Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Fees Applicable to Certain Exchange Traded Funds and Rebates for Tape B Securities, 6764-6766 [E8-1987]
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6764
Federal Register / Vol. 73, No. 24 / Tuesday, February 5, 2008 / Notices
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 offices 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–NYSEArca–2008–03 and
should be submitted on or before
February 26, 2008.
IV. Commission’s Findings and Order
Granting Accelerated Approval of the
Proposed Rule Change
After careful review, the Commission
finds that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.10 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act,11 which requires that
an exchange have rules designed, among
other things, to promote just and
equitable principles of trade, 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.
Surveillance
rmajette on PROD1PC64 with NOTICES
The Commission notes that the
Exchange has represented that its
existing surveillance procedures
applicable to trading options are
adequate to properly monitor trading in
Multiple Fund Shares options and
Inverse Fund Shares options. In
addition, the Exchange represented that
the expansion of the types of
investments that may be held by
Multiple Fund Shares or Inverse Fund
Shares under NYSE Arca Rules 5.3(g)
and 5.4 will not have any effect on the
rules pertaining to position and exercise
limits 12 or margin.13
10 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
11 15 U.S.C. 78f(b)(5).
12 See NYSE Arca Rules 5.49 and 6.9.
13 See NYSE Arca Rule 5.25.
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15:34 Feb 04, 2008
Jkt 214001
Listing and Trading Options on Fund
Shares
The Commission notes that, pursuant
to the proposed rule change, the
Exchange represented that the current
continuing or maintenance listing
standards for options on Exchange
Traded Fund Shares will continue to
apply. These provisions include
requirements regarding initial and
continued listing standards, suspension
of opening transactions, and trading
halts. Proposed amended NYSE Arca
Rule 5.3(g), would require that Multiple
Fund Shares and Inverse Fund Shares
be traded on a national securities
exchange and must be an ‘‘NMS stock’’
as defined under Rule 600 of Regulation
NMS.14
The Commission believes that this
proposal is necessary to enable the
Exchange to list and trade options on
Multiple Fund Shares and Inverse Fund
Shares such as those currently issued by
ProShares Trust and Rydex ETF Trust
that trade on the Exchange pursuant to
unlisted trading privileges under NYSE
Arca Equities Rule 5.2(j)(3).15 The
Commission believes that the ability to
trade options on the Multiple and
Inverse Fund Shares will provide
investors with additional risk
management tools. The Commission
further believes that the proposed
amendment to the Exchange’s listing
criteria for options on Exchange Traded
Fund Shares will ensure that the
Exchange will be able to list options on
the Funds of the ProShares Trust and
Rydex ETF Trust as well as other
Multiple Fund Shares or Inverse Fund
Shares that may be introduced in the
future, thereby affording investors
greater investment choices.
The Commission finds good cause for
approving this proposal before the 30th
day after the publication of notice
thereof in the Federal Register. The
Commission notes that it has previously
approved substantially similar
proposals by other national securities
exchanges.16 The Commission presently
is not aware of any regulatory issue that
should cause it to revisit those findings
or would preclude the listing and
trading of the options on Multiple Fund
and Inverse Fund Shares on the
Exchange. Accelerating approval of this
proposed rule change would allow the
14 17
CFR 242.600(b)(47).
supra note 5.
16 See Securities Exchange Act Release Nos.
56871 (November 30, 2007), 72 FR 68924
(December 6, 2007) (approving SR–ISE–2007–87 on
an accelerated basis); 56715 (October 29, 2007), 72
FR 62287 (November 2, 2007) (approving SR–
CBOE–2007–119 on an accelerated basis); 56650
(October 12, 2007), 72 FR 59123 (October 18, 2007)
(SR–Amex–2007–35).
15 See
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Fmt 4703
Sfmt 4703
options on Multiple Fund and Inverse
Fund Shares to be listed on the
Exchange without undue delay and
continuously traded without
interruption, to the benefit of investors.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,17 that the
proposed rule change (SR–NYSEArca–
2008–03) be, and it hereby is, approved
on an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–1986 Filed 2–4–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57221; File No. SR–
NYSEArca-2008–11]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Fees
Applicable to Certain Exchange Traded
Funds and Rebates for Tape B
Securities
January 29, 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 16, 2008,
NYSE Arca, Inc. (‘‘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, through its whollyowned subsidiary NYSE Arca Equities,
proposes to amend the section of its
Schedule of Fees and Charges for
17 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b-4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b-4(f)(2).
18 17
E:\FR\FM\05FEN1.SGM
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Federal Register / Vol. 73, No. 24 / Tuesday, February 5, 2008 / Notices
Exchange Services (the ‘‘Fee Schedule’’)
that applies to: (1) Orders submitted to
the Exchange by ETP Holders 5 for (i)
equity securities listed on the American
Stock Exchange, LLC or any regional
securities exchange (‘‘Tape B
Securities’’) or (ii) Exchange Traded
Funds (‘‘ETFs’’) listed on the New York
Stock Exchange, LLC (‘‘NYSE’’); and (2)
fees assessed by the Exchange for
certain connectivity applications. While
changes to the Fee Schedule pursuant to
this proposal are effective upon filing,
this filing applies the changes
retroactively to January 1, 2008. The text
of the proposed rule change is available
at the Exchange, the Commission’s
Public Reference Room, and on the
Exchange’s Internet Web site at https://
www.nyse.com.
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.
rmajette on PROD1PC64 with NOTICES
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 relevant section
of its Fee Schedule that applies to
rebates provided to ETP Holders that
submit orders which provide liquidity
on NYSE Arca Equities for equity
securities listed on the American Stock
Exchange, LLC, or any regional stock
exchange, commonly referred to as Tape
B Securities. Currently, ETP Holders
must qualify to receive the rebates for
Tape B Securities by meeting criteria
specified within the Fee Schedule.
These criteria, based on trade volume
submitted to NYSE Arca Equities in
Tape B securities by an ETP Holder,
designate initial and ongoing
requirements in order for the ETP
Holder to meet and maintain their
eligibility to receive the rebates. Paid
monthly,6 the rebate represents an
5 See
NYSE Arca Equities Rule 1.1(n).
the rebates for Tape B securities are
paid by the Exchange to ETP Holders on a monthly
basis, these revenues are received by the Exchange
6 Although
VerDate Aug<31>2005
15:34 Feb 04, 2008
Jkt 214001
estimated fifty percent (50%) of the tape
revenue credit received from the
Consolidated Tape Association (‘‘CTA’’)
by the Exchange for the eligible
transactions 7 of Tape B securities
executed by the ETP Holder. Tape
revenue received by the Exchange for
transactions submitted by ETP Holders
that do not meet the eligibility criteria
for the Tape B rebates is not shared with
such ETP Holders.
As NYSE Arca Equities no longer
believes such criteria, or limiting the
eligibility for such rebates, to be
appropriate, the Exchange proposes to
remove the criteria in their entirety and
provide fifty percent (50%) of the
estimated tape revenue credit to all ETP
Holders which submit limit orders for
Tape B securities that provide liquidity
for the NYSE Arca Equities Book.
Payment of the rebates will continue on
a monthly basis. While changes to the
Fee Schedule pursuant to this proposal
will be effective upon filing, the changes
will be implemented retroactively to
January 1, 2008 for billing purposes of
the Exchange.
With this filing, the Exchange also
makes clarifying amendments to the Fee
Schedule to reflect the transfer of all
ETFs previously listed on the NYSE to
NYSE Arca Equities. The transfer,
announced by the NYSE in 2007, was
completed by its deadline of December
31, 2007. Therefore, references to fees,
credits or rebates specific to ETFs listed
on the NYSE are obsolete.
Additionally, the current charge of
$300 listed for subscription of the
RealTick financial software, operated
by Townsend Analytics (‘‘TAL’’) and
offered to ETP Holders by the Exchange
is not appropriate in light of the various
options that ETP Holders may select to
receive. Depending on the RealTick
package an ETP Holder elects to receive,
the charge may be greater or lesser than
the current listed charge of $300. For
this reason, NYSE Arca Equities
proposes to clarify that all fees assessed
to an ETP Holder for each RealTick
workstation to which they subscribe
shall be fees incurred by the Exchange
from TAL, for providing such services,
and passed through to the ETP Holder.
There will be no change to the fees
payable by ETP Holders for the use of
the RealTick software as a result of
this amendment.
from the CTA quarterly. As a result, the Exchange
provides an estimated monthly payment to ETP
Holders for eligible transactions submitted for Tape
B securities based on information available and/or
previous monies received from the CTA.
7 Rebates for Tape B securities are applicable to
limit orders submitted by ETP Holders that are
residing in the NYSE Arca Equities Book and that
execute against inbound marketable orders.
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
6765
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the Act,8
in general, and furthers the objectives of
Section 6(b)(4) of the Act,9 in particular,
in that it is designed to provide for the
equitable allocation of reasonable dues,
fees, and other charges among Exchange
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.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is
effective upon filing pursuant to Section
19(b)(3)(A)(ii) 10 of the Act and Rule
19b–4(f)(2) 11 thereunder because it
establishes or changes a due, fee, or
other charge applicable only to a
member imposed by the Exchange. 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.
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-2008–11 on the
subject line.
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
E:\FR\FM\05FEN1.SGM
05FEN1
6766
Federal Register / Vol. 73, No. 24 / Tuesday, February 5, 2008 / Notices
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–NYSEArca–2008–11. 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 on official business days between
the hours of 10 a.m. and 3 p.m. Copies
of such filing will also 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 No. SR–NYSEArca2008–11 and should be submitted on or
before February 26, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–1987 Filed 2–4–08; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
rmajette on PROD1PC64 with NOTICES
Public Federal Regulatory
Enforcement Fairness Hearing; Region
IX Regulatory Fairness Board
The U.S. Small Business
Administration (SBA) Region IX
Regulatory Fairness Board and the SBA
Office of the National Ombudsman will
hold a National Regulatory Fairness
Hearing on Tuesday, February 5, 2008,
at 10 a.m. The forum is open to the
public and will take place at the San
12 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
15:34 Feb 04, 2008
Jkt 214001
Francisco Chamber of Commerce Board
Room, 235 Montgomery Street, 12th
Floor, San Francisco, CA 94104. The
purpose of the meeting is for Business
Organizations, Trade Associations,
Chambers of Commerce and related
organizations serving small business
concerns to report experiences regarding
unfair or excessive Federal regulatory
enforcement issues affecting their
members.
Anyone wishing to attend or to make
a presentation must contact Gary
Marshall, in writing or by fax in order
to be placed on the agenda. Gary
Marshall, Business Development
Specialist, SBA, San Francisco District
Office, 455 Market Street, 6th Floor, San
Francisco, CA 94105–2420, phone (415)
744–6771 and fax (202) 481–2018,
e-mail: Gary.marshall@sba.gov.
For more information, see our Web
site at www.sba.gov/ombudsman.
Cherylyn H. Lebon,
Committee Management Officer.
[FR Doc. E8–2003 Filed 2–4–08; 8:45 am]
BILLING CODE 8025–01–P
DEPARTMENT OF STATE
[Public Notice 6090]
Notice of Receipt of Application for a
Presidential Permit to Construct,
Operate, and Maintain a New Border
Crossing Facility on the U.S.-Canada
Border at Buffalo, New York and Fort
Erie, Ontario
SUMMARY: The Department of State
hereby gives notice that, on January 15,
2008, it received an application for a
Presidential Permit to authorize the
construction, operation, and
maintenance of a new border crossing
facility on the U.S.-Canada border at
Buffalo, NY and Fort Erie, Ontario. The
proposed new crossing, a vehicular
bridge across the Niagara River, would
be approximately one and one half
miles north of the existing Peace Bridge
across the Niagara River and would
connect to existing roads via an
interchange with State Route 198
(Scajaquada Expressway) leading to
Interstate Route 190 (I–190, the Niagara
Section of the New York State
Thruway). The application was filed by
the Ambassador Niagara Signature
Bridge Group (ANSBG). According to
the application, ANSBG is an
unincorporated unit of the Detroit
International Bridge Company (DIBC), a
Michigan corporation. As stated in the
application, DIBC, along with a related
Canadian corporation, the Canadian
Transit Company (CTC), own and
operate the Ambassador Bridge across
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
the Detroit River, connecting Detroit,
Michigan and Windsor, Ontario and
DIBC and CTC are ultimately owned by
Manuel J. and Matthew T. Maroun.
The Department of State’s jurisdiction
over this application is based upon
Executive Order 11423 of August 16,
1968, as amended, and the International
Bridge Act of 1972, 33 U.S.C. 535, et
seq. As provided in E.O. 11423, the
Department is circulating this
application to relevant Federal and State
agencies for review and comment.
Under E.O. 11423 and the International
Bridge Act, the Department has the
responsibility to determine, taking into
account input from these agencies and
other interested stakeholders, whether
this proposed border crossing is in the
U.S. national interest.
DATES: Interested members of the public
are invited to submit written comments
regarding this application on or before
April 28, 2008 to Ms. Eleanore Fox,
Officer for Border Affairs, via e-mail at
WHACAN@state.gov or by mail at
WHA/CAN—room 3917, Department of
State, 2201 C Street NW., Washington,
DC 20520.
FOR FURTHER INFORMATION CONTACT: Ms.
Eleanore Fox, Officer for Border Affairs,
via e-mail at WHACAN@state.gov or by
mail at WHA/CAN—room 3917,
Department of State, 2201 C Street NW.,
Washington, DC 20520. General
information about Presidential Permits
is available on the Internet at https://
www.state.gov/p/wha/rt/permit.
SUPPLEMENTARY INFORMATION: This
application and related environmental
documents are available for review in
the Office of Canadian Affairs,
Department of State, during normal
business hours.
Dated: January 31, 2008.
Alex Lee,
Director, Office of Canadian Affairs,
Department of State.
[FR Doc. E8–2080 Filed 2–4–08; 8:45 am]
BILLING CODE 4710–29–P
DEPARTMENT OF TRANSPORTATION
Federal Highway Administration
Notice of Final Federal Agency Actions
on Proposed Highway in California
Federal Highway
Administration (FHWA), DOT.
ACTION: Notice of Limitation on Claims.
AGENCY:
SUMMARY: This notice announces actions
taken by the California Department of
Transportation (Caltrans) pursuant to its
assigned responsibilities under 23
U.S.C. 327, as well as certain Federal
E:\FR\FM\05FEN1.SGM
05FEN1
]]>Agencies
[Federal Register Volume 73, Number 24 (Tuesday, February 5, 2008)]
[Notices]
[Pages 6764-6766]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-1987]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57221; File No. SR-NYSEArca-2008-11]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending Fees
Applicable to Certain Exchange Traded Funds and Rebates for Tape B
Securities
January 29, 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 16, 2008, NYSE Arca, Inc. (``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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\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 Exchange, through its wholly-owned subsidiary NYSE Arca
Equities, proposes to amend the section of its Schedule of Fees and
Charges for
[[Page 6765]]
Exchange Services (the ``Fee Schedule'') that applies to: (1) Orders
submitted to the Exchange by ETP Holders \5\ for (i) equity securities
listed on the American Stock Exchange, LLC or any regional securities
exchange (``Tape B Securities'') or (ii) Exchange Traded Funds
(``ETFs'') listed on the New York Stock Exchange, LLC (``NYSE''); and
(2) fees assessed by the Exchange for certain connectivity
applications. While changes to the Fee Schedule pursuant to this
proposal are effective upon filing, this filing applies the changes
retroactively to January 1, 2008. The text of the proposed rule change
is available at the Exchange, the Commission's Public Reference Room,
and on the Exchange's Internet Web site at https://www.nyse.com.
---------------------------------------------------------------------------
\5\ See NYSE Arca Equities Rule 1.1(n).
---------------------------------------------------------------------------
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 purpose of this proposed rule change is to amend the relevant
section of its Fee Schedule that applies to rebates provided to ETP
Holders that submit orders which provide liquidity on NYSE Arca
Equities for equity securities listed on the American Stock Exchange,
LLC, or any regional stock exchange, commonly referred to as Tape B
Securities. Currently, ETP Holders must qualify to receive the rebates
for Tape B Securities by meeting criteria specified within the Fee
Schedule. These criteria, based on trade volume submitted to NYSE Arca
Equities in Tape B securities by an ETP Holder, designate initial and
ongoing requirements in order for the ETP Holder to meet and maintain
their eligibility to receive the rebates. Paid monthly,\6\ the rebate
represents an estimated fifty percent (50%) of the tape revenue credit
received from the Consolidated Tape Association (``CTA'') by the
Exchange for the eligible transactions \7\ of Tape B securities
executed by the ETP Holder. Tape revenue received by the Exchange for
transactions submitted by ETP Holders that do not meet the eligibility
criteria for the Tape B rebates is not shared with such ETP Holders.
---------------------------------------------------------------------------
\6\ Although the rebates for Tape B securities are paid by the
Exchange to ETP Holders on a monthly basis, these revenues are
received by the Exchange from the CTA quarterly. As a result, the
Exchange provides an estimated monthly payment to ETP Holders for
eligible transactions submitted for Tape B securities based on
information available and/or previous monies received from the CTA.
\7\ Rebates for Tape B securities are applicable to limit orders
submitted by ETP Holders that are residing in the NYSE Arca Equities
Book and that execute against inbound marketable orders.
---------------------------------------------------------------------------
As NYSE Arca Equities no longer believes such criteria, or limiting
the eligibility for such rebates, to be appropriate, the Exchange
proposes to remove the criteria in their entirety and provide fifty
percent (50%) of the estimated tape revenue credit to all ETP Holders
which submit limit orders for Tape B securities that provide liquidity
for the NYSE Arca Equities Book. Payment of the rebates will continue
on a monthly basis. While changes to the Fee Schedule pursuant to this
proposal will be effective upon filing, the changes will be implemented
retroactively to January 1, 2008 for billing purposes of the Exchange.
With this filing, the Exchange also makes clarifying amendments to
the Fee Schedule to reflect the transfer of all ETFs previously listed
on the NYSE to NYSE Arca Equities. The transfer, announced by the NYSE
in 2007, was completed by its deadline of December 31, 2007. Therefore,
references to fees, credits or rebates specific to ETFs listed on the
NYSE are obsolete.
Additionally, the current charge of $300 listed for subscription of
the RealTick[reg] financial software, operated by Townsend Analytics
(``TAL'') and offered to ETP Holders by the Exchange is not appropriate
in light of the various options that ETP Holders may select to receive.
Depending on the RealTick[reg] package an ETP Holder elects to receive,
the charge may be greater or lesser than the current listed charge of
$300. For this reason, NYSE Arca Equities proposes to clarify that all
fees assessed to an ETP Holder for each RealTick[reg] workstation to
which they subscribe shall be fees incurred by the Exchange from TAL,
for providing such services, and passed through to the ETP Holder.
There will be no change to the fees payable by ETP Holders for the use
of the RealTick[reg] software as a result of this amendment.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\8\ in general, and furthers the objectives of Section 6(b)(4) of
the Act,\9\ in particular, in that it is designed to provide for the
equitable allocation of reasonable dues, fees, and other charges among
Exchange members and other persons using its facilities.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4).
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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 not solicited, and does not intend to solicit,
comments on this proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is effective upon filing
pursuant to Section 19(b)(3)(A)(ii) \10\ of the Act and Rule 19b-
4(f)(2) \11\ thereunder because it establishes or changes a due, fee,
or other charge applicable only to a member imposed by the Exchange. 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.
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\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
\11\ 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 (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-2008-11 on the subject line.
[[Page 6766]]
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-NYSEArca-2008-11. 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 on official
business days between the hours of 10 a.m. and 3 p.m. Copies of such
filing will also 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 No. SR-NYSEArca-2008-11 and should be submitted on or before
February 26, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Florence E. Harmon,
Deputy Secretary.
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\12\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E8-1987 Filed 2-4-08; 8:45 am]
BILLING CODE 8011-01-P
