Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to BOX's Licensing Fees, 2961-2962 [E8-628]
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Federal Register / Vol. 73, No. 11 / Wednesday, January 16, 2008 / Notices
of the Act 6 and Rule 19b–4(f)(6) 7
thereunder because the proposal does
not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) by its
terms, 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 the public
interest.
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) 8 permits the Commission to
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 period. The Commission believes
that waiver of the 30-day operative
delay period is consistent with the
protection of investors and the public
interest. Specifically, the Commission
believes that the proposal would clarify
to issuers the Exchange’s existing
interpretation of the Sections and codify
the interpretation in the Exchange’s
rules. Further, the Commission notes
that the proposed rule change is
identical to Nasdaq Rule 4330.9
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such proposed 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.10
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
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
8 17 CFR 240.19b–4(f)(6)(iii).
9 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
10 15 U.S.C. 78s(b)(3)(C).
Number SR–Amex–2007–89 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
Release No. 34–57114; File No. SR-BSE–
2008–01]
• 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–2007–89. 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–Amex–2007–89 and should
be submitted on or before February 6,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–627 Filed 1–15–08; 8:45 am]
BILLING CODE 8011–01–P
6 15
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2961
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change Relating to
BOX’s Licensing Fees
January 8, 2008.
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 January 2,
2008, 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 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The BSE is proposing to amend the
Fee Schedule of the Boston Options
Exchange (‘‘BOX’’). The proposed
amendment will increase the fees for
transactions in options on certain
indices effected by a broker-dealer
through its proprietary accounts.
The text of the proposed rule change
is available at the Exchange, on the
Exchange’s Web site at https://
www.bostonstock.com/Regulatory/
effective.aspx, 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
1 15
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
11 17
PO 00000
CFR 200.30–3(a)(12).
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2962
Federal Register / Vol. 73, No. 11 / Wednesday, January 16, 2008 / Notices
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
On November 13, 2006, the Exchange
entered into a licensing agreement
(‘‘Agreement’’) with The NASDAQ
Stock Market, Inc. (‘‘Nasdaq’’) to use
various indices and trademarks in
connection with the listing and trading
of index options on the full value
Nasdaq-100 Index (‘‘NDX’’)5 and the
reduced value Nasdaq-100 Index
(Mini-NDX Index (MNX)).6 The
Agreement established a license fee,
payable by BOX to Nasdaq, of $0.15 per
NDX and MNX contracts traded on
BOX. On November 14, 2006, the
Exchange established a $0.15 surcharge
fee for transactions in options on NDX
and MNX.7 As with certain other
licensed options, the Exchange adopted
a surcharge fee for trading in these
options to defray the licensing costs.
The Exchange believes that charging the
BOX Options Participants that trade
these instruments is the most equitable
means of recovering the costs of the
license.
The Agreement between the Exchange
and Nasdaq was set to expire on
December 31, 2007. The Exchange has
recently entered into an extension of the
jlentini on PROD1PC65 with NOTICES
5 Nasdaq,
Nasdaq-100 and Nasdaq-100 Index
are registered trademarks of The Nasdaq Stock
Market, Inc. (which with its affiliates are the
‘‘Corporations’’) and are licensed for use by the
Boston Options Exchange Group in connection with
the trading of options products based on the
Nasdaq-100 Index. The product(s) have not been
passed on by the Corporations as to their legality
or suitability. The product(s) are not issued,
endorsed, sold, or promoted by the Corporations.
The Corporations make no warranties and bear no
liability with respect to the product(s). The
Corporations do not guarantee the accuracy and/or
uninterrupted calculation of the Nasdaq-100
Index or any data included therein. The
Corporations make no warranty, express or implied,
as to results to be obtained by licensee, owners of
the product(s), or any other person or entity from
the use of the Nasdaq-100 Index or any data
included therein. The Corporations make no
express or implied warranties, and expressly
disclaim all warranties of merchantability or fitness
for a particular purpose or use with respect to the
Nasdaq-100 Index or any data included therein.
Without limiting any of the foregoing, in no event
shall the Corporations have any liability for any lost
profits or special, incidental, punitive, indirect or
consequential damages, even if notified of the
possibility of such damages.
6 See id.
7 On December 20, 2006, BSE filed Amendment
No. 1 to that proposed rule change. See Securities
Exchange Act Release No. 55000 (December 21,
2006), 71 FR 78479 (December 29, 2006) (SR–BSE–
2006–47).
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17:55 Jan 15, 2008
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Agreement for the listing and trading of
NDX and MNX options. The extension
imposes a one cent ($0.01) increase in
the per contract license fees charged to
BOX by Nasdaq. The proposed rule
change would increase the current
surcharge fee for transactions in NDX
and MNX options by one cent (($0.01),
to 16 cents ($0.16). This increase will
correspondingly offset the costs
incurred by BOX.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of section 6(b) of the Act,8
in general, and section 6(b)(4) of the
Act,9 in particular, which requires that
an exchange provide for the equitable
allocation of reasonable dues, fees, and
other charges among its members and
issuers and other persons using its
facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received comments on 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
Act10 and Rule 19b–4(f)(2) thereunder.11
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.
8 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
10 15 U.S.C. 78s(b)(3)(A)(ii).
11 17 CFR 240.19b–4(f)(2).
9 15
PO 00000
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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–BSE–2008–01 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–BSE–2008–01. 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–BSE–2008–01 and should
be submitted on or before February 6,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–628 Filed 1–15–08; 8:45 am]
BILLING CODE 8011–01–P
12 17
E:\FR\FM\16JAN1.SGM
CFR 200.30–3(a)(12).
16JAN1
]]>Agencies
[Federal Register Volume 73, Number 11 (Wednesday, January 16, 2008)]
[Notices]
[Pages 2961-2962]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-628]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Release No. 34-57114; File No. SR-BSE-2008-01]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to BOX's Licensing Fees
January 8, 2008.
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 January 2, 2008, 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 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.
---------------------------------------------------------------------------
\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 BSE is proposing to amend the Fee Schedule of the Boston
Options Exchange (``BOX''). The proposed amendment will increase the
fees for transactions in options on certain indices effected by a
broker-dealer through its proprietary accounts.
The text of the proposed rule change is available at the Exchange,
on the Exchange's Web site at https://www.bostonstock.com/Regulatory/
effective.aspx, 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
[[Page 2962]]
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
On November 13, 2006, the Exchange entered into a licensing
agreement (``Agreement'') with The NASDAQ Stock Market, Inc.
(``Nasdaq'') to use various indices and trademarks in connection with
the listing and trading of index options on the full value Nasdaq-
100[reg] Index (``NDX'')\5\ and the reduced value Nasdaq-100[reg] Index
(Mini-NDX[reg] Index (MNX)).\6\ The Agreement established a license
fee, payable by BOX to Nasdaq, of $0.15 per NDX and MNX contracts
traded on BOX. On November 14, 2006, the Exchange established a $0.15
surcharge fee for transactions in options on NDX and MNX.\7\ As with
certain other licensed options, the Exchange adopted a surcharge fee
for trading in these options to defray the licensing costs. The
Exchange believes that charging the BOX Options Participants that trade
these instruments is the most equitable means of recovering the costs
of the license.
---------------------------------------------------------------------------
\5\ Nasdaq[reg], Nasdaq-100[reg] and Nasdaq-100 Index[reg] are
registered trademarks of The Nasdaq Stock Market, Inc. (which with
its affiliates are the ``Corporations'') and are licensed for use by
the Boston Options Exchange Group in connection with the trading of
options products based on the Nasdaq-100 Index[reg]. The product(s)
have not been passed on by the Corporations as to their legality or
suitability. The product(s) are not issued, endorsed, sold, or
promoted by the Corporations. The Corporations make no warranties
and bear no liability with respect to the product(s). The
Corporations do not guarantee the accuracy and/or uninterrupted
calculation of the Nasdaq-100 Index[reg] or any data included
therein. The Corporations make no warranty, express or implied, as
to results to be obtained by licensee, owners of the product(s), or
any other person or entity from the use of the Nasdaq-100 Index[reg]
or any data included therein. The Corporations make no express or
implied warranties, and expressly disclaim all warranties of
merchantability or fitness for a particular purpose or use with
respect to the Nasdaq-100 Index or any data included therein.
Without limiting any of the foregoing, in no event shall the
Corporations have any liability for any lost profits or special,
incidental, punitive, indirect or consequential damages, even if
notified of the possibility of such damages.
\6\ See id.
\7\ On December 20, 2006, BSE filed Amendment No. 1 to that
proposed rule change. See Securities Exchange Act Release No. 55000
(December 21, 2006), 71 FR 78479 (December 29, 2006) (SR-BSE-2006-
47).
---------------------------------------------------------------------------
The Agreement between the Exchange and Nasdaq was set to expire on
December 31, 2007. The Exchange has recently entered into an extension
of the Agreement for the listing and trading of NDX and MNX options.
The extension imposes a one cent ($0.01) increase in the per contract
license fees charged to BOX by Nasdaq. The proposed rule change would
increase the current surcharge fee for transactions in NDX and MNX
options by one cent (($0.01), to 16 cents ($0.16). This increase will
correspondingly offset the costs incurred by BOX.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of section 6(b) of the Act,\8\ in general, and section
6(b)(4) of the Act,\9\ in particular, which requires that an exchange
provide for the equitable allocation of reasonable dues, fees, and
other charges among its members and issuers and other persons using its
facilities.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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 comments on 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\10\ and Rule
19b-4(f)(2) thereunder.\11\ 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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
\11\ 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-BSE-2008-01 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-BSE-2008-01. 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-BSE-2008-01 and should be
submitted on or before February 6, 2008.
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-628 Filed 1-15-08; 8:45 am]
BILLING CODE 8011-01-P
