[Federal Register Volume 72, Number 90 (Thursday, May 10, 2007)]
[Notices]
[Pages 26667-26669]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-9044]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55708; File No. SR-NYSEArca-2007-39]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Relating to NYSE 
Arca Marketplace Trading Sessions

May 4, 2007.
    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 April 20, 2007 NYSE Arca, Inc. (``NYSE Arca'' or

[[Page 26668]]

``Exchange''), through its wholly owned subsidiary NYSE Arca Equities, 
Inc. (``NYSE Arca Equities''), 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 
the Exchange. The Exchange filed the proposal pursuant to Section 
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which 
renders the proposed rule change 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).
    \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

    The Exchange proposes, through NYSE Arca Equities, to update the 
list in NYSE Arca Equities Rule 7.34 of securities eligible to trade in 
one or more, but not all three, of the Exchange's trading sessions. The 
Exchange proposes to add to the lists the following investment company 
units (ICUs) \5\ of funds that are trading on NYSE Arca, L.L.C. (``NYSE 
Arca Marketplace''), the equities trading facility of NYSE Arca 
Equities, pursuant to unlisted trading privileges (``UTP''): (1) 
Claymore/Robeco Developed International Equity ETF; (2) Claymore/Robeco 
Developed World Equity ETF; (3) iShares[supreg] \6\ MSCI EAFE Growth 
Index Fund; (4) iShares[supreg] MSCI EAFE Value Index Fund; (5) 
SPDR[supreg] \7\ FTSE/Macquarie Global Infrastructure 100 Index ETF; 
(6) SPDR[supreg] S&P China ETF; (7) SPDR[supreg] S&P Emerging Asia 
Pacific ETF; (8) SPDR[supreg] S&P Emerging Europe ETF; (9) SPDR[supreg] 
S&P Emerging Latin America ETF; (10) SPDR[supreg] S&P Emerging Markets 
ETF; (11) SPDR[supreg] S&P Emerging Middle East & Africa ETF; (12) 
streetTRACKS[supreg] \8\ DJ Wilshire International Real Estate ETF; 
(13) streetTRACKS[supreg] MSCI ACWI ex-US ETF; (14) 
streetTRACKS[supreg] Russell/Nomura PRIMETM Japan ETF; (15) 
streetTRACKS[supreg] Russell/Nomura Small CapTM Japan ETF; and (16) 
Vanguard[supreg] \9\ FTSE All-World ex U.S. ETF. The text of the 
proposed rule change is available on the Exchange's Web site (http://www.nyse.com), at the principal office of the Exchange, and at the 
Commission's Public Reference Room.
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    \5\ NYSE Arca Equities Rule 5.1(b)(15) defines an ICU as a 
security representing an interest in a registered investment company 
that could be organized as a unit investment trust, an open-end 
management investment company or a similar entity.
    \6\ iShares[supreg] is a registered trademark of Barclays Global 
Investors, N.A.
    \7\ SPDR[supreg] is a registered trademark of The McGraw-Hill 
Companies, Inc. and licensed by State Street Bank and Trust Company.
    \8\ streetTRACKS[supreg] is a registered trademark of State 
Street Corporation.
    \9\ Vanguard[supreg] is a registered trademark of The Vanguard 
Group, Inc.
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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, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change. The 
text of these 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 aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    NYSE Arca Equities Rule 7.34 currently provides, in part, that NYSE 
Arca Marketplace shall have three trading sessions each day: an Opening 
Session (1 a.m. Pacific Time (``PT'') to 6:30 a.m. PT), a Core Trading 
Session (6:30 a.m. PT to 1 p.m. PT) and a Late Trading Session (1 p.m. 
PT to 5 p.m. PT), and that the Core Trading Session for securities 
described in NYSE Arca Equities Rules 5.1(b)(13), 5.1(b)(18), 
5.2(j)(3), 8.100, 8.200, 8.201, 8.202, 8.203, 8.300, and 8.400 (each, a 
``Derivative Securities Product'') shall conclude at 1:15 p.m. PT.\10\
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    \10\ NYSE Arca Equities Rules 5.1(b)(13), 5.2(j)(3), 8.100, 
8.200, 8.201, 8.202, 8.203, 8.300, and 8.400 relate to Unit 
Investment Trusts, ICUs, Portfolio Depositary Receipts, Trust Issued 
Receipts, Commodity-Based Trust Shares, Currency Trust Shares, 
Commodity Index Trust Shares, Partnership Units, and Paired Trust 
Shares, respectively. See Securities Exchange Act Release No. 54997 
(December 21, 2006), 71 FR 78501 (December 29, 2006) (SR-NYSEArca-
2006-77) (amending NYSE Arca Equities Rule 7.34).
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    NYSE Arca Equities Rule 7.34 includes a list of those securities 
which are eligible to trade in one or more, but not all three, of the 
Exchange's trading sessions. The Exchange maintains on its Web site 
(http://www.nysearca.com) a list that identifies all securities traded 
on the NYSE Arca Marketplace that do not trade for the duration of each 
of the three sessions specified in NYSE Arca Equities Rule 7.34. The 
Exchange proposes to add the following securities to these lists: (1) 
Claymore/Robeco Developed International Equity ETF; (2) Claymore/Robeco 
Developed World Equity ETF; (3) iShares MSCI EAFE Growth Index Fund; 
(4) iShares MSCI EAFE Value Index Fund; (5) SPDR FTSE/Macquarie Global 
Infrastructure 100 Index ETF; (6) SPDR S&P China ETF; (7) SPDR S&P 
Emerging Asia Pacific ETF; (8) SPDR S&P Emerging Europe ETF; (9) SPDR 
S&P Emerging Latin America ETF; (10) SPDR S&P Emerging Markets ETF; 
(11) SPDR S&P Emerging Middle East & Africa ETF; (12) streetTRACKS DJ 
Wilshire International Real Estate ETF; (13) streetTRACKS MSCI ACWI ex-
US ETF; (14) streetTRACKS Russell/Nomura PRIMETM Japan ETF; (15) 
streetTRACKS Russell/Nomura Small Cap Japan ETF; and (16) Vanguard FTSE 
All-World ex U.S. ETF. These ICUs currently trade on the Exchange on a 
UTP basis pursuant to generic listing standards for foreign derivative 
securities products described in NYSE Arca Equities Rule 5.2(j)(3) that 
were adopted by the Exchange pursuant to Rule 19b-4(e) under the 
Act.\11\
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    \11\ See Securities Exchange Act Release No. 55621 (April 12, 
2007), 72 FR 19571 (April 18, 2007) (SR-NYSEArca-2006-86).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\12\ in general, and furthers the 
objectives of Section 6(b)(5),\13\ in particular, in that it is 
designed to facilitate transactions in securities, to promote just and 
equitable principles of trade, to enhance competition, and to protect 
investors and the public interest.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 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

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

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

    Because the foregoing proposed rule change does not:
    (i) Significantly affect the protection of investors or the public 
interest;

[[Page 26669]]

    (ii) Impose any significant burden on competition; and
    (iii) 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 \14\ 
and Rule 19b-4(f)(6) thereunder.\15\
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    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CRF 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires an exchange to give 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 days 
prior to the date of filing of the proposed rule change, or such 
shorter time as designated by the Commission. The Commission has 
determined to waive the five-day pre-filing notice requirement in 
this case.
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    The Exchange has asked the Commission to waive the 30-day operative 
delay. The Commission believes that such waiver is consistent with the 
protection of investors and the public interest because the proposed 
rule change should provide transparency and more clarity with respect 
to the trading hours eligibility of certain derivative securities 
products and should promote consistency in the trading halts of 
derivative securities. The Commission notes that this filing does not 
change the trading hours of the Derivative Securities Products listed 
in NYSE Arca Equities Rule 7.34, but codifies trading hour sessions 
that have been established through other rule changes or through the 
use of the Exchange's generic listing standards pursuant to Rule 19b-
4(e) under the Act. For these reasons, the Commission designates the 
proposed rule change as operative immediately.\16\
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    \16\ For purposes only of waiving the operative date of this 
proposal, the Commission has considered the 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 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.

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 e-mail to [email protected]. Please include File 
Number SR-NYSEArca-2007-39 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-NYSEArca-2007-39. 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. Copies of such 
filing will also 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-2007-39 and should be submitted by or before 
May 31, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-9044 Filed 5-9-07; 8:45 am]
BILLING CODE 8010-01-P