Federal Register / Vol. 74, No. 93 / Friday, May 15, 2009 / Notices 22991 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(2). 

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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 adding a fee 

for Market-on-Close (‘‘MOC’’) and Limiton-Close (‘‘LOC’’) orders executed in the 

Closing Auction. A fee of $.0005 per 

share will be charged for all MOC and 

LOC orders executed in the Closing 

Auction in NYSE Arca primary listed 

securities, including all exchange traded 

funds (‘‘ETFs’’) and exchange traded 

notes (‘‘ETNs’’). The Exchange also 

proposes charging a fee of $.0005 per 

share for all MOC and LOC orders 

executed in the Closing Auction in Tape 

C ETFs and ETNs. Currently, the 

Exchange does not charge a fee for 

orders executed in the Closing Auction. 

Lead Market Makers (‘‘LMMs’’) 

executing orders in the Closing Auction 

in securities in which the firm is 

registered as the LMM will continue to 

not be charged a fee. The proposed fee 

will become operative on May 1, 2009, 

and will apply to all pricing levels, 

including tiered and basic rate pricing. 

The Exchange believes that the 

proposed changes to the Schedule are 

equitable in that they apply uniformly 

to all similarly situated Users. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’), in general, and Section 6(b)(4) of 

the Act, in particular, in that it is 

designed to provide for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members and 

other persons using its facilities. The 

Exchange believes that the proposed 

changes to the Schedule are equitable in 

that they apply uniformly to all 

similarly situated Users. 

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 

The foregoing proposed rule change is 

effective upon filing pursuant to Section 

19(b)(3)(A) 6 of the Act and 

subparagraph (f)(2) of Rule 19b–4 7

thereunder, because it establishes a due, 

fee, or other charge imposed by NYSE 

Arca on its members. At any time 

within 60 days of the filing of the 

proposed rule change, the Commission 

may summarily abrogate 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–NYSEArca–2009–38 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–NYSEArca–2009–38. 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–2009–38 and 

should be submitted on or before June 

5, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–11358 Filed 5–14–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59896; File No. SR–CBOE– 

2009–030] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing of a 

Proposed Rule Change Regarding 

Appointments and Obligations of 

CBSX DPMs 

May 11, 2009. 

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 May 7, 

2009, the Chicago Board Options 

Exchange, Incorporated (‘‘CBOE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

substantially prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

22992 Federal Register / Vol. 74, No. 93 / Friday, May 15, 2009 / Notices 

3A DPM is a Market-Maker with heightened 

responsibilities for assigned securities. 

4 15 U.S.C. 78f(b). 

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

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The filing proposes to modify the 

CBOE Stock Exchange (‘‘CBSX’’) 

Designated Primary Market-Maker 

(‘‘DPM’’) appointment and obligation 

rules. The text of the proposed rule 

change is available on the Exchange’s 

Web site (http://www.cboe.org/legal), 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 

Exchange 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 these 

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 aspects 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 proposed rule 

change is to modify CBSX Rule 53.54 to 

provide CBSX with flexibility to 

commence trading a security without an 

assigned CBSX DPM.3 Several stock 

exchanges provide a trading venue for 

equity securities without assigned 

specialists or primary market makers. 

On CBSX, CBSX DPMs do not act as 

agent for orders submitted to CBSX and 

the matching of trades is handled by the 

CBSX system. Accordingly, trading can 

occur on the CBSX platform without 

participation by a CBSX DPM. The 

proposed rule change is not intended to 

in any way affect existing DPM 

appointments, instead it will allow 

CBSX to offer for trading a broader range 

of national market system securities. 

There are currently securities not traded 

on CBSX because CBSX DPMs have 

opted to not seek assignments in such 

securities (these are typically low 

volume securities). The proposed filing 

will allow CBSX users the ability to 

trade these stocks on CBSX. The 

Exchange does not believe that allowing 

trading in these stocks without a DPM 

will have an adverse impact on the 

Exchange’s market in these securities. 

CBSX will notify participants, via 

circular, when stocks without assigned 

DPMs are added for trading. 

The filing also proposes to modify the 

CBSX DPM obligations in Rule 53.56 to 

not require CBSX DPMs to quote until 

8:30 a.m. Chicago time. Currently, CBSX 

DPMs are obligated to provide opening 

quotes (trading starts at 8:15 a.m. 

Chicago time) and to continuously quote 

throughout the day. As proposed, CBSX 

DPMs desiring to submit opening quotes 

could continue to do so, but would not 

be required to continuously quote until 

8:30 Chicago time when trading 

volumes are more meaningful. 

Lastly, the filing proposes to eliminate 

Rule 53.54(c) which governed the 

allocation process used by CBSX prior 

to its initial launch. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with Section 

6(b) of the Act 4 in general and furthers 

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

Act 5 in particular in that it is 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 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE 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 neither solicited nor 

received comments on the proposal. 

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 CBOE consents, the 

Commission will: 

A. By order approve such 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–CBOE–2009–030 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–CBOE–2009–030. 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–CBOE–2009–030 and 

should be submitted on or before 

June 5, 2009. 

Federal Register / Vol. 74, No. 93 / Friday, May 15, 2009 / Notices 22993 

6 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Commodity-Based Trust Shares are securities 

issued by a trust that represent investors’ discrete 

identifiable and undivided beneficial ownership 

interest in the commodities deposited into the 

Trust. 4See Securities Exchange Act Release No. 56224 

(August 8, 2007), 72 FR 45850 (August 15, 2007) 

(SR–NYSEArca–2007–76) (approving listing on the 

Exchange of the streetTRACKS Gold Trust); 

Securities Exchange Act Release No. 56041 (July 11, 

2007), 72 FR 39114 (July 17, 2007) (SR–NYSEArca– 

2007–43) (order approving listing on the Exchange 

of iShares COMEX Gold Trust). 5See Securities Exchange Act Release No. 50603 

(October 28, 2004), 69 FR 64614 (November 5, 2004) 

(SR–NYSE–2004–22) (order approving listing of 

streetTRACKS Gold Trust on NYSE); Securities 

Exchange Act Release No. 51058 (January 19, 2005), 

70 FR 3749 (January 26, 2005) (SR–Amex–2004–38) 

(order approving listing of iShares COMEX Gold 

Trust on the American Stock Exchange LLC). 6See Securities Exchange Act Release Nos. 53520 

(March 20, 2006), 71 FR 14977 (March 24, 2006) 

(SR–PCX–2005–117) (approving trading on the 

Exchange pursuant to UTP of the iShares Silver 

Trust); 51245 (February 23, 2005), 70 FR 10731 

(March 4, 2005) (SR–PCX–2004–117) (approving 

trading on the Exchange of the streetTRACKS Gold 

Trust pursuant to UTP). 7See Securities Exchange Act Release Nos. 58956 

(November 14, 2008), 73 FR 71074 (November 24, 

2008) (SR–NYSEArca–2008–124) (approving listing 

on the Exchange of the iShares Silver Trust)). 8See Securities Exchange Act Release No. 53521 

(March 20, 2006), 71 FR 14967 (March 24, 2006) 

(SR–Amex–2005–72) (approving listing on the 

American Stock Exchange LLC of the iShares Silver 

Trust). 

9See the Registration Statement for the ETFS 

Gold Trust on Form S–1, filed with the Commission 

on March 26, 2009 (No. 333–158221) (‘‘Registration 

Statement’’). The descriptions of the Trust, the 

Shares and the gold market contained herein are 

based on the Registration Statement. 

10The Trustee is generally responsible for the 

day-to-day administration of the Trust, including 

keeping the Trust’s operational records. The 

Trustee’s principal responsibilities include (1) 

transferring the Trust’s gold as needed to pay the 

Sponsor’s Fee in gold (gold transfers are expected 

to occur approximately monthly in the ordinary 

course), (2) valuing the Trust’s gold and calculating 

the NAV of the Trust and the NAV per Share, (3) 

receiving and processing orders from Authorized 

Participants to create and redeem Baskets and 

coordinating the processing of such orders with the 

Custodian and DTC, (4) selling the Trust’s gold as 

needed to pay any extraordinary Trust expenses 

that are not assumed by the Sponsor, (5) when 

appropriate, making distributions of cash or other 

property to Shareholders, and (6) receiving and 

reviewing reports from or on the Custodian’s 

custody of and transactions in the Trust’s gold. The 

Trustee shall, with respect to directing the 

Custodian, act in accordance with the instructions 

of the Sponsor. 

11The Custodian is responsible for safekeeping 

for the Trust gold deposited with it by Authorized 

Participants in connection with the creation of 

Baskets. The Custodian is also responsible for 

selecting its direct subcustodians, if any. The 

Custodian facilitates the transfer of gold in and out 

of the Trust through the unallocated gold accounts 

it will maintain for each Authorized Participant and 

the unallocated and allocated gold accounts it will 

maintain for the Trust. The Custodian is responsible 

for allocating specific bars of gold bullion to the 

Trust’s allocated gold account. The Custodian will 

provide the Trustee with regular reports detailing 

the gold transfers in and out of the Trust’s 

unallocated and allocated gold accounts and 

identifying the gold bars held in the Trust’s 

allocated gold account. 

12With respect to application of Rule 10A–3 (17 

CFR 240.10A–3) under the Securities Exchange of 

1934 (‘‘Act’’) (15 U.S.C. 78a), the Trust relies on the 

exemption contained in Rule 10A–3(c)(7). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–11360 Filed 5–14–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59895; File No. SR– 

NYSEArca–2009–40] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and Order 

Granting Accelerated Approval of 

Proposed Rule Change Relating to the 

Listing and Trading of ETFS Gold Trust 

May 8, 2009. 

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 May 1, 

2009, NYSE Arca, Inc. (‘‘NYSE Arca’’ 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 Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons and is 

approving the proposed rule change on 

an accelerated basis. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to list and 

trade shares of the ETFS Gold Trust (the 

‘‘Trust’’) pursuant to NYSE Arca 

Equities Rule 8.201. A copy of this filing 

is available on the Exchange’s Web site 

at http://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 III 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 list and 

trade ETFS Gold Shares (‘‘Shares’’) of 

the Trust under NYSE Arca Equities 

Rule 8.201. Under NYSE Arca Equities 

Rule 8.201, the Exchange may propose 

to list and/or trade pursuant to unlisted 

trading privileges (‘‘UTP’’) 

‘‘Commodity-Based Trust Shares.’’ 3 The 

Commission has previously approved 

listing on the Exchange under NYSE 

Arca Equities Rule 8.201 shares of the 

streetTRACKS Gold Trust and iShares 

COMEX Gold Trust.4 Previous to their 

listing on the Exchange, the 

Commission approved listing of the 

streetTRACKS Gold Trust on the New 

York Stock Exchange (‘‘NYSE’’) and 

listing of iShares COMEX Gold Trust on 

the American Stock Exchange LLC.5 In 

addition, the Commission has approved 

trading of the streetTRACKS Gold Trust 

and iShares Silver Trust and [sic] on the 

Exchange pursuant to UTP.6 The 

Commission also has approved listing of 

the iShares Silver Trust on the 

Exchange 7 and, previously, listing of 

the iShares Silver Trust on the 

American Stock Exchange LLC (now 

known as ‘‘NYSE Amex LLC’’).8

The Trust will issue Shares which 

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 gold bullion, 

less the expenses of the Trust’s 

operations.9

ETFS Services USA LLC is the 

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

Bank of New York Mellon is the trustee 

of the Trust (‘‘Trustee’’) 10, and HSBC 

Bank USA, N.A. is the custodian of the 

Trust (‘‘Custodian’’).11

The Exchange represents that the 

Shares satisfy the requirements of NYSE 

Arca Equities Rule 8.201 and thereby 

qualify for listing on the Exchange.12

Operation of the Gold Bullion Market 

The global trade in gold consists of 

Over-the-Counter (OTC) transactions in 

spot, forwards, and options and other 

derivatives, together with exchangetraded futures and options. The OTC 

market trades on a 24-hour per day 

continuous basis and accounts for most 

global gold trading.