976 Federal Register / Vol. 74, No. 6 / Friday, January 9, 2009 / Notices 

7See footnote 5. 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 19b–4(f)(3). 10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 59082 

(December 11, 2008), 73 FR 77091 (‘‘Notice’’). 

thereunder and the rules of the 

exchange. The Exchange also believes 

this proposed rule change furthers the 

objective of Section 6(b)(5) that an 

exchange have rules that, among other 

things, are designed to remove 

impediments to and perfect the 

mechanism for a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. In particular, the 

proposed rule change will allow the 

Exchange to effect the Transaction, 

which was approved by the Commission 

on December 22, 2008.7

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

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 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any 

unsolicited written comments from 

members or other interested parties. 

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) of 

the Act 8 and Rule 19b–4(f)(3) 9

thereunder. 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 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–ISE–2008–100 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 

Number SR–ISE–2008–100. 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 such filing also will be 

available for inspection and copying at 

the principal office of ISE. 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 publicly available. All 

submissions should refer to File 

Number SR–ISE–2008–100 and should 

be submitted on or before January 30, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–157 Filed 1–8–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59194; File No. SR– 

NYSEArca–2008–135] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Granting Accelerated 

Approval of Proposed Rule Change 

Amending Rule 6.47A To Reduce the 

Order Exposure Period From Three 

Seconds to One Second 

January 5, 2009. 

I. Introduction 

On December 9, 2008, NYSE Arca, 

Inc. (‘‘NYSE Arca’’ or the ‘‘Exchange’’), 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to reduce certain order exposure 

periods from three seconds to one 

second. The proposed rule change was 

published for comment in the Federal 

Register on December 18, 2008.3 The 

Commission received no comments on 

the proposal. This order approves the 

proposed rule change on an accelerated 

basis. 

II. Description of the Proposal 

The purpose of the proposed rule 

change is to reduce the exposure time 

during which order entry firms may not 

execute as principal against orders they 

represent as agent from three seconds to 

one second. Under the current NYSE 

Arca Rule 6.47A, Order Exposure 

Requirements–OX, order entry firms 

may not execute as principal, orders 

they represent as agent unless (i) the 

agency orders are first exposed on the 

NYSE Arca OX trading system for at 

least three seconds or (ii) the order entry 

firm has been bidding or offering for at 

least three seconds prior to receiving the 

agency order that is executable against 

such bid or offer. During this threesecond exposure period, other market 

participants may enter orders to trade 

against the exposed order. Under this 

proposal, the exposure period contained 

in Rule 6.47A would be reduced to one 

second. 

III. Discussion and Commission 

Findings 

After carefully reviewing the 

proposed rule change, the Commission 

finds that the proposal is consistent 

with the requirements of the Act and the 

rules and regulations thereunder 

mstockstill on PROD1PC66 with NOTICES

Federal Register / Vol. 74, No. 6 / Friday, January 9, 2009 / Notices 977 

4 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

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

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

6 15 U.S.C. 78f(b)(8). 

7See Notice. 

8 Id. 

9See Securities Exchange Act Release Nos. 58088 

(July 2, 2008), 73 FR 39747 (July 10, 2008)(SR– 

CBOE–2008–16); 58224 (July 25, 2008), 73 FR 

44303 (July 30, 2008) (SR–ISE–2007–94); and 59081 

(December 11, 2008), 73 FR 76432 (December 16, 

2008) (SR–Phlx–2008–79). 

10 15 U.S.C. 78s(b)(2). 

11 15 U.S.C. 78s(b)(2). 

12 17 CFR 200.30–3(a)(12). 

applicable to a national securities 

exchange.4 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,5 which, among other 

things, requires that the rules of a 

national securities exchange be 

designed to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating transactions in securities, 

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. The Commission 

also finds that the proposed rule change 

is consistent with Section 6(b)(8) of the 

Act,6 which requires that the rules of an 

exchange not impose any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

The Commission believes that, given 

the electronic environment of NYSE 

Arca OX, reducing the exposure period 

from three seconds to one second could 

facilitate the prompt execution of 

orders, while continuing to provide 

market participants with an opportunity 

to compete for exposed bids and offers. 

To substantiate that NYSE Arca 

members could receive, process, and 

communicate a response back to the 

Exchange within one second, the 

Exchange stated that it distributed a 

survey to its members that regularly 

access the Exchange on an electronic 

basis. NYSE Arca stated that all but one 

responding firm indicated that their 

approximate turnaround time for 

responding to trading interest was equal 

to, or less than, 100 milliseconds, while 

the other responding firm simply stated 

that their turnaround time was ‘‘less 

than one second.’’ 7 NYSE Arca also 

stated that none of the responding firms 

anticipated any problems related to 

order processing, if the Exchange was to 

reduce the exposure period to one 

second.8 Based on NYSE Arca’s 

statements regarding the survey results, 

the Commission believes that market 

participants should continue to have 

opportunities to compete for exposed 

bids and offers within a one second 

exposure period. Accordingly, the 

Commission believes that it is 

consistent with the Act for NYSE Arca 

to reduce the exposure time discussed 

herein from three seconds to one 

second. 

The Commission finds good cause to 

approve the proposed rule change prior 

to the thirtieth day after publication for 

comment in the Federal Register. The 

Commission notes that the proposed 

rule change was noticed for a fifteen-day 

comment period, and no comments 

were received. The Commission 

believes that the Exchange has provided 

reasonable support for its belief that the 

Exchange’s market participants would 

continue to have an opportunity to 

compete for exposed bids and offers if 

the exposure period was reduced to one 

second as proposed. Finally, the 

Commission also notes that the 

proposed rule change is similar to 

recently approved proposals submitted 

by the Chicago Board Options Exchange, 

Incorporated, the International 

Securities Exchange, LLC, and NASDAQ 

OMX PHLX, Inc.9 Therefore, the 

Commission finds good cause, 

consistent with Section 19(b)(2) of the 

Act,10 to approve the proposed rule 

change on an accelerated basis. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,11 that the 

proposed rule change (SR–NYSEArca– 

2008–135), be, and hereby is, approved 

on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–137 Filed 1–8–09; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 6477] 

Culturally Significant Objects Imported 

for Exhibition Determinations: ‘‘A 

Circus Family: Picasso to Leger’’ 

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 object to be 

included in the exhibition ‘‘A Circus 

Family: Picasso to Leger,’’ imported 

from abroad for temporary exhibition 

within the United States, is of cultural 

significance. The object is imported 

pursuant to a loan agreement with the 

foreign owner or custodian. I also 

determine that the exhibition or display 

of the exhibit object at the Baltimore 

Museum of Art, Baltimore, MD, from on 

or about February 22, 2009, until on or 

about May 17, 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 Carol B. 

Epstein, Attorney-Adviser, Office of the 

Legal Adviser, U.S. Department of State 

(telephone: 202/453–8048). The address 

is U.S. Department of State, SA–44, 301 

4th Street, SW., Room 700, Washington, 

DC 20547–0001. 

Dated: December 22, 2008. 

C. Miller Crouch, 

Principal Deputy Assistant Secretary for 

Educational and Cultural Affairs, Department 

of State. 

[FR Doc. E9–208 Filed 1–8–09; 8:45 am] 

BILLING CODE 4710–05–P 

DEPARTMENT OF STATE 

[Public Notice 6478] 

Culturally Significant Objects Imported 

for Exhibition Determinations: ‘‘Turner 

to Cezanne: Masterpieces from the 

Davies Collection, National Museum 

Wales’’ 

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 ‘‘Turner to 

Cezanne: Masterpieces from the Davies 

Collection, National Museum Wales,’’ 

imported from abroad for temporary 

mstockstill on PROD1PC66 with NOTICES