Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Exchange Fees and Charges, 3305-3306 [E8-792]
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Federal Register / Vol. 73, No. 12 / Thursday, January 17, 2008 / Notices
regarding the proposal. This order
approves the proposed rule changes.
II. Description of the Proposal
NYSE Arca Equities Rule 2.16
currently provides that all Equity
Trading Permit (‘‘ETP’’) Holders 4 must
file their formation documents with the
Corporation. The Exchange proposes to
amend NYSE Arca Equities Rule 2.16 in
order to provide that only those ETP
Holders for which the Exchange is the
Designated Examining Authority must
submit such formation documents to the
Corporation.
NYSE Arca Equities Rule 4.5(b)
currently requires ETP Holders that
carry or clear accounts for customers to
file two manually signed copies of Part
II of SEC Form X–17A–5 with the
Corporation on a quarterly basis. The
Exchange proposes to amend NYSE
Arca Equities Rule 4.5(b) to provide that
such reports shall be filed electronically
with the Corporation, rather than
manually, and that the ETP Holder shall
maintain original copies of such reports
with manual signatures in accordance
with NYSE Arca Equities Rule 2.24.5
NYSE Arca Equities Rule 4.5(c)
currently requires ETP Holders that do
not carry or clear accounts for customers
to file two manually signed copies of
Part IIA of SEC Form X–17A–5 with the
Corporation on a quarterly basis. The
Exchange proposes to amend NYSE
Arca Equities Rule 4.5(c) to provide that
such reports shall be filed electronically
with the Corporation, rather than
manually, and that the ETP Holder shall
maintain original copies of such reports
with manual signatures in accordance
with NYSE Arca Equities Rule 2.24.6
Finally, the Exchange proposes to
amend paragraphs (b) and (c) of NYSE
Arca Equities Rule 4.5 to codify
procedural changes that have been
implemented by the Exchange and to be
consistent with guidance that has been
provided previously to ETP Holders.
III. Discussion
After careful review and based on the
Exchange’s representations, the
Commission finds that the proposed
rule changes are consistent with the
requirements of the Act and the rules
and regulations applicable to a national
4 See
NYSE Arca Equities Rule 1.1(n).
Arca Equities Rule 2.24 provides that
each ETP Holder must make, keep current and
preserve such books and records as the Exchange
may prescribe and as may be prescribed by the
Securities Exchange Act of 1934 (the ‘‘Exchange
Act’’) and the rules and regulations thereunder
(including any interpretation relating thereto) as
though such ETP Holders were brokers or dealers
registered with the SEC pursuant to Section 15 of
the Exchange Act.
6 Id.
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5 NYSE
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securities exchange.7 In particular, the
Commission finds that the proposed
rule changes are consistent with Section
6(b)(5) 8 which requires, among other
things, that the rules of a national
securities exchange be designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, and to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system.
The Commission believes it is
reasonable and consistent with the Act
for the Exchange to amend NYSE Arca
Equities Rules 2.16 and 4.5(b) and (c) in
order to simplify the administrative
procedures that ETP Holders must
follow, given the fact that the Exchange
believes that such amendments will not
compromise the Exchange’s ability to
regulate its ETP Holders.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,9 that the
proposed rule change (SR–NYSEArca–
2006–82), as amended, be, and hereby
is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–737 Filed 1–16–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57122; File No. SR–
NYSEArca–2008–02]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to Exchange
Fees and Charges
January 10, 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 3,
2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
7 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
8 15 U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(2).
10 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
3305
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
substantially by the Exchange. NYSE
Arca has designated this proposal as one
establishing or changing a member due,
fee, or other charge imposed by the
Exchange under 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
NYSE Arca is proposing to amend the
existing Schedule of Fees and Charges
for Exchange Services (‘‘Schedule’’) to
remove the fee reference associated with
a pilot program that offered a monthly
cap on the Firm Facilitation Fee. The
pilot program expired on December 31,
2007. The text of the proposed rule
change is available at https://
www.nyse.com, the principal offices of
the Exchange, and 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. NYSE
Arca 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 proposes to amend its
Schedule to reflect the termination of a
pilot program under which OTP Firms
are eligible for a monthly cap of $50,000
on Firm Facilitation Fees (‘‘Pilot’’).
The Pilot was established as part of
SR–NYSEArca–2007–93 5 and was in
3 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
5 See Securities Exchange Act Release No. 56595
(October 1, 2007) 72 FR 57372 (October 9, 2007)
(SR–NYSEArca–2007–93). In addition to the
establishment of the Pilot Program capping monthly
fees, SR–NYSEArca–2007–93 proposed other
4 17
E:\FR\FM\17JAN1.SGM
Continued
17JAN1
3306
Federal Register / Vol. 73, No. 12 / Thursday, January 17, 2008 / Notices
effect through December 31, 2007. By
offering a monthly cap of the Firm
Facilitation Fee, the Exchange hoped to
garner additional order flow from
market participants that were attracted
to the competitive fee structure. The
Exchange offered this fee cap on a
limited pilot basis in order to measure
its effectiveness and then make a
determination whether to adopt it on a
permanent basis.
After analyzing the effectiveness of
the fee cap during the Pilot, the
Exchange determined that the Pilot did
not meet its stated objectives, and
therefore the Exchange did not extend
the program. The program expired on
December 31, 2007. The Exchange now
plans to revise the Schedule to remove
the reference to the Pilot Program.
2. Statutory Basis
The Exchange believes the proposal is
consistent with Section 6(b) of the Act 6
in general, and Section 6(b)(4) of the
Act 7 in particular, in that it provides for
the equitable allocation of reasonable
dues, fees, and other charges among its
members.
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
mstockstill on PROD1PC66 with NOTICES
The foregoing proposed rule change
has been designated as a fee change
pursuant to Section 19(b)(3)(A)(ii) of the
Act 8 and Rule 19b–4(f)(2) 9 thereunder,
because it establishes or changes a due,
fee, or other charge imposed on
members by the Exchange. 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
changes related to the Firm Facilitation Fee. This
filing serves only to amend the Schedule by
removing the reference to the fee cap, and proposes
no other changes to the application of the Firm
Facilitation Fee.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4).
8 15 U.S.C. 78s(b)(3)(A)(ii).
9 17 CFR 240.19b–4(f)(2).
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17:07 Jan 16, 2008
Jkt 214001
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–NYSEArca–2008–02 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–NYSEArca–2008–02. 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–NYSEArca–2008–02 and
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
should be submitted on or before
February 7, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–792 Filed 1–16–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57134; File No. SR–Phlx–
2005–68]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Order Granting Approval of a
Proposed Rule Change and
Amendment No. 1 Thereto Relating to
Deletion of Rule 702, Carrying
Accounts
January 11, 2008.
I. Introduction
On November 9, 2005, the
Philadelphia Stock Exchange, Inc.
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’), pursuant to
Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and
19b–4 thereunder,2 a proposal to delete
Phlx Rule 702. regarding Carrying
Accounts. Phlx filed Amendment No. 1
to the proposed rule change on January
18, 2007. Notice of the proposal, as
amended, was published for comment
in the Federal Register on February 14,
2007.3 The Commission received no
comments regarding the proposal. This
order approves the proposed rule
change, as amended.
II. Description of the Proposal
The purpose of the proposed rule
change to delete Rule 702, Carrying
Accounts, is to eliminate an
unnecessary and confusing Exchange
rule. Currently, Rule 702 provides that
‘‘[n]o member, doing business as an
individual, shall carry accounts for
customers, except as provided in Rule
903.’’ 4
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Exchange Act Release No. 55256 (Feb. 8, 2007),
72 FR 7106 (Feb. 14, 2007).
4 The reference to Rule 903 is clearly an incorrect
reference which should be to Rule 904, Use of a
Partnership Name, which provides that ‘‘[n]o
member shall conduct business under a partnership
firm name unless he has at least one general
partner, provided, however, that if by death or
otherwise a member becomes the sole general
partner in a member organization that is a
partnership he may continue business under the
1 15
E:\FR\FM\17JAN1.SGM
17JAN1
]]>Agencies
[Federal Register Volume 73, Number 12 (Thursday, January 17, 2008)]
[Notices]
[Pages 3305-3306]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-792]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57122; File No. SR-NYSEArca-2008-02]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change Relating to
Exchange Fees and Charges
January 10, 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 3, 2008, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II and III below, which
Items have been prepared substantially by the Exchange. NYSE Arca has
designated this proposal as one establishing or changing a member due,
fee, or other charge imposed by the Exchange under 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
NYSE Arca is proposing to amend the existing Schedule of Fees and
Charges for Exchange Services (``Schedule'') to remove the fee
reference associated with a pilot program that offered a monthly cap on
the Firm Facilitation Fee. The pilot program expired on December 31,
2007. The text of the proposed rule change is available at https://
www.nyse.com, the principal offices of the Exchange, and 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. NYSE Arca 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 proposes to amend its Schedule to reflect the
termination of a pilot program under which OTP Firms are eligible for a
monthly cap of $50,000 on Firm Facilitation Fees (``Pilot'').
The Pilot was established as part of SR-NYSEArca-2007-93 \5\ and
was in
[[Page 3306]]
effect through December 31, 2007. By offering a monthly cap of the Firm
Facilitation Fee, the Exchange hoped to garner additional order flow
from market participants that were attracted to the competitive fee
structure. The Exchange offered this fee cap on a limited pilot basis
in order to measure its effectiveness and then make a determination
whether to adopt it on a permanent basis.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 56595 (October 1,
2007) 72 FR 57372 (October 9, 2007) (SR-NYSEArca-2007-93). In
addition to the establishment of the Pilot Program capping monthly
fees, SR-NYSEArca-2007-93 proposed other changes related to the Firm
Facilitation Fee. This filing serves only to amend the Schedule by
removing the reference to the fee cap, and proposes no other changes
to the application of the Firm Facilitation Fee.
---------------------------------------------------------------------------
After analyzing the effectiveness of the fee cap during the Pilot,
the Exchange determined that the Pilot did not meet its stated
objectives, and therefore the Exchange did not extend the program. The
program expired on December 31, 2007. The Exchange now plans to revise
the Schedule to remove the reference to the Pilot Program.
2. Statutory Basis
The Exchange believes the proposal is consistent with Section 6(b)
of the Act \6\ in general, and Section 6(b)(4) of the Act \7\ in
particular, in that it provides for the equitable allocation of
reasonable dues, fees, and other charges among its members.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 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 written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has been designated as a fee
change pursuant to Section 19(b)(3)(A)(ii) of the Act \8\ and Rule 19b-
4(f)(2) \9\ thereunder, because it establishes or changes a due, fee,
or other charge imposed on members by the Exchange. 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\9\ 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-NYSEArca-2008-02 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-NYSEArca-2008-02. 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-NYSEArca-2008-02 and should
be submitted on or before February 7, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. E8-792 Filed 1-16-08; 8:45 am]
BILLING CODE 8011-01-P
