Self-Regulatory Organizations; New York Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by the New York Stock Exchange LLC Relating to NYSE Rule 300 (Trading Licenses), 73951-73953 [E7-25188]
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Federal Register / Vol. 72, No. 248 / Friday, December 28, 2007 / Notices
The price change parameters under
the proposed rule have been broadened
to more accurately address the current
volatility of today’s markets. The
‘‘applicable price change’’ will be $0.50
where the consolidated closing price of
a subject security on the Exchange is
under $100 and $1.00 where the
consolidated closing price of a subject
security on the Exchange is equal to or
greater than $100.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 7 in general, and furthers the
objectives of Section 6(b)(5) of the Act 8
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest.
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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
mstockstill on PROD1PC66 with NOTICES
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, if consistent with the
protection of investors and public
interest, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 9 and Rule 19b–4(f)(6) thereunder.10
Normally, a proposed rule change
filed under 19b–4(f)(6) may not become
operative prior to 30 days after the date
of filing. However, Rule 19b–
4(f)(6)(iii) 11 permits the Commission to
7 15
U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires that a self-regulatory
VerDate Aug<31>2005
22:27 Dec 27, 2007
Jkt 214001
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay set forth in Rule 19b–4(f)(6)(iii)
under the Act.12 The Commission
believes that the earlier operative date is
consistent with the protection of
investors and the public interest
because the proposed rule change
permits the Exchange to implement
without further delay a proposal that reestablishes procedures for the
publication of pre-opening price
information, according to the framework
established by the Linkage Plan
requirement; furthermore, the proposed
rule change requires no modification of
the specialists’ proprietary systems. For
these reasons, the Commission
designates the proposal to be operative
upon filing with the Commission.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:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2007–112 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.
organization submit to the Commission written
notice of its intent to file the proposed rule change,
along with a brief description and text of the
proposed rule change, at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Commission notes that NYSE has
satisfied the five-day pre-filing notice requirement.
12 17 CFR 240.19b–4(f)(6)(iii).
13 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
PO 00000
Frm 00195
Fmt 4703
Sfmt 4703
73951
All submissions should refer to File
Number SR–NYSE–2007–112. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of NYSE. 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–NYSE–2007–112 and
should be submitted on or before
January 18, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–25185 Filed 12–27–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57006; File No. SR–NYSE–
2007–116]
Self-Regulatory Organizations; New
York Stock Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change by the New
York Stock Exchange LLC Relating to
NYSE Rule 300 (Trading Licenses)
December 20, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\28DEN1.SGM
28DEN1
73952
Federal Register / Vol. 72, No. 248 / Friday, December 28, 2007 / Notices
notice is hereby given that on December
18, 2007, the New York Stock Exchange,
Inc. (‘‘NYSE’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule changes as described in
Items I, II, and III below, which items
have been substantially prepared by the
NYSE. NYSE has designated the
proposed rule change as one
establishing or changing a due, fee, or
other charge, pursuant to Section
19b(3)(A)(ii) of the Act 3 and Rule 19b–
4(f)(2) thereunder,4 which renders the
proposal 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: (i)
amend NYSE Rule 300 (Trading
Licenses) to charge an annualized rate of
$40,000 per trading license purchased
during the annual offering; and (ii)
reinstate the fee related to the approval
of a pre-qualified substitute employee.
The text of the proposed rule change
is available on the Exchange’s Web site
(https://www.nyse.com), at the
Exchange’s Office of the Secretary, 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,
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
NYSE has prepared summaries, set forth
in Sections A, B and C below, of the
most significant aspects of such
statements.
mstockstill on PROD1PC66 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Through this filing, the Exchange
seeks to amend section (b) of NYSE Rule
300 to charge a fixed price of $40,000
for each trading license purchased in
the annual offering for the following
calendar year and make conforming
changes to section (d) of the rule which
3 15
4 17
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
VerDate Aug<31>2005
22:27 Dec 27, 2007
Jkt 214001
pertains to trading licenses purchased
after the annual offering. The Exchange
further proposes to create subsection
(b)(i) to NYSE Rule 300 to provide that
a member organization that wishes to
maintain for the following calendar year
the same number of trading licenses that
they currently hold will be charged the
fixed price of $40,000 per trading
license by the Exchange. Additionally,
the Exchange proposes to reinstate the
fee related to the approval of a prequalified substitute employee.
Currently, section (b) of NYSE Rule
300 provides that in each annual
offering, up to 1366 trading licenses for
the following calendar year are to be
sold at the fixed price of $50,000 per
trading license. Section (d) of the rule
governs the sale of trading licenses any
time after the annual offering. It
provides that the Exchange will sell
additional trading licenses expiring at
the end of the calendar year at a price
of $55,000, prorated for the time
remaining in the year. The price of
$55,000 encompasses a premium of
$5,000 or 10% above the fixed price of
$50,000. No additional trading licenses
will be sold by the Exchange if such sale
would cause the number of trading
licenses to exceed 1366.
The Exchange proposes to amend
section (b) of the rule to reduce the fixed
price from $50,000 to $40,000. Proposed
section (b) of the rule will now provide
that in each annual offering, up to 1366
trading licenses for the following
calendar year will be sold annually at a
price of $40,000 per trading license. The
Exchange also proposes to create a new
subsection (b)(i) to state that a member
organization that holds a number of
trading licenses in the current calendar
year and wishes to maintain that same
number of trading licenses in the
following calendar year shall be
presumed to have applied for the same
number of trading licenses that it
currently holds and will be charged by
the Exchange the fixed price of $40,000
per trading license pursuant to section
(b) and subject to the provisions of
section (c) of the rule.5 Thus, a member
organization that holds 5 trading
licenses in the calendar year 2007 and
wishes to maintain 5 trading licenses in
calendar year 2008 will be charged $40,
000 per trading license for the 5 trading
licenses.6 Should the member
5 Section (c) of the rule describes the allocation
process of trading licenses among member
organizations during the annual offering.
6 The Exchange has filed separately to amend
NYSE Rule 325 to eliminate the requirement of
section (e) which requires any member organization
that employs individuals to execute orders on the
Exchange Floor provide evidence of financial
PO 00000
Frm 00196
Fmt 4703
Sfmt 4703
organization subsequently decide to
purchase additional trading licenses,
section (d) of the rule as proposed will
apply.
The Exchange further seeks to make a
conforming amendment to section (d) to
adjust the fixed price and then calculate
the appropriate premium accordingly.
Proposed section (d) of the rule will
therefore be amended to state that after
the annual offering and anytime
thereafter during the following calendar
year, the Exchange shall sell additional
trading licenses at a price of $44,000.
The $44,000 reflects a premium $4,000
which is 10% above the fixed price of
$40,000 per trading license, pro-rated to
reflect the portion of the year during
which the trading license will be
outstanding. The Exchange will not sell
additional licenses if such sale would
cause the number of licenses to exceed
1366.
On or about October 2007,7 the
Exchange filed with the Securities and
Exchange Commission (‘‘Commission’’)
an amendment to the Exchange’s 2007
Price List to waive for the remainder of
2007, effective retroactively on
September 1, 2007, the $5,000 fee with
respect to the approval of a pre-qualified
substitute employee.8
Prior to the waiver of this fee in
September 2007, the $5,000 fee was
billed to the member organization who
was the new employer of (i) any new
member or pre-qualified substitute not
transferring from another member
organization, (ii) any approved member
who changes employment and
continues as a member with that
member organization, or (iii) any prequalified substitute who changes
employment and continues as a prequalified substitute with that member
organization. This fee reflects the costs
to the Exchange of processing such new
memberships or transfers including
checking that the member organization
has a license for its new employee or
approving the purchase of a license,
ensuring that the member is not subject
to any regulatory restriction, checking
that the member’s new employer has
put in place the required financial
guarantee, and issuing or resetting the
member’s badge and handheld.
responsibility in the amount of $100,000 for each
such individual. See SR–NYSE–2007–108.
7 See Securities Exchange Act Release No. 56607
(October 3, 2007), 72 FR 57624 (October 10, 2007)
(SR-NYSE–2007–91).
8 According to SR–NYSE–2007–91, a prequalified substitute employee is an employee of a
member organization who has been approved to
work on the Exchange trading floor and can be
assigned to work on the trading floor at anytime
that the member organization has a trading license
available for use.
E:\FR\FM\28DEN1.SGM
28DEN1
Federal Register / Vol. 72, No. 248 / Friday, December 28, 2007 / Notices
Electronic Comments
The Exchange proposes through this
filing to re-instate this fee in its entirety
starting in the calendar year 2008.
Although this proposed rule change is
immediately effective, the reinstatement of this fee will not be
implemented until January 1, 2008. The
price and the terms of the $5,000 fee
will remain the same.
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2007–116 on the
subject line.
2. Statutory Basis
Paper Comments
The Exchange believes that the basis
for the proposed rule change is the
requirement under Section 6(b)(4) of the
Act 9 that an exchange have rules that
provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its facilities.
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
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
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
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) 10 of the Act and
subparagraph (f)(2) 11 thereunder
because it establishes or changes a due,
fee, or other charge. 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.
mstockstill on PROD1PC66 with NOTICES
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–25188 Filed 12–27–07; 8:45 am]
10 15
22:27 Dec 27, 2007
12 17
Jkt 214001
[Release No. 34–57009; File No. SR–NYSE–
2007–108]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Change To Exchange Rule
325 Relating to Financial
Responsibility Requirements of
Member Organizations
December 20, 2007.
PO 00000
CFR 200.30–3(a)(12).
Frm 00197
Fmt 4703
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of
and basis for the proposed rule change.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(3)(A)(iii).
5 17 CFR 240.19b–4(f)(3).
2 15
9 15
VerDate Aug<31>2005
SECURITIES AND EXCHANGE
COMMISSION
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on November
All submissions should refer to File
30, 2007, the New York Stock Exchange
Number SR–NYSE–2007–116. This file
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
number should be included on the
subject line if e-mail is used. To help the with the Securities and Exchange
Commission the proposed rule change
Commission process and review your
as described in Items I, II, and III below,
comments more efficiently, please use
which Items have been substantially
only one method. The Commission will
prepared by the self-regulatory
post all comments on the Commission’s organization. The Exchange has
Internet Web site (https://www.sec.gov/
designated the proposed rule change as
rules/sro.shtml). Copies of the
one that is concerned solely with the
submission, all subsequent
administration of the self-regulatory
amendments, all written statements
organization pursuant to section
with respect to the proposed rule
19(b)(3)(A)(iii) 4 of the Act and Rule
change that are filed with the
19b–4(f)(3) 5 thereunder, which renders
Commission, and all written
the proposed rule change effective upon
communications relating to the
filing with the Commission. The
proposed rule change between the
Commission is publishing this notice to
Commission and any person, other than solicit comments on the proposed rule
change from interested persons.
those that may be withheld from the
public in accordance with the
I. Self-Regulatory Organization’s
provisions of 5 U.S.C. 552, will be
Statement of the Terms of Substance of
available for inspection and copying in
the Proposed Rule Change
the Commission’s Public Reference
The Exchange is proposing to amend
Room, 100 F Street, NE., Washington,
Exchange Rule 325 to eliminate the
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m. requirement under subparagraph (e) that
any member organization that employs
Copies of such filing also will be
individuals to execute orders on the
available for inspection and copying at
Floor of the Exchange must provide
the principal office of the Exchange. All evidence of financial responsibility in
comments received will be posted
the amount of $100,000 for each such
without change; the Commission does
individual. The Exchange is further
not edit personal identifying
seeking to make technical amendments
information from submissions. You
to the text of Exchange Rule 700. The
should submit only information that
amended text of these Rules is attached
you wish to make available publicly. All as Exhibit 1.
submissions should refer to File
II. Self-Regulatory Organization’s
Number SR–NYSE–2007–116 and
Statement of the Purpose of, and
should be submitted on or before
Statutory Basis for, the Proposed Rule
January 18, 2008.
Change
BILLING CODE 8011–01–P
U.S.C. 78f(b)(4).
U.S.C. 78s(b)(3)(A)(ii).
11 17 CFR 240.19b–4(f)(2).
73953
Sfmt 4703
E:\FR\FM\28DEN1.SGM
28DEN1
]]>Agencies
[Federal Register Volume 72, Number 248 (Friday, December 28, 2007)]
[Notices]
[Pages 73951-73953]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-25188]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57006; File No. SR-NYSE-2007-116]
Self-Regulatory Organizations; New York Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
by the New York Stock Exchange LLC Relating to NYSE Rule 300 (Trading
Licenses)
December 20, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\
[[Page 73952]]
notice is hereby given that on December 18, 2007, the New York Stock
Exchange, Inc. (``NYSE'' or ``Exchange'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule changes as
described in Items I, II, and III below, which items have been
substantially prepared by the NYSE. NYSE has designated the proposed
rule change as one establishing or changing a due, fee, or other
charge, pursuant to Section 19b(3)(A)(ii) of the Act \3\ and Rule 19b-
4(f)(2) thereunder,\4\ which renders the proposal 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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to: (i) amend NYSE Rule 300 (Trading
Licenses) to charge an annualized rate of $40,000 per trading license
purchased during the annual offering; and (ii) reinstate the fee
related to the approval of a pre-qualified substitute employee.
The text of the proposed rule change is available on the Exchange's
Web site (https://www.nyse.com), at the Exchange's Office of the
Secretary, 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, 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 NYSE 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
Through this filing, the Exchange seeks to amend section (b) of
NYSE Rule 300 to charge a fixed price of $40,000 for each trading
license purchased in the annual offering for the following calendar
year and make conforming changes to section (d) of the rule which
pertains to trading licenses purchased after the annual offering. The
Exchange further proposes to create subsection (b)(i) to NYSE Rule 300
to provide that a member organization that wishes to maintain for the
following calendar year the same number of trading licenses that they
currently hold will be charged the fixed price of $40,000 per trading
license by the Exchange. Additionally, the Exchange proposes to
reinstate the fee related to the approval of a pre-qualified substitute
employee.
Currently, section (b) of NYSE Rule 300 provides that in each
annual offering, up to 1366 trading licenses for the following calendar
year are to be sold at the fixed price of $50,000 per trading license.
Section (d) of the rule governs the sale of trading licenses any time
after the annual offering. It provides that the Exchange will sell
additional trading licenses expiring at the end of the calendar year at
a price of $55,000, prorated for the time remaining in the year. The
price of $55,000 encompasses a premium of $5,000 or 10% above the fixed
price of $50,000. No additional trading licenses will be sold by the
Exchange if such sale would cause the number of trading licenses to
exceed 1366.
The Exchange proposes to amend section (b) of the rule to reduce
the fixed price from $50,000 to $40,000. Proposed section (b) of the
rule will now provide that in each annual offering, up to 1366 trading
licenses for the following calendar year will be sold annually at a
price of $40,000 per trading license. The Exchange also proposes to
create a new subsection (b)(i) to state that a member organization that
holds a number of trading licenses in the current calendar year and
wishes to maintain that same number of trading licenses in the
following calendar year shall be presumed to have applied for the same
number of trading licenses that it currently holds and will be charged
by the Exchange the fixed price of $40,000 per trading license pursuant
to section (b) and subject to the provisions of section (c) of the
rule.\5\ Thus, a member organization that holds 5 trading licenses in
the calendar year 2007 and wishes to maintain 5 trading licenses in
calendar year 2008 will be charged $40, 000 per trading license for the
5 trading licenses.\6\ Should the member organization subsequently
decide to purchase additional trading licenses, section (d) of the rule
as proposed will apply.
---------------------------------------------------------------------------
\5\ Section (c) of the rule describes the allocation process of
trading licenses among member organizations during the annual
offering.
\6\ The Exchange has filed separately to amend NYSE Rule 325 to
eliminate the requirement of section (e) which requires any member
organization that employs individuals to execute orders on the
Exchange Floor provide evidence of financial responsibility in the
amount of $100,000 for each such individual. See SR-NYSE-2007-108.
---------------------------------------------------------------------------
The Exchange further seeks to make a conforming amendment to
section (d) to adjust the fixed price and then calculate the
appropriate premium accordingly. Proposed section (d) of the rule will
therefore be amended to state that after the annual offering and
anytime thereafter during the following calendar year, the Exchange
shall sell additional trading licenses at a price of $44,000. The
$44,000 reflects a premium $4,000 which is 10% above the fixed price of
$40,000 per trading license, pro-rated to reflect the portion of the
year during which the trading license will be outstanding. The Exchange
will not sell additional licenses if such sale would cause the number
of licenses to exceed 1366.
On or about October 2007,\7\ the Exchange filed with the Securities
and Exchange Commission (``Commission'') an amendment to the Exchange's
2007 Price List to waive for the remainder of 2007, effective
retroactively on September 1, 2007, the $5,000 fee with respect to the
approval of a pre-qualified substitute employee.\8\
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 56607 (October 3,
2007), 72 FR 57624 (October 10, 2007) (SR-NYSE-2007-91).
\8\ According to SR-NYSE-2007-91, a pre-qualified substitute
employee is an employee of a member organization who has been
approved to work on the Exchange trading floor and can be assigned
to work on the trading floor at anytime that the member organization
has a trading license available for use.
---------------------------------------------------------------------------
Prior to the waiver of this fee in September 2007, the $5,000 fee
was billed to the member organization who was the new employer of (i)
any new member or pre-qualified substitute not transferring from
another member organization, (ii) any approved member who changes
employment and continues as a member with that member organization, or
(iii) any pre-qualified substitute who changes employment and continues
as a pre-qualified substitute with that member organization. This fee
reflects the costs to the Exchange of processing such new memberships
or transfers including checking that the member organization has a
license for its new employee or approving the purchase of a license,
ensuring that the member is not subject to any regulatory restriction,
checking that the member's new employer has put in place the required
financial guarantee, and issuing or resetting the member's badge and
handheld.
[[Page 73953]]
The Exchange proposes through this filing to re-instate this fee in
its entirety starting in the calendar year 2008. Although this proposed
rule change is immediately effective, the re-instatement of this fee
will not be implemented until January 1, 2008. The price and the terms
of the $5,000 fee will remain the same.
2. Statutory Basis
The Exchange believes that the basis for the proposed rule change
is the requirement under Section 6(b)(4) of the Act \9\ that an
exchange have rules that provide for the equitable allocation of
reasonable dues, fees, and other charges among its members and other
persons using its facilities.
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\9\ 15 U.S.C. 78f(b)(4).
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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
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) \10\ of the Act and subparagraph (f)(2) \11\ thereunder
because it establishes or changes a due, fee, or other charge. 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.
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\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
\11\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2007-116 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-NYSE-2007-116. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSE-2007-116 and should be
submitted on or before January 18, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12 \
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\12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-25188 Filed 12-27-07; 8:45 am]
BILLING CODE 8011-01-P
