Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Market Data and Liquidity Provider Rebate Programs for Transactions Through NSX BLADE, 70360-70361 [E7-23919]
Download as PDF
<![CDATA[
70360
Federal Register / Vol. 72, No. 237 / Tuesday, December 11, 2007 / Notices
requirement under section 6(b)(3) of the
Act 42 that the rules of an exchange
assure a fair representation of its
members in the selection of its directors.
The Commission also notes that such a
requirement is consistent with the rules
of another exchange, which were
approved by the Commission,43 and
therefore believes that Amendment No.
2 raises no new issues. The Commission
therefore finds good cause exists to
accelerate approval of the proposed
change, as modified by Amendment No.
2, pursuant to section 19(b)(2) of the
Act.
VI. Conclusion
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,44 that the
proposed rule change (SR–NASDAQ–
2007–068) as modified by Amendment
Nos. 1 and 2, be, and hereby is,
approved on an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.45
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–23917 Filed 12–10–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56890; File No. SR–NSX–
2007–13]
Self-Regulatory Organizations;
National Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Amend
the Exchange’s Market Data and
Liquidity Provider Rebate Programs for
Transactions Through NSX BLADE
December 4, 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 October
26, 2007, the National Stock Exchange,
Inc. (‘‘NSX’’ 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 prepared substantially by
NSX. NSX filed the proposed rule
change pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(6)
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 is proposing to amend
Exchange Rule 16.2(b) and the NSX
BLADE Fee Schedule (‘‘Schedule’’) in
order to implement a series of fee
changes, including changes to its tape
credit programs. The text of the
proposed rule change is available at
NSX, http://www.nsx.com, and 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,
NSX 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. NSX 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
NSX proposes a series of fee changes,
including changes to its tape credit
program for ETP Holders using the
Order Delivery mode of order
interaction as set forth in Exchange Rule
11.13(b)(2) (‘‘Order Delivery’’). In
general, as further described below, the
Exchange proposes to restructure its
market data rebates (known as ‘‘tape
credits’’) so as to credit ETP Holders
using Order Delivery for market data
revenue derived from both transactions
and quotes. 5 The Exchange will also
decrease the rate at which it rebates
those ETP Holders using Order Delivery
who have executed liquidity providing
shares. Finally, the Exchange proposes
that its liquidity provider rebate be
4 17
CFR 240.19b–4(f)(6).
Holders using the Automatic Execution
(‘‘AutoEx’’) mode of order interaction pursuant to
Exchange Rule 11.13(b)(1) would continue to
receive a 100% pro rata allocation of market data
revenue related to transactions. ETP Holders using
AutoEx will not receive any market data revenue
related to quotes. ETP Holders will additionally
receive no market data revenue credit for
transactions that utilize AutoEx and that involve
those securities that have been identified by the
Exchange as Designated ETF Shares.
5 ETP
42 15
U.S.C. 78f(b)(3).
Article III, Section 5 of the Amended and
Restated Bylaws of NYSE Market, Inc. See also
Release No. 34–53382, supra note 38.
44 15 U.S.C. 78s(b)(2).
45 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
pwalker on PROD1PC71 with NOTICES
43 See
VerDate Aug<31>2005
19:12 Dec 10, 2007
Jkt 214001
PO 00000
Frm 00072
Fmt 4703
Sfmt 4703
simplified for all transactions in shares
executed at less than $1.00 per share to
a single rate.
Market Data Rebates
Exchange Rule 16.2(b) currently
provides for a 100% pro rata credit on
market data revenues generated by
transactions in Tape A, Tape B and
Tape C securities except for transactions
executed using AutoEx and involving
certain Designated ETF Shares as set
forth in Exhibit A to the Schedule. NSX
currently provides no credit on market
data revenue generated by quotes in
Tape A, Tape B and Tape C securities.6
With the instant proposed rule change,
the Exchange proposes that Exchange
Rule 16.2(b) be amended such that the
Exchange will share 50% of its market
data revenue generated by transactions
and 50% of its market data revenue
generated by quotes to those ETP
Holders 7 using Order Delivery. Thus,
while the market data revenue derived
from trades is being reduced, there will
be a corresponding increase in market
data revenue derived from quotes. This
rebate program is consistent with other
rebate programs provided to Order
Delivery firms by other self-regulatory
organizations.8
The instant proposed rule change
does not affect ETP Holders using
AutoEx. AutoEx ETP Holders will
continue to receive a 100% pro rata
credit on market data revenue generated
by transactions, unless the subject of the
transaction is a Designated ETF Share,
but will not receive any credit on
market data revenue derived from
quoting. All of these market data credits
will continue to be allocable to ETP
Holders on a pro rata, or symbol-bysymbol, basis based upon Tape A, Tape
B and Tape C revenue generated by an
ETP Holder’s transactions or an ETP
Holder’s quotes on the Exchange, as
applicable.
Liquidity Provider Rebates in Order
Delivery Transactions
Currently, the Schedule provides that
Order Delivery ETP Holders providing
liquidity on securities executed at more
than $1.00 per share will receive a
6 See Securities Exchange Act Release No. 56008
(July 3, 2007), 72 FR 37809 (July 11, 2007) (SR–
NSX–2007–07); see also SR–NSX–2007–11 (filed
October 1, 2007).
7 The Allocation Amendment of Regulation NMS
provides that market data revenue will be received
by self-regulatory organizations such that 50% of
the revenue is based on the reporting of quotes and
50% is based on the reporting of transactions. See
Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37476 (June 29, 2005).
8 See Securities Exchange Act Release No. 55722
(May 8, 2007), 72 FR 27150 (May 14, 2007) (SR–
ISE–2007–24).
E:\FR\FM\11DEN1.SGM
11DEN1
Federal Register / Vol. 72, No. 237 / Tuesday, December 11, 2007 / Notices
pwalker on PROD1PC71 with NOTICES
rebate of $0.0028 per share executed.
The Exchange is proposing that the
Schedule be modified so that Order
Delivery ETP Holders placing these
orders will receive rebates of $0.0026
per share executed. However, if the
Order Delivery ETP Holder providing
liquidity has executed an average of 60
million shares per trading day
(excluding partial trading days) on NSX
BLADE for the calendar month, the
Exchange will provide those ETP
Holders with rebates of $0.0027 per
share executed. The Exchange believes
that the enhanced rebate that ETP
Holders who have executed an average
of 60 million shares per day on NSX
BLADE over the course of a calendar
month will receive for Order Delivery
orders is appropriate in light of the
significant order flow it is likely to
produce, resulting in the Exchange
receiving greater funds to permit, among
other things, the Exchange to carry out
its regulatory functions. Moreover, the
Exchange believes that this change in
the liquidity provider rebate is
appropriate because the Order Delivery
mode of order interaction involves
greater cost and regulatory burden for
the Exchange.
Liquidity Provider Rebates for Trades
Executed at Less Than $1.00 per Share
The Exchange currently provides all
ETP Holders who provide liquidity with
rebates for transactions executed at less
than $1.00 per share (‘‘sub-dollar
trades’’) which mirror the rebates
provided for orders executed at $1.00 or
more per share. Thus, the Exchange
currently provides different levels of
liquidity-providing rebates for subdollar trades depending on the
circumstances. With the instant
proposed rule change, the Exchange is
proposing to simplify this arrangement
by providing all ETP Holders providing
liquidity with a rebate equal to 0.1% of
the price per share, multiplied by the
number of shares, for all sub-dollar
trades. This rate will apply regardless of
the symbols executed or the mode of
order interaction selected by the ETP
Holder.
The Exchange has determined that
these changes to the Schedule and tape
credits are necessary for competitive
reasons, particularly in light of the fact
that other markets have similar
provisions in their market data revenue
rebate programs.9 Further, the Exchange
believes that these fee changes will not
impair its ability to carry out its
regulatory responsibilities.
Pursuant to Exchange Rule 16.1(c),
the Exchange will ‘‘provide ETP Holders
9 Id.
VerDate Aug<31>2005
19:12 Dec 10, 2007
Jkt 214001
with notice of all relevant dues, fees,
assessments and charges of the
Exchange.’’ Accordingly, ETP Holders
will, simultaneously with this filing, be
notified through the issuance of a
Regulatory Circular of the changes to
Rule 16.2(b) and the NSX BLADE Fee
Schedule.
2. Statutory Basis
NSX believes that the proposed rule
change is consistent with the provisions
of Section 6(b) of the Act,10 in general,
and with Section 6(b)(4) of the Act,11 in
particular, in that it is designed to
provide for the equitable allocation of
reasonable dues, fees and other charges.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NSX does not believe that the
proposed rule change will impose any
inappropriate burden on competition.
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 written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
(i) Significantly affect the protection
of investors or the public interest;
(ii) Impose any significant burden on
competition; and
(iii) Become operative for 30 days
from the date on which it was filed, or
such shorter time as the Commission
may designate, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 12 and Rule 19b–4(f)(6)
thereunder.13 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:
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
12 15 U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f)(6).
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–NSX–2007–13 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–NSX–2007–13. 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 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 NSX. 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–NSX–
2007–13 and should be submitted on or
before January 2, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–23919 Filed 12–10–07; 8:45 am]
BILLING CODE 8011–01–P
10 15
11 15
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
70361
14 17
E:\FR\FM\11DEN1.SGM
CFR 200.30–3(a)(12).
11DEN1
]]>Agencies
[Federal Register Volume 72, Number 237 (Tuesday, December 11, 2007)]
[Notices]
[Pages 70360-70361]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-23919]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56890; File No. SR-NSX-2007-13]
Self-Regulatory Organizations; National Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Exchange's Market Data and Liquidity Provider Rebate Programs
for Transactions Through NSX BLADE
December 4, 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 October 26, 2007, the National Stock Exchange, Inc. (``NSX'' 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 prepared substantially by NSX. NSX
filed the proposed rule change pursuant to Section 19(b)(3)(A) of the
Act \3\ and Rule 19b-4(f)(6) 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)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to amend Exchange Rule 16.2(b) and the
NSX BLADE Fee Schedule (``Schedule'') in order to implement a series of
fee changes, including changes to its tape credit programs. The text of
the proposed rule change is available at NSX, http://www.nsx.com, and
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, NSX 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. NSX 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
NSX proposes a series of fee changes, including changes to its tape
credit program for ETP Holders using the Order Delivery mode of order
interaction as set forth in Exchange Rule 11.13(b)(2) (``Order
Delivery''). In general, as further described below, the Exchange
proposes to restructure its market data rebates (known as ``tape
credits'') so as to credit ETP Holders using Order Delivery for market
data revenue derived from both transactions and quotes. \5\ The
Exchange will also decrease the rate at which it rebates those ETP
Holders using Order Delivery who have executed liquidity providing
shares. Finally, the Exchange proposes that its liquidity provider
rebate be simplified for all transactions in shares executed at less
than $1.00 per share to a single rate.
---------------------------------------------------------------------------
\5\ ETP Holders using the Automatic Execution (``AutoEx'') mode
of order interaction pursuant to Exchange Rule 11.13(b)(1) would
continue to receive a 100% pro rata allocation of market data
revenue related to transactions. ETP Holders using AutoEx will not
receive any market data revenue related to quotes. ETP Holders will
additionally receive no market data revenue credit for transactions
that utilize AutoEx and that involve those securities that have been
identified by the Exchange as Designated ETF Shares.
---------------------------------------------------------------------------
Market Data Rebates
Exchange Rule 16.2(b) currently provides for a 100% pro rata credit
on market data revenues generated by transactions in Tape A, Tape B and
Tape C securities except for transactions executed using AutoEx and
involving certain Designated ETF Shares as set forth in Exhibit A to
the Schedule. NSX currently provides no credit on market data revenue
generated by quotes in Tape A, Tape B and Tape C securities.\6\ With
the instant proposed rule change, the Exchange proposes that Exchange
Rule 16.2(b) be amended such that the Exchange will share 50% of its
market data revenue generated by transactions and 50% of its market
data revenue generated by quotes to those ETP Holders \7\ using Order
Delivery. Thus, while the market data revenue derived from trades is
being reduced, there will be a corresponding increase in market data
revenue derived from quotes. This rebate program is consistent with
other rebate programs provided to Order Delivery firms by other self-
regulatory organizations.\8\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 56008 (July 3,
2007), 72 FR 37809 (July 11, 2007) (SR-NSX-2007-07); see also SR-
NSX-2007-11 (filed October 1, 2007).
\7\ The Allocation Amendment of Regulation NMS provides that
market data revenue will be received by self-regulatory
organizations such that 50% of the revenue is based on the reporting
of quotes and 50% is based on the reporting of transactions. See
Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR
37476 (June 29, 2005).
\8\ See Securities Exchange Act Release No. 55722 (May 8, 2007),
72 FR 27150 (May 14, 2007) (SR-ISE-2007-24).
---------------------------------------------------------------------------
The instant proposed rule change does not affect ETP Holders using
AutoEx. AutoEx ETP Holders will continue to receive a 100% pro rata
credit on market data revenue generated by transactions, unless the
subject of the transaction is a Designated ETF Share, but will not
receive any credit on market data revenue derived from quoting. All of
these market data credits will continue to be allocable to ETP Holders
on a pro rata, or symbol-by-symbol, basis based upon Tape A, Tape B and
Tape C revenue generated by an ETP Holder's transactions or an ETP
Holder's quotes on the Exchange, as applicable.
Liquidity Provider Rebates in Order Delivery Transactions
Currently, the Schedule provides that Order Delivery ETP Holders
providing liquidity on securities executed at more than $1.00 per share
will receive a
[[Page 70361]]
rebate of $0.0028 per share executed. The Exchange is proposing that
the Schedule be modified so that Order Delivery ETP Holders placing
these orders will receive rebates of $0.0026 per share executed.
However, if the Order Delivery ETP Holder providing liquidity has
executed an average of 60 million shares per trading day (excluding
partial trading days) on NSX BLADE for the calendar month, the Exchange
will provide those ETP Holders with rebates of $0.0027 per share
executed. The Exchange believes that the enhanced rebate that ETP
Holders who have executed an average of 60 million shares per day on
NSX BLADE over the course of a calendar month will receive for Order
Delivery orders is appropriate in light of the significant order flow
it is likely to produce, resulting in the Exchange receiving greater
funds to permit, among other things, the Exchange to carry out its
regulatory functions. Moreover, the Exchange believes that this change
in the liquidity provider rebate is appropriate because the Order
Delivery mode of order interaction involves greater cost and regulatory
burden for the Exchange.
Liquidity Provider Rebates for Trades Executed at Less Than $1.00 per
Share
The Exchange currently provides all ETP Holders who provide
liquidity with rebates for transactions executed at less than $1.00 per
share (``sub-dollar trades'') which mirror the rebates provided for
orders executed at $1.00 or more per share. Thus, the Exchange
currently provides different levels of liquidity-providing rebates for
sub-dollar trades depending on the circumstances. With the instant
proposed rule change, the Exchange is proposing to simplify this
arrangement by providing all ETP Holders providing liquidity with a
rebate equal to 0.1% of the price per share, multiplied by the number
of shares, for all sub-dollar trades. This rate will apply regardless
of the symbols executed or the mode of order interaction selected by
the ETP Holder.
The Exchange has determined that these changes to the Schedule and
tape credits are necessary for competitive reasons, particularly in
light of the fact that other markets have similar provisions in their
market data revenue rebate programs.\9\ Further, the Exchange believes
that these fee changes will not impair its ability to carry out its
regulatory responsibilities.
---------------------------------------------------------------------------
\9\ Id.
---------------------------------------------------------------------------
Pursuant to Exchange Rule 16.1(c), the Exchange will ``provide ETP
Holders with notice of all relevant dues, fees, assessments and charges
of the Exchange.'' Accordingly, ETP Holders will, simultaneously with
this filing, be notified through the issuance of a Regulatory Circular
of the changes to Rule 16.2(b) and the NSX BLADE Fee Schedule.
2. Statutory Basis
NSX believes that the proposed rule change is consistent with the
provisions of Section 6(b) of the Act,\10\ in general, and with Section
6(b)(4) of the Act,\11\ in particular, in that it is designed to
provide for the equitable allocation of reasonable dues, fees and other
charges.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
NSX does not believe that the proposed rule change will impose any
inappropriate burden on competition.
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 written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not:
(i) Significantly affect the protection of investors or the public
interest;
(ii) Impose any significant burden on competition; and
(iii) Become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act \12\ and
Rule 19b-4(f)(6) thereunder.\13\ 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.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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-NSX-2007-13 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-NSX-2007-13. 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 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
NSX. 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-NSX-
2007-13 and should be submitted on or before January 2, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-23919 Filed 12-10-07; 8:45 am]
BILLING CODE 8011-01-P
