Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Odd-Lot Order Processing Fees, 61162-61163 [E5-5786]

Download as PDF 61162 Federal Register / Vol. 70, No. 202 / Thursday, October 20, 2005 / Notices 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–Amex–2005– 098. 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 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–2005–098 and should be submitted on or before November 10, 2005. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Jonathan G. Katz, Secretary. [FR Doc. E5–5785 Filed 10–19–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52601; File No. SR-CHX– 2005–24] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Odd-Lot Order Processing Fees October 13, 2005. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 11 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 16:14 Oct 19, 2005 Jkt 208001 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on September 1, 2005, the Chicago Stock Exchange, Inc. (‘‘CHX’’ 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 CHX. CHX has designated the proposed rule change as establishing or changing a due, fee, or other charge imposed by the Exchange pursuant to 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 CHX, pursuant to Rule 19b–4 of the Act, proposes to amend its Participant Fee Schedule (the ‘‘Fee Schedule’’) to modify the order processing fees charged for odd-lot transactions. 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 Under the current Fee Schedule, the Exchange charges its members for transaction and order processing fees.5 These charges are denoted in the Fee Schedule according to the type of order 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). 5 The Exchange has confirmed that it assesses order processing fees only against its members and not against non-members. Persons holding trading permits are ‘‘members’’ for the purposes of the Act, which CHX characterizes as ‘‘participants.’’ Telephone conversation between Leah Mesfin, Special Counsel, Division of Market Regulation, Commission, and Kathleen M. Boege, Vice President & Associate General Counsel, CHX, on September 26, 2005. 2 17 PO 00000 Frm 00050 Fmt 4703 Sfmt 4703 and, in certain cases, the type of issue being traded. The Exchange’s order processing fees include a fee for the processing of odd-lot orders, subject to a monthly maximum. The odd-lot order processing fees have not been amended since 1991, whereas other order processing and transaction fees have consistently been updated. In this proposal, the Exchange seeks to update the odd-lot order processing fee by decreasing the per trade fee to $0.30 per trade, subject to an increased monthly maximum of $800.00. Additionally, the proposal would eliminate the existing order processing fee exemption for odd-lot orders in the stocks comprising the Standard & Poor’s 500 Stock Price Index. The Exchange has represented that these fees are charged only to members. Finally, this proposal deletes a reference to a transaction fee exemption for transactions that take place during the ‘‘E-Session,’’ which was an extended trading session from 3:30 p.m. to 5:30 p.m., Central Time. When the Exchange eliminated this trading session, the Exchange amended its rules to delete references to the E-Session. Accordingly, this remaining provision of the Fee Schedule is obsolete. 2. Statutory Basis CHX believes that the proposed rule change is consistent with Section 6(b)(4) of the Act 6 in that it provides for the equitable allocation of reasonable dues, fees, and other charges among its members. B. Self-Regulatory Organization’s Statement on Burden on Competition CHX does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. II. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 7 and subparagraph (f)(2) of Rule 19b–4 thereunder 8 because it establishes or 6 15 U.S.C. 78f(b)(4). U.S.C. 78s(b)(3)(A)(ii). 8 17 CFR 240.19b–4(f)(2). 7 15 E:\FR\FM\20OCN1.SGM 20OCN1 Federal Register / Vol. 70, No. 202 / Thursday, October 20, 2005 / Notices changes a due, fee, or other charge imposed by the Exchange. 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–CHX–2005–24 on the subject line. Number SR–CHX–2005–24 and should be submitted on or before November 10, 2005. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Jonathan G. Katz, Secretary. [FR Doc. E5–5786 Filed 10–19–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52603; File No. SR–NASD– 2005–082] Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Order Approving Proposed Rule Change and Amendment No. 1 Thereto To Clarify the Listing Standards Applicable to Companies in Bankruptcy Proceedings October 13, 2005. On June 22, 2005, the National Association of Securities Dealers, Inc. (‘‘NASD’’), through its subsidiary, The Nasdaq Stock Market, Inc. (‘‘Nasdaq’’), Paper Comments filed with the Securities and Exchange • Send paper comments in triplicate Commission (‘‘Commission’’), pursuant to Jonathan G. Katz, Secretary, to Section 19(b)(1) of the Securities Securities and Exchange Commission, Exchange Act of 1934 (‘‘Act’’) 1 and Rule 100 F Street, NE., Washington, DC 19b–4 thereunder,2 a proposed rule 20549–9303. change to clarify the listing standards All submissions should refer to File applicable to companies in bankruptcy Number SR–CHX–2005–24. This file proceedings. On August 23, 2005, number should be included on the Nasdaq filed Amendment No. 1 to the subject line if e-mail is used. To help the proposed rule change.3 The proposed Commission process and review your rule change was published for comment comments more efficiently, please use in the Federal Register on September only one method. The Commission will 13, 2005.4 The Commission received no post all comments on the Commission’s comments on the proposal. This order Internet Web site (https://www.sec.gov/ approves the proposed rule change. rules/sro.shtml). Copies of the The Commission finds that the submission, all subsequent proposed rule change, as amended, is amendments, all written statements consistent with the requirements of the with respect to the proposed rule Act and the rules and regulations change that are filed with the thereunder applicable to a national Commission, and all written securities association,5 the requirements communications relating to the of Section 15A of the Act,6 in general, proposed rule change between the and Section 15A(b)(6) of the Act,7 in Commission and any person, other than particular, which requires, among other those that may be withheld from the things, that NASD’s rules be designed to public in accordance with the provisions of 5 U.S.C. 552, will be 9 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). available for inspection and copying in 2 17 CFR 240.19b–4. the Commission’s Public Reference 3 In Amendment No. 1, Nasdaq made Room. Copies of such filing also will be typographical corrections to the rule text and a available for inspection and copying at correction to the stated purpose of the proposed the principal office of CHX. All rule change. 4 See Securities Exchange Act Release No. 52385 comments received will be posted (September 7, 2005), 70 FR 54096. without change; the Commission does 5 In approving this proposed rule change, the not edit personal identifying Commission has considered the proposed rule’s information from submissions. You impact on efficiency, competition, and capital should submit only information that formation. 15 U.S.C. 78c(f). 6 15 U.S.C. 78o–3. you wish to make available publicly. All 7 15 U.S.C. 78o–3(b)(6). submissions should refer to File VerDate Aug<31>2005 16:14 Oct 19, 2005 Jkt 208001 PO 00000 Frm 00051 Fmt 4703 Sfmt 4703 61163 prevent fraudulent and manipulative acts and practices, 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 the proposed rule change may remove ambiguity surrounding the standards applicable to companies involved in bankruptcy proceedings and may require such companies to meet heightened initial inclusion standards upon emerging from bankruptcy, thereby protecting investors and the public interest. It is therefore ordered, pursuant to section 19(b)(2) of the Act,8 that the proposed rule change (SR–NASD–2005– 082), as amended, is approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Jonathan G. Katz, Secretary. [FR Doc. E5–5787 Filed 10–19–05; 8:45 am] BILLING CODE 8010–01–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Agency Information Collection Activity Under OMB Review, Request for Comments; Renewal of an Approved Information Collection Activity, Procedures for Non-Federal Navigation Facilities Federal Aviation Administration (FAA), DOT. ACTION: Notice and request for comments. AGENCY: SUMMARY: The information kept is used by the FAA as proof that non-Federal navigation facilities are maintained within certain specified tolerances. DATES: Please submit comments by November 21, 2005. FOR FURTHER INFORMATION CONTACT: Judy Street on (202) 267–9895. SUPPLEMENTARY INFORMATION: Federal Aviation Administration (FAA). Title: Procedures for Non-Federal Navigation Facilities. Type of Request: Renewal of an approved collection. OMB Control Number: 2120–0014. Forms(s): None. Affected Public: A total of 2413 navigation facility operators. 8 15 9 17 E:\FR\FM\20OCN1.SGM U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). 20OCN1

Agencies

[Federal Register Volume 70, Number 202 (Thursday, October 20, 2005)]
[Notices]
[Pages 61162-61163]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-5786]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52601; File No. SR-CHX-2005-24]


Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Odd-Lot Order Processing Fees

October 13, 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 September 1, 2005, the Chicago Stock Exchange, Inc. (``CHX'' 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 CHX. CHX has 
designated the proposed rule change as establishing or changing a due, 
fee, or other charge imposed by the Exchange pursuant to 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

    CHX, pursuant to Rule 19b-4 of the Act, proposes to amend its 
Participant Fee Schedule (the ``Fee Schedule'') to modify the order 
processing fees charged for odd-lot transactions.

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
    Under the current Fee Schedule, the Exchange charges its members 
for transaction and order processing fees.\5\ These charges are denoted 
in the Fee Schedule according to the type of order and, in certain 
cases, the type of issue being traded. The Exchange's order processing 
fees include a fee for the processing of odd-lot orders, subject to a 
monthly maximum. The odd-lot order processing fees have not been 
amended since 1991, whereas other order processing and transaction fees 
have consistently been updated.
---------------------------------------------------------------------------

    \5\ The Exchange has confirmed that it assesses order processing 
fees only against its members and not against non-members. Persons 
holding trading permits are ``members'' for the purposes of the Act, 
which CHX characterizes as ``participants.'' Telephone conversation 
between Leah Mesfin, Special Counsel, Division of Market Regulation, 
Commission, and Kathleen M. Boege, Vice President & Associate 
General Counsel, CHX, on September 26, 2005.
---------------------------------------------------------------------------

    In this proposal, the Exchange seeks to update the odd-lot order 
processing fee by decreasing the per trade fee to $0.30 per trade, 
subject to an increased monthly maximum of $800.00. Additionally, the 
proposal would eliminate the existing order processing fee exemption 
for odd-lot orders in the stocks comprising the Standard & Poor's 500 
Stock Price Index. The Exchange has represented that these fees are 
charged only to members.
    Finally, this proposal deletes a reference to a transaction fee 
exemption for transactions that take place during the ``E-Session,'' 
which was an extended trading session from 3:30 p.m. to 5:30 p.m., 
Central Time. When the Exchange eliminated this trading session, the 
Exchange amended its rules to delete references to the E-Session. 
Accordingly, this remaining provision of the Fee Schedule is obsolete.
2. Statutory Basis
    CHX believes that the proposed rule change is consistent with 
Section 6(b)(4) of the Act \6\ in that it provides for the equitable 
allocation of reasonable dues, fees, and other charges among its 
members.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    CHX does not believe that the proposed rule change will impose any 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

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

    No written comments were solicited or received with respect to the 
proposed rule change.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act \7\ and subparagraph (f)(2) of Rule 19b-4 
thereunder \8\ because it establishes or

[[Page 61163]]

changes a due, fee, or other charge imposed by the Exchange. 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)(ii).
    \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-CHX-2005-24 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-CHX-2005-24. 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 CHX. 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-CHX-2005-24 and should be submitted on or before November 10, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jonathan G. Katz,
Secretary.
 [FR Doc. E5-5786 Filed 10-19-05; 8:45 am]
BILLING CODE 8010-01-P
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