Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Options Licensing Fee Changes, 523-524 [E7-25569]

Download as PDF Federal Register / Vol. 73, No. 2 / Thursday, January 3, 2008 / Notices 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 rulecomments@sec.gov. Please include File Number SR–Amex–2007–70 on the subject line. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57052; File No. SR–Amex– 2007–140] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Options Licensing Fee Changes December 27, 2007. Paper Comments 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 December 21, 2007, the American Stock Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with the Securities and Exchange All submissions should refer to File Commission (‘‘Commission’’) the Number SR–Amex–2007–70. This file proposed rule change as described in number should be included on the subject line if e-mail is used. To help the Items I and II below, which Items have been substantially prepared by the Commission process and review your Exchange. The Exchange has designated comments more efficiently, please use only one method. The Commission will this proposal as one establishing or post all comments on the Commission’s changing a due, fee, or other charge applicable only to a member, pursuant Internet Web site (http://www.sec.gov/ to section 19(b)(3)(A)(ii) of the Act 3 and rules/sro.shtml). Copies of the Rule 19b–4(f)(2) thereunder,4 which submission, all subsequent renders the proposal effective upon amendments, all written statements filing with the Commission. The with respect to the proposed rule Commission is publishing this notice to change that are filed with the solicit comments on the proposed rule Commission, and all written change from interested persons. communications relating to the proposed rule change between the I. Self-Regulatory Organization’s Commission and any person, other than Statement of the Terms of Substance of those that may be withheld from the the Proposed Rule Change public in accordance with the Amex proposes to modify its Options provisions of 5 U.S.C. 552, will be Fee Schedule. available for inspection and copying in The text of the proposed rule change the Commission’s Public Reference is available at the Exchange, on the Room, 100 F Street, NE., Washington, Exchange’s Web site at http:// DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. www.amex.com, and at the Commission’s Public Reference Room. Copies of such filing also will be available for inspection and copying at II. Self-Regulatory Organization’s the principal office of the Exchange. All Statement of the Purpose of, and comments received will be posted Statutory Basis for, the Proposed Rule without change; the Commission does Change not edit personal identifying information from submissions. You In its filing with the Commission, the should submit only information that Exchange included statements you wish to make available publicly. All concerning the purpose of, and basis for submissions should refer to File the proposed rule change, and discussed Number SR–Amex–2007–70 and should any comments it received on the be submitted on or before January 18, proposed rule change. The text of these 2008. statements may be examined at the places specified in Item IV below. The For the Commission, by the Division of Exchange has prepared summaries, set Trading and Markets, pursuant to delegated forth in sections A, B, and C below, of authority.23 the most significant aspects of such Nancy M. Morris, statements. pwalker on PROD1PC71 with NOTICES • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. Secretary. [FR Doc. E7–25487 Filed 1–2–08; 8:45 am] BILLING CODE 8011–01–P 23 17 20:29 Jan 02, 2008 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 2 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 1 15 Jkt 214001 PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 523 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange has entered into numerous agreements with index providers for the purpose of trading index options. The requirement to pay an index license fee to such third parties is a condition to the listing and trading of these index options. In many cases, the Exchange is required to pay a significant licensing fee to issuers or index owners that may not be reimbursed. In an effort to recoup the costs associated with index licenses, the Exchange has previously established a per-contract licensing fee for firms, specialists, registered options traders (‘‘ROTs’’), remote registered options traders (‘‘RROTs’’), supplemental registered options traders (‘‘SROTs’’), non-member market makers, and brokerdealers that is collected on every transaction in designated products in which a firm, specialist, ROT, RROT, SROT, non-member market maker, or broker-dealer is a party. The licensing fees currently imposed are set forth in the Exchange’s Options Fee Schedule. The Exchange is proposing to amend its Options Fee Schedule to increase the licensing fees for options on the Nasdaq100 Index (NDX) and Mini-Nasdaq-100 Index (MNX). Currently, the licensing fees for these index options are $0.15 per contract side. As a result of a recent change to the licensing agreement for NDX and MNX, the Exchange is now being charged a higher license fee. Accordingly, the Exchange now proposes to charge $ 0.16 per contract side for NDX and MNX options, effective January 2, 2008. The Exchange submits that the proposed license fee will provide the Exchange with additional revenue and allow the Exchange to recoup its costs associated with the trading of NDX and MNX options. Furthermore, the Amex believes that this fee will help to allocate to those firms, specialists, ROTs, RROTs, SROTs, non-member market makers, and broker-dealers transacting in NDX and MNX options a fair share of the related costs of offering such options. Accordingly, the Exchange believes that the proposed fee is reasonable. The Exchange asserts that the proposal is equitable as required by section 6(b)(4) of the Act.5 5 Section 6(b)(4) requires that the rules of a national securities exchange provide for the equitable allocation of reasonable dues, fees, and Continued E:\FR\FM\03JAN1.SGM 03JAN1 524 Federal Register / Vol. 73, No. 2 / Thursday, January 3, 2008 / Notices 2. Statutory Basis The proposed fee change is consistent with section 6(b)(4) of the Act 6 regarding the equitable allocation of reasonable dues, fees, and other charges among exchange members and other persons using exchange facilities. 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 Because the foregoing rule change is establishing or changing a due, fee, or other charge applicable only to a member, it has become effective pursuant to section 19(b)(3)(A)(ii) of the Act 7 and Rule 19b–4(f)(2) thereunder.8 At any time within 60 days of the filing of such 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: Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–Amex–2007–140. 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, 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–Amex–2007–140 and should be submitted on or before January 24, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Nancy M. Morris, Secretary. [FR Doc. E7–25569 Filed 1–2–08; 8:45 am] BILLING CODE 8011–01–P 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–Amex–2007–140 on the subject line. pwalker on PROD1PC71 with NOTICES Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, other charges among its members and issuers and other persons using its facilities. 15 U.S.C. 78f(b)(4). 6 15 U.S.C. 78f(b)(4). 7 15 U.S.C. 78s(b)(3)(A)(ii). 8 17 CFR 240.19b–4(f)(2). VerDate Aug<31>2005 20:29 Jan 02, 2008 Jkt 214001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57037; File No. SR–BSE– 2007–53] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Opening of the Market of the Boston Options Exchange Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 PO 00000 CFR 200.30–3(a)(12). Frm 00081 Fmt 4703 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to delay the opening of trading in the event of unusual trading activity in a particular series or instrument. The text of the proposed rule change is available on the Exchange’s Web site at http:// www.bostonstock.com, 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 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 substantially 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 BSE proposes to amend the BOX Rules 5 to delay the opening of trading in the event of unusual trading activity in a particular series or instrument on the Boston Options Exchange, (‘‘BOX’’). BOX believes that delaying the opening of trading in the event of unusual 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(5). 5 Capitalized terms not otherwise defined herein shall have the meanings prescribed under the BOX Rules. 2 17 December 21, 2007. 9 17 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on December 20, 2007, the Boston Stock Exchange, Inc. (‘‘BSE’’ 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 substantially prepared by the Exchange. The Exchange filed the proposed rule change pursuant to section 19(b)(3)(A)(iii) 3 of the Act and Rule 19b–4(f)(5) 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. Sfmt 4703 E:\FR\FM\03JAN1.SGM 03JAN1

Agencies

[Federal Register Volume 73, Number 2 (Thursday, January 3, 2008)]
[Notices]
[Pages 523-524]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-25569]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57052; File No. SR-Amex-2007-140]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to Options Licensing Fee Changes

December 27, 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 December 21, 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 and 
II below, which Items have been substantially prepared by the Exchange. 
The Exchange has designated this proposal as one establishing or 
changing a due, fee, or other charge applicable only to a member, 
pursuant to section 19(b)(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.
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    \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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Amex proposes to modify its Options Fee Schedule.
    The text of the proposed rule change is available at the Exchange, 
on the Exchange's Web site at http://www.amex.com, 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 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

1. Purpose
    The Exchange has entered into numerous agreements with index 
providers for the purpose of trading index options. The requirement to 
pay an index license fee to such third parties is a condition to the 
listing and trading of these index options. In many cases, the Exchange 
is required to pay a significant licensing fee to issuers or index 
owners that may not be reimbursed. In an effort to recoup the costs 
associated with index licenses, the Exchange has previously established 
a per-contract licensing fee for firms, specialists, registered options 
traders (``ROTs''), remote registered options traders (``RROTs''), 
supplemental registered options traders (``SROTs''), non-member market 
makers, and broker-dealers that is collected on every transaction in 
designated products in which a firm, specialist, ROT, RROT, SROT, non-
member market maker, or broker-dealer is a party. The licensing fees 
currently imposed are set forth in the Exchange's Options Fee Schedule.
    The Exchange is proposing to amend its Options Fee Schedule to 
increase the licensing fees for options on the Nasdaq-100 Index (NDX) 
and Mini-Nasdaq-100 Index (MNX). Currently, the licensing fees for 
these index options are $0.15 per contract side. As a result of a 
recent change to the licensing agreement for NDX and MNX, the Exchange 
is now being charged a higher license fee. Accordingly, the Exchange 
now proposes to charge $ 0.16 per contract side for NDX and MNX 
options, effective January 2, 2008.
    The Exchange submits that the proposed license fee will provide the 
Exchange with additional revenue and allow the Exchange to recoup its 
costs associated with the trading of NDX and MNX options. Furthermore, 
the Amex believes that this fee will help to allocate to those firms, 
specialists, ROTs, RROTs, SROTs, non-member market makers, and broker-
dealers transacting in NDX and MNX options a fair share of the related 
costs of offering such options. Accordingly, the Exchange believes that 
the proposed fee is reasonable.
    The Exchange asserts that the proposal is equitable as required by 
section 6(b)(4) of the Act.\5\
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    \5\ Section 6(b)(4) requires that the rules of a national 
securities exchange provide for the equitable allocation of 
reasonable dues, fees, and other charges among its members and 
issuers and other persons using its facilities. 15 U.S.C. 78f(b)(4).

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[[Page 524]]

2. Statutory Basis
    The proposed fee change is consistent with section 6(b)(4) of the 
Act \6\ regarding the equitable allocation of reasonable dues, fees, 
and other charges among exchange members and other persons using 
exchange facilities.
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    \6\ 15 U.S.C. 78f(b)(4).
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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

    Because the foregoing rule change is establishing or changing a 
due, fee, or other charge applicable only to a member, it has become 
effective pursuant to section 19(b)(3)(A)(ii) of the Act \7\ and Rule 
19b-4(f)(2) thereunder.\8\ At any time within 60 days of the filing of 
such 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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    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \8\ 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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Amex-2007-140 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-Amex-2007-140. 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, 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-Amex-2007-140 and should be 
submitted on or before January 24, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-25569 Filed 1-2-08; 8:45 am]
BILLING CODE 8011-01-P