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 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]


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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