Document ID: SEC-2009-0116-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2009-01-27T05:00Z

[Federal Register: January 27, 2009 (Volume 74, Number 16)]
[Notices]               
[Page 4800-4802]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27ja09-75]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59264; File No. SR-NYSEArca-2009-02]

 
Self-Regulatory Organizations; Notice of Filing of and Immediate 
Effectiveness of Proposed Rule Change by NYSE Arca, Inc. To Amend or 
Eliminate Unnecessary Rule Text

January 16, 2009.
    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 January 8, 2009, NYSE Arca, Inc. (``NYSE Arca'' or the 
``Exchange'') 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.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend or eliminate several of its rules in 
order to remove unnecessary rule text related to terms or systems that 
are now obsolete. The text of the proposed rule change is attached to 
the proposed rule change as Exhibit 5. 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 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 purpose of this filing by NYSE Arca is to correct certain NYSE 
Arca cross-references and remove obsolete and unnecessary rule text. By 
abolishing these out-dated references and correcting cross-references, 
the Exchange is not changing or altering any obligation, rights, 
policies or practices enumerated within its rules.
    The specific proposed changes are discussed in further detail 
below.

     Rule 5.3(g). Criteria for Underlying Securities: The 
Exchange is changing the numbering within the rule because two 
separate rule filings were approved at different times which 
affected the numbering within the rule.\4\
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    \4\ See SR-NYSEArca-2008-108, Securities Exchange Act Release 
No. 34-59004 [sic] (November 24, 2008) 73 FR 207 [sic] (October 24, 
2008) [sic] (filing seeking approval for listing and trading of 
options on Managed Fund Shares) and SR-NYSEArca-2008-66, Securities 
[sic] Act Release No. 34-59055 [sic] (December 4, 2008) 73 FR 238 
[sic] (December 10, 2008) (filing seeking approval for Listing and 
Trading Options on Shares of the iShares COMEX Gold Trust and the 
iShares Silver Trust).

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[[Page 4801]]

     Rule 6.20(a). Time Synchronization: The Exchange is 
changing the rule reference from Rule 4.25 to Rule 11.18.
     Rule 6.34. Trading by OTP Holders and OTP Firms on the 
Floor: The Exchange is eliminating the references to Rule 6.38 and 
Rule 6.52(a) in Commentary .01 as those rules are obsolete and no 
longer exist.
     Rule 6.48(c). Discretionary Transaction: The Exchange 
is changing the rule reference from Rule 6.39 to Rule 6.84.
     Rule 6.75(f)(1). Priority and Order Allocation 
Procedures--Open Outcry: The Exchange is eliminating the phrase 
related to ``Exchange officer'' as this now obsolete.
     Rule 6.78(e)(1)(E). Transactions Off the Exchange: The 
Exchange is changing the rule reference from Rule 8.103 to Rule 
5.33.
     Rule 6.78. Transaction Off the Exchange. Commentary: 
The Exchange is removing the Rule 7.9 Meaning of Premium Bids and 
Offers, Index Options reference as this rule is now obsolete and no 
longer exists.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Securities Exchange Act of 1934 (the 
``Act''),\5\ in general, and furthers the objectives of Section 6(b)(5) 
of the Act,\6\ in particular, because 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 mechanism of a free and open 
market and a national market system, and, in general, to protect 
investors and the public interest. The Exchange believes that the 
proposed rule change will clarify the rule cross-references and 
eliminate unnecessary confusion in its rule structure.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
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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 Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(6) thereunder.\8\ 
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 \9\ and Rule 19b-
4(f)(6)(iii) thereunder.\10\
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    \7\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \8\ 17 CFR 240.19b-4(f)(6).
    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. 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 believes the 
waiver of this period will allow it to immediately remove outdated and 
obsolete references and terms contained in Exchange rules without 
delay. The Commission has determined that waiving the 30-day operative 
delay of the Exchange's proposal is consistent with the protection of 
investors and the public interest because such waiver will allow the 
Exchange to promptly remove obsolete references and terms contained in 
its rules, thereby avoiding further potential confusion and ensuring 
that the rule text of the Exchange is accurate.\13\ Therefore, the 
Commission designates the proposal as operative upon filing. 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.
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    \11\ 17 CFR 240.19b-4(f)(6).
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ For 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).
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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 rule-comments@sec.gov. Please include 
File Number SR-NYSEArca-2009-02 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-2009-02. 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 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 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-2009-02 and should be submitted on or before 
February 17, 2009.

[[Page 4802]]

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-1672 Filed 1-26-09; 8:45 am]

BILLING CODE 8011-01-P