[Federal Register Volume 73, Number 37 (Monday, February 25, 2008)]
[Notices]
[Pages 10081-10084]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-3431]



[[Page 10081]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57348; File No. SR-NASDAQ-2008-010]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Order Granting Accelerated Approval of Proposed 
Rule Change to Trade Units of the United States 12 Month Oil Fund, LP 
and the United States 12 Month Natural Gas Fund, LP Pursuant to 
Unlisted Trading Privileges

February 19, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on February 5, 2008, The NASDAQ Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been substantially prepared by the Exchange. 
This order provides notice of the proposed rule change and approves it 
on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Nasdaq proposes to trade, pursuant to unlisted trading privileges 
(``UTP''), units (``Units'') of the United States 12 Month Oil Fund, LP 
(``USOF'') and the United States 12 Month Natural Gas Fund, LP 
(``USGF'') (each, a ``Partnership,'' and collectively 
``Partnerships'').
    The text of the proposed rule change is available from the 
Exchange's Web site (http://nasdaq.complinet.com), at the principal 
office of the Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item III 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
    Nasdaq proposes to trade pursuant to UTP the Units, each of which 
represents ownership of a fractional undivided beneficial interest in 
the net assets of either USOF or USGF. Each Partnership is a commodity 
pool that will issue Units that may be purchased and sold on the 
Exchange. The Commission has approved the original listing and trading 
of the Units on the American Stock Exchange LLC (``Amex'').\3\ The net 
assets of each of USOF and USGF consist of investments in futures 
contracts based on crude oil, heating oil, gasoline, natural gas, and 
other petroleum-based fuels that are traded on the New York Mercantile 
Exchange (``NYMEX''), Intercontinental Exchange (``ICE Futures''), or 
other U.S. and foreign exchanges (collectively, ``Futures Contracts''). 
In the case of USOF, the predominant investments are expected to be 
based on, or related to, crude oil. For the USGF, the predominant 
investments are expected to be based on, or related to, natural gas.
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    \3\ See Securities Exchange Act Release No. 56831 (November 21, 
2007), 72 FR 67612 (November 29, 2007) (SR-Amex-2007-98) (``Amex 
Order''). See also Securities Exchange Act Release No. 56719 
(October 29, 2007), 72 FR 62277 (November 2, 2007) (SR-Amex-2007-98) 
(``Amex Notice'').
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    USOF may also invest in other crude-oil-related investments such as 
cash-settled options on Futures Contracts, forward contracts for 
gasoline, and over-the-counter (``OTC'') contracts that are based on 
the price of crude oil, heating oil, gasoline, natural gas, other 
petroleum-based fuels, Futures Contracts, and indices based on the 
foregoing (collectively, ``Other Crude Oil-Related Investments''). 
Futures Contracts and Other Crude Oil-Related Investments collectively 
are referred to as ``Crude Oil Interests.'' Similarly, the USGF may 
also invest in other natural-gas-related investments such as cash-
settled options on Futures Contracts, forward contracts for natural 
gas, and OTC contracts based on the price of natural gas, crude oil, 
and other petroleum-based fuels, Futures Contracts, and indices based 
on the foregoing (collectively, ``Other Natural Gas-Related 
Investments''). Futures Contracts and Other Natural Gas-Related 
Investments collectively are referred to as ``Natural Gas Interests.''
    Each of USOF and USGF will invest in Crude Oil Interests and 
Natural Gas Interests, respectively, to the fullest extent possible 
without being leveraged or unable to satisfy its current or potential 
margin or collateral obligations. In pursuing this objective, the 
primary focus of USOF's and USGF's investment manager, Victoria Bay 
Asset Management, LLC (``Victoria Bay'' or ``General Partner''), is the 
investment in Futures Contracts and the management of its investments 
in short-term obligations of the United States of two years or less 
(``Treasuries'') and cash and cash equivalents (collectively, ``Cash'') 
for margining purposes and as collateral.
    The investment objective of USOF is for changes in percentage terms 
of a Unit's net asset value (``NAV'') to reflect the changes in 
percentage terms of the price of light, sweet crude oil delivered to 
Cushing, Oklahoma, as measured by the changes in the average of the 
prices of 12 crude oil futures contracts traded on NYMEX (the ``Oil 
Benchmark Futures Contracts''), less the USOF's expenses.\4\
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    \4\ The Oil Benchmark Futures Contracts consist of the near-
month contract to expire and the contracts for the following 11 
months, for a total of 12 consecutive months' contracts, except when 
the near-month contract is within two weeks of expiration, in which 
case it will be measured by the futures contracts that are the next-
month contract to expire and the contracts for the 11 consecutive 
months following that contract. The average price is determined by 
summing up the 12 individual monthly prices and dividing them by 12, 
and then comparing that result to the prior day's average price 
determined in the same fashion. The composition of the Oil Benchmark 
Futures Contracts will be changed or ``rolled'' over a one-day 
period by selling the near-month contract and buying the contract, 
which at that time is the 13-month contract.
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    The investment objective of USGF is for changes in percentage terms 
of a Unit's NAV to reflect the changes in percentage terms of the price 
of natural gas delivered at Henry Hub, Louisiana, as measured by the 
changes in the average of the prices of 12 futures contracts on natural 
gas traded on NYMEX (the ``Natural Gas Benchmark Futures Contracts''), 
less the 12-Month Natural Gas Fund's expenses.\5\ With respect to both 
funds, when calculating the daily movement of the average price of the 
relevant 12 futures contracts, each

[[Page 10082]]

contract month will be equally weighted.
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    \5\ The Natural Gas Benchmark Futures Contracts consist of the 
near-month contract to expire and the contracts for the following 11 
months, for a total of 12 consecutive months' contracts, except when 
the near-month contract is within two weeks of expiration, in which 
case it will be measured by the futures contracts that are the next-
month contract to expire and the contracts for the 11 consecutive 
months following that contract. The average price is determined by 
summing up the 12 individual monthly prices and dividing them by 12, 
and then comparing that result to the prior day's average price 
determined in the same fashion. The composition of the Natural Gas 
Benchmark Futures Contract will be changed or ``rolled'' over a one-
day period by selling the near-month contract and buying the 
contract which at that time is the 13-month contract on the same 
day.
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    Information regarding the Partnerships and the General Partner, as 
well as detailed descriptions of the manner in which the Units will be 
offered and sold, and the investment strategy of USOF and USGF, are 
included in their respective registration statements regarding the 
offering of the Units filed with the Commission under the Securities 
Act of 1933.\6\
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    \6\ See USOF's Form S-1 filed with the Commission on July 5, 
2007, as amended (File No. 333-144348) and USGF's S-1 filed with the 
Commission on July 6, 2007 (File No. 333-144409).
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    As set forth in the Amex Proposal, the daily settlement prices for 
the NYMEX-traded Futures Contracts are publicly available on the NYMEX 
Web site at http://www.nymex.com. In addition, various market data 
vendors and news publications publish futures prices and related data. 
Quote and last-sale information for the Futures Contracts are widely 
disseminated through a variety of market data vendors worldwide, 
including Bloomberg and Reuters. In addition, real-time futures data is 
available by subscription from Reuters and Bloomberg. The NYMEX also 
provides delayed futures information on current and past trading 
sessions and market news free of charge on its Web site. The specific 
contract specifications for the Futures Contracts are also available on 
the NYMEX Web site and the ICE Futures Web site at http://www.icefutures.com.
    The Web site for Amex at http://www.amex.com, which is publicly 
accessible at no charge, will contain the following information: (1) 
The prior business day's NAV and the reported closing price; (2) the 
midpoint of the bid-ask price in relation to the NAV as of the time the 
NAV is calculated (``Bid-Ask price''); \7\ (3) the premium or discount 
of such price against such NAV; (4) data in chart form displaying the 
frequency distribution of discounts and premiums of the Bid-Ask Price 
against the NAV, within appropriate ranges for each of the four 
previous calendar quarters; (5) the prospectus and the most recent 
periodic reports filed with the SEC or required by the CFTC; and (6) 
other applicable quantitative information.
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    \7\ The Bid-Ask Price of Units is determined using the highest 
bid and lowest offer as of the time of calculation of the NAV.
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    The total portfolio composition of each Partnership will be 
disclosed, each business day that the Amex is open for trading, on 
their respective Web sites at http://www.unitedstates12monthoi1fund.com 
and http://www.unitedstates12monthnaturalgasfund.com. USOF's Web site 
disclosure of portfolio holdings will be made daily and will include, 
as applicable, the name and value of each Crude Oil Interest, the 
specific types of Crude Oil Interests and characteristics of such Crude 
Oil Interests, Treasuries, and amount of cash and cash equivalents held 
in the portfolio of the USOF. The USGF's Web site disclosure of 
portfolio holdings will be made daily and will include, as applicable, 
the name and value of each Natural Gas Interest, the specific types of 
Natural Gas Interests and characteristics of such Natural Gas 
Interests, Treasuries, and amount of cash and cash equivalents held in 
the portfolio of USGF.
    The public Web site disclosure of the portfolio composition of each 
of USOF and USGF will coincide with the disclosure by Brown Brothers 
Harriman & Co. (``Administrator'') on each business day of the NAV for 
the Units and the Basket Amount (for orders placed during the day) for 
each Partnership. Therefore, the same portfolio information will be 
provided on the public Web site for each Partnership as well as in the 
facsimile or e-mail to Authorized Purchasers containing the NAV and 
Basket Amount (``Daily Dissemination''). The format of the public Web 
site disclosure and the Daily Dissemination will differ because the 
public Web site will list all portfolio holdings while the Daily 
Dissemination will provide the portfolio holdings in a format 
appropriate for Authorized Purchasers, i.e., the exact components of a 
Creation Unit.
    Each Partnership's NAV will be calculated and disseminated 
daily.\8\ According to the Amex Proposal, the Amex also intends to 
disseminate for each Partnership on a daily basis by means of CTA/CQ 
High Speed Lines information with respect to the Indicative Partnership 
Value (as discussed below), the recent NAV, the number of Units 
outstanding, the Basket Amount, and the Deposit Amount. The Amex will 
also make available on its Web site daily trading volume, closing 
prices, and the NAV. The closing price and settlement prices of the 
Futures Contracts held by each Partnership are also readily available 
from the NYMEX, automated quotation systems, published or other public 
sources, or on-line information services such as Bloomberg or Reuters.
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    \8\ According to the Amex Proposal, the Amex will obtain a 
representation from each Partnership that its NAV per Unit will be 
calculated daily and made available to all market participants at 
the same time.
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    To provide updated information relating to each Partnership for use 
by investors, professionals, and persons wishing to create or redeem 
the Units, the Amex will disseminate through the facilities of the 
Consolidated Tape Association an updated Indicative Partnership Value 
(``Indicative Partnership Value''), according to the Amex Proposal. The 
Indicative Partnership Value for each Partnership will be disseminated 
on a per-Unit basis at least every 15 seconds from 9:30 a.m. to 4:15 
p.m. ET. The Indicative Partnership Value will be calculated based on 
the Treasuries and cash required for creations and redemptions (i.e., 
NAV per Unit x 100,000) adjusted to reflect the price changes of the 
relevant Benchmark Futures Contract.
    The Indicative Partnership Value is based on open-outcry trading of 
the relevant Benchmark Futures Contracts on NYMEX. Open-outcry trading 
on the NYMEX closes daily at 2:30 p.m. ET while NYMEX's energy futures 
contracts are traded on the Chicago Mercantile Exchange's CME Globex 
electronic trading platform on a 24 hour basis.\9\ After the close of 
open outcry on NYMEX at 2:30 p.m. ET, the Indicative Partnership Value 
will reflect changes to the relevant Benchmark Futures Contracts as 
provided for through Globex. The value of the relevant Benchmark 
Futures Contracts will be available on a 15-second delayed basis from 
9:30 a.m. to 4:15 p.m. ET.
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    \9\ CME Globex[reg] (``Globex'') is an open-access marketplace 
that operates virtually 24 hours each trading day. Electronic 
trading on Globex is conducted from 6 p.m. ET Sunday through 5:15 
p.m. ET Friday each week. There is a 45-minute break each day 
between 5:15 p.m. ET and 6 p.m. ET.
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Trading Halts

    Nasdaq will halt trading in the Units under the conditions 
specified in Nasdaq Rules 4120 and 4121. The conditions for a halt 
include a regulatory halt by the listing market. UTP trading in the 
Units will also be governed by provisions of Nasdaq Rule 4120(b) 
relating to temporary interruptions in the calculation or wide 
dissemination of the Indicative Partnership Value. Additionally, Nasdaq 
may cease trading the Units if other unusual conditions or 
circumstances exist which, in the opinion of Nasdaq, make further 
dealings on Nasdaq detrimental to the maintenance of a fair and orderly 
market. Nasdaq will also follow any procedures with respect to trading 
halts as set forth in Nasdaq Rule 4120(c). Finally, Nasdaq will stop 
trading the Units if the listing market delists them.

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Trading Rules

    Nasdaq deems the Units to be equity securities, thus rendering 
trading in the Units subject to Nasdaq's existing rules governing the 
trading of equity securities. Nasdaq will allow trading in the Units 7 
a.m. until 8 p.m. ET.
Surveillance
    Nasdaq believes that its surveillance procedures are adequate to 
address any concerns about the trading of the Units on Nasdaq. Trading 
of the Units through Nasdaq will be subject to FINRA's surveillance 
procedures for equity securities in general and ETFs in particular.\10\ 
The Exchange may obtain information via the Intermarket Surveillance 
Group (``ISG'') from other exchanges that are members or affiliates of 
the ISG.\11\
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    \10\ FINRA surveils trading on Nasdaq pursuant to a regulatory 
services agreement. Nasdaq is responsible for FINRA's performance 
under this regulatory services agreement.
    \11\ For a list of the current members and affiliate members of 
ISG, see http://www.isgportal.com.
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Information Circular
    Prior to the commencement of trading, the Exchange will inform its 
members in an Information Circular of the special characteristics and 
risks associated with trading the Units. Specifically, the Information 
Circular will discuss the following: (1) The procedures for purchases 
and redemptions of Units in Baskets (and that Units are not 
individually redeemable); (2) Nasdaq Rule 2310, which imposes 
suitability obligations on Nasdaq members with respect to recommending 
transactions in the Units to customers; (3) how information regarding 
the Indicative Partnership Value is disseminated; (4) the requirement 
that members deliver a prospectus to investors purchasing newly issued 
Units prior to or concurrently with the confirmation of a transaction; 
and (5) trading information. The Information Circular will also discuss 
any exemptive, no-action, or interpretive relief granted by the 
Commission from any rules under the Act.
    In addition, the Information Circular will reference that each 
Partnership is subject to various fees and expenses described in the 
relevant registration statement.
    The Information Circular will also reference the fact that there is 
no regulated source of last-sale information regarding physical 
commodities; that the Commission has no jurisdiction over the trading 
of crude oil, natural gas, heating oil, gasoline, or other petroleum-
based fuels; and that the CFTC has regulatory jurisdiction over the 
trading of crude-oil-based and natural-gas-based futures contracts and 
related options.
    The Information Circular will also disclose the trading hours of 
the Units of each Partnership and that the NAV for the Units will be 
calculated after 4 p.m. ET each trading day.
2. Statutory Basis
    Nasdaq believes that the proposed rule change is consistent with 
the Act and the rules and regulations thereunder applicable to a 
national securities exchange. Specifically, Nasdaq believes that the 
proposed rule change is consistent with the Section 6(b)(5) \12\ 
requirements that an exchange have rules 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. In addition, 
Nasdaq believes that the proposal is consistent with Rule 12f-5 under 
the Act \13\ because it deems the Units to be equity securities, thus 
rendering trading in the Units subject to the Exchange's existing rules 
governing the trading of equity securities.
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    \12\ 15 U.S.C. 78f(b)(5).
    \13\ 17 CFR 240.12f-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 neither solicited nor received comments on the 
proposal.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to [email protected]. Please include 
File Number SR-NASDAQ-2008-010 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-NASDAQ-2008-010. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for inspection 
and copying in the Commission's Public Reference Room, 100 F Street, 
NE., Washington, DC 20549, on official business days between the hours 
of 10 a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NASDAQ-2008-010 and should 
be submitted on or before March 17, 2008.

IV. Commission's Findings and Order Granting Accelerated Approval of 
the Proposed Rule Change

    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities 
exchange.\14\ In particular, the Commission finds that the proposed 
rule change is consistent with Section 6(b)(5) of the Act,\15\ which 
requires that an exchange have rules designed, among other things, to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market

[[Page 10084]]

and a national market system, and in general to protect investors and 
the public interest. The Commission believes that this proposal should 
benefit investors by increasing competition among markets that trade 
the Units.
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    \14\ In approving this rule change, the Commission notes that it 
has considered the proposal's impact on efficiency, competition, and 
capital formation. See 15 U.S.C. 78c(f).
    \15\ 15 U.S.C. 78f(b)(5).
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    In addition, the Commission finds that the proposal is consistent 
with Section 12(f) of the Act,\16\ which permits an exchange to trade, 
pursuant to UTP, a security that is listed and registered on another 
exchange.\17\ The Commission notes that it previously approved the 
listing and trading of the Units on Amex.\18\ The Commission also finds 
that the proposal is consistent with Rule 12f-5 under the Act,\19\ 
which provides that an exchange shall not extend UTP to a security 
unless the exchange has in effect a rule or rules providing for 
transactions in the class or type of security to which the exchange 
extends UTP. The Exchange has represented that it meets this 
requirement because it deems the Units to be equity securities, thus 
rendering trading in the Units subject to the Exchange's existing rules 
governing the trading of equity securities.
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    \16\ 15 U.S.C. 78l(f).
    \17\ Section 12(a) of the Act, 15 U.S.C. 78l(a), generally 
prohibits a broker-dealer from trading a security on a national 
securities exchange unless the security is registered on that 
exchange pursuant to Section 12 of the Act. Section 12(f) of the Act 
excludes from this restriction trading in any security to which an 
exchange ``extends UTP.'' When an exchange extends UTP to a 
security, it allows its members to trade the security as if it were 
listed and registered on the exchange even though it is not so 
listed and registered.
    \18\ See supra note 4.
    \19\ 17 CFR 240.12f-5.
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    The Commission further believes that the proposal is consistent 
with Section 11A(a)(1)(C)(iii) of the Act,\20\ 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. Quotations for and last-sale information regarding the 
Units are disseminated through the facilities of the CTA and the 
Consolidated Quotation System. In addition, Amex will calculate and 
disseminate the Indicative Partnership Value per Unit for each 
Partnership through the facilities of the Consolidated Tape Association 
at least every 15 seconds throughout the Amex trading hours for the 
Units. Amex will also make available on its Web site daily trading 
volume, the closing prices, and the NAV. Web site disclosure of 
portfolio holdings for both Funds will be made daily. Finally, 
quotations and last-sale information regarding the Futures Contracts 
are widely disseminated through a variety of market data vendors 
worldwide, including Bloomberg and Reuters.
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    \20\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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    The Commission also believes that the proposal appears reasonably 
designed to preclude trading of the Units if transparency is impaired 
or there is unfair dissemination of the NAV. Trading in the Units will 
be subject to Nasdaq Rule 4120(b), which provides that, if the listing 
market halts trading when the IIV or value of the underlying index is 
not being calculated or disseminated, the Exchange also would halt 
trading. Nasdaq will halt trading in the Units of a Partnership if it 
learns that the listing market halts trading because the NAV is not 
being disseminated to all market participants at the same time.
    In support of this proposal, the Exchange has made the following 
additional representations:
    1. The Exchange's surveillance procedures are adequate to properly 
monitor Exchange trading of the Units in all trading sessions and to 
deter and detect violations of Exchange rules.
    2. Prior to the commencement of trading, the Exchange would inform 
its members in an Information Bulletin of the special characteristics 
and risks associated with trading the Units.
    3. The Information Bulletin also would discuss the requirement that 
members deliver a prospectus to investors purchasing newly issued Units 
prior to or concurrently with the confirmation of a transaction.
    This approval order is based on the Exchange's representations.
    The Commission notes that, if the Units should be delisted by the 
listing exchange, the Exchange would no longer have authority to trade 
the Units pursuant to this order.
    The Commission finds good cause for approving this proposal before 
the thirtieth day after the publication of notice thereof in the 
Federal Register. As noted above, the Commission previously found that 
the listing and trading of the Shares on Amex is consistent with the 
Act. The Commission presently is not aware of any regulatory issue that 
should cause it to revisit this finding or would preclude the trading 
of the Units on the Exchange pursuant to UTP. Therefore, accelerating 
approval of this proposal should benefit investors by creating, without 
undue delay, additional competition in the market for the Units.
    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\21\ that the proposed rule change (SR-NASDAQ-2008-010) be, and it 
hereby is, approved on an accelerated basis.
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    \21\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-3431 Filed 2-22-08; 8:45 am]
BILLING CODE 8011-01-P