Self-Regulatory Organizations; The American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Reduce Certain Clearing Fees, 70909-70910 [E7-24118]

Download as PDF Federal Register / Vol. 72, No. 239 / Thursday, December 13, 2007 / Notices All submissions should refer to File Number SR–OPRA–2007–05. 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 plan amendment that are filed with the Commission, and all written communications relating to the proposed plan amendment 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 am and 3 pm. Copies of such filing also will be available for inspection and copying at the principal office of OPRA. 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–OPRA–2007–05 and should be submitted on or before January 3, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–24121 Filed 12–12–07; 8:45 am] BILLING CODE 8011–01–P [Release No. 34–56928; File No. SR–Amex– 2007–133] Self-Regulatory Organizations; The American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Reduce Certain Clearing Fees December 7, 2007. mstockstill on PROD1PC66 with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposal Rule Change The Exchange proposes to reduce the clearing charge for an order in equities or ETFs routed to and executed on another market center from $0.07 to $0.04 per hundred shares. The text of the proposed rule change is available at Amex’s principal office, the Commission’s Public Reference Room, and https://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. 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 the Statutory Basis for, the Proposed Rule Change SECURITIES AND EXCHANGE COMMISSION 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 November 30, 2007, the American Stock Exchange CFR 200.30–3(a)(20). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 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 prepared by the Exchange. The Exchange has designated this proposal as one establishing or changing a due, fee, or other charge imposed by the Exchange under section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(2) thereunder,4 which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. (1) Purpose The Exchange proposes to amend its Equity Fee Schedule and its Exchange Traded Funds and Trust Issued Receipts Fee Schedule to reduce from $0.07 to $0.04 per hundred shares (or $0.0004 per share) the clearing charge for an Amex member order in equities or ETFs routed to and executed on another market center, thereby reducing overall transaction fees for such order routed away from $0.37 to $0.34 per hundred shares (including the $0.30 per hundred routing fee). This fee applies to Amex members only, and the Exchange’s goal 10 17 1 15 VerDate Aug<31>2005 17:10 Dec 12, 2007 3 15 4 17 Jkt 214001 PO 00000 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). Frm 00094 Fmt 4703 Sfmt 4703 70909 is to reduce cost disincentives to its members placing orders for Amex-listed securities on the Amex book. (2) Statutory Basis The proposed fee change is consistent with section 6(b)(4) of the Act 5 regarding the equitable allocation of reasonable dues, fees, and other charges among exchange members for the following reasons. The reduction of the clearing charge does not discriminate among Amex members, as it is applicable to all Amex members. Further, the proposed fee change will serve to make the Amex more competitive for order flow by bringing its overall fees for routing orders to away markets for execution closer in line with the fees charged by the away markets for similar services. Currently, competitive market centers charge between $0.26 and $0.30 per hundred shares (with the exception of NYSE Arca which charges $0.40 per hundred) 6 to route trades of Amexlisted securities to the Amex itself for execution, and the new Amex aggregate transaction fee of $0.34 per hundred to route orders to away markets for execution (down from $0.37 per hundred as a function of the instant reduction of the clearing fee) places Amex more competitively within that spectrum of fees. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change does not 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 is filed pursuant to section 19(b)(3)(A)(ii) of the Act 7 and subparagraph (f)(2) of Rule 19b–4 thereunder 8 because it 5 15 U.S.C. 78f(b)(4). e.g., NASDAQ Rule 7018(a) ($0.26–$0.30 per hundred, depending on volume); NYSE Price List 2007, https://www.nyse.com/pdfs/ 2007pricelist.pdf, at page 3 ($0.30 per hundred); NYSE Arca Schedule of Fees and Charges for Exchange Services, https://www.nyse.com/pdfs/ NYSEArca_Equities_Fees.pdf, at page 1 ($0.40 per hundred). 7 15 U.S.C. 78s(b)(3)(A)(ii). 8 17 CFR 240.19b–4(f)(2). 6 See, E:\FR\FM\13DEN1.SGM 13DEN1 70910 Federal Register / Vol. 72, No. 239 / Thursday, December 13, 2007 / Notices establishes or changes a due, fee, or other charge applicable only to a member imposed by a self-regulatory organization. Accordingly, the proposal is effective upon Commission receipt of the filing. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. 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 No. SR–Amex–2007–133 and should be submitted on or before January 3, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–24118 Filed 12–12–07; 8:45 am] 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 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: BILLING CODE 8011–01–P mstockstill on PROD1PC66 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 No. SR–Amex–2007–133 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–Amex–2007–133. 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 at 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 VerDate Aug<31>2005 17:10 Dec 12, 2007 Jkt 214001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56923; File No. SR–CBOE– 2007–146] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Fees for the CBOE Stock Exchange December 6, 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 November 30, 2007, the Chicago Board Options Exchange, Incorporated (‘‘Exchange’’ or ‘‘CBOE’’) 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to modify its fees applicable to the CBOE Stock Exchange (‘‘CBSX’’). The text of the proposed rule change is available on the Exchange’s Web site (https:// www.cboe.org/legal), at the Exchange’s principal office, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1. Purpose The CBSX fee schedule lists the fees applicable to trading on CBSX. The transaction fees are based on whether the executing member is ‘‘taking’’ liquidity or ‘‘making’’ liquidity in connection with the transaction. Oddlot transactions, however, have been charged $0.003 per share to both the maker and taker side. This filing proposes to change the odd-lot charge so that it is identical to the round-lot maker-taker charge. Thus, odd-lot takers (odd-lot orders submitted to CBSX) will be charged $0.0029 per share and oddlot makers (the CBSX Market-Makers that trade against odd-lots) will receive a per-share rebate consistent with the rebate portion of the fee schedule. The filing also amends the way the fees are expressed from ‘‘per 100 shares’’ to ‘‘per share’’ in order to accommodate oddlots (which involve lots of less than 100 shares). The changes will take effect Monday, December 3, 2007. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act 3 in general, and furthers the objectives of Section 6(b)(4) of the Act 4 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 No written comments were solicited or received with respect to the proposed rule change. 9 17 1 15 PO 00000 Frm 00095 Fmt 4703 3 15 4 15 Sfmt 4703 E:\FR\FM\13DEN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(4). 13DEN1

Agencies

[Federal Register Volume 72, Number 239 (Thursday, December 13, 2007)]
[Notices]
[Pages 70909-70910]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24118]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56928; File No. SR-Amex-2007-133]


Self-Regulatory Organizations; The American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Reduce Certain Clearing Fees

December 7, 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 November 30, 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 prepared by the Exchange. The 
Exchange has designated this proposal as one establishing or changing a 
due, fee, or other charge imposed by the Exchange under section 
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which 
renders it effective upon filing with the Commission. The Commission is 
publishing this notice to solicit comments on the proposed rule change 
from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposal Rule Change

    The Exchange proposes to reduce the clearing charge for an order in 
equities or ETFs routed to and executed on another market center from 
$0.07 to $0.04 per hundred shares.
    The text of the proposed rule change is available at Amex's 
principal office, the Commission's Public Reference Room, and https://
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. 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 the 
Statutory Basis for, the Proposed Rule Change

(1) Purpose
    The Exchange proposes to amend its Equity Fee Schedule and its 
Exchange Traded Funds and Trust Issued Receipts Fee Schedule to reduce 
from $0.07 to $0.04 per hundred shares (or $0.0004 per share) the 
clearing charge for an Amex member order in equities or ETFs routed to 
and executed on another market center, thereby reducing overall 
transaction fees for such order routed away from $0.37 to $0.34 per 
hundred shares (including the $0.30 per hundred routing fee). This fee 
applies to Amex members only, and the Exchange's goal is to reduce cost 
disincentives to its members placing orders for Amex-listed securities 
on the Amex book.
(2) Statutory Basis
    The proposed fee change is consistent with section 6(b)(4) of the 
Act \5\ regarding the equitable allocation of reasonable dues, fees, 
and other charges among exchange members for the following reasons. The 
reduction of the clearing charge does not discriminate among Amex 
members, as it is applicable to all Amex members. Further, the proposed 
fee change will serve to make the Amex more competitive for order flow 
by bringing its overall fees for routing orders to away markets for 
execution closer in line with the fees charged by the away markets for 
similar services. Currently, competitive market centers charge between 
$0.26 and $0.30 per hundred shares (with the exception of NYSE Arca 
which charges $0.40 per hundred) \6\ to route trades of Amex-listed 
securities to the Amex itself for execution, and the new Amex aggregate 
transaction fee of $0.34 per hundred to route orders to away markets 
for execution (down from $0.37 per hundred as a function of the instant 
reduction of the clearing fee) places Amex more competitively within 
that spectrum of fees.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b)(4).
    \6\ See, e.g., NASDAQ Rule 7018(a) ($0.26-$0.30 per hundred, 
depending on volume); NYSE Price List 2007, https://www.nyse.com/
pdfs/2007pricelist.pdf, at page 3 ($0.30 per hundred); NYSE Arca 
Schedule of Fees and Charges for Exchange Services, https://
www.nyse.com/pdfs/NYSEArca_Equities_Fees.pdf, at page 1 ($0.40 per 
hundred).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not 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 is filed pursuant to section 
19(b)(3)(A)(ii) of the Act \7\ and subparagraph (f)(2) of Rule 19b-4 
thereunder \8\ because it

[[Page 70910]]

establishes or changes a due, fee, or other charge applicable only to a 
member imposed by a self-regulatory organization. Accordingly, the 
proposal is effective upon Commission receipt of the filing. At any 
time within 60 days of the filing of the proposed rule change, the 
Commission may summarily abrogate such rule change if it appears to the 
Commission that such action is necessary or appropriate in the public 
interest, for the protection of investors, or otherwise in furtherance 
of the purposes of the Act.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. 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 No. SR-Amex-2007-133 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-Amex-2007-133. 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 at 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 No. SR-Amex-2007-133 and should be 
submitted on or before January 3, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-24118 Filed 12-12-07; 8:45 am]
BILLING CODE 8011-01-P
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