

inception, through official contributions 

and key leadership positions in IPCC 

report development, as well as through 

the contributions of many U.S. scientist 

and experts to the reports themselves. 

All IPCC reports are developed in a 

manner that conforms to the IPCC 

Principles and Procedures, which were 

developed by participating governments 

of the IPCC. Consistent with these 

principles and procedures, IPCC reports 

should be neutral with respect to policy, 

although they need to deal objectively 

with policy relevant scientific, 

technical, and socio-economic factors. 

Efforts are currently underway within 

the IPCC to initiate a dialogue regarding 

the scope and nature of IPCC activities 

in the coming years. In order to inform 

these discussions, the State Department 

is requesting public comment regarding 

aspects of the IPCC products and the 

processes used to develop them. 

Comments of particular value might 

focus on: 

—The value of comprehensive 

assessments vs. special reports; 

—The structure, frequency and process 

for developing IPCC reports; 

—Substantive areas that need stronger 

coverage and, if so, why; 

—Relationship of the reports to the 

needs of decision-makers. 

The public is also welcome to submit 

comment on other aspects of the IPCC 

as it sees fit. Further information about 

the activities of the IPCC, as well as 

IPCC reports can be found at http:// 

www.ipcc.ch. 

DATES: Comments must be received on 

or before February 29, 2008. 

ADDRESSES: Send comments via e-mail 

to IPCC-future@climatescience.gov by 

the prescribed deadline. Append 

surname to title and to the attached 

word-processing file to facilitate 

processing and archival (e.g., ‘‘IPCC 

Future: Smith’’ and IPCC-Smith.doc), 

and include contact details (name, 

institution, physical address, phone, 

and e-mail). 

All public comments will be made 

available on the U.S. Climate Change 

Science Program (CCSP) Web site at 

http://www.climatescience.gov/Library/ 

ipcc/ipcc-future.htm as submitted, 

unless modified for technical reasons. 

Accordingly, comments will not be 

edited to remove any identifying or 

contact information. 

FOR FURTHER INFORMATION CONTACT: 

Trigg Talley, U.S. Department of State, 

Office of Global Change, at (202)647–

3984. 

SUPPLEMENTARY INFORMATION: IPCC 

assessments and special reports and 

other information about IPCC activities 

are available at http://www.ipcc.ch. 

Dated: February 5, 2008. 

Donna L. Lee, 

Foreign Affairs Officer, Department of State. 

[FR Doc. E8–2360 Filed 2–7–08; 8:45 am] 

BILLING CODE 4710–09–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

[Summary Notice No. PE–2008–02] 

Petition for Exemption; Summary of 

Petition Received 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of petition for exemption 

received. 

SUMMARY: This notice contains a 

summary of a petition seeking relief 

from specified requirements of 14 CFR. 

The purpose of this notice is to improve 

the public’s awareness of, and 

participation in, this aspect of FAA’s 

regulatory activities. Neither publication 

of this notice nor the inclusion or 

omission of information in the summary 

is intended to affect the legal status of 

the petition or its final disposition. 

DATES: Comments on this petition must 

identify the petition docket number 

involved and must be received on or 

before February 28, 2008. 

ADDRESSES: You may send comments 

identified by Docket Number FAA–

2008–0053 using any of the following 

methods: 

• Government-wide rulemaking Web 

site: Go to http://www.regulations.gov 

and follow the instructions for sending 

your comments electronically. 

• Mail: Send comments to the Docket 

Management Facility; U.S. Department 

of Transportation, 1200 New Jersey 

Avenue, SE., West Building Ground 

Floor, Room W12–140, Washington, DC 

20590. 

• Fax: Fax comments to the Docket 

Management Facility at 202–493–2251. 


pwalker on PROD1PC71 with NOTICES