Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Fee Schedule of the Boston Options Exchange, 13939-13940 [E8-5098]

Download as PDF rwilkins on PROD1PC63 with NOTICES Federal Register / Vol. 73, No. 51 / Friday, March 14, 2008 / Notices circumstances surrounding the proposed substitutions will be such as to offer the same degree of protection to each Replacement Fund from overreaching that Rule 17a–7 provides to them generally in connection with their purchase and sale of securities under that Rule in the ordinary course of their business. In particular, the Insurance Companies (or any of their affiliates) cannot effect the proposed transactions at a price that is disadvantageous to any of the Replacement Funds. Although the transactions may not be entirely for cash, each will be effected based upon (1) the independent market price of the portfolio securities valued as specified in paragraph (b) of Rule 17a–7, and (2) the net asset value per share of each fund involved valued in accordance with the procedures disclosed in its respective Investment Company’s registration statement and as required by Rule 22c–1 under the Act. No brokerage commission, fee, or other remuneration will be paid to any party in connection with the proposed in kind purchase transactions. 29. The sale of shares of Replacement Funds for investment securities, as contemplated by the proposed Insurance Company in-kind purchases, is consistent with the investment policy and restrictions of the Investment Companies and the Replacement Funds because (1) the shares are sold at their net asset value, and (2) the portfolio securities are of the type and quality that the Replacement Funds would each have acquired with the proceeds from share sales had the shares been sold for cash. To assure that the second of these conditions is met, Met Investors Advisory, LLC, MetLife Advisers, LLC and the sub-adviser, as applicable, will examine the portfolio securities being offered to each Replacement Fund and accept only those securities as consideration for shares that it would have acquired for each such fund in a cash transaction. 30. The Section 17 Applicants submit that the proposed Insurance Company in-kind purchases are consistent with the general purposes of the Act as stated in the Findings and Declaration of Policy in Section 1 of the Act and that the proposed transactions do not present any of the conditions or abuses that the Act was designed to prevent. 31. The Section 17 Applicants represent that the proposed in-kind purchases meet all of the requirements of Section 17(b) of the Act and request that the Commission issue an order pursuant to Section 17(b) of the Act exempting the Separate Accounts, the Insurance Companies, MIST, Met Series VerDate Aug<31>2005 19:17 Mar 13, 2008 Jkt 214001 Fund and each Replacement Fund from the provisions of Section 17(a) of the Act to the extent necessary to permit the Insurance Companies on behalf of the Separate Accounts to carry out, as part of the substitutions, the in-kind purchase of shares of the Replacement Funds which may be deemed to be prohibited by Section 17(a) of the Act. Conclusion Applicants assert that for the reasons summarized above that the proposed substitutions and related transactions meet the standards of Section 26(c) of the Act and are consistent with the standards of Section 17(b) of the Act and that the requested orders should be granted. For the Commission, by the Division of Investment Management pursuant to delegated authority. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–5101 Filed 3–13–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57459; File No. SR–BSE– 2008–13] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Fee Schedule of the Boston Options Exchange March 10, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on March 7, 2008, the Boston Stock Exchange, Inc. (‘‘BSE’’ 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 BSE. The BSE has designated the proposed rule change as constituting a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule of the self-regulatory organization pursuant to Section 19(b)(3)(A)(i) of the Act 3 and Rule 19b–4(f)(1) thereunder,4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(i). 4 17 CFR 240.19b–4(f)(1). 2 17 PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 13939 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 is proposing to amend the Fee Schedule of the Boston Options Exchange (‘‘BOX’’). The proposed rule change will more clearly set forth the fees that are presently already charged for trading options contracts on BOX. The text of the proposed rule change is available on BSE’s Web site at https:// www.bostonoptions.com, at BSE’s principal office, and at 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 BSE 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 BSE 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 the BOX Fee Schedule. The proposed change will more clearly set forth the fees that are applicable to Public Customer and Broker Dealer account types. The proposed change will not modify the level of fees that are charged for the trading of options contracts on BOX, nor will it change to whom the fees are charged. The Exchange currently applies an alternative pricing structure for certain classes of options contracts traded on BOX, the Liquidity Make or Take pricing structure (‘‘Make or Take’’). Make or Take fees and credits apply to transactions for all account types (e.g., Public Customer, Broker Dealer or Market Maker) as set forth in Section 7 of the BOX Fee Schedule. Specific references to the Liquidity Make or Take pricing structure and the fees and credits associated therewith are not currently included within the sections of fees applicable to Public Customer accounts as well as Broker Dealer proprietary accounts. However, particular reference to Make or Take is made within the section of fees E:\FR\FM\14MRN1.SGM 14MRN1 13940 Federal Register / Vol. 73, No. 51 / Friday, March 14, 2008 / Notices applicable to Market Makers. As previously stated, Make or Take is applicable to all three account types.5 This proposed rule change will specifically include this reference to Make or Take within the Public Customer and Broker Dealer portions of the BOX Fee Schedule. Again, this proposal will not modify the fees that are currently charged for the trading of options contracts on BOX, nor will it change to whom the fees are charged. 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act,6 in general, and Section 6(b)(5) of the Act,7 in particular, in that it clarifies existing rule text and it is designed to promote just and equitable principles of trade, to prevent fraudulent and manipulative acts, 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. 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 neither solicited nor received comments on the proposed rule change. rwilkins on PROD1PC63 with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(i) of the Act 8 and subparagraph (f)(1) of Rule 19b–4 thereunder.9 The proposed rule change is a stated policy, practice or interpretation with respect to the meaning, administration or enforcement of an existing rule of the Exchange. At any time within 60 days of the filing of such proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is 5 See Securities Exchange Act Release No. 56371 (September 7, 2007), 72 FR 52401 (September 13, 2007). 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). 8 15 U.S.C. 78s(b)(3)(A)(i). 9 17 CFR 240.19b–4(f)(1). VerDate Aug<31>2005 19:17 Mar 13, 2008 Jkt 214001 necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. 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–BSE–2008–13 on the subject line. Paper Comments For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–5098 Filed 3–13–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57454; File No. SR–CHX– 2007–18] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Make Administrative Changes to its Routing Rules March 7, 2008 I. Introduction On July 6, 2007, the Chicago Stock Exchange, Inc. (‘‘CHX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule All submissions should refer to File change to make administrative changes Number SR–BSE–2008–13. This file to its routing rules. On January 22, 2008, number should be included on the subject line if e-mail is used. To help the the Exchange filed Amendment No. 1 to the proposed rule change. The proposed Commission process and review your rule change, as modified by Amendment comments more efficiently, please use only one method. The Commission will No. 1, was published for comment in post all comments on the Commission’s the Federal Register on February 1, 2008.3 The Commission received no Internet Web site (https://www.sec.gov/ comments on the proposal. This order rules/sro.shtml). Copies of the approves the proposed rule change, as submission, all subsequent amended. amendments, all written statements with respect to the proposed rule II. Description of the Proposal change that are filed with the The Exchange’s rules provide that the Commission, and all written Exchange’s Matching System will not communications relating to the execute an order if its execution would proposed rule change between the Commission and any person, other than be improper under Rule 611 of Regulation NMS under the Act those that may be withheld from the (‘‘improper trade-through’’).4 In the case public in accordance with the of an execution that would cause an provisions of 5 U.S.C. 552, will be improper trade-through, the Exchange’s available for inspection and copying in rules provide that, if a participant the Commission’s Public Reference submitted a cross with satisfy or an Room, 100 F Street, NE., Washington, outbound ISO, the Matching System DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. will execute the order and simultaneously route orders necessary Copies of such filing also will be to satisfy the bids or offers of other available for inspection and copying at markets.5 For all other orders, the the principal office of BSE. All comments received will be posted 10 17 CFR 200.30–3(a)(12). without change; the Commission does 1 15 U.S.C. 78s(b)(1). not edit personal identifying 2 17 CFR 240.19b-4. information from submissions. You 3 See Securities Exchange Act Release No. 57203 (January 25, 2008), 73 FR 6232. should submit only information that 4 See CHX Article 20, Rule 5; and Rule 611 of you wish to make available publicly. All Regulation NMS, 17 CFR 242.611. submissions should refer to File 5 The Exchange’s systems determine when, how, Number SR–BSE–2008–13 and should and where these orders should be routed. See CHX be submitted on or before April 4, 2008. Article 20, Rule 5, Interpretation and Policy .03(a). • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 E:\FR\FM\14MRN1.SGM 14MRN1

Agencies

[Federal Register Volume 73, Number 51 (Friday, March 14, 2008)]
[Notices]
[Pages 13939-13940]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-5098]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57459; File No. SR-BSE-2008-13]


Self-Regulatory Organizations; Boston Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to the Fee Schedule of the Boston Options Exchange

March 10, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on March 7, 2008, the Boston Stock Exchange, Inc. (``BSE'' 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 BSE. 
The BSE has designated the proposed rule change as constituting a 
stated policy, practice, or interpretation with respect to the meaning, 
administration, or enforcement of an existing rule of the self-
regulatory organization pursuant to Section 19(b)(3)(A)(i) of the Act 
\3\ and Rule 19b-4(f)(1) 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(i).
    \4\ 17 CFR 240.19b-4(f)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is proposing to amend the Fee Schedule of the Boston 
Options Exchange (``BOX''). The proposed rule change will more clearly 
set forth the fees that are presently already charged for trading 
options contracts on BOX. The text of the proposed rule change is 
available on BSE's Web site at https://www.bostonoptions.com, at BSE's 
principal office, and at 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 BSE 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 BSE 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 the BOX Fee Schedule. The proposed 
change will more clearly set forth the fees that are applicable to 
Public Customer and Broker Dealer account types. The proposed change 
will not modify the level of fees that are charged for the trading of 
options contracts on BOX, nor will it change to whom the fees are 
charged.
    The Exchange currently applies an alternative pricing structure for 
certain classes of options contracts traded on BOX, the Liquidity Make 
or Take pricing structure (``Make or Take''). Make or Take fees and 
credits apply to transactions for all account types (e.g., Public 
Customer, Broker Dealer or Market Maker) as set forth in Section 7 of 
the BOX Fee Schedule. Specific references to the Liquidity Make or Take 
pricing structure and the fees and credits associated therewith are not 
currently included within the sections of fees applicable to Public 
Customer accounts as well as Broker Dealer proprietary accounts. 
However, particular reference to Make or Take is made within the 
section of fees

[[Page 13940]]

applicable to Market Makers. As previously stated, Make or Take is 
applicable to all three account types.\5\
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    \5\ See Securities Exchange Act Release No. 56371 (September 7, 
2007), 72 FR 52401 (September 13, 2007).
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    This proposed rule change will specifically include this reference 
to Make or Take within the Public Customer and Broker Dealer portions 
of the BOX Fee Schedule. Again, this proposal will not modify the fees 
that are currently charged for the trading of options contracts on BOX, 
nor will it change to whom the fees are charged.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with the 
requirements of Section 6(b) of the Act,\6\ in general, and Section 
6(b)(5) of the Act,\7\ in particular, in that it clarifies existing 
rule text and it is designed to promote just and equitable principles 
of trade, to prevent fraudulent and manipulative acts, 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.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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 neither solicited nor received comments on the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(i) of the Act \8\ and subparagraph (f)(1) of Rule 19b-4 
thereunder.\9\ The proposed rule change is a stated policy, practice or 
interpretation with respect to the meaning, administration or 
enforcement of an existing rule of the Exchange.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(i).
    \9\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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.

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-BSE-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-BSE-2008-13. 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 BSE. 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-BSE-2008-13 and should be 
submitted on or before April 4, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-5098 Filed 3-13-08; 8:45 am]
BILLING CODE 8011-01-P