56156 Federal Register / Vol. 75, No. 178 / Wednesday, September 15, 2010 / Notices 

12Rule 19b–4(f)(6)(iii) requires the self-regulatory 

organization to submit to 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 satisfied the fiveday pre-filing requirement. 13 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. 62620 

(July 30, 2010), 75 FR 47655 (‘‘Notice’’). 

4See the registration statement for the Trust on 

Form S–1, filed with the Commission on May 27, 

2010 (No. 333–167166) (‘‘Registration Statement’’). 

increase in liquidity will benefit 

investors and serve the public interest. 

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 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 

The Exchange has neither solicited 

nor received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

This proposed rule change does not 

significantly affect the protection of 

investors or the public interest, does not 

impose any significant burden on 

competition, and, by its terms, 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.12

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend 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–BX–2010–062 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–BX–2010–062. 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 Web site viewing and 

printing 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–BX– 

2010–062 and should be submitted on 

or before October 6, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–22946 Filed 9–14–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62875; File No. SR– 

NYSEArca–2010–71] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Granting Approval of 

Proposed Rule Change To List and 

Trade Shares of the ETFS White Metals 

Basket Trust 

September 9, 2010. 

I. Introduction 

On July 22, 2010, NYSE Arca, Inc. 

(‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 (‘‘Shares’’) 

of the ETFS White Metals Basket Trust 

(‘‘Trust’’) pursuant to NYSE Arca 

Equities Rule 8.201. The proposed rule 

change was published for comment in 

the Federal Register on August 6, 2010.3

The Commission received no comments 

on the proposal. This order approves the 

proposed rule change. 

II. Description of the Proposal 

The Exchange proposes to list and 

trade Shares pursuant to NYSE Arca 

Equities Rule 8.201, which governs the 

listing and trading of Commodity-Based 

Trust Shares. ETFS Services USA LLC is 

the sponsor of the Trust (‘‘Sponsor’’), 

The Bank of New York Mellon is the 

trustee of the Trust (‘‘Trustee’’), and 

JPMorgan Chase Bank, N.A. is the 

custodian of the Trust (‘‘Custodian’’). 

The Shares represent units of 

fractional undivided beneficial interest 

in and ownership of the Trust. The 

investment objective of the Trust is for 

the Shares to reflect the performance of 

the price of physical silver, platinum, 

and palladium in the proportions held 

by the Trust, less the expenses of the 

Trust’s operations.4

The Exchange deems the Shares to be 

equity securities, which subjects trading 

in the Shares to the Exchange’s existing 

rules governing the trading of equity 

securities, and has represented that 

trading in the Shares on the Exchange 

will occur in accordance with NYSE 

Arca Equities Rule 7.34(a). The 

Exchange has also represented that it 

has appropriate rules to facilitate 


srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 75, No. 178 / Wednesday, September 15, 2010 / Notices 56157 

5See supra notes 3 and 4. 

6 In approving this proposed rule change, the 

Commission notes that it has considered the 

proposed rule’s impact on efficiency, competition, 

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

7 15 U.S.C. 78f(b)(5). 

8 15 U.S.C. 78k–1(a)(1)(C)(iii). 

9The IIV is calculated by multiplying the 

indicative spot price of Bullion by the quantity of 

Bullion backing each Share as of the last calculation 

date. 

10The bid-ask price of the Trust is determined 

using the highest bid and lowest offer on the 

Consolidated Tape as of the time of calculation of 

the closing day NAV. 

11See e-mail from Timothy J. Malinowski, Senior 

Director, NYSE Euronext, to Christopher W. Chow, 

Special Counsel, and Daniel T. Gien, Staff Attorney, 

Commission, dated August 31, 2010. 

12See NYSE Arca Equities Rules 8.201(e)(2)(iv), 

(v). 

13See NYSE Arca Equities Rule 7.12. 

transactions in the Shares during all 

trading sessions. 

Additional information regarding the 

Trust, the Shares, the Trust’s investment 

objectives, strategies, policies, and 

restrictions, fees and expenses, creation 

and redemption of Shares, the Bullion 

markets, availability of information, 

trading rules and halts, and surveillance 

procedures, among other things, can be 

found in the Notice and in the 

Registration Statement.5

III. Discussion and Commission’s 

Findings 

After careful consideration, the 

Commission finds that the proposed 

rule change to list and trade the Shares 

of the Fund is consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 

a national securities exchange.6 In 

particular, the Commission finds that 

the proposed rule change is consistent 

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

of the Act,7 which requires, among other 

things, that the Exchange’s rules be 

designed to prevent fraudulent and 

manipulative acts and practices, 

promote just and equitable principles of 

trade, foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, 

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 also 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,8 which sets 

forth Congress’s 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 disseminated through the 

facilities of the Consolidated Tape 

Association. In addition, the Trust’s 

website will provide an intraday 

indicative value (‘‘IIV’’) per Share,9

updated at least every 15 seconds, as 

calculated by the Exchange or a third 

party financial data provider, during the 

Exchange’s Core Trading Session (9:30 

a.m. to 4 p.m. E.T.). The Trust’s website 

also will provide the following 

information: (1) The net asset value 

(‘‘NAV’’) of the Trust, on a per Share 

basis, as calculated each business day 

by the Sponsor and the mid-point of the 

bid-ask price 10 at the close of trading in 

relation to such NAV (‘‘Bid/Ask Price’’), 

and a calculation of the premium or 

discount of such price against such 

NAV; (2) data in chart format displaying 

the frequency distribution of discounts 

and premiums of the Bid/Ask Price 

against the NAV, within appropriate 

ranges, for each of the four previous 

calendar quarters; (3) the Creation 

Basket Deposit; (4) the Trust’s 

prospectus, and the two most recent 

reports to stockholders; and (5) the last 

sale price of the Shares as traded in the 

US market. Further, the Exchange will 

make available over the Consolidated 

Tape trading volume, closing prices and 

NAV for the Shares from the previous 

day. There is a considerable amount of 

Bullion market information available on 

public websites and through 

professional and subscription services. 

For example, investors may obtain on a 

24-hour basis Bullion pricing 

information based on the spot price for 

an ounce of Bullion from various 

financial information service providers, 

such as Reuters and Bloomberg. Reuters 

and Bloomberg provide at no charge on 

their websites delayed information 

regarding the spot price of Bullion and 

last sale prices of Bullion futures, as 

well as information about news and 

developments in the Bullion market. 

Reuters and Bloomberg also offer a 

professional service to subscribers for a 

fee that provides information on Bullion 

prices directly from market participants. 

Meanwhile, other public websites 

provide information on Bullion, ranging 

from those specializing in precious 

metals to sites maintained by major 

newspapers, such as The Wall Street 

Journal. In addition, the London AM Fix 

and London PM Fix are publicly 

available at no charge at http:// 

www.thebulliondesk.com. 

The Commission further believes that 

the proposal to list and trade the Shares 

is reasonably designed to promote fair 

disclosure of information that may be 

necessary to price the Shares 

appropriately and to prevent trading 

when a reasonable degree of 

transparency cannot be assured. The 

Exchange states that it will obtain a 

representation from the Trust that the 

NAV will be calculated daily and made 

available to all market participants at 

the same time.11 Following the initial 

12-month period following 

commencement of trading, the Exchange 

will consider the suspension of trading 

in Shares or removing Shares from 

listing if, among other things: (1) The 

value of the Bullion is no longer 

calculated or available on at least a 15- 

second delayed basis from a source 

unaffiliated with the sponsor, Trust, 

custodian or the Exchange; (2) the 

Exchange stops providing a hyperlink 

on its website to any such unaffiliated 

commodity value; or (3) the IIV is no 

longer made available on at least a 15- 

second delayed basis.12 Under NYSE 

Arca Equities Rule 7.34(a)(5), if the 

Exchange becomes aware that the NAV 

is not being disseminated to all market 

participants at the same time, it must 

halt trading on the NYSE Marketplace 

until such time as the NAV is available 

to all market participants. With respect 

to trading halts, the Exchange may 

consider all relevant factors in 

exercising its discretion to halt or 

suspend trading in the Shares. These 

may include: (1) The extent to which 

conditions in the underlying Bullion 

markets have caused disruptions and/or 

lack of trading; or (2) whether other 

unusual conditions or circumstances 

detrimental to the maintenance of a fair 

and orderly market are present. In 

addition, trading in Shares will be 

subject to trading halts caused by 

extraordinary market volatility pursuant 

to the Exchange’s ‘‘circuit breaker’’ 

rule.13

Further, NYSE Arca Equities Rule 

8.201 sets forth certain restrictions on 

ETP Holders acting as registered Market 

Makers in the Shares to facilitate 

surveillance. Pursuant to NYSE Arca 

Equities Rule 8.201(g), an ETP Holder 

acting as a registered Market Maker in 

the Shares is required to provide the 

Exchange with information relating to 

its trading in the applicable underlying 

Bullion, related futures or options on 

futures, or any other related derivatives. 

Commentary .04 of NYSE Arca Equities 

Rule 6.3 requires an ETP Holder acting 

as a registered Market Maker in 

Commodity-Based Trust Shares to 

establish, maintain and enforce written 

policies and procedures reasonably 

designed to prevent the misuse of any 

material nonpublic information with 


srobinson on DSKHWCL6B1PROD with NOTICES
56158 Federal Register / Vol. 75, No. 178 / Wednesday, September 15, 2010 / Notices 

14Pursuant to NYSE Arca Equities Rule 8.201(g), 

the Exchange is able to obtain information regarding 

trading in the Bullion, Bullion futures contracts, 

options on Bullion futures, or any other Bullion 

derivative, by ETP Holders acting as registered 

Market Makers. 

15The Exchange notes that the New York 

Mercantile Exchange, of which the COMEX is a 

division, is an ISG member; however, the Tokyo 

Commodity Exchange, Inc. (‘‘TOCOM’’) is not an 

ISG member and the Exchange does not have in 

place a comprehensive surveillance sharing 

agreement with such market. 

16 15 U.S.C. 78s(b)(2). 

17 17 CFR 200.30–3(a)(12). 

respect to such products, any 

components of the related products, any 

physical asset or commodity underlying 

the product, applicable currencies, 

underlying indexes, related futures or 

options on futures, and any related 

derivative instruments. 

In support of this proposal, the 

Exchange has made representations, 

including the following: 

(1) The Shares will be subject to the 

initial and continued listing criteria 

under NYSE Arca Equities Rule 8.201. 

(2) The Exchange’s surveillance 

procedures are adequate to properly 

monitor Exchange trading of the Shares 

in all trading sessions and to deter and 

detect violations of Exchange rules and 

applicable federal securities laws.14 In 

addition, the Exchange may obtain 

trading information via the Intermarket 

Surveillance Group (‘‘ISG’’) from other 

exchanges who are members of the 

ISG.15

(3) Prior to the commencement of 

trading, the Exchange will inform its 

ETP Holders in an Information Bulletin 

of the special characteristics and risks 

associated with trading the Shares. 

Specifically, the Information Bulletin 

will discuss the following: (1) The 

procedures for purchases and 

redemptions of Shares in Baskets 

(including noting that Shares are not 

individually redeemable); (2) NYSE 

Arca Equities Rule 9.2(a), which 

imposes a duty of due diligence on its 

ETP Holders to learn the essential facts 

relating to every customer prior to 

trading the Shares; (3) how information 

regarding the IIV is disseminated; (4) the 

requirement that ETP Holders deliver a 

prospectus to investors purchasing 

newly issued Shares prior to or 

concurrently with the confirmation of a 

transaction; (5) the possibility that 

trading spreads and the resulting 

premium or discount on the Shares may 

widen as a result of reduced liquidity of 

Bullion trading during the Core and Late 

Trading Sessions after the close of the 

major world Bullion markets; and (6) 

trading information. 

This approval order is based on the 

Exchange’s representations. 

For the foregoing reasons, the 

Commission finds that the proposed 

rule change is consistent with the Act 

and the rules and regulations 

thereunder applicable to a national 

securities exchange. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,16 that the 

proposed rule change (SR–NYSEArca– 

2010–71) be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–22948 Filed 9–14–10; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF STATE 

[Public Notice 7107] 

Industry Advisory Panel: Notice of 

Open Meeting 

The Industry Advisory Panel of the 

Bureau of Overseas Buildings 

Operations will meet on Thursday, 

October 14, 2010 from 9:30 a.m. until 

3:30 p.m. Eastern Daylight Time. The 

meeting is open to the public and will 

be held in the Loy Henderson 

Conference Room of the U.S. 

Department of State, located at 2201 C 

Street, NW., (entrance on 23rd Street) 

Washington, DC. For logistical and 

security reasons, it is imperative that 

everyone enter and exit using only the 

23rd Street entrance. 

The majority of the meeting will be 

devoted to an exchange of ideas 

between the Department’s senior 

management and the panel members on 

design, operations, and building 

maintenance. There will be reasonable 

time provided for members of the public 

to provide comment. 

Entry to the building is controlled; to 

obtain pre-clearance, members of the 

public planning to attend should 

provide, by October 1, their name, 

professional affiliation, date of birth, 

citizenship, and a valid governmentissued ID number (i.e., U.S. government 

ID, U.S. military ID, passport, or drivers 

license) via e-mail to: IAPR@state.gov. 

Requests for reasonable accommodation 

should be sent to the same e-mail 

address by October 1. Requests made 

after that date will be considered, but 

may not be able to be fulfilled. 

Personal data is requested pursuant to 

Public Law 99–399 (Omnibus 

Diplomatic Security and Antiterrorism 

Act of 1986), as amended; Public Law 

107–56 (USA PATRIOT Act); and 

Executive Order 13356. The purpose of 

the collection is to validate the identity 

of individuals who enter Department 

facilities. The data will be entered into 

the Visitor Access Control System 

(VACS–D) database. Please see the 

Privacy Impact Assessment for VACS–D 

at http://www.state.gov/documents/ 

organization/100305.pdf for additional 

information. 

Please contact Christy Foushee at 

FousheeCT@state.gov or (703) 875–5751 

with any questions. 

Dated: August 31, 2010. 

Adam E. Namm, 

Director, Acting, U.S. Department of State, 

Bureau of Overseas Buildings Operations. 

[FR Doc. 2010–22989 Filed 9–14–10; 8:45 am] 

BILLING CODE 4710–24–P 

DEPARTMENT OF TRANSPORTATION 

Federal Highway Administration 

[Docket No. FHWA–2010–0105] 

Agency Information Collection 

Activities: Notice of Request for 

Extension of Currently Approved 

Information Collection 

AGENCY: Federal Highway 

Administration (FHWA), DOT. 

ACTION: Notice of request for extension 

of currently approved information 

collection. 

SUMMARY: The FHWA invites public 

comments about our intention to request 

the Office of Management and Budget’s 

(OMB’s) approval for renewal of an 

existing information collection that is 

summarized below under 

SUPPLEMENTARY INFORMATION. We are 

required to publish this notice in the 

Federal Register by the Paperwork 

Reduction Act of 1995. 

DATES: Please submit comments by 

November 15, 2010. 

ADDRESSES: You may submit comments 

identified by DOT Docket ID Number 

2010–0105 by any of the following 

methods: 

Web Site: For access to the docket to 

read background documents or 

comments received go to the Federal 

eRulemaking Portal: Go to http:// 

www.regulations.gov. Follow the online 

instructions for submitting comments. 

Fax: 1–202–493–2251. 

Mail: Docket Management Facility, 

U.S. Department of Transportation, 

West Building Ground Floor, Room 

W12–140, 1200 New Jersey Avenue, SE., 

Washington, DC 20590. 

Hand Delivery or Courier: U.S. 

Department of Transportation, West 


srobinson on DSKHWCL6B1PROD with NOTICES