Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Options Marketing Fee for Options on SPDRs, 28587-28588 [E5-2481]
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Federal Register / Vol. 70, No. 95 / Wednesday, May 18, 2005 / Notices
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VerDate jul<14>2003
14:03 May 17, 2005
Jkt 205001
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Dated: May 12, 2005.
Annette Vietti-Cook,
Secretary of the Commission.
[FR Doc. E5–2489 Filed 5–17–05; 8:45 am]
BILLING CODE 7590–01–P
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28587
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51685; File No. SR–Amex–
2005–050]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change Relating to
the Options Marketing Fee for Options
on SPDRs
May 11, 2005.
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 April 28,
2005, the American Stock Exchange LLC
(‘‘Amex’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by the Amex. The Amex has designated
this proposal as one establishing or
changing a due, fee, or other charge
imposed by the Amex under Section
19(b)(3)(A)(ii) of the Act,3 and Rule
19b–4(f)(2) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
marketing fee imposed on certain
transactions of specialists and registered
options traders (‘‘ROTs’’) in connection
with options on Standard & Poor’s
Depositary Receipts (‘‘SPDRs’’). The fee
would be imposed at the rate of $1.00
per contract, instead of the rate of $0.40
per contract. The text of the proposed
rule change is available on the Amex’s
Web site (https://www.amex.com), at the
Amex’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
its proposal and discussed any
comments it had received regarding the
proposal. The text of these statements
may be examined at the places specified
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
2 17
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28588
Federal Register / Vol. 70, No. 95 / Wednesday, May 18, 2005 / Notices
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
In June 2003, the Exchange reinstated
its options marketing fee of $0.40 per
contract on the transactions of
specialists and ROTs in equity options.5
Currently, the options marketing fee is
eligible to be assessed on all equity
options transactions (including options
on exchange-traded funds and trust
issued receipts). The Exchange proposes
to amend the options marketing fee in
connection with options on SPDRs to
increase the fee from the current level
of $0.40 to $1.00 per contract. All other
equity options would continue to
remain subject to the current options
marketing fee level of $0.40 per
contract.
The options marketing fee is assessed
on only those specialist and ROT
transactions involving customer orders
from firms that accept payment for
directing their orders to the Exchange
(‘‘payment accepting firms’’) with whom
a specialist has negotiated a payment for
order flow arrangement. In addition, the
options marketing fee is currently
assessed only on transactions of
specialists and ROTs with orders from
customers of payment accepting firms
that are for 200 contracts or less. The
Exchange proposes to eliminate the
restriction limiting the assessment of the
marketing fee for options transactions of
200 contracts or less. Thus, the fee
would be eligible to be assessed on all
transactions in equity options regardless
of the contract size.
The Exchange believes that the $1.00
per contract options marketing fee for
SPDR options is an equitable allocation
of a reasonable fee among members and
is designed to enable the Exchange to
compete with other markets in attracting
SPDR options order flow.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 6 in general, and
furthers the objectives of Section 6(b)(4)
of the Act 7 in particular, in that it is
designed to provide for the equitable
allocation of reasonable dues, fees, and
5 See Securities Exchange Act Release No. 48053
(June 17, 2003), 68 FR 37880 (June 25, 2003) (SR–
Amex–2003–50).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4).
VerDate jul<14>2003
14:03 May 17, 2005
Jkt 205001
other charges among exchange members
and other persons using exchange
facilities.
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
The Amex neither solicited nor
received written comments with respect
to the proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
establishes or changes a due, fee, or
other charge imposed by the Exchange,
it has become effective pursuant to
Section 19(b)(3)(A)(ii) of the Act 8 and
subparagraph (f)(2) of Rule 19b–4
thereunder.9 Accordingly, the proposal
will take effect upon filing with the
Commission. 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.
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–Amex–2005–050 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
450 Fifth Street, NW., Washington, DC
20549–0609.
All submissions should refer to File
Number SR–Amex–2005–050. This file
PO 00000
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 (https://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 the filing also will be
available for inspection and copying at
the principal office of the Amex. 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–Amex–2005–050 and
should be submitted on or before June
8, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5–2481 Filed 5–17–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51684; File No. SR–CBOE–
2005–24]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of
Proposed Rule Change Relating to the
Assignment of RAES Orders to
Logged-In Market-Makers Participating
on RAES
May 11, 2005.
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 15,
2005, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
10 17
8 15
U.S.C. 78s(b)(3)(A)(ii).
9 17 CFR 240.19b–4(f)(2).
Frm 00083
Fmt 4703
Sfmt 4703
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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]]>Agencies
[Federal Register Volume 70, Number 95 (Wednesday, May 18, 2005)]
[Notices]
[Pages 28587-28588]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2481]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51685; File No. SR-Amex-2005-050]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to the Options Marketing Fee for Options on SPDRs
May 11, 2005.
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 April 28, 2005, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Amex. The Amex has
designated this proposal as one establishing or changing a due, fee, or
other charge imposed by the Amex under Section 19(b)(3)(A)(ii) of the
Act,\3\ and Rule 19b-4(f)(2) 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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its marketing fee imposed on certain
transactions of specialists and registered options traders (``ROTs'')
in connection with options on Standard & Poor's Depositary Receipts
(``SPDRs''). The fee would be imposed at the rate of $1.00 per
contract, instead of the rate of $0.40 per contract. The text of the
proposed rule change is available on the Amex's Web site (https://
www.amex.com), at the Amex'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 its proposal and discussed any
comments it had received regarding the proposal. The text of these
statements may be examined at the places specified
[[Page 28588]]
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
In June 2003, the Exchange reinstated its options marketing fee of
$0.40 per contract on the transactions of specialists and ROTs in
equity options.\5\ Currently, the options marketing fee is eligible to
be assessed on all equity options transactions (including options on
exchange-traded funds and trust issued receipts). The Exchange proposes
to amend the options marketing fee in connection with options on SPDRs
to increase the fee from the current level of $0.40 to $1.00 per
contract. All other equity options would continue to remain subject to
the current options marketing fee level of $0.40 per contract.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 48053 (June 17,
2003), 68 FR 37880 (June 25, 2003) (SR-Amex-2003-50).
---------------------------------------------------------------------------
The options marketing fee is assessed on only those specialist and
ROT transactions involving customer orders from firms that accept
payment for directing their orders to the Exchange (``payment accepting
firms'') with whom a specialist has negotiated a payment for order flow
arrangement. In addition, the options marketing fee is currently
assessed only on transactions of specialists and ROTs with orders from
customers of payment accepting firms that are for 200 contracts or
less. The Exchange proposes to eliminate the restriction limiting the
assessment of the marketing fee for options transactions of 200
contracts or less. Thus, the fee would be eligible to be assessed on
all transactions in equity options regardless of the contract size.
The Exchange believes that the $1.00 per contract options marketing
fee for SPDR options is an equitable allocation of a reasonable fee
among members and is designed to enable the Exchange to compete with
other markets in attracting SPDR options order flow.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \6\ in general, and furthers the
objectives of Section 6(b)(4) of the Act \7\ in particular, in that it
is designed to provide for the equitable allocation of reasonable dues,
fees, and other charges among exchange members and other persons using
exchange facilities.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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
The Amex neither solicited nor received written comments with
respect to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change establishes or changes a due,
fee, or other charge imposed by the Exchange, it has become effective
pursuant to Section 19(b)(3)(A)(ii) of the Act \8\ and subparagraph
(f)(2) of Rule 19b-4 thereunder.\9\ Accordingly, the proposal will take
effect upon filing with the Commission. 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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 (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-Amex-2005-050 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549-0609.
All submissions should refer to File Number SR-Amex-2005-050. 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 (https://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 the
filing also will be available for inspection and copying at the
principal office of the Amex. 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-Amex-2005-050 and should be submitted on or before June
8, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-2481 Filed 5-17-05; 8:45 am]
BILLING CODE 8010-01-P
