[Federal Register: January 10, 2007 (Volume 72, Number 6)]
[Notices]
[Page 1253-1257]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr10ja07-86]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55033; File No. SR-NYSEArca-2006-75]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Order Granting Accelerated Approval of Proposed Rule Change and
Amendment Nos. 1 and 2 Relating to Trading Claymore MACROshares Oil Up
Tradeable Shares and Claymore MACROshares Oil Down Tradeable Shares
Pursuant to Unlisted Trading Privileges
December 29, 2006.
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 October 10, 2006, NYSE Arca, Inc. (the ``Exchange''), through its
wholly owned subsidiary NYSE Arca Equities, Inc. (``NYSE Arca
Equities''), filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been substantially prepared by the Exchange. On
November 9, 2006, the Exchange filed Amendment No. 1 to the proposed
[[Page 1254]]
rule change.\3\ The Exchange filed Amendment No. 2 to the proposed rule
change on December 12, 2006.\4\ The Commission is publishing this
notice and order to solicit comment on the proposed rule change, as
amended, from interested persons and to approve the proposed rule
change and Amendment Nos. 1 and 2 thereto on an accelerated basis.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Amendment No. 1 replaced and superseded the original filing
in its entirety.
\4\ In Amendment No. 2, the Exchange, among other things, (1)
Added proposed NYSE Arca Equities Rule 8.400(e)(1) and (4) relating
to limitations on dealings of certain Market Makers in order to
address potential conflicts of interest in connection with acting as
a Market Maker in Paired Trust Shares, (2) added proposed NYSE Arca
Equities Rule 8.400(e)(2)-(3) to ensure that Market Makers handling
the Paired Trust Shares provide the Exchange with all the necessary
information relating to their trading in the asset, commodity or
other economic interest underlying the Reference Price for the
Paired Trust Shares, or their trading in any related derivatives,
(3) revised the description of the offering process for the MACRO
Tradeable Shares and the MACRO Holding Shares to reflect that there
will be a continuous creation and offering of MACRO Tradeable Shares
and MACRO Holding Shares by Authorized Participants, (4) eliminated
the rule text providing for possible recapitalization of the Holding
Trust based on specified event, (5) revised the continued listing
standards (in the event that the Exchange is the listing market for
a series of Paired Trust Shares in the future) in proposed NYSE Arca
Equities Rule 8.400(d) to require the availability on an intraday
basis at 15-second intervals of certain market data and estimates of
per share underlying values, to require the underlying value of each
paired Holding Trust to be available on a daily basis to all market
participants at the same time, and to require the Exchange to file a
proposed rule change pursuant to Rule 19b-4 of the Act if a
substitute index or other replacement benchmark is selected for the
determination of the Referenced Price, (6) clarified certain trading
rules applicable to the MACRO Tradeable Shares, and (7) made a
number of other corrections and clarifications to the description in
the Purpose Section of the characteristics of the MACRO Holding
Trusts, MACRO Tradeable Trusts, MACRO Holding Shares and the MACRO
Tradeable Shares.
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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, 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 proposes new NYSE Arca
Equities Rule 8.400 to permit trading, either by listing or pursuant to
unlisted trading privileges (``UTP''), of ``Paired Trust Shares.''
Pursuant to this proposed new rule, the Exchange initially proposes to
trade, pursuant to UTP: (1) Claymore MACROshares Oil Up Tradeable
Shares (the ``Up-MACRO \5\ Tradeable Shares'') and (2) Claymore
MACROshares Oil Down Tradeable Shares (the ``Down-MACRO Tradeable
Shares'' and together with the Up-MACRO Tradeable Shares, the ``MACRO
Tradeable Shares'').
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\5\ MACRO[supreg] is a federally-registered servicemark of
MacroMarkets LLC (``MacroMarkets'').
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The MACRO Tradeable Shares are issued by and represent an undivided
beneficial interest in (1) the Claymore MACROshares Oil Up Tradeable
Trust (the ``Up-MACRO Tradeable Trust'') and (2) the Claymore
MACROshares Oil Down Tradeable Trust (the ``Down-MACRO Tradeable
Trust''), respectively. The assets of these trusts (collectively, the
``MACRO Tradeable Trusts'') each will consist exclusively of a majority
of the Claymore MACROshares Oil Up Holding Shares (``Up-MACRO Holding
Shares'') issued by the Claymore MACROshares Oil Up Holding Trust
(``Up-MACRO Holding Trust'') and the Claymore MACROshares Oil Down
Holding Shares (``Down-MACRO Holding Shares'') issued by the Claymore
MACROshares Oil Down Holding Trust (``Down-MACRO Holding Trust'').\6\
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\6\ The Up-MACRO Holding Shares and Down-MACRO Holding Shares
(collectively, MACRO Holding Shares'') will not be listed or traded
on the Exchange.
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The text of the proposed rule change is available on the Exchange's
Web site at http://www.nysearca.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
The Exchange proposes to add new NYSE Arca Equities Rule 8.400 to
permit trading, either by listing or pursuant to UTP, of securities
issued by a pair of related trusts and based on an index or other
numerical variable (``Reference Price'') whose value reflects the value
of assets, prices or other economic interests. When the Exchange is the
listing market for Paired Trust Shares, the Paired Trust Shares will be
subject to the continued listing and trading criteria under proposed
new NYSE Arca Rule 8.400(d). For each separate and discrete Reference
Price that may underlie Paired Trust Shares, the Exchange will submit a
filing pursuant to Section 19(b) \7\ of the Act subject to Commission
review and approval. The Exchange may eventually seek to revise the
proposed listing criteria and trading rules to permit the listing and
trading of Paired Trust Shares pursuant to Rule 19b-4(e) under the Act.
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\7\ 15 U.S.C. 78s(b).
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Pursuant to proposed NYSE Arca Equities Rule 8.400, the Exchange
proposes to trade pursuant to UTP the MACRO Tradeable Shares. The
Commission previously approved the listing and trading of the MACRO
Tradeable Shares on the American Stock Exchange LLC (``Amex'').\8\
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\8\ See Securities Exchange Act Release No. 34-54839 (SR-Amex-
2006-82) (November 29, 2006) (the ``Amex Order'').
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The Exchange deems the MACRO Tradeable Shares to be equity
securities, thus rendering trading in the MACRO Tradeable Shares
subject to the Exchange's existing rules governing the trading of
equity securities. The MACRO Tradeable Shares will trade on the NYSE
Arca Marketplace from 9:30 a.m. until 4:15 p.m. (New York time).
Quotations for and last sale information regarding the MACRO
Tradeable Shares are disseminated through the Consolidated Tape System
(``CTS''). During each trading day, the Amex, acting as the calculation
agent, will publish to the CTS, at least every 15 seconds during the
entire time that the MACRO Tradeable Shares trade on the Amex (normally
9:30 a.m. to 4:15 p.m. each Price Determination Day \9\), an indicative
value, referred to as an Indicative Intraday Value (``IIV''),
representing the estimated underlying value per share of both the Up-
MACRO Tradeable Shares and the Down-MACRO Tradeable Shares. The Amex
will also publish these values on its
[[Page 1255]]
Web site. To enable this calculation, the Amex will receive real time
price data from the NYMEX for the light sweet crude oil futures
contract that trades on the NYMEX from two major market data vendors,
from the opening of trading of the light sweet crude oil futures
contract on NYMEX at 10 a.m. to the close of trading of the MACRO
Tradeable Shares on the Amex at 4:15 p.m. (New York City time). In
addition, the closing price of the MACRO Tradeable Shares on the NYSE
Arca Marketplace will be available on the Exchange's Web site.
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\9\ A ``Price Determination Day'' for this purpose is each day
on which trading of the light sweet crude oil futures contract of
the designated maturity occurs by open outcry on the trading floor
of the NYMEX (located in New York City, New York) through the use of
verbal or hand signals, rather than through electronic or other
means. Price Determination Days are generally the same as business
days--that is, any day other than a Saturday, a Sunday or a day on
which banking institutions and stock exchanges in New York, New York
are authorized or required by law, regulation or executive order to
close. If a substitute reference oil price is being used, the Price
Determination Day will be each day on which this price is determined
by, or in accordance with the rules of, the substitute oil price
provider.
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Because the NYMEX market for the light sweet crude oil futures
contract will be closed for portions of the period from 9:30 a.m. to
4:15 p.m. ET, the IIV calculated values will become fixed at such time
as the NYMEX contract stops trading during this time.\10\ From 9:30
a.m. to 4:15 p.m. ET, however, if trading in the NYMEX light sweet
crude oil futures contract is occurring on the CME Globex electronic
trading platform, then those trades will be used to update IIV values.
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\10\ The IIV calculated value between the opening of trading of
the MACRO Tradeable Shares at 9:30 a.m. and the opening of trading
of the light sweet crude oil futures contract on NYMEX at 10 a.m.
(New York City time) will be based on the final price from the prior
trading day.
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The administrative agent, Claymore Securities, will maintain a Web
site (http://www.ClaymoreMacroShares.com) that is publicly accessible
at no charge and will contain the following information posted by the
trustee on each Price Determination Day: \11\
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\11\ As a condition of initial listing, the Exchange will
receive a representation on behalf of the Holding Trusts and
Tradeable Trusts that the underlying value per share of each Holding
Share and each Tradeable Share will be calculated daily and will be
made available to all market participants at the same time.
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The daily Price Level Percentage Change of the Applicable
Reference Price of Crude Oil;
The daily underlying value \12\ of the Up-MACRO Holding
Trust and the per share underlying value of the Up-MACRO Holding Shares
and the Up-MACRO Tradeable Shares; and
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\12\ The ``underlying value'' of a MACRO Holding Trust on each
Price Determination Day represents the aggregate amount of the
assets in the paired MACRO Holding Trusts to which that MACRO
Holding Trust would be entitled if the settlement contracts were
settled on that day. The determination of the ``underlying value''
of a MACRO Holding Trust on a given Price Determination Day is
calculated using the following formula, which is designed to ensure
that a $1 change in the settlement price of the Applicable Reference
Price of Crude Oil will result in a $1 change in the per share
underlying value of each MACRO Holding Share.
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The daily underlying value of the Down-MACRO Holding Trust
and the per share underlying value of the Down-MACRO Holding Shares and
the Down-MACRO Tradeable Shares.
Pricing and other information for NYMEX light sweet crude oil
futures contracts, including those designated to be the Applicable
Reference Price, is available through major market data vendors such as
Reuters and Bloomberg.
Unless exemptive or no-action relief is available, the MACRO
Tradeable Shares will be subject to the short sale rule, Rule 10a-1
under the Securities Exchange Act of 1934, as amended (the ``Act''). If
exemptive or no-action relief is provided, the Exchange will issue a
notice detailing the terms of the exemption or relief.
Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin of the special characteristics
and risks associated with trading the MACRO Tradeable Shares.
Specifically, the Information Bulletin will discuss the following: (1)
What the MACRO Tradeable Shares are; (2) how they are created and
exchanged for MACRO Holding Shares by Authorized Participants (and that
MACRO Holding Shares are issuable and redeemable only in MACRO Units);
(3) NYSE Arca Equities Rule 9.2(a),\13\ which imposes a duty of due
diligence on its ETP Holders to learn the essential facts relating to
every customer prior to trading the Shares; (4) dissemination of
information regarding the underlying value of each paired MACRO Holding
Trust and the share of that underlying value allocable to one Up-MACRO
Holding Share, one Up-MACRO Tradeable Share, one Down-MACRO Holding
Share and one Down-MACRO Tradeable Share; (5) the requirement that ETP
Holders deliver a prospectus to investors purchasing newly issued MACRO
Tradeable Shares prior to or concurrently with the confirmation of a
transaction; and (6) trading information.
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\13\ The Exchange amended NYSE Arca Equities Rule 9.2(a) to
provide that ETP Holders, before recommending a transaction, must
have reasonable grounds to believe that the recommendation is
suitable for the customer based on any facts disclosed by the
customer as to his other security holdings and as to his financial
situation and needs. Further, the proposed rule amendment provides,
with a limited exception, that prior to the execution of a
transaction recommended to a non-institutional customer, the ETP
Holders shall make reasonable efforts to obtain information
concerning the customer's financial status, tax status, investment
objectives, and any other information that they believe would be
useful to make a recommendation. See Securities Exchange Act Release
No. 54045 (June 26, 2006), 71 FR 37971 (July 3, 2006) (SR-PCX-2005-
115).
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In addition, the Information Bulletin will reference that the MACRO
Holding Trusts and the MACRO Tradeable Trusts are subject to various
fees and expenses described in the Registration Statement. The
Information Bulletin will also reference that the Commission has no
jurisdiction over the trading of the NYMEX light sweet crude oil
futures contract. The Information Bulletin will also discuss any
exemptive, no-action and interpretive relief granted by the Commission
from any rules under the Act.
The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products to monitor trading in the
MACRO Tradeable Shares. The Exchange represents that these procedures
are adequate to properly monitor Exchange trading of the MACRO
Tradeable Shares and to deter and detect violations of Exchange rules.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) \14\ of
the Act, in general, and furthers the objectives of Section 6(b)(5)
\15\ 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, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(5).
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In addition, the proposed rule change is consistent with Rule 12f-5
\16\ under the Act because it deems the MACRO Tradeable Shares to be
equity securities, thus rendering the MACRO Tradeable Shares subject to
the Exchange's rules governing the trading of equity securities.
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\16\ 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
Written comments on the proposed rule change were neither solicited
nor received.
III. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing,
[[Page 1256]]
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-2006-75 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street NE., Washington, DC 20549-1090.
All submissions should refer to File No. SR-NYSEArca-2006-75. 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 also will be available for inspection and copying at the
principal offices 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 No. SR-NYSEArca-2006-75 and should be submitted on or before
January 31, 2007.
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.\17\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\18\ 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 and a national
market system, and in general to protect investors and the public
interest.
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\17\ In approving this 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).
\18\ 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,\19\ which permits an exchange to trade,
pursuant to UTP, a security that is listed and registered on another
exchange.\20\ The Commission notes that it previously approved the
listing and trading of the MACRO Tradeable Shares on Amex.\21\ The
Commission also finds that the proposal is consistent with Rule 12f-5
under the Act,\22\ 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.\23\ The Exchange has represented that it
meets this requirement because it deems the MACRO Tradeable Shares to
be equity securities, thus rendering trading in the MACRO Tradeable
Shares subject to the Exchange's existing rules governing the trading
of equity securities.
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\19\ 15 U.S.C. 78l(f).
\20\ 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.
\21\ See Amex Order, supra note 7.
\22\ 17 CFR 240.12f-5.
\23\ The Exchange has adopted in conjunction with the approval
of this filing new NYSE Arca Equities Rule 8.400 to permit trading,
either by listing or pursuant to UTP, of Paired Trust Shares.
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The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\24\ 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.
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\24\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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A. Surveillance
The Commission notes that the Exchange has represented that its
surveillance procedures are adequate to monitor trading in the Paired
Trust Shares. The Exchange's Information Sharing Agreement with the
NYMEX for the purpose of providing information in connection with
trading in or related to futures contracts traded on the NYMEX creates
the basis for the Exchange to monitor for fraudulent and manipulative
practices in the trading of the Paired Trust Shares.
Moreover, adoption of proposed NYSE Arca Equities Rule 8.400(e)
should facilitate surveillance because it will require ETP Holders
acting as registered Market Makers in the Paired Trust Shares to
provide the Exchange with information relating to trading in the asset,
commodity or other economic interest underlying the Reference Price,
options, related futures or options on futures, or any other related
derivatives.
B. Dissemination of Information
Quotations for and last sale information regarding the MACRO Trust
Shares are disseminated through the CTS. Furthermore, Amex will publish
through the CTS and on its Web site the IIV, representing the estimated
underlying value per share of both the UP-MACRO Tradeable Shares and
the Down-MACRO Tradeable Shares every 15 seconds during the entire time
between 9:30 a.m. to 4:15 p.m.
NYSE Arca Equities Rule 7.34 describes the situations when the
Exchange will halt trading. In particular, NYSE Arca Equities Rule
7.34(a)(4)(B) requires the Exchange to immediately halt trading in the
MACRO Tradeable Shares if the listing market halts trading because the
IIV or the value of the applicable Index is not calculated or widely
disseminated. In cases were the Exchange is acting as the listing
market for a series of Paired Trust Shares, the Exchange will halt
trading no later than the beginning of the trading day following the
interruption if the interruption to the dissemination of the IIVs or
the futures contract prices persists past the trading day in which it
occurred. The Commission believes that these trading halt rules will
help ensure that an appropriate level of transparency exists with
respect to MACRO Tradeable Shares to allow for the maintenance of fair
and orderly markets.
C. Listing and Trading
The Commission finds that the Exchange's proposed rules and
procedures for the listing and trading of the Paired Trust Shares are
consistent with the Act. The Paired Trust Shares will trade as equity
securities subject to the Exchange's existing rules governing the
trading of equity securities. The Commission finds that proposed NYSE
[[Page 1257]]
Arca Equities Rule 8.400(e) establishing certain restrictions on ETP
Holders acting as registered Market Makers in Paired Trust Shares is
reasonably designed to address potential conflicts of interest in
connection with ETP Holders acting as registered Market Makers in
Paired Trust Shares.\25\
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\25\ Proposed NYSE Arca Equities Rule 8.400(e) provides that the
prohibitions in NYSE Arca Equities Rule 7.26 apply to an ETP Holder
acting as a registered Market Maker in Paired Trust Shares.
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The Commission believes that the listing and delisting criteria for
the Paired Trust Shares should help to maintain a minimum level of
liquidity and therefore minimize the potential for manipulation of the
Paired Trust Shares. Additionally, the Commission finds that proposed
NYSE Arca Equities Rule 8.400(e) is reasonably designed to help ensure
that an ETP Holder acting as a Market Maker in Paired Trust Shares
provide the Exchange with all the necessary information relating to
their trading in the asset, commodity or other economic interest
underlying the Reference Price, related options, related futures or
options on futures, or any other related derivatives.
The Commission notes that, if the MACRO Tradeable Shares should be
delisted by the listing exchange, the Exchange would no longer have
authority to trade the MACRO Tradeable Shares pursuant to this approval
order.
In support of this proposal, the Exchange has made the following
representations:
1. The Exchange's surveillance procedures are adequate to properly
monitor Exchange trading of the MACRO Tradeable Shares.
2. Prior to the commencement of trading, the Exchange will inform
its ETP Holders in an Information Bulletin of the special
characteristics and risks associated with trading the MACRO Tradeable
Shares.
3. The Exchange will require ETP Holders to deliver a prospectus to
investors purchasing newly issued MACRO Tradeable Shares prior to or
concurrently with the confirmation of a transaction and will note this
prospectus delivery requirement in the information circular.
This approval order is conditioned on the Exchange's adherence to
these representations.
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 previously, the Commission previously found
that the listing and trading of the MACRO Tradeable Shares on Amex is
consistent with the Act. The Commission presently is not aware of any
regulatory issue that should cause it to revisit that earlier finding
or preclude the trading of the MACRO Tradeable Shares 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 MACRO Tradeable Shares.
V. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\26\ that the proposed rule change (SR-NYSEArca-2006-75), as
amended by Amendment Nos. 1 and 2, be and hereby is, approved on an
accelerated basis.
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\26\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-157 Filed 1-9-07; 8:45 am]
BILLING CODE 8011-01-P