Federal Register / Vol. 75, No. 205 / Monday, October 25, 2010 / Notices 65539 

7 15 U.S.C. 78q–1. 

8Above note 2. 

9Above note 3. 

10 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. 

systems. Like other settlements effected 

pursuant to Rule 504, these settlements 

will not be guaranteed by OCC. If a 

settlement draft for these amounts 

against a clearing member’s bank 

account is not honored, OCC will have 

no obligation to effect any payment of 

commissions or fees to the executing 

clearing member. Likewise, OCC will 

have no obligation to effect these 

settlements if OCC has suspended an 

executing or carrying clearing member. 

Finally, OCC proposes to insert 

another new provision into Rule 504. 

First, the new provision will reflect 

OCC’s current practice of not processing 

non-guaranteed settlements until 

settlements pursuant to Rule 502 (for 

premium, mark-to-market, and cash 

exercise and assignment settlement 

amounts) and 605 (margin deficits) have 

been completed. Second, it will also 

permit OCC to defer processing of nonguaranteed settlements on a business 

day. Affected clearing members will be 

notified of OCC’s decision and of the 

business day non-guaranteed 

settlements will be resumed. This 

authority will provide OCC with 

flexibility to defer processing nonguaranteed settlements on a given 

business day in the event a significant 

processing delay makes such action 

advisable or appropriate. 

OCC states that the proposed rule 

change is consistent with Section 17A of 

the Act 7 because it would provide a 

centralized service to facilitate 

collection of fees and commissions 

relating to transfers between clearing 

members that are parties to a CMTA 

arrangement thereby increasing the 

efficiency of the fee and commission 

collection process and reducing costs 

associated therewith. Furthermore, OCC 

states that the proposed rule change is 

not inconsistent with the existing rules 

of OCC including any other rules 

proposed to be amended. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

OCC does not believe that the 

proposed rule change would impose any 

burden on competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

OCC has not solicited or received 

written comments relating to the 

proposed rule change. OCC will notify 

the Commission of any written 

comments it receives. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 8 and Rule 

19b–4(f)(4) 9 because it effects a change 

in an existing service of a registered 

clearing agency that does not adversely 

affect the safeguarding of securities or 

funds in the custody or control of the 

clearing agency or for which it is 

responsible and does not significantly 

affect the respective rights or obligations 

of the clearing agency or persons using 

the service. 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 

No. SR–OCC–2010–17 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC, 20549–1090. 

All submissions should refer to File No. 

SR–OCC–2010–17. 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 such filing 

also will be available for inspection and 

copying at OCC’s principal office and on 

OCC’s Web site at (http:// 

www.theocc.com/about/publications/

bylaws.jsp). 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 No. SR–OCC–2010– 

17 and should be submitted on or before 

November 15, 2010. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–26802 Filed 10–22–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63129; File No. SR– 

NYSEArca–2010–91] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to Amendment 

to NYSE Arca Equities Rule 8.500 To 

Accommodate Trading of Trust Units 

October 19, 2010. 

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 October 

12, 2010, NYSE Arca, Inc. (the 

‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with 

the Securities and Exchange 

Commission (the ‘‘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. 


emcdonald on DSK2BSOYB1PROD with NOTICES
65540 Federal Register / Vol. 75, No. 205 / Monday, October 25, 2010 / Notices 

4See Securities Exchange Act Release No. 57059 

(December 28, 2007), 73 FR 909 (January 4, 2008) 

(SR–NYSEArca–2006–76) (notice of filing and order 

granting accelerated approval of proposed rule 

change relating to trading shares of the Nuveen 

Commodities Income and Growth Fund pursuant to 

UTP). 

5See Securities Exchange Act Release No. 56880 

(December 3, 2007), 72 FR 69259 (December 7, 

2007) (SR–Amex–2006–96) (order approving 

proposed rule change relating to listing and trading 

of Trust Units of the Nuveen Commodities Income 

and Growth Fund). The investment plan of the 

Fund was described in detail in the Amex’s Form 

19b–4 and in the notice published for SR–Amex– 

2006–96. See Securities Exchange Act Release No. 

56465 (September 19, 2007), 72 FR 54489 

(September 25, 2007) (‘‘Initial Amex Notice’’). 

6See Securities Exchange Act Release No. 61571 

(February 23, 2010) 75 FR 9265 (March 1, 2010) 

(SR–NYSE–Amex–2010–09) (notice of filing of 

proposed rule change amending NYSE Amex Trust 

Unit Rules and proposing the listing of the Nuveen 

Diversified Commodity Fund) (‘‘NYSE Amex 

Notice’’). 

7The Commission approved the proposed rule 

change in Securities Exchange Act Release No. 

61807 (March 31, 2010), 75 FR 17818 (April 7, 

2010) (SR–NYSE–Amex–2010–09) (order approving 

proposed rule change amending NYSE Amex Trust 

Unit rules and proposing the listing of the Nuveen 

Diversified Commodity Fund) (‘‘NYSE Amex 

Approval Order’’). 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(5). 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

NYSE Arca Equities Rule 8.500 (‘‘Trust 

Units’’) to provide that the issuers of 

Trust Units listed or traded pursuant to 

unlisted trading privileges (‘‘UTP’’) may 

invest directly in investments 

comprising or otherwise based on any 

combination of futures contracts, 

options on futures contracts, forward 

contracts, swap contracts, commodities 

and/or securities rather than solely in 

the assets of a trust, partnership, limited 

liability company, corporation or other 

similar entity constituted as a 

commodity pool that holds such 

investments. The text of the proposed 

rule change is available at the Exchange, 

the Commission’s Public Reference 

Room, and at the Exchange’s Web site 

at http://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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

NYSE Arca Equities Rule 8.500 

permits listing or trading pursuant to 

UTP of Trust Units, which are defined 

as securities that are issued by a trust or 

other similar entity that invests in the 

assets of a trust, partnership, limited 

liability company, corporation or other 

similar entity constituted as a 

commodity pool that holds investments 

comprising or otherwise based on any 

combination of futures contracts, 

options on futures contracts, forward 

contracts, swap contracts, commodities 

and/or securities.4 NYSE Arca Equities 

Rule 8.500 was adopted in 

contemplation of the trading pursuant to 

UTP of shares of the Nuveen 

Commodities Income and Growth Fund 

(‘‘Fund’’), sponsored by Nuveen 

Investments, Inc. (‘‘Nuveen’’). The 

Exchange proposes to amend NYSE 

Arca Equities Rule 8.500(b)(2) to 

provide that the issuers of Trust Units 

listed or traded pursuant to UTP may 

invest directly in investments 

comprising or otherwise based on any 

combination of futures contracts, 

options on futures contracts, forward 

contracts, swap contracts, commodities 

and/or securities rather than solely in 

the assets of a trust, partnership, limited 

liability company, corporation or other 

similar entity constituted as a 

commodity pool that holds such 

investments. 

The American Stock Exchange LLC 

(‘‘Amex’’) (now known as NYSE Amex 

LLC (‘‘NYSE Amex’’)) initially had 

proposed to list the Fund and adopted 

Amex Rules 1600 et seq. in 

contemplation of such listing.5 The 

Fund did not commence listing on 

Amex in the form described in the 

Initial Amex Notice. Nuveen 

subsequently proposed to go forward 

with a listing of shares (the ‘‘Shares’’) of 

the Fund on NYSE Amex under a new 

name, the Nuveen Diversified 

Commodity Fund. The Fund proposed 

to utilize a modified investment plan, 

which was described in detail in the 

NYSE Amex proposed rule change filed 

in connection with listing the Fund.6 As 

described in the NYSE Amex Notice, the 

Fund determined not to utilize the 

master/feeder structure described in the 

Initial Amex Notice due to a change in 

the interpretation of applicable tax law 

by the Internal Revenue Service. 

Instead, the Fund would make its own 

direct investments. Consequently, NYSE 

Amex proposed to amend the definition 

of Trust Units in NYSE Amex Rule 1600 

to remove the master/feeder structure 

requirement and permit the listing of 

Trust Units where the issuer is 

constituted as a commodity pool which 

invests directly in commodities and 

commodity derivatives. The 

Commission approved listing of the 

Fund on NYSE Amex, and trading of the 

Fund on NYSE Amex commenced on 

September 28. 2010.7

In order to accommodate trading of 

Shares of the Fund on the Exchange 

pursuant to UTP, the Exchange proposes 

to amend NYSE Arca Equities Rule 

8.500(b)(2) to define the term ‘‘Trust 

Units’’ as a security that is issued by a 

trust or similar entity constituted as a 

commodity pool that holds investments 

comprising or otherwise based on any 

combination of futures contracts, 

options on futures contracts, forward 

contracts, swap contracts, commodities 

and/or securities. The proposed rule 

change is substantially identical to that 

approved for NYSE Amex in the NYSE 

Amex Approval Order, except that 

proposed NYSE Arca Equities Rule 

8.500(b)(2) continues to include the 

words ‘‘and/or securities’’, which are not 

included in NYSE Amex Rule 1600. The 

Exchange represents that all 

representations regarding the Fund 

listed and traded on NYSE Amex, as 

described in the NYSE Amex Notice and 

NYSE Amex Approval Order, continue 

to apply. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) 8 of the Act, 

in general, and furthers the objectives of 

Section 6(b)(5),9 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 mechanisms of a free and 

open market and a national market 

system. The Exchange believes that the 

proposed rule change will facilitate the 

trading pursuant to UTP of an 

additional type of exchange-traded 

product that will enhance competition 

among market participants, to the 

benefit of investors and the marketplace. 

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 


emcdonald on DSK2BSOYB1PROD with NOTICES
Federal Register / Vol. 75, No. 205 / Monday, October 25, 2010 / Notices 65541 

10 15 U.S.C. 78s(b)(3)(A)(iii). 

11 17 CFR 240.19b–4(f)(6). 

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

13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s 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 this requirement. 

14For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

15See Securities Exchange Act Release No. 61807 

(March 31, 2010), 75 FR 17818 (April 7, 2010) (SR– 

NYSE–Amex–2010–09). 

16The Commission notes that this proposed rule 

change only permits trading of products under the 

proposed modifications to Exchange Rule 8.500 on 

and after the effective date of this filing and does 

not relate to any trading under such proposed rules 

prior to such date. 

17The text of the proposed rule change is 

available on the Commission’s Web site at 

www.sec.gov. 

18 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. 62799 

(August 25, 2010), 75 FR 54662 (‘‘Notice’’). 

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 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 10 and Rule 

19b–4(f)(6) thereunder.11 Because the 

proposed rule change does not: (i) 

Significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

prior to 30 days from the date on which 

it was filed, 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)(iii) 

thereunder.13

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative for 30 days after the 

date of filing. However, Rule 19b– 

4(f)(6)(iii) permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange requests that the Commission 

waive the 30-day operative delay so that 

the Exchange can trade, on a UTP basis, 

shares of the Fund immediately. The 

Exchange believes that the immediate 

trading of shares of the Fund will 

promote competition among exchange 

markets trading such shares. The 

Commission believes that waiving the 

30-day operative delay to permit the 

Exchange to trade, on a UTP basis, 

shares of the Fund without delay is 

consistent with the protection of 

investors and the public interest.14 The 

Commission notes that the proposed 

amendments to NYSE Arca Equities 

Rule 8.500 are similar to amendments to 

NYSE Amex Rule 1600, previously 

approved by the Commission 15 and 

therefore do not raise any new 

regulatory issues. For these reasons, the 

Commission designates the proposed 

rule change as operative upon filing.16

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 

No. SR–NYSEArca–2010–91 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 No. 

SR–NYSEArca–2010–91. 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 such filing 

also will be available for inspection and 

copying at the principal office of NYSE 

Arca.17 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 No. 

SR–NYSEArca–2010–91 and should be 

submitted on or before November 15, 

2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–26806 Filed 10–22–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63132; File No. SR–Phlx– 

2010–118] 

Self-Regulatory Organizations; Order 

Approving Proposed Rule Change by 

NASDAQ OMX PHLX, Inc. To Expand 

the $.50 Strike Price Program 

October 19, 2010. 

On August 25, 2010, NASDAQ OMX 

PHLX, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (the ‘‘Act’’) 2 and 

Rule 19b–4 thereunder,3 a proposed rule 

change to expand the Exchange’s $.50 

Strike Price Program (‘‘$0.50 Strike 

Program’’ or ‘‘Program’’). The proposed 

rule change was published for comment 

in the Federal Register on September 8, 

2010.4 There were no comments on the 

proposed rule change. This order 

approves the proposed rule change. 

The Exchange proposes to amend 

Commentary .05 to Exchange Rule 1012, 

Series of Options Open for Trading, 


emcdonald on DSK2BSOYB1PROD with NOTICES