Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change as Modified by Amendment No. 1 Thereto To Include Volume Executed by Remote Quoting Towards the Earning of Remote Quoting Rights, 6230-6231 [E8-1788]
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Federal Register / Vol. 73, No. 22 / Friday, February 1, 2008 / Notices
Commission’s Order Handling Rules.
Members would be required to continue
to comply with the firm quote rule, the
OATS rules, and the Commission’s
order routing and execution quality
disclosure rules.
If it were determined that a
supplemental MPID was being used
improperly, Nasdaq would withdraw its
grant of the supplemental MPID for all
purposes for all securities. In addition,
if a market maker or ECN were no longer
to fulfill the conditions appurtenant to
its primary MPID (e.g., by being placed
into an unexcused withdrawal), it
would not be permitted to use any
supplemental MPID for any purpose in
that security.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6(b) of the Act,4 in
general and with Section 6(b)(5) of the
Act,5 in particular, in that it is designed
to promote just and equitable principles
of trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, 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. There no longer remains
any market or technological need to
restrict the number of MPIDs market
participants can request.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
mstockstill on PROD1PC66 with NOTICES
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
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
4 15
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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18:22 Jan 31, 2008
Jkt 214001
organization consents, the Commission
will:
(A) By order approve such proposed
rule change or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
should be submitted on or before
February 22, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–1835 Filed 1–31–08; 8:45 am]
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:
BILLING CODE 8011–01–P
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–NASDAQ–2008–004
on the subject line.
Self-Regulatory Organizations;
American Stock Exchange LLC; Order
Approving a Proposed Rule Change as
Modified by Amendment No. 1 Thereto
To Include Volume Executed by
Remote Quoting Towards the Earning
of Remote Quoting Rights
Paper Comments
January 22, 2008.
• 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–NASDAQ–2008–004. 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 at (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 Nasdaq. 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–NASDAQ–2008–004 and
PO 00000
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Sfmt 4703
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57181; File No. SR–Amex–
2007–132]
On November 30, 2007, the American
Stock Exchange LLC (‘‘Amex’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend Amex Rule 994–ANTE to
include the volume executed remotely
by specialists and registered options
traders (‘‘ROTs) towards the earning of
remote quoting rights in the Exchange’s
remote registered options trader
(‘‘RROT’’) program (‘‘RROT Program’’).
On December 13, 2007, Amex filed
Amendment No. 1 to the proposed rule
change. The proposed rule change, as
amended, was published for comment
in the Federal Register on December 21,
2007.3 The Commission received no
comments on the proposal. This order
approves the proposed rule change, as
amended.
The Exchange’s RROT Program
currently allows members or member
organizations designated by the
Exchange to be awarded remote quoting
rights to enter bids and offers
electronically from locations other than
the trading crowd where the applicable
options class is traded on the
Exchange’s physical trading floor.4
ROTs and specialists are currently
awarded remote quoting rights based on
6 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 56974
(December 17, 2007), 72 FR 72803.
4 See Securities Exchange Act Release No. 53652
(April 13, 2006), 71 FR 20422 (April 20, 2006)
(approving the Exchange’s RROT Program).
1 15
E:\FR\FM\01FEN1.SGM
01FEN1
Federal Register / Vol. 73, No. 22 / Friday, February 1, 2008 / Notices
mstockstill on PROD1PC66 with NOTICES
quantitative criteria set forth in Amex
Rule 994–ANTE. Specifically,
specialists are awarded remote quoting
rights based on Exchange floor volume
executed, and their percentage of
industry market share in the options in
which they specialize. ROTs are
awarded remote quoting rights based
solely on floor volume executed.
Currently, volume executed as a result
of quoting remotely is not included in
the calculation of remote quoting rights
in Rule 994–ANTE. However, according
to the Exchange, since the
implementation of the RROT Program in
May of 2006, volume is increasingly
executed as a result of remote quotes
entered by ROTs and specialists. The
Exchange believes it is appropriate to
reward those ROTs and specialists for
the volume they execute as a result of
quoting remotely, by including such
volume towards the earning of
additional remote quoting rights.
The Commission finds that the
proposed rule change, as amended, is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.5 In particular, the
Commission finds that the proposal is
consistent with Section 6(b)(5) of the
Act,6 which requires, among other
things, that the rules of an exchange be
designed to promote just and equitable
principles of trade, remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, protect investors and the public
interest. Volume executed as a result of
quoting remotely, as well as volume
executed on the floor, contributes to
liquidity in a class. The Commission
therefore believes that it is appropriate
and consistent with the Act for the
Exchange to include volume executed
remotely by specialists and ROTs in the
calculation of remote quoting rights on
the Exchange.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,7 that the
proposed rule change (SR–Amex–2007–
132), as modified by Amendment No. 1
thereto, is approved.
5 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
6 15 U.S.C. 78f(b)(5).
7 15 U.S.C. 78s(b)(2).
8 17 CFR 200.30–3(a)(12).
VerDate Aug<31>2005
18:22 Jan 31, 2008
Jkt 214001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–1788 Filed 1–31–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57197; File No. SR–CBOE–
2008–06]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Regarding Fees for CBOE
Stock Exchange Permit Applicants
January 24, 2008.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (‘‘Act’’)
and Rule 19b–4 thereunder,2 notice is
hereby given that on January 15, 2008,
the Chicago Board Options Exchange,
Incorporated (‘‘CBOE’’ 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) 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 proposes to modify its
fees applicable to CBOE Stock Exchange
(‘‘CBSX’’) permit applicants. The text of
the proposed rule change is available at
the Exchange, at the Commission’s
Public Reference Room, and on the
Exchange’s Internet Web site at https://
www.cboe.org/legal.
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
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
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 purpose of this proposed rule
change is to amend the CBSX fee
schedule to allow for a stand-alone fee
for CBSX permit applicants. CBOE Rule
3.26 established the CBSX Permit
Program which allows the Exchange to
issue up to 100 trading permits that
confer the ability to transact on CBSX
without the necessity of acquiring a
regular Exchange membership through
purchase, lease, or otherwise. The CBSX
fee schedule lists the fees applicable to
CBSX users. Initially, CBSX permit
applicants were charged application
fees consistent with the CBOE Fee
Schedule for new membership
applications. The Exchange now seeks
to establish a stand-alone CBSX permit
application fee of $1000 that would
cover all aspects of the application
process. This fee amount provides a cost
savings to CBSX permit applicants
because it is less than the current costs
assessed to CBOE new member
applicants. The proposed rule change
will be implemented Wednesday,
January 16, 2008.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the Act,5
in general, and furthers the objectives of
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 CBOE
members 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.
1 15
2 17
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5 15
6 15
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E:\FR\FM\01FEN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
01FEN1
]]>Agencies
[Federal Register Volume 73, Number 22 (Friday, February 1, 2008)]
[Notices]
[Pages 6230-6231]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-1788]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57181; File No. SR-Amex-2007-132]
Self-Regulatory Organizations; American Stock Exchange LLC; Order
Approving a Proposed Rule Change as Modified by Amendment No. 1 Thereto
To Include Volume Executed by Remote Quoting Towards the Earning of
Remote Quoting Rights
January 22, 2008.
On November 30, 2007, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend Amex Rule 994-ANTE to include the volume
executed remotely by specialists and registered options traders
(``ROTs) towards the earning of remote quoting rights in the Exchange's
remote registered options trader (``RROT'') program (``RROT Program'').
On December 13, 2007, Amex filed Amendment No. 1 to the proposed rule
change. The proposed rule change, as amended, was published for comment
in the Federal Register on December 21, 2007.\3\ The Commission
received no comments on the proposal. This order approves the proposed
rule change, as amended.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 56974 (December 17,
2007), 72 FR 72803.
---------------------------------------------------------------------------
The Exchange's RROT Program currently allows members or member
organizations designated by the Exchange to be awarded remote quoting
rights to enter bids and offers electronically from locations other
than the trading crowd where the applicable options class is traded on
the Exchange's physical trading floor.\4\ ROTs and specialists are
currently awarded remote quoting rights based on
[[Page 6231]]
quantitative criteria set forth in Amex Rule 994-ANTE. Specifically,
specialists are awarded remote quoting rights based on Exchange floor
volume executed, and their percentage of industry market share in the
options in which they specialize. ROTs are awarded remote quoting
rights based solely on floor volume executed.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 53652 (April 13,
2006), 71 FR 20422 (April 20, 2006) (approving the Exchange's RROT
Program).
---------------------------------------------------------------------------
Currently, volume executed as a result of quoting remotely is not
included in the calculation of remote quoting rights in Rule 994-ANTE.
However, according to the Exchange, since the implementation of the
RROT Program in May of 2006, volume is increasingly executed as a
result of remote quotes entered by ROTs and specialists. The Exchange
believes it is appropriate to reward those ROTs and specialists for the
volume they execute as a result of quoting remotely, by including such
volume towards the earning of additional remote quoting rights.
The Commission finds that the proposed rule change, as amended, is
consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities exchange.\5\
In particular, the Commission finds that the proposal is consistent
with Section 6(b)(5) of the Act,\6\ which requires, among other things,
that the rules of an exchange be designed to promote just and equitable
principles of trade, remove impediments to and perfect the mechanism of
a free and open market and a national market system, and, in general,
protect investors and the public interest. Volume executed as a result
of quoting remotely, as well as volume executed on the floor,
contributes to liquidity in a class. The Commission therefore believes
that it is appropriate and consistent with the Act for the Exchange to
include volume executed remotely by specialists and ROTs in the
calculation of remote quoting rights on the Exchange.
---------------------------------------------------------------------------
\5\ In approving this proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\7\ that the proposed rule change (SR-Amex-2007-132), as modified
by Amendment No. 1 thereto, is approved.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(2).
\8\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-1788 Filed 1-31-08; 8:45 am]
BILLING CODE 8011-01-P
