Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Existing BeX Fee Schedule, 19990-19991 [E7-7552]

Download as PDF 19990 Federal Register / Vol. 72, No. 76 / Friday, April 20, 2007 / Notices investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) does not become operative prior to 30 days after the date of filing or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest; provided that the Exchange has given the Commission notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. A proposed rule change filed under Rule 19b–4(f)(6) normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b–4(f)(6)(iii),13 the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay.14 The Commission believes that such waiver is consistent with the protection of investors and the public interest because the proposed changes to the required minimum time periods between tape indications and openings and reopenings are substantially similar to a recently approved proposal submitted by the New York Stock Exchange LLC (‘‘NYSE’’).15 For this reason, the Commission designates the proposed rule change to be operative on April 2, 2007, as the Exchange proposed.16 At any time within 60 days of the filing of such 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 13 17 CFR 240.19b–4(f)(6)(iii). sroberts on PROD1PC70 with NOTICES 14 Id. 15 The Commission recently approved a substantially similar proposal from the NYSE that included identical changes to the required minimum time periods between tape indications and openings and reopenings. See Securities Exchange Act Release No. 54530 (September 28, 2006), 71 FR 58645 (October 3, 2006) (SR–NYSE– 2006–49). 16 For purposes only of accelerating the operative date of this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). VerDate Aug<31>2005 18:52 Apr 19, 2007 Jkt 211001 change is consistent with the Act. Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION Electronic Comments [Release No. 34–55639; File No. SR–BSE– 2007–15] • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Amex–2007–32 on the subject line. Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Existing BeX Fee Schedule April 16, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 • Send paper comments in triplicate notice is hereby given that on April 2, to Nancy M. Morris, Secretary, 2007, the Boston Stock Exchange, Inc. Securities and Exchange Commission, (‘‘BSE’’ or ‘‘Exchange’’) filed with the 100 F Street, NE., Washington, DC Securities and Exchange Commission 20549–1090. (‘‘Commission’’) the proposed rule All submissions should refer to File change as described in Items I, II, and Number SR–Amex–2007–32. This file III below, which Items have been number should be included on the substantially prepared by the Exchange. subject line if e-mail is used. To help the The BSE has designated this proposal as one changing a due, fee, or other charge Commission process and review your under Section 19(b)(3)(A)(ii) of the Act 3 comments more efficiently, please use only one method. The Commission will and Rule 19b–4(f)(2) thereunder,4 which post all comments on the Commission’s renders the proposal effective upon filing with the Commission. The Internet Web site (http://www.sec.gov/ Commission is publishing this notice to rules/sro.shtml). Copies of the solicit comments on the proposed rule submission, all subsequent change from interested persons. amendments, all written statements with respect to the proposed rule I. Self-Regulatory Organization’s change that are filed with the Statement of the Terms of Substance of Commission, and all written the Proposed Rule Change communications relating to the The BSE proposes to amend the proposed rule change between the Boston Equities Exchange (‘‘BeX’’) fee Commission and any person, other than schedule to provide for a credit in the those that may be withheld from the amount of $0.0027 to which Liquidity public in accordance with the Providers would be entitled. The text of provisions of 5 U.S.C. 552, will be the proposed rule change is available at available for inspection and copying in http://www.bostonstock.com, at the the Commission’s Public Reference BSE, and at the Commission’s Public Room. Copies of the filing also will be Reference Room. available for inspection and copying at II. Self-Regulatory Organization’s the principal office of the Amex. All Statement of the Purpose of, and comments received will be posted Statutory Basis for, the Proposed Rule without change; the Commission does Change not edit personal identifying information from submissions. You In its filing with the Commission, the should submit only information that Exchange included statements you wish to make available publicly. All concerning the purpose of, and basis for, submissions should refer to File the proposed rule change and discussed Number SR–Amex–2007–32 and should any comments it received on the be submitted on or before May 11, 2007. proposed rule change. The text of these statements may be examined at the For the Commission, by the Division of places specified in Item IV below. The Market Regulation, pursuant to delegated Exchange has prepared summaries, set authority.17 forth in Sections A, B, and C below, of Nancy M. Morris, the most significant aspects of such Secretary. statements. Paper Comments [FR Doc. E7–7553 Filed 4–19–07; 8:45 am] BILLING CODE 8010–01–P 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 17 17 PO 00000 CFR 200.30–3(a)(12). Frm 00115 Fmt 4703 Sfmt 4703 E:\FR\FM\20APN1.SGM 20APN1 Federal Register / Vol. 72, No. 76 / Friday, April 20, 2007 / Notices A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change sroberts on PROD1PC70 with NOTICES 1. Purpose On November 20, 2006, the BSE filed File No. SR–BSE–2006–44, a rule filing that amended the existing BSE fee schedule and established a fee schedule for the BeX, a facility of the Exchange. The purpose of this filing is to amend certain transaction fees set forth in the BeX fee schedule. The BeX fee schedule presently provides for credits to Liquidity Providers, which credits vary depending upon whether the issues are considered Listed Issues or Nasdaq Issues as well as whether the trades are for a share price that is greater than or equal to $1.00 or less than $1.00. At the present time, Liquidity Providers in Listed Issues involving trades with a share price greater than or equal to $1.00 are entitled to a $0.0023 credit per share; Liquidity Providers in Nasdaq Issues involving trades with a share price greater than or equal to $1.00 are entitled to a credit of $0.0025 per share; Liquidity Providers in Listed Issues involving trades with a share price that is less than $1.00 are entitled to a credit of $0.0023 per share with a maximum of 0.3% of the quotation price per share; and Liquidity Providers in Nasdaq Issues involving trades with a share price that is less than $1.00 are entitled to a credit of $0.0025 per share with a maximum of 0.3% of the quotation price per share. The purpose of this proposed amendment to the BeX fee schedule is to standardize the credits to which Liquidity Providers are entitled by making the rate per share credit to which Liquidity Providers are entitled $0.0027 for providing liquidity in all issues, that is, Listed Issues and Nasdaq Issues, irrespective of the price at which the shares traded (subject to a maximum of 0.3% of the quotation price per share for Listed Issues and Nasdaq Issues priced below $1.00).5 This amendment to the BeX fee schedule will not only standardize the credits to which Liquidity Providers are entitled, but attract those Liquidity Providers to BeX by providing competitive credits for providing liquidity. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with 5 Telephone conversation between Brian Donnelly, Assistant Vice President, Regulation and Compliance, BSE, and Ira Brandriss, Special Counsel, Division of Market Regulation, Commission, April 16, 2007. VerDate Aug<31>2005 18:52 Apr 19, 2007 Jkt 211001 the requirements of 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 issuers 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 Exchange has neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has been designated as a fee change pursuant to Section 19(b)(3)(A)(ii) of the Act 8 and Rule 19b–4(f)(2) thereunder,9 because it establishes or changes a due, fee, or other charge imposed by the Exchange. 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: Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–BSE–2007–15. 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 (http://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 BSE. 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–BSE–2007–15 and should be submitted on or before May 11, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.10 Nancy M. Morris, Secretary. [FR Doc. E7–7552 Filed 4–19–07; 8:45 am] BILLING CODE 8010–01–P Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–BSE–2007–15 on the subject line. U.S.C. 78f(b). U.S.C. 78f(b)(4). 8 15 U.S.C. 78s(b)(3)(A)(ii). 9 17 CFR 240.19b–4(f)(2). 6 15 7 15 PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 19991 10 17 E:\FR\FM\20APN1.SGM CFR 200.30–3(a)(12). 20APN1

Agencies

[Federal Register Volume 72, Number 76 (Friday, April 20, 2007)]
[Notices]
[Pages 19990-19991]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-7552]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55639; File No. SR-BSE-2007-15]


Self-Regulatory Organizations; Boston Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend the Existing BeX Fee Schedule

 April 16, 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 April 2, 2007, the Boston Stock Exchange, Inc. (``BSE'' 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 substantially prepared by the 
Exchange. The BSE has designated this proposal as one changing a due, 
fee, or other charge 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.
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    \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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The BSE proposes to amend the Boston Equities Exchange (``BeX'') 
fee schedule to provide for a credit in the amount of $0.0027 to which 
Liquidity Providers would be entitled. The text of the proposed rule 
change is available at http://www.bostonstock.com, at the BSE, 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, 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.

[[Page 19991]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    On November 20, 2006, the BSE filed File No. SR-BSE-2006-44, a rule 
filing that amended the existing BSE fee schedule and established a fee 
schedule for the BeX, a facility of the Exchange. The purpose of this 
filing is to amend certain transaction fees set forth in the BeX fee 
schedule.
    The BeX fee schedule presently provides for credits to Liquidity 
Providers, which credits vary depending upon whether the issues are 
considered Listed Issues or Nasdaq Issues as well as whether the trades 
are for a share price that is greater than or equal to $1.00 or less 
than $1.00. At the present time, Liquidity Providers in Listed Issues 
involving trades with a share price greater than or equal to $1.00 are 
entitled to a $0.0023 credit per share; Liquidity Providers in Nasdaq 
Issues involving trades with a share price greater than or equal to 
$1.00 are entitled to a credit of $0.0025 per share; Liquidity 
Providers in Listed Issues involving trades with a share price that is 
less than $1.00 are entitled to a credit of $0.0023 per share with a 
maximum of 0.3% of the quotation price per share; and Liquidity 
Providers in Nasdaq Issues involving trades with a share price that is 
less than $1.00 are entitled to a credit of $0.0025 per share with a 
maximum of 0.3% of the quotation price per share.
    The purpose of this proposed amendment to the BeX fee schedule is 
to standardize the credits to which Liquidity Providers are entitled by 
making the rate per share credit to which Liquidity Providers are 
entitled $0.0027 for providing liquidity in all issues, that is, Listed 
Issues and Nasdaq Issues, irrespective of the price at which the shares 
traded (subject to a maximum of 0.3% of the quotation price per share 
for Listed Issues and Nasdaq Issues priced below $1.00).\5\ This 
amendment to the BeX fee schedule will not only standardize the credits 
to which Liquidity Providers are entitled, but attract those Liquidity 
Providers to BeX by providing competitive credits for providing 
liquidity.
---------------------------------------------------------------------------

    \5\ Telephone conversation between Brian Donnelly, Assistant 
Vice President, Regulation and Compliance, BSE, and Ira Brandriss, 
Special Counsel, Division of Market Regulation, Commission, April 
16, 2007.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the requirements of 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 issuers and other persons using Exchange facilities.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4).
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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 Exchange has neither solicited nor received comments on the 
proposed rule change.

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

    The foregoing proposed rule change has been designated as a fee 
change pursuant to Section 19(b)(3)(A)(ii) of the Act \8\ and Rule 19b-
4(f)(2) thereunder,\9\ because it establishes or changes a due, fee, or 
other charge imposed by the Exchange. Accordingly, the proposal will 
take effect upon filing with the Commission.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-BSE-2007-15 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-BSE-2007-15. 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 (http://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 BSE. 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-BSE-2007-15 and should be submitted on or before May 11, 
2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-7552 Filed 4-19-07; 8:45 am]
BILLING CODE 8010-01-P