59024 Federal Register / Vol. 73, No. 196 / Wednesday, October 8, 2008 / Notices 

22 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. 

4See Securities Exchange Act Release No. 52648 

(October 21, 2005), 70 FR 62155 (October 28, 2005) 

(SR–NYSE–2005–63). 

5See Securities Exchange Act Release No. 53539 

(March 22, 2006), 71 FR 16353 (March 31, 2006) 

(SR–NYSE–2004–05) (establishing the NYSE 

HYBRID MARKETSM). 

6See Securities Exchange Act Release Numbers 

54140 (July 13, 2006), 71 FR 41491 (July 21, 2006) 

(SR–NYSE–2006–48); 54985 (December 21, 2006), 

72 FR 171 (January 3, 2007) (SR–NYSE–2006–113); 

55992 (June 29, 2007), 72 FR 37289 (July 9, 2007) 

(SR–NYSE–2007–57); 56556 (September 27, 2007), 

72 FR 56421 (October 3, 2007) (SR–NYSE–2007– 

86); 57072 (December 31, 2007), 73 FR 1252 

(January 7, 2008) (SR–NYSE–2007–125); 57601 

(April 2, 2008), 73 FR 19123 (April 8, 2008) (SR– 

NYSE–2008–22); 58033 (June 26, 2008), 73 FR 

38265 (July 3, 2008) (SR–NYSE–2008–49). 

7See Securities Exchange Act Release No. 58184 

(July 17, 2008, 2006), 73 FR 42853 (July 23, 2008) 

(SR–NYSE–2008–46). 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in the 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– 

NYSE–2008–94 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–NYSE–2008–94. 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 such filing also will be 

available for inspection and copying at 

the principal office of NYSE. 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–NYSE–2008–94 and should 

be submitted on or before October 29, 

2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–23837 Filed 10–7–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58713; File No. SR–NYSE– 

2008–96] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by New York 

Stock Exchange LLC To Extend for 

Three Months the Moratorium Related 

to the Qualification and Registration of 

Registered Competitive Market Makers 

(‘‘RCMMs’’) Pursuant to NYSE Rule 

107A and Competitive Traders (‘‘CTs’’) 

Pursuant to NYSE Rule 110 

October 2, 2008. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on 

September 30, 2008, New York Stock 

Exchange LLC (‘‘NYSE’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

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 extend for 

three months the moratorium related to 

the qualification and registration of 

Registered Competitive Market Makers 

(‘‘RCMMs’’) pursuant to NYSE Rule 

107A and Competitive Traders (‘‘CTs’’) 

pursuant to NYSE Rule 110. The text of 

the proposed rule change is available at 

http://www.nyse.com, the NYSE, and 

the Commission’s Public Reference 

Room. 

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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to extend for 

three months the moratorium related to 

the qualification and registration of 

RCMMs pursuant to NYSE Rule 107A 

and CTs pursuant to NYSE Rule 110. 

On September 22, 2005, the Exchange 

filed SR–NYSE–2005–63 4 with the 

Securities and Exchange Commission 

(‘‘Commission’’) proposing to 

implement a moratorium on the 

qualification and registration of new 

RCMMS and CTs (‘‘Moratorium’’). The 

purpose of the Moratorium was to allow 

the Exchange an opportunity to review 

the viability of RCMMs and CTs in the 

NYSE HYBRID MARKETSM (‘‘Hybrid 

Market’’).5

During each phase of the Hybrid 

Market, new system functionality was 

included in the operation of Exchange 

systems and new data was generated. As 

a result, the Exchange was unable to 

make an informed decision as to the 

viability of RCMMs and CTs in the 

Hybrid Market. The phasing in 

implementation of the Hybrid Market 

required the Exchange to extend the 

Moratorium an additional seven times 

over the next twenty-seven (27) 

months.6

On June 12, 2008, the Exchange filed 

its proposal to create its new market 

model (‘‘New Model’’).7 Pursuant to its 

filing, the Exchange proposed to: (i) 


jlentini on PROD1PC65 with NOTICES
Federal Register / Vol. 73, No. 196 / Wednesday, October 8, 2008 / Notices 59025 

8See Securities Exchange Act Release No. 58033 

(June 26, 2008), 73 FR 38265 (July 3, 2008) (SR– 

NYSE–2008–49). 

9See Securities Exchange Act Release No. 53549 

(March 24, 2006), 71 FR 16388 (March 31, 2006) 

(SR–NYSE–2006–11) (making certain amendments 

to the Moratorium). 

10 15 U.S.C. 78a. 

11 15 U.S.C. 78f(b)(5). 

12 15 U.S.C. 78s(b)(3)(A). 

13 17 CFR 240.19b–4(f)(6). Pursuant to Rule 19b– 

4(f)(6)(iii) under the Act, the Exchange is required 

to give the Commission written notice of its intent 

to file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has requested that the Commission waive the 5-day 

pre-filing notice requirement. The Exchange has 

satisfied this requirement. 

14 17 CFR 240.19b–4(f)(6). 

15 17 CFR 240.19b–4(f)(6)(iii). 

16For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. 15 U.S.C. 78c(f). 

Provide market participants with 

additional abilities to post hidden 

liquidity on Exchange systems; (ii) 

create a Designated Market Maker 

(‘‘DMM’’), and phase out the NYSE 

specialist; and (iii) enhance the speed of 

execution through technological 

enhancements and a reduction in 

message traffic between Exchange 

systems and its DMMs. In light of this 

proposed New Model, the Exchange 

requested an extension of the 

Moratorium to evaluate the viability of 

the RCMMs and CTs in the proposed 

New Model.8

In light of these proposed changes, the 

Exchange seeks to continue its review of 

the data related to RCMMs and CTs 

current trading on the NYSE pending 

approval of the New Model. 

Accordingly, the Exchange requests 

additional time to decide what roles, if 

any, RCMMs and CTs should perform in 

the proposed New Model. The Exchange 

is proposing to extend the Moratorium 

as amended 9 for an additional three (3) 

months to December 31, 2008 in order 

to finalize its determination as to the 

roles of RCMMs and CTs and to 

formally submit a proposal to the 

Commission outlining the role, if any, 

these classes of traders have in the 

Exchange’s evolving market. 

The Exchange will issue an 

Information Memo announcing the 

extension of the Moratorium. 

2. Statutory Basis 

The basis under the Act 10 for this 

proposed rule change is the requirement 

under Section 6(b)(5) 11 that an 

exchange have rules that are designed to 

promote just and equitable principles of 

trade, 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. The 

Exchange is currently reviewing the 

data related to RCMMs and CTs to 

evaluate its trading volume in the 

current more electronic market. Since it 

is undergoing significant developments 

in its technology and its market model, 

the Exchange believes that an extension 

of time to finalize its determination of 

what, if any, roles the RCMMs and CTs 

will play in this evolving marketplace 

could potentially remove impediments 

to and better improve the mechanism of 

a free and open market. 

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 

Because the proposed rule change: (i) 

Does not significantly affect the 

protection of investors or the public 

interest; (ii) does not impose any 

significant burden on competition; and 

(iii) does not become operative for 30 

days after the date of the filing, or such 

shorter time as the Commission may 

designate if consistent with the 

protection of investors and the public 

interest, the proposed rule change has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 12 and Rule 19b– 

4(f)(6) thereunder.13

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 14 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 15

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The NYSE has requested 

that the Commission waive the 30-day 

operative delay. The Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest because it would allow the 

Moratorium to continue without 

interruption so that the Exchange may 

have additional time to make a final 

determination as to the future roles of 

RCMMs and CTs in the proposed New 

Model and to file with the Commission 

a proposed rule change outlining such 

roles. For these reasons, the 

Commission designates that the 

proposed rule change become operative 

immediately.16

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

the 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–NYSE–2008–96 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–NYSE–2008–96. 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, on official business days between 

the hours of 10 a.m. and 3 p.m. Copies 


jlentini on PROD1PC65 with NOTICES
59026 Federal Register / Vol. 73, No. 196 / Wednesday, October 8, 2008 / Notices 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Shares of the Up Trust and the Down Trust are 

referred to collectively as ‘‘Shares.’’ 

4See Securities Exchange Act Release No. 58469 

(September 5, 2008), 73 FR 53306 (‘‘Notice’’). 

5The Shares are ‘‘Trading Shares’’ as defined in 

NYSE Arca Equities Rule 8.400(b)(1)(B). 

6See e-mail from Michael Cavalier, Associate 

General Counsel, NYSE Euronext, to Christopher 

Chow, Senior Counsel, Commission, dated 

September 26, 2008. 

7The Shares are being offered by the Trusts under 

the Securities Act of 1933, as amended, 15 U.S.C. 

77a. On August 6, 2008, the depositor filed with the 

Commission Registration Statements on Form S–1 

(Amendment No. 1) for the Up MacroShares (File 

No. 333–151522) (‘‘Up Trust Registration 

Statement’’) and for the Down MacroShares (File 

No. 333–151523) (‘‘Down Trust Registration 

Statement,’’ and, together with the Up Trust 

Registration Statement, ‘‘Registration Statements’’). 

Descriptions herein relating to the operation of the 

Trusts and the S&P/Case-Shiller Home Price Indices 

are based on the Registration Statements. 

Additionally, unless otherwise stated herein, 

defined terms have same meaning set forth in the 

Registration Statements. 

8The S&P/Case-Shiller Composite-10 Home Price 

Index is a weighted average of the following 10 

S&P/Case-Shiller Metro Area Home Price Indices: 

The S&P/Case-Shiller Boston Home Price Index, the 

S&P/Case-Shiller Chicago Home Price Index, the 

S&P/Case-Shiller Denver Home Price Index, the 

S&P/Case-Shiller Las Vegas Home Price Index, the 

S&P/Case-Shiller Los Angeles Home Price Index, 

the S&P/Case-Shiller Miami Home Price Index, the 

S&P/Case-Shiller New York City Area Home Price 

Index, the S&P/Case-Shiller San Diego Home Price 

Index, the S&P/Case-Shiller San Francisco Home 

Price Index, and the S&P/Case-Shiller Washington, 

D.C. Home Price Index. 

9See supra note 4. 

10 15 U.S.C. 78f. 

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). 

13 15 U.S.C. 78k–1(a)(1)(C)(iii). 

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–NYSE– 

2008–96 and should be submitted on or 

before October 29, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–23843 Filed 10–7–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58704; File No. SR– 

NYSEArca–2008–92] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Granting Accelerated 

Approval of a Proposed Rule Change 

Relating to the Listing of MacroShares 

Major Metro Housing Trusts 

October 1, 2008. 

On August 25, 2008, NYSE Arca, Inc. 

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

its wholly owned subsidiary, NYSE 

Arca Equities, Inc. (‘‘NYSE Arca 

Equities’’), filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

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 

shares of the MacroShares Major Metro 

Housing Up Trust (‘‘Up Trust’’) and the 

MacroShares Major Metro Housing 

Down Trust (‘‘Down Trust’’) 

(collectively, the ‘‘Trusts’’).3 The 

proposed rule change was published in 

the Federal Register on September 15, 

2008 for a 15-day comment period.4 The 

Commission received no comments on 

the proposal. This order grants approval 

to the proposed rule change on an 

accelerated basis. 

I. Description of the Proposal 

The Exchange proposes to list and 

trade the Shares pursuant to NYSE Arca 

Equities Rule 8.400, which governs the 

listing of Paired Trust Shares.5 The 

Shares will satisfy the initial and 

continued listing criteria applicable to 

Paired Trust Shares, which are set forth 

in NYSE Arca Equities Rule 8.400(d).6

Description of the Trusts and the Shares 

The Up MacroShares and the Down 

MacroShares will be offered by the Up 

Trust and the Down Trust, respectively, 

established by MACRO Inflation 

Depositor, LLC, as depositor, under the 

laws of the State of New York. The 

Trusts are not registered with the 

Commission as investment companies.7

Distributions from the Trusts will be 

based on the value of the S&P/CaseShiller Composite-10 Home Price Index 

(‘‘Index’’), as well as on prevailing 

interest rates on U.S. Treasury 

obligations. The last published value of 

the S&P/Case-Shiller Composite-10 

Home Price Index is referred to as the 

‘‘Reference Value of the Index’’ or 

‘‘Reference Value’’ (as defined in the 

Notice). The S&P/Case-Shiller Home 

Price Indices measure the change in 

home prices in one or several 

geographic regions of the United States. 

They are calculated monthly and are 

publicly available for 20 major 

metropolitan areas.8

Additional information regarding the 

Shares may be found in the Notice,9

including but not limited to discussions 

of the Shares and Trusts, the Reference 

Value of the Index, the S&P/Case-Shiller 

Home Price Indices and the Index, the 

eligibility criteria, the MSA Index 

construction, the weighting of sales 

pairs, the Index governance, the 

Termination Triggers, the calculation of 

the Underlying Value, the availability of 

information, the initial and continued 

listing criteria, trading halts, trading 

rules, surveillance, and the Information 

Bulletin. 

II. Discussion and Commission’s 

Findings 

The Commission has carefully 

reviewed the proposed rule change and 

finds that it is consistent with the 

requirements of Section 6 of the Act 10

and the rules and regulations 

thereunder applicable to a national 

securities exchange.11 In particular, the 

Commission finds that the proposal is 

consistent with Section 6(b)(5) of the 

Act,12 which requires, among other 

things, that the Exchange’s rules be 

designed to promote just and equitable 

principles of trade, 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. The Commission notes 

that, for the Shares to be listed and 

traded on the Exchange, such Shares 

must be in compliance with the initial 

and continued listing requirements 

under NYSE Arca Equities Rule 8.400. 

The Commission finds that the 

proposal to list and trade the Shares on 

the Exchange is consistent with Section 

11A(a)(1)(C)(iii) of the Act,13 which sets 

forth Congress’ finding that it is in the 

public interest and appropriate for the 

protection of investors and the 

maintenance of fair and orderly markets 

to assure the availability to brokers, 

dealers, and investors of information 

with respect to quotations for and 

transactions in securities. Quotation and 

last-sale information for the Shares will 

be available via the CTA high-speed 

line. The Exchange further states that 

information regarding market price and 

volume of the Shares is and will be 

continually available on a real-time 

basis throughout the day via electronic 

services. The previous day’s closing 

price and trading volume information 

for the Shares will be published daily in 

the financial section of major 

newspapers and will be available from 

major market data vendors. 

The current Index level is available 

through major market data vendors (e.g., 


jlentini on PROD1PC65 with NOTICES