[Federal Register: September 16, 2008 (Volume 73, Number 180)]
[Notices]
[Page 53472-53475]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16se08-99]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58484; File No. SR-NYSEAcra-2008-89]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Amending NYSE Arca Equities Rule 5.2(j)(3) in
Connection With Generic Listing Standards for Multiple Fund Shares and
Inverse Fund Shares
September 8, 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 August 25, 2008, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'')
filed with the Securities and Exchange Commission (``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.
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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
The Exchange, through its wholly-owned subsidiary NYSE Arca
Equities, Inc. (``NYSE Arca Equities''), proposes to amend its rules
governing NYSE Arca, LLC (also referred to as the ``NYSE Arca
Marketplace''), the equities trading facility of NYSE Arca Equities.
The Exchange is proposing to amend NYSE Arca Equities Rule 5.2(j)(3),
the Exchange's initial listing standards for Investment Company Units
(``ICUs''), to include generic listing standards for series of ICUs
that seek to provide investment results that either exceed the
performance of a specified index by a specified multiple (``Multiple
Fund Shares'') or that correspond to the inverse (opposite) of the
performance of a specified index by a specified multiple (``Inverse
Fund Shares'') (collectively, ``Fund Shares''). The text of the
proposed rule change is available on the Exchange's Web site at http://
www.nyse.com, at the Exchange's principal office, and at the
Commission's Public Reference Room.\3\
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\3\ E-mail from Tim Malinowski, Director, NYSE Euronext, to
Edward Cho, Special Counsel, Division of Trading and Markets,
Commission, dated September 3, 2008.
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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, NYSE Arca 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 IV below. NYSE Arca 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
The Exchange is proposing to amend NYSE Arca Equities Rule
5.2(j)(3), the Exchange's initial listing standards for ICUs, to
include generic listing standards for series of Multiple Fund Shares
and Inverse Fund Shares.\4\ The Exchange notes that the Commission has
previously approved the listing and trading of various Multiple Fund
Shares and Inverse Fund Shares.\5\ Multiple Fund Shares and Inverse
Fund Shares currently trading on the Exchange include the Short Funds
and UltraShort Funds of the ProShares Trust and the Inverse Funds and
Leveraged Inverse Funds of the Rydex ETF Trust, which trade on the
Exchange pursuant to unlisted trading privileges (``UTP'') under NYSE
Arca Equities Rule 5.2(j)(3).\6\
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\4\ Fund Shares differ from traditional exchange-traded fund
(``ETF'') shares in that they do not merely correspond to the
performance of a given securities index, but rather attempt to match
a multiple or inverse of such underlying index performance. Multiple
Fund Shares seek to provide investment results, before fees and
expenses, that correspond to a specified multiple of the percentage
performance on a given day of a particular foreign or domestic
equities index or Fixed Income Securities (as described below) index
or a combination thereof. Inverse Fund Shares seek to provide
investment results, before fees and expenses, that correspond to the
inverse (opposite) of the percentage performance on a given day of a
particular foreign or domestic equities index or Fixed Income
Securities index or a combination thereof, by a specified multiple.
Fixed Income Securities are described in NYSE Arca Equities Rule
5.2(j)(3) as debt securities that are notes, bonds, debentures or
evidence of indebtedness that include, but are not limited to, U.S.
Department of Treasury securities, government-sponsored entity
securities, municipal securities, trust preferred securities,
supranational debt and debt of a foreign country or a subdivision
thereof.
\5\ See Securities Exchange Act Release Nos. 56713 (October 29,
2007), 72 FR 61915 (November 1, 2007) (SR-Amex-2007-74) (approving
the listing and trading of Rydex Leveraged Funds, Inverse Funds and
Leveraged Inverse Funds); 52553 (October 3, 2005), 70 FR 59100
(October 11, 2005) (SR-Amex-2004-62) (approving the listing and
trading of the ProShares Ultra Funds and Short Funds); 54040 (June
23, 2006), 71 FR 37629 (June 30, 2006) (SR-Amex-2006-41) (approving
the listing and trading of the ProShares UltraShort Funds); 55117
(January 17, 2007), 72 FR 3442 (January 25, 2007) (SR-Amex-2006-101)
(approving the listing and trading of Ultra, Short and UltraShort
Funds based on various indexes); 56592 (October 1, 2007), 72 FR
57364 (October 9, 2007) (SR-Amex-2007-60) (approving the listing and
trading of ProShares Ultra, Short and UltraShort Funds based on
various international indexes); and 56998 (December 19, 2007), 72 FR
73404 (December 27, 2007) (SR-Amex-2007-104) (approving the listing
and trading of ProShares Ultra, Short and UltraShort Funds based on
several fixed income indexes, among others).
\6\ The Short Funds and Inverse Funds seek daily investment
results, before fees and expenses, that correspond to the inverse or
opposite of the daily performance (-100%) of the underlying indexes,
and the Ultra Short Funds and Leveraged Inverse Funds seek daily
investment results, before fees and expenses, that correspond to
twice the inverse or opposite of the daily performance (-200%) of
the underlying indexes. See Securities Exchange Act Release Nos.
56763 (November 7, 2007), 72 FR 64103 (November 14, 2007) (SR-
NYSEArca-2007-81) (approving UTP trading of shares of funds of Rydex
ETF Trust); 56601 (October 2, 2007), 72 FR 57625 (October 10, 2007)
(SR-NYSEArca-2007-79) (approving UTP trading of shares of eight
funds of the ProShares Trust); 55125 (January 18, 2007), 72 FR 3462
(January 25, 2007) (SR-NYSEArca-2006-87) (approving UTP trading of
shares of 81 funds of the ProShares Trust); 54026 (June 21, 2006),
71 FR 36850 (June 28, 2006) (SR-PCX-2005-115) (approving UTP trading
of shares of funds of the ProShares Trust).
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This rule proposal is similar to a proposed rule change by American
Stock Exchange LLC (``Amex'') in which the Commission approved generic
listing standards for Multiple Fund Shares and Inverse Fund Shares.\7\
In addition, the Exchange notes that the Commission has approved
generic listing standards in NYSE Arca Equities Rule 5.2(j)(6), the
Exchange's initial listing standards for Equity Index-Linked
Securities, Commodity-Linked Securities, Currency-Linked Securities,
Fixed Income Index-Linked Securities, Futures-Linked Securities and
MultiFactor Index-Linked Securities,
[[Page 53473]]
permitting the loss or negative payment at maturity with respect to
such securities to be accelerated by up to twice the performance of the
underlying Reference Asset (as defined in Rule 5.2(j)(6)).\8\
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\7\ See Securities Exchange Act Release No. 57660 (April 14,
2008), 73 FR 21391 (April 21, 2008) (SR-Amex-2007-131) (order
approving generic listing standards for Multiple Fund Shares and
Inverse Fund Shares) (``Amex Proposal'').
\8\ See NYSE Arca Equities Rule 5.2(j)(6)(A)(d); see also
Securities Exchange Act Release No. 56907 (December 5, 2007), 72 FR
70640 (December 12, 2007) (SR-NYSEArca-2007-122) (order approving
generic listing standards under NYSE Arca Equities Rule 5.2(j)(6)).
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The Exchange proposes to amend Commentaries .01, .02 and .03 and
add new Commentary .04 to Rule 5.2(j)(3) to permit the listing and
trading of Multiple Fund Shares and certain Inverse Fund Shares
pursuant to the Exchange's generic listing standards for ICUs.
Specifically, the investment objective associated with the Fund Shares
must be expected to achieve investment results, before fees and
expenses, that correspond to a specific multiple of the percentage
performance on a given day (Multiple Fund Shares) or inversely up to
minus or negative 300% (-300%) (Inverse Fund Shares) of the percentage
performance of the underlying benchmark domestic, international or
global equity and/or Fixed Income Securities index or a combination
thereof, as applicable. Specifically, the Exchange is proposing to
remove the current limitation to listing Multiple Fund Shares and
Inverse Fund Shares. The Exchange proposes to add to Commentary .01,
.02. and .03 of NYSE Arca Equities Rule 5.2(j)(3) to provide initial
listing standards for ICUs to prohibit listing on the Exchange of a
series of ICUs issued by an open-end management investment company that
seeks to provide investment results, before fees and expenses, in an
amount that exceeds -300% of the percentage performance on a given day
of a particular domestic, international or global equity, or Fixed
Income Securities index or combination thereof.
Accordingly, the proposed rule change will enable the Exchange to
list and trade Multiple Fund Shares and Inverse Fund Shares pursuant to
Rule 19b-4(e) \9\ of the Act if each of the conditions set forth in
Commentaries .01 or .02, or .03, as applicable, and Commentary .04 are
satisfied.
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\9\ 17 CFR 240.19b-4(e).
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In addition, the Exchange proposes to amend NYSE Arca Equities Rule
5.2(j)(3), Commentary .02(ii) to make a grammatical correction,
replacing the words ``are satisfied'' with ``satisfy''.
Limitation on Leverage
In connection with Inverse Fund Shares that seek to provide
investment results, before fees and expenses, in an amount that exceeds
-300% of the percentage performance of the underlying benchmark index,
the Exchange's proposal would continue to require specific Commission
approval pursuant to Section 19(b)(2) of the Act.\10\ In particular,
Commentary .01, .02 and .03 of NYSE Arca Equities Rule 5.2(j)(3) would
expressly prohibit Inverse Fund Shares that seek to provide investment
results, before fees and expenses, in an amount that exceeds -300% of
the percentage performance of the underlying benchmark index, from
being approved by the Exchange for listing and trading pursuant to Rule
19b-4(e) under the Act.\11\
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\10\ 15 U.S.C. 78s(b)(2).
\11\ 17 CFR 240.19b-4(e).
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In connection with Multiple Fund Shares, proposed Commentary .01,
.02 and .03 of NYSE Arca Equities Rule 5.2(j)(3) does not provide a
similar limitation on leverage. Instead, the proposal would permit the
fund to seek to provide investment results, before fees and expenses,
that correspond to any multiple, without limitation, of the percentage
performance on a given day of a particular domestic, international or
global equity, or Fixed Income Securities index or a combination
thereof.
The Exchange believes that a -300% limitation is appropriate for
funds listed pursuant to the proposed criteria. Daily public Web site
disclosure of portfolio holdings as required by proposed new Commentary
.04 to Rule 5.2(j)(3), as discussed below, will ensure that investors
are aware of the equity securities, Fixed Income Securities, Financial
Instruments (as described below) and any cash and cash equivalents in a
fund's portfolio that a fund utilizes to seek to provide investment
results corresponding to up to -300% of the underlying benchmark index.
As noted above, the Commission has previously approved the listing of
Inverse Fund Shares with a -200% limitation, as well as generic listing
standards to accommodate such listings.\12\ The Exchange believes that
a -300% limitation will permit funds to provide investors with an
incremental additional degree of leverage similar to instruments
available to professional investors to manage risk, but with the
additional transparency associated with portfolio disclosure, last sale
reporting, and Intraday Indicative Value (``IIV'') dissemination, as
discussed below. In addition, recommendations to investors of
transactions in Fund Shares are subject to the customer suitability
requirements of NYSE Arca Equities Rule 9.2, as discussed below.
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\12\ See notes 5 and 6, supra.
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Availability of Information About Fund Shares and Underlying Indexes
Proposed new Commentary .04 to Rule 5.2(j)(3) provides that the
portfolio composition of a fund will be disclosed on its Web site. Web
site disclosure of portfolio holdings will be made daily and will
include, as applicable: (1) The identity and number of shares held of
each specific equity security; (2) the identity and amount held of each
specific fixed income security; (3) the specific types of financial
instruments, which include, but are not limited to: Stock index futures
contracts; options on futures contracts; options on securities and
indices; equity caps, collars, and floors; swap agreements; forward
contracts; and repurchase agreements (``Financial Instruments''), as
well as the characteristics of such Financial Instruments; and (4) the
cash equivalents and amount of cash held in the portfolio of a fund.
This public Web site disclosure of the portfolio composition of a fund
will coincide with the disclosure of the ``IIV File'' \13\ and the
``PCF File''.\14\ Therefore, the same portfolio information (including
accrued expenses and dividends) will be provided on the public Web site
as well as in the IIV File and PCF File provided to ``Authorized
Participants''.\15\ The format of the public Web site disclosure and
the IIV File and PCF File may differ because the public Web site will
list all portfolio holdings while the IIV File and PCF File will
similarly provide the portfolio holdings but in a format appropriate
for Authorized Participants, i.e., the exact
[[Page 53474]]
components of a Creation Unit. Accordingly, investors will have access
to the current portfolio composition of a fund through the fund's Web
site.
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\13\ Because the National Securities Clearing Corporation's
(``NSCC'') system for the receipt and dissemination to its
participants of the portfolio composition file (``PCF File'') is not
currently capable of processing information with respect to
Financial Instruments, an ``IIV File'' has been developed which is
used to disclose a fund's holdings of Financial Instruments. The IIV
File is posted to a password-protected Web site before the opening
of business on each business day, and all NSCC participants and the
Exchange have access to a password and the Web site containing the
IIV File.
\14\ The PCF File for a fund includes the list of names and the
required number of shares of each deposit security, as well as any
cash information to be included in the next trading day's Creation
Unit (the minimum aggregation size of shares required to effect a
creation or redemption of shares). The information in the PCF File
will be available to all participating in the NSCC system.
\15\ Authorized Participants are the only persons that may place
orders to create and redeem Creation Units. Authorized Participants
must be registered broker-dealers or other securities market
participants, such as banks and other financial institutions, that
are exempt from registration as broker-dealers to engage in
securities transactions, who are Depository Trust Company
participants.
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Specifically, proposed new Commentary .04 to NYSE Arca Equities
Rule 5.2(j)(3) would provide that the provisions of Commentary .04
would apply only to series of ICUs that are issued by an open-end
management investment company that (i) seeks to provide investment
results, before fees and expenses, that correspond to a specific
multiple of the percentage performance on a given day of a particular
domestic equity, international or global equity securities index, or
Fixed Income Securities index, or a combination thereof (``Multiple
Fund Shares''), or (ii) seeks to provide investment results, before
fees and expenses, that correspond inversely up to -300% of the
percentage performance on a given day of a particular domestic equity,
international or global equity securities index, or Fixed Income
Securities index, or a combination thereof (``Inverse Fund Shares'').
For the initial and continued listing of Multiple Fund Shares and/or
Inverse Fund Shares, the following requirements must be adhered to:
Daily public Web site disclosure of portfolio holdings that will form
the basis for the calculation of the net asset value by the issuer of a
series of Multiple Fund Shares or Inverse Fund Shares, including, as
applicable, the following instruments: (i) The identity and number of
shares held of each specific equity security; (ii) the identity and
amount held of each specific Fixed Income Security; (iii) the specific
types of Financial Instruments and characteristics of such Financial
Instruments; and (iv) cash equivalents and the amount of cash held in
the portfolio.
Trading Halts
Existing trading halt requirements for ICUs will apply to Multiple
Fund Shares and Inverse Fund Shares. In particular, Commentary .01(c)
and .02(c) of NYSE Arca Equities Rule 5.2(j)(3) provides that, if the
IIV or the index value applicable to that series of ICUs is not being
disseminated as required, the Exchange may halt trading during the day
in which the interruption to the dissemination of the IIV or the index
value occurs. If the interruption to the dissemination of the IIV or
the index value persists past the trading day in which it occurred, the
Exchange will halt trading no later than the beginning of the trading
day following the interruption.\16\
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\16\ If an ICU is traded on the Exchange pursuant to unlisted
trading privileges, the Exchange will halt trading if the primary
listing market halts trading in such ICU. See NYSE Arca Equities
Rule 7.34(a).
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In addition, proposed Commentary .04(b) to NYSE Arca Equities Rule
5.2(j)(3) requires the Exchange to halt trading of Fund Shares if the
Exchange becomes aware that the open-end management investment company
fails to properly disseminate the appropriate net asset value (``NAV'')
to market participants at the same time and/or fails to provide daily
public Web site disclosure of its portfolio holdings. Commentary .04(b)
to NYSE Arca Equities Rule 5.2(j)(3) further provides that the Exchange
may resume trading in such Fund Shares only when the NAV is
disseminated to all market participants at the same time or the daily
public Web site disclosure of portfolio holdings occurs, as
appropriate.
In addition to other factors that may be relevant, the Exchange may
consider factors in exercising its discretion to halt or suspend
trading in Multiple and/or Inverse Fund Shares. These factors would
include, but are not limited to, (1) the extent to which trading is not
occurring in securities comprising an Underlying Index and/or the
Financial Instruments relating to Fund Shares, or (2) whether other
unusual conditions or circumstances detrimental to the maintenance of a
fair and orderly market are present. In the case of the Financial
Instruments held by a Multiple or Inverse Fund, the Exchange represents
that a notification procedure will be implemented so that timely notice
from the investment adviser of such Multiple or Inverse Fund is
received by the Exchange when a particular Financial Instrument is in
default or shortly to be in default. Notification from the investment
adviser will be made by phone, facsimile or e-mail. The Exchange will
then determine on a case-by-case basis whether a default of a
particular Financial Instrument justifies a trading halt of the
Multiple and/or Inverse Fund Shares. Trading in Multiple and/or Inverse
Fund Shares will also be halted if the circuit breaker parameters
pursuant to NYSE Arca Equities 7.12 are reached.
The Exchange believes that adopting generic listing standards for
Multiple Fund Shares and Inverse Fund Shares based on domestic equity,
international equity, and Fixed Income Securities indexes, or a
combination thereof, and applying Rule 19b-4(e) \17\ should fulfill the
intended objective of that Rule by allowing those ETFs that satisfy the
proposed generic listing standards to commence trading, without the
need for separate Commission approval. The proposed rules have the
potential to reduce the timeframe for bringing Multiple Fund Shares and
Inverse Fund Shares to market, thereby reducing the burdens on issuers
and other market participants. The Exchange submits that the failure of
a particular Multiple Fund Share or Inverse Fund Share portfolio to
comply with the proposed generic listing standards under Rule 19b-4(e)
\18\ would not, however, preclude the Exchange from submitting a
separate filing pursuant to Section 19(b)(2) of the Act \19\ requesting
Commission approval to list and trade a particular series of Multiple
Fund Shares or Inverse Fund Shares.
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\17\ 17 CFR 240.19b-4(e).
\18\ Id.
\19\ 15 U.S.C. 78s(b)(2).
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Continued Listing and Trading Criteria
The continued listing and trading requirements for existing ICUs
included in NYSE Arca Equities Rule 5.5(g)(2) will similarly apply to
Multiple Fund Shares and Inverse Fund Shares.
Suitability
Currently, NYSE Arca Equities Rule 9.2(a) (Diligence As to
Accounts) provides that an ETP Holder, before recommending a
transaction in ICUs, must have reasonable grounds to believe that the
recommendation is suitable for their customer based on any facts
disclosed by the customer as to its other security holdings and as to
its financial situation and needs. Further, the rule provides, with a
limited exception, that prior to the execution of a transaction
recommended to a non-institutional customer, the ETP Holder shall make
reasonable efforts to obtain information concerning the customer's
financial status, tax status, investment objectives, and any other
information that such ETP Holder believes would be useful to make a
recommendation.
Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin of the suitability requirement
of NYSE Arca Equities Rule 9.2(a) (Diligence As to Accounts).
Specifically, ETP Holders will be reminded in the Information Bulletin
that, in recommending transactions in these securities, they must have
a reasonable basis to believe that the customer can evaluate the
special characteristics of Multiple Fund Shares and Inverse Fund Shares
and is able to bear the financial risks of such investment.
[[Page 53475]]
This Information Bulletin will set forth the requirements relating
to NYSE Arca Equities Rule 9.2(a)(2). Specifically, the Information
Bulletin will remind ETP Holders of their obligations in recommending
transactions in the Fund Shares so that members have a reasonable basis
to believe that (1) the recommendation is suitable for a customer given
reasonable inquiry concerning the customer's investment objectives,
financial situation, needs, and any other information known by such
member, and (2) the customer can evaluate the special characteristics,
and is able to bear the financial risks, of such investment. In
connection with the suitability obligation, the Information Circular
will also provide that members make reasonable efforts to obtain the
following information: (1) The customer's financial status; (2) the
customer's tax status; (3) the customer's investment objectives; and
(4) such other information used or considered to be reasonable by such
member or registered representative in making recommendations to the
customer.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) \20\ of the Act, in general, and furthers the
objectives of Section 6(b)(5),\21\ in particular, in that it is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanisms of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. The Exchange believes that
the proposed rule change will facilitate the listing and trading of
additional types of exchange-traded products that will enhance
competition among market participants, to the benefit of investors and
the marketplace. In addition, the listing and trading criteria set
forth in Rule 5.2(j)(3) as proposed to be amended are intended to
protect investors and the public interest.
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\20\ 15 U.S.C. 78f(b).
\21\ 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
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 Exchange 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 rule-comments@sec.gov. Please include
File No. SR-NYSEArca-2008-89 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, Station Place, 100 F Street, NE., Washington,
DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2008-89. 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 Room, 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-NYSEArca-2008-89 and should be submitted on or before
October 7, 2008.
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,
Acting Secretary.
[FR Doc. E8-21526 Filed 9-15-08; 8:45 am]
BILLING CODE 8010-01-P