Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to Equity Fees, 7020-7021 [E8-2124]
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7020
Federal Register / Vol. 73, No. 25 / Wednesday, February 6, 2008 / Notices
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because the deletion of the three-party
trade report provisions is designed to
ensure that the rules governing the
NASD/NYSE TRF accurately reflect the
operation of the NASD/NYSE TRF,
which currently does not support the
three-party trade report functionality.15
Similarly, the proposed changes to
conform the NASD/NYSE TRF’s twoparty trade report rules to the two-party
trade report rules of the NASD/Nasdaq
TRF and the NASD/NSX TRF 16 will
provide consistency among the rules of
the TRFs and does not raise new
regulatory issues. Accordingly, the
Commission waives the 30-day
operative delay and designates the
proposal to be operative 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.
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:
pwalker on PROD1PC71 with NOTICES
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–FINRA–2008–002 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
No. SR–FINRA–2008–002. 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
15 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposal’s impact on efficiency, competition, and
capital formation. See 15 U.S.C. 78c(f).
16 See NASD Rules 4632(c) and 4632C(c).
VerDate Aug<31>2005
18:21 Feb 05, 2008
Jkt 214001
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. Copies of the filing also will be
available for inspection and copying at
the principal office of FINRA. 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–FINRA–2008–002 and should be
submitted on or before February 27,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–2134 Filed 2–5–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57237; File No. SR–ISE–
2007–124]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change and Amendment No. 1 Thereto
Relating to Equity Fees
January 30, 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 December
31, 2007, the International Securities
Exchange, LLC (‘‘ISE’’ 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 ISE.
On January 28, 2007, ISE submitted
Amendment No. 1 to the proposed rule
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
change.3 ISE filed the proposal pursuant
to section 19(b)(3)(A)(ii) of the Act 4 and
Rule 19b–4(f)(2) 5 thereunder, as
establishing or changing a due, fee, or
other charges applicable to a member,
which renders the proposed rule change
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
ISE is proposing to amend its
Schedule of Fees with respect to equity
transactions. The text of the proposed
rule change is available at ISE, https://
www.ise.com, 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. 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 Exchange proposes to amend its
Schedule of Fees to: (1) Distinguish
between transaction fees related to
equity orders and equity orders
submitted on an order delivery basis; (2)
to increase the rebate for equity orders
that add liquidity for securities that
trade at or above $1.00 from $0.0025 to
$0.0032; (3) to increase the rebate for
equity orders submitted on an order
delivery basis that add liquidity for
securities that trade at or above $1.00
from $0.0025 to $0.0027 (these orders
are submitted by Order Delivery Equity
Electronic Access Members (‘‘Order
Delivery Equity EAMs’’)); and (4) to
cease sharing market data revenues
except with respect to orders submitted
on an order delivery basis. The
3 In Amendment No. 1, the Exchange made
clarifying changes to the purpose section of the
filing.
4 15 U.S.C. 78s(b)(3)(A)(ii).
5 17 CFR 240.19b–4(f)(2).
E:\FR\FM\06FEN1.SGM
06FEN1
Federal Register / Vol. 73, No. 25 / Wednesday, February 6, 2008 / Notices
Exchange proposes to implement these
changes on January 2, 2008.
The Exchange proposes to restructure
its Schedule of Fees and allocation of
market data rebates to provide Equity
Electronic Access Members (‘‘Equity
EAMs’’) that submit equity orders an
efficient method of calculating the exact
cost of trading on the ISE Stock
Exchange. Specifically, rather than
providing these Equity EAMs with a
lump sum market data rebate every
quarter, the Exchange proposes to
increase the rebate for execution of
equity orders that provide liquidity from
$0.0025 to $0.0032 for securities that
trade at or above $1.00. This change will
allow Equity EAMs to perform a precise
cost benefit analysis in determining
where to route their order flow.
The Exchange proposes to increase
the rebate for the execution of equity
orders submitted on an order delivery
basis that provide liquidity from
$0.0025 to $0.0027 for securities that
trade at or above $1.00, but to leave the
allocation of market data rebates the
same for these orders. The Exchange has
determined that increasing the maker
rebate, discussed above, and continuing
to rebate 50% of its quote and trade
revenue to Order Delivery Equity EAMs
is necessary for competitive reasons,
particularly in light of the fact that other
markets have similar maker rebates and
provisions in their market data revenue
rebate program.6
The Exchange believes that these fee
changes will not impair its ability to
carry out its regulatory responsibilities.
Furthermore, the Exchange intends that
this rule change will not have an overall
effect on the amounts rebated to Equity
EAMs, except that payments will occur
on a monthly instead of quarterly basis.
The monies rebated to Order Delivery
Equity EAMs on a quarterly basis
remain unchanged.
pwalker on PROD1PC71 with NOTICES
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of section 6(b) of the Act,7
in general, and furthers the objectives of
section 6(b)(4),8 in particular, in that it
is designed to provide for the equitable
allocation of reasonable dues, fees, and
other charges among its members and
issuers and other persons using its
facilities.
6 See
Securities Exchange Act Release No. 56890
(December 4, 2007), 72 FR 70360 (December 11,
2007) (SR–NSX–2007–13).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4).
VerDate Aug<31>2005
18:21 Feb 05, 2008
Jkt 214001
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change does not 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. The
Exchange has not received any
unsolicited written comments from
members or interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become effective upon filing with
the Commission pursuant to section
19(b)(3)(A)(ii) of the Act 9 and Rule 19b–
4(f)(2) 10 thereunder, because it
establishes or changes a due, fee, or
other charge applicable only to a
member.
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–ISE–2007–124 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–ISE–2007–124. This file
9 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
10 17
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
7021
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 ISE. 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–ISE–2007–124 and should
be submitted on or before February 27,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–2124 Filed 2–5–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57239; File No. SR–NYSE–
2007–98]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Approving Proposed Rule Change, as
Modified by Amendment No. 1 Thereto,
To Reduce From Six Months to Three
Months the Period for Which a
Company’s Average Global Market
Capitalization Must Exceed the Levels
Established by the Exchange’s Pure
Valuation/Revenue Test
January 30, 2008.
I. Introduction
On October 29, 2007, the New York
Stock Exchange LLC (‘‘NYSE’’ or
11 17
E:\FR\FM\06FEN1.SGM
CFR 200.30–3(a)(12).
06FEN1
]]>Agencies
[Federal Register Volume 73, Number 25 (Wednesday, February 6, 2008)]
[Notices]
[Pages 7020-7021]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2124]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57237; File No. SR-ISE-2007-124]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change and Amendment No. 1 Thereto Relating to Equity Fees
January 30, 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 December 31, 2007, the International Securities Exchange, LLC
(``ISE'' 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 ISE. On January 28, 2007, ISE submitted Amendment No. 1 to
the proposed rule change.\3\ ISE filed the proposal pursuant to section
19(b)(3)(A)(ii) of the Act \4\ and Rule 19b-4(f)(2) \5\ thereunder, as
establishing or changing a due, fee, or other charges applicable to a
member, which renders the proposed rule change effective upon filing
with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change, as amended, from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ In Amendment No. 1, the Exchange made clarifying changes to
the purpose section of the filing.
\4\ 15 U.S.C. 78s(b)(3)(A)(ii).
\5\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
ISE is proposing to amend its Schedule of Fees with respect to
equity transactions. The text of the proposed rule change is available
at ISE, https://www.ise.com, 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. 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 Exchange proposes to amend its Schedule of Fees to: (1)
Distinguish between transaction fees related to equity orders and
equity orders submitted on an order delivery basis; (2) to increase the
rebate for equity orders that add liquidity for securities that trade
at or above $1.00 from $0.0025 to $0.0032; (3) to increase the rebate
for equity orders submitted on an order delivery basis that add
liquidity for securities that trade at or above $1.00 from $0.0025 to
$0.0027 (these orders are submitted by Order Delivery Equity Electronic
Access Members (``Order Delivery Equity EAMs'')); and (4) to cease
sharing market data revenues except with respect to orders submitted on
an order delivery basis. The
[[Page 7021]]
Exchange proposes to implement these changes on January 2, 2008.
The Exchange proposes to restructure its Schedule of Fees and
allocation of market data rebates to provide Equity Electronic Access
Members (``Equity EAMs'') that submit equity orders an efficient method
of calculating the exact cost of trading on the ISE Stock Exchange.
Specifically, rather than providing these Equity EAMs with a lump sum
market data rebate every quarter, the Exchange proposes to increase the
rebate for execution of equity orders that provide liquidity from
$0.0025 to $0.0032 for securities that trade at or above $1.00. This
change will allow Equity EAMs to perform a precise cost benefit
analysis in determining where to route their order flow.
The Exchange proposes to increase the rebate for the execution of
equity orders submitted on an order delivery basis that provide
liquidity from $0.0025 to $0.0027 for securities that trade at or above
$1.00, but to leave the allocation of market data rebates the same for
these orders. The Exchange has determined that increasing the maker
rebate, discussed above, and continuing to rebate 50% of its quote and
trade revenue to Order Delivery Equity EAMs is necessary for
competitive reasons, particularly in light of the fact that other
markets have similar maker rebates and provisions in their market data
revenue rebate program.\6\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 56890 (December 4,
2007), 72 FR 70360 (December 11, 2007) (SR-NSX-2007-13).
---------------------------------------------------------------------------
The Exchange believes that these fee changes will not impair its
ability to carry out its regulatory responsibilities. Furthermore, the
Exchange intends that this rule change will not have an overall effect
on the amounts rebated to Equity EAMs, except that payments will occur
on a monthly instead of quarterly basis. The monies rebated to Order
Delivery Equity EAMs on a quarterly basis remain unchanged.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of section 6(b) of the Act,\7\ in general, and
furthers the objectives of section 6(b)(4),\8\ in particular, in that
it is designed to provide for the equitable allocation of reasonable
dues, fees, and other charges among its members and issuers and other
persons using its facilities.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change does not 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. The Exchange has not received
any unsolicited written comments from members or interested parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has become effective upon filing
with the Commission pursuant to section 19(b)(3)(A)(ii) of the Act \9\
and Rule 19b-4(f)(2) \10\ thereunder, because it establishes or changes
a due, fee, or other charge applicable only to a member.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(ii).
\10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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 rule-comments@sec.gov. Please include
File Number SR-ISE-2007-124 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-ISE-2007-124. 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 ISE. 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-ISE-2007-124 and should be
submitted on or before February 27, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. E8-2124 Filed 2-5-08; 8:45 am]
BILLING CODE 8011-01-P
