                              Abamectin (122804)
                     Screening-level Usage Analysis (SLUA)
                              Date: 27 June 2012

What is a Screening-level Usage Analysis (SLUA)?
 Available estimates of pesticide usage data for a particular active ingredient that is used on agricultural crops in the United States.
 Pesticide usage data obtained from various sources.  The data are then merged, averaged, and rounded so that the presented information is not proprietary, business confidential, or trade secret.
What does it contain?
 Pesticide usage data for a single active ingredient only.
 Agricultural use sites (crops) that the pesticide is reported to be used on.
 Available pesticide usage information from U.S. states that produce 80% or more of a crop, in most cases, or less than 80%, in rare cases, depending on the scope of the survey and available resources.
 Annual percent of crop treated (average & maximum) for each agricultural crop.
 Average annual pounds of the pesticide applied for each agricultural crop (i.e., for the states surveyed, not for the entire United States).
What assumptions can I make about the reported data?
 Average pounds of active ingredient applied - Values are calculated by merging pesticide usage data sources together; averaging across all observations, then rounding.  Note:  If the estimated value is less than 500, then that value is labeled <500.  Estimated values between 500 & <1,000,000 are rounded to 1 significant digit.  Estimated values of 1,000,000 or greater are rounded to 2 significant digits.)
 Average percent of crop treated - Values are calculated by merging data sources together; averaging by year, averaging across all years, & rounding to the nearest multiple of 5.  Note:  If the estimated value is less than 2.5, then the value is labeled <2.5.  If the estimated value is less than 1, then the value is labeled <1.
 Maximum percent of crop treated - Value is the single maximum value reported across all data sources, across all years, & rounded up to the nearest multiple of 5.  Note:  If the estimated value is less than 2.5, then the value is labeled <2.5.
What are the data sources used?
 USDA-NASS (United States Department of Agriculture's National Agricultural Statistics Service)  -  pesticide usage data from 2003 to 2010.
 Private pesticide market research  -  pesticide usage data from 2003 to 2010.
 California Department of Pesticide Regulation (DPR) Pesticide Use Reporting (PUR) data for 2003 to 2010.
What are the limitations to the data?
 Additional registered uses may exist but are not included because the available surveys do not report usage (e.g., small acreage crops).
 Lack of reported usage data for the pesticide on a crop does not imply zero usage.
 Usage data on a particular site may be noted in data sources, but not quantified.  In these instances, the site would not be reported in the SLUA.
 Non-agricultural use sites (e.g., turf, post-harvest, mosquito control, etc.) are not reported in the SLUA.  A separate request must be made to receive these estimates.
 Some sites show some use, even though they are not on the label.  This usage could be due to various factors, including, but not limited to Section 18 requests, existing stocks of the chemical, data collection errors, and experimental use permits (EUPs).

                                 27 June 2012

     Screening-level Estimates of Agricultural Uses of Abamectin (122804)
             Sorted Alphabetically  -  Reporting Time:  2003-2010

                             Percent Crop Treated
                                     Crop
                                   Lbs. A.I.
                                    Average
                                    Maximum
                                       1
Alfalfa
        <500
                                     <1
                                    <2.5
                                       2
Almonds
       8,000
                                      65
                                      80
                                       3
Apples
        <500
                                       5
                                      10
                                       4
Apricots
        <500
                                       5
                                      10
                                       5
Avocados
                                     1,000
                                      35
                                      60
                                       6
Beans, Green
        <500
                                       5
                                      10
                                       7
Broccoli
        <500
                                     <1
                                    <2.5
                                       8
Cantaloupes
        <500
                                      20
                                      40
                                       9
Celery
        <500
                                      35
                                      60
                                      10
Cherries
        <500
                                    <2.5
                                      10
                                      11
Chicory *
        <500
                                      N/C
                                      N/C
                                      12
Corn (Seed Treatment)
       7,000
                                     <1
                                    <2.5
                                      13
Cotton
       2,000
                                    <2.5
                                       5
                                      14
Cotton (Seed Treatment)
      20,000
                                      15
                                      20
                                      15
Cucumbers
        <500
                                       5
                                      10
                                      16
Grapefruit
       1,000
                                      65
                                      80
                                      17
Grapes
       2,000
                                      10
                                      25
                                      18
Honeydews
        <500
                                      20
                                      35
                                      19
Lemons
        <500
                                      40
                                      55
                                      20
Lettuce
        <500
                                      15
                                      30
                                      21
Nectarines *
        <500
                                      N/C
                                      N/C
                                      22
Onions
        <500
                                    <2.5
                                       5
                                      23
Oranges
       3,000
                                      30
                                      60
                                      24
Peaches
        <500
                                    <2.5
                                      10
                                      25
Pears
       1,000
                                      70
                                      80
                                      26
Pecans
        <500
                                     <1
                                    <2.5
                                      27
Peppers
        <500
                                      10
                                      30
                                      28
Pistachios *
        <500
                                      N/C
                                      N/C
                                      29
Plums/Prunes
        <500
                                       5
                                      10
                                      30
Potatoes
        <500
                                     <1
                                    <2.5
                                      31
Pumpkins
        <500
                                       5
                                      10
                                      32
Spinach
        <500
                                      25
                                      45
                                      33
Squash
        <500
                                       5
                                      10
                                      34
Strawberries
       1,000
                                      30
                                      45
                                      35
Tangelos
        <500
                                      50
                                      65
                                      36
Tangerines
        <500
                                      40
                                      60
                                      37
Tomatoes
       1,000
                                      10
                                      20
                                      38
Walnuts
       1,000
                                      15
                                      25
                                      39
Watermelons
        <500
                                       5
                                      10

All numbers rounded.
                                                                        <500
Less than 500 pounds of active ingredient
                                                                        <2.5
Less than 2.5 percent of crop treated
                                                                          <1
Less than 1 percent of crop treated

                                                                              *
Based on CA DPR data only (valid because 80% or more of U.S. acres grown are in California)
                                                                            N/C
Not Calculated

SLUA data sources include:
  USDA-NASS (United States Department of Agriculture's National Agricultural Statistics Service)
Private Pesticide Market Research
  California DPR (Department of Pesticide Regulation)

These results reflect amalgamated data developed by the Agency and are releasable to the public.


[Federal Register: January 16, 2009 (Volume 74, Number 11)]
[Notices]
[Page 3134-3135]
[DOCID:fr16ja09-160]

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DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[U.S. DOT Docket Number NHTSA-2008-0215]

Reports, Forms, and Recordkeeping Requirements

AGENCY: National Highway Traffic Safety Administration (NHTSA),
Department of Transportation.

ACTION: Request for public comment on proposed collection of
information.

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

SUMMARY: Before a Federal agency can collect certain information from
the public, it must receive approval from the Office of Management and
Budget (OMB). Under procedures established by the Paperwork Reduction
Act of 1995, before seeking OMB approval, Federal agencies must solicit
public comment on proposed collections of information, including
extensions and reinstatement of previously approved collections.
    This document describes one collection of information for which
NHTSA intends to seek OMB approval.

DATES: Comments must be received on or before March 17, 2009.

ADDRESSES: Comments must refer to the docket notice numbers cited at
the beginning of this notice and be submitted to Docket Management,
Room W12-140, Ground level, 1200 New Jersey Ave., SE., Washington, DC
20590 by any of the following methods.
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
     Mail: Docket Management Facility; U.S. Department of
Transportation, 1200 New Jersey Avenue, SE., West Building Ground
Floor, Room W12-140, Washington, DC 20590.
     Hand Delivery/Courier: 1200 New Jersey Avenue, SE., West
Building Ground Floor, Room W12-140, Washington, DC 20590, between 9 am
and 5 pm, Monday through Friday, except Federal Holidays. Telephone: 1-
800-647-5527.
     Fax:<PHONE_NUMBER>.
    Instructions: For detailed instructions on submitting comments and
additional information on the rulemaking process, see the Public
Participation heading of the SUPPLEMENTARY INFORMATION section of this
document. Note that all comments received will be posted without change
to http://www.regulations.gov, including any personal information
provided. Please see the Privacy Act heading below.
    Privacy Act: Anyone is able to search the electronic form of all
comments received into any of our dockets by the name of the individual
submitting the comment (or signing the comment, if submitted on behalf
of an association, business, labor union, etc.). You may review DOT's
complete Privacy Act Statement in the Federal Register published on
April 11, 2000 (65FR 19477-78) or you may visit http://Docket
Info.dot.gov.
    Docket: For access to the docket to read background documents or
comments received, go to the street address listed above. The internet
access to the docket will be at http://www.regulations.gov. Follow the
online instructions for accessing the dockets.

FOR FURTHER INFORMATION CONTACT: Complete copies of each request for
collection of information may be obtained at no charge from Rosalind
Proctor, NHTSA 1200 New Jersey Ave., SE., West Building, Room W43-302,
NVS-131, Washington, DC 20590. Ms. Proctor's telephone number is (202)
366-0846. Please identify the relevant collection of information by
referring to its OMB Control Number.

SUPPLEMENTARY INFORMATION: Under the Paperwork Reduction Act of 1995,
before an agency submits a proposed collection of information to OMB
for approval, it must first publish a document in the Federal Register
providing a 60-day comment period and otherwise consult with members of
the public and affected agencies concerning each proposed collection of
information. The OMB has promulgated regulations describing what must
be included in such a document. Under OMB's regulation (at 5 CFR
1320.8(d)), an

agency must ask for public comment on the following:
    (i) Whether the proposed collection of information is necessary for
the proper performance of the functions of the agency, including
whether the information will have practical utility;
    (ii) The accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used;
    (iii) How to enhance the quality, utility, and clarity of the
information to be collected;
    (iv) How to minimize the burden of the collection of information on
those who are to respond, including the use of appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g. permitting electronic
submission of responses.
    In compliance with these requirements, NHTSA asks for public
comments on the following proposed collection of information for which
the agency is seeking approval from OMB:
    Title: 49 CFR 575--Consumer Information Regulations (sections 103
and 105).
    OMB Control Number: 2127-0049.
    Form Number: None.
    Affected Public: Motor vehicle manufacturers of light trucks and
utility vehicles.
    Requested Expiration Date of Approval: Three years from approval
date.
    Abstract: NHTSA must ensure that motor vehicle manufacturers comply
with 49 CFR Part 575, Consumer Information Regulation part 575.103
Truck-camper loading and Part 575.105 Utility Vehicles. Part 575.103,
requires that manufacturers of light trucks that are capable of
accommodating slide-in campers provide information on the cargo weight
rating and the longitudinal limits within which the center of gravity
for the cargo weight rating should be located. Part 575.105, requires
that manufacturers of utility vehicles affix a sticker in a prominent
location alerting drivers that the particular handling and maneuvering
characteristics of utility vehicles require special driving practices
when these vehicles are operated.
    Estimated Annual Burden: 300 hours.
    Number of Respondents: 15.
    Based on prior years' manufacturer submissions, the agency
estimates that 15 responses will be submitted annually. Currently 12
light truck manufacturers comply with 49 CFR part 575. These
manufacturers file one response annually and submit an additional
response when they introduce a new model. Changes are rarely filed with
the agency, but we estimate that three manufacturers will alter their
information because of model changes. The light truck manufacturers
gather only pre-existing data for the purposes of this regulation.
Based on previous years' manufacturer information, the agency estimates
that light truck manufacturers use a total of 20 hours to gather and
arrange the data in its proper format (9 hours), to distribute the
information to its dealerships and attach labels to light trucks that
are capable of accomodating slide-in campers (4 hours), and to print
the labels and utility vehicle information in the owner's manual or a
separate document included with the owner's manual (7 hours). The
estimated annual burden hour is 300 hours. This number reflects the
total responses (15) times the total hours (20). Prior years'
manufacturer information indicates that it takes an average of $35.00
per hour for professional and clerical staff to gather data, distribute
and print material. Therefore, the agency estimates that the cost
associated with the burden hours is $10,500 ($35.00 per hour x 300
burden hours).
    Comments are invited on: whether the proposed collection of
information is necessary for the proper performance of the functions of
the Department, including whether the information will have practical
utility; the accuracy of the Department's estimate of the burden of the
proposed information collection; ways to enhance the quality, utility
and clarity of the information to be collected; and ways to minimize
the burden of the collection of information on respondents, including
the use of automated collection techniques or other forms of
information technology.

    Issued on: January 12, 2009.
Stephen R. Kratzke,
Associate Administrator for Rulemaking.
 [FR Doc. E9-946 Filed 1-15-09; 8:45 am]

BILLING CODE 4910-59-P


[Federal Register: March 29, 2006 (Volume 71, Number 60)]
[Notices]
[Page 15794-15795]
[DOCID:fr29mr06-148]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53526; File No. SR-PCX-2006-19]

Self-Regulatory Organizations; Pacific Exchange, Inc. (Now Known
As NYSE Arca, Inc.); Notice of Filing and Immediate Effectiveness of
Proposed Rule Change and Amendment No. 2 Thereto Relating to Rebates
and Credits a Market Maker is Eligible To Receive for Executions That
Result From Principal Acting as Agent Orders Sent to and Executed at
Away Market Centers

March 21, 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 March 3, 2006, the Pacific Exchange, Inc. (``PCX'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I, II and III below, which Items were
prepared by the PCX. On March 15, 2006, NYSE Arca, Inc. (``NYSE Arca''
or ``Exchange'') \3\ filed Amendment No. 1 to the proposed rule change.
On March 16, 2006, the Exchange withdrew Amendment No. 1 and filed
Amendment No. 2 to the proposed rule change.\4\ The Exchange has
designated this proposal as one establishing or changing a due, fee, or
other charge imposed by a self-regulatory organization pursuant to
section 19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2)
thereunder,\6\ which renders the proposal effective upon filing with
the Commission.\7\ The Commission is publishing this notice to solicit
comments on the proposed rule change, as amended, from interested
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ On March 6, 2006, the PCX filed a proposed rule change (SR-
PCX-2006-24) to amend its rules to reflect the following name
changes: (i) From PCX to NYSE Arca; (ii) from PCX Equities, Inc. to
NYSE Arca Equities, Inc.; (iii) from PCX Holdings, Inc., to NYSE
Arca Holdings, Inc.; and (iv) from the Archipelago Exchange, L.L.C.
to NYSE Arca, L.L.C. That proposed rule change became effective upon
filing. Amendment No. 2 to the instant proposed rule change reflects
these name changes. The Exchange states that it plans to
subsequently file a proposed rule change to update such names in its
Schedule of Rates and Charges (``Schedule'').
    \4\ In Amendment No. 2, the Exchange made clarifying and
technical changes to the original filing and added a provision in
the Schedule that requires Market Makers to reimburse the Exchange
for any excessive credits received by such Market Makers.
    \5\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \6\ 17 CFR 240.19b-4(f)(2).
    \7\ For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change, the
Commission considers the period to commence on March 16, 2006, the
date on which the Exchange filed Amendment No. 2. See 15 U.S.C.
78s(b)(3)(C).
---------------------------------------------------------------------------

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

    The Exchange proposes to amend its Schedule to create a credit
associated with the fees that a Market Maker is charged for executions
that result from principal acting as agent orders sent to and executed
at away market centers. The Exchange also proposes to make a minor
housekeeping correction to footnote 2 under the Trade Related Charges
section of the Schedule. The text of the proposed rule change is
available at the Commission's Public Reference Room, at the Exchange's
Web site (http://www.archipelago.com/regulation/filings.asp) and at the

Exchange's Office of the Secretary.

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 proposal. The text of these
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 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 amend the Schedule in order to create a
credit associated with the fees a Market Maker is charged for
executions that result from principal acting as agent orders sent to
and executed at away market centers.
    Presently, the Exchange charges Market Makers a $0.26 per contract
fee for all transactions. On transactions that

result when principal acting as agent orders are sent to and executed
at away market centers, the Exchange presently rebates to the Market
Maker the transaction fee of $0.26. The Exchange believes that this
rebate is warranted due to the fact a Market Maker acting in this
capacity is doing so on behalf of public customer orders and receives
no beneficial gain from the transaction. The rebate of the Exchange
transaction fee of $0.26 covers the fees assessed by the Exchange on
these trades; it does not cover additional costs a Market Maker incurs
in connection with executing the trade. In addition to the Exchange
transaction fee, a Market Maker must pay a transaction fee at the away
exchange and clearing costs associated with the trade.
    To help offset the additional costs associated with principal
acting as agent orders that are sent to and executed at away market
centers, the Exchange proposes to credit Exchange Market Makers $0.26
per contract on these transactions. This credit will be in addition to
the $0.26 rebate the Exchange rebates market Makers for these trades.
The new $0.26 credit is designed to offset additional costs associated
with sending orders away and might not cover all costs associated with
these types of trades. In the event that the total amount the Exchange
credits a Market Maker for sending orders away is in excess of the
total actual expenses incurred in sending the orders away, the Exchange
would be entitled to a reimbursement of the excess credits.\8\ Market
Maker expenses associated with sending orders away to other market
centers will be based on the total aggregate expenses incurred during a
calendar month.
---------------------------------------------------------------------------

    \8\ The Commission notes that the transaction fees charged by
away market centers for principal acting as agent orders executed on
away markets are pursuant to pilot programs scheduled to expire on
July 31, 2006.
---------------------------------------------------------------------------

    In a previous filing (SR-PCX-2006-15),\9\ the PCX eliminated the On
Line Comparison fee associated with Market Maker transactions. A
reference to that comparison fee was left inadvertently in the footnote
attached to the Market Maker transaction fee. The Exchange now proposes
to remove this reference to reconcile the footnote with the previously
effective filing. Removing the reference to the comparison fee at this
time will make no substantive change to the Schedule.
---------------------------------------------------------------------------

    \9\ That proposed rule change was filed with the Commission on
February 23, 2006 and became effective upon filing. See Securities
Exchange Act Release No. 53485 (March 14, 2006).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act \10\ in general, and section 6(b)(4) of
the Act \11\ in particular, in that it provides for the equitable
allocation of dues, fees and other charges among its OTP Firms, OTP
Holders and other persons using its facilities for trading option
contracts.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change will not 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

    The Exchange has neither solicited nor received written comments on
the proposed rule change.

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

    The foregoing proposed rule change has become effective pursuant to
section 19(b)(3)(A)(ii) of the Act,\12\ and paragraph (f)(2) of Rule
19b-4 thereunder \13\ because it establishes or changes a due, fee, or
other charge. 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.\14\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \13\ 17 CFR 240.19b-4(f)(2).
    \14\ See supra note 7.
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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-PCX-2006-19 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-PCX-2006-19. 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
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-PCX-
2006-19 and should be submitted on or before April 19, 2006.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
 [FR Doc. E6-4516 Filed 3-28-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 87, Number 3 (Wednesday, January 5, 2022)]
[Notices]
[Pages 532-535]
[FR Doc No: 2021-28572]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93888; SR-CboeBZX-2021-086]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend the Opening Auction Process
Provided Under Rule 11.23(b)(2)(B)

December 30, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 21, 2021, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes a rule change to amend the Opening Auction
process provided under Rule 11.23(b)(2)(B) to better align the Opening
Auction Process with current market conditions, and, where certain
market conditions are not optimal, to delay the Opening Auction from
occurring until those market conditions have improved.
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, 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 IV 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 amend Rule 11.23(b)(2)(B) to make the
Opening Auction process more dynamic by, under certain circumstances
delaying the Opening Auction in order to incorporate additional
information into the determination of the Opening Auction price.
Specifically, as proposed the Rule would provide that when there is no
Valid NBBO \3\ in a BZX-listed security and there is an Indicative
Price \4\ that is not within the Collar Price Range,\5\ the Opening
Auction will be delayed until there is a Valid NBBO or the delay period
has lapsed, as further described below. The Exchange believes that the
proposal will make the Opening Auction price in less liquid securities
more representative of current market conditions making the Opening
Auction process a more meaningful price formation event in such BZX-
listed securities.
---------------------------------------------------------------------------

    \3\ As provided in Rule 11.23(a)(23), an NBBO is a Valid NBBO
where: (i) There is both a NBB and NBO for the security; (ii) the
NBBO is not crossed; and (iii) the midpoint of the NBBO is less than
the Maximum Percentage away from both the NBB and the NBO. See
Exchange Rule 11.23(a)(23).
    \4\ The term ``Indicative Price'' shall mean the price at which
the most shares from the Auction Book and the Continuous Book would
match. In the event of a volume based tie at multiple price levels,
the Indicative Price will be the price which results in the minimum
total imbalance. In the event of a volume based tie and a tie in
minimum total imbalance at multiple price levels, the Indicative
Price will be the price closest to the Volume Based Tie Breaker. See
Exchange Rule 11.23(a)(10).
    \5\ See Exchange Rule 11.23(a)(6).
---------------------------------------------------------------------------

Background
    Rule 11.23(b)(2)(B) sets forth the process by which the BZX
Official Opening Price \6\ is determined for BZX-listed securities
during the Opening Auction Process. Specifically, as provided in Rule
11.23(b)(2)(B), the Opening Auction price will be the price level
within the Collar Price Range that maximizes the number of shares
executed between the Continuous Book \7\ and Auction Book \8\ in the
Opening Auction. In the event of a volume based tie at multiple price
levels, the Opening Auction price will be the price which results in
the minimum total imbalance. In the event of a volume based tie and a
tie in minimum total imbalance at multiple price levels, the Opening
Auction price will be the price closest to the Volume Based Tie
Breaker.\9\
---------------------------------------------------------------------------

    \6\ See Exchange Rule 11.23(a)(5).
    \7\ See Exchange Rule 11.23(a)(7).
    \8\ See Exchange Rule 11.23(a)(1).
    \9\ The Volume Based Tie Breaker is the midpoint of the NBBO for
a particular security where the NBBO is a Valid NBBO. Where the NBBO
is not a Valid NBBO, the price of the FLSET is used as the Volume
Based Tie Breaker, which for the Opening Auction process is the
previous BZX Official Closing Price. See Exchange Rule 11.23(a)(23).
---------------------------------------------------------------------------

    The Volume Based Tie Breaker for an Opening Auction will be the
midpoint of the NBBO where there is a Valid NBBO. Where there is no
Valid NBBO, the FLSET will be used as the Volume Based Tie Breaker.
Because the FLSET is typically based on the most recent execution in a
security during Regular Trading Hours, its value may be significantly
away from the Indicative Price at the time of the Opening Auction
process, especially in more thinly traded securities. As a result, the
Exchange has observed instances where auction eligible orders priced
in-line with the Indicative Price were not executed in the Opening
Auction because they were outside the Collar Price Range established
using the FLSET. Based on analysis by the Exchange and feedback from
market participants, certain of these instances resulted in orders not
receiving executions in the Opening Auction that would have otherwise
occurred at prices that would have been acceptable to both parties to
the execution. To illustrate this point, the Exchange presents the
following example: Consider a security with a prevailing NBBO at
9:30:00 a.m. of $27.10 x $29.54 and an Indicative Price of $27.90.
Because the midpoint of the NBBO (i.e., $28.32) is more than the
Maximum Percentage away from both the NBB and NBO, the NBBO is not a
Valid NBBO. Accordingly, the FLSET would be used as the Volume Based
Tie Breaker, which would by definition be the BZX Official Closing
Price from the previous business day. For purposes of this example,
that price is $26.52. Using the FLSET as the Collar Midpoint, the
Collar Price Range would be $25.19 x $27.85. Because the Indicative
Price is outside of the Collar Price Range, the auction would occur at
the upper most price that is included in the Collar Price Range (i.e.,
$27.85) even though more shares could have executed at $27.90. Because
the Opening Auction was forced into the Collar Price Range and occurred
at $27.85, a contingent of auction eligible orders that would have
executed at $27.90 that were priced

equally to or more aggressive than the Indicative Price and within the
NBBO (i.e., sell orders priced between $27.86 and $27.90) would be
canceled without execution.\10\
---------------------------------------------------------------------------

    \10\ See Exchange Rule 11.23(b)(3)(C).
---------------------------------------------------------------------------

Proposal
    Based on the scenario described above, the Exchange is proposing to
amend its Opening Auction process such that rather than immediately
forcing the Opening Auction to occur at either the lowest or highest
end of the Collar Price Range and cancelling auction eligible orders
that were willing to execute at the Indicative Price but outside of the
Collar Price Range, the System would instead wait for the first of a
Valid NBBO, the Indicative Price to be within the Collar Price Range,
or the passage of a certain amount of time before initiating the
Opening Auction process, as described in additional detail below.
Proposed Rule 11.23(b)(2)(B)(i) would set forth the ``Standard Opening
Process'', which mirrors the current process described in Rule
11.23(b)(2)(B). Proposed Rule 11.23(b)(2)(B)(ii) would provide that if
there is no Valid NBBO and the Indicative Price is within the Collar
Price Range, the Opening Auction price will be established pursuant to
the Standard Opening Process. Proposed Rule 11.23(b)(2)(B)(iii) would
delay and set forth an alternative Opening Auction Process in the event
there is no Valid NBBO and the Indicative Price is not within the
Collar Price Range. The proposal is designed to prevent the
cancellation of auction eligible orders priced equally or more
aggressively than the Indicative Price which the Exchange believes will
facilitate the presence of sufficient liquidity and information to make
the Opening Auction a meaningful price formation event in BZX-listed
securities.
    Proposed Rule 11.23(b)(2)(B)(iii) would provide that the Opening
Auction price will be delayed as set forth in subparagraphs (a) and (b)
as follows:
    (a) If after the one-second delay there is a Valid NBBO or the
Indicative Price is within the Collar Price Range, the Opening Auction
price will be established pursuant to the Standard Opening Auction
Process. If there is no Valid NBBO and the Indicative Price is not
within the Collar Price Range after the one-second delay, the Opening
Auction will be delayed by one additional second, at which point if
there is a Valid NBBO or the Indicative Price is within the Collar
Price Range, the Opening Auction price will be established pursuant to
the Standard Opening Process. If after the additional one-second delay
there is a Valid NBBO or the Indicative Price is not within the Collar
Price Range, the process described in this paragraph (a) will continue
to be applied in one-second increments until either the Opening Auction
occurs or until five seconds has lapsed (i.e., 9:30:05 a.m.).
    (b) If the Opening Auction has not occurred by 9:30:05, the System
will widen the Collar Price Range in the direction of the auction
imbalance by 5% of the Final Last Sale Eligible Trade as of 9:30:05
a.m. (the ``Widening Amount''). If the Indicative Price is within the
widened Collar Price Range, the Opening Auction price will be
established pursuant to the Standard Opening Auction Process. If the
Indicative Price is not within the widened Collar Price Range, the
Opening Auction will be further delayed, as discussed below.
    Proposed Rules 11.23(b)(2)(B)(iii)(b)(1) through (4) would set
forth the delay of the Opening Auction if no auction has occurred
between 9:30:05 and 9:34:30. Specifically, the proposed Rules would
provide:
    (1) The System will check to see whether the Indicative Price is
inside the widened Collar Price Range every second between 9:30:05 and
9:30:30 a.m. If an Indicative Price is inside the widened Collar Price
Range during a check, the Opening Auction price will be established
pursuant to the Standard Opening Auction Process.
    (2) If by 9:30:30 a.m. the Indicative Price is not within the
widened Collar Price Range, the Collar Price Range will again widen by
the Widening Amount. The System will check to see whether the
Indicative Price is inside the widened Collar Price Range every second
between 9:30:30 and 9:31:30 a.m. If an Indicative Price is inside the
widened Collar Price Range during a check, the Opening Auction price
will be established pursuant to the Standard Opening Auction Process.
    (3) If by 9:31:30 a.m. the Indicative Price is not within the
widened Collar Price Range, the System will check to see whether the
Indicative Price is inside the widened Collar Price Range every second
between 9:31:30 and 9:34:30 a.m. If an Indicative Price is inside the
widened Collar Price Range during a check, the Opening Auction price
will be established pursuant to the Standard Opening Auction Process.
Unless the Opening Auction has occurred, the Collar Price Range will
widen in the direction of the auction imbalance by the Widening Amount
each minute from 9:31:30 to 9:34:30.
    (4) If no Opening Auction has occurred by 9:34:30 a.m., the Opening
Auction will occur pursuant to the Standard Opening Auction Process
using the expanded Collar Price Range as of 9:34:30.
    The Exchange also proposes to move the last two sentences of
existing Rule 11.23(b)(2)(B) to proposed Rules 11.23(b)(2)(B)(iv) and
(v), respectively. Specifically, proposed Rule 11.23(b)(2)(B)(iv) would
provide that the Opening Auction Price will be the BZX Official Opening
Price. Proposed Rule 11.23(b)(2)(B)(v) would provide that in the event
that there is no Opening Auction for an issue, the BZX Official Opening
Price will be the price of the FLSET.
    Based on the above proposed amendments, the Exchange proposes to
amend Rules 11.23(b)(1)(A) and (B) to reflect that the Opening Auction
may occur at a time other than 9:30 a.m. Specifically, the Exchange
proposes to amend paragraph (A) to provide the following: Users may
submit orders to the Exchange as set forth in Rule 11.1. Any Eligible
Auction Orders \11\ designated for the Opening Auction will be queued
for participation in the Opening Auction. Users may submit limit-on-
open (``LOO'') and market-on-open (``MOO'') orders until 9:28 a.m., at
which point any additional LOO and MOO orders submitted to the Exchange
will be rejected. Regular Hours Only \12\ (``RHO'') market orders will
also be rejected from 9:28 a.m. until the Opening Auction has
concluded. Users may submit late-limit-on-open \13\ (``LLOO'') orders
from 9:28 a.m. until the Opening Auction has concluded. Any LLOO orders
submitted before 9:28 a.m. or after the Opening Auction has concluded
will be rejected. RHO limit orders submitted from 9:28 a.m. until the
Opening Auction has concluded will be treated as LLOO orders.
---------------------------------------------------------------------------

    \11\ See Exchange Rule 11.23(a)(8).
    \12\ See Exchange Rule 11.9(b)(7).
    \13\ See Exchange Rule 11.23(a)(12).
---------------------------------------------------------------------------

    The Exchange proposes to amend Rule 11.23(b)(1)(B) to provide that
Eligible Auction Orders designated for the Opening Auction may not be
cancelled or modified from 9:28 a.m. until the Opening Auction has
concluded except that RHO limit orders designated for the Opening
Auction may be modified, but not cancelled, from 9:28 a.m. until the
time the Opening Auction has concluded. Any such RHO limit orders
modified from 9:28 a.m. until the Opening Auction has

concluded will be treated as LLOO orders.
    Applying the example discussed above, the Opening Auction would be
delayed at 9:30:00 as there was no Valid NBBO and the Indicative Price
was outside of the Collar Price Range. Under the proposal, the Opening
Auction would be delayed until either (1) the NBBO becomes a Valid
NBBO, (2) the Indicative Price is within the Collar Price Range (i.e.,
if the Opening Auction occurred between 9:30:01 and 9:30:05) or within
the widened Collar Price Range (i.e., if the Opening Auction occurred
between 9:30:06 and 9:34:30), or (3) the delay period of four minutes
and 30 seconds lapsed. While the proposal does not guarantee that
certain order priced equally or more aggressive to the Indicative Price
will execute in the Opening Auction, it provides for additional time
for the market to develop at the beginning of the trading day before
conducting the Opening Auction.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act.\14\ Specifically, the proposed change is
consistent with Section 6(b)(5) of the Act,\15\ because it would
promote just and equitable principles of trade, remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and, in general, protect investors and the public
interest. Generally, the Exchange believes that the proposed changes
will improve the price discovery process in the Opening Auction for
securities listed on the Exchange along with additional benefits set
forth below.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    First, the Exchange believes proposed Rules 11.23(b)(2)(B)(i) and
(ii) will contribute to the protection of investors and the public
interest by memorializing the circumstances under which the Exchange
will continue to operate the Opening Auction in the same way that it
does today. Second, the Exchange believes proposed Rule
11.23(b)(2)(B)(iii) would promote just and equitable principles of
trade, remove impediments to and perfect the mechanism of a free and
open market and a national market system and, in general, protect
investors and the public interest. The proposal is designed to increase
the likelihood that auction eligible orders that are priced equally or
more aggressive than the Indicative Value of the security are able to
participate in the Opening Auction instead of being canceled because
they are priced outside the Collar Price Range established using the
FLSET. As stated above, current Rule 11.23(b)(2)(B) provides that in
the event there is no Valid NBBO, the FLSET will be used as the Volume
Based Tie Breaker and basis for calculating the Collar Price Range.
Because the current Opening Auction process occurs at 9:30:00 a.m.,
such a Collar Price Range is based on an FLSET that may not have
occurred recently or may not otherwise be reflective of current market
conditions. As a result, the Exchange has observed instances where
auction eligible orders priced equally or more aggressive than the
Indicative Price were canceled without execution because they were
outside the Collar Price Range established using the FLSET. The
Exchange believes that the proposed approach would maximize the
execution of auction eligible orders priced equally or more aggressive
than the Indicative Price of the security while still [sic]. As such,
the Exchange believes that the proposal would promote just and
equitable principles of trade, remove impediments to and perfect the
mechanism of a free and open market and a national market system and,
in general, protect investors and the public interest by allowing the
execution of orders in the Opening Auction with limit prices reflect
current market conditions.
    The Exchange notes that the concept of delaying an auction and
widening the Collar Price Range is similar to the Twelfth Amendment of
the Plan to Address Extraordinary Market Volatility \16\ (the
``Plan''). Specifically, Amendment 12 was created to improve re-
openings following a trading pause,\17\ with an eye towards carefully
balancing halt auction price quality and the speed with which
continuous trading can be resumed. Amendment 12 provided that auction
halt periods would be extended if either the auction price at which the
most shares would be traded is outside the range of the pre-defined
price threshold collars (the ``price threshold collars'') or there is a
market order share imbalance. Further, Amendment 12 provided that the
price threshold collars would be widened in the event that the
auction's halt period is extended. In its approval of Amendment 12, the
Commission stated that it is appropriate in the public interest, for
the protection of investors and the maintenance of a fair and orderly
market to provide that a trading pause continue until the primary
listing exchange has reopened trading using its established reopening
procedures, even if such reopening is more than 10 minutes after the
beginning of a trading pause, and to require that trading centers may
not resume trading in an NMS Stock following a trading pause without
Price Bands in such NMS Stock. The Commission believes that these two
provisions together support a more standardized process for reopening
trading after a trading pause has been declared. Further, these
provisions ensure that trading would not resume after a trading pause
without Price Bands. Given the similarity of the proposal to Amendment
12, the Exchange believes the proposal is appropriate, in the public
interest, for the protection of investors and the maintenance of a fair
and orderly market.
---------------------------------------------------------------------------

    \16\ See Securities and Exchange Act no. 79410 (November 28,
2016) 81 FR 87114 (December 2, 2016) (Notice of Filing of the
Twelfth Amendment to the National Market System Plan To Address
Extraordinary Market Volatility (``Amendment 12'')).
    \17\ A ``trading pause'' refers to a function of the Limit Up-
Limit Down (``LULD'') mechanism provided under the Plan.
Specifically, the Plan sets for procedures that provide for market-
wide LULD requirements that prevent trades in individual NMS stocks
from occurring outside of the specified price bands and provides for
trading pauses to accommodate more fundamental price moves.
---------------------------------------------------------------------------

    Finally, the Exchange believes its proposed clarifications to Rules
11.23(b)(1)(A) and (B) to reflect that the Opening Auction may occur at
a time other than 9:30 a.m. will contribute to the protection of
investors and the public interest. Specifically, the Exchange believes
the proposed amendments to Rules 11.23(b)(1)(A) and (B) will add
clarity, transparency and internal consistency to Exchange rules making
them easier to navigate, in light of the other proposed Rule changes
described herein.

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. To the contrary, allowing the
Exchange to make the above proposed modifications will allow the
Exchange to better compete with other exchanges as a listing venue by
improving the Exchange's auction process by allowing more executions to
occur at more reasonable prices that are based on the current value of
the security. As mentioned above, the Exchange has received feedback
from market participants regarding the issue under the current process,
and the proposed amendments will both address this feedback and improve
the Exchange's auction process, allowing it

to better compete as both a listing and execution venue.

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

    The Exchange neither solicited nor received comments on the
proposed rule change.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
    A. By order approve or disapprove such proposed rule change, or
    B. institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-CboeBZX-2021-086 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CboeBZX-2021-086. 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 website (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 website 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 the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly.
    All submissions should refer to File Number SR-CboeBZX-2021-086 and
should be submitted on or before January 26, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

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

Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2021-28572 Filed 1-4-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: May 22, 2007 (Volume 72, Number 98)]
[Notices]
[Page 28733-28736]
[DOCID:fr22my07-118]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55767; File No. SR-NASDAQ-2007-051]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Order Granting Accelerated Approval of Proposed
Rule Change to Trade Shares of the PowerShares DB Commodity Index
Tracking Fund Pursuant to Unlisted Trading Privileges

May 15, 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 May 10, 2007, The NASDAQ Stock Market LLC (``Nasdaq'' 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 Exchange.
This notice and order provides notice of the proposed rule change and
approves the proposal on an accelerated basis.
---------------------------------------------------------------------------

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

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

    Nasdaq proposes to trade, pursuant to unlisted trading privileged
(``UTP''), shares (``Shares'') of the PowerShares DB Commodity Index
Tracking Fund (the ``Fund'').
    The text of the proposed rule change is available from Nasdaq's Web
site at nasdaq.complinet.com, at Nasdaq's principal office, 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
    Nasdaq is proposing to trade the Shares on a UTP basis. The Shares
are currently trading on Nasdaq on a three-month pilot basis.\3\
Approval of this filing will allow the Shares to continue to trade
after the expiration of the pilot. The Commission previously approved
the listing and trading of the Shares on the American Stock Exchange
(``Amex'').\4\
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 55386 (March 2, 2007),
72 FR 10801 (March 9, 2007) (SR-NASDAQ-2007-016).
    \4\ See Securities Exchange Act Release No. 53105 (January 11,
2006), 71 FR 3129 (January 19, 2006) (SR-Amex-2005-059) (the ``Amex
Order'').
---------------------------------------------------------------------------

    The Shares of the Fund represent beneficial ownership interests in
the Fund's net assets, consisting solely of the common units of
beneficial interests of the DB Commodity Index Tracking Master Fund
(``Master Fund''). Each Share of the Fund correlates with a Master Fund
share issued by the Master Fund and held by the Fund. The investment
objective of each of the Fund and the Master Fund is to reflect the
performance of the Deutsche Bank Liquid Commodity IndexTM (``DBLCI'' or
``Index''), less the expenses of the operations of the Fund and the
Master Fund. The Fund pursues its investment objective by investing
substantially all of its assets in the Master Fund. The Fund holds no
investment assets other than Master Fund shares. The Master Fund
pursues its investment objective by investing primarily in a portfolio
of futures contracts in the commodities comprising the Index, which are
crude oil, heating oil, aluminum, gold, corn, and wheat (``Index
commodities''). The Master Fund also holds cash and U.S. Treasury
securities for deposit with futures commission merchants for margin
purposes, and other high-credit-quality short-term fixed income
securities.
    A description of the DBLCI, commodity futures contracts and related
options, operation of the Fund, and the Shares is set forth in the Amex
Order. To summarize, an issuance of Shares is made only in a basket of
200,000 Shares (``Basket Aggregation'' or ``Basket'') or multiples
thereof. The Fund issues and redeems the Shares on a continuous basis,
by or through participants that have entered into participant
agreements (each, an ``Authorized Participant'') \5\ with the Fund and
its Managing Owner,\6\ at the net asset value (``NAV'') per Share
determined shortly after 4 p.m. Eastern Time (``ET'') or the closing of
the last to close of the futures exchanges on which the Index
commodities are traded, whichever is later, on the business day on
which an order to purchase the Shares in one or more Baskets is
received in proper form.
---------------------------------------------------------------------------

    \5\ An ``Authorized Participant'' is a person, who at the time
of submitting to the trustee an order to create or redeem one or
more Baskets: (i) Is a registered broker-dealer; (ii) is a
Depository Trust Company participant or indirect participant; and
(iii) has in effect a valid Participant Agreement with the Fund
issuer.
    \6\ The Managing Owner is DB Commodity Services LLC, a Delaware
limited liability company that is registered with the Commodity
Futures Trading Commission as a commodity pool operator and
commodity trading advisor. The Managing Owner is an affiliate of
Deutsche Bank AG, the sponsor of the Fund and Master Fund. The
Managing Owner serves as the commodity pool operator and commodity
trading advisor of the Fund and the Master Fund and manages and
controls all aspects of the business of the Funds.
---------------------------------------------------------------------------

    Shortly after 4 p.m. ET each business day, The Bank of New York
(``Administrator'') determines the NAV for the Fund and Master Fund,
utilizing the current day's settlement value of the particular
commodity futures contracts in the Master Fund's portfolio and the
value of the Master Fund's cash and high-credit-quality, short-term
fixed income securities. However, if a futures contract on a trading
day cannot be liquidated due to the operation of daily limits or other
rules of an exchange upon which such futures contract is traded, the
settlement price on the most recent trading day on which the futures
contract could have been liquidated would be used in determining the
Fund's and the Master Fund's NAV. Accordingly, for both U.S. and non-
U.S. futures contracts, the Administrator typically uses that day's
futures settlement price for determining the NAV. The calculation
methodology for the NAV is described in more detail in the Amex Order.
    A Basket is issued in exchange for an amount of cash equal to the
NAV per Share times 200,000 Shares (``Basket Amount'') on the purchase
order date. The Basket Amount and NAV are usually determined on each
business day by the Administrator shortly after 4 p.m. ET. Baskets are
issued as of 12 noon ET, on the business day immediately following the
purchase order date (T+1) at the NAV per Share on the purchase order
date if the required payment has been timely received. An Authorized
Participant that wishes to purchase a Basket must transfer the Basket
Amount to the Fund in exchange for a Basket. A Basket is then separable
upon issuance into the Shares that will be traded on Nasdaq on a UTP
basis.
    The Shares are not individually redeemable but are redeemable only
in Baskets. To redeem Shares, an Authorized Participant is required to
accumulate enough Shares to constitute a Basket (i.e., 200,000 Shares).
An Authorized Participant that wishes to redeem a Basket would receive
the Basket Amount in exchange for each Basket surrendered. The
operation of the Fund and creation and redemption process is described
in more detail in the Amex Order.
    The value of the Index is calculated and published by its sponsor,
Deutsche Bank AG London (``DB London''), at least every 15 seconds from
9:30 a.m. to 4:15 p.m. ET through Bloomberg, Reuters, and other market
data vendors. In addition, the Index value is available on DB London's
Web site at https://index.db.com and on the Fund's Web site at http://www.dbcfund.db.com
 on a 20-minute delayed basis.\7\ The closing Index

level is similarly provided by DB London and the Fund. In addition, any
adjustments or changes to the Index are also provided by DB London and
the Fund on their respective Web sites.\8\
---------------------------------------------------------------------------

    \7\ Nasdaq provides a hyperlink from its Web site at http://www.nasdaq.com to the Fund's Web site at http://www.dbcfund.db.com

and the DB London Web site at https://index.db.com. The Fund also

maintains a Web site at http://www.powershares.com, to which Nasdaq

also provides a link from its Web site.
    \8\ According to the Amex Order, DB London, the sponsor of the
Index, has in place procedures to prevent the improper sharing of
information between different affiliates and departments.
Specifically, an information barrier exists between the personnel
within DB London that calculate and reconstitute the Index and other
personnel of DB London, including but not limited to the Managing
Owner, sales and trading, external or internal fund managers, and
bank personnel who are involved in hedging the bank's exposure to
instruments linked to the Index, in order to prevent the improper
sharing of information relating to the recomposition of the Index.
The Index is not calculated by a broker-dealer.
---------------------------------------------------------------------------

    The closing prices and daily settlement prices for the futures
contracts held by the Master Fund are

publicly available on the Web sites of the futures exchanges trading
the particular contracts. The particular futures exchange for each
futures contract with Web site information is as follows: (i)
Aluminum--London Metal Exchange (``LME'') at http://www.lme.com; (ii)

corn and wheat--Board of Trade of the City of Chicago, Inc. (``CBOT'')
at http://www.cbot.com; and (iii) crude oil, heating oil, and gold--New York Mercantile Exchange (``NYMEX'') at http://www.nymex.com. DB

London's Web site at https://index.db.com also contains futures

contract pricing information.
    The Web site for the Fund at http://www.powershares.com contains

the following information: (a) The prior business day's NAV and the
reported closing price; (b) the mid-point of the bid-ask price in
relation to the NAV as of the time the NAV is calculated (``Bid-Ask
Price''); (c) calculation of the premium or discount of such price
against such NAV; (d) data in chart form displaying the frequency
distribution of discounts and premiums of the Bid-Ask Price against the
NAV, within appropriate ranges for each of the four previous calendar
quarters; (e) the prospectus; and (f) other applicable quantitative
information. Quotations for and last-sale information regarding the
Shares are disseminated via the CTA/CQS.
    As described above, the NAV for the Fund is calculated and
disseminated daily. Amex also disseminates, from 9:30 a.m. to 4:15 p.m.
ET, for the Fund on a daily basis by means of CTA/CQ High Speed Lines
information with respect to the Indicative Fund Value (``IFV''), recent
NAV, and Shares outstanding. Amex also makes available on its Web site
daily trading volume, closing prices, and the NAV.
    In addition to calculating the NAV of the Fund on a daily basis,
the Administrator causes to be made available on a daily basis the
amount of cash to be deposited in connection with the issuance of the
Shares in Basket Aggregations. Other investors can request such
information directly from the Administrator.
    Nasdaq deems the Shares to be equity securities, thus rendering
trading in the Shares subject to Nasdaq's existing rules governing the
trading of equity securities, including Nasdaq Rule 4630. The trading
hours for the Shares on Nasdaq will be 9:30 a.m. to 4:15 p.m. ET.
    Nasdaq would halt trading in the Shares under the conditions
specified in Nasdaq Rules 4120 and 4121. The conditions for a halt
include a regulatory halt by the listing market. UTP trading in the
Shares will also be governed by provisions of Nasdaq Rule 4120 relating
to temporary interruptions in the calculation or wide dissemination of
the IFV or the value of the Index. Additionally, Nasdaq may cease
trading the Shares if other unusual conditions or circumstances exist
which, in the opinion of Nasdaq, make further dealings on Nasdaq
detrimental to the maintenance of a fair and orderly market. Nasdaq
will also follow any procedures with respect to trading halts as set
forth in Nasdaq Rule 4120(c). Finally, Nasdaq would stop trading the
Shares if the listing market delists them.
    Nasdaq believes that its surveillance procedures are adequate to
address any concerns about the trading of the Shares on Nasdaq. Trading
of the Shares through Nasdaq facilities is currently subject to NASD's
surveillance procedures for equity securities in general and ETFs in
particular.\9\ Nasdaq is able to obtain information regarding trading
in the Shares and the underlying futures contracts through its members
in connection with the proprietary or customer trades that such members
effect on any relevant market. In addition, Nasdaq may obtain trading
information via the Intermarket Surveillance Group (``ISG'') from other
exchanges who are members or affiliates of the ISG, including the CBOT,
and Nasdaq has information-sharing agreements in place with NYMEX and
LME. Nasdaq has issued an Information Circular to inform its members of
the special characteristics and risks associated with trading the
Shares.
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    \9\ NASD surveils trading pursuant to a regulatory services
agreement. Nasdaq is responsible for NASD's performance under this
regulatory services agreement.
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2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act \10\ in general and Section 6(b)(5) of the Act \11\ in
particular, in that in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, remove impediments to a free and open market and a
national market system, and, in general, to protect investors and the
public interest. In addition, Nasdaq believes that the proposal is
consistent with Rule 12f-5 under the Act \12\ because it deems the
Shares to be an equity securities, thus rendering trading in the Shares
subject to Nasdaq's existing rules governing the trading of equity
securities.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
    \12\ 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, 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-NASDAQ-2007-051 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-NASDAQ-2007-051. 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 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-NASDAQ-2007-051 and should
be submitted on or before June 12, 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.\13\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\14\ 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. The Commission believes that this proposal should benefit
investors by increasing competition among markets that trade the
Shares.
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    \13\ In approving this rule change, the Commission notes that it
has considered the proposal's impact on efficiency, competition, and
capital formation. See 15 U.S.C. 78c(f).
    \14\ 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,\15\ which permits an exchange to trade,
pursuant to UTP, a security that is listed and registered on another
exchange.\16\ The Commission notes that it previously approved the
listing and trading of the Shares on Amex and the trading of the Shares
on NYSE Arca pursuant to UTP.\17\ The Commission also finds that the
proposal is consistent with Rule 12f-5 under the Act,\18\ 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. The
Exchange has represented that it meets this requirement because it
deems the Shares to be equity securities, thus rendering trading in the
Shares subject to the Exchange's existing rules governing the trading
of equity securities.
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    \15\ 15 U.S.C. 78l(f).
    \16\ 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.
    \17\ See supra note 4 (approving listing and trading of Shares
on Amex). See also Securities Exchange Act Release No. 53736 (April
27, 2006) 71 FR 26582 (May 5, 2006) (approving UTP trading of Shares
on Pacific Exchange, Inc. n/k/a NYSE Arca).
    \18\ 17 CFR 240.12f-5.
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    The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\19\ 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. Quotations for and last-sale information regarding the
Shares are disseminated through the facilities of the CTA and the
Consolidated Quotation System. Furthermore, the IFV, updated to reflect
changes in currency exchange rates, is calculated by Amex and published
via the facilities of the Consolidated Tape Association on a 15-second
delayed basis throughout the trading hours for the Shares. In addition,
if the listing market halts trading when the IFV is not being
calculated or disseminated, the Exchange would halt trading in the
Shares.
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    \19\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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    The Commission notes that, if the Shares should be delisted by the
listing exchange, the Exchange would no longer have authority to trade
the Shares pursuant to this order.
    In support of this proposal, the Exchange has represented that its
surveillance procedures are adequate to properly monitor Exchange
trading of the Shares. This approval order is conditioned on the
Exchange's adherence to this representation.
    In addition, the Commission recently approved the trading of the
Shares on the Exchange pursuant to UTP for a pilot period of three
months.\20\ In the Pilot Order, the Commission noted that exchanges
that trade commodity-related securities generally have in place
surveillance arrangements with markets that trade the underlying
securities. In its proposal to trade the Shares for a pilot period, the
Exchange represented that it was in the process of completing these
surveillance arrangements and expected to do so ``in the near future.''
The Exchange recently provided the Commission with evidence that it has
completed these surveillance arrangements.
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    \20\ See supra note 3.
---------------------------------------------------------------------------

    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 Shares on Amex and the trading of
the Shares on NYSE Arca pursuant to UTP are consistent with the Act.
The Commission presently is not aware of any regulatory issue that
should cause it to revisit those findings or would preclude the
continued trading of the Shares on the Exchange pursuant to UTP.
Therefore, accelerating approval of this proposal should benefit
investors by continuing the additional competition in the market for
the Shares.

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\21\ that the proposed rule change (SR-NASDAQ-2007-049), be and it
hereby is, approved on an accelerated basis.
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    \21\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E7-9738 Filed 5-21-07; 8:45 am]

BILLING CODE 8010-01-P