Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Granting Accelerated Approval of a Proposed Rule Change To Amend the CHX Fee Schedule on a Retroactive Basis To Clarify the Application of a Credit Against Specialist Fixed Fees, 16837 [E7-6374]

Download as PDF Federal Register / Vol. 72, No. 65 / Thursday, April 5, 2007 / Notices declaring that it has ceased to be an investment company. On November 16, 2004, each applicant made its final liquidating distribution, based on net asset value. Applicants incurred no expenses in connection with the liquidations. Filing Dates: The applications were filed on February 27, 2007, and amended on March 19, 2007. Applicants’ Address: 388 Greenwich St., New York, NY 10013. Liberty-Stein Roe Advisor Trust [File No. 811–7955] Summary: Applicant seeks an order declaring that it has ceased to be an investment company. On July 27, 2002, applicant transferred its assets to Stein Roe Young Investor Fund, a series of Liberty-Stein-Roe Funds Investment Trust, based on net asset value. Expenses of $274,163 incurred in connection with the reorganization were paid by SteinRoe & Farnham Incorporated, applicant’s investment adviser. Filing Date: The application was filed on February 20, 2007. Applicant’s Address: One Financial Center, Boston, MA 02111. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–6373 Filed 4–4–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55549; File No. SR–CHX– 2007–02] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Granting Accelerated Approval of a Proposed Rule Change To Amend the CHX Fee Schedule on a Retroactive Basis To Clarify the Application of a Credit Against Specialist Fixed Fees jlentini on PROD1PC65 with NOTICES March 28, 2007. I. Introduction On February 12, 2007, the Chicago Stock Exchange, Inc. (‘‘CHX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b-4 thereunder,2 a proposed rule change to amend its Schedule of Participant Fees and Credits (‘‘Schedule’’) on a 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Aug<31>2005 17:37 Apr 04, 2007 Jkt 211001 retroactive basis to clarify application of a monthly specialist fixed fee credit. The proposed rule change was published for comment in the Federal Register on March 12, 2007 for a 15-day comment period.3 The comment period ended on March 27, 2007. The Commission received no comments on the proposal. This order grants accelerated approval of the proposed rule change. II. Description of the Proposal The Exchange proposes to amend its Schedule on a retroactive basis to clarify application of a monthly specialist fixed fee credit. Beginning November 2006, the Exchange instituted a monthly specialist fixed fee credit of $25,000, to be applied while the Exchange completed implementation of its new trading model and issues were transitioned from being traded by CHX specialists to a market maker model.4 This proposal clarifies that the Exchange intended that the credit would be applied on a cumulative basis for November and December of 2006, so that the November credit would be $25,000 and the December credit would be $50,000. In addition, the Exchange intended that the credit for January would be reduced to $25,000. Because SR-CHX–2006–37 did not clearly indicate that the credit would be applied on a cumulative basis for the months of November and December and subsequently reduced for the month of January, the CHX submitted the instant proposed rule change to clarify the total amount of the specialist fixed fee credit available for each month: $25,000 for November 2006; $50,000 for December 2006; and $25,000 for January 2007. 16837 and issuers and other persons using any facilities or system which it operates or controls. This proposed rule change would clarify the application of a specialist fixed fee credit that the CHX is offering as an incentive for CHX specialists while the CHX completed its transition to a new market maker trading model. The proposed rule change would reconcile the discrepancy between the manner in which the CHX intended to apply the credit and the description of the credit in SR–CHX–2006–37. The proposal would also clarify that the credit was reduced to $25,000 for the month of January 2007. The Commission finds good cause for approving the proposed rule change prior to the 30th day of the date of publication of the notice thereof in the Federal Register. The proposed rule change clarifies ambiguity about the application of the specialist fixed fee credit. The Commission believes accelerated approval will provide clarity without delay. Therefore, the Commission finds that there is good cause, consistent with Section 19(b)(2) of the Act, to approve the proposed rule change on an accelerated basis. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule change (SR–CHX–2007– 02) be, and hereby is, approved on an accelerated basis. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.7 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–6374 Filed 4–4–07; 8:45 am] III. Discussion and Commission Findings BILLING CODE 8010–01–P 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.5 Specifically, the Commission believes that the proposed rule change is consistent with Section 6(b)(4) of the Act,6 which requires that the rules of an exchange provide for the equitable allocation of reasonable dues, fees, and other charges among members SECURITIES AND EXCHANGE COMMISSION 3 See Securities Exchange Act Release No. 55408 (March 6, 2007), 72 FR 11068. 4 See Securities Exchange Act Release No. 55070 (January 9, 2007), 72 FR 2049 (January 17, 2007) (SR-CHX–2006–37). 5 In approving the proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition and capital formation. See 15 U.S.C. 78c(f). 6 15 U.S.C. 78f(b)(4). PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 [Release No. 34–55560; File No. SR–ISE– 2007–23] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to an ISE Stock Exchange Fee Waiver March 29, 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 March 27, 2007, the International Securities 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\05APN1.SGM 05APN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 72, Number 65 (Thursday, April 5, 2007)]
[Notices]
[Page 16837]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-6374]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55549; File No. SR-CHX-2007-02]


Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; 
Order Granting Accelerated Approval of a Proposed Rule Change To Amend 
the CHX Fee Schedule on a Retroactive Basis To Clarify the Application 
of a Credit Against Specialist Fixed Fees

March 28, 2007.

I. Introduction

    On February 12, 2007, the Chicago Stock Exchange, Inc. (``CHX'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend its Schedule of Participant Fees and 
Credits (``Schedule'') on a retroactive basis to clarify application of 
a monthly specialist fixed fee credit. The proposed rule change was 
published for comment in the Federal Register on March 12, 2007 for a 
15-day comment period.\3\ The comment period ended on March 27, 2007. 
The Commission received no comments on the proposal. This order grants 
accelerated approval of the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 55408 (March 6, 
2007), 72 FR 11068.
---------------------------------------------------------------------------

II. Description of the Proposal

    The Exchange proposes to amend its Schedule on a retroactive basis 
to clarify application of a monthly specialist fixed fee credit. 
Beginning November 2006, the Exchange instituted a monthly specialist 
fixed fee credit of $25,000, to be applied while the Exchange completed 
implementation of its new trading model and issues were transitioned 
from being traded by CHX specialists to a market maker model.\4\ This 
proposal clarifies that the Exchange intended that the credit would be 
applied on a cumulative basis for November and December of 2006, so 
that the November credit would be $25,000 and the December credit would 
be $50,000. In addition, the Exchange intended that the credit for 
January would be reduced to $25,000. Because SR-CHX-2006-37 did not 
clearly indicate that the credit would be applied on a cumulative basis 
for the months of November and December and subsequently reduced for 
the month of January, the CHX submitted the instant proposed rule 
change to clarify the total amount of the specialist fixed fee credit 
available for each month: $25,000 for November 2006; $50,000 for 
December 2006; and $25,000 for January 2007.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 55070 (January 9, 
2007), 72 FR 2049 (January 17, 2007) (SR-CHX-2006-37).
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    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.\5\ 
Specifically, the Commission believes that the proposed rule change is 
consistent with Section 6(b)(4) of the Act,\6\ which requires that the 
rules of an exchange provide for the equitable allocation of reasonable 
dues, fees, and other charges among members and issuers and other 
persons using any facilities or system which it operates or controls.
---------------------------------------------------------------------------

    \5\ In approving the proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition and 
capital formation. See 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    This proposed rule change would clarify the application of a 
specialist fixed fee credit that the CHX is offering as an incentive 
for CHX specialists while the CHX completed its transition to a new 
market maker trading model. The proposed rule change would reconcile 
the discrepancy between the manner in which the CHX intended to apply 
the credit and the description of the credit in SR-CHX-2006-37. The 
proposal would also clarify that the credit was reduced to $25,000 for 
the month of January 2007.
    The Commission finds good cause for approving the proposed rule 
change prior to the 30th day of the date of publication of the notice 
thereof in the Federal Register. The proposed rule change clarifies 
ambiguity about the application of the specialist fixed fee credit. The 
Commission believes accelerated approval will provide clarity without 
delay. Therefore, the Commission finds that there is good cause, 
consistent with Section 19(b)(2) of the Act, to approve the proposed 
rule change on an accelerated basis.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule change (SR-CHX-2007-02) be, and hereby is, 
approved on an accelerated basis.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-6374 Filed 4-4-07; 8:45 am]
BILLING CODE 8010-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.