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NYSE Arca seeks rule change to allow listing of SPDR Barclays Capital Convertible Bond ETF
By Angela McDaniels
Tacoma, Wash., March 3 - NYSE Arca, Inc. filed a proposed rule change with the Securities and Exchange Commission that, if approved, would allow it to list and trade shares of the SPDR Barclays Capital Convertible Bond exchange-traded fund.
The fund aims to provide investment results that correspond to the price and yield performance of the Barclays Capital U.S. Convertible Bond $500MM index, which aims to track the performance of the dollar-denominated convertibles markets with outstanding issue sizes greater than $500 million.
NYSE Arca is seeking the rule change because the convertible preferred stocks included in the index's portfolio do not meet the criteria set forth in the rules applicable to units based on U.S. indexes or portfolios.
Specifically, convertible preferreds making up 78.56% of the weight of the convertible preferred portion of the index had a minimum worldwide monthly trading volume during the last six months ended Nov. 30 of at least 250,000 shares and six of the 31 convertible preferreds as of Nov. 30 were not listed on a national securities exchange.
NYSE Arca said that even though the index does not satisfy all the criteria, the index components include issues with substantial market capitalization. And with respect to the six convertible preferreds that are not exchange-listed, NYSE Arca noted that the parent companies for these issues are listed on the New York Stock Exchange.
The application to make the change came through wholly owned subsidiary NYSE Arca Equities, Inc. on Feb. 18, according to an SEC news release.
Comments about the proposed rule change can be submitted electronically at www.sec.gov/rules/sro.shtml or via e-mail at rule-comments@sec.gov. Paper comments can be sent to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE, Washington, D.C. 20549-1090. All submissions should refer to File Number SR-NYSEArca-2009-12.
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