Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Reduce the Trading Floor Regulatory Fee, 1391-1392 [E8-83]

Download as PDF Federal Register / Vol. 73, No. 5 / Tuesday, January 8, 2008 / Notices the most significant aspects of such statements. 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. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Nasdaq is amending its rule manual to reflect MFQS fees previously approved when MFQS was operated as a facility of the National Association of Securities Dealers (‘‘NASD’’) but inadvertently not transferred to the corresponding Nasdaq rule when Nasdaq commenced operations as a national securities exchange on August 1, 2006. Pursuant to SR–NASD–2005–059 ,5Nasdaq amended NASD Rule 7090 subsections (a) and (d) to provide for annual MFQS listing fees of $475 for News Media List and $350 for the Supplemental List, as well as a $25 administrative fee. The changes were approved by the Commission and became effective September 27, 2005. However, due to an oversight, the Nasdaq manual, as replicated by Nasdaq upon its separation from NASD, did not include the revised and approved subsections (a) or (d) in its corresponding Rule 7033. Nevertheless, Nasdaq has charged the approved fees since the effective date of the approval. Nasdaq seeks to rectify the oversight through the current rule proposal. 2. Statutory Basis Nasdaq believes that the proposed rule change is consistent with Section 6(b) of the Act 6 in general, and with Section 6(b)(4) of the Act,7 in particular, in that the proposal provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility or system which Nasdaq operates or controls. The proposed rule change corrects certain errors in the rule manual to reflect previously approved MFQS fees. B. Self-Regulatory Organization’s Statement on Burden on Competition pwalker on PROD1PC71 with NOTICES Nasdaq 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. 5 Securities Exchange Act Release No. 52517 (September 27, 2005), 70 FR 57908 (October 4, 2005). 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(4). VerDate Aug<31>2005 17:32 Jan 07, 2008 Jkt 214001 II. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has been designated as concerned solely with the administration of a selfregulatory organization pursuant to Section 19(b)(3)(A)(iii) of the Act 8 and Rule 19b–4(f)(3) 9 thereunder. Accordingly, the proposal is effective upon filing with the Commission. 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. III. 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–NASDAQ–2007–093 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NASDAQ–2007–093. 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 publicly available. All submissions should refer to File Number SR–NASDAQ–2007–093 and should be submitted on or before January 29, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–84 Filed 1–7–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57084; File No. SR–NYSE– 2007–121] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Reduce the Trading Floor Regulatory Fee January 2, 2008. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on December 26, 2007, the New York Stock Exchange LLC (‘‘NYSE’’ 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 NYSE. The NYSE has designated this proposal as one establishing or changing a due, fee, or other charge imposed by the NYSE under section 19(b)(3)(A)(ii) of the Act,3 and Rule 19b–4(f)(2) 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 8 15 9 17 PO 00000 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(3). Frm 00078 Fmt 4703 Sfmt 4703 1391 E:\FR\FM\08JAN1.SGM 08JAN1 1392 Federal Register / Vol. 73, No. 5 / Tuesday, January 8, 2008 / Notices 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 NYSE proposes to reduce the annual trading floor regulatory fee allocated among the specialists from $16,000,000 to $8,000,000. The text of the proposed rule change is available on the Exchange’s Web site (https:// www.nyse.com), at the Exchange, 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 NYSE 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 pwalker on PROD1PC71 with NOTICES 1. Purpose Effective January 1, 2008, the Exchange proposes to reduce from $16,000,000 to $8,000,000 the annual trading floor regulatory fee allocated among the specialists. The purpose of the trading floor regulatory fee is to defray the costs incurred by the Exchange in connection with the monitoring of trading floor activity by the Exchange’s Market Surveillance Division. The Exchange has determined that, given the dramatically increased percentage of trades automatically executed and the shifts in the specialists’ trading role as a result of the Hybrid Market initiative, it is appropriate to reduce the specialists’ direct contribution to the regulatory program. The fee reduction will not have any impact on the Exchange’s ability to maintain its current level of trading floor surveillance or to develop and adopt new surveillance technologies and procedures in the future. 4 17 CFR 240.19b–4(f)(2). VerDate Aug<31>2005 17:32 Jan 07, 2008 Jkt 214001 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of section 6 of the Act 5 in general and section 6(b)(4) of the Act 6 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 NYSE does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purpose of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments were neither solicited nor received. 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) of the Act.7 and Rule 19b–4(f)(2) 8 thereunder because it changes a fee imposed by the Exchange. 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. Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2007–121. 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 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–2007–121 and should be submitted on or before January 29, 2008. 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.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–83 Filed 1–7–08; 8:45 am] 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–2007–121 on the subject line. SECURITIES AND EXCHANGE COMMISSION Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, U.S.C. 78f. U.S.C. 78f(b)(4). 7 15 U.S.C. 78s(b)(3)(A). 8 17 CFR 240.19b–4(f)(2). 6 15 Frm 00079 Fmt 4703 [Release No. 34–57069; File No. SR– NYSEArca–2007–126] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending Certain Transaction Fees and Credits December 31, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 5 15 PO 00000 BILLING CODE 8011–01–P 9 17 Sfmt 4703 E:\FR\FM\08JAN1.SGM CFR 200.30–3(a)(12). 08JAN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 73, Number 5 (Tuesday, January 8, 2008)]
[Notices]
[Pages 1391-1392]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-83]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57084; File No. SR-NYSE-2007-121]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Reduce the Trading Floor Regulatory Fee

January 2, 2008.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on December 26, 2007, the New York Stock Exchange LLC (``NYSE'' 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 
NYSE. The NYSE has designated this proposal as one establishing or 
changing a due, fee, or other charge imposed by the NYSE under section 
19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b-4(f)(2)

[[Page 1392]]

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

    NYSE proposes to reduce the annual trading floor regulatory fee 
allocated among the specialists from $16,000,000 to $8,000,000. The 
text of the proposed rule change is available on the Exchange's Web 
site (https://www.nyse.com), at the Exchange, 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 NYSE 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
    Effective January 1, 2008, the Exchange proposes to reduce from 
$16,000,000 to $8,000,000 the annual trading floor regulatory fee 
allocated among the specialists. The purpose of the trading floor 
regulatory fee is to defray the costs incurred by the Exchange in 
connection with the monitoring of trading floor activity by the 
Exchange's Market Surveillance Division. The Exchange has determined 
that, given the dramatically increased percentage of trades 
automatically executed and the shifts in the specialists' trading role 
as a result of the Hybrid Market initiative, it is appropriate to 
reduce the specialists' direct contribution to the regulatory program. 
The fee reduction will not have any impact on the Exchange's ability to 
maintain its current level of trading floor surveillance or to develop 
and adopt new surveillance technologies and procedures in the future.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of section 6 of the Act \5\ in general and section 
6(b)(4) of the Act \6\ 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.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f.
    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    NYSE does not believe that the proposed rule change will impose any 
burden on competition that is not necessary or appropriate in 
furtherance of the purpose of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    Written comments were neither solicited nor received.

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) of the Act.\7\ and Rule 19b-4(f)(2) \8\ thereunder because 
it changes a fee imposed by the Exchange. 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.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \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 rule-comments@sec.gov. Please include 
File Number SR-NYSE-2007-121 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-2007-121. 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 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-2007-121 and should be 
submitted on or before January 29, 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. E8-83 Filed 1-7-08; 8:45 am]
BILLING CODE 8011-01-P

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