Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to the Options SROT Fee Rebate Program, 37548-37549 [E7-13312]
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Federal Register / Vol. 72, No. 131 / Tuesday, July 10, 2007 / Notices
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[FR Doc. 07–3358 Filed 7–9–07; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56002; File No. SR–Amex–
2007–55]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change, as
Modified by Amendment No. 1 Thereto,
Relating to the Options SROT Fee
Rebate Program
July 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 June 1,
2007, the American Stock Exchange LLC
(‘‘Amex’’ 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.
On June 7, 2007, the Amex submitted
Amendment No. 1 to the proposed rule
change.3 Amex has designated this
proposal as one establishing or changing
a due, fee, or other charge imposed by
Amex under Section 19(b)(3)(A)(ii) of
the Act 4 and Rule 19b–4(f)(2)
thereunder,5 which renders the proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to establish
fee rebates applicable to supplemental
registered options traders (‘‘SROTs’’)
that receive directed orders.
The text of the proposed rule change
is available at the Exchange, the
Commission’s Public Reference Room,
and www.amex.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. Amex
has substantially 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 is proposing to provide
options transaction fee rebates to SROTs
that provide liquidity to the Exchange
and receive electronic directed customer
orders (the ‘‘SROT Fee Rebate
Program’’). This SROT Fee Rebate
Program will provide fee rebates to
SROTs that provide order flow to the
Exchange from their own firm’s orders.6
This proposal would allow the
Exchange to provide SROTs with
options transaction fee rebates for the
number of options contracts that are
electronically directed to them and
executed on the Exchange. The
following rebate schedule is proposed:
Monthly
directed
order volume
(in contracts)
Rebate per
contract
jlentini on PROD1PC65 with NOTICES
0–1,000,000 .....................................................................................................................................................
1,000,001–2,000,000 .......................................................................................................................................
2,000,001–3,000,000 .......................................................................................................................................
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1 clarifies that the SROT fee
rebate program is a separate program from the
options marketing fee program.
4 15 U.S.C. 78s(b)(3)(A)(ii).
5 17 CFR 240.19b–4(f)(2).
2 17
VerDate Aug<31>2005
16:17 Jul 09, 2007
Jkt 211001
6 The Exchange anticipates shortly filing a
proposed rule change with the Commission to
implement a Directed Order Flow Program.
Generally, for purposes of the Directed Order Flow
Program, a directed order is deemed to be an
electronic customer order from an order flow
provider that is directed to a specific specialist,
PO 00000
Frm 00045
Fmt 4703
Sfmt 4703
$.05
.10
.125
Total rebate per
volume tier
$50,000
100,000
125,000
registered options trader (‘‘ROT’’), SROT or remote
registered options trader (‘‘RROT’’). Once the
Directed Order Flow Program is implemented, in
addition to SROTs, the Exchange intends to expand
this proposed SROT Fee Rebate Program to any
specialist, ROT, and/or RROT that participates in
the Exchange’s Directed Order Program.
E:\FR\FM\10JYN1.SGM
10JYN1
37549
Federal Register / Vol. 72, No. 131 / Tuesday, July 10, 2007 / Notices
Monthly
directed
order volume
(in contracts)
Rebate per
contract
3,000,001 and up .............................................................................................................................................
Rebates would be capped at 100% of
options transaction fee charges so that
once an SROT’s options transaction
charges reach zero, the Exchange would
not pay out any additional credits.
The Exchange notes that SROTs are
entitled to the options transaction fee
rebate, which is separate and apart from
the Payment for Order Flow
arrangements, which SROTs may
negotiate with any firm from which they
receive the guaranteed SROT allocation
(i.e., affiliated SROTs).7 The proposed
options transaction fee rebate, which is
provided to SROTs will not come from
the marketing fees collected on SROT
transactions.8
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 9 in general, and
Section 6(b)(4) of the Act 10 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
jlentini on PROD1PC65 with NOTICES
No written comments were solicited
or received with respect to the proposed
rule change.
7 Under the current plan, the Exchange charges an
equity options marketing fee of $0.75 per contract
(and $1.00 for SPY Options) solely to customer
orders that are from payment accepting firms with
whom an SROT receives the guaranteed SROT
allocation, pursuant to 935–ANTE(a)(7). As noted in
the Options Fee Schedule, the $0.35 options
marketing fee applies to those series of Equity
Options, Exchange Traded Fund Share Options, and
Trust Issued Receipt Options that quote and trade
in one cent increments under the penny pilot
program.
8 See Amendment No. 1, supra note 3.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(4).
VerDate Aug<31>2005
16:17 Jul 09, 2007
Jkt 211001
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 11 and Rule 19b–4(f)(2) 12
thereunder, 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
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.13
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–Amex–2007–55 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–Amex–2007–55. 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
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
13 For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change, the Commission
considers the period to commence on June 7, 2007,
the date on which the Exchange filed Amendment
No. 1.
PO 00000
11 15
12 17
Frm 00046
Fmt 4703
Sfmt 4703
Total rebate per
volume tier
.15
150,000
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, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of the Exchange. 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–2007–55 and should
be submitted on or before July 31, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–13312 Filed 7–9–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55999; File No. SR–BSE–
2007–27]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 1 Thereto To Extend a
Pilot Program That Allows for No
Minimum Size Order Requirement for
the Price Improvement Period Process
on the Boston Options Exchange
July 2, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
14 17
E:\FR\FM\10JYN1.SGM
CFR 200.30–3(a)(12).
10JYN1
]]>Agencies
[Federal Register Volume 72, Number 131 (Tuesday, July 10, 2007)]
[Notices]
[Pages 37548-37549]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-13312]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56002; File No. SR-Amex-2007-55]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change,
as Modified by Amendment No. 1 Thereto, Relating to the Options SROT
Fee Rebate Program
July 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 June 1, 2007, the American Stock Exchange LLC (``Amex'' 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. On June 7, 2007, the Amex submitted Amendment No. 1 to the
proposed rule change.\3\ Amex has designated this proposal as one
establishing or changing a due, fee, or other charge imposed by Amex
under Section 19(b)(3)(A)(ii) of the Act \4\ and Rule 19b-4(f)(2)
thereunder,\5\ which renders the proposal effective upon filing with
the Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change, as amended, from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Amendment No. 1 clarifies that the SROT fee rebate program
is a separate program from the options marketing fee program.
\4\ 15 U.S.C. 78s(b)(3)(A)(ii).
\5\ 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 establish fee rebates applicable to
supplemental registered options traders (``SROTs'') that receive
directed orders.
The text of the proposed rule change is available at the Exchange,
the Commission's Public Reference Room, and www.amex.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. Amex has substantially 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 is proposing to provide options transaction fee
rebates to SROTs that provide liquidity to the Exchange and receive
electronic directed customer orders (the ``SROT Fee Rebate Program'').
This SROT Fee Rebate Program will provide fee rebates to SROTs that
provide order flow to the Exchange from their own firm's orders.\6\
---------------------------------------------------------------------------
\6\ The Exchange anticipates shortly filing a proposed rule
change with the Commission to implement a Directed Order Flow
Program. Generally, for purposes of the Directed Order Flow Program,
a directed order is deemed to be an electronic customer order from
an order flow provider that is directed to a specific specialist,
registered options trader (``ROT''), SROT or remote registered
options trader (``RROT''). Once the Directed Order Flow Program is
implemented, in addition to SROTs, the Exchange intends to expand
this proposed SROT Fee Rebate Program to any specialist, ROT, and/or
RROT that participates in the Exchange's Directed Order Program.
---------------------------------------------------------------------------
This proposal would allow the Exchange to provide SROTs with
options transaction fee rebates for the number of options contracts
that are electronically directed to them and executed on the Exchange.
The following rebate schedule is proposed:
------------------------------------------------------------------------
Monthly directed order volume (in Rebate per Total rebate per
contracts) contract volume tier
------------------------------------------------------------------------
0-1,000,000......................... $.05 $50,000
1,000,001-2,000,000................. .10 100,000
2,000,001-3,000,000................. .125 125,000
[[Page 37549]]
3,000,001 and up.................... .15 150,000
------------------------------------------------------------------------
Rebates would be capped at 100% of options transaction fee charges
so that once an SROT's options transaction charges reach zero, the
Exchange would not pay out any additional credits.
The Exchange notes that SROTs are entitled to the options
transaction fee rebate, which is separate and apart from the Payment
for Order Flow arrangements, which SROTs may negotiate with any firm
from which they receive the guaranteed SROT allocation (i.e.,
affiliated SROTs).\7\ The proposed options transaction fee rebate,
which is provided to SROTs will not come from the marketing fees
collected on SROT transactions.\8\
---------------------------------------------------------------------------
\7\ Under the current plan, the Exchange charges an equity
options marketing fee of $0.75 per contract (and $1.00 for SPY
Options) solely to customer orders that are from payment accepting
firms with whom an SROT receives the guaranteed SROT allocation,
pursuant to 935-ANTE(a)(7). As noted in the Options Fee Schedule,
the $0.35 options marketing fee applies to those series of Equity
Options, Exchange Traded Fund Share Options, and Trust Issued
Receipt Options that quote and trade in one cent increments under
the penny pilot program.
\8\ See Amendment No. 1, supra note 3.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \9\ in general, and Section 6(b)(4) of the
Act \10\ 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 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
No written comments were solicited or received with respect to 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 \11\ and Rule
19b-4(f)(2) \12\ thereunder, 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 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.\13\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A)(ii).
\12\ 17 CFR 240.19b-4(f)(2).
\13\ For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change, the
Commission considers the period to commence on June 7, 2007, the
date on which the Exchange filed Amendment No. 1.
---------------------------------------------------------------------------
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-Amex-2007-55 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-Amex-2007-55. 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, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. 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-2007-55 and should be
submitted on or before July 31, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-13312 Filed 7-9-07; 8:45 am]
BILLING CODE 8010-01-P
