Document ID: SEC-2013-2096-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2013-12-11T05:00Z

[Federal Register Volume 78, Number 238 (Wednesday, December 11, 2013)]
[Notices]
[Pages 75406-75413]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-29491]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70993; File No. SR-NYSEArca-2013-101]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting 
Approval of Proposed Rule Change To List and Trade Shares of the 
WisdomTree Bloomberg U.S. Dollar Bullish Fund, WisdomTree Bloomberg 
U.S. Dollar Bearish Fund, and the WisdomTree Commodity Currency Bearish 
Fund Under NYSE Arca Equities Rule 8.600

December 5, 2013.

I. Introduction

    On September 26, 2013, NYSE Arca, Inc. (``Exchange'' or ``NYSE 
Arca'') 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 list and trade shares (``Shares'') of 
WisdomTree Bloomberg U.S. Dollar Bullish Fund, WisdomTree Bloomberg 
U.S. Dollar Bearish Fund, and the WisdomTree Commodity Currency Bearish 
Fund of the WisdomTree Trust. The proposed rule change was published 
for comment in the Federal Register on October 22, 2013.\3\ The 
Commission received no comments on the proposal. This order grants 
approval of the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 70624 (October 8, 
2013), 78 FR 62751 (``Notice'').
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II. Description of the Proposed Rule Change

    The Exchange proposes to list and trade the Shares of the 
WisdomTree Bloomberg U.S. Dollar Bullish Fund (``DI Bull Fund''), 
WisdomTree Bloomberg U.S. Dollar Bearish Fund (``DI Bear Fund,'' and 
together with the DI Bull Fund, collectively, ``DI Funds''), and the 
WisdomTree Commodity Currency Bearish Fund (``CC Bear Fund'') \4\ under 
NYSE Arca Equities Rule 8.600, which governs the listing and trading of 
Managed Fund Shares on the Exchange. The Shares will be offered by the 
WisdomTree Trust (``Trust''), a Delaware statutory trust registered 
with the Commission as an investment company.\5\
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    \4\ The DI Funds and the CC Bear Fund are also individually 
referred to as ``Fund'' and collectively referred to as ``Funds.''
    \5\ The Trust has filed a registration statement on Form N-1A 
(``Registration Statement'') with the Commission on behalf of each 
of the Funds. See Post-Effective Amendment No. 216 (DI Bull Fund), 
No. 217 (DI Bear Fund), and No. 218 (CC Bear Fund) to the 
Registration Statement on Form N-1A for the Trust, each dated 
September 6, 2013 under the Securities Act of 1933 (``Securities 
Act'') and the Investment Company Act of 1940 (``1940 Act'') (File 
Nos. 333-132380 and 811-21864). In addition, the Exchange notes that 
the Commission has issued an order granting certain exemptive relief 
to the Trust under the 1940 Act. See Investment Company Act Release 
No. 28171 (October 27, 2008) (File No. 812-13458). In compliance 
with Commentary .05 to NYSE Arca Equities Rule 8.600, which applies 
to Managed Fund Shares based on an international or global 
portfolio, the Exchange represents that the Trust's application for 
exemptive relief under the 1940 Act states that the Funds will 
comply with the federal securities laws in accepting securities for 
deposits and satisfying redemptions with redemption securities and 
that the securities accepted for deposits and the securities used to 
satisfy redemption requests are sold in transactions that would be 
exempt from registration under the Securities Act.

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[[Page 75407]]

    WisdomTree Asset Management, Inc. will be the investment adviser 
(``Adviser'') to each of the Funds.\6\ Mellon Capital Management will 
serve as sub-adviser for each of the Funds (``Sub-Adviser'').\7\ The 
Bank of New York Mellon is the administrator, custodian, and transfer 
agent for the Trust. ALPS Distributors, Inc. serves as the distributor 
for the Trust. Bloomberg Finance L.P. (``Index Sponsor'') is the 
sponsor of the Bloomberg US Dollar Total Return Index (``Bloomberg USD 
TR Index'') and the Bloomberg Inverse US Dollar Total Return Index 
(``Bloomberg Inverse USD TR Index,'' each an ``Index,'' and together 
with the Bloomberg USD TR Index, collectively, ``Indexes'').\8\ 
According to the Exchange, the Adviser is not registered as a broker-
dealer or affiliated with a broker-dealer. The Exchange further 
represents that the Sub-Adviser is not a broker-dealer, but is 
affiliated with one or more broker-dealers and has implemented a ``fire 
wall'' with respect to each such broker-dealer regarding access to 
information concerning the composition and changes to a Fund's 
portfolio.\9\
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    \6\ WisdomTree Investments, Inc. is the parent company of the 
Adviser.
    \7\ The Sub-Adviser will be responsible for day-to-day 
management of the Funds and, as such, will typically make all 
decisions with respect to portfolio holdings. The Adviser will have 
ongoing oversight responsibility.
    \8\ The Exchange states that information regarding the Indexes 
and other indexes provided by the Index Sponsor can be found at 
www.bloombergindexes.com. The Exchange further represents that the 
Index Sponsor is not a broker-dealer, but is affiliated with one or 
more broker-dealers and has implemented procedures designed to 
prevent the illicit use and dissemination of material, non-public 
information regarding the Indexes and has implemented a ``fire 
wall'' with regard to its affiliated broker-dealers regarding the 
Indexes.
    \9\ See NYSE Arca Equities Rule 8.600, Commentary .06. In the 
event (a) the Adviser or Sub-Adviser becomes registered as a broker-
dealer or becomes newly affiliated with a broker-dealer, or (b) any 
new adviser or sub-adviser is a registered broker-dealer or becomes 
affiliated with a broker-dealer, the Adviser will implement a fire 
wall with respect to its relevant personnel or its broker-dealer 
affiliate regarding access to information concerning the composition 
of or changes to the applicable Fund's portfolio, and it will be 
subject to procedures designed to prevent the use and dissemination 
of material, non-public information regarding the portfolio.
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DI Funds--Index Information

    The DI Bull Fund will be an actively managed fund that seeks to 
provide total returns, before expenses, that exceed the performance of 
the Bloomberg USD TR Index. According to the Exchange, the Bloomberg 
USD TR Index is based on the Bloomberg US Dollar Index (BDXY), which 
tracks changes in the value of the U.S. Dollar against a basket of 
developed and emerging market currencies that are deemed to have the 
highest liquidity in the currency markets and to represent countries 
that make the largest contribution to trade flows with the United 
States.\10\ The Exchange states that the Bloomberg USD TR Index 
additionally incorporates the impact of short-term interest rate 
differences inherent in achieving such exposure by incorporating the 
net interest rate differential between the short-term interest rates in 
the U.S. and in the countries of those leading currencies and the daily 
federal funds rate. The Exchange states that the Bloomberg USD TR Index 
is structured to potentially benefit from a general rise in the level 
of the U.S. Dollar relative to the basket of global currencies.
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    \10\ The Exchange states that data for the global currencies is 
derived, in part, from the Bank for International Settlements 
Triennial Central Bank Survey, December 2010 (``BIS Survey''). 
According to the Exchange, the global currencies included in the 
Indexes are limited to the top twenty currencies in terms of 
transaction volume, listed in the BIS Survey, under Table 3: 
``Currency distribution of global foreign exchange market 
turnover,'' reflecting the percentage share of average daily 
turnover for the applicable month and year (``Table 3''). See http://www.bis.org/publ/rpfxf10t.htm. Trade volume data for the currencies 
selected is derived from the Board of Governors of the Federal 
Reserve System, Foreign Exchange Rates--H.10 Release. See http://www.federalreserve.gov/Releases/H10/Summary/ (``Federal Reserve 
Release''). According to the Exchange, the global currencies 
selected for the Indexes are limited to the top twenty currencies by 
trade volume included in the most recent Federal Reserve Release.
    According to the Exchange, the Index Sponsor selects for both 
Indexes the top ten currencies included in both the most recent BIS 
Survey and Federal Reserve Release, giving equal weighting to both 
liquidity and trade volume. The currencies selected are given 
weights in each Index based equally on relative trade volume and 
relative liquidity as compared with the other included currencies. 
The Indexes each exclude any currency that is tied directly to the 
U.S. Dollar (e.g., Hong Kong Dollar) and limit the percentage 
weighting of the Chinese Yuan Renminbi (``CNY'') to three percent of 
the total weight of each Index, because the CNY is heavily managed 
by the Chinese government. The Indexes also exclude any currency 
that would receive a weighting of less than two percent of the 
Indexes, based on the relative weighting formula described above.
     The Exchange states that, as of December 31, 2012 (the date of 
the most recent rebalancing of the Indexes), the components of each 
index were the following: Euro (34.3%); Japanese Yen (16.2%); 
Canadian Dollar (12.0%); British Pound (9.9%); Mexican Peso (8.5%); 
Australian Dollar (5.5%); Swiss Franc (4.9%); Korean Won (3.6%); CNY 
(3.0%); and Singapore Dollar (2.2%).
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    According to the Exchange, the Bloomberg US Dollar Index and, 
accordingly, the Bloomberg USD TR Index and the Bloomberg Inverse USD 
TR Index are constructed as follows. First, to be considered for the 
Index, currencies must rank high in terms of their countries' or 
regions' contribution to overall trade in the U.S. or have high 
standing in terms of rank in foreign exchange trading volume, although 
they must have influence in both categories. The basket of currencies 
composing the index will be selected and weighted using the U.S. trade 
volume reported by the Federal Reserve \11\ as a proxy for contribution 
to trade flows and foreign exchange turnover as reported in the BIS 
Survey as a proxy for foreign exchange liquidity.\12\ Countries and 
their respective currencies relative to the U.S. Dollar are ranked in 
terms of their contribution to overall U.S. trade and the percentage of 
overall transaction volume for their currencies. Exposure to individual 
currencies whose movement has been largely regulated by their 
government will be capped at three percent, and currencies with 
preliminary weights of less than two percent are removed. The final 
weights are then derived by distributing the weight to the remaining 
currencies in proportion to the preliminary weights. Currencies that 
are strictly tied to the U.S. Dollar will be excluded.
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    \11\ The Exchange notes that data used by the Index Sponsor to 
determine trading volumes in each currency will derive from the 
Federal Reserve Release. See id.
    \12\ The Exchange notes that transactional volume will be 
derived from the BIS Survey. See supra note 10.
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    The Bloomberg USD TR Index's annual rebalance is done in December 
every year with a reference date of the third Friday of the month and a 
rebalance date after the close of the last U.S. trading date of the 
month. The Bloomberg US Dollar Index value is published real time under 
the ticker BBDXY on Bloomberg. The Bloomberg USD TR Index (BBDXT) value 
is generated once a day.
    The DI Bear Fund will be an actively managed fund that seeks to 
provide total returns, before expenses, that exceed the performance of 
the Bloomberg Inverse USD TR Index. According to the Exchange, the 
Bloomberg Inverse USD TR Index is based on the Bloomberg US Dollar 
Index (as described above), which tracks changes in the value of the

[[Page 75408]]

U.S. Dollar against a basket of developed and emerging market 
currencies that have the highest liquidity in the currency markets and 
the biggest trade flows with the U.S. The Exchange states that the 
Bloomberg Inverse USD TR Index additionally incorporates the impact of 
short-term interest rates in the global currencies and that the 
Bloomberg Inverse USD TR Index is structured to potentially rise as 
global currencies appreciate relative to the U.S. Dollar.
    The Bloomberg Inverse USD TR Index's annual rebalance is done in 
December every year with a reference date of the third Friday of the 
month and a rebalance date after the close of the last U.S. trading 
date of the month. The Bloomberg Inverse USD TR Index (BBDXI) value is 
generated once a day.
    According to the Exchange, the Indexes seek contrasting positions 
in the same currencies and the same weightings. The Bloomberg USD TR 
Index seeks to potentially benefit from a rise in the U.S. Dollar 
against a basket of currencies, while the Bloomberg Inverse USD TR 
Index seeks to potentially benefit from a fall in the U.S. Dollar 
against the same basket of currencies. The eligibility criteria for 
each of the Indexes and the method of weighting the Indexes are the 
same.

Investment Methodologies of the Funds

DI Bull Fund
    Under normal circumstances,\13\ the DI Bull Fund will invest at 
least 80% of its net assets in U.S.-issued and non-U.S.-issued money 
market securities,\14\ other U.S. government and investment grade non-
U.S. government securities (i.e., that are longer term than money 
market securities) and short-term investment grade corporate debt 
securities,\15\ as well as positions in currency forward contracts,\16\ 
listed currency options and listed currency futures,\17\ currency swap 
agreements,\18\ and spot currencies. According to the Exchange, these 
investments are designed to provide a long exposure that is similar to 
price movements in the Bloomberg USD TR Index with the incorporation of 
relative interest rates in the United States and instruments in other 
representative countries.\19\ The DI Bull Fund will seek this exposure 
through investments in money market securities combined with a similar 
size notional position in currency forwards and currency futures in the 
individual component currencies of the Bloomberg USD TR Index. The 
Exchange states that, if a sufficiently liquid futures contract on the 
Bloomberg USD TR Index or a related index is later developed, the Fund 
may invest in that futures contract as a substitute for, or as a 
complement to, futures contracts or forward contracts on the individual 
currencies in the Bloomberg USD TR Index. Although the Fund may invest 
in spot currencies, listed currency options, and currency swaps, 
investments in these instruments are expected to be limited, in each 
case to not more than 20% of Fund net assets. If, subsequent

[[Page 75409]]

to an investment, the 80% requirement is no longer met, the DI Bull 
Fund's future investments will be made in a manner that will bring the 
Fund into compliance with this policy. The Fund's investments in 
forward contracts, listed options and listed futures contracts, and 
swap agreements will be backed by investments in U.S. issued money 
market securities, longer-term U.S. government securities, or other 
liquid assets (e.g., commercial paper) in an amount equal to the 
exposure of these contracts.
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    \13\ The Exchange defines ``under normal circumstances'' to 
include, without limitation, the absence of extreme volatility or 
trading halts in the fixed-income markets or the financial markets 
generally; operational issues causing dissemination of inaccurate 
market information; or force majeure type events such as systems 
failure, natural or man-made disaster, act of God, armed conflict, 
act of terrorism, riot or labor disruption, or any similar 
intervening circumstance.
    \14\ The Exchange defines the term ``money market securities'' 
to include: Short-term, high quality obligations issued or 
guaranteed by the U.S. Treasury or the agencies or instrumentalities 
of the U.S. government; short-term, high quality securities issued 
or guaranteed by non-U.S. governments, agencies, and 
instrumentalities; repurchase agreements backed by U.S. government 
and non-U.S. government securities; money market mutual funds; and 
deposit and other obligations of U.S. and non-U.S. banks and 
financial institutions. All money market securities acquired by a 
Fund will be rated investment grade, except that a Fund may invest 
in unrated money market securities that are deemed by the Adviser or 
Sub-Adviser to be of comparable quality to money market securities 
rated investment grade. The determination by the Adviser or the Sub-
Adviser that an unrated security is of comparable quality to another 
security rated investment grade will be based on, among other 
factors, a comparison between the unrated security and securities 
issued by similarly situated companies to determine where in the 
spectrum of credit quality the unrated security would fall. The 
Adviser or Sub-Adviser would also perform an analysis of the unrated 
security and its issuer similar, to the extent possible, to that 
performed by a nationally recognized statistical rating organization 
(``NRSRO'') in rating similar securities and issuers. See Credit 
Analysis of Portfolio Securities, Commission No-Action Letter (May 
8, 1990).
    The Exchange states that the term ``investment grade,'' for 
purposes of money market securities only, is intended to mean 
securities rated A1 or A2 by one or more NRSROs. The exchange 
further states that the term ``U.S.-issued money market securities'' 
means money market securities issued or guaranteed by the U.S. 
government, repurchase agreements backed by the U.S. government 
securities, and U.S.-based money market mutual funds and deposits 
and other obligations of financial institutions organized or having 
their principal place of business in the U.S. According to the 
Exchange, the term ``non-U.S.-issued money market securities'' means 
money market securities issued or guaranteed by a non-U.S. 
government, repurchase agreements backed by non-U.S. government 
securities, non-U.S.-based money market mutual funds, and deposits 
and other obligations of financial institutions organized or having 
their principal place of business outside the U.S.
    \15\ According to the Adviser, ``investment grade'' means 
securities (other than money market securities) rated in the Baa/BBB 
categories or above by one or more NRSROs. If a security is rated by 
multiple NRSROs and receives different ratings, the Fund will treat 
the security as being rated in the highest rating category received 
from an NRSRO. Rating categories may include sub-categories or 
gradations indicating relative standing.
    \16\ A currency forward contract is an agreement to buy or sell 
a specific currency on a future date at a price set at the time of 
the contract. Each of the Funds will invest only in currencies, and 
instruments that provide exposure to those currencies, that have 
significant foreign exchange turnover and are included in the BIS 
Survey. To the extent a Fund invests in currencies, each Fund will 
invest in currencies, and instruments that provide exposure to those 
currencies, explicitly listed on Table 3 in the BIS Survey.
    \17\ The Exchange represents that exchange-listed currency 
options in which each of the Funds may invest will be listed on 
exchanges in the U.S. or the United Kingdom. In addition, the 
exchange-listed futures contracts in which each of the Funds may 
invest will be listed on exchanges in the U.S., the United Kingdom, 
Hong Kong, or Singapore. According to the Exchange, each of the 
United Kingdom's primary financial markets regulator, the Financial 
Conduct Authority; Hong Kong's primary financial markets regulator, 
the Securities and Futures Commission; and Singapore's primary 
financial markets regulator, the Monetary Authority of Singapore, 
are signatories to the International Organization of Securities 
Commissions (``IOSCO'') Multilateral Memorandum of Understanding 
(``MMOU''), which is a multi-party information sharing arrangement 
among financial regulators. Both the Commission and the Commodity 
Futures Trading Commission are signatories to the IOSCO MMOU.
    The Exchange represents that each of the exchange-listed 
currency options and exchange-listed futures contracts in which a 
Fund may invest will be listed on exchanges that are members of the 
Intermarket Surveillance Group or on an exchange with which the 
Exchange has entered into a comprehensive surveillance sharing 
agreement.
    \18\ A currency swap agreement is a foreign exchange agreement 
between two counterparties to exchange aspects (i.e., the principal 
and interest payments) of a loan in one currency for equivalent 
aspects of an equal in net present value loan in another currency. 
The Exchange represents that the market for currency swaps in which 
each of the Funds will invest is highly liquid.
    \19\ The Exchange states that, to the extent practicable, the 
Funds will invest in swaps cleared through the facilities of a 
centralized clearing house. The Funds may also invest in money 
market securities that may serve as collateral for the futures 
contracts, currency options, forward contracts, and currency swap 
agreements.
    The Exchange further states that the Adviser or Sub-Adviser will 
also attempt to mitigate each Fund's credit risk by transacting only 
with large, well-capitalized institutions using measures designed to 
determine the creditworthiness of the counterparty. The Adviser or 
Sub-Adviser will take various steps to limit counterparty credit 
risk that will be described in the Registration Statement. Each Fund 
will enter into forward contracts and swap agreements only with 
financial institutions that meet certain credit quality standards 
and monitoring policies. Each Fund may also use various techniques 
to minimize credit risk, including early termination or reset and 
payment, using different counterparties, and limiting the net amount 
due from any individual counterparty. The Funds generally will 
collateralize forward contracts and swap agreements with cash or 
certain securities. The collateral will generally be held for the 
benefit of the counterparty in a segregated tri-party account at the 
custodian to protect the counterparty against non-payment by the 
Fund. In the event that a counterparty defaults and a Fund is owed 
money in the forward contract or swap transaction, the applicable 
Fund will seek withdrawal of the collateral from the segregated 
account and may incur certain costs exercising its right with 
respect to the collateral.
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    The Exchange notes that positioning for a stronger U.S. Dollar 
through a mixture of these securities and financial instruments is 
intended to provide a return reflective of the changes in the U.S. 
Dollar against the specified currencies, the U.S. cash rate, and the 
spread of U.S. interest rates against foreign interest rates.
    The Fund may invest directly in foreign currencies in the form of 
bank and financial institution deposits, certificates of deposit, and 
bankers acceptances denominated in a specified non-U.S. currency, and 
the Fund may enter into foreign currency exchange transactions. As 
stated above, the Fund may also conduct its foreign currency exchange 
transactions on a spot (i.e., cash) basis at the spot rate prevailing 
in the foreign currency exchange market.
    In order to reduce interest rate risk, the Fund will generally 
maintain a weighted average portfolio maturity with respect to money 
market securities of 180 days or less on average (not to exceed 18 
months) and will not purchase any money market securities with a 
remaining maturity of more than 397 calendar days. The ``average 
portfolio maturity'' of the Fund will be the average of all current 
maturities of the individual securities in the Fund's portfolio. The 
Fund's actual portfolio duration may be longer or shorter depending on 
market conditions.
    The Exchange represents that the Fund's fixed-income investment 
portfolio will meet the listing criteria for index-based, fixed-income 
exchange-traded funds contained in NYSE Arca Equities Rule 5.2(j)(3), 
Commentary .02.\20\
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    \20\ See NYSE Arca Equities Rule 5.2(j)(3), Commentary .02 
governing fixed-income based Investment Company Units. The 
requirements of Rule 5.2(j)(3), Commentary .02(a) include the 
following: (i) The index or portfolio must consist of Fixed Income 
Securities (as defined generally to include the Fund's holdings in 
money market and other fixed-income securities) (Rule 5.2(j)(3), 
Commentary .02(a)(1)); (ii) components that in the aggregate account 
for at least 75% of the weight of the index or portfolio must each 
have a minimum original principal amount outstanding of $100 million 
or more (Rule 5.2(j)(3), Commentary .02(a)(2)); (iii) a component 
may be a convertible security, however, once the convertible 
security converts to an underlying equity security, the component is 
removed from the index or portfolio (Rule 5.2(j)(3), Commentary 
.02(a)(3)); (iv) no component fixed-income security (excluding 
Treasury Securities) will represent more than 30% of the weight of 
the index or portfolio, and the five highest weighted component 
fixed-income securities will not in the aggregate account for more 
than 65% of the weight of the index or portfolio (Rule 5.2(j)(3), 
Commentary .02(a)(4)); and (v) an underlying index or portfolio 
(excluding exempted securities) must include securities from a 
minimum of 13 non-affiliated issuers (Rule 5.2(j)(3), Commentary 
.02(a)(5)).
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DI Bear Fund
    Under normal circumstances,\21\ the DI Bear Fund will invest at 
least 80% of its net assets in money market securities, other U.S. 
government and investment grade non-U.S. government securities (i.e., 
securities that are longer term than money market securities) and 
short-term investment grade corporate debt securities \22\ and 
positions in currency forward contracts,\23\ listed currency options 
and currency futures,\24\ currency swap agreements,\25\ and spot 
currencies. According to the Exchange, these investments are designed 
to provide a short exposure that is similar to price movements in the 
Bloomberg Inverse USD TR Index with the incorporation of relative 
interest rates in the United States and instruments in other 
representative countries.\26\ The DI Bear Fund will seek this exposure 
through investments in money market securities combined with a similar 
size notional position in currency forwards and currency futures in the 
individual component currencies of the Bloomberg Inverse USD TR Index. 
The Exchange states that, if a sufficiently liquid futures contract on 
the Bloomberg Inverse USD TR Index or a related index is later 
developed, the Fund may invest in that futures contract as a substitute 
for, or complement to, futures contracts or forward contracts on the 
individual component currencies of the Bloomberg Inverse USD TR Index. 
Although the Fund may invest in spot currencies, currency options, and 
currency swaps, investments in these instruments are expected to be 
limited, in each case to not more than 20% of Fund net assets. If, 
subsequent to an investment, the 80% requirement is no longer met, the 
DI Bear Fund's future investments will be made in a manner that will 
bring the Fund into compliance with this policy. The Fund's investments 
in forward contracts, listed options contracts, listed futures 
contracts, and swap agreements will be backed by investments in U.S. 
issued money market securities, longer-term U.S. government securities, 
or other liquid assets (e.g., commercial paper) in an amount equal to 
the exposure of these contracts.
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    \21\ See supra note 13.
    \22\ See supra note 15.
    \23\ See supra note 16.
    \24\ See supra note 17.
    \25\ See supra note 18.
    \26\ See supra note 19.
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    The Exchange states that positioning for a weaker U.S. Dollar 
through a mixture of these securities and financial instruments is 
intended to provide a return reflective of the change in the basket of 
currencies relative to the U.S. Dollar, the rate of U.S.-issued money 
market securities, and the spread of foreign interest rates over the 
U.S. Dollar.
    The Fund may invest directly in foreign currencies in the form of 
bank and financial institution deposits, certificates of deposit, and 
bankers acceptances denominated in a specified non-U.S. currency, and 
the Fund may enter into foreign currency exchange transactions. As 
stated above, the Fund may also conduct its foreign currency exchange 
transactions on a spot (i.e., cash) basis at the spot rate prevailing 
in the foreign currency exchange market.
    In order to reduce interest rate risk, the Fund will generally 
maintain a weighted average portfolio maturity with respect to money 
market securities of 180 days or less on average (not to exceed 18 
months) and will not purchase any money market securities with a 
remaining maturity of more than 397 calendar days. The ``average 
portfolio maturity'' of the Fund will be the average of all current 
maturities of the individual securities in the Fund's portfolio. The 
Fund's actual portfolio duration may be longer or shorter depending on 
market conditions.
    The Exchange notes that the Fund's investment portfolio in fixed-
income securities will meet the listing criteria for index-based, 
fixed-income exchange-traded funds contained in NYSE Arca Equities Rule 
5.2(j)(3), Commentary .02.\27\
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    \27\ See supra note 20.
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CC Bear Fund
    According to the Exchange, the CC Bear Fund will be an actively-
managed fund that seeks to provide total returns reflective of changes 
in the value of the U.S. Dollar relative to the currencies of selected 
commodity exporters and the difference between the relative short-term 
interest rates in the United States and comparable interest rates 
available for the investments in the currencies of those selected 
commodity exporters. The CC Bear Fund will seek to potentially benefit 
from appreciation in the U.S. Dollar relative to the selected

[[Page 75410]]

commodity currencies. According to the Exchange, the term ``commodity 
currency'' generally means the currency of a country whose economic 
success is commonly identified with the production and export of 
commodities (such as precious metals, oil, agricultural products, or 
other raw materials) and whose value is closely linked to the value of 
such commodities. The Exchange states that these countries currently 
include Australia, Brazil, Canada, Chile, Indonesia, Mexico, New 
Zealand, Norway, Russia, and South Africa.
    According to the Exchange, under normal circumstances,\28\ the CC 
Bear Fund will invest at least 80% of its net assets, plus the amount 
of any borrowings for investment purposes, in investments that are tied 
economically to selected commodity producing countries available to 
U.S. investors that make a significant contribution to the global 
export of commodities. Such investments may include a combination of 
positions in money market securities, other U.S. government and 
investment grade non-U.S. government securities (i.e., securities that 
are longer term than money market securities) and short-term investment 
grade corporate debt securities,\29\ with investments in currency 
forwards,\30\ listed currency options and listed currency futures,\31\ 
currency swaps,\32\ and spot currencies to provide exposure to the 
change in value of the U.S. dollar relative to selected commodity 
currencies.\33\ The CC Bear Fund will seek this exposure through 
investments in money market securities combined with a similar size 
notional position in currency forwards and currency futures in the 
individual selected currencies. Although the Fund may invest in spot 
currencies, listed currency options, and currency swaps, investments in 
these instruments are expected to be limited, in each case to not more 
than 20% of Fund net assets. If, subsequent to an investment, the 80% 
requirement is no longer met, the CC Bear Fund's future investments 
will be made in a manner that will bring the Fund into compliance with 
this policy.
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    \28\ See supra note 13.
    \29\ See supra note 15.
    \30\ See supra note 16.
    \31\ See supra note 17.
    \32\ See supra note 18.
    \33\ See supra note 19.
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    The Fund's investments in forward contracts, listed options 
contracts, listed futures contracts, and currency swap agreements will 
be backed by investments in U.S. issued money market securities, 
longer-term U.S. government securities, or other liquid assets (e.g., 
commercial paper) in an amount equal to the exposure of these 
contracts.
    In addition to seeking broad exposure to the movements in the U.S. 
Dollar relative to the commodity currencies, the Fund intends to seek 
exposure across currencies correlated to each of their key commodity 
groups: Industrial metals; precious metals; energy; agriculture; and 
livestock. The CC Bear Fund generally will invest only in currencies 
that ``float'' relative to other currencies.\34\ The Fund will invest 
only in currencies that it deems sufficiently liquid and accessible.
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    \34\ The Exchange states that the value of a floating currency 
is largely determined by supply and demand and prevailing market 
rates. In contrast, the value of a ``fixed'' currency is generally 
set by a government or central bank at an official exchange rate. 
The Fund therefore, according to the Exchange, generally does not 
intend to invest in the currency of certain major commodity 
producers, such as China, Saudi Arabia, and the United Arab 
Emirates, since their respective currencies are fixed or otherwise 
closely linked to the U.S. Dollar.
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    The Fund may invest directly in foreign currencies in the form of 
bank and financial institution deposits, certificates of deposit, and 
bankers acceptances denominated in a specified non-U.S. currency, and 
may enter into foreign currency exchange transactions. As stated above, 
the Fund may also conduct its foreign currency exchange transactions on 
a spot (i.e., cash) basis at the spot rate prevailing in the foreign 
currency exchange market.
    The Exchange states that positioning for a stronger U.S. Dollar 
through a mixture of these securities and financial instruments is 
intended to provide a return reflective of the changes in the U.S. 
Dollar against the specified currencies, the U.S. cash rate, and the 
spread of foreign interest rates against U.S. interest rates.
    In order to reduce interest rate risk, the Fund will generally 
maintain a weighted average portfolio maturity with respect to money 
market securities of 90 days or less. The ``average portfolio 
maturity'' of the Fund will be the average of all current maturities of 
the individual securities in the Fund's portfolio. The Fund's actual 
portfolio duration may be longer or shorter depending on market 
conditions.
    The CC Bear Fund is actively-managed and is not tied to an index. 
The Exchange notes, however, that the Fund's investment portfolio in 
fixed-income securities will meet the listing criteria for index-based, 
fixed-income exchange-traded funds contained in NYSE Arca Equities Rule 
5.2(j)(3).\35\
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    \35\ See supra note 20.
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Other Investments

    Each Fund reserves the right to invest in fixed-income securities 
and cash, without limitation, as determined by the Adviser or Sub-
Adviser in response to adverse market, economic, political, or other 
conditions. Each Fund may also ``hedge'' or minimize its respective 
exposures to one or more foreign currencies in response to such 
conditions.
    While each Fund, under normal circumstances, will invest at least 
80% of its net assets in securities and other financial instruments as 
described above, each Fund may invest its remaining assets in other 
securities and financial instruments, as generally described below.
    Each Fund may invest in the securities of other investment 
companies and exchange-traded products, including other exchange-traded 
funds registered under the 1940 Act (collectively, ``ETPs'').\36\
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    \36\ According to the Exchange, when used herein, ETPs may 
include, without limitation, Investment Company Units (as described 
in NYSE Arca Equities Rule 5.2(j)(3)); Index-Linked Securities (as 
described in NYSE Arca Equities Rule 5.2.(j)(6)); Portfolio 
Depositary Receipts (as described in NYSE Arca Equities Rule 8.100); 
Trust-Issued Receipts (as described in NYSE Arca Equities Rule 
8.200); Commodity-Based Trust Shares (as described in NYSE Arca 
Equities Rule 8.201); Currency Trust Shares (as described in NYSE 
Arca Equities Rule 8.202); Commodity Index Trust Shares (as 
described in NYSE Arca Equities Rule 8.203); Trust Units (as 
described in NYSE Arca Equities Rule 8.500); and Managed Fund Shares 
(as described in NYSE Arca Equities Rule 8.600). The ETPs in which 
the Funds may invest all will be listed and traded on U.S. 
registered exchanges. The Funds will invest in the securities of 
ETPs registered under the 1940 Act consistent with the requirements 
of Section 12(d)(1) of the 1940 Act or any rule, regulation or order 
of the Commission or interpretation thereof. The Funds will only 
make such investments in conformity with the requirements of Section 
817 of the Internal Revenue Code of 1986. The ETPs in which the 
Funds may invest will primarily be indexed-based exchange-traded 
funds that hold substantially all of their assets in securities 
representing a specific index. While the Funds may invest in inverse 
ETPs, the Funds will not invest in leveraged (e.g., 2X, -2X, 3X, or 
-3X) ETPs.
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    Each Fund may hold up to an aggregate of 15% of its net assets in 
illiquid securities (calculated at the time of investment), including 
Rule 144A securities deemed illiquid by the Adviser or Sub-Adviser in 
accordance with Commission guidance.\37\ Each

[[Page 75411]]

Fund will monitor its portfolio liquidity on an ongoing basis to 
determine whether, in light of current circumstances, an adequate level 
of liquidity is being maintained and will consider taking appropriate 
steps in order to maintain adequate liquidity if, through a change in 
values, net assets, or other circumstances, more than 15% of a Fund's 
net assets are held in illiquid securities. According to the Exchange, 
illiquid securities include securities subject to contractual or other 
restrictions on resale and other instruments that lack readily 
available markets as determined in accordance with Commission staff 
guidance.
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    \37\ Each Fund's Sub-Adviser will be responsible for complying 
with the Fund's restrictions on investing in illiquid securities. In 
doing that, the Sub-Adviser will make ongoing determinations about 
the liquidity of Rule 144A securities that the respective Fund may 
invest in. In reaching liquidity decisions, the Sub-Adviser may 
consider the following factors: The frequency of trades and quotes 
for the security; the number of dealers wishing to purchase or sell 
the security and the number of other potential purchasers and dealer 
undertakings to make a market in the security; and the nature of the 
security and the nature of the marketplace trades (e.g., the time 
needed to dispose of the security, the method of soliciting offers, 
and the mechanics of transfer).
---------------------------------------------------------------------------

    Each of the Funds intends to qualify each year as a regulated 
investment company under Subchapter M of the Internal Revenue Code of 
1986, as amended.\38\ In addition, none of the Funds will concentrate 
25% or more of the value of its respective total assets (taken at 
market value at the time of each investment) in any one industry, as 
that term is used in the 1940 Act (except that this restriction does 
not apply to obligations issued by the U.S. government or its agencies 
and instrumentalities). Moreover, none of the Funds will invest in any 
non-U.S. equity securities. Each Fund's investments will be consistent 
with the Fund's respective investment objective and will not be used to 
enhance leverage.
---------------------------------------------------------------------------

    \38\ 26 U.S.C. 851.
---------------------------------------------------------------------------

    Additional information regarding the individual Funds, investment 
strategies, risks, creation and redemption procedures, fees, portfolio 
holdings and disclosure policies, dissemination of values, including 
net asset value (``NAV''), and distributions, among other information, 
can be found in the Notice and Registration Statement, as 
applicable.\39\
---------------------------------------------------------------------------

    \39\ See Notice and Registration Statement, supra notes 3 and 5, 
respectively.
---------------------------------------------------------------------------

III. Discussion and Commission's Findings

    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of Section 6 of the Act \40\ 
and the rules and regulations thereunder applicable to a national 
securities exchange.\41\ In particular, the Commission finds that the 
proposal is consistent with Section 6(b)(5) of the Act,\42\ which 
requires, among other things, that the Exchange's rules be 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. The Commission notes that the Funds and the Shares must 
comply with the initial and continued listing criteria in NYSE Arca 
Equities Rule 8.600 for the Shares to be listed and traded on the 
Exchange.
---------------------------------------------------------------------------

    \40\ 15 U.S.C. 78f.
    \41\ 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).
    \42\ 17 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission finds that the proposal to list and trade the Shares 
on the Exchange is consistent with Section 11A(a)(1)(C)(iii) of the 
Act,\43\ which sets forth Congress' finding that it is in the public 
interest and appropriate for the protection of investors and the 
maintenance of fair and orderly markets to assure the availability to 
brokers, dealers, and investors of information with respect to 
quotations for, and transactions in, securities. Quotation and last-
sale information for the Shares will be available via the Consolidated 
Tape Association (``CTA'') high-speed line. A Portfolio Indicative 
Value, based upon the current value for the components of the Disclosed 
Portfolio, will be updated and disseminated by one or more major market 
data vendors at least every 15 seconds during the Core Trading Session 
on the Exchange.\44\ On each business day, before commencement of 
trading in Shares in the Core Trading Session on the Exchange, the 
Trust will disclose on its Web site the identities and quantities of 
the portfolio of securities and other assets (``Disclosed Portfolio'') 
held by each Fund that will form the basis for each Fund's calculation 
of NAV at the end of the business day. The Disclosed Portfolio will 
include, as applicable, the names, quantity, percentage weighting, and 
market value of money market securities and other assets held by the 
Fund and the characteristics of these assets. The NAV of each Fund will 
be calculated and determined at the close of regular trading session on 
the Exchange (ordinarily 4:00 p.m. E.T.) on each day that the Exchange 
is open. The Exchange states that, in calculating a Fund's NAV per 
Share, the Fund's investment will generally be valued using market 
valuations.\45\ The Exchange represents that the intra-day executable 
price quotations on money market securities and other Fund fixed-income 
securities, currency forwards, currency options, currency futures, 
currency swaps, and foreign exchange are available from major broker-
dealer firms. Price information for listed currency options, listed 
currency futures, and ETPs is available from the exchange on which they 
trade. Intra-day price information is also available through 
subscription services, such as Bloomberg and Thomson Reuters, which can 
be accessed by authorized participants and other investors. Information 
regarding market price and volume of the Shares will be continually 
available on a real-time basis throughout the day on brokers' computer 
screens and other electronic services. The Web site for the Funds will 
include a form of the prospectus for the Funds and additional data 
relating to NAV and other applicable quantitative information.
---------------------------------------------------------------------------

    \43\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \44\ According to the Exchange, several major market data 
vendors display and make widely available Portfolio Indicative 
Values taken from the CTA or other data feeds. The Exchange notes 
that, during hours when the markets for money market securities in a 
Fund's portfolio are closed, the Portfolio Indicative Value will be 
updated at least every 15 seconds during the Core Trading Session to 
reflect currency exchange fluctuations.
    \45\ According to the Exchange, market valuation generally means 
a valuation (i) obtained from an exchange, a pricing service, or a 
major market maker (or dealer), (ii) based on a price quotation or 
other equivalent indication of value supplied by an exchange, a 
pricing service, or a major market maker or dealer, or (iii) based 
on amortized cost, for securities with remaining maturities of 60 
days or less. The Exchange represents that International Data 
Corporation is expected to be the primary price source for each 
Fund's assets. Each Fund may also rely, however, on other recognized 
third-party pricing sources, including without limitation, 
Bloomberg, WM Reuters, JP Morgan, Markit, and JJ Kenney, to provide 
prices for certain asset categories including, among others, 
currency swaps, currency forward contracts, spot currencies, and 
corporate securities, in each case as approved or ratified, from 
time to time, by the applicable Fund's board of trustees. Exchange 
listed instruments will be valued, based on the end-of-day exchange 
prices of those instruments. In addition, fixed-income assets may be 
valued as of the announced closing time for trading in fixed-income 
instruments on any day that the Securities Industry and Financial 
Markets Association (or the applicable exchange or market on which 
the applicable Fund's investments are traded) announces an early 
closing time.
---------------------------------------------------------------------------

    The Commission further believes that the proposal to list and trade 
the Shares is reasonably designed to promote fair disclosure of 
information that may be necessary to price the Shares appropriately and 
to prevent trading when a reasonable degree of transparency cannot be 
assured. The Exchange will obtain a representation from the issuer of 
the Shares that the NAV per Share will be calculated daily and that the 
NAV and the Disclosed Portfolio will be made available to all market 
participants at the same time. Trading in Shares of the Fund will be 
halted if the circuit breaker parameters in NYSE Arca Equities Rule 
7.12 have been reached or because of market

[[Page 75412]]

conditions or for reasons that, in the view of the Exchange, make 
trading in the Shares inadvisable,\46\ and trading in the Shares will 
be subject to NYSE Arca Equities Rule 8.600(d)(2)(D), which sets forth 
additional circumstances under which Shares of the Fund may be halted. 
The Exchange states that it has a general policy prohibiting the 
distribution of material, non-public information by its employees. 
Consistent with NYSE Arca Equities Rule 8.600(d)(2)(B)(ii), the 
Reporting Authority must implement and maintain, or be subject to, 
procedures designed to prevent the use and dissemination of material, 
non-public information regarding the actual components of the Funds' 
portfolios. In addition, the Exchange states that the Sub-Adviser has 
implemented a ``fire wall'' with respect to its affiliated broker-
dealers regarding access to information concerning the composition of 
or changes to each Fund's portfolio.\47\ The Commission also notes that 
the Financial Industry Regulatory Authority (``FINRA''), on behalf of 
the Exchange, will communicate as needed regarding trading in the 
Shares with other markets that are members of the Intermarket 
Surveillance Group (``ISG'') or with which the Exchange has in place a 
comprehensive surveillance sharing agreement. Moreover, prior to the 
commencement of trading, the Exchange will inform its Equity Trading 
Permit Holders in an Information Bulletin of the special 
characteristics and risks associated with trading the Shares.
---------------------------------------------------------------------------

    \46\ These reasons may include: (1) The extent to which trading 
is not occurring in the securities or the financial instruments 
composing the Disclosed Portfolio of a Fund; or (2) whether other 
unusual conditions or circumstances detrimental to the maintenance 
of a fair and orderly market are present.
    \47\ See supra note 9 and accompanying text. The Commission 
notes that an investment adviser to an open-end fund is required to 
be registered under the Investment Advisers Act of 1940 (``Advisers 
Act''). As a result, the Adviser, the Sub-Adviser, and their related 
personnel are subject to the provisions of Rule 204A-1 under the 
Advisers Act relating to codes of ethics. This Rule requires 
investment advisers to adopt a code of ethics that reflects the 
fiduciary nature of the relationship to clients as well as 
compliance with other applicable securities laws. Accordingly, 
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with 
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under 
the Advisers Act makes it unlawful for an investment adviser to 
provide investment advice to clients unless the investment adviser 
has (i) adopted and implemented written policies and procedures 
reasonably designed to prevent violation, by the investment adviser 
and its supervised persons, of the Advisers Act and the Commission 
rules adopted thereunder; (ii) implemented, at a minimum, an annual 
review regarding the adequacy of the policies and procedures 
established pursuant to subparagraph (i) above and the effectiveness 
of their implementation; and (iii) designated an individual (who is 
a supervised person) responsible for administering the policies and 
procedures adopted under subparagraph (i) above.
---------------------------------------------------------------------------

    The Exchange represents that the Shares are deemed to be equity 
securities, thus rendering trading in the Shares subject to the 
Exchange's existing rules governing the trading of equity securities. 
In support of this proposal, the Exchange has made representations, 
including the following:
    (1) The Shares will be subject to Rule 8.600, which sets forth the 
initial and continued listing criteria applicable to Managed Fund 
Shares.
    (2) The Exchange has appropriate rules to facilitate transactions 
in the Shares during all trading sessions.
    (3) The Exchange represents that trading in the Shares will be 
subject to the existing trading surveillances, administered by FINRA on 
behalf of the Exchange, which are designed to detect violations of 
Exchange rules and applicable federal securities laws and that these 
procedures are adequate to properly monitor Exchange trading of the 
Shares in all trading sessions and to deter and detect violations of 
Exchange rules and applicable federal securities laws. The Exchange 
further represents that FINRA, on behalf of the Exchange, will 
communicate as needed regarding trading in the Shares, ETPs, futures 
contracts, and options contracts with other markets and other entities 
that are members of the ISG, and FINRA, on behalf of the Exchange, may 
obtain trading information regarding trading in the Shares, ETPs, 
futures contracts, and options contracts from these markets and other 
entities. In addition, the Exchange may obtain information regarding 
trading in the Shares, ETPs, futures contracts, and options contracts 
from markets and other entities that are members of ISG or with which 
the Exchange has in place a comprehensive surveillance sharing 
agreement. The ETPs, currency options, and currency futures held by the 
Funds all will be traded on registered exchanges that are ISG members 
or with which the Exchange has in place a comprehensive surveillance 
sharing agreement.
    (4) Prior to the commencement of trading, the Exchange will inform 
its Equity Trading Permit Holders in an Information Bulletin of the 
special characteristics and risks associated with trading the Shares. 
Specifically, the Information Bulletin will discuss the following: (1) 
The procedures for purchases and redemptions of Shares in creation unit 
aggregations (and that Shares are not individually redeemable); (2) 
NYSE Arca Equities Rule 9.2(a), which imposes a duty of due diligence 
on its Equity Trading Permit Holders to learn the essential facts 
relating to every customer prior to trading the Shares; (3) the risks 
involved in trading the Shares during the Opening and Late Trading 
Sessions when an updated Portfolio Indicative Value will not be 
calculated or publicly disseminated; (4) how information regarding the 
Portfolio Indicative Value is disseminated; (5) the requirement that 
Equity Trading Permit Holders deliver a prospectus to investors 
purchasing newly issued Shares prior to or concurrently with the 
confirmation of a transaction; and (6) trading information.
    (5) For initial and continued listing, the Funds must be in 
compliance with Rule 10A-3 under the Act,\48\ as provided by NYSE Arca 
Equities Rule 5.3.
---------------------------------------------------------------------------

    \48\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (6) None of the Funds will invest in non-U.S. equity securities.
    (7) Each Fund may hold up to an aggregate of 15% of its net assets 
in illiquid securities (calculated at the time of investment), 
including Rule 144A securities deemed illiquid by the Adviser or Sub-
Adviser in accordance with Commission guidance.\49\
---------------------------------------------------------------------------

    \49\ See supra note 37.
---------------------------------------------------------------------------

    (8) To the extent practicable, the Funds will invest in swaps 
cleared through the facilities of a centralized clearing house. The 
Adviser or Sub-Adviser will also attempt to mitigate each Fund's credit 
risk by transacting only with large, well-capitalized institutions 
using measures designed to determine the creditworthiness of the 
counterparty.\50\
---------------------------------------------------------------------------

    \50\ See supra note 19.
---------------------------------------------------------------------------

    (9) Each of the exchange-listed currency options and exchange-
listed futures contracts in which a Fund may invest will be listed on 
exchanges that are members of ISG or on an exchange with which the 
Exchange has entered into a comprehensive surveillance sharing 
agreement.
    (10) Although the Funds may invest in spot currencies, listed 
currency options, and currency swaps, investments in these instruments 
are expected to be limited, in each case to not more than 20% of a 
Fund's net assets. Each Fund's investments in forward contracts, listed 
options and listed futures contracts, and swap agreements will be 
backed by investments in U.S. issued money market securities, longer-
term U.S. government securities, or other liquid assets (e.g., 
commercial paper) in an amount equal to the exposure of these 
contracts.

[[Page 75413]]

    (11) Each Fund's fixed-income investment portfolio will meet the 
listing criteria for index-based, fixed-income exchange-traded funds 
contained in NYSE Arca Equities Rule 5.2(j)(3), Commentary .02.
    (12) Each Fund's investments will be consistent with that Fund's 
investment objective and will not be used to enhance leverage.
    (13) A minimum of 100,000 Shares of each Fund will be outstanding 
at the commencement of trading on the Exchange.
    This approval order is based on all of the Exchange's 
representations, including those set forth above and in the Notice, and 
the Exchange's description of the Funds.
    For the foregoing reasons, the Commission finds that the proposed 
rule change is consistent with Section 6(b)(5) of the Act \51\ and the 
rules and regulations thereunder applicable to a national securities 
exchange.
---------------------------------------------------------------------------

    \51\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\52\ that the proposed rule change (SR-NYSEArca-2013-101), be, and 
it hereby is, approved.
---------------------------------------------------------------------------

    \52\ 15 U.S.C. 78s(b)(2).
    \53\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\53\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-29491 Filed 12-10-13; 8:45 am]
BILLING CODE 8011-01-P