Document ID: SEC-2008-0081-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Philadelphia Stock Exchange, Inc.
Posted Date: 2008-01-16T05:00Z

[Federal Register: January 16, 2008 (Volume 73, Number 11)]
[Notices]               
[Page 2974-2975]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16ja08-114]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57116; File No. SR-Phlx-2007-95]

 
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Securities With Restricted Trading Sessions on XLE

January 9, 2008.
    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 December 31, 2007, the Philadelphia Stock Exchange, Inc. (``Phlx'' 
or ``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 substantially prepared by Phlx. The 
Exchange filed the proposal as a ``non-controversial'' proposed rule 
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 
19b-4(f)(6) 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Phlx proposes to update the list in Phlx Rule 101 of securities 
eligible to trade in one or more, but not all three, of the Exchange's 
trading sessions. The securities to be added are: (1) iShares[reg] S&P 
Global 100 Index Fund; (2) iShares[reg] S&P Global Consumer 
Discretionary Sector Index Fund; (3) iShares[reg] S&P Global Consumer 
Staples Sector Index Fund; (4) iShares[reg] S&P Global Energy Sector 
Index Fund; (5) iShares[reg] S&P Global Financials Sector Index Fund; 
(6) iShares[reg] S&P Global Healthcare Sector Index Fund; (7) 
iShares[reg] S&P Global Industrials Sector Index Fund; (8) iShares[reg] 
S&P Global Materials Sector Index Fund; (9) iShares[reg] S&P Global 
Technology Sector Index Fund; (10) iShares[reg] S&P Global 
Telecommunications Sector Index Fund; (11) iShares[reg] S&P Global 
Utilities Sector Index Fund; (12) WisdomTree International Basic 
Materials Sector Fund; (13) WisdomTree International Communications 
Sector Fund; (14) WisdomTree International Consumer Cyclical Sector 
Fund; (15) WisdomTree International Consumer Non-Cyclical Sector Fund; 
(16) WisdomTree International Energy Sector Fund; (17) WisdomTree 
International Financial Sector Fund; (18) WisdomTree International 
Health Care Sector Fund; (19) WisdomTree International Industrial 
Sector Fund; (20) WisdomTree International Technology Sector Fund; and 
(21) WisdomTree International Utilities Sector Fund.\5\ The text of the 
proposed rule change is available at Phlx's principal office, the 
Commission's Public Reference Room, and http://www.phlx.com.

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    \5\ NYSEArca, Inc. filed and received approval for a proposed 
rule change to expand the trading hours of the securities of certain 
exchange-traded funds (``ETFs'') traded on the NYSE Arca Marketplace 
to include all three trading sessions. See Securities Exchange Act 
Release No. 56627 (October 5, 2007), 72 FR 58145 (October 12, 2007) 
(SR-NYSEArca-2007-75). Phlx is not proposing to adopt a similar rule 
change at this time. Prior to this, NYSEArca restricted the trading 
of certain ETFs, including those referred to in this proposed rule 
change, to one or two, but not all three, of its trading sessions. 
In this proposed rule change, Phlx is proposing to adopt the same 
restricted sessions that NYSEArca had for the named ETFs prior to 
the approval of SR-NYSEArca-2007-75.
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II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, Phlx 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 the proposed rule change is to accommodate the 
trading of the securities listed above that may not trade during all 
three trading sessions on XLE. Phlx Rule 101 provides that XLE shall 
have three trading sessions each day: A Pre Market Session (8 a.m. 
Eastern Time (``ET'') to 9:30 a.m. ET), a Core Session (9:30 a.m. ET to 
4 p.m. or 4:15 p.m. ET), and a Post Market Session (end of Core Session 
to 6 p.m. ET). Phlx Rule 101 includes a list of those securities that 
are eligible to trade in one or more, but not all three, of XLE's 
trading sessions. The Exchange maintains on its Web site (http://www.phlx.com) 

a list that identifies all securities traded on XLE that do not trade 
for the duration of each of the three sessions specified in Phlx Rule 
101. The Exchange proposes to add the above-listed securities to this 
list. These securities are traded on the Exchange pursuant to unlisted 
trading privileges and are Index Fund Shares described in Phlx Rule 
803(l).
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \6\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \7\ 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.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 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 either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (1) 
Significantly affect

[[Page 2975]]

the protection of investors or the public interest; (2) impose any 
significant burden on competition; and (3) become operative for 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, it has become effective pursuant to Section 
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6). In addition, Phlx has given 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 on which the 
Exchange filed the proposed rule change. See 17 CFR 240.19b-
4(f)(6)(iii).
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    Phlx has requested that the Commission waive the 30-day operative 
delay and designate the proposed rule change to become operative 
immediately. The Commission believes that granting this request is 
consistent with the protection of investors and the public interest 
because the Exchange is merely clarifying which securities do not trade 
in all three of its trading sessions when such trading hours have been 
established pursuant to other proposed rule changes. Therefore, the 
Commission designates the proposed rule change as operative upon 
filing.\10\
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    \10\ For the purposes only of waiving the operative date of this 
proposal, 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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    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 the 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 rule-comments@sec.gov. Please include 

File Number SR-Phlx-2007-95 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-Phlx-2007-95. 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 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-Phlx-2007-95 and should be 
submitted on or before February 6, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
Florence E. Harmon,
Deputy Secretary.
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    \11\ 17 CFR 200.30-3(a)(12).
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 [FR Doc. E8-629 Filed 1-15-08; 8:45 am]

BILLING CODE 8011-01-P