Federal Register, Volume 74 Issue 200 (Monday, October 19, 2009)

[Federal Register Volume 74, Number 200 (Monday, October 19, 2009)]
[Notices]
[Pages 53528-53532]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-25109]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60819; File No. SR-NYSEArca-2009-89]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Order Granting Accelerated Approval of Proposed Rule Change
Relating to Replacement Indexes for PowerShares DB Commodity Index
Tracking Fund and PowerShares DB Agriculture Fund

October 13, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on October 8, 2009, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons and is approving the
proposed rule change 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

Pursuant to the provisions of Section 19(b)(1) of the Act,\3\ the
Exchange, through its wholly owned subsidiary NYSE Arca Equities, Inc.
(``NYSE Arca Equities''), proposes to describe a replacement to the
indexes underlying the PowerShares DB Commodity Index Tracking Fund and
the PowerShares DB Agriculture Fund, which are listed on the Exchange
under Commentary .02 to NYSE Arca Equities Rule 8.200.
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\3\ 15 U.S.C. 78s(b)(1).
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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 self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

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

1. Purpose
The PowerShares DB Commodity Index Tracking Fund (``DBC'') and the
PowerShares DB Agriculture Fund (``DBA'' and together with DBC, the
``Funds'') \4\ are currently listed on the Exchange under Commentary
.02 to NYSE Arca Equities Rule 8.200 (``Trust Issued Receipts'').\5\
Deutsche Bank AG

[[Page 53529]]

London, the ``Index Sponsor'' for the Funds, has determined to replace
the commodities indexes underlying these securities from those
previously approved by the Commission in the NYSE Arca Order, Amex DBC
Order, and Amex DBA Order (collectively, the ``DBC/DBA Orders'').
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\4\ See Registration Statement on Form S-3 for PowerShares DB
Commodity Index Tracking Fund (No. 333-158733, dated April 23, 2009)
(``DBC Registration Statement'') and the Post-Effective Amendment
No. 1 to Form S-1 for PowerShares DB Agriculture Fund (No. 333-
150501, dated April 15, 2009) (``DBA Registration Statement''). In
addition, the issuer has filed Current Reports on Forms 8-K with
respect to DBC (No. 001-32726, filed Sept. 30, 2009) (``DBC Current
Report'') and DBA (No. 001-33238, filed Sept. 30, 2009) (``DBA
Current Report'') regarding replacement of the indexes underlying
the Funds.
\5\ See Securities Exchange Act Release No. 58993 (November 21,
2008), 73 FR 72548 (November 28, 2008) (SR-NYSEArca-2008-128) (order
approving listing on the Exchange of the Funds) (``NYSE Arca
Order''). The Funds were previously traded on the Exchange pursuant
to unlisted trading privileges (``UTP''). See Securities Exchange
Act Release Nos. 53736 (April 27, 2006), 71 FR 26582 (May 5, 2006)
(SR-PCX-2006-22) (order approving UTP trading of DB Commodity Index
Tracking Fund); 55453 (March 13, 2007), 72 FR 13333 (March 21, 2007)
(SR-NYSEArca-2006-62) (order approving UTP trading of PowerShares DB
Agriculture Fund and other PowerShares commodity-based funds). The
Funds were originally approved for listing on the American Stock
Exchange LLC (the ``Amex'', now known as NYSE Amex LLC). See
Securities Exchange Act Release Nos. 53105 (January 11, 2006), 71 FR
3129 (January 19, 2006) (SR-Amex-2005-59) (approving listing of DB
Commodity Index Tracking Fund (now known as PowerShares DB Commodity
Index Tracking Fund)) (``Amex DBC Order''); 55029 (December 29,
2006), 72 FR 806 (January 8, 2007) (SR-Amex-2006-76) (approving
listing of PowerShares DB Agriculture Fund and other PowerShares
commodity-based funds) (``Amex DBA Order''). See also, Securities
Exchange Act Release No. 53858 (May 24, 2006), 71 FR 31232 (June 1,
2006) (SR-Amex-2006-53) (``Supplemental Amex DBC Filing'', in which
the Amex clarified the manner in which the index underlying DBC is
maintained by providing that the replacement of expiring futures
contracts would be based on ``Optimum Yield'' roll rules for such
index, as described in SR-Amex-2006-53).
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With the exception of the description of the replacement indexes
underlying DBC and DBA, as described below, the descriptions of the
Funds and the Shares provided in the DBC/DBA Orders and the
Supplemental Amex DBC Filing, as applicable, remain unchanged. In
addition, each of the representations that applied to the current
indexes underlying DBC and DBA set forth in the DBC/DBA Orders, as
applicable, will continue to apply to the proposed replacement indexes,
including, without limitation, with respect to the calculation and
dissemination of index and commodity-related information.\6\ Further,
other representations relating to the listing and trading of shares of
DBC and DBA (``DBC Shares'' and ``DBA Shares'', respectively) on the
Exchange, including, without limitation, dissemination of certain
values, trading rules governing the trading of the DBC Shares and DBA
Shares, and surveillance procedures for the DBC Shares and DBA Shares
and the underlying commodities and commodity-related derivatives, will
continue to apply. As a result of the proposed change, the Exchange
represents that the Funds satisfy the requirements of Rule 8.200,
Commentary .02, and therefore qualify for continued listing on the
Exchange. In addition, the Funds will continue to satisfy Rule 10A-3
under the Act.
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\6\ The Index Sponsor has in place procedures to prevent the
improper sharing of information between different affiliates and
departments. Specifically, an information barrier exists between the
personnel within the Index Sponsor that calculate and reconstitute
the replacement indexes (the Calculation Group) and other Deutsche
Bank personnel, including but not limited to the Managing Owner,
sales and trading, external or internal fund managers, and bank
personnel who are involved in hedging the bank's exposure to
instruments linked to the replacement indexes, in order to prevent
the improper sharing of information relating to the recomposition of
such indexes. The replacement indexes are not calculated by a
broker-dealer.
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PowerShares DB Commodity Index Tracking Fund
The investment objective of DBC and the Master Fund is to seek to
track changes, whether positive or negative, in the level of the
Deutsche Bank Liquid Commodity Index Optimum Yield--Excess Return\TM\
(``DBLCI-OYER''), less the expenses of the operations of DBC and the
DBC Master Fund. A description of the DBLCI-OYER, commodity futures
contracts and related options, operation of DBC, creation and
redemption procedures, and the Shares is set forth in the NYSE Arca
Order, the Amex DBC Order, and the Supplemental Amex DBC Filing.\7\
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\7\ E-mail from Michael Cavalier, Chief Counsel, NYSE Euronext,
to Daniel Gien, Staff Attorney, Division of Trading and Markets,
Commission, dated Oct. 13, 2009.
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As described in the DBC Current Report (``DBC Index Description''),
the Index Sponsor has made the determination that changes in regulatory
circumstances (the ``DBC Changes'') affecting the DBLCI-OYER have
arisen, and, in the view of the Index Sponsor, such DBC Changes
necessitate the replacement of the DBLCI-OYER.\8\
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\8\ The action by the Funds to replace the commodity indexes
currently underlying the Funds is in response to an announcement by
the Commodity Futures Trading Commission (``CFTC'') in Release 5695-
09 (August 19, 2009) (``CFTC Release''), that the CFTC is
withdrawing two no-action letters that provided relief from federal
agricultural speculative positions limits set forth in CFTC
regulations (17 CFR 150.2). The CFTC Release stated, in part, as
follows: ``In CFTC Letter 06-09 (May 5, 2006), the agency's Division
of Market Oversight (DMO) granted no-action relief to DB Commodity
Services LLC, a commodity pool operator (CPO) and commodity trading
advisor (CTA), permitting the DB Commodity Index Tracking Master
Fund to take positions in corn and wheat futures that exceed federal
speculative position limits set forth in CFTC Regulation 150.2.
Subsequently, in CFTC Letter 06-19 (September 6, 2006), DMO granted
similar no-action relief to a CPO/CTA employing a proprietary
commodity investment strategy that includes positions in Chicago
Board of Trade corn, soybeans and wheat futures contracts. Among
other things, DMO's no-action position in both cases stated that any
change in circumstances or conditions could result in a different
conclusion. DMO has previously stated that the trading strategies
employed by these entities would not qualify for a bona fide hedge
exemption under the Commission's regulations.''
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Because of such DBC Changes, the Index Sponsor has determined that
the replacement index should include additional commodities that are
not currently part of the DBLCI-OYER in order to permit the replacement
index to reflect, broadly and in proportion to historical levels, the
world's production and supplies of certain commodities. The DBC Index
Description will reflect the replacement of the DBLCI-OYER with the
Deutsche Bank Liquid Commodity Index-Optimum Yield Diversified Excess
Return\TM\ (``DBLCI-OY Diversified ER'').
According to the DBC Index Description, the DBLCI-OY Diversified ER
is intended to reflect, broadly and in proportion to historical levels,
the world's production and supplies of certain commodities. The
commodities of the DBLCI-OY Diversified ER are (1) Light, Sweet Crude
Oil (WTI), (2) Heating Oil, (3) RBOB Gasoline, (4) Natural Gas, (5)
Brent Crude, (6) Gold, (7) Silver, (8) Aluminum, (9) Zinc, (10) Copper
Grade A, (11) Corn, (12) Wheat, (13) Soybeans, and (14) Sugar.\9\ Each
commodity is represented in the DBLCI-OY Diversified ER\TM\ as an index
with respect to that specific commodity (``Single Commodity Index'').
Each Single Commodity Index is assigned a weight (the ``DBC Index Base
Weight'') which is intended to reflect the world's production and
supplies of each such index commodity.
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\9\ The DBLCI-OY Diversified ER includes all of the commodities
in the previous DBLCI-OYER, and, in addition to such commodities,
includes Brent Crude, RBOB Gasoline, Natural Gas, Silver, Zinc,
Copper Grade A, Soybeans, and Sugar.
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According to the DBC Index Description, the DBLCI-OY Diversified ER
has been calculated back to a base date (the ``DBC Base Date'') of
September 3, 1997. On the DBC Base Date, the closing level of the
DBLCI-OY Diversified ER\TM\ was 100.

------------------------------------------------------------------------
DBC Index
Single Commodity Index Base Weight Exchange \10\
(%)
------------------------------------------------------------------------
Light, Sweet Crude Oil (WTI)....... 12.375 NYMEX
Heating Oil........................ 12.375 NYMEX
RBOB Gasoline...................... 12.375 NYMEX
Natural Gas........................ 5.500 NYMEX
Brent Crude........................ 12.375 ICE-UK
Gold............................... 8.000 COMEX
Silver............................. 2.000 COMEX
Aluminum........................... 4.167 LME
Zinc............................... 4.167 LME
Copper Grade A..................... 4.167 LME
Corn............................... 5.625 CBOT
Wheat.............................. 5.625 CBOT
Soybeans........................... 5.625 CBOT
Sugar.............................. 5.625 ICE-US
------------------------------------------------------------------------

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\10\ The referenced exchanges with respect to the commodities
for DBC and DBA, as applicable, are as follows: NYMEX (New York
Mercantile Exchange); ICE-UK (ICE Futures Europe); COMEX (Commodity
Exchange Inc.); LME (The London Metal Exchange Limited); CBOT
(Chicago Board of Trade); CME (Chicago Mercantile Exchange); ICE-US
(ICE Futures U.S.), Inc.; KCB (Kansas City Board of Trade).
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According to the DBC Current Report, each Single Commodity Index of
the DBLCI-OY Diversified ER\TM\ employs a rules-based approach when it
``rolls'' from one futures contract to another for each commodity.
Rather than select a new futures contract based on a predetermined
schedule (e.g., monthly), each Single Commodity Index rolls to the
futures contract which generates the

[[Page 53530]]

maximum ``implied roll yield.'' The futures contract having a delivery
month within the next thirteen months which generates the highest
implied roll yield will be included in each Single Commodity Index.
DBLCI-OY Diversified ER^TM is calculated in U.S. dollars
on both an excess return (unfunded) and total return (funded) index
levels.
PowerShares DB Agriculture Fund
DBA is designed to track the Deutsche Bank Liquid Commodity Index--
Optimum Yield Agriculture Excess Return^TM (``DBLCI-OY
Agriculture ER''), which is intended to reflect the agricultural
sector. A description of the DBLCI-OY Agriculture ER, commodity futures
contracts and related options, operation of DBA, creation and
redemption procedures, and the DBA Shares is set forth in the NYSE Arca
Order and the Amex DBA Order.
As is the case with respect to DBC, as discussed above, the Index
Sponsor has made the determination that changes in regulatory
circumstances (``DBA Changes'') affecting the DBLCI-OY Agriculture ER
have arisen, and, in the view of the Index Sponsor, such DBA Changes
necessitate replacement of the DBLCI-OY Agriculture ER.\11\
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\11\ See note 8, supra.
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As described in the DBA Current Report (``DBA Index
Description''),\12\ because of the DBA Changes, the Index Sponsor has
determined that the replacement index should include additional
commodities that are not currently part of the DBLCI-OY Agriculture ER
in order to permit the replacement index to reflect the performance of
the agricultural sector. The DBA Index Description will reflect the
replacement of the DBLCI-OY Agriculture ER with the Deutsche Bank
Liquid Commodity Index Diversified Agriculture Excess
Return^TM (``DBLCI Diversified Agriculture ER'').
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\12\ See note 4, supra.
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The DBLCI Diversified Agriculture ER is intended to reflect the
performance of the agricultural commodities sector and is calculated on
an excess return, or unfunded basis. The DBLCI Diversified Agriculture
ER methodology provides that the replacement of expiring futures
contracts in part would be based on ``Optimum Yield'' roll rules for
such index, as described in the DBA Current Report. In addition, the
DBLCI Diversified Agriculture ER, in part, is rolled on a non-Optimum
Yield basis. Each commodity in the DBLCI Diversified Agriculture ER is
assigned a weight (the ``DBA Index Base Weight'') which is intended to
reflect the proportion of such commodity relative to such index.\13\
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\13\ The DBLCI Diversified Agriculture ER includes all of the
commodities in the previous DBLCI-OY Agriculture ER, and, in
addition to such commodities, includes Kansas Wheat, Cocoa, Coffee,
Cotton, Live Cattle, Feeder Cattle, and Lean Hogs.
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The DBLCI Diversified Agriculture ER has been calculated back to a
base date of January 18, 1989 (the ``Base Date''). On the Base Date,
the closing level of the DBLCI Diversified Agriculture ER^TM
was 100.

------------------------------------------------------------------------
DBA Index
Single Commodity Index \14\ Base Exchange
Weight (%)
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Corn................................ 12.50 CBOT
Soybeans............................ 12.50 CBOT
Wheat............................... 6.25 CBOT
Kansas Wheat........................ 6.25 KCB
Sugar............................... 12.50 ICE-US
Cocoa............................... 11.11 ICE-US
Coffee.............................. 11.11 ICE-US
Cotton.............................. 2.78 ICE-US
Live Cattle......................... 12.50 CME
Feeder Cattle....................... 4.17 CME
Lean Hogs........................... 8.33 CME
------------------------------------------------------------------------

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\14\ Futures contracts on Corn, Soybeans, Wheat, Kansas Wheat,
and Sugar are rolled on an Optimum Yield basis. Futures contracts on
Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle and Lean Hogs are
rolled on a Non-Optimum Yield basis.
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DBLCI Diversified Agriculture ER is calculated in U.S. dollars on
both an excess return (unfunded) and total return (funded) index
levels.
Dissemination of Information About the Underlying Futures Contracts
The closing prices and daily settlement prices for the futures
contracts held by the applicable Master Funds are publicly available on
the Web sites of the futures exchanges trading the particular
contracts. The particular futures exchange for each futures contract in
the DBLCI-OY Diversified ER, with Web site information, is as follows:
(i) Aluminum, zinc and copper--LME at www.lme.com; (ii) corn, wheat and
soybeans--CBOT at www.cmegroup.com; (iii) Brent Crude--ICE-UK at
www.theice.com; (iv) sugar--ICE-US at www.theice.com; and (v) light,
sweet crude oil (WTI), heating oil, RBOB gasoline, natural gas, gold
and silver--NYMEX at www.nymex.com.
The particular futures exchange for each futures contract in the
DBLCI Diversified Agriculture ER with Web site information is as
follows: (i) Corn, soybeans and wheat--CBOT at www.cmegroup.com; (ii)
Kansas wheat--KCB at www.kcbt.com; (iii) sugar, coffee, cocoa and
cotton--ICE-US at www.theice.com; and (iv) live cattle, feeder cattle
and lean hogs--CME at www.cmegroup.com.
The Exchange will issue an Information Bulletin regarding the
replacement indexes for DBC and DBA in connection with trading of DBC
and DBA based on such indexes.
All terms relating to the Funds that are referred to, but not
defined, in this proposed rule change are defined in the DBC
Registration Statement, the DBC Current Report, the DBA Registration
Statement, and the DBA Current Report, as applicable.
Surveillance
The Exchange currently has in place an Information Sharing
Agreement with the ICE Futures U.S., ICE Futures Europe, LME, and KCB,
for the purpose of providing information in connection with trading in
or related to futures contracts traded on their respective exchanges
comprising the Indexes. The Exchange may obtain information via the
Intermarket Surveillance Group (``ISG'') from other exchanges who are
members of the ISG, including CME, CBOT and NYMEX.\15\
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\15\ For a list of the current members of ISG, see
www.isgportal.org.
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \16\ in general and Section 6(b)(5) of the
Act \17\ in particular in that it is designed to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, and to
remove impediments and perfect the mechanisms of a free and open market
and to protect investors and the public interest. The Exchange believes
that the proposed rule change accommodates an expansion of the
commodities included in the indexes underlying the Funds, which has
been undertaken in response to action by the CFTC referred to
above,\18\ to the benefit of investors and the marketplace. In
addition, the listing and trading criteria set forth in Rule 8.200 are
intended to protect investors and the public interest.
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\16\ 15 U.S.C. 78s(b).
\17\ 15 U.S.C. 78s(b)(5).
\18\ See note 8, supra.
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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.

[[Page 53531]]

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

No written comments were solicited or received with respect to the
proposed rule change.

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

Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve the proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an e-mail to [email protected]. Please include
File Number SR-NYSEArca-2009-89 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2009-89. 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 Section, 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 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-2009-89 and should
be submitted on or before November 9, 2009.

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

After careful consideration, 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.\19\ In particular, the Commission finds that the proposed
rule change is consistent with the requirements of Section 6(b)(5) of
the Act,\20\ which requires, among other things, that the Exchange's
rules be designed to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and national market
system, and in general, to protect investors and the public interest.
The Commission notes that the new replacement indexes, DBLCI-OY
Diversified ER and DBLCI Diversfied Agriculture ER, reflect more
commodity components and are more diversified than the current indexes
underlying DBC and DBA, respectively.\21\ In addition, with the
exception of the description of the replacement indexes underlying DBC
and DBA, the Commission notes that the descriptions of the Funds and
the Shares provided in the DBC/DBA Orders and the Supplemental Amex DBC
Filing, as applicable, remain unchanged. The Commission further notes
that each of the representations that applied to the current indexes
underlying DBC and DBA set forth in the DBC/DBA Orders, as applicable,
will continue to apply to the proposed replacement indexes, including,
without limitation, with respect to the calculation and dissemination
of index and commodity-related information. In addition, other
representations relating to the listing and trading of the DBC Shares
and DBA Shares on the Exchange, including, without limitation,
dissemination of certain values, trading rules governing the trading of
the DBC Shares and DBA Shares, and surveillance procedures for the DBC
Shares and DBA Shares and the underlying commodities and commodity-
related derivatives, will continue to apply. As a result of the
proposed change, the Exchange represents that the Funds will continue
to satisfy the requirements of Commentary .02 to NYSE Arca Equities
Rule 8.200 and therefore qualify for listing on the Exchange. This
approval order is based on the Exchange's representations.
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\19\ In approving the proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
\20\ 15 U.S.C. 78f(b)(5).
\21\ See supra notes 9 and 13.
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The Commission finds good cause, pursuant to Section 19(b)(2) of
the Act,\22\ for approving the proposed rule change prior to the 30th
day after publication of notice in the Federal Register. The Commission
notes that the DBC Shares and DBA Shares are currently listed and
trading on the Exchange based on the DBLCI-OYER and the DBLCI-OY
Agriculture ER, respectively. The Commission believes that the
Exchange's proposal to replace such current indexes with the DBLCI-OY
Diversified ER and DBLCI Diversified Agriculture ER, which are more
broad-based than the current indexes, does not appear to present any
novel issues or significant regulatory concerns. The Commission notes
that, with the exception of the description of the replacement indexes
underlying DBC and DBA, the descriptions of the Funds and the Shares,
as provided in the DBC/DBA Orders and the Supplemental Amex DBC Filing,
as applicable, and the representations previously made by the Exchange
relating to the indexes and the trading of the DBC Shares and DBA
Shares on the Exchange will continue to apply. The Commission also
notes that the Exchange's proposal represents action in response to the
CFTC Release. The Commission believes that accelerating approval of
this proposal should benefit investors and the marketplace by
providing, without undue delay, for certain commodity-based products

[[Page 53532]]

currently listed and trading on an exchange to be based on an expanded
and more diversified set of commodity components.
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\22\ 15 U.S.C. 78s(b)(2).
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VI. Conclusion

It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\23\ that the proposed rule change (SR-NYSEArca-2009-89) be, and it
hereby is, approved on an accelerated basis.
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\23\ 15 U.S.C. 78s(b)(2).

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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\24\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-25109 Filed 10-16-09; 8:45 am]
BILLING CODE 8011-01-P