Options Price Reporting Authority; Notice of Filing of Proposed Amendment to the Plan for Reporting of Consolidated Options Last Sale Reports and Quotation Information To Adopt New Form of Rider to OPRA's Vendor Agreement for Use by Television Companies That Wish To Disseminate OPRA Data, 70907-70909 [E7-24121]
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Federal Register / Vol. 72, No. 239 / Thursday, December 13, 2007 / Notices
kept confidential and must be preserved
until at least three years after
termination of the enterprise.
An agency may not conduct or
sponsor, and a person is not required to
respond to a collection of information
unless it displays a currently valid
control number.
General comments regarding the
above information should be directed to
the following persons: (i) Desk Officer
for the Securities and Exchange
Commission, Office of Information and
Regulatory Affairs, Office of
Management and Budget, Room 10102,
New Executive Office Building,
Washington, DC 20503 or e-mail to:
Alexander_T._Hunt@omb.eop.gov; and
(ii) R. Corey Booth, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Shirley
Martinson, 6432 General Green Way,
Alexandria, VA 22312, or send an email to: PRA_Mailbox@sec.gov.
Comments must be submitted to OMB
within 30 days of this notice.
December 6, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–24080 Filed 12–12–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon written request, copies available
from: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
mstockstill on PROD1PC66 with NOTICES
Extension:
Rule 204–3; SEC File No. 270–42; OMB
Control No. 3235–0047
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
The title for the collection of
information is ‘‘Rule 204–3 (17 CFR
275.204–3) under the Investment
Advisers Act of 1940.’’ (15 U.S.C. 80b).
Rule 204–3, the ‘‘brochure rule,’’
requires an investment adviser to
deliver their brochure to their new
clients or prospective clients before or at
the start of the advisory relationship.
The brochure assists the client in
determining whether to retain, or
continue employing, the adviser. Rule
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17:10 Dec 12, 2007
Jkt 214001
204–3 also requires that an investment
adviser deliver, or offer in writing to
deliver upon written request, the
brochure to their existing clients
annually in order to provide them with
current information about the adviser.
Under rule 204–3, the investment
adviser must furnish the required
information to clients and prospective
clients by providing either a copy of
Part II of Form ADV, the investment
adviser registration form, or a written
document containing at least the
information required by Part II of Form
ADV. This collection of information is
found at 17 CFR 275.204–3 and is
mandatory.
The respondents to this information
collection are investment advisers
registered with the Commission. The
Commission has estimated that
compliance with rule 204–3 imposes a
burden of approximately 639.87 hours
annually based on an average adviser
having 670 clients. Our latest data
indicate that there were 10,787 advisers
registered with the Commission as of
August 31, 2007. Based on this figure,
the Commission estimates a total annual
burden of 6,902,278 hours for this
collection of information.
Rule 204–3 does not require
recordkeeping or record retention. The
collection of information requirements
under the rule are mandatory. The
information collected pursuant to the
rule are not filed with the Commission,
but rather take the form of disclosures
to clients. Accordingly, these filings are
not kept confidential. An agency may
not conduct or sponsor, and a person is
not required to respond to, a collection
of information unless it displays a
currently valid control number.
Please direct general comments
regarding the above information to the
following persons: (i) Desk Officer for
the Securities and Exchange
Commission, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503
or e-mail to:
Alexander_T._Hunt@omb.eop.gov; and
(ii) R. Corey Booth, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Shirley
Martinson, 6432 General Green Way,
Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov.
Comments must be submitted to OMB
within 30 days of this notice.
Dated: December 6, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–24081 Filed 12–12–07; 8:45 am]
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SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: 72 FR 69258, December
7, 2007.
Sfmt 4703
Open Meeting.
100 F Street, NW., Washington,
STATUS:
PLACE:
DC.
DATE AND TIME OF PREVIOUSLY ANNOUNCED
MEETING: Tuesday, December 11, 2007.
Deletion of an
Item.
The following item was not
considered during the Open Meeting on
Tuesday, December 11, 2007:
CHANGE IN THE MEETING:
Whether to approve the 2008 budget of the
Public Company Accounting Oversight Board
and will consider the related annual
accounting support fee for the Board under
Section 109 of the Sarbanes-Oxley Act of
2002.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items. For further
information and to ascertain what, if
any, matters have been added, deleted
or postponed, please contact the Office
of the Secretary at (202) 551–5400.
Dated: December 11, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7–24213 Filed 12–12–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56926; File No. SR–OPRA–
2007–05]
Options Price Reporting Authority;
Notice of Filing of Proposed
Amendment to the Plan for Reporting
of Consolidated Options Last Sale
Reports and Quotation Information To
Adopt New Form of Rider to OPRA’s
Vendor Agreement for Use by
Television Companies That Wish To
Disseminate OPRA Data
December 7, 2007.
Pursuant to Section 11A of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 608 thereunder,2
notice is hereby given that on December
6, 2007, the Options Price Reporting
Authority (‘‘OPRA’’) submitted to the
Securities and Exchange Commission
(‘‘Commission’’) an amendment to the
Plan for Reporting of Consolidated
Options Last Sale Reports and
1 15
2 17
BILLING CODE 8011–01–P
70907
E:\FR\FM\13DEN1.SGM
U.S.C. 78k–1.
CFR 242.608.
13DEN1
70908
Federal Register / Vol. 72, No. 239 / Thursday, December 13, 2007 / Notices
Quotation Information (‘‘OPRA Plan’’).3
The proposed OPRA Plan amendment
would adopt a new form of Television
Dissemination Rider to OPRA’s Vendor
Agreement for use by television
companies that wish to disseminate
current OPRA Data via a passive
scrolling or ticker television display.
OPRA’s Fee Schedule would be
modified to incorporate the fee that
OPRA would charge for the
dissemination of OPRA Data in the
manner discussed below. The
Commission is publishing this notice to
solicit comments from interested
persons on the proposed OPRA Plan
amendment.
I. Description and Purpose of the
Amendment
mstockstill on PROD1PC66 with NOTICES
OPRA proposes to amend its national
market system plan by adopting a new
form of Rider to its Vendor Agreement
for use by television companies that
wish to disseminate current OPRA Data
from OPRA’s Basic Service via a passive
scrolling or ticker television display.
The OPRA Fee Schedule would be
modified to incorporate the fee that
OPRA would charge for the
dissemination of OPRA Data in the
manner discussed below.4
A company that disseminates current
OPRA Data to third parties is a
‘‘Vendor’’ for OPRA’s purposes, and is
therefore required to sign OPRA’s
Vendor Agreement. As a general matter,
OPRA’s Vendor Agreement states that
any person that receives current OPRA
Data from a Vendor is a ‘‘Subscriber’’
and requires the Vendor to cause each
of its Subscribers to agree to a
Subscriber Agreement, either with the
3 The OPRA Plan is a national market system plan
approved by the Commission pursuant to Section
11A of the Act and Rule 608 thereunder (formerly
Rule 11Aa3–2). See Securities Exchange Act
Release No. 17638 (March 18, 1981), 22 S.E.C.
Docket 484 (March 31, 1981). The full text of the
OPRA Plan is available at https://
www.opradata.com.
The OPRA Plan provides for the collection and
dissemination of last sale and quotation information
on options that are traded on the participant
exchanges. The six participants to the OPRA Plan
are the American Stock Exchange LLC, the Boston
Stock Exchange, Inc., the Chicago Board Options
Exchange, Incorporated, the International Securities
Exchange, LLC, the NYSE Arca, Inc., and the
Philadelphia Stock Exchange, Inc.
4 OPRA has filed two other filings that will affect
its Fee Schedule upon or following their
effectiveness: SR–OPRA–2007–03 (eliminating the
‘‘FCO Service’’ column on the Fee Schedule when
all currently outstanding physical delivery FCOs
are eliminated by expiration or by closing
transaction, which could be as late as March 14,
2008); and SR–OPRA–2007–04 (amending the Fee
Schedule to specify Professional Subscriber DeviceBased Fees commencing as of January 1 of 2008,
2009 and 2010). The changes proposed in those
filings do not affect the changes proposed to the Fee
Schedule in this filing.
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17:10 Dec 12, 2007
Jkt 214001
Vendor for the benefit of OPRA, or
directly with OPRA. The new form of
Rider states that this requirement does
not apply to persons that receive OPRA
Data in the form of a passive scrolling
or ticker television display.
The Vendor Agreement also requires
that the Vendor report certain
information to OPRA to enable OPRA to
verify the fees that the Vendor is
obligated to pay OPRA. The new form
of Rider to OPRA’s Vendor Agreement
states that the reporting requirements in
the Vendor Agreement will not apply to
television dissemination of OPRA Data
and sets out requirements that are
intended to elicit only the information
that OPRA needs to verify the fees paid
by a television company for television
dissemination.
The OPRA Data feed includes, in
addition to options last sale and
quotation data, the values of various
indexes for which OPRA or one of the
OPRA participant exchanges has
permission to disseminate from the
index owners together with related
options market data. Some owners of
the indexes that OPRA disseminates
may not wish to have OPRA grant
television companies the right to
disseminate their indexes separate from
the dissemination of related options
market data. To accommodate this
possibility, the Rider includes language
to give OPRA the ability to grant
permission to Vendor television
companies to display index values
separately from the dissemination of
related options market data, and to
revoke that permission. OPRA will treat
all television companies that sign Riders
identically with respect to permission to
display index values. The Rider
provides that, if OPRA revokes
permission to display particular index
values separately from the
dissemination of related options market
data, and as a consequence the
television company Vendor no longer
wishes to display OPRA Data values and
pay fees for doing so, the television
company Vendor may terminate the
Rider and its Vendor Agreement, or only
the Rider, effective as of the date that
the index values cease to be available to
the television company Vendor.5
5 Any Vendor has the right under paragraph 1(c)
of the Rider to terminate the Rider, and under
paragraph 19(d) of the OPRA form of Vendor
Agreement to terminate the Vendor Agreement, in
each case without cause upon thirty days written
notice. The termination right described in the text
essentially provides comfort to a television
company Vendor that, if an index ceases to be
available to the Vendor on less than thirty days
notice, the Vendor may terminate either the Rider
alone or the Rider and Vendor Agreement on the
date the index ceases to be available.
PO 00000
Frm 00093
Fmt 4703
Sfmt 4703
Section 2 of the Rider requires a
television company Vendor to display a
legend on its television display at least
three times a day. The form of the
legend is the same as the legend
required by the Consolidated Tape
Association (‘‘CTA’’) for its counterpart
Network A service, and the requirement
with respect to the display of the legend
is the same as the CTA requirement.6
OPRA is proposing to charge a fee for
the dissemination via television of
current OPRA Data on the basis of the
number of ‘‘thousands of households
reached’’ by the Vendor television
company’s programming. 7 This metric
is widely used in the television industry
and is used by CTA for its counterpart
service.
The text of the proposed amendment
to the OPRA Plan and the proposed
changes to the OPRA Fee Schedule are
available at OPRA, the Commission’s
Public Reference Room, and https://
opradata.com/pdf/
proposed_tv_rider.pdf.
II. Implementation of the OPRA Plan
Amendment
OPRA will begin to use the proposed
form Television Dissemination Rider to
its Vendor Agreement upon its approval
by the Commission pursuant to Section
11A of the Act 8 and Rule 608(b)(1)
thereunder. 9
III. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed OPRA
Plan amendment 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–OPRA–2007–05 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.
6 See the CTA form of Exhibit C to its form
Agreement for Receipt and Use of Consolidated
Network A Data and NYSE Market Data for ‘‘Cable
Broadcasts.’’
7 Specifically, OPRA plans to charge a fee of $.50
per 1,000 households reached. See proposed
‘‘Television Display Fee’’ on the OPRA Fee
Schedule.
8 15 U.S.C. 78k–1.
9 17 CFR 242.608(b)(1).
E:\FR\FM\13DEN1.SGM
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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
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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
]]>Agencies
[Federal Register Volume 72, Number 239 (Thursday, December 13, 2007)]
[Notices]
[Pages 70907-70909]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24121]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56926; File No. SR-OPRA-2007-05]
Options Price Reporting Authority; Notice of Filing of Proposed
Amendment to the Plan for Reporting of Consolidated Options Last Sale
Reports and Quotation Information To Adopt New Form of Rider to OPRA's
Vendor Agreement for Use by Television Companies That Wish To
Disseminate OPRA Data
December 7, 2007.
Pursuant to Section 11A of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given that
on December 6, 2007, the Options Price Reporting Authority (``OPRA'')
submitted to the Securities and Exchange Commission (``Commission'') an
amendment to the Plan for Reporting of Consolidated Options Last Sale
Reports and
[[Page 70908]]
Quotation Information (``OPRA Plan'').\3\ The proposed OPRA Plan
amendment would adopt a new form of Television Dissemination Rider to
OPRA's Vendor Agreement for use by television companies that wish to
disseminate current OPRA Data via a passive scrolling or ticker
television display. OPRA's Fee Schedule would be modified to
incorporate the fee that OPRA would charge for the dissemination of
OPRA Data in the manner discussed below. The Commission is publishing
this notice to solicit comments from interested persons on the proposed
OPRA Plan amendment.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78k-1.
\2\ 17 CFR 242.608.
\3\ The OPRA Plan is a national market system plan approved by
the Commission pursuant to Section 11A of the Act and Rule 608
thereunder (formerly Rule 11Aa3-2). See Securities Exchange Act
Release No. 17638 (March 18, 1981), 22 S.E.C. Docket 484 (March 31,
1981). The full text of the OPRA Plan is available at https://
www.opradata.com.
The OPRA Plan provides for the collection and dissemination of
last sale and quotation information on options that are traded on
the participant exchanges. The six participants to the OPRA Plan are
the American Stock Exchange LLC, the Boston Stock Exchange, Inc.,
the Chicago Board Options Exchange, Incorporated, the International
Securities Exchange, LLC, the NYSE Arca, Inc., and the Philadelphia
Stock Exchange, Inc.
---------------------------------------------------------------------------
I. Description and Purpose of the Amendment
OPRA proposes to amend its national market system plan by adopting
a new form of Rider to its Vendor Agreement for use by television
companies that wish to disseminate current OPRA Data from OPRA's Basic
Service via a passive scrolling or ticker television display. The OPRA
Fee Schedule would be modified to incorporate the fee that OPRA would
charge for the dissemination of OPRA Data in the manner discussed
below.\4\
---------------------------------------------------------------------------
\4\ OPRA has filed two other filings that will affect its Fee
Schedule upon or following their effectiveness: SR-OPRA-2007-03
(eliminating the ``FCO Service'' column on the Fee Schedule when all
currently outstanding physical delivery FCOs are eliminated by
expiration or by closing transaction, which could be as late as
March 14, 2008); and SR-OPRA-2007-04 (amending the Fee Schedule to
specify Professional Subscriber Device-Based Fees commencing as of
January 1 of 2008, 2009 and 2010). The changes proposed in those
filings do not affect the changes proposed to the Fee Schedule in
this filing.
---------------------------------------------------------------------------
A company that disseminates current OPRA Data to third parties is a
``Vendor'' for OPRA's purposes, and is therefore required to sign
OPRA's Vendor Agreement. As a general matter, OPRA's Vendor Agreement
states that any person that receives current OPRA Data from a Vendor is
a ``Subscriber'' and requires the Vendor to cause each of its
Subscribers to agree to a Subscriber Agreement, either with the Vendor
for the benefit of OPRA, or directly with OPRA. The new form of Rider
states that this requirement does not apply to persons that receive
OPRA Data in the form of a passive scrolling or ticker television
display.
The Vendor Agreement also requires that the Vendor report certain
information to OPRA to enable OPRA to verify the fees that the Vendor
is obligated to pay OPRA. The new form of Rider to OPRA's Vendor
Agreement states that the reporting requirements in the Vendor
Agreement will not apply to television dissemination of OPRA Data and
sets out requirements that are intended to elicit only the information
that OPRA needs to verify the fees paid by a television company for
television dissemination.
The OPRA Data feed includes, in addition to options last sale and
quotation data, the values of various indexes for which OPRA or one of
the OPRA participant exchanges has permission to disseminate from the
index owners together with related options market data. Some owners of
the indexes that OPRA disseminates may not wish to have OPRA grant
television companies the right to disseminate their indexes separate
from the dissemination of related options market data. To accommodate
this possibility, the Rider includes language to give OPRA the ability
to grant permission to Vendor television companies to display index
values separately from the dissemination of related options market
data, and to revoke that permission. OPRA will treat all television
companies that sign Riders identically with respect to permission to
display index values. The Rider provides that, if OPRA revokes
permission to display particular index values separately from the
dissemination of related options market data, and as a consequence the
television company Vendor no longer wishes to display OPRA Data values
and pay fees for doing so, the television company Vendor may terminate
the Rider and its Vendor Agreement, or only the Rider, effective as of
the date that the index values cease to be available to the television
company Vendor.\5\
---------------------------------------------------------------------------
\5\ Any Vendor has the right under paragraph 1(c) of the Rider
to terminate the Rider, and under paragraph 19(d) of the OPRA form
of Vendor Agreement to terminate the Vendor Agreement, in each case
without cause upon thirty days written notice. The termination right
described in the text essentially provides comfort to a television
company Vendor that, if an index ceases to be available to the
Vendor on less than thirty days notice, the Vendor may terminate
either the Rider alone or the Rider and Vendor Agreement on the date
the index ceases to be available.
---------------------------------------------------------------------------
Section 2 of the Rider requires a television company Vendor to
display a legend on its television display at least three times a day.
The form of the legend is the same as the legend required by the
Consolidated Tape Association (``CTA'') for its counterpart Network A
service, and the requirement with respect to the display of the legend
is the same as the CTA requirement.\6\
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\6\ See the CTA form of Exhibit C to its form Agreement for
Receipt and Use of Consolidated Network A Data and NYSE Market Data
for ``Cable Broadcasts.''
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OPRA is proposing to charge a fee for the dissemination via
television of current OPRA Data on the basis of the number of
``thousands of households reached'' by the Vendor television company's
programming. \7\ This metric is widely used in the television industry
and is used by CTA for its counterpart service.
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\7\ Specifically, OPRA plans to charge a fee of $.50 per 1,000
households reached. See proposed ``Television Display Fee'' on the
OPRA Fee Schedule.
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The text of the proposed amendment to the OPRA Plan and the
proposed changes to the OPRA Fee Schedule are available at OPRA, the
Commission's Public Reference Room, and https://opradata.com/pdf/
proposed_tv_rider.pdf.
II. Implementation of the OPRA Plan Amendment
OPRA will begin to use the proposed form Television Dissemination
Rider to its Vendor Agreement upon its approval by the Commission
pursuant to Section 11A of the Act \8\ and Rule 608(b)(1) thereunder.
\9\
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\8\ 15 U.S.C. 78k-1.
\9\ 17 CFR 242.608(b)(1).
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III. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed OPRA
Plan amendment 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 No. SR-OPRA-2007-05 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.
[[Page 70909]]
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\
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\10\ 17 CFR 200.30-3(a)(20).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-24121 Filed 12-12-07; 8:45 am]
BILLING CODE 8011-01-P
