Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to an Extension of Its Prospective Fee Reduction Program, 43729-43730 [E5-4019]
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43729
Federal Register / Vol. 70, No. 144 / Thursday, July 28, 2005 / Notices
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–CBOE–2004–86 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number SR–CBOE–2004–86. 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
Section. 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–CBOE–2004–86 and should
be submitted on or before August 18,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4018 Filed 7–27–05; 8:45 am]
BILLING CODE 8010–01–P
[Release No. 34–52111; File No. SR–CBOE–
2005–52]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to an Extension
of Its Prospective Fee Reduction
Program
July 22, 2005.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934,1 and
Rule 19b–4 thereunder,2 notice is
hereby given that on June 30, 2005, the
Chicago Board Options Exchange,
Incorporated (‘‘CBOE’’ or ‘‘Exchange’’)
FY05 YTD avg. CPD
1,300,000
1,400,000
1,500,000
1,600,000
1,700,000
1,800,000
1,900,000
2,000,000
.......................................................................................
.......................................................................................
.......................................................................................
.......................................................................................
.......................................................................................
.......................................................................................
.......................................................................................
.......................................................................................
20.–23. Unchanged.
Remainder of Fee Schedule—
Unchanged.
*
*
*
*
*
10
15
20
25
30
35
40
45
VerDate jul<14>2003
13:40 Jul 27, 2005
1 15
Jkt 205001
PO 00000
U.S.C. 78s(b)(1).
Frm 00051
Fmt 4703
1.–4. Unchanged.
Footnotes: (1)–(16) Unchanged.
5.–18. Unchanged.
19. PROSPECTIVE FEE REDUCTION
PROGRAM
Fee reductions will be in effect
August 1, 2004 through December 31,
2005 under the following scenarios:
If CBOE volume exceeds
predetermined average contracts per day
(CPD) thresholds at the end of any
month on a fiscal year-to-date (YTD)
basis, Market-Maker and DPM
transaction and floor brokerage fees will
be reduced in the subsequent month
according to the schedule presented
below:
QQQQ/
SPDR/Index
marketmaker/DPM
reductions
Equities DPM
trans. fees
reductions
$.022
.033
.044
.055
.066
.077
.088
.099
$.024
.036
.048
.060
.072
.084
.096
.108
$.012
.018
.024
.030
.036
.042
.048
.054
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
CFR 200.30–3(a)(12).
CBOE proposes to amend its Fees
Schedule to extend the Prospective Fee
Reduction Program through the close of
the current Exchange fiscal year on
December 31, 2005. Below is the text of
the proposed rule change. Proposed new
language is italicized; proposed
deletions are in brackets.
Equities
market-maker
reductions
In its filing with the Commission,
CBOE included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
10 17
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CHICAGO BOARD OPTIONS
EXCHANGE, INC. FEES SCHEDULE
[MAY 23]JUNE 30, 2005
SECURITIES AND EXCHANGE
COMMISSION
Fees
discount
(percent)
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 CBOE. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
$.004
.006
.008
.010
.012
.014
.016
.018
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 CBOE has
prepared summaries, set forth in
sections A, B, and C below, of the most
significant aspects of such statements.
2 17
Sfmt 4703
Floor
brokerage
reductions
E:\FR\FM\28JYN1.SGM
CFR 240.19b–4.
28JYN1
43730
Federal Register / Vol. 70, No. 144 / Thursday, July 28, 2005 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to continue
the Prospective Fee Reduction Program
(‘‘Program’’) through the close of the
current Exchange fiscal year on
December 31, 2005.3 No other changes
to the Program are proposed. The
current Program took effect on August 1,
2004.4 The Program is intended to
reduce Market-Maker and DPM
transaction fees in periods of high
volume. As before, the Exchange will
continue to monitor its financial results
to determine whether the Program
should be continued, modified, or
eliminated in the future.
2. Statutory Basis
The proposed rule change is
consistent with section 6(b) of the Act,5
in general, and furthers the objectives of
section 6(b)(4) of the Act 6 in particular,
in that it is designed to provide for the
equitable allocation of reasonable dues,
fees, and other charges among CBOE
members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
establishes or changes a due, fee, or
other charge imposed by the Exchange,
it has become effective pursuant to
3 The Exchange also proposes certain minor
clarifying changes to the table headings in section
19 of the Fees Schedule to reconcile those headings
with a previous rule change. See Securities
Exchange Act Release No. 51027 (January 12, 2005),
70 FR 3407 (January 24, 2005). CBOE represents
that the instant proposed rule change imposes no
new fees or fees reductions. Telephone
conversation between Steve L. Kuan, Special
Counsel, Division of Market Regulation,
Commission, and Jaime Galvan, Assistant Secretary,
CBOE, on July 14, 2005.
4 See Securities Exchange Act Release No. 50175
(August 10, 2004), 69 FR 51129 (August 17, 2004).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(4).
VerDate jul<14>2003
13:40 Jul 27, 2005
Jkt 205001
section 19(b)(3)(A) of the Act 7 and Rule
19b–4(f)(2) thereunder.8 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–CBOE–2005–52 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number SR–CBOE–2005–52. 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 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
PO 00000
7 15
8 17
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
Frm 00052
Fmt 4703
Sfmt 4703
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–CBOE–2005–52 and should
be submitted on or before August 18,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4019 Filed 7–27–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52104; File No. SR–DTC–
2005–06]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change Relating to
an Enhancement of the SMART/Track
Service
July 21, 2005.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
June 29, 2005, The Depository Trust
Company (‘‘DTC’’) 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 primarily by DTC. 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
DTC proposes to add a new Agency
Lending Disclosure feature to its
SMART/Track service. The new feature
will enable securities agent lenders to
disclose to securities borrowers
information regarding the principal
lenders of securities loans.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
DTC 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. DTC has prepared
summaries, set forth in sections A, B,
9 17
1 15
E:\FR\FM\28JYN1.SGM
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
28JYN1
]]>Agencies
[Federal Register Volume 70, Number 144 (Thursday, July 28, 2005)]
[Notices]
[Pages 43729-43730]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4019]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52111; File No. SR-CBOE-2005-52]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to an Extension of Its Prospective Fee Reduction
Program
July 22, 2005.
Pursuant to section 19(b)(1) of the Securities Exchange Act of
1934,\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on
June 30, 2005, the Chicago Board Options Exchange, Incorporated
(``CBOE'' 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 CBOE. 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
CBOE proposes to amend its Fees Schedule to extend the Prospective
Fee Reduction Program through the close of the current Exchange fiscal
year on December 31, 2005. Below is the text of the proposed rule
change. Proposed new language is italicized; proposed deletions are in
brackets.
CHICAGO BOARD OPTIONS EXCHANGE, INC. FEES SCHEDULE [MAY 23]JUNE 30,
2005
1.-4. Unchanged.
Footnotes: (1)-(16) Unchanged.
5.-18. Unchanged.
19. PROSPECTIVE FEE REDUCTION PROGRAM
Fee reductions will be in effect August 1, 2004 through December
31, 2005 under the following scenarios:
If CBOE volume exceeds predetermined average contracts per day
(CPD) thresholds at the end of any month on a fiscal year-to-date (YTD)
basis, Market-Maker and DPM transaction and floor brokerage fees will
be reduced in the subsequent month according to the schedule presented
below:
----------------------------------------------------------------------------------------------------------------
QQQQ/SPDR/
Fees Equities Index market- Equities DPM Floor
FY05 YTD avg. CPD discount market-maker maker/DPM trans. fees brokerage
(percent) reductions reductions reductions reductions
----------------------------------------------------------------------------------------------------------------
1,300,000................................. 10 $.022 $.024 $.012 $.004
1,400,000................................. 15 .033 .036 .018 .006
1,500,000................................. 20 .044 .048 .024 .008
1,600,000................................. 25 .055 .060 .030 .010
1,700,000................................. 30 .066 .072 .036 .012
1,800,000................................. 35 .077 .084 .042 .014
1,900,000................................. 40 .088 .096 .048 .016
2,000,000................................. 45 .099 .108 .054 .018
----------------------------------------------------------------------------------------------------------------
20.-23. Unchanged.
Remainder of Fee Schedule--Unchanged.
* * * * *
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, CBOE 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 CBOE has prepared summaries, set forth in sections
A, B, and C below, of the most significant aspects of such statements.
[[Page 43730]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to continue the Prospective Fee Reduction
Program (``Program'') through the close of the current Exchange fiscal
year on December 31, 2005.\3\ No other changes to the Program are
proposed. The current Program took effect on August 1, 2004.\4\ The
Program is intended to reduce Market-Maker and DPM transaction fees in
periods of high volume. As before, the Exchange will continue to
monitor its financial results to determine whether the Program should
be continued, modified, or eliminated in the future.
---------------------------------------------------------------------------
\3\ The Exchange also proposes certain minor clarifying changes
to the table headings in section 19 of the Fees Schedule to
reconcile those headings with a previous rule change. See Securities
Exchange Act Release No. 51027 (January 12, 2005), 70 FR 3407
(January 24, 2005). CBOE represents that the instant proposed rule
change imposes no new fees or fees reductions. Telephone
conversation between Steve L. Kuan, Special Counsel, Division of
Market Regulation, Commission, and Jaime Galvan, Assistant
Secretary, CBOE, on July 14, 2005.
\4\ See Securities Exchange Act Release No. 50175 (August 10,
2004), 69 FR 51129 (August 17, 2004).
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with section 6(b) of the
Act,\5\ in general, and furthers the objectives of section 6(b)(4) of
the Act \6\ in particular, in that it is designed to provide for the
equitable allocation of reasonable dues, fees, and other charges among
CBOE members.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
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) of the Act \7\ and Rule 19b-4(f)(2)
thereunder.\8\ 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 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-CBOE-2005-52 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
All submissions should refer to File Number SR-CBOE-2005-52. 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 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-CBOE-2005-52 and should be submitted on or before August
18, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-4019 Filed 7-27-05; 8:45 am]
BILLING CODE 8010-01-P
