[Federal Register Volume 80, Number 127 (Thursday, July 2, 2015)]
[Proposed Rules]
[Pages 38033-38036]
[FR Doc No: 2015-16155]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2015-1990; Directorate Identifier 2015-NM-027-AD]
RIN 2120-AA64

Airworthiness Directives; The Boeing Company Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

-----------------------------------------------------------------------

SUMMARY: We propose to adopt a new airworthiness directive (AD) for
certain The Boeing Company Model 737-400 series airplanes, as modified
by a certain supplemental type certificate. This proposed AD was
prompted by the discovery of a design drawing error regarding placards
that identified incorrect squibs and pressure switches for certain fire
extinguisher bottles. This proposed AD would require a detailed
inspection of certain cargo placards to determine if they are the
correct placards and in the correct location, a detailed inspection of
the harnesses to verify that they are marked and installed correctly,
and corrective action if necessary. We are proposing this AD to detect
and correct incorrectly installed harnesses for the cargo fire
suppression system bottles, which could result in an incorrect
activation sequence of the bottles, the inability to suppress a cargo
fire quickly, and a possible uncontrollable fire.

DATES: We must receive comments on this proposed AD by August 17, 2015.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    For service information identified in this proposed AD, contact
Advanced Aircraft Extinguishers, 1052 SW Luttrell, Blue Springs, MO
64015; telephone:<PHONE_NUMBER>; Internet www.aae-ltd.com. You may view
this referenced service information at the FAA, Transport Airplane
Directorate, 1601 Lind Avenue SW., Renton, WA. For information on the
availability of this material at the FAA, call<PHONE_NUMBER>.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2015-
1990; or in person at the Docket Management Facility between 9 a.m. and
5 p.m., Monday through Friday, except Federal holidays. The AD docket
contains this proposed AD, the regulatory evaluation, any comments
received, and other information. The street address for the Docket
Office (phone:<PHONE_NUMBER>) is in the ADDRESSES section. Comments will
be available in the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Paul DeVore, Aerospace Engineer,
Systems and Propulsion Branch, ACE-116W, FAA, Wichita ACO, 1801 Airport
Road, Room 100, Mid-Continent Airport, Wichita, KS 67209; phone: 316-
946-4142; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this proposal. Send your comments to an address listed
under the ADDRESSES section. Include ``Docket No. FAA-2015-1990;
Directorate Identifier 2015-NM-027-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this proposed AD. We
will consider all comments received by the closing date and may amend
this proposed AD because of those comments.
    We will post all comments we receive, without change, to http://www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact we
receive about this proposed AD.

Discussion

    We have received a report of a design drawing error regarding the
placement of placards that identify the squibs and pressure switches
for halon fire extinguisher bottles Number 1 and Number 2. Electrical
harnesses for the cargo fire suppression system bottles may
consequently be reversed, which would cause an incorrect activation
sequence of the bottles, i.e., the initial high-rate ``knockdown''
agent discharge will not be released until after a 5-minute time delay
rather than immediately as intended. This condition, if not corrected,
could result in an incorrect activation sequence of the bottles, the
inability to suppress a cargo fire quickly, and a possible
uncontrollable fire.

Related Service Information Under 1 CFR Part 51

    We reviewed Advanced Aircraft Extinguishers Service Bulletin TFA10-
26-0020, Revision IR, dated January 12, 2015. The service information
describes procedures for a detailed inspection of Advanced Aircraft
Extinguishers (AAE) cargo fire protection system (FPS) placards to
determine if they are the correct placards and in the correct location,
and a detailed inspection of

the harnesses to verify that they are marked and installed correctly.
The service information also describes corrective actions such as
removing the existing AAE cargo FPS placards, destroying/discarding
them, and installing AAE-provided cargo FPS placards on the mounting
plate. This service information is reasonably available because the
interested parties have access to it through their normal course of
business or by the means identified in the ADDRESSES section of this
NPRM.

Clarification of Service Information Procedures

    Step C.(3) of the ``SERVICE BULLETIN INSTRUCTIONS'' of Advanced
Aircraft Extinguishers Service Bulletin TFA10-26-0020, Revision IR,
dated January 12, 2015, does not clearly state the corrective action
for the inspection of the harnesses. Therefore, paragraph (h) of this
proposed AD specifies the steps in the service information that would
be required if any harness is not marked correctly or not installed
correctly.

FAA's Determination

    We are proposing this AD because we evaluated all the relevant
information and determined the unsafe condition described previously is
likely to exist or develop in other products of the same type design.

Proposed AD Requirements

    This proposed AD would require accomplishing the actions specified
in the service information described previously, except as discussed
under ``Differences Between this Proposed AD and the Service
Information.''

Differences Between This Proposed AD and the Service Information

    While Advanced Aircraft Extinguishers Service Bulletin TFA10-26-
0020, Revision IR, dated January 12, 2015, specifies a compliance time
of 30 days, this proposed AD would require a compliance time of 6
months. In developing an appropriate compliance time for this AD, we
considered the degree of urgency associated with the subject unsafe
condition, the average utilization of the affected fleet, and the time
necessary to perform the inspection. In light of all of these factors,
we find that 6 months represents an appropriate interval of time for
affected airplanes to continue to operate without compromising safety.
This difference has been coordinated with Boeing and AAE.
    The ``EFFECTIVITY'' section of Advanced Aircraft Extinguishers
Service Bulletin TFA10-26-0020, Revision IR, dated January 12, 2015,
lists serial number (S/N) 24132 in the ``Purchased for Installation on
Aircraft Serial Number'' column. This is a typographical error in the
service information. The Applicability section of this proposed AD
correctly identifies S/N 24231.

Explanation of ``RC'' Steps in Service Information

    The FAA worked in conjunction with industry, under the
Airworthiness Directive Implementation Aviation Rulemaking Committee
(ARC), to enhance the AD system. One enhancement was a new process for
annotating which steps in the service information are required for
compliance with an AD. Differentiating these steps from other tasks in
the service information is expected to improve an owner's/operator's
understanding of crucial AD requirements and help provide consistent
judgment in AD compliance. The steps identified as RC (required for
compliance) in any service information identified previously have a
direct effect on detecting, preventing, resolving, or eliminating an
identified unsafe condition.
    For service information that contains steps that are labeled as
Required for Compliance (RC), the following provisions apply: (1) The
steps labeled as RC, including substeps under an RC step and any
figures identified in an RC step, must be done to comply with the AD,
and an AMOC is required for any deviations to RC steps, including
substeps and identified figures; and (2) steps not labeled as RC may be
deviated from using accepted methods in accordance with the operator's
maintenance or inspection program without obtaining approval of an
AMOC, provided the RC steps, including substeps and identified figures,
can still be done as specified, and the airplane can be put back in an
airworthy condition.

Costs of Compliance

    We estimate that this proposed AD affects 3 airplanes of U.S.
registry.
    We estimate the following costs to comply with this proposed AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost on
               Action                        Labor cost               Parts cost          Cost per       U.S.
                                                                                product     operators
----------------------------------------------------------------------------------------------------------------
Detailed inspection.................  2 work-hours x $85 per   N/A....................         $170         $510
                                       hour = $170.
----------------------------------------------------------------------------------------------------------------

    We estimate the following costs to do any necessary corrective
actions that would be required based on the results of the proposed
inspection. We have no way of determining the number of aircraft that
might need these corrective actions:

                           On-Condition Costs
------------------------------------------------------------------------
                                                     Parts     Cost per
             Action                  Labor cost       cost     product
------------------------------------------------------------------------
Corrective actions.............  2 work-hours x        $900       $1,070
                                  $85 per hour =
                                  $170.
------------------------------------------------------------------------

    According to the manufacturer, some of the costs of this proposed
AD may be covered under warranty, thereby reducing the cost impact on
affected individuals. We do not control warranty coverage for affected
individuals. As a result, we have included all costs in our cost
estimate.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I,

section 106, describes the authority of the FAA Administrator. Subtitle
VII: Aviation Programs, describes in more detail the scope of the
Agency's authority.
    We are issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701: ``General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979),
    (3) Will not affect intrastate aviation in Alaska, and
    (4) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive (AD):

The Boeing Company: Docket No. FAA-2015-1990; Directorate Identifier
2015-NM-027-AD.

(a) Comments Due Date

    We must receive comments by August 17, 2015.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to The Boeing Company Model 737-400 series
airplanes, certificated in any category, having serial numbers
23865, 24231, 24706, 24474, 25417, 27003, 27149, 25375, 26281,
28661, and 28881, as modified by Supplemental Type Certificate
ST01114WI (http://rgl.faa.gov/Regulatory_and_Guidance_Library/
rgstc.nsf/0/f9490633c04cbc8286257301006ed621/$FILE/ST01114WI.pdf).

(d) Subject

    Air Transport Association (ATA) of America Code 26, Fire
Protection.

(e) Unsafe Condition

    This AD was prompted by the discovery of a design drawing error
regarding placards that identified incorrect squibs and pressure
switches for certain fire extinguisher bottles. We are issuing this
AD to detect and correct incorrectly installed harnesses for the
cargo fire suppression system bottles, which could result in an
incorrect activation sequence of the bottles, the inability to
suppress a cargo fire quickly, and a possible uncontrollable fire.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Placard Inspection

    Within 6 months after effective date of this AD, do a detailed
inspection of Advanced Aircraft Extinguishers cargo fire protection
system (FPS) placards to determine if they are the correct placards
and in the correct location, and do all applicable corrective
actions, in accordance with the ``SERVICE BULLETIN INSTRUCTIONS'' of
Advanced Aircraft Extinguishers Service Bulletin TFA10-26-0020,
Revision IR, dated January 12, 2015. Do all applicable corrective
actions before further flight.

(h) Harness Inspection

    Within 6 months after the effective date of this AD, do a
detailed inspection of the harnesses to verify that they are
correctly marked and installed, in accordance with the ``SERVICE
BULLETIN INSTRUCTIONS'' of Advanced Aircraft Extinguishers Service
Bulletin TFA10-26-0020, Revision IR, dated January 12, 2015. If any
harness is not marked or installed correctly, before further flight,
do steps C.(5) through C.(11) specified in and in accordance with
the ``SERVICE BULLETIN INSTRUCTIONS'' of Advanced Aircraft
Extinguishers Service Bulletin TFA10-26-0020, Revision IR, dated
January 12, 2015, except as required by paragraph (i) of this AD.

(i) Exception to the Service Information Specification

    Where Advanced Aircraft Extinguishers Service Bulletin TFA10-26-
0020, Revision IR, dated January 12, 2015, specifies contacting the
manufacturer for appropriate action: Before further flight, repair
in accordance with a method approved by the Manager, Wichita
Aircraft Certification Office (ACO), FAA.

(j) Special Flight Permit

    Special flight permits may be issued in accordance with sections
21.197 and 21.199 of the Federal Aviation Regulations (14 CFR 21.197
and 21.199) to operate the airplane, provided the airplane does not
carry cargo in the lower cargo bay.

(k) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, Wichita Aircraft Certification Office (ACO),
FAA, has the authority to approve AMOCs for this AD, if requested
using the procedures found in 14 CFR 39.19. In accordance with 14
CFR 39.19, send your request to your principal inspector or local
Flight Standards District Office, as appropriate. If sending
information directly to the manager of the ACO, send it to the
attention of the person identified in paragraph (l)(1) of this AD.
    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.
    (3) Except as required by paragraph (i) of this AD: For service
information that contains steps that are labeled as Required for
Compliance (RC), the provisions of paragraphs (k)(3)(i) and
(k)(3)(ii) apply.
    (i) The steps labeled as RC, including substeps under an RC step
and any figures identified in an RC step, must be done to comply
with the AD. An AMOC is required for any deviations to RC steps,
including substeps and identified figures.
    (ii) Steps not labeled as RC may be deviated from using accepted
methods in accordance with the operator's maintenance or inspection
program without obtaining approval of an AMOC, provided the RC
steps, including substeps and identified figures, can still be done
as specified, and the airplane can be put back in an airworthy
condition.

(l) Related Information

    (1) For more information about this AD, contact Paul C. DeVore,
Aerospace Engineer, Systems and Propulsion Branch, ACE-116W, FAA,
Wichita ACO, 1801 Airport Road, Room 100, Mid-Continent Airport,
Wichita, KS 67209; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>    (2) For service information identified in this AD, contact
Advanced Aircraft Extinguishers, 1052 SW Luttrell, Blue Springs, MO
64015; telephone:<PHONE_NUMBER>; Internet www.aae-ltd.com. You may
view this referenced service information at the FAA, Transport
Airplane Directorate, 1601 Lind Avenue SW., Renton, WA. For
information on the availability of this material at the FAA, call
425-227-1221.

    Issued in Renton, Washington, on June 24, 2015.
Dionne Palermo,
Acting Manager, Transport Airplane Directorate, Aircraft Certification
Service.
[FR Doc. 2015-16155 Filed 7-1-15; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register: July 20, 2007 (Volume 72, Number 139)]
[Notices]
[Page 39875-39877]
[DOCID:fr20jy07-99]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56076; File No. SR-Phlx-2007-46]

Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Priority of Synthetic Option Orders in Open Outcry

July 16, 2007.
    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 June 26, 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 the Phlx.
The Exchange filed the proposed rule change pursuant to section
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which
renders the proposal effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Phlx proposes to adopt, on a permanent basis, Exchange Rule
1033(e), which is currently subject to a pilot program (the ``pilot'')
scheduled to expire June 30, 2007. Exchange Rule 1033(e) affords
priority to synthetic option orders (as defined below) traded in open
outcry over bids and offers in the trading crowd but not over bids
(offers) of public customers on the limit order book and not over crowd
participants who are willing to participate in the synthetic option
order at the net debit or credit price. The rule applies to orders for
100 contracts or more. The Exchange proposes to adopt the rule on a
permanent basis. The text of the proposed rule change is set forth
below. Brackets indicate deletions; italics indicate new text.
Bids and Offers--Premium
    Rule 1033.(a)-(d) No change.
    (e) Synthetic Option Orders. When a member holding a synthetic
option order, as defined in Rule 1066, and bidding or offering on the
basis of a total credit or debit for the order has determined that the
order may not be executed by a combination of transactions at or within
the bids and offers established in the marketplace, then the order may
be executed as a synthetic option order at the total credit or debit
with one other member, provided that, the member executes the option
leg at a better price than the established bid or offer for that option
contract, in accordance with Rule 1014. [Subject to a pilot expiring
June 30, 2007, s] Synthetic option orders in open outcry, in which the
option component is for a size of 100 contracts or more, have priority
over bids (offers) of crowd participants who are bidding (offering)
only for the option component of the synthetic option order, but not
over bids (offers) of public customers on the limit order book, and not
over crowd participants that are willing to participate in the
synthetic option order at the net debit or credit price.
    (f)-(i) No change.

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 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 these statements may be examined at the places specified in
Item IV below. The Phlx 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 purpose of the proposed rule change is to adopt, on a permanent
basis, Exchange Rule 1033(e), which facilitates the execution of option
orders that are represented in the crowd together with a stock
component, known under the Exchange's rules as synthetic option
orders,\5\ which by virtue of the stock component may be difficult to
execute without a limited exception to current Exchange priority rules.
The pilot was originally adopted in July 2005,\6\ extended for an
additional six-month period through June 30, 2006,\7\ and subsequently
extended for one year, which is scheduled to expire June 30, 2007.\8\
---------------------------------------------------------------------------

    \5\ Exchange Rule 1066(g) currently defines a synthetic option
order as an order to buy or sell a stated number of option contracts
and buy or sell the underlying stock or Exchange-Traded Fund Share
in an amount that would offset (on a one-for-one basis) the option
position. For example:
    (1) Buy-write: An example of a buy-write is an order to sell one
call and buy 100 shares of the underlying stock or Exchange-Traded
Fund Share.
    (2) Synthetic put: An example of a synthetic put is an order to
buy one call and sell 100 shares of the underlying stock or
Exchange-Traded Fund Share.
    (3) Synthetic call: An example of a synthetic call is an order
to buy (or sell) one put and buy (or sell) 100 shares of the
underlying stock or Exchange-Traded Fund Share.
    \6\ See Securities Exchange Act Release No. 52140 (July 27,
2005), 70 FR 45481 (August 5, 2005) (SR-Phlx-2005-31).
    \7\ See Securities Exchange Act Release No. 53004 (December 22,
2005), 70 FR 77234 (December 29, 2005) (SR-Phlx-2005-78).
    \8\ See Securities Exchange Act Release No. 54017 (June 19,
2006), 71 FR 36596 (June 27, 2006) (SR-Phlx-2006-38).
---------------------------------------------------------------------------

    Currently, Exchange Rule 1033(e) provides that, if an Exchange
member who is holding a synthetic option order and is bidding or
offering on a net debit or credit basis determines that such synthetic
option order cannot be executed at the net debit or credit against the
established bids and offers in the crowd, the member bidding for or
offering the synthetic option on a net debit or credit basis may
execute the synthetic option order with one other crowd participant,
provided that the option portion of the synthetic option order is
executed at a price that is better

than the established bid or offer for the option. Thus, if the desired
net debit or credit amount cannot be achieved by way of executing
against the established bids and offers in the crowd, the member may
elect to trade at the desired net debit or credit amount with one other
member, provided that there is price improvement for the option
component of the synthetic option order.
    Exchange Rule 1033(e) affords synthetic option orders priority over
bids (offers) of the trading crowd but not over bids (offers) of public
customers on the limit order book and not over crowd participants who
are willing to participate in the synthetic option order at the net
debit or credit price. The effect of the rule is that a crowd
participant bidding or offering for the synthetic option order has
priority over other crowd participants that are bidding or offering
only for the option component of the order. The rule applies only to
synthetic option orders of 100 contracts or more.
    In addition, the rule provides that members bidding and offering
for synthetic option orders of 100 contracts or more do not have
priority over bids (offers) of public customers on the limit order
book.\9\ Therefore, if members of the trading crowd wish to trade a
synthetic option order that is marketable against public customer
orders on the limit order book, public customers would have priority.
Multiple public customer orders at the same price are accorded priority
based on time.
---------------------------------------------------------------------------

    \9\ See Exchange Rule 1080, Commentary .02.
---------------------------------------------------------------------------

    The Exchange believes that Exchange Rule 1033(e), which provides a
limited exception to the Exchange's priority rules only with respect to
controlled accounts \10\ competing at the same price, should enable
Floor Brokers representing synthetic option orders to provide best
executions to customers placing such orders and should enable the
Exchange to provide liquid markets and compete for order flow in such
orders.
---------------------------------------------------------------------------

    \10\ A controlled account includes any account controlled by or
under common control with a broker-dealer. Customer accounts are all
other accounts. Orders of controlled accounts are required to yield
priority to customer orders when competing at the same price. Orders
of controlled accounts generally are not required to yield priority
to other controlled account orders. See Exchange Rule 1014(g)(i)(A).
---------------------------------------------------------------------------

    As stated above, the rule applies only to synthetic option orders
in which the option component is for a size of 100 contracts or more
that are represented in the trading crowd in open outcry.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with section
6(b) of the Act \11\ in general and furthers the objectives of section
6(b)(5) of the Act \12\ 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,
by adopting a limited exception to the Exchange's priority rules
concerning synthetic option orders.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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 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: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
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 \13\ and Rule 19b-
4(f)(6) thereunder.\14\ At any time within 60 days of the filing of the
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 furtherance of the purposes of the Act.\15\
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ As required by Rule 19b-4(f)(6)(iii) under the Act, the
Exchange provided the Commission with written notice of its intent
to file the proposed rule change, along with a brief description of
the text of the proposed rule change, at least five business days
prior to the date of the filing of the proposed rule change.
---------------------------------------------------------------------------

    The Exchange requests that the Commission waive the 30-day
operative period under Rule 19b-4(f)(6)(iii) \16\ in order to ensure
the continuity of the rule. The Commission believes that it is
consistent with the protection of investors and the public interest to
waive the 30-day operative delay.\17\ The Commission believes that the
waiver of the 30-day operative delay will allow the Exchange to
continue, without interruption, the existing operation of its rule.
---------------------------------------------------------------------------

    \16\ 17 CFR 240.19b-4(f)(6)(iii).
    \17\ For purposes only of waiving the 30-day operative delay of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

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_ADDRESS>Please include

File Number SR-Phlx-2007-46 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-2007-46. 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 the filing also will be available for
inspection and copying at the principal office of the Phlx. 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-2007-46 and should be
submitted on or before August 10, 2007.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-14024 Filed 7-19-07; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 77, Number 157 (Tuesday, August 14, 2012)]
[Notices]
[Pages 48568-48570]
[FR Doc No: 2012-19842]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67618; File No. SR-NYSEARCA-2012-81]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE
Arca Options Fee Schedule To Add an Additional Tier to the Lead Market
Maker Rights Fee and an Alternative Qualification Basis for Market
Makers That Post Liquidity in Penny Pilot Issues and Options on the
SPDR S&P 500 ETF

August 8, 2012.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on July 27, 2012, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') 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 self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend the NYSE Arca Options Fee Schedule
(``Fee Schedule'') to add an additional tier to the Lead Market Maker
(``LMM'') rights fee and an alternative qualification basis for Market
Makers that post liquidity in Penny Pilot issues and options on the
SPDR S&P 500 ETF (``SPY''). The text of the proposed rule change is
available on the Exchange's Web site at www.nyse.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 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the Fee Schedule to add an
additional tier to the LMM rights fee and an alternative qualification
basis for Market Makers that post liquidity in Penny Pilot issues and
options on SPY.
LMM Rights
    OTP Firms \4\ acting as LMMs are assessed a fee for LMM rights for
each appointed issue.\5\ The LMM rights fee is based on the average
daily volume (``ADV'') of Customer contracts traded in that issue.\6\
Currently, the LMM rights fees are charged as follows:
---------------------------------------------------------------------------

    \4\ See NYSE Arca Rule 1.1(r).
    \5\ ``Market Maker'' is defined in NYSE Arca Rule 6.32. ``Lead
Market Maker'' is defined in NYSE Arca Rule 6.82.
    \6\ The term ``Customer'' excludes a broker-dealer. See NYSE
Arca Rule 6.1A(a)(4).

------------------------------------------------------------------------
                                                                Monthly
          Average national daily customer contracts            issue fee
------------------------------------------------------------------------
0 to 2,000..................................................         $75
2,001 to 5,000..............................................         200
5,001 to 15,000.............................................         375
15,001 to 100,000...........................................         750
Over 100,000................................................       1,500
------------------------------------------------------------------------

    The Exchange proposes to add an additional tier for issues with an
ADV of between 0-1000 contracts that will be charged an LMM rights fee
of $45. The LMM rights fee for issues with an ADV of between 1001-2000
contracts would continue to be $75. The fees are assessed at the end of
each month on each issue that an LMM holds in their LMM appointment.
The proposed LMM rights fees would be charged as follows:

------------------------------------------------------------------------
                                                                Monthly
          Average national daily customer contracts            issue fee
------------------------------------------------------------------------
0-1000......................................................         $45
1001 to 2,000...............................................          75
2,001 to 5,000..............................................         200
5,001 to 15,000.............................................         375
15,001 to 100,000...........................................         750
Over 100,000................................................       1,500
------------------------------------------------------------------------

Penny Pilot Issues
    Currently, Market Makers receive a per contract credit for posted
electronic executions based on certain volume thresholds in Penny Pilot
issues, with an additional credit for posted electronic executions in
SPY, as follows:

----------------------------------------------------------------------------------------------------------------
                                                                           Credit applied to
                                                                           posted electronic   Credit applied to
                                         Qualification basis  (average       market maker      posted electronic
                Tier                    electronic executions per day)       executions in       market maker
                                                                          penny pilot issues   executions in SPY
                                                                              (except SPY)
----------------------------------------------------------------------------------------------------------------
Base................................  ..................................             ($0.32)             ($0.34)
Tier 1..............................  30,000 Contracts from Market Maker             ($0.34)             ($0.36)
                                       Posted Orders in Penny Pilot
                                       Issues.
Tier 2..............................  80,000 Contracts from Market Maker             ($0.38)             ($0.40)
                                       Posted Orders in Penny Pilot
                                       Issues.
Tier 3..............................  150,000 Contracts from Market                  ($0.40)             ($0.42)
                                       Maker Posted Orders in Penny
                                       Pilot Issues.
----------------------------------------------------------------------------------------------------------------

    For example, if a Market Maker has average electronic executions
per day of 40,000 contracts from posted orders in Penny Pilot issues,
the Market Maker receives a credit of $0.34 per contract for posted
electronic executions in non-SPY Penny Pilot issues, and a credit of
$0.36 per contract for posted electronic executions in SPY.
    The Exchange proposes to add an alternative qualification basis for
Market Makers that post liquidity in Penny Pilot issues and SPY. Market
Makers will have an alternative method to

qualify for the Tier 2 credit applied to posted electronic executions
in Penny Pilot issues and SPY. A Market Maker may qualify for the Tier
2 credit by:
     Having an ADV of 80,000 executed electronic Market Maker
posted contracts in Penny Pilot issues, including SPY, or
     Having a combined ADV of 150,000 executed electronic
Market Maker and Customer posted contracts in Penny Pilot issues,
including SPY, from all affiliated OTP Holders \7\ and OTP Firms.
---------------------------------------------------------------------------

    \7\ See NYSE Arca Rule 1.1(q).
---------------------------------------------------------------------------

    For purposes of this calculation, days when the market closes early
are not included in the ADV. The Exchange does not propose to change
the base rate, Tier 1, or Tier 3 credits for Market Makers that post
electronic executions in Penny Pilot issues or SPY. The proposed Market
Maker monthly posting credit tiers and qualifications for executions in
Penny Pilot issues and SPY would be as follows:

----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
          Tier            Qualification basis     Credit applied to posted electronic market   Credit applied to
                          (average electronic        maker executions in penny pilot issues    posted electronic
                           executions per day).                   (except SPY)                   market maker
                                                                                executions in SPY
----------------------------------------------------------------------------------------------------------------
Base....................  ......................  ......................             ($0.32)             ($0.34)
Tier 1..................  30,000 Contracts from   ......................             ($0.34)             ($0.36)
                           Market Maker Posted
                           Orders in Penny Pilot
                           Issues.
Tier 2..................  80,000 Contracts from   150,000 Contracts                  ($0.38)             ($0.40)
                           Market Maker Posted     Combined from Market
                           Orders in Penny Pilot   Maker Posted Orders
                           Issues.                 and Customer
                                                   Electronic Posted
                                                   Orders in Penny Pilot
                                                   Issues*.
Tier 3..................  150,000 Contracts from  ......................             ($0.40)             ($0.42)
                           Market Maker Posted
                           Orders in Penny Pilot
                           Issues.
                           * Includes transaction volume from the Market Maker's affiliates.
----------------------------------------------------------------------------------------------------------------

    For example, if a Market Maker has average electronic executions
per day of 160,000 contracts combined from Market Maker posted orders
and Customer electronic posted orders in Penny Pilot issues, the Market
Maker receives a credit of $0.38 per contract for Market Maker posted
electronic executions in non-SPY Penny Pilot issues, and a credit of
$0.40 per contract for Market Maker posted electronic executions in
SPY.
    The Exchange proposes to make all of the changes described above
operative on August 1, 2012.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\8\ in general, and furthers the
objectives of Section 6(b)(4) of the Act,\9\ in particular, because it
provides for the equitable allocation of reasonable dues, fees, and
other charges among its members, issuers and other persons using its
facilities and does not unfairly discriminate between customers,
issuers, brokers or dealers.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes that including an additional tier for LMM
rights fees is reasonable, equitable, and not unfairly discriminatory
because certain issues have declined to an ADV below 1,000 Customer
contracts, which in turn produces a profit for LMMs that is lower than
the amount of the LMM rights fee. Issues that are particularly
unprofitable run the risk of being delisted, even though the decline in
ADV may be temporary. Therefore, it is reasonable to lower the LMM
rights fee to an amount that is more closely aligned to the revenues
generated by these issues. In addition, the fee is equitable and not
unfairly discriminatory because it would apply uniformly to all
similarly situated LMMs.
    The Exchange further believes that the proposed alternative
qualification basis for Market Makers is reasonable, equitable and not
unfairly discriminatory because it is set at a level that would be more
achievable for Market Makers and encourages Market Makers to send
additional Customer orders to the Exchange. In this regard, the
Exchange has proposed more than one method of qualifying for the Tier 2
credit. Overall, the Exchange believes that this will result in more
Market Makers qualifying for the tier, receiving the increased credits,
and therefore reducing their overall transaction costs on the Exchange.
In addition, the Exchange believes that the proposed alternative
qualification basis would continue to incent Market Makers to increase
the level of Customer order flow sent to, and liquidity added on, the
Exchange, thereby potentially improving the quality and efficiency of
order interaction and executions on the Exchange. The Exchange believes
that the aspect of the proposed change related to the activity of an
affiliated OTP Holder or OTP Firm is reasonable, equitable and not
unfairly discriminatory because it would encourage increased trading
activity on the Exchange. In this regard, the proposal is designed to
bring additional posted order flow to the Exchange, so as to provide
additional opportunities for all OTP Holders and OTP Firms to trade on
the Exchange. The Exchange further believes that the proposed change is
reasonable, equitable and not unfairly discriminatory because the
tiers, and the corresponding credits, will apply uniformly to all
Market Makers.
    The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues if they
deem fee levels at a particular venue to be excessive. In such an
environment, the Exchange must continually adjust its fees to remain
competitive with other exchanges.

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \10\ of the Act and subparagraph (f)(2) of Rule
19b-4 \11\

thereunder, because it establishes a due, fee, or other charge imposed
by NYSE Arca.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend 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 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 email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2012-81 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-2012-81. This
file number should be included on the subject line if email 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 Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549-1090 on official business days between the hours
of 10:00 a.m. and 3:00 p.m. Copies of the filing will also be available
for inspection and copying at the Exchange's principal office and on
its Internet Web site at www.nyse.com. 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-2012-81 and should be submitted
on or before September 4, 2012.
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-19842 Filed 8-13-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 134 (Wednesday, July 13, 2016)]
[Notices]
[Pages 45330-45332]
[FR Doc No: 2016-16483]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78242; File No. SR-NYSEArca-2016-92]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending Commentary
.06 to Rule 6.8 To Extend the Pilot Program That Eliminated the
Position Limits for Options on SPDR S&P 500 ETF

July 7, 2016.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on June 29, 2016, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') 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 prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange proposes to amend Commentary .06 to Rule 6.8 to extend
the pilot program that eliminated the position limits for options on
SPDR S&P 500 ETF (``SPY'') (``SPY Pilot Program''). The proposed rule
change is available on the Exchange's Web site at

www.nyse.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 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 Exchange proposes to amend Commentary .06 to Rule 6.8 to extend
the time period of the SPY Pilot Program,\4\ which is currently
scheduled to expire on July 12, 2016, through July 12, 2017.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 68001 (October 5,
2012), 77 FR 62303 (October 12, 2012). The SPY Pilot Program was
subsequently extended. See Securities Exchange Act Release Nos.
70968 (December 3, 2013), 78 FR 73899 (December 9, 2013); 74029
(January 9, 2015), 80 FR 2161 (January 15, 2015); and 75415 (July 9,
2015), 80 FR 41541 (July 15, 2015) (the ``July 2015 Extension'').
---------------------------------------------------------------------------

    This filing does not propose any substantive changes to the SPY
Pilot Program. In proposing to extend the SPY Pilot Program, the
Exchange reaffirms its consideration of several factors that supported
the original proposal of the SPY Pilot Program, including (1) the
availability of economically equivalent products and their respective
position limits, (2) the liquidity of the option and the underlying
security, (3) the market capitalization of the underlying security and
the related index, (4) the reporting of large positions and
requirements surrounding margin, and (5) the potential for market on
close volatility.
    In the July 2015 Extension, the Exchange stated that if it were to
propose an extension, permanent approval or termination of the program,
the Exchange would submit, along with any filing proposing such
amendments to the program, a report providing an analysis of the SPY
Pilot Program covering the period since the previous extension (the
``Pilot Report''). Accordingly, the Exchange is submitting a Pilot
Report detailing the Exchange's experience with the SPY Pilot Program
for the period covering thirteen (13) months from May 2015 to May 2016.
The Pilot Report is attached as Exhibit 3 to this filing. The Exchange
notes that it is unaware of any problems created by the SPY Pilot
Program and does not foresee any as a result of the proposed extension.
In extending the SPY Pilot Program, the Exchange states that if it were
to propose another extension, permanent approval or termination of the
program, the Exchange will submit another Pilot Report covering the
period since the previous extension, which will be submitted at least
30 days before the end of the proposed extension. If the SPY Pilot
Program is not extended or adopted on a permanent basis by July 12,
2017, the position limits for SPY would revert to limits in effect at
the commencement of the pilot program. The proposed extension will
allow the Exchange and the Commission additional time to further
evaluate the SPY Pilot Program and its effect on the market.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \5\ in general, and furthers the objectives of Section
6(b)(5) of the Act \6\ in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, 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. The Exchange
believes that extending the SPY Pilot Program promotes just and
equitable principles of trade by permitting market participants,
including market makers, institutional investors and retail investors,
to establish greater positions when pursuing their investment goals and
needs.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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 not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change is not
designed to address any aspect of competition, whether between the
Exchange and its competitors, or among market participants. Instead,
the proposed rule change is designed to allow the SPY Pilot Program to
continue uninterrupted. Additionally, the Exchange expects all other
SROs that currently have rules regarding the SPY Pilot Program to also
extend the pilot program for an additional year.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \8\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \9\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The Exchange
believes that waiver of the operative delay is consistent with the
protection of investors and the public interest because it will allow
the SPY Pilot Program to continue without interruption. The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. Therefore, the
Commission hereby waives the operative delay and designates the
proposed rule change operative upon filing.\10\
---------------------------------------------------------------------------

    \8\ 17 CFR 240.19b-4(f)(6).
    \9\ 17 CFR 240.19b-4(f)(6)(iii).
    \10\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may

temporarily suspend 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 furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or 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 email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2016-92 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2016-92. This
file number should be included on the subject line if email 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 Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 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-2016-92, and should
be submitted on or before August 3, 2016.
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Brent J. Fields,
Secretary.
[FR Doc. 2016-16483 Filed 7-12-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: August 28, 2008 (Volume 73, Number 168)]
[Notices]
[Page 50809]
[DOCID:fr28au08-55]

-----------------------------------------------------------------------

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER08-1374-000]

ISO Trader, LLC; Notice of Filing

August 21, 2008.
    Take notice that on August 15, 2008, ISO Trader, LLC filed a
petition for acceptance of initial tariff, Original Volume No. 1,
waivers of certain Commission regulations and blanket authority to sell
electricity at market-based rates, pursuant to section 205 of the
Federal Power Act (FPA) 16 U.S.C. 824d (2000), Rule 205 and 207 of the
Rules of Practice and Procedure, 18 CFR 385.205 (2005) and 18 CFR
385.207 (2005), and Part 35 of the Commission's regulations, 18 CFR
part 35 (2005).
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date. On or
before the comment date, it is not necessary to serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://
www.ferc.gov. Persons unable to file electronically should submit an
original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on September 5, 2008.

Kimberly D. Bose,
Secretary.
[FR Doc. E8-19927 Filed 8-27-08; 8:45 am]

BILLING CODE 6717-01-P