Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for NYSE Bonds, 26434-26435 [E7-8811]
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26434
Federal Register / Vol. 72, No. 89 / Wednesday, May 9, 2007 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55698; File No. SR–NYSE–
2007–44]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Establish
Fees for NYSE Bonds
May 2, 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 May 1,
2007, the New York Stock Exchange
LLC (‘‘NYSE’’ 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 Exchange filed the
proposed rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(2) thereunder,4 which renders
it 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 eliminate
certain fees applicable to NYSE
BondsSM (‘‘NYSE Bonds’’) and adopt a
new transaction fee of $0.50 per bond
for executions on NYSE Bonds that
remove liquidity from NYSE Bonds. The
text of the proposed rule change is
available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
sroberts on PROD1PC70 with NOTICES
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
NYSE 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 Exchange has prepared
summaries set forth in Sections A, B,
and C below of the most significant
aspects of such statements.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
18:12 May 08, 2007
1. Purpose
On Monday, April 22, 2007, the
Exchange implemented the operation of
its NYSE Bond platform. Only NYSE
members and member organizations that
have executed and delivered to the
Exchange the NYSE Bonds Service and
Access Agreement, including member
organizations that were subscribers to
the Automated Bond System (‘‘ABS’’),
are eligible to access NYSE Bonds
(‘‘Eligible Members’’).
Through this filing, the Exchange
proposes to eliminate certain fees
associated with the NYSE Bonds
platform.5 Specifically, the Exchange
proposes to eliminate its current
$15,000 annual subscription charge, the
$5,000 additional display charge, the
current usage fees ($0.05, $0.10, $0.20,
and $0.30), the $0.10 Fixed Income
Public Agency Transaction fee, and the
$5,000 computer-to-computer service
fee effective on May 1, 2007.
The current fee structure for NYSE
Bonds is a tier-based structure with a
range from $0.05 to $0.30 per order
entered, depending on the amount of
fixed income orders submitted by the
member organization within the
calendar year. The Exchange further
proposes to amend the current
transaction fees to charge a new
transaction fee of $0.50 per bond for
executions on NYSE Bonds that remove
liquidity from the NYSE Bonds book. To
facilitate the move to the new fee
structure, the Exchange intends to waive
the assessment of any transaction fees
on NYSE Bonds for fixed income orders
executed through the system for the
period of April 23, 2007 through April
30, 2007.
Beginning Tuesday, May 1, 2007, the
Exchange will implement a fee of $5,000
per year to be assessed to Eligible
Members that utilize an Exchangesponsored fixed income order
management and entry (‘‘Graphic User
Interface’’ or ‘‘GUI’’) system for
accessing NYSE Bonds. Eligible
Members that do not utilize the GUI will
not be assessed the annual fee.
Finally, the Exchange further seeks to
remove the current cap on the total fees
incurred by member organizations that
participate on or submit orders to NYSE
Bonds. The current cap is $20,000 per
year per member organization; however,
5 The current fees applicable to the NYSE Bonds
system were carried over from ABS. See Securities
Exchange Act Release No. 55496 (March 20, 2007),
72 FR 14631 (March 28, 2007) (SR–NYSE–2006–37).
2 17
VerDate Aug<31>2005
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
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PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
the Exchange may seek to impose a cap
of such fees at a later date.
The Exchange believes that the new
transaction fees that are scheduled to
become operative on May 1, 2007 will
bring the NYSE Bonds platform more in
line with the current fixed income
market.
2. Statutory Basis
The Exchange believes 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) 7 in
particular in that it is intended to
provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its 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
Written comments on the proposed
rule change were neither solicited nor
received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is
subject to Section 19(b)(3)(A)(ii) of the
Act 8 and subparagraph (f)(2) of Rule
19b–4 thereunder 9 because it
establishes or changes a due, fee, or
other charge applicable only to a
member imposed by a self-regulatory
organization. Accordingly, the proposal
is effective upon Commission receipt of
the filing. 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.
6 15
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).
7 15
E:\FR\FM\09MYN1.SGM
09MYN1
Federal Register / Vol. 72, No. 89 / Wednesday, May 9, 2007 / Notices
26435
Comments may be submitted by any of
the following methods:
SECURITIES AND EXCHANGE
COMMISSION
the most significant aspects of such
statements.
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2007–44 on the
subject line.
[Release No. 34–55699; File No. SR–
NYSEArca–2007–27]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and Order
Granting Accelerated Approval of
Proposed Rule Change To List and
Trade Shares of the iShares FTSE
NAREIT Residential Index Fund
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
May 3, 2007.
Paper Comments
sroberts on PROD1PC70 with NOTICES
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE, Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSE–2007–44. 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 will also be
available for inspection and copying at
the principal office of the NYSE. 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–NYSE–2007–44 and should be
submitted on or before May 30, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–8811 Filed 5–8–07; 8:45 am]
BILLING CODE 8010–01–P
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 9,
2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
‘‘Exchange’’), through its wholly owned
subsidiary NYSE Arca Equities, Inc.
(‘‘NYSE Arca Equities’’), filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been
substantially prepared by the Exchange.
The Commission is publishing this
notice and order to solicit comments on
the proposed rule change from
interested persons and to approve the
proposed rule change on an accelerated
basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to list and
trade shares (‘‘Shares’’) of the iShares
FTSE NAREIT Residential Index Fund
(‘‘Fund’’) of the iShares 3 Trust
(‘‘Trust’’) based on the FTSE NAREIT
Residential Index (‘‘Index’’ or
‘‘Underlying Index’’) pursuant to NYSE
Arca Equities Rule 5.2(j)(3). The text of
the proposed rule change is available on
the Exchange’s Web site at
www.nyse.com, at the Exchange’s
principal office, 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 III below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 iShares is a registered trademark of Barclays
Global Investors, N.A.
2 17
10 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
18:12 May 08, 2007
Jkt 211001
PO 00000
Frm 00103
Fmt 4703
Sfmt 4703
1. Purpose
The Exchange proposes to list the
Shares of the Fund. The Trust is an
open-end management company with
over 90 separate investment portfolios
and is registered under the Investment
Company Act of 1940 (‘‘1940 Act’’).4
The Fund seeks investment results that
correspond generally to the price and
yield performance, before fees and
expenses, of the Underlying Index, as
described more fully below. The Fund
would concentrate its investments in a
particular industry or group of
industries to approximately the same
extent as the Index is so concentrated.
Because all of the securities included in
the Underlying Index are issued by real
estate investment trusts (‘‘REITs’’) that
invest in residential real estate, the
Fund would always be concentrated in
the residential real estate industry.5
Under NYSE Arca Equities Rule
5.2(j)(3), the Exchange may list and/or
trade pursuant to unlisted trading
privileges (‘‘UTP’’) ‘‘Investment
Company Units’’ (‘‘ICUs’’).6 The Fund
does not meet the ‘‘generic’’ listing
requirements of NYSE Arca Equities
Rule 5.2(j)(3) applicable to listing of
ICUs in reliance upon Rule 19b–4(e)
under the Act,7 and thus cannot be
listed without a filing pursuant to Rule
19b–4 under the Act. Specifically, the
Underlying Index does not meet the
requirement of Commentary .01(a)(3) to
4 See Post-Effective Amendment No. 63 to the
Trust’s Registration Statement on Form N–1A, as
filed with the Commission on November 15, 2006
and accompanying Statement of Additional
Information (‘‘SAI’’) (File No. 333–92935 and 811–
09729) (the ‘‘Registration Statement’’). The Trust
was established as a Delaware statutory trust on
December 16, 1999.
5 See supra note 4; e-mail from Tim Milanowski,
Director, NYSE Group, Inc. to Mitra Mehr, Special
Counsel, Division of Market Regulation
(‘‘Division’’), Commission, dated April 25, 2007.
6 In October 1999, the Commission approved
NYSE Arca Equities Rule 5.2(j)(3), which sets forth
the rules related to listing and trading criteria for
ICUs. See Securities Exchange Act Release No.
41983 (October 6, 1999), 64 FR 56008 (October 15,
1999) (SR–PCX–1998–29). In July 2001, the
Commission also approved the Exchange’s generic
listing standards for listing and trading, or the
trading pursuant to UTP, of ICUs under NYSE Arca
Equities Rule 5.2(j)(3). See Securities Exchange Act
Release No. 44551 (July 12, 2001), 66 FR 37716
(July 19, 2001) (SR–PCX–2001–14). NYSE Arca
Equities Rule 5.1(b)(15) defines an ICU as a security
representing an interest in a registered investment
company that could be organized as a unit
investment trust, an open-end management
investment company, or a similar entity.
7 17 CFR 240.19b–4(e).
E:\FR\FM\09MYN1.SGM
09MYN1
]]>Agencies
[Federal Register Volume 72, Number 89 (Wednesday, May 9, 2007)]
[Notices]
[Pages 26434-26435]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-8811]
[[Page 26434]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55698; File No. SR-NYSE-2007-44]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Establish Fees for NYSE Bonds
May 2, 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 May 1, 2007, the New York Stock Exchange LLC (``NYSE'' 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 Exchange filed the proposed rule change pursuant to
Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\
which renders it 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).
\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 eliminate certain fees applicable to NYSE
BondsSM (``NYSE Bonds'') and adopt a new transaction fee of
$0.50 per bond for executions on NYSE Bonds that remove liquidity from
NYSE Bonds. The text of the proposed rule change is available at the
Exchange, the Commission's Public Reference Room, and https://
www.nyse.com.
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 NYSE 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
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
On Monday, April 22, 2007, the Exchange implemented the operation
of its NYSE Bond platform. Only NYSE members and member organizations
that have executed and delivered to the Exchange the NYSE Bonds Service
and Access Agreement, including member organizations that were
subscribers to the Automated Bond System (``ABS''), are eligible to
access NYSE Bonds (``Eligible Members'').
Through this filing, the Exchange proposes to eliminate certain
fees associated with the NYSE Bonds platform.\5\ Specifically, the
Exchange proposes to eliminate its current $15,000 annual subscription
charge, the $5,000 additional display charge, the current usage fees
($0.05, $0.10, $0.20, and $0.30), the $0.10 Fixed Income Public Agency
Transaction fee, and the $5,000 computer-to-computer service fee
effective on May 1, 2007.
---------------------------------------------------------------------------
\5\ The current fees applicable to the NYSE Bonds system were
carried over from ABS. See Securities Exchange Act Release No. 55496
(March 20, 2007), 72 FR 14631 (March 28, 2007) (SR-NYSE-2006-37).
---------------------------------------------------------------------------
The current fee structure for NYSE Bonds is a tier-based structure
with a range from $0.05 to $0.30 per order entered, depending on the
amount of fixed income orders submitted by the member organization
within the calendar year. The Exchange further proposes to amend the
current transaction fees to charge a new transaction fee of $0.50 per
bond for executions on NYSE Bonds that remove liquidity from the NYSE
Bonds book. To facilitate the move to the new fee structure, the
Exchange intends to waive the assessment of any transaction fees on
NYSE Bonds for fixed income orders executed through the system for the
period of April 23, 2007 through April 30, 2007.
Beginning Tuesday, May 1, 2007, the Exchange will implement a fee
of $5,000 per year to be assessed to Eligible Members that utilize an
Exchange-sponsored fixed income order management and entry (``Graphic
User Interface'' or ``GUI'') system for accessing NYSE Bonds. Eligible
Members that do not utilize the GUI will not be assessed the annual
fee.
Finally, the Exchange further seeks to remove the current cap on
the total fees incurred by member organizations that participate on or
submit orders to NYSE Bonds. The current cap is $20,000 per year per
member organization; however, the Exchange may seek to impose a cap of
such fees at a later date.
The Exchange believes that the new transaction fees that are
scheduled to become operative on May 1, 2007 will bring the NYSE Bonds
platform more in line with the current fixed income market.
2. Statutory Basis
The Exchange believes 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) \7\ in particular in that it is intended to provide for
the equitable allocation of reasonable dues, fees, and other charges
among its members and other persons using its 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
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is subject to Section
19(b)(3)(A)(ii) of the Act \8\ and subparagraph (f)(2) of Rule 19b-4
thereunder \9\ because it establishes or changes a due, fee, or other
charge applicable only to a member imposed by a self-regulatory
organization. Accordingly, the proposal is effective upon Commission
receipt of the filing. 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.
[[Page 26435]]
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 e-mail to rule-comments@sec.gov. Please include File
Number SR-NYSE-2007-44 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSE-2007-44. 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 will also be available for inspection and copying at the
principal office of the NYSE. 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-NYSE-2007-44 and should be submitted on or before May
30, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-8811 Filed 5-8-07; 8:45 am]
BILLING CODE 8010-01-P
