Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend Its Current Revenue Sharing Program for Its Specialists for an Additional Three Months, 34054-34056 [E7-11884]

Download as PDF 34054 Federal Register / Vol. 72, No. 118 / Wednesday, June 20, 2007 / Notices 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) of the Act 7 and Rule 19b–4(f)(2) thereunder,8 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 such 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: rwilkins on PROD1PC63 with NOTICES 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–BSE–2007–21 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 No. SR–BSE–2007–21. 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 at the Commission’s Public Reference Room. Copies of such filing will also 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–2007–21 and should be submitted on or before July 11, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–11883 Filed 6–19–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55904; File No. SR–NYSE– 2007–50] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend Its Current Revenue Sharing Program for Its Specialists for an Additional Three Months June 13, 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 31, 2007, the New York Stock Exchange LLC (‘‘Exchange’’ or ‘‘NYSE’’) filed with the Securities and Exchange 9 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 7 15 U.S.C. 78s(b)(3)(A). 8 17 CFR 240.19b–4(f)(2). VerDate Aug<31>2005 18:25 Jun 19, 2007 1 15 Jkt 211001 PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 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 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 extend its current revenue sharing program for its specialists for an additional three months (through August 31, 2007). 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. 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 The Exchange proposes to extend for an additional three months its current revenue sharing program for its specialists. The revenue sharing program was instituted 3 in connection with the Exchange’s adoption of Rule 104B,4 which prohibits specialists from charging commissions. The Exchange established the revenue sharing program for a six-month period commencing December 1, 2006, in order to partially offset the specialists’ loss of commission revenues. In its original filing, the Exchange stated that it intended to adopt a revised revenue sharing program commencing June 1, 2007, that would provide variable payments to the specialist firms depending on performance. The Exchange is not yet ready to put this revised revenue sharing program in place and, in the interim, proposes to extend the current revenue sharing program for an additional three months commencing June 1, 2007. 3 See Securities Exchange Act Release No. 54856 (December 1, 2006), 71 FR 71215 (December 8, 2006) (SR–NYSE–2006–106). 4 See Securities Exchange Act Release No. 54850 (November 30, 2006), 71 FR 71217 (December 8, 2006) (SR–NYSE–2006–105). E:\FR\FM\20JNN1.SGM 20JNN1 Federal Register / Vol. 72, No. 118 / Wednesday, June 20, 2007 / Notices rwilkins on PROD1PC63 with NOTICES The Exchange will distribute a fixed amount of $26.5 million among the specialists for the three-month period commencing on June 1, 2007, to be paid in three monthly installments. The Exchange will allocate this fixed amount in proportion to the rebates each of the specialist firms would have received in October 2006 5 if there had been a revenue sharing program in place utilizing the following two formulas: (1) Each specialist firm would receive a rebate relating to that specialist firm’s absolute market share for October 2006 in each of its specialty stocks if that market share exceeded 35%. A market share in a stock that was equal to or exceeded 35% would entitle a specialist to a rebate of (i) $15 for each percentage point above or equal to 35% up to and including 50%, (ii) $25 for each percentage point above 50% up to and including 65%, (iii) $35 for each percentage point above 65% up to and including 80%, and (iv) $45 for each percentage point above 80%. The following are examples of how this rebate would be paid: • If Specialist X traded XYZ stock in which the Exchange had a 50% market share, it would receive $225 per month, which is 15 (i.e., the number of percentage points above 35%) multiplied by $15. • If Specialist X traded XYZ stock in which the Exchange had a 65% market share, it would receive $600 per month, which is 15 (i.e., the number of percentage points above 35% up to and including 50%) multiplied by $15, plus 15 (i.e., the number of percentage points above 50%) multiplied by $25. (2) Each specialist firm would receive a volume-weighted rebate for every share traded in October 2006 in a stock in which the Exchange had a greater than 35% market share. If the Exchange had a market share: • Equal to or greater than 35% up to and including 50%, the rebate would be $0.00013 per share. • Greater than 50% up to and including 65%, the rebate would be $0.00014 per share. • Greater than 65% up to and including 80%, the rebate would be $0.00015 per share. • Greater than 80%, the rebate would be $0.00016 per share. The following are examples of how the volume-weighted rebate would be paid: 5 The Exchange is using the specialist firms’ performance in October 2006 as a basis for determining the amounts received by each firm because this was the period used for that purpose in connection with the initial six months of the revenue sharing program and the amount each specialist firm will receive each month will therefore remain unchanged. VerDate Aug<31>2005 18:25 Jun 19, 2007 Jkt 211001 • If Specialist X traded XYZ stock in which the Exchange had a 50% market share, it would receive a rebate of $0.00013 for every share traded above the 35% market share threshold. • If Specialist X traded XYZ stock in which the Exchange had a 65% market share, it would receive a rebate of $0.00013 per share for every share traded above the 35% market share threshold up to and including a 50% market share and then would receive $0.00014 for every share above the 50% level. The Exchange may alter the provisions of the revenue sharing program in the future in response to its experience with its application over time.6 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act 7 in general and furthers the objectives of Section 6(b)(4) 8 in particular, in that it is designed 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 were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change establishes or changes a due, fee, or other charge imposed by the Exchange, it has become effective upon filing pursuant to Section 19(b)(3)(A) of the Act 9 and Rule 19b–(f)(2)10 thereunder. 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 6 The Exchange will file a rule filing with the Commission pursuant to the Act and the rules thereunder in relation to any such changes prior to their implementation. 7 15 U.S.C. 78f. 8 15 U.S.C. 78f(b)(4). 9 15 U.S.C. 78s(b)(3)(A). 10 17 CFR 19b–(f)(2). PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 34055 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–NYSE–2007–50 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–2007–50. 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 Commissions 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 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–2007–50 and should be submitted on or before July 11, 2007. E:\FR\FM\20JNN1.SGM 20JNN1 34056 Federal Register / Vol. 72, No. 118 / Wednesday, June 20, 2007 / Notices For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–11884 Filed 6–19–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55908; File No. SR–NYSE– 2007–51] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Rules 54 (‘‘Dealings on Floor— Persons’’) and 70 (‘‘Bids and Offers’’) June 14, 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 June 8, 2007, the New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) 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 Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) thereunder, which renders it effective upon filing with the Commission.4 The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. rwilkins on PROD1PC63 with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is proposing to amend Exchange Rules 54 (‘‘Dealings on Floor—Persons’’) and 70 (‘‘Bids and Offers’’) to allow a member organization to operate its booth premise on the Exchange Floor in a manner similar to a member organization’s ‘‘upstairs’’ office, provided that the member organization has been approved to operate its booth in this manner by NYSE Regulation, Inc. (‘‘NYSER’’). The Exchange further proposes to make conforming amendments to Exchange Rules 6 (‘‘Floor’’), 112 (‘‘Orders initiated Off the Floor’’), 123 (‘‘Records of Orders’’), 132B (‘‘Order Tracking Requirements’’), and 134 (‘‘Differences 1117 CFR 200.30–3(a)(12). 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)(6). 1 15 VerDate Aug<31>2005 18:25 Jun 19, 2007 Jkt 211001 and Omissions-Cleared Transactions’’). 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 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 NYSE is proposing to amend Exchange Rules 54 (‘‘Dealings on Floor—Persons’’) and 70 (‘‘Bids and Offers’’) to allow a member organization to operate its booth premise on the Exchange Floor in a manner similar to a member organization’s ‘‘upstairs’’ office, provided that the member organization has been approved to operate its booth in this manner by NYSER. In this filing, the Exchange further proposes to make conforming amendments to Exchange Rules 6 (‘‘Floor’’), 112 (‘‘Orders initiated Off the Floor’’), 123 (‘‘Records of Orders’’), 132B (‘‘Order Tracking Requirements’’), and 134 (‘‘Differences and OmissionsCleared Transactions’’). Operation of an ‘‘Upstairs’’ Office From a Floor Member’s Booth Premise. As a result of the changes in the way in which trading occurs on the Exchange (and in the securities markets in general) due to, among other things, Regulation National Market System (‘‘Regulation NMS’’) and the Exchange’s operation of its Hybrid Market, the Exchange seeks to modify the Exchange rules that impede Floor broker member organizations from operating within its booth premises similar to a member organization’s ‘‘upstairs’’ office. Although there is no Exchange rule that specifically prohibits a Floor broker member organization from operating within its booth premise in a manner PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 similar to its ‘‘upstairs’’ office,5 the ability of a Floor broker member organization to operate its booth premises in this manner has been restricted by certain Exchange rules. For example, member organization staff operating out of such booth premises, who are not Exchange ‘‘members’’ are constrained in the way in which they are allowed to process orders sent to the booth, as Exchange Rule 54 limits the right to conduct business ‘‘on the Floor’’ to members. The Exchange states that the impetus for the proposed amendment is the result of several factors. Competition from other market centers and the growth of alternative trading systems, coupled with increased internalization by broker-dealers, has challenged the dominance of the trading post as the centralized locus of the representation and execution of orders in a particular security. Recent statistics provide potent proof of this—there has been a 49% decrease in Floor broker share of total NYSE trading volume on the NYSE between the first quarter of 2006 and the first quarter of 2007. At the same time, the rapid dissemination of consolidated quote and trade information and realtime updates of the Exchange limit order book has increased exponentially the amount and accuracy of available information and the speed with which it is disseminated. These changes have not only impacted the way in which information is collected and processed, they have also increased competition for member organizations, which are continually searching for ways to provide more efficient and less costly service to their customers. Therefore, the Exchange seeks to provide its Floor broker member organizations with the ability to access other markets 6 and trade a wider range of products from the Floor broker member organizations’ booth premises 5 For example, a member organization’s upstairs office can, among other things, route orders in NYSE listed securities directly to another market. 6 The Exchange previously expanded the ability of Floor broker member organizations, on a pilot basis, to transmit agency orders in Nasdaq Stock Market LLC (‘‘Nasdaq’’) and NYSE ARCASM listed securities, from the Exchange Floor, including booth premises, provided the member organization complies with certain requirements. These requirements include, among others, membership in the NASD (for Nasdaq-listed securities) or having NYSE ARCA equities trading permit (for NYSE ARCA-listed securities); receipt of the order on the NYSE Floor through a permissible communication device, and transmission of the order to the appropriate market through a non-NYSE order management system. See NYSE Information Memo 05–88 (November 10, 2005); NYSE Member Education Bulletin 2006–7 (March 22, 2006); NYSER Information Memos 06–37 (May 19, 2006) and 06–43 (June 15, 2006); and NYSER Member Education Bulletin 2006–12 (July 21, 2006). E:\FR\FM\20JNN1.SGM 20JNN1

Agencies

[Federal Register Volume 72, Number 118 (Wednesday, June 20, 2007)]
[Notices]
[Pages 34054-34056]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-11884]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55904; File No. SR-NYSE-2007-50]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Extend Its Current Revenue Sharing Program for Its Specialists for an 
Additional Three Months

June 13, 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 31, 2007, the New York Stock Exchange LLC (``Exchange'' or 
``NYSE'') 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 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

    The Exchange proposes to extend its current revenue sharing program 
for its specialists for an additional three months (through August 31, 
2007).

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. 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
    The Exchange proposes to extend for an additional three months its 
current revenue sharing program for its specialists. The revenue 
sharing program was instituted \3\ in connection with the Exchange's 
adoption of Rule 104B,\4\ which prohibits specialists from charging 
commissions. The Exchange established the revenue sharing program for a 
six-month period commencing December 1, 2006, in order to partially 
offset the specialists' loss of commission revenues. In its original 
filing, the Exchange stated that it intended to adopt a revised revenue 
sharing program commencing June 1, 2007, that would provide variable 
payments to the specialist firms depending on performance. The Exchange 
is not yet ready to put this revised revenue sharing program in place 
and, in the interim, proposes to extend the current revenue sharing 
program for an additional three months commencing June 1, 2007.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 54856 (December 1, 
2006), 71 FR 71215 (December 8, 2006) (SR-NYSE-2006-106).
    \4\ See Securities Exchange Act Release No. 54850 (November 30, 
2006), 71 FR 71217 (December 8, 2006) (SR-NYSE-2006-105).

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

[[Page 34055]]

    The Exchange will distribute a fixed amount of $26.5 million among 
the specialists for the three-month period commencing on June 1, 2007, 
to be paid in three monthly installments. The Exchange will allocate 
this fixed amount in proportion to the rebates each of the specialist 
firms would have received in October 2006 \5\ if there had been a 
revenue sharing program in place utilizing the following two formulas:
---------------------------------------------------------------------------

    \5\ The Exchange is using the specialist firms' performance in 
October 2006 as a basis for determining the amounts received by each 
firm because this was the period used for that purpose in connection 
with the initial six months of the revenue sharing program and the 
amount each specialist firm will receive each month will therefore 
remain unchanged.
---------------------------------------------------------------------------

    (1) Each specialist firm would receive a rebate relating to that 
specialist firm's absolute market share for October 2006 in each of its 
specialty stocks if that market share exceeded 35%. A market share in a 
stock that was equal to or exceeded 35% would entitle a specialist to a 
rebate of (i) $15 for each percentage point above or equal to 35% up to 
and including 50%, (ii) $25 for each percentage point above 50% up to 
and including 65%, (iii) $35 for each percentage point above 65% up to 
and including 80%, and (iv) $45 for each percentage point above 80%. 
The following are examples of how this rebate would be paid:
     If Specialist X traded XYZ stock in which the Exchange had 
a 50% market share, it would receive $225 per month, which is 15 (i.e., 
the number of percentage points above 35%) multiplied by $15.
     If Specialist X traded XYZ stock in which the Exchange had 
a 65% market share, it would receive $600 per month, which is 15 (i.e., 
the number of percentage points above 35% up to and including 50%) 
multiplied by $15, plus 15 (i.e., the number of percentage points above 
50%) multiplied by $25.
    (2) Each specialist firm would receive a volume-weighted rebate for 
every share traded in October 2006 in a stock in which the Exchange had 
a greater than 35% market share. If the Exchange had a market share:
     Equal to or greater than 35% up to and including 50%, the 
rebate would be $0.00013 per share.
     Greater than 50% up to and including 65%, the rebate would 
be $0.00014 per share.
     Greater than 65% up to and including 80%, the rebate would 
be $0.00015 per share.
     Greater than 80%, the rebate would be $0.00016 per share.
    The following are examples of how the volume-weighted rebate would 
be paid:
     If Specialist X traded XYZ stock in which the Exchange had 
a 50% market share, it would receive a rebate of $0.00013 for every 
share traded above the 35% market share threshold.
     If Specialist X traded XYZ stock in which the Exchange had 
a 65% market share, it would receive a rebate of $0.00013 per share for 
every share traded above the 35% market share threshold up to and 
including a 50% market share and then would receive $0.00014 for every 
share above the 50% level.
    The Exchange may alter the provisions of the revenue sharing 
program in the future in response to its experience with its 
application over time.\6\
---------------------------------------------------------------------------

    \6\ The Exchange will file a rule filing with the Commission 
pursuant to the Act and the rules thereunder in relation to any such 
changes prior to their implementation.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act \7\ in general and furthers 
the objectives of Section 6(b)(4) \8\ in particular, in that it is 
designed to provide for the equitable allocation of reasonable dues, 
fees, and other charges among its members and other persons using its 
facilities.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f.
    \8\ 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 were neither solicited nor received.

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

    Because the foregoing proposed rule change establishes or changes a 
due, fee, or other charge imposed by the Exchange, it has become 
effective upon filing pursuant to Section 19(b)(3)(A) of the Act \9\ 
and Rule 19b-(f)(2)\10\ thereunder.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 19b-(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 (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2007-50 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-2007-50. 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 Commissions 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 
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-2007-50 and should be submitted on or before July 11, 2007.


[[Page 34056]]


    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-11884 Filed 6-19-07; 8:45 am]
BILLING CODE 8010-01-P
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