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Federal Register / Vol. 72, No.

169 / Friday, August 31, 2007 / Notices 50429

delay, to permit the Exchange to list Paper Comments SECURITIES AND EXCHANGE
options on the Fund immediately. The COMMISSION
Commission believes that waiving the • Send paper comments in triplicate
30-day operative delay is consistent to Nancy M. Morris, Secretary,
[Release No. 34–56305; File No. SR–NSX–
with the protection of investors and the Securities and Exchange Commission,
2007–09]
public interest. The proposal is 100 F Street, NE., Washington, DC
substantially similar to proposals 20549–1090. Self-Regulatory Organizations;
previously submitted by Amex and National Stock Exchange, Inc.; Notice
All submissions should refer to File
CBOE. Also, the Exchange has agreed to of Filing and Immediate Effectiveness
Number SR–ISE–2007–72. This file
use its best efforts to obtain a of Proposed Rule Change Relating to
comprehensive surveillance agreement number should be included on the
subject line if e-mail is used. To help the the Amendment of Its Rules in Light of
with Bolsa during a six month pilot
Commission process and review your Amendments to SEC Rule 10a–1 and
period in which the Exchange will rely
comments more efficiently, please use Regulation SHO
on the MOU for purposes of satisfying
its surveillance and regulatory only one method. The Commission will August 22, 2007.
responsibilities with respect to the Fund post all comments on the Commission’s
components trading on Bolsa. The Internet Web site (http://www.sec.gov/ Pursuant to section 19(b)(1) of the
Exchange represents that it will rules/sro.shtml). Copies of the Securities Exchange Act of 1934
regularly update the Commission on the submission, all subsequent (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
status of its negotiations with Bolsa. The amendments, all written statements notice is hereby given that on July 3,
Exchange further represents that it is with respect to the proposed rule 2007 and July 6, 2007, National Stock
currently engaged in discussions to change that are filed with the Exchange, Inc. (‘‘NSX’’ or ‘‘Exchange’’)
enter into information sharing Commission, and all written filed with the Securities and Exchange
agreements with certain other communications relating to the Commission (‘‘Commission’’ or ‘‘SEC’’)
exchanges, and that upon signing such proposed rule change between the the proposed rule change and their
agreements, ISE will no longer need to Commission and any person, other than corresponding amendments, as
rely on the Commission’s MOU with the those that may be withheld from the described in Items I and II below, which
CNBV. The Commission notes that ISE public in accordance with the Items have been substantially prepared
currently has in place surveillance by the Exchange. NSX has designated
provisions of 5 U.S.C. 552, will be
agreements with foreign exchanges that the proposed rule change as constituting
available for inspection and copying in
cover 45.97% of the securities in the a ‘‘non-controversial’’ rule change under
Fund, and that the Index upon which the Commission’s Public Reference
Room, 100 F Street, NE., Washington, paragraph (f)(6) of Rule 19b–4 under the
the Fund is based appears to be a broad Act,3 which renders the proposal
based-index. For these reasons, the DC 20549, on official business days
between the hours of 10 am and 3 pm. effective upon receipt of this filing by
Commission designates the proposed the Commission. The Commission is
rule change to be operative upon filing Copies of the filing also will be available
for inspection and copying at the publishing this notice to solicit
with the Commission for a six month comment on the proposed rule change
pilot period until February 27, 2008.20 principal office of ISE. All comments
from interested parties.
At any time within 60 days of the received will be posted without change;
filing of such proposed rule change the the Commission does not edit personal I. Self-Regulatory Organization’s
Commission may summarily abrogate identifying information from Statement of the Terms of Substance of
such rule change if it appears to the submissions. You should submit only the Proposed Rule Change
Commission that such action is information that you wish to make
necessary or appropriate in the public available publicly. All submissions The Exchange is proposing to amend
interest, for the protection of investors should refer to File Number SR–ISE– NSX Rules 11.21and 14.2(b)(7) in light
or otherwise in furtherance of the 2007–72 and should be submitted on or of the Commission’s short sale
purposes of the Act. before September 21, 2007. regulation, Regulation SHO under the
IV. Solicitation of Comments Securities Exchange Act of 1934. Certain
For the Commission, by the Division of provisions of Regulation SHO adopted
Interested persons are invited to Market Regulation, pursuant to delegated in the Commission’s 2007 release
submit written data, views, and authority.21 regarding the price test 4 supercede the
arguments concerning the foregoing, Nancy M. Morris, above NSX Rules related to short sales.
including whether the proposed rule Secretary. As a result, the Exchange is filing this
change is consistent with the Act. [FR Doc. E7–17355 Filed 8–30–07; 8:45 am] rule change to bring those rules in line
Comments may be submitted by any of with Regulation SHO, as now in effect.
BILLING CODE 8010–01–P
the following methods:
The text of the proposed rule change is
Electronic Comments below. Additions are italicized and
• Use the Commission’s Internet deletions are bracketed.
comment form (http://www.sec.gov/ RULES OF NATIONAL STOCK
rules/sro.shtml); or EXCHANGE, INC.
• Send an e-mail to rule-
comments@sec.gov. Please include File * * * * *
Number SR–ISE–2007–72 on the subject
sroberts on PROD1PC70 with NOTICES

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


2 17CFR 240.19b–4.
20 For the purposes only of waiving the 30-day 3 17 CFR 240.19b–4(f)(6).

operative delay, the Commission has considered the 4 Securities Exchange Act Release No. 55970

proposed rule’s impact on efficiency, competition, (June 28, 2007), 72 FR 36348 (July 3, 2007) (‘‘Price
and capital formation. See 15 U.S.C. 78c(f). 21 17 CFR 200.30–3(a)(12). Test Adopting Release’’).

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50430 Federal Register / Vol. 72, No. 169 / Friday, August 31, 2007 / Notices

CHAPTER XI A. Self-Regulatory Organization’s revised Rule 200(g) of Regulation SHO


Statement of the Purpose of, and as well as the elimination of Rule
Trading Rules Statutory Basis for, the Proposed Rule 10a–1 under the Act.8
* * * * * Change
2. Statutory Basis
Rule 11.21 Short Sales 1. Purpose
The Exchange believes that the
On July 28, 2004, the Commission proposed rule change is consistent with
All short sale orders shall be adopted certain provisions of a new
identified as [either] a short sale [or the provisions of section 6(b) of the
short sale regulation, designated Act 9 in general and furthers the
short sale exempt] when entered into Regulation SHO. On June 28, 2007, the
the System. [Any marketable order objectives of section 6(b)(5) 10 in
Commission amended Regulation SHO particular in that it is designed to
entered in the System that, if matched and also repealed Rule 10a–1 under the
for execution, would violate the short prevent fraudulent and manipulative
Act.5 We have reviewed the NSX Rules acts and practices, to promote just and
sale provisions of the Act or the rules to eliminate those rules which we
and regulations thereunder should be equitable principles of trade, and, in
believe are duplicative of, inconsistent general, to protect investors and the
cancelled. The foregoing shall not be in with, or otherwise superceded by,
limitation of the Exchange’s ability to public interest. NSX believes that the
Regulation SHO and the repeal of Rule proposed rule change is necessary and
adopt additional Rules, interpretations 10a–1 under the Act.6 Therefore, the
or policies relating to short sales.] appropriate to comply with the
Exchange is filing this proposed rule amendments to SEC Rule 10a–1 and
* * * * * change to amend those NSX rules that Regulation SHO.
are affected by the Commission’s
CHAPTER XIV amended approach to short sale B. Self-Regulatory Organization’s
Intermarket Trading System Plan regulation. Statement on Burden on Competition
First, in addition to the repeal of Rule
* * * * * 10a–1 under the Act, the Commission The Exchange does not believe that
added Rule 201(b) to Regulation SHO, that the proposed rule change will
Rule 14.2 Intermarket Trading System impose any burden on competition that
prohibiting any SRO from having a short
Application is not necessary or appropriate in
sale price test. The Commission also
amended Rule 200(g) of Regulation SHO furtherance of the purposes of the Act.
(a) No change.
to remove the requirement that a broker- C. Self-Regulatory Organization’s
(b) Any commitment to trade which is dealer mark a sell order of an equity
transmitted to a User to another Statement on Comments on the
security as ‘‘short exempt,’’ if the seller Proposed Rule Change Received From
participating market center shall be firm is relying on an exception from a price
and irrevocable for the period of time Members, Participants or Others
test. Accordingly, the Exchange
following transmission as was chosen proposes to amend NSX Rule 11.21 to The Exchange has neither solicited
by the sender of the commitment, and remove the reference to ‘‘short exempt.’’ nor received written comments on the
shall, at a minimum: Additionally, the Exchange proposes to proposed rule change.
(1)–(6) No change. remove the second sentence respecting III. Date of Effectiveness of the
(7) Reserved. [designate the the cancellation of violative orders Proposed Rule Change and Timing for
commitment ‘‘short’’ or ‘‘short exempt’’ because there would be no ability to Commission Action
whenever it is a commitment to sell violate a rule that no longer exists.
Finally, the Exchange is eliminating the Because the foregoing proposed rule
short which, if it should result in an
savings clause as duplicative and change does not: (i) Significantly affect
execution in the market of the receiving
restating an inherent authority of the the protection of investors or the public
market center, would result in a short
Exchange. interest; (ii) impose any significant
sale to which the provisions of Further, the Exchange notes that NSX burden on competition; and (iii) become
paragraph (a) of Rule 10a–1 under the Rule 14.2(b)(7) regarding the operative 30 days from the date on
Act would apply]; and Intermarket Trading System Plan (the which it was filed, or such shorter time
(8) No change. ‘‘ITS Plan’’) describes marking as the Commission may designate if
(c)–(j) No change. requirements necessary to comply with consistent with the protection of
Rule 10a–1 under the Act.7 In light of investors and the public interest, it has
* * * * * the repeal of Rule 10a–1, the Exchange become effective pursuant to section
II. Self-Regulatory Organization’s proposes to eliminate this provision 19(b)(3)(A) of the Act 11 and Rule 19b–
Statement of the Purpose of, and from its Rules. 4(f)(6) 12 thereunder.
Statutory Basis for, the Proposed Rule As noted below, the Exchange is filing NSX has asked the Commission to
Change the proposed rule change for immediate waive the 30-day operative delay. The
effectiveness, with an operative date of Commission believes such waiver is
In its filing with the Commission, the July 6, 2007, which is the same date as consistent with the protection of
Exchange included statements the effective date of Rule 201 and investors and the public interest
concerning the purpose of and basis for because it would allow the proposed
the proposed rule change and discussed 5 PriceTest Adopting Release.
rule change to be effective on July 6,
6 Please note that NSX does not have any ETP
any comments it received on the 2007, the compliance date for the
Holder that is not a member of another self-
proposed rule change. The text of these regulatory organization nor is NSX a designated amendments to Rule 10a–1 and
statements may be examined at the
sroberts on PROD1PC70 with NOTICES

examining authority or a designated self-regulatory


places specified in Item IV below. The organization for any ETP Holder. Accordingly, it 8 See Price Test Adopting Release.
Exchange has prepared summaries, set does not subject its members to short interest
9 15 U.S.C. 78f(b).
reporting that is mandated by the other markets.
forth in sections A, B, and C below, of 7 The Exchange will be filing a separate rule 10 15 U.S.C. 78f(b)(5).

the most significant parts of such change to eliminate the entire chapter respecting 11 15 U.S.C. 78s(b)(3)(A).

statements. the ITS Plan. 12 17 CFR 19b–4(f)(6).

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Federal Register / Vol. 72, No. 169 / Friday, August 31, 2007 / Notices 50431

Regulation SHO.13 For this reason, the available for inspection and copying at Commission’s Public Reference Room,
Commission designates the proposal to the principal office of the Exchange. All and http://www.nyse.com.
be operative upon filing with the comments received will be posted
II. Self-Regulatory Organization’s
Commission. without change; the Commission does
Statement of the Purpose of, and
At any time within 60 days of the not edit personal identifying
Statutory Basis for, the Proposed Rule
filing of the proposed rule change, the information from submissions. You Change
Commission may summarily abrogate should submit only information that
such rule change if it appears to the you wish to make available publicly. All In its filing with the Commission, the
Commission that such action is submissions should refer to file number Exchange included statements
necessary or appropriate in the public SR–NSX–2007–09 and should be concerning the purpose of, and basis for,
interest, for protection of investors, or submitted on or before September 21, the proposed rule change and discussed
otherwise in furtherance of the purposes 2007. any comments it received on the
of the Act. proposed rule change. The text of these
For the Commission by the Division of statements may be examined at the
IV. Solicitation of Comments Market Regulation, pursuant to delegated
authority.14
places specified in Item IV below. The
Interested persons are invited to Exchange has prepared summaries, set
Nancy M. Morris,
submit written data, views, and forth in Sections A, B, and C below, of
Secretary. the most significant aspects of such
arguments concerning the foregoing,
[FR Doc. E7–17228 Filed 8–30–07; 8:45 am] statements.
including whether the proposed rule
BILLING CODE 8010–01–P
change is consistent with the Act. A. Self-Regulatory Organization’s
Comments may be submitted by any of Statement of the Purpose of, and
the following methods: SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule
Electronic Comments COMMISSION Change
• Use the Commission’s Internet [Release No. 34–56329; File No. SR– 1. Purpose
comment form (http://www.sec.gov/ NYSEArca–2007–75] NYSE Arca Equities Rule 7.34
rules/sro.shtml); or provides for three trading sessions on
• Send an e-mail to rule- Self-Regulatory Organizations; NYSE the NYSE Arca Marketplace each day
comments@sec.gov. Please include File Arca, Inc.; Notice of Filing of Proposed that NYSE Arca Equities is open for
Number SR–NSX–2007–09 on the Rule Change and Amendment No. 1 business: (1) An Opening Session (4
subject line. Thereto to Expand the Trading Hours a.m. to 9:30 a.m. Eastern Time or ‘‘ET’’);
of Certain Exchange-Traded Funds (2) a Core Trading Session (9:30 a.m. to
Paper Comments
August 28, 2007. 4 p.m. ET); and (3) a Late Trading
• Send paper comments in triplicate Session (4 p.m. to 8 p.m. ET). The Core
to Nancy Morris, Secretary, Securities Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 Trading Session for securities described
and Exchange Commission, 100 F. in NYSE Arca Equities Rules 5.2(j)(3),
Street, NE., Washington, DC 20549– (‘‘Act’’) 1 and Rule 19b–4 thereunder, 2
notice is hereby given that on July 30, 8.100, 8.200, 8.201, 8.202, 8.203, 8.300,
1090. and 8.400 currently concludes at 4:15
2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
All submissions should refer to File p.m. ET. 3
‘‘Exchange’’), through its wholly owned
Number SR–NSX–2007–09. This file NYSE Arca proposes to expand the
subsidiary NYSE Arca Equities, Inc.
number should be included in the trading hours of securities of the ETFs
(‘‘NYSE Arca Equities’’), filed with the
subject line if e-mail is used. To help the identified below to include all three
Securities and Exchange Commission
Commission process and review Exchange trading sessions. The
(‘‘Commission’’) the proposed rule
comments more efficiently, please use Commission previously approved
change as described in Items I, II, and
only one method. The Commission will proposals to list and trade and to trade
III below, which Items have been
post all comments on the Commission’s pursuant to unlisted trading privileges
substantially prepared by the Exchange.
Internet Web site (http://www.sec.gov/ (‘‘UTP’’) the securities of such ETFs.
On August 22, 2007, the Exchange
rules/sro/shtml). Copies of the The following ETFs are listed in reverse
submitted Amendment No. 1 to the
submission, all subsequent chronological order based on the dates
proposed rule change. The Commission
amendments, all written statement with of the Commission’s approval orders, in
is publishing this notice to solicit
respect to the proposed rule change that one, but not all three, of the Exchange’s
comments on the proposed rule change,
are filed with the Commission, and all trading sessions:
as amended, from interested persons. • the PowerShares DB U.S. Dollar
written communications relating to the
proposed rule change between the I. Self-Regulatory Organization’s Index Bullish Fund and the
Commission and any person, other than Statement of the Terms of Substance of PowerShares DB U.S. Dollar Index
those that may be withheld from the the Proposed Rule Change Bearish Fund; 4
public in accordance with the The Exchange proposes to expand the 3 NYSE Arca Equities Rules 5.2(j)(3), 8.100, 8.200,
provisions of 5 U.S.C. 552, will be trading hours of securities of certain 8.201, 8.202, 8.203, 8.300, and 8.400 relate to
available for inspection and copying in exchange-traded funds (‘‘ETFs’’) Investment Company Units, Portfolio Depositary
the Commission’s Public Reference identified herein to include all three Receipts, Trust Issued Receipts, Commodity-Based
Room, 100 F. Street, NE., Washington, Exchange trading sessions (Opening, Trust Shares, Currency Trust Shares, Commodity
DC 20549, on official business days Index Trust Shares, Partnership Units, and Paired
Core Trading, and Late Trading Trust Shares, respectively. See Securities Exchange
between the hours of 10 a.m. and 3 p.m. Sessions). The text of the proposed rule
sroberts on PROD1PC70 with NOTICES

Act Release No. 54997 (December 21, 2006), 71 FR


Copies of such filings will also be change is available at the Exchange, the 78501 (December 29, 2006) (SR–NYSEArca–2006–
77) (establishing hours of trading for securities of
13 For purposes only of waiving the 30-day pre- certain ETFs).
14 17 CFR 200.30–3(a)(12).
operative period, the Commission has considered 4 These ETFs were approved for trading on the
1 15 U.S.C. 78s(b)(1).
the proposed rule change’s impact on efficiency, Exchange pursuant to UTP under Commentary .02
competition and capital formation. 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. Continued

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