Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Provide a Credit to Members for Execution of Orders Sent Directly to a Floor Broker that Adds Liquidity to the Exchange, 13064-13065 [E8-4747]
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13064
Federal Register / Vol. 73, No. 48 / Tuesday, March 11, 2008 / Notices
exchange, the Exchange would no
longer have authority to trade the Shares
pursuant to this order.
The Commission finds good cause for
approving this proposal before the
thirtieth day after the publication of
notice thereof in the Federal Register.
As noted above, the Commission
previously found that the listing and
trading of the Shares on Amex is
consistent with the Act. The
Commission presently is not aware of
any regulatory issue that should cause it
to revisit this finding or would preclude
the trading of the Shares on the
Exchange pursuant to UTP. Therefore,
accelerating approval of this proposal
should benefit investors by creating,
without undue delay, additional
competition in the market for the
Shares.
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,18 that the
proposed rule change (SR–NASDAQ–
2008–012) be, and it hereby is, approved
on an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–4749 Filed 3–10–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57433; File No. SR–NYSE–
2008–15]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to Provide a
Credit to Members for Execution of
Orders Sent Directly to a Floor Broker
that Adds Liquidity to the Exchange
yshivers on PROD1PC62 with NOTICES
March 5, 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 February
28, 2008, the New York Stock Exchange
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘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
18 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).
19 17
VerDate Aug<31>2005
15:44 Mar 10, 2008
Jkt 214001
19b–4(f)(2) thereunder,4 which renders
it 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 amend its
equity transaction fees, for
implementation on March 1, 2008.
Member Organizations will receive a
$.0004 per share credit for execution of
orders sent directly to the floor broker
for representation on the NYSE when
adding liquidity to the NYSE Display
Book system (including Percentage
Orders). The text of the proposed rule
change is available at https://
www.nyse.com, 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,
NYSE 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 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
equity transaction fees, for
implementation on March 1, 2008.
Member organizations will receive a
$.0004 per share credit for execution of
orders sent directly to the floor broker
for representation on the NYSE when
adding liquidity to the NYSE Display
Book system 5 (including Percentage
4 17
CFR 240.19b–4(f)(2).
Display Book system is an order
management and execution facility. The Display
Book system receives and displays orders to the
specialists, contains the Book, and provides a
mechanism to execute and report transactions and
publish the results to the Consolidated Tape. The
Display Book system is connected to a number of
other Exchange systems for the purposes of
comparison, surveillance, and reporting
information to customers and other market data and
national market systems.
5 The
PO 00000
Frm 00119
Fmt 4703
Sfmt 4703
Orders).6 Technological limitations 7
make it impossible for floor brokers to
post orders on other markets while at
the point of sale on the Exchange.
Therefore, unlike other Exchange users,
they are unable to benefit from the
incentives certain other markets provide
to customers who provide liquidity. The
time that would elapse if a floor broker
sent the order to his booth or upstairs
trading desk for execution on another
market means that, if the floor broker
utilized this alternative, the trade would
likely not get executed at the desired
price. The Exchange believes this
disparity places floor brokers at a
competitive disadvantage to other
Exchange customers and believes that
the proposed credit will mitigate the
effects of that disadvantage while also
attracting additional liquidity to the
Exchange.
The Exchange believes the credit is
justified because of the importance of
the floor brokers to the continuation of
the floor as an integral part of the
Exchange’s market model. The
Exchange’s market model integrates the
auction market with automated trading.
Essential to this model is the interaction
between the specialists, floor brokers,
and orders in the Display Book system,
which creates opportunities for price
improvement, provides information
about changing market conditions, and
serves as a catalyst to trading. The
Exchange believes that this incentive
will allow floor brokers to remain
competitive.
The Exchange’s 2008 Price List is also
being modified to reflect the fact that it
is no longer necessary to note that
Percentage Orders adding liquidity to
the NYSE are free of charge, as
Percentage Orders can only be accepted
by Exchange systems if sent through a
floor broker’s hand-held device, and
thus all Percentage Orders that were
formerly free will now receive the
$.0004 per share credit.
6 An order adds liquidity to the market if it is
posted on the book for execution against incoming
orders on the contra side. Generally, Exchange
customers are able to send their orders to other
markets to avail themselves of incentives those
markets provide to customers who provide
liquidity. Floor brokers add liquidity to the market
by posting orders either as e-Quotes or as DOT or
Percentage Orders. Non-electronic trades on the
Exchange floor do not add liquidity to the book and
are either charged a fee of $.0004 per share (if they
are non-electronic agency transactions of less than
10,000 shares between brokers in the crowd) or are
free (if they are non-electronic trades of 10,000
shares or more).
7 The Exchange’s order management system on
the floor, the Broker Booth Support System
(BBSS), is not configured to route orders away from
the floor to another market.
E:\FR\FM\11MRN1.SGM
11MRN1
Federal Register / Vol. 73, No. 48 / Tuesday, March 11, 2008 / Notices
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of section 6 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 its
members and other persons using its
facilities. The Exchange believes that
the proposed credit represents an
equitable allocation of reasonable dues,
fees, and other charges because floor
brokers are integral to the Exchange’s
market model and the proposed credit
lessens the impact on floor brokers of
the competitive disadvantage arising out
of the difficulty they experience in
availing themselves or their customers
of liquidity credits on other markets.
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 purpose of the Exchange Act.
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.
yshivers on PROD1PC62 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is
filed pursuant to section 19(b)(3)(A)(ii)
of the Act 10 and subparagraph (f)(2) of
Rule 19b–4 thereunder 11 because it
establishes or changes a due, fee, or
other charge applicable only to a
member imposed by a self-regulatory
organization. Accordingly, the proposal
is effective upon Commission receipt of
the filing. 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
8 15
U.S.C. 78f
U.S.C. 78f(b)(4).
10 15 U.S.C. 78s(b)(3)(A)(ii).
11 17 CFR 240.19b–4(f)(2).
15:44 Mar 10, 2008
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–NYSE–2008–15 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–NYSE–2008–15. 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 theprovisions
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 NYSE. 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–NYSE–2008–15 and should
be submitted on or before April 1, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–4747 Filed 3–10–08; 8:45 am]
BILLING CODE 8011–01–P
9 15
VerDate Aug<31>2005
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
12 17
Jkt 214001
PO 00000
CFR 200.30–3(a)(12).
Frm 00120
Fmt 4703
Sfmt 4703
13065
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #11184]
Idaho Disaster #ID–00007 Declaration
of Economic Injury
U.S. Small Business
Administration.
AGENCY:
ACTION:
Notice.
SUMMARY: This is a notice of an
Economic Injury Disaster Loan (EIDL)
declaration for the State of Idaho, dated
03/04/2008.
Incident: Severe Winter Storms and
Extraordinary Snowfall.
Incident Period: 01/25/2008 through
02/29/2008.
Effective Date: 03/04/2008.
EIDL Loan Application Deadline Date:
12/04/2008.
Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
ADDRESSES:
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
Notice is
hereby given that as a result of the
Administrator’s EIDL declaration,
applications for economic injury
disaster loans may be filed at the
address listed above or other locally
announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
SUPPLEMENTARY INFORMATION:
Primary Counties: Bonner, Clearwater,
Kootenai.
Contiguous Counties:
Idaho: Benewah, Boundary, Idaho,
Latah, Lewis, Nez Perce, Shoshone;
Montana: Lincoln, Mineral, Missoula,
Sanders;
Washington: Pend Oreille, Spokane.
The Interest Rate is: 4.000 percent.
The number assigned to this disaster
for economic injury is 111840.
The States which received an EIDL
Declaration Number are Idaho,
Montana, Washington.
(Catalog of Federal Domestic Assistance
Number 59002)
Dated: March 4, 2008.
Steven C. Preston,
Administrator.
[FR Doc. E8–4790 Filed 3–10–08; 8:45 am]
BILLING CODE 8025–01–P
E:\FR\FM\11MRN1.SGM
11MRN1
]]>Agencies
[Federal Register Volume 73, Number 48 (Tuesday, March 11, 2008)]
[Notices]
[Pages 13064-13065]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-4747]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57433; File No. SR-NYSE-2008-15]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Provide a Credit to Members for Execution of Orders Sent Directly to a
Floor Broker that Adds Liquidity to the Exchange
March 5, 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 February 28, 2008, the New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``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 it 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 proposes to amend its equity transaction fees, for
implementation on March 1, 2008. Member Organizations will receive a
$.0004 per share credit for execution of orders sent directly to the
floor broker for representation on the NYSE when adding liquidity to
the NYSE Display Book[supreg] system (including Percentage Orders). The
text of the proposed rule change is available at https://www.nyse.com,
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, NYSE 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 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 equity transaction fees, for
implementation on March 1, 2008. Member organizations will receive a
$.0004 per share credit for execution of orders sent directly to the
floor broker for representation on the NYSE when adding liquidity to
the NYSE Display Book system \5\ (including Percentage Orders).\6\
Technological limitations \7\ make it impossible for floor brokers to
post orders on other markets while at the point of sale on the
Exchange. Therefore, unlike other Exchange users, they are unable to
benefit from the incentives certain other markets provide to customers
who provide liquidity. The time that would elapse if a floor broker
sent the order to his booth or upstairs trading desk for execution on
another market means that, if the floor broker utilized this
alternative, the trade would likely not get executed at the desired
price. The Exchange believes this disparity places floor brokers at a
competitive disadvantage to other Exchange customers and believes that
the proposed credit will mitigate the effects of that disadvantage
while also attracting additional liquidity to the Exchange.
---------------------------------------------------------------------------
\5\ The Display Book system is an order management and execution
facility. The Display Book system receives and displays orders to
the specialists, contains the Book, and provides a mechanism to
execute and report transactions and publish the results to the
Consolidated Tape. The Display Book system is connected to a number
of other Exchange systems for the purposes of comparison,
surveillance, and reporting information to customers and other
market data and national market systems.
\6\ An order adds liquidity to the market if it is posted on the
book for execution against incoming orders on the contra side.
Generally, Exchange customers are able to send their orders to other
markets to avail themselves of incentives those markets provide to
customers who provide liquidity. Floor brokers add liquidity to the
market by posting orders either as e-Quotes or as DOT or Percentage
Orders. Non-electronic trades on the Exchange floor do not add
liquidity to the book and are either charged a fee of $.0004 per
share (if they are non-electronic agency transactions of less than
10,000 shares between brokers in the crowd) or are free (if they are
non-electronic trades of 10,000 shares or more).
\7\ The Exchange's order management system on the floor, the
Broker Booth Support System[supreg] (BBSS), is not configured to
route orders away from the floor to another market.
---------------------------------------------------------------------------
The Exchange believes the credit is justified because of the
importance of the floor brokers to the continuation of the floor as an
integral part of the Exchange's market model. The Exchange's market
model integrates the auction market with automated trading. Essential
to this model is the interaction between the specialists, floor
brokers, and orders in the Display Book system, which creates
opportunities for price improvement, provides information about
changing market conditions, and serves as a catalyst to trading. The
Exchange believes that this incentive will allow floor brokers to
remain competitive.
The Exchange's 2008 Price List is also being modified to reflect
the fact that it is no longer necessary to note that Percentage Orders
adding liquidity to the NYSE are free of charge, as Percentage Orders
can only be accepted by Exchange systems if sent through a floor
broker's hand-held device, and thus all Percentage Orders that were
formerly free will now receive the $.0004 per share credit.
[[Page 13065]]
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of section 6 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 its
members and other persons using its facilities. The Exchange believes
that the proposed credit represents an equitable allocation of
reasonable dues, fees, and other charges because floor brokers are
integral to the Exchange's market model and the proposed credit lessens
the impact on floor brokers of the competitive disadvantage arising out
of the difficulty they experience in availing themselves or their
customers of liquidity credits on other markets.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f
\9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purpose of the Exchange Act.
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
The foregoing proposed rule change is filed pursuant to section
19(b)(3)(A)(ii) of the Act \10\ and subparagraph (f)(2) of Rule 19b-4
thereunder \11\ because it establishes or changes a due, fee, or other
charge applicable only to a member imposed by a self-regulatory
organization. Accordingly, the proposal is effective upon Commission
receipt of the filing. 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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
\11\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2008-15 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-NYSE-2008-15. 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
theprovisions 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 NYSE. 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-NYSE-2008-15 and should be
submitted on or before April 1, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-4747 Filed 3-10-08; 8:45 am]
BILLING CODE 8011-01-P
