[Federal Register: January 16, 2008 (Volume 73, Number 11)]
[Notices]
[Page 2974-2975]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16ja08-114]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57116; File No. SR-Phlx-2007-95]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Securities With Restricted Trading Sessions on XLE
January 9, 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 December 31, 2007, the Philadelphia Stock Exchange, Inc. (``Phlx''
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 Phlx. The
Exchange filed the proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder,\4\ which renders it effective upon filing with
the Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Phlx proposes to update the list in Phlx Rule 101 of securities
eligible to trade in one or more, but not all three, of the Exchange's
trading sessions. The securities to be added are: (1) iShares[reg] S&P
Global 100 Index Fund; (2) iShares[reg] S&P Global Consumer
Discretionary Sector Index Fund; (3) iShares[reg] S&P Global Consumer
Staples Sector Index Fund; (4) iShares[reg] S&P Global Energy Sector
Index Fund; (5) iShares[reg] S&P Global Financials Sector Index Fund;
(6) iShares[reg] S&P Global Healthcare Sector Index Fund; (7)
iShares[reg] S&P Global Industrials Sector Index Fund; (8) iShares[reg]
S&P Global Materials Sector Index Fund; (9) iShares[reg] S&P Global
Technology Sector Index Fund; (10) iShares[reg] S&P Global
Telecommunications Sector Index Fund; (11) iShares[reg] S&P Global
Utilities Sector Index Fund; (12) WisdomTree International Basic
Materials Sector Fund; (13) WisdomTree International Communications
Sector Fund; (14) WisdomTree International Consumer Cyclical Sector
Fund; (15) WisdomTree International Consumer Non-Cyclical Sector Fund;
(16) WisdomTree International Energy Sector Fund; (17) WisdomTree
International Financial Sector Fund; (18) WisdomTree International
Health Care Sector Fund; (19) WisdomTree International Industrial
Sector Fund; (20) WisdomTree International Technology Sector Fund; and
(21) WisdomTree International Utilities Sector Fund.\5\ The text of the
proposed rule change is available at Phlx's principal office, the
Commission's Public Reference Room, and http://www.phlx.com.
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\5\ NYSEArca, Inc. filed and received approval for a proposed
rule change to expand the trading hours of the securities of certain
exchange-traded funds (``ETFs'') traded on the NYSE Arca Marketplace
to include all three trading sessions. See Securities Exchange Act
Release No. 56627 (October 5, 2007), 72 FR 58145 (October 12, 2007)
(SR-NYSEArca-2007-75). Phlx is not proposing to adopt a similar rule
change at this time. Prior to this, NYSEArca restricted the trading
of certain ETFs, including those referred to in this proposed rule
change, to one or two, but not all three, of its trading sessions.
In this proposed rule change, Phlx is proposing to adopt the same
restricted sessions that NYSEArca had for the named ETFs prior to
the approval of SR-NYSEArca-2007-75.
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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, Phlx 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to accommodate the
trading of the securities listed above that may not trade during all
three trading sessions on XLE. Phlx Rule 101 provides that XLE shall
have three trading sessions each day: A Pre Market Session (8 a.m.
Eastern Time (``ET'') to 9:30 a.m. ET), a Core Session (9:30 a.m. ET to
4 p.m. or 4:15 p.m. ET), and a Post Market Session (end of Core Session
to 6 p.m. ET). Phlx Rule 101 includes a list of those securities that
are eligible to trade in one or more, but not all three, of XLE's
trading sessions. The Exchange maintains on its Web site (http://www.phlx.com)
a list that identifies all securities traded on XLE that do not trade
for the duration of each of the three sessions specified in Phlx Rule
101. The Exchange proposes to add the above-listed securities to this
list. These securities are traded on the Exchange pursuant to unlisted
trading privileges and are Index Fund Shares described in Phlx Rule
803(l).
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \6\ in general, and furthers the objectives of Section
6(b)(5) of the Act \7\ in particular, in that it is 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.
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\6\ 15 U.S.C. 78f(b).
\7\ 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 either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (1)
Significantly affect
[[Page 2975]]
the protection of investors or the public interest; (2) impose any
significant burden on competition; and (3) become operative for 30 days
from the date on which it was filed, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest, it has become effective pursuant to Section
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Phlx has given the
Commission written notice of its intent to file the proposed rule
change, along with a brief description and text of the proposed rule
change, at least five business days prior to the date on which the
Exchange filed the proposed rule change. See 17 CFR 240.19b-
4(f)(6)(iii).
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Phlx has requested that the Commission waive the 30-day operative
delay and designate the proposed rule change to become operative
immediately. The Commission believes that granting this request is
consistent with the protection of investors and the public interest
because the Exchange is merely clarifying which securities do not trade
in all three of its trading sessions when such trading hours have been
established pursuant to other proposed rule changes. Therefore, the
Commission designates the proposed rule change as operative upon
filing.\10\
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\10\ For the purposes only of waiving the operative date of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in the furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-Phlx-2007-95 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-Phlx-2007-95. 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-Phlx-2007-95 and should be
submitted on or before February 6, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Florence E. Harmon,
Deputy Secretary.
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\11\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E8-629 Filed 1-15-08; 8:45 am]
BILLING CODE 8011-01-P