Federal Register / Vol. 73, No. 198 / Friday, October 10, 2008 / Notices 60385 

12 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, e.g., Securities Exchange Act Release No. 

57701 (April 23, 2008), 73 FR 23281 (April 29, 

2008) (SR–NYSEArca–2008–20). 

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

6 15 U.S.C. 78f(b)(5). 

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–NYSE–2008–98 and should 

be submitted on or before October 31, 

2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–24182 Filed 10–9–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58720; File No. SR– 

NYSEArca–2008–104] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change Relating to Continued 

Listing Criteria Applicable to Equity 

Linked Notes and ‘‘Other Securities’’ 

October 2, 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 30, 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 selfregulatory 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 

NYSE Arca, through its wholly owned 

subsidiary NYSE Arca Equities, Inc. 

(‘‘NYSE Arca Equities’’ or the 

‘‘Corporation’’), proposes to adopt NYSE 

Arca Equities Rules 5.5(i) and 5.5(j) to 

specify continued listing criteria 

applicable to securities listed on the 

Exchange pursuant to NYSE Arca 

Equities Rules 5.2(j)(1) (‘‘Other 

Securities’’) and 5.2(j)(2) (‘‘Equity 

Linked Notes’’), respectively. The text of 

the proposed rule change is available on 

the Exchange’s Web site at 

www.nyse.com, at the Exchange’s 

principal office and at 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 adopt 

NYSE Arca Equities Rules 5.5(i) and 

5.5(j) to specify continued listing 

criteria applicable to securities listed on 

the Exchange pursuant to NYSE Arca 

Equities Rules 5.2(j)(1) (‘‘Other 

Securities’’) and 5.2(j)(2) (‘‘Equity 

Linked Notes’’ or ‘‘ELNs’’), respectively. 

NYSE Arca Equities Rule 5.2(j)(1) 

provides that the Exchange will 

consider listing any security not 

otherwise covered by the requirements 

of NYSE Arca Equities Rule 5.2 subject 

to specified initial listing requirements, 

including minimum number of publicly 

held trading units and minimum 

principal amount/market value, the 

required minimum number of public 

beneficial holders, and required issuer’s 

total assets and net worth. NYSE Arca 

Equities Rule 5.2(j)(2) sets forth initial 

listing requirements applicable to ELNs, 

including numerical listing standards 

applicable to the ELN’s issuer, the issue 

itself, and the underlying security for 

the ELN. 

Securities listed under NYSE Arca 

Equities Rules 5.2(j)(1) and 5.2(j)(2) are 

subject to trading suspension or 

delisting pursuant to standards set forth 

in Rule 5.5(l) (‘‘Other Reasons for 

Suspending or Delisting’’). Proposed 

NYSE Arca Equities Rule 5.5(i) and 

5.5(j) would provide that the 

Corporation will commence delisting or 

removal proceedings (unless the 

Commission has approved the 

continued trading of an issue of 

securities listed pursuant to Rule 

5.2(j)(1) or Rule 5.2(j)(2), respectively), if 

the aggregate market value or the 

principal amount of the securities 

publicly held is less than $400,000, or 

if such other event shall occur or 

condition exists which in the opinion of 

the Corporation makes further dealings 

on the Corporation inadvisable. 

The proposed minimum standard of 

$400,000 is the same as the minimum 

maintenance criterion for principal 

amount of securities publicly held 

previously approved by the Commission 

for securities listed on the Exchange 

under Rule 5.2(j)(6) (Equity IndexLinked Securities, Commodity-Linked 

Securities, Currency-Linked Securities, 

Fixed Income Index-Linked Securities, 

Futures-Linked Securities and 

Multifactor Index-Linked Securities).4

The Exchange believes that the 

proposed criteria provide an adequate 

minimum threshold for the dollar 

principal amount of derivatively-priced 

securities such as those listed under 

Rules 5.2(j)(1) and 5.2(j)(2) to permit 

sufficient market liquidity, and provides 

flexibility to the Exchange to commence 

delisting proceedings based on other 

events or conditions that may occur. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) 5 of the 

Securities Exchange Act of 1934 

(‘‘Act’’), in general, and furthers the 

objectives of Section 6(b)(5) 6 of the Act, 

in particular in that it is designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities, and to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system. The 

mstockstill on PROD1PC66 with NOTICES

60386 Federal Register / Vol. 73, No. 198 / Friday, October 10, 2008 / Notices 

7 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

Exchange believes that the proposed 

rule change will provide more specific 

continued listing criteria for securities 

listed under NYSE Arca Equities Rules 

5.2(j)(1) and 5.2(j)(2), and provides an 

adequate minimum threshold for the 

dollar principal amount of derivativelypriced securities such as those listed 

under Rules 5.2(j)(1) and 5.2(j)(2) to 

permit sufficient market liquidity. 

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 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve the proposed 

rule change; or 

(B) Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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–2008–104 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–2008–104. 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–2008–104 and 

should be submitted on or before 

October 31, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–24117 Filed 10–9–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58717; File No. SR– 

NYSEArca–2008–106] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Amending Rule 6.87— 

Obvious Errors and Catastrophic 

Errors 

October 2, 2008. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on October 

2, 2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ 

or ‘‘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. 

NYSE Arca filed the proposed rule 

change as a ‘‘non-controversial’’ 

proposal pursuant to Section 19(b)(3)(A) 

of the Act 3 and Rule 19b–4(f)(6) 

thereunder,4 which renders the proposal 

effective upon filing with the 

Commission. 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 

Rule 6.87—Obvious Errors and 

Catastrophic Errors. The text of the 

proposed rule change is available at the 

principal office of the Exchange, the 

Commission’s Public Reference Room, 

and at www.nyse.com. 

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 purpose of this filing is to amend 

Exchange rules governing obvious and 

catastrophic errors, by adding 

provisions which will allow for the 

nullification of trades that are a result of 

either an erroneous quote, or print, in 

the underlying security. Specifically, 

NYSE Arca is proposing new Rule 

6.87(a)(4) Erroneous Print in the 

Underlying, and new Rule 6.87(a)(5) 

Erroneous Quote in the Underlying. 

Market participants on NYSE Arca 

base the value of their quotes and orders 

off of the price of underlying security. 

These two proposed provisions cover 

mstockstill on PROD1PC66 with NOTICES