Federal Register / Vol. 74, No. 98 / Friday, May 22, 2009 / Notices 24057 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f)(6). 

15See id. In addition, Rule 19b–4(f)(6)(iii) 

requires a self-regulatory organization to provide 

the Commission with 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 this requirement. 

16For purposes only of waiving the 30-day 

operative delay of this proposal, the Commission 

has considered the proposed rule’s impact on 

efficiency, competition and capital formation. 15 

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

17See Approval Order and Modifying Order, 

supra note 6. 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5As defined in BATS Rule 1.5(bb). 

6As defined in BATS Rule 2.11. 

protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) by its 

terms does not become operative for 30 

days of this filing, 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 13 and subparagraph (f)(6) of 

Rule 19b–4 thereunder.14

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative prior to 30 days after 

the date of filing.15 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 has requested that the 

Commission waive the 30-day operative 

delay so that the proposal may become 

operative immediately upon filing. In 

support, the Exchange states that the 

proposed reduction in the size of the 

MacroShares Units may facilitate 

creation and redemption activity in the 

Shares, which could result in tighter 

bid/ask spreads. 

The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest.16 The 

proposed rule change seeks to amend a 

representation the Exchange made in 

the Notice, to reflect a proposed change 

in the minimum Share aggregation for 

issuance and redemption from 50,000 to 

10,000 MacroShares Units. The 

Commision believes that this proposal 

does not raise any regulatory concerns. 

The Commission notes that it has 

previously approved both the listing 

and trading of Shares of the Trusts on 

the Exchange, and an amendment to the 

leverage factor of this product.17

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 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–2009–43 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–2009–43. 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–2009–43 and 

should be submitted on or before June 

12, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–11940 Filed 5–21–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59934; File No. SR–BATS– 

2009–013] 

Self-Regulatory Organizations; BATS 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend BATS Rule 

11.13, entitled ‘‘Order Execution’’ 

May 15, 2009. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on May 12, 

2009, BATS Exchange, Inc. (‘‘BATS’’ 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 Exchange has 

designated this proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(6)(iii) 

thereunder,4 which renders it effective 

upon filing with the Commission. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is proposing to amend 

BATS Rule 11.13, entitled ‘‘Order 

Execution,’’ to provide Users 5 of the 

Exchange with another option with 

respect to the Exchange’s method of 

processing the unfilled balance of a 

limit order that returns to the Exchange 

after being routed away to one or more 

away Trading Centers 6 for execution. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at http://www.batstrading.com, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 


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24058 Federal Register / Vol. 74, No. 98 / Friday, May 22, 2009 / Notices 

7As defined in BATS Rule 1.5(d). 

8Market orders are also routed away, pursuant to 

Rule 11.13(a)(2)(A), however the Exchange is not 

proposing any changes to the treatment of routed 

market orders at this time. 

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

10 15 U.S.C. 78f(b)(5). 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f)(6). 

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

19b–4(f)(6)(iii) requires that a self-regulatory 

organization 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 this notice 

requirement. 

14 Id. 

15See SR–BATS–2009–013, Item 7. 

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 parts of such 

statements. 

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to provide Users of the 

Exchange with another option with 

respect to the Exchange’s method of 

processing the unfilled balance of a 

limit order that returns to the Exchange 

after being routed away to one or more 

away Trading Centers for execution. In 

connection with this additional option, 

the Exchange has also proposed various 

clarifying changes related to the 

functionality of the current processing 

options. 

The Exchange currently allows Users 

to submit various types of limit orders 

to the Exchange that are processed 

pursuant to Rules 11.13(a)(1) and 

11.13(a)(2)(B), as set forth below. Rule 

11.13(a)(1) describes the process by 

which an incoming order would execute 

against the BATS Book.7 To the extent 

an order has not been executed in its 

entirety against the BATS Book, Rule 

11.13(a)(2)(B) then describes the process 

of routing marketable limit orders 8 to 

one or more Trading Centers, including 

a description of how the Exchange treats 

any unfilled balance that returns to the 

Exchange following the first attempt to 

fill the order through the routing 

process. Currently, the Exchange either 

converts such unfilled balance to a 

BATS Only order, and processes it in 

accordance with Rule 11.9(c)(4) or again 

checks the BATS Book for liquidity, 

then routes the order to away Trading 

Centers until the Exchange has 

confirmed that no available liquidity 

exists on the BATS Book or at away 

Trading Centers and the order’s limit 

price has been reached. 

The Exchange believes that the 

proposed changes to Rule 11.13 make 

the process described above more clear. 

In addition, the Exchange proposes to 

offer Users a third option for processing 

of the unfilled balance that returns to 

the Exchange. As proposed, the new 

Rule 11.13(a)(2)(B) will allow Users to 

instruct the Exchange to execute the 

order against the BATS Book and route 

the order to away Trading Centers up to 

the limit price of the order. At the limit 

price, the Exchange will attempt to 

execute the order against the BATS 

Book one time and attempt to fill the 

order at one or more away Trading 

Centers, and then cancel any unfilled 

balance of the order back to the User. 

This differs from the second option 

because under the new, proposed 

option, after routing the order away at 

the limit price, the Exchange will not 

again check the BATS Book for available 

liquidity before canceling the order back 

to the User. 

2. Statutory Basis 

The rule change proposed in this 

submission is consistent with the 

requirements of the Act and the rules 

and regulations thereunder that are 

applicable to a national securities 

exchange, and, in particular, with the 

requirements of Section 6(b) of the Act.9

Specifically, the proposed change is 

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

Act,10 because it would promote just 

and equitable principles of trade, 

remove impediments to, and perfect the 

mechanism of, a free and open market 

and a national market system, and, in 

general, protect investors and the public 

interest, by allowing Users to instruct 

the Exchange to attempt to execute their 

orders at the applicable limit price 

against the BATS Book and then at one 

or more away Trading Centers, but then 

to promptly cancel the remaining 

balance back. This functionality will 

allow the Exchange to seek to execute 

the order as promptly as possible but 

will also provide Users with a faster 

response as to whether their orders have 

been executed. 

(B) Self-Regulatory Organization’s 

Statement of Burden on Competition 

The Exchange does not believe that 

the proposed rule change imposes any 

burden on competition. 

(C) Self-Regulatory Organization’s 

Statement on Comments Regarding the 

Proposed Rule Changes Received From 

Members, Participants or Others 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Changes and Timing for 

Commission Action 

Because the foregoing rule change 

does not: (1) Significantly affect the 

protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) become 

operative for 30 days after the date of 

this filing, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 11 and Rule 19b– 

4(f)(6) thereunder.12

A proposed rule change filed under 

19b–4(f)(6) normally may not become 

operative prior to 30 days after the date 

of filing.13 However, Rule 19b– 

4(f)(6)(iii) 14 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay. BATS states that implementation 

of the order type described in this filing 

will provide BATS Users with another 

option with respect to the handling of 

orders routed away from the Exchange 

that is completely optional, and will not 

require any programming changes by 

BATS Users unless they choose to use 

the new functionality.15 The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because such waiver will 

allow BATS Users to immediately 

benefit from this minor variation to the 

order handling used by the Exchange 

today pursuant to the Exchange’s 

existing rules. In addition, the 

Commission notes that the proposal 

does not raise any new substantive 

issues. The Commission hereby grants 


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Federal Register / Vol. 74, No. 98 / Friday, May 22, 2009 / Notices 24059 

16For the 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). 17 17 CFR 200.30–3(a)(12). 

the Exchange’s request and designates 

the proposal operative upon filing.16

At any time within 60 days of the 

filing of such 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 proposal 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–BATS–2009–013 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–BATS–2009–013. 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 changes 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 such filing also will be 

available for inspection and copying at 

the principal office of BATS. 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–BATS–2009–013 and should be 

submitted on or before June 12, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–11941 Filed 5–21–09; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF STATE 

[Public Notice 6630] 

Culturally Significant Objects Imported 

for Exhibition Determinations: ‘‘James 

Ensor’’ 

SUMMARY: Notice is hereby given of the 

following determinations: Pursuant to 

the authority vested in me by the Act of 

October 19, 1965 (79 Stat. 985; 22 U.S.C. 

2459), Executive Order 12047 of March 

27, 1978, the Foreign Affairs Reform and 

Restructuring Act of 1998 (112 Stat. 

2681, et seq.; 22 U.S.C. 6501 note, et 

seq.), Delegation of Authority No. 234 of 

October 1, 1999, Delegation of Authority 

No. 236 of October 19, 1999, as 

amended, and Delegation of Authority 

No. 257 of April 15, 2003 [68 FR 19875], 

I hereby determine that the objects to be 

included in the exhibition ‘‘James 

Ensor,’’ imported from abroad for 

temporary exhibition within the United 

States, are of cultural significance. The 

objects are imported pursuant to loan 

agreements with the foreign owners or 

custodians. I also determine that the 

exhibition or display of the exhibit 

objects at The Museum of Modern Art, 

New York, NY, from on or about June 

28, 2009, until on or about September 

21, 2009, and at possible additional 

exhibitions or venues yet to be 

determined, is in the national interest. 

Public Notice of these Determinations is 

ordered to be published in the Federal 

Register. 

FOR FURTHER INFORMATION CONTACT: For 

further information, including a list of 

the exhibit objects, contact Julie 

Simpson, Attorney-Adviser, Office of 

the Legal Adviser, U.S. Department of 

State, telephone: (202–453–8050). The 

address is U.S. Department of State, SA– 

44, 301 4th Street, SW., Room 700, 

Washington, DC 20547–0001. 

Dated: May 18, 2009. 

C. Miller Crouch, 

Acting Assistant Secretary for Educational 

and Cultural Affairs, Department of State. 

[FR Doc. E9–12017 Filed 5–21–09; 8:45 am] 

BILLING CODE 4710–05–P 

OFFICE OF THE UNITED STATES 

TRADE REPRESENTATIVE 

[Docket No. WTO/DS384 and WTO/DS386] 

WTO Dispute Settlement Proceeding 

Regarding United States—Certain 

Country of Origin Labeling 

Requirements 

AGENCY: Office of the United States 

Trade Representative. 

ACTION: Notice; request for comments. 

SUMMARY: The Office of the United 

States Trade Representative (‘‘USTR’’) is 

providing notice that the United States 

received additional requests for 

consultations under the Marrakesh 

Agreement Establishing the World Trade 

Organization (‘‘WTO Agreement’’) 

concerning certain mandatory country 

of origin labeling (COOL) requirements 

from Canada and Mexico in separate 

letters dated May 7, 2009. Those 

requests may be found at http:// 

www.wto.org contained in documents 

designated as WT/DS384/1/Add.1 for 

Canada and WT/DS386/1/Add.1 for 

Mexico. USTR invites written comments 

from the public concerning the issues 

raised in these disputes. 

DATES: Although USTR will accept any 

comments received during the course of 

the dispute settlement proceedings, 

comments should be submitted on or 

before July 1, 2009, to be assured of 

timely consideration by USTR. 

ADDRESSES: Comments should be 

submitted electronically to http:// 

www.regulations.gov, docket number 

USTR–2009–0004. If you are unable to 

provide submissions by http:// 

www.regulations.gov, please contact 

Sandy McKinzy at (202) 395–9483 to 

arrange for an alternative method of 

transmission. If (as explained below), 

the comment contains confidential 

information, then the comment should 

be submitted by fax only to Sandy 

McKinzy at (202) 395–3640. 

FOR FURTHER INFORMATION CONTACT: Priti 

Seksaria Agrawal, Associate General 

Counsel, Office of the United States 

Trade Representative, 600 17th Street, 

NW., Washington, DC 20508, (202) 395– 

3150. 

SUPPLEMENTARY INFORMATION: USTR is 

providing notice that consultations have 

been requested pursuant to the WTO 

Understanding on Rules and Procedures 


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