Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Specialist Option Transaction Charge Credit Pilot Program, 13269-13271 [E8-4822]
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Federal Register / Vol. 73, No. 49 / Wednesday, March 12, 2008 / Notices
public interest, provided that the
Exchange has given the Commission
written notice of its intent to file the
proposed rule change at least five
business days prior to the date of filing
of the proposed rule change or such
shorter time as designated by the
Commission,9 the proposed rule change
has become effective pursuant to
Section 19(b)(3)(A) of the Act 10 and
Rule 19b–4(f)(6) thereunder.11
Under Rule 19b–4(f)(6) of the Act,12
the proposal does not become operative
for 30 days after the date of its filing, or
such shorter time as the Commission
may designate if consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
operative date, so that the proposal may
take effect upon filing. The Exchange
believes that the proposed rule change
does not raise any new regulatory
issues. The Commission agrees because
the proposal is simply deleting outdated
material from the Manual. Therefore,
consistent with the protection of
investors and the public interest, the
Commission has determined to waive
the 30-day operative date so that the
proposal may become operative upon
filing.13
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–NYSE–2008–13 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–2008–13. This file
number should be included on the
9 The
Exchange has fulfilled this requirement.
U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6).
12 Id.
13 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
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10 15
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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 the filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–NYSE–
2008–13 and should be submitted on or
before April 2, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–4839 Filed 3–11–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57434; File No. SR–Phlx–
2008–19]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Specialist
Option Transaction Charge Credit Pilot
Program
March 5, 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 February 28, 2008,
Philadelphia Stock Exchange, Inc.
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
14 17
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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13269
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
Phlx proposes to expand the
Exchange’s current $0.21 per contract
specialist option transaction charge
credit pilot program and to amend the
Exchange’s fee schedule to include all
customer orders that are delivered
electronically by Phlx XL 5 and
subsequently executed via the
Intermarket Option Linkage
(‘‘Linkage’’) 6 as a Principal Acting as
Agent (‘‘P/A’’) order.7
While changes to the fee schedule
pursuant to this proposal are effective
upon filing, the Exchange has
designated the changes to be in effect for
transactions settling on or after March 1,
2008 through July 31, 2008.8 The text of
the proposed rule change is available at
Phlx, the Commission’s Public
Reference Room, and at https://
www.phlx.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,
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
5 Phlx XL, formerly referred to as AUTOM, is the
Exchange’s electronic options trading platform. See
Exchange Rule 1080.
6 Linkage is governed by the Options Linkage
Authority under the conditions set forth under the
Plan for the Purpose of Creating and Operating an
Intermarket Option Linkage (the ‘‘Plan’’) approved
by the Securities and Exchange Commission. The
registered U.S. options markets are linked together
on a real-time basis through a network capable of
transporting orders and messages to and from each
market.
7 A P/A order is an order for the principal account
of a specialist (or equivalent entity on another
participant exchange that is authorized to represent
public customer orders), reflecting the terms of a
related unexecuted public customer order for which
the specialist is acting as agent. See Plan for the
Purpose of Creating and Operating an Intermarket
Option Linkage Section 2(16)(a) and Exchange Rule
1083.
8 This proposal is scheduled to be in effect for the
same time period as fees for Linkage Principal (‘‘P’’)
and P/A orders. See Securities Exchange Act
Release No. 56166 (July 30, 2007), 72 FR 43312
(August 3, 2007) (SR–Phlx–-2007–52).
4 17
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Federal Register / Vol. 73, No. 49 / Wednesday, March 12, 2008 / Notices
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
3. Statutory Basis
1. Purpose
pwalker on PROD1PC71 with NOTICES
The purpose of this proposed rule
change is to expand the Exchange’s
current specialist option transaction
charge credit pilot program and to
amend the Exchange’s fee schedule to
include all customer orders that are
delivered electronically by Phlx XL and
subsequently executed via Linkage as a
P/A order. The Exchange options
specialist units incur a $0.21 per
contract option transaction charge when
they execute against the customer order
that corresponds with the order that was
delivered either through Phlx XL or
Exchange’s Options Floor Broker
Management System 9 (‘‘FBMS’’) to the
limit order book and subsequently
executed at another exchange via
Linkage as a P/A order. Currently, the
Exchange provides for an option
transaction charge credit of $0.21 per
contract for Exchange options specialist
units that incur Phlx option transaction
charges when a customer order is
delivered to the limit order book via the
FBMS and then is executed via Linkage
as a P/A Order.10
This proposal seeks to expand the
$0.21 credit to include all customer
orders that are delivered electronically
by Phlx XL, not just FBMS orders, and
that are subsequently executed via
Linkage as a P/A order.
The purpose of this proposal is to
help alleviate the potential economic
burden of multiple transaction charges
imposed on Exchange specialist units in
connection with routing these types of
9 FBMS is designed to enable Floor Brokers and/
or their employees to enter, route and report
transactions stemming from options orders received
on the Exchange. FBMS also is designed to establish
an electronic audit trail for options orders
represented and executed by Floor Brokers on the
Exchange, such that the audit trail provides an
accurate, time-sequenced record of electronic and
other orders, quotations and transactions on the
Exchange, beginning with the receipt of an order by
the Exchange, and further documenting the life of
the order through the process of execution, partial
execution, or cancellation of that order. See
Exchange Rule 1080, Commentary .06.
10 See Securities Exchange Act Release No. 56101
(July 19, 2007), 72 FR 40920 (July 25, 2007) (SR–
Phlx–2007–50).
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19:30 Mar 11, 2008
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Linkage orders. The Exchange believes
it is appropriate to assist specialist units
in offsetting some of the costs that they
incur in routing orders to other options
exchanges in order to obtain the
National Best Bid or Offer. By
expanding the option transaction charge
credit to all electronically delivered
orders as described above, the Exchange
should remain competitive with other
exchanges with respect to the
assessment of Linkage-related fees.
The proposed rule change is
consistent with Section 6(b) of the
Act,11 in general, and furthers the
objectives of Section 6(b)(4) of the Act,12
in particular, in that it is designed to
provide for the equitable allocation of
reasonable dues, fees, and other charges
among Exchange members. The
expanded $0.21 credit should help
alleviate the undue financial burden of
multiple transaction charges that are
incurred by these specialist units in
connection with P/A orders executed
via Linkage.
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) 13 of the Act and Rule
19b–4(f)(2) 14 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.
1115
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
13 15 U.S.C. 78s(b)(3)(A)(ii).
14 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 rulecomments@sec.gov. Please include File
Number SR–Phlx–2008–19 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–Phlx–2008–19. 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–Phlx–2008–
19 and should be submitted on or before
April 2, 2008.
1215
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Federal Register / Vol. 73, No. 49 / Wednesday, March 12, 2008 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–4822 Filed 3–11–08; 8:45 am]
TENNESSEE VALLEY AUTHORITY
[Public Notice 6130]
Certification Concerning the Bolivian
Military Under the Foreign Operations,
Export Financing, and Related
Programs Appropriations Act, 2006
(Pub. L. 109–102), as Carried Forward
Under the Revised Continuing
Appropriations Resolution, 2007 (Pub.
L. 110–5)
Pursuant to the authority vested in me
as Deputy Secretary of State, including
under the heading ‘‘Andean
Counterdrug Initiative’’ in the Foreign
Operations, Export Financing, and
Related Programs Appropriations Act,
2006 (Pub. L. 109–102), as carried
forward under the Revised Continuing
Appropriations Resolution, 2007 (Pub.
L. 110–5), and State Department
Delegation of Authority 245, I hereby
certify that the Bolivian military is
respecting human rights, and civilian
judicial authorities are investigating and
prosecuting, with the military’s
cooperation, military personnel who
have been implicated in gross violations
of human rights.
This Determination shall be
transmitted to the Congress and
published in the Federal Register.
Dated: March 4, 2008.
John D. Negroponte,
Deputy Secretary of State, Department of
State.
[FR Doc. E8–4965 Filed 3–11–08; 8:45 am]
BILLING CODE 4710–29–P
Steven A. Anderson,
Senior Manager, IT Planning & Governance,
Information Services.
[FR Doc. 08–1006 Filed 3–11–08; 8:45 am]
Tennessee Valley Authority.
ACTION: Submission for OMB Review;
Comment Request.
DEPARTMENT OF STATE
Valley Authority, 1101 Market Street
(EB 5B), Chattanooga, Tennessee 37402–
2801; (423) 751–6004. Comments
should be sent to OMB Office of
Information & Regulatory Affairs,
Attention: Desk Officer for Tennessee
Valley Authority, no later than April 11,
2008.
SUPPLEMENTARY INFORMATION:
Type of Request: Regular Submission;
proposal for a reinstatement of a
previously approved collection (OMB
control number 3316–0009).
Title of Information Collection: Salary
Surveys for Engineering Association
(EA) and Law Enforcement Employee
Association (LEEA) Bargaining Unit
Employees.
Frequency of Use: Every one to three
years.
Type of Affected Public: State or local
governments, Federal agencies, nonprofit institutions, businesses, or other
for-profit.
Small Business or Organizations
Affected: EA: 30 LEEA: 20.
Federal Budget Functional Category
Code: 999.
Estimated Number of Annual
Responses: EA: 30 LEEA: 20.
Estimated Total Annual Burden
Hours: EA: 120 LEEA: 60.
Estimated Average Burden Hours Per
Response: EA: 4 LEEA: 3.
Need For and Use of Information:
TVA conducts a survey for employee
compensation and benefits every one to
three years as a basis for labor
negotiations in determining prevailing
rates of pay and benefits for represented
employees. TVA surveys firms, and
Federal, State, and local governments
whose employees perform work similar
to that of TVA’s employees.
Paperwork Reduction Act of 1995, as
amended by Public Law 104–13;
Submission for OMB Review;
Comment Request
BILLING CODE 8011–01–P
BILLING CODE 8120–08–M
authorized by law, all authorities and
functions vested in the Under Secretary
of State for Political Affairs by any act,
order, determination, delegation of
authority, regulation, or executive order,
now or hereafter issued. This delegation
includes all authorities and functions
that have been or may be delegated or
redelegated by the Under Secretary to
other Department officials but does not
repeal delegations to such officials.
This delegation to the Assistant
Secretary includes State Department
Delegation DA–284, which authorizes
the Under Secretary for Political Affairs
to exercise the authorities and functions
of the Secretary or the Deputy Secretary
‘‘when both the Secretary of State and
the Deputy Secretary of State are absent
or otherwise unavailable or when either
the Secretary or the Deputy requests that
the Under Secretary exercise such
authorities and functions.’’
This delegation of authority to the
Assistant Secretary shall enter into force
on March 1, 2008, and shall expire upon
the appointment and entry upon duty of
a new Under Secretary for Political
Affairs. Notwithstanding this delegation
of authority, the Secretary of State and
the Deputy Secretary of State may
exercise any function or authority
covered by this delegation.
This delegation of authority shall be
published in the Federal Register.
Dated: February 29, 2008.
Condoleezza Rice,
Secretary of State, Department of State.
[FR Doc. E8–4856 Filed 3–11–08; 8:45 am]
BILLING CODE 4710–10–P
AGENCY:
DEPARTMENT OF STATE
[Delegation of Authority No. 309]
pwalker on PROD1PC71 with NOTICES
Delegation by the Secretary of State to
the Assistant Secretary for European
Affairs of Authorities Vested in or
Delegated to the Under Secretary of
State for Political Affairs
By virtue of the authority vested in
the Secretary of State, including the
authority of section 1 of the State
Department Basic Authorities Act, as
amended (22 U.S.C. 2651a), I hereby
delegate to the Assistant Secretary of
State for European Affairs, to the extent
15 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
19:30 Mar 11, 2008
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13271
The proposed information
collection described below will be
submitted to the Office of Management
and Budget (OMB) for review, as
required by the Paperwork Reduction
Act of 1995 (44 U.S.C. Chapter 35, as
amended). The Tennessee Valley
Authority is soliciting public comments
on this proposed collection as provided
by 5 CFR 1320.8(d)(1). Requests for
information, including copies of the
information collection proposed and
supporting documentation, should be
directed to the Agency Clearance
Officer: Mark R. Winter, Tennessee
SUMMARY:
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DEPARTMENT OF TRANSPORTATION
Office of the Secretary
Notice of Applications for Certificates
of Public Convenience and Necessity
and Foreign Air Carrier Permits Filed
Under Subpart B (Formerly Subpart Q)
During the Week Ending November 16,
2007
The following Applications for
Certificates of Public Convenience and
Necessity and Foreign Air Carrier
Permits were filed under Subpart B
(formerly Subpart Q) of the Department
of Transportation’s Procedural
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]]>Agencies
[Federal Register Volume 73, Number 49 (Wednesday, March 12, 2008)]
[Notices]
[Pages 13269-13271]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-4822]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57434; File No. SR-Phlx-2008-19]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Specialist Option Transaction Charge Credit Pilot
Program
March 5, 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 February 28, 2008, Philadelphia Stock Exchange, Inc. (``Phlx''
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.
---------------------------------------------------------------------------
\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
Phlx proposes to expand the Exchange's current $0.21 per contract
specialist option transaction charge credit pilot program and to amend
the Exchange's fee schedule to include all customer orders that are
delivered electronically by Phlx XL \5\ and subsequently executed via
the Intermarket Option Linkage (``Linkage'') \6\ as a Principal Acting
as Agent (``P/A'') order.\7\
---------------------------------------------------------------------------
\5\ Phlx XL, formerly referred to as AUTOM, is the Exchange's
electronic options trading platform. See Exchange Rule 1080.
\6\ Linkage is governed by the Options Linkage Authority under
the conditions set forth under the Plan for the Purpose of Creating
and Operating an Intermarket Option Linkage (the ``Plan'') approved
by the Securities and Exchange Commission. The registered U.S.
options markets are linked together on a real-time basis through a
network capable of transporting orders and messages to and from each
market.
\7\ A P/A order is an order for the principal account of a
specialist (or equivalent entity on another participant exchange
that is authorized to represent public customer orders), reflecting
the terms of a related unexecuted public customer order for which
the specialist is acting as agent. See Plan for the Purpose of
Creating and Operating an Intermarket Option Linkage Section
2(16)(a) and Exchange Rule 1083.
---------------------------------------------------------------------------
While changes to the fee schedule pursuant to this proposal are
effective upon filing, the Exchange has designated the changes to be in
effect for transactions settling on or after March 1, 2008 through July
31, 2008.\8\ The text of the proposed rule change is available at Phlx,
the Commission's Public Reference Room, and at https://www.phlx.com.
---------------------------------------------------------------------------
\8\ This proposal is scheduled to be in effect for the same time
period as fees for Linkage Principal (``P'') and P/A orders. See
Securities Exchange Act Release No. 56166 (July 30, 2007), 72 FR
43312 (August 3, 2007) (SR-Phlx--2007-52).
---------------------------------------------------------------------------
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,
[[Page 13270]]
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 expand the
Exchange's current specialist option transaction charge credit pilot
program and to amend the Exchange's fee schedule to include all
customer orders that are delivered electronically by Phlx XL and
subsequently executed via Linkage as a P/A order. The Exchange options
specialist units incur a $0.21 per contract option transaction charge
when they execute against the customer order that corresponds with the
order that was delivered either through Phlx XL or Exchange's Options
Floor Broker Management System \9\ (``FBMS'') to the limit order book
and subsequently executed at another exchange via Linkage as a P/A
order. Currently, the Exchange provides for an option transaction
charge credit of $0.21 per contract for Exchange options specialist
units that incur Phlx option transaction charges when a customer order
is delivered to the limit order book via the FBMS and then is executed
via Linkage as a P/A Order.\10\
---------------------------------------------------------------------------
\9\ FBMS is designed to enable Floor Brokers and/or their
employees to enter, route and report transactions stemming from
options orders received on the Exchange. FBMS also is designed to
establish an electronic audit trail for options orders represented
and executed by Floor Brokers on the Exchange, such that the audit
trail provides an accurate, time-sequenced record of electronic and
other orders, quotations and transactions on the Exchange, beginning
with the receipt of an order by the Exchange, and further
documenting the life of the order through the process of execution,
partial execution, or cancellation of that order. See Exchange Rule
1080, Commentary .06.
\10\ See Securities Exchange Act Release No. 56101 (July 19,
2007), 72 FR 40920 (July 25, 2007) (SR-Phlx-2007-50).
---------------------------------------------------------------------------
This proposal seeks to expand the $0.21 credit to include all
customer orders that are delivered electronically by Phlx XL, not just
FBMS orders, and that are subsequently executed via Linkage as a P/A
order.
The purpose of this proposal is to help alleviate the potential
economic burden of multiple transaction charges imposed on Exchange
specialist units in connection with routing these types of Linkage
orders. The Exchange believes it is appropriate to assist specialist
units in offsetting some of the costs that they incur in routing orders
to other options exchanges in order to obtain the National Best Bid or
Offer. By expanding the option transaction charge credit to all
electronically delivered orders as described above, the Exchange should
remain competitive with other exchanges with respect to the assessment
of Linkage-related fees.
3. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\11\ in general, and furthers the objectives of Section 6(b)(4) of
the Act,\12\ in particular, in that it is designed to provide for the
equitable allocation of reasonable dues, fees, and other charges among
Exchange members. The expanded $0.21 credit should help alleviate the
undue financial burden of multiple transaction charges that are
incurred by these specialist units in connection with P/A orders
executed via Linkage.
---------------------------------------------------------------------------
\11\15 U.S.C. 78f(b).
\12\15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has 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) \13\ of the Act and Rule 19b-
4(f)(2) \14\ 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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\13\ 15 U.S.C. 78s(b)(3)(A)(ii).
\14\ 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-Phlx-2008-19 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-Phlx-2008-19. 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-Phlx-
2008-19 and should be submitted on or before April 2, 2008.
[[Page 13271]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-4822 Filed 3-11-08; 8:45 am]
BILLING CODE 8011-01-P
