72036 Federal Register / Vol. 79, No. 233 / Thursday, December 4, 2014 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The LME is regulated by the Financial Conduct 

Authority (FCA), an independent non-governmental 

body which exercises statutory regulatory power 

under the Financial Services and Markets Act of 

2000 of the United Kingdom and which also 

regulates the major participating members of the 

London Bullion Market Association and the London 

Platinum and Palladium Market (the ‘‘LPPM’’). 

5 In a press release dated October 16, 2014, LME 

stated that LME’s electronic solution relating to the 

fix for platinum and palladium, LMEbullion, will 

provide a pricing methodology that fully meets the 

administrative and regulatory needs of market 

participants including the International 

Organization of Securities Commissions (‘‘IOSCO’’) 

Principles for Financial Benchmarks. 

6See Securities Exchange Act Release Nos. 60970 

(November 9, 2009), 74 FR 59319 (November 17, 

2009) (SR–NYSEArca–2009–95) (notice of filing of 

proposed rule change to list and trade shares of the 

ETFS Platinum Trust) (‘‘ETFS Platinum Notice’’); 

61220 (December 22, 2009), 74 FR 68886 (December 

29, 2009) (SR–NYSEArca–2009–95) (order 

approving proposed rule change to list and trade 

shares of the ETFS Platinum Trust). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73701; File No. SR– 

NYSEArca–2014–135] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change to Reflect a Change to 

the Process for Determining the 

Benchmark Values Used by the ETFS 

Platinum Trust, ETFS Palladium Trust, 

ETFS Precious Metals Trust and ETFS 

White Metals Basket Trust 

November 28, 2014. 

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 

November 25, 2014, 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to change rule 

[sic] to reflect a change to the process 

for determining the benchmark values 

used by the ETFS Platinum Trust, the 

ETFS Palladium Trust, the ETFS 

Precious Metals Trust and the ETFS 

White Metals Basket Trust, each of 

which is currently listed on the 

Exchange under NYSE Arca Equities 

Rule 8.201, with respect to calculation 

of the net asset value of shares of each 

such trust. The text of the proposed rule 

change is available on the Exchange’s 

Web site at www.nyse.com, at the 

principal office of the Exchange, 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to reflect a 

change in the administrative process for 

determining the benchmark values used 

by the ETFS Platinum Trust, the ETFS 

Palladium Trust, the ETFS Precious 

Metals Trust and the ETFS White Metals 

Basket Trust (each a ‘‘Trust’’ and, 

collectively, the ‘‘Trusts’’) with respect 

to calculation of the net asset value 

(‘‘NAV’’) of shares (‘‘Shares’’) of each 

such Trust. The Trusts are listed and 

traded pursuant to NYSE Arca Equities 

Rules 8.201 for Commodity-Based Trust 

Shares. The sponsor for the Trusts is 

ETFS Services USA LLC (‘‘Sponsor’’). 

The proposed administrative change 

would replace as of the close of business 

November 30, 2014 references to the 

‘‘London AM Fix’’ and ‘‘London PM 

Fix,’’ (collectively, the ‘‘London Fix’’), 

the current platinum and palladium 

price mechanism that the London 

Platinum and Palladium Fixing 

Company Limited (the ‘‘LPPFCL’’) 

manually administers, with an 

electronic platinum and palladium 

bullion price fixing system (known as 

LMEbullion) administered by the 

London Metal Exchange (‘‘LME’’),4 as 

described below. 

Revised London Fix Procedures for 

Platinum and Palladium 

On November 18, 2014, the Sponsor 

issued a press release (‘‘Press Release’’) 

stating that the LPPFCL has announced 

its intention to revise the London Fix 

pricing benchmark processes for 

platinum and palladium after November 

30, 2014. The afternoon session of the 

London Fix has been the ‘‘Benchmark 

Price’’ for valuation of platinum and 

palladium bullion held respectively by 

each of the Trusts. The LPPFCL has 

accepted a proposal by the LME to 

administer revised platinum and 

palladium price benchmark 

mechanisms on its behalf. Commencing 

December 1, 2014, the LME will operate 

platinum and palladium bullion price 

fixing systems (LMEbullion) that will 

replicate electronically the current 

manual London Fix processes employed 

by the LPPFCL as well as provide 

electronic market clearing processes for 

platinum and palladium bullion 

transactions at the fixed prices 

established by the LME pricing 

mechanism.5 The new electronic price 

fixing processes to be used by the LME 

will continue to establish and publish 

fixed prices for troy ounces of platinum 

and palladium twice each London 

trading day during fixing sessions 

beginning at 9:45 a.m. London time (the 

‘‘LME AM Fix’’) and 2:00 p.m. London 

time (the ‘‘LME PM Fix’’). In addition to 

utilizing the same London Fix standards 

and methods, the LME will also 

supervise the platinum and palladium 

electronic price fixing processes through 

its market operations, compliance, 

internal audit and third-party complaint 

handling capabilities in order to support 

the integrity of the LME AM and PM 

Fixes. 

The Sponsor anticipates that, 

commencing December 1, 2014, the 

Sponsor will determine that the LME 

PM Fix will continue to be an 

appropriate basis for valuing platinum 

and palladium, as applicable, received 

upon purchase of a Trust’s Shares, 

delivered upon redemption of a Trust’s 

Shares and for determining the value of 

a Trust’s platinum and palladium 

bullion, as applicable each trading day. 

The Sponsor also expects to determine 

that the LME PM Fix will fairly 

represent the commercial value of 

platinum and palladium bullion, as 

applicable, held by each Trust. 

Exchange-Listed Platinum and 

Palladium-based Products 

The Exchange lists and trades shares 

of exchange traded products that 

reference the London Fix for one or 

more purposes. Specifically, the 

Exchange lists and trades shares of the 

ETFS Platinum Trust 6, the ETFS 

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Federal Register / Vol. 79, No. 233 / Thursday, December 4, 2014 / Notices 72037 

7See Securities Exchange Act Release Nos. 60971 

(November 9, 2009), 74 FR 59283 (November 17, 

2009) (SR–NYSEArca–2009–94) (notice of filing of 

proposed rule change to list and trade shares of the 

ETFS Palladium Trust) (‘‘ETFS Palladium Notice’’); 

61220 (December 22, 2009), 74 FR 68895 (December 

29, 2009) (SR–NYSEArca–2009–94) (order 

approving proposed rule change to list and trade 

shares of the ETFS Palladium Trust). 

8See Securities Exchange Act Release No. 62620 

(July 30, 2010), 75 FR 47655 (August 6, 2010) (SR– 

NYSEArca–2010–71) (notice of filing of proposed 

rule change to list and trade shares of the ETFS 

White Metals Basket Trust); 62875 (September 9, 

2010), 75 FR 56156 (September 15, 2010) (SR– 

NYSEArca–2010–71) (order approving proposed 

rule change to list and trade shares of the ETFS 

White Metals Basket Trust). 

9See Securities Exchange Act Release No. 62402 

(June 29, 2010), 75 FR 39292 (July 8, 2010) (SR– 

NYSEArca–2010–56) (notice of filing of proposed 

rule change to list and trade shares of the ETFS 

Precious Metals Basket Trust); 62692 (August 11, 

2010), 75 FR 50789 (August 17, 2010) (order 

approving proposed rule change to list and trade 

shares of the ETFS Precious Metals Basket Trust). 

10As described in the ETFS Platinum Notice and 

the ETFS Palladium Notice, twice daily during 

London trading hours there is a fix which provides 

reference platinum and palladium prices for that 

day’s trading. Many long-term contracts will be 

priced on the basis of either the morning (AM) or 

afternoon (PM) London Fix, and market participants 

will usually refer to one or the other of these prices 

when looking for a basis for valuations. The London 

Fix is the most widely used benchmark for daily 

platinum and palladium prices and is quoted by 

various financial information sources. The LPPM 

designated the LPPFCL to administer the London 

Fix. Formal participation in the London Fix is 

traditionally limited to four firms, each of which is 

a bullion dealer and a member of the LPPM. The 

chairmanship now rotates annually among the four 

LPPM fixing member firms. The morning session of 

the fix starts at 9:45 a.m. London time and the 

afternoon session starts at 2:00 p.m. London time. 

The four LPPM fixing members are currently: BASF 

SE., Goldman Sachs Group Inc., HSBC Holdings 

and Standard Bank PLC. Any other market 

participant wishing to participate in platinum and 

palladium trading on the fix is required to do so 

through one of the four LPPM fixing members. 

Orders are placed either with one of the four LPPM 

fixing members or with another precious metals 

dealer who will then be in contact with a LPPM 

fixing member during the fixing. The fixing 

members net-off all orders when communicating 

their net interest at the fixing. The fix begins with 

the fixing chairman suggesting a ‘‘trying price,’’ 

reflecting the market price prevailing at the opening 

of the fix. This is relayed by the fixing members to 

their dealing rooms which have direct 

communication with all interested parties. Any 

market participant may enter the fixing process at 

any time, or adjust or withdraw his order. The 

platinum or palladium price is adjusted up or down 

until all the buy and sell orders are matched, at 

which time the price is declared fixed. All fixing 

orders are transacted on the basis of this fixed price, 

which is instantly relayed to the market through 

various media. The London Fix is widely viewed 

as a full and fair representation of all market 

interest at the time of the fix. 

11See the registration statement for the ETFS 

Palladium Trust on Form S–3, filed with the 

Commission on April 17, 2014 (No. 333–195335); 

the registration statement for the ETFS Platinum 

Trust on Form S–3ASR, filed with the Commission 

on June 3, 2013, and Post-Effective Amendment No. 

1 thereto, filed with the Commission on June 5, 

2013 (File No. 333–189061); Post-Effective 

Amendment No. 1 to the registration statement for 

the ETFS Precious Metals Trust on Form S–3, filed 

with the Commission on August 13, 2014 (No. 333– 

195675); and Post-Effective Amendment No. 1 to 

the registration statement for the ETFS White 

Metals Basket Trust on Form S–1, filed with the 

Commission on August 13, 2014 (No. 333–195441) 

(each a ‘‘Registration Statement’’ and, collectively, 

the ‘‘Registration Statements’’). 

12The Prudential Regulation Authority (PRA) at 

the Bank of England has overall responsibility for 

the prudential regulation of banks, building 

societies, credit unions, insurers and major 

investment firms, many of whom are active in the 

bullion market. The conduct of financial 

institutions is overseen by the Financial Conduct 

Authority (FCA), which was formed from the 

former Financial Services Authority and is separate 

from the Bank of England. 

13The Sponsor for the Trusts represents that it 

manages the Trusts in the manner described in the 

applicable proposed rule change (see supra, notes 

6–9), and will not implement the changes described 

herein until the instant proposed rule change is 

operative. 

14See supra, notes 6–9. 

Palladium Trust 7, the ETFS White 

Metals Basket Trust 8 and the ETFS 

Precious Metals Basket Trust,9 each of 

which is currently listed on the 

Exchange under NYSE Arca Equities 

Rule 8.201. 

With respect to the Trusts, the NAV 

of Shares of the respective Trusts is 

based on the London PM Fix, as 

described in the applicable rule filings 

relating to listing and trading of Shares 

of each of the Trusts 10 and in the 

registration statement under the 

Securities Act of 1933 Act (‘‘1933 Act’’) 

relating to each such Trust.11 After 

November 30, 2014, the Trusts will 

utilize the benchmark price ascertained 

through the LME administered 

electronic fixing process for purposes of 

calculating the NAV of such Trust’s 

Shares. The Sponsor of the Trusts has 

represented that, on December 1, 2014, 

the Sponsor intends to use the LME PM 

Fix for purposes of determining the net 

asset value of Shares of the Trusts. 

Accordingly, the Exchange proposes to 

change the benchmark price used by the 

Trusts for calculation of the NAV of 

Shares of each of such Trust to the LME 

PM Fix. 

Each LME AM and PM Fix is widely 

expected to be viewed as a full and fair 

representation of all market interest. 

The LME’s electronic price fixing 

processes are similar to the nonelectronic processes previously used to 

establish the applicable London Fix 

where the London Fix process adjusted 

the platinum or palladium price up or 

down until all the buy and sell orders 

entered by LPPM fixing members are 

matched, at which time the price was 

declared fixed. Nevertheless, the LME 

AM and PM Fixes have several 

advantages over the previous London 

Fix. The LME’s electronic price fixing 

processes will be fully transparent in 

real time to the platinum and palladium 

market participants and, at the close of 

each electronic fixing, to the general 

public. The LME AM and PM Fixes are 

also to be established by more LBBM 

[sic] members (initially approximately 

ten) than was the London Fix (four 

LPPM fixing members). The LME’s 

electronic price fixing processes also 

will be fully auditable by third parties 

since an audit trail exists from the 

beginning of each fixing session. 

Moreover, the market operation, 

compliance, internal audit and thirdparty complaint handling capabilities of 

the LME will support the integrity of the 

LME AM and PM Fix.12

The Exchange believes the new LME 

electronic price fixing processes will 

serve as an appropriate replacement to 

the London Fix for purposes of 

determining the NAV of Shares of the 

Trusts because of the transparency of 

the fixing process, the anticipated 

participation of an increased number of 

market participants compared to the 

London Fix, and the auditability of the 

palladium and platinum pricing 

mechanism. 

In connection with this proposed rule 

change, (1) the Sponsor of the Trusts 

will issue a press release informing the 

public of the date a Trust will first use 

the LME PM Fix to value the palladium 

or platinum, as applicable, held by a 

Trust; (2) the Sponsor will file the 

applicable press release with the 

Commission by means of Form 8–K, 

which will be available on the 

applicable Trust’s Web site; and (3) the 

Sponsor will file an amendment to the 

applicable Registration Statement 

relating to the proposed change.13

The Sponsor for the Trusts represents 

that there is no change to the investment 

objective of the applicable Trust from 

that described in the applicable 

proposed rule change.14 The Trusts will 

be subject to all initial and continued 

listing requirements under NYSE Arca 

Equities Rule 8.201. 

Except for the changes noted above, 

all other facts presented and 

representations made in the proposed 

rule changes referenced above remain 

unchanged. 

mstockstill on DSK4VPTVN1PROD with NOTICES

72038 Federal Register / Vol. 79, No. 233 / Thursday, December 4, 2014 / Notices 

15See supra, notes 6–9. 

16 15 U.S.C. 78f(b)(5). 

17The IOSCO Principles are designed to enhance 

the integrity, the reliability and the oversight of 

benchmarks by establishing guidelines for 

benchmark administrators and other relevant bodies 

in the following areas: Governance: To protect the 

integrity of the benchmark determination process 

and to address conflicts of interest; Benchmark 

quality: To promote the quality and integrity of 

benchmark determinations through the application 

of design factors; Quality of the methodology: To 

promote the quality and integrity of methodologies 

by setting out minimum information that should be 

addressed within a methodology. These principles 

also call for credible transition policies in case a 

benchmark may cease to exist due to market 

structure change. Accountability mechanisms: To 

establish complaints processes, documentation 

requirements and audit reviews. The IOSCO 

Principles provide a framework of standards that 

might be met in different ways, depending on the 

specificities of each benchmark. In addition to a set 

of high level principles, the framework offers a 

subset of more detailed principles for benchmarks 

having specific risks arising from their reliance on 

submissions and/or their ownership structure. For 

further information concerning the IOSCO 

Principles, see http://www.iosco.org/library/

pubdocs/pdf/IOSCOPD415.pdf. 18See supra, notes 6–9. 

All terms referenced but not defined 

herein are defined in the applicable 

proposed rule changes referenced 

above.15

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(5) 16 that an 

exchange have rules that are designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to remove 

impediments to, and perfect the 

mechanism of a free and open market 

and, in general, to protect investors and 

the public interest. 

The Exchange believes that the 

proposed rule change is designed to 

prevent fraudulent and manipulative 

acts and practices in that, according to 

the LME press release, the new 

LMEbullion fixing processes will 

provide a pricing methodology that fully 

meets the administrative and regulatory 

needs of market participants, including 

the IOSCO Principles for Financial 

Benchmarks (the ‘‘IOSCO 

Principles’’).17 In order to meet the 

IOSCO Principles, the LMEbullion 

electronic process will be auditable and 

transparent. Moreover, the LME AM and 

PM Fix will be the clearing prices for 

platinum and palladium bullion 

transactions that will clear through an 

electronic clearing process that the LME 

is establishing simultaneously with the 

establishment of the LMEbullion 

process. The Exchange believes the new 

LME fixing processes will serve as an 

appropriate replacement to the London 

Fix for platinum and palladium for 

purposes of determining the NAV of 

Shares of the Trusts because of the 

transparency of the fixing process, the 

participation of an increased number of 

market participants (initially, 

approximately ten LPPM members) 

compared to the London Fix (four LPPM 

members), and the auditability of the 

pricing mechanism. For each LME AM 

and PM Fix session, buying and selling 

order placements will be displayed 

electronically in real time for all 

platinum and palladium fixing 

participants. The LME will observe all 

fixing session buying and selling order 

placements, including the identity of 

those submitting orders. In addition, 

each LME AM and PM Fix and all order 

placement information will become 

publicly available electronically through 

the LME via financial news media 

services (such as, Bloomberg, Thomson 

Reuters, FactSet, Metal Radar and other 

services) instantly after the conclusion 

of the fixing process, as described 

above. 

The proposed change will permit the 

Trusts to continue to function as 

platinum- and palladium-based 

exchange-traded products by utilizing a 

new price mechanism to replace the 

London Fix, which is not expected to be 

available after November 30, 2014, and 

that will provide a sound and 

reasonable basis for calculation of NAV. 

Such prices will be widely disseminated 

by one or more major market data 

vendors and/or exchanges. Prior to or 

following the effectiveness of this 

proposed rule change, (1) the Sponsor of 

the Trusts will issue a press release 

informing the public of the date a Trust 

will first use the LME Fix to value the 

platinum and palladium held by a 

Trust; (2) the Sponsor of the Trusts will 

file the applicable press release with the 

Commission by means of Form 8–K, 

which will be available on the 

applicable Trust’s Web site; and (3) the 

Sponsor will file an amendment to the 

applicable Registration Statements 

under the 1933 Act relating to the 

proposed change. Such press releases 

and Registration Statement amendments 

will protect investors and the public 

interest by providing notification to 

investors of the new LME price 

mechanism prior to the use of the LME 

PM Fix by the Trusts. The Sponsor 

represents that there is no change to the 

investment objective of the applicable 

Trust from that described in the 

applicable proposed rule change. The 

Trusts will comply with all initial and 

continued listing requirements under 

NYSE Arca Equities Rule 8.201. Except 

for the changes noted above, all other 

facts presented and representations 

made in proposed rule changes 

referenced above remain unchanged. 

The proposed rule change is designed 

to perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest in that 

the LME’s electronic price fixing 

processes will be fully transparent in 

real time to the platinum and palladium 

market participants and, at the close of 

each electronic fixing, to the general 

public. The LME’s electronic price 

fixing processes also will be fully 

auditable by third parties since an audit 

trail exists from the beginning of each 

fixing session. Moreover, the market 

operation, compliance, internal audit 

and third-party complaint handling 

capabilities of the LME will support the 

integrity of the LME AM and PM Fix. 

The Trusts will continue to be listed 

and traded on the Exchange pursuant to 

the initial and continued listing criteria 

in NYSE Arca Equities Rule 8.201. 

Except for the changes noted above, all 

other facts presented and 

representations made in proposed rule 

changes referenced above remain 

unchanged.18

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. The 

proposed change will permit the Trusts 

to continue to function as platinum- or 

palladium-based exchange-traded 

products by utilizing an electronic 

mechanism to replace the manual 

London Fix, which is not expected to be 

available after November 30, 2014, and 

that will provide a sound and 

reasonable basis for calculation of NAV. 

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 

does not (i) significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, the 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 79, No. 233 / Thursday, December 4, 2014 / Notices 72039 

19 15 U.S.C. 78s(b)(3)(A). 

20 17 CFR 240.19b–4(f)(6). As required under Rule 

19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the 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. 

21For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 22 15 U.S.C. 78s(b)(2)(B). 

23 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. 

proposed rule change has become 

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

of the Act 19 and Rule 19b–4(f)(6) 

thereunder.20

The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Exchange states that the 

proposed change will provide 

additional transparency to platinum and 

palladium pricing compared to the 

previous London Fix for several reasons. 

The Exchange represents that LME’s 

electronic price fixing processes will be 

fully transparent in real time to the 

platinum and palladium market 

participants and, at the close of each 

electronic fixing, to the general public. 

The Exchange represents that LME’s 

electronic price fixing processes also 

will be fully auditable by third parties 

because an audit trail exists from the 

beginning of each fixing session. 

Moreover, the Exchange states that the 

market operation, compliance, internal 

audit and third-party complaint 

handling capabilities of the LME will 

support the integrity of the LME AM 

and PM Fix. The Exchange represents 

that the number of platinum and 

palladium participants that initially are 

expected to participate in the 

LMEbullion fixing process 

(approximately ten LPPM members) 

exceeds the number of market 

participants determining the London 

Fix prior to December 1, 2014 (currently 

four LPPM fixing members), and will 

contribute to the integrity and reliability 

of the pricing process. 

The Commission believes that waiver 

of the operative delay is consistent with 

the protection of investors and the 

public interest. Waiver of the operative 

delay will allow the Trusts, whose 

Shares are actively traded, to use the 

LME Fix as the basis for calculating the 

NAV by December 1, 2014, thereby 

facilitating the transition to the new 

price mechanism without disruption in 

trading. Therefore, the Commission 

designates the proposed rule change to 

be operative upon filing.21

At any time within 60 days of the 

filing of such 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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 22 of the Act to 

determine whether the proposed rule 

change should be approved or 

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 email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2014–135 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2014–135. This 

file number should be included on the 

subject line if email 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 

10:00 a.m. and 3:00 p.m. Copies of such 

filing will also 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–2014–135 and should be 

submitted on or before December 26, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Brent J. Fields, 

Secretary. 

[FR Doc. 2014–28473 Filed 12–3–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73703; File No. SR–NYSE– 

2014–59] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing of Proposed Rule Change 

Amending Rule 13 and Related Rules 

Governing Order Types and Modifiers 

To Clarify the Nature of Order Types 

November 28, 2014. 

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 

November 14, 2014, 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 amend 

Rule 13 and related rules governing 

order types and modifiers. The text of 

the proposed rule change is available on 

the Exchange’s Web site at 

www.nyse.com, at the principal office of 

the Exchange, and at the Commission’s 

Public Reference Room. 

mstockstill on DSK4VPTVN1PROD with NOTICES