Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Increase Certain Taker Fees on the CBOE Stock Exchange, 21996-21997 [E8-8784]
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Federal Register / Vol. 73, No. 79 / Wednesday, April 23, 2008 / Notices
scoping process, the staff intends to
hold a public scoping meeting. Detailed
information regarding this meeting will
be included in a future Federal Register
notice.
Finally, the Commission will
announce in a future Federal Register
notice the opportunity to petition for
leave to intervene in the hearing
required for this application by 10 CFR
52.85.
Documents may be examined, and/or
copied for a fee, at the NRC’s Public
Document Room (PDR), located at One
White Flint North, Public File Area O1
F21, 11555 Rockville Pike (first floor),
Rockville, Maryland 20852, and will be
accessible electronically through the
Agencywide Documents Access and
Management System (ADAMS) Public
Electronic Reading Room link at the
NRC Web site https://www.nrc.gov/
reading-rm/adams.html. The
application is also available at https://
www.nrc.gov/reactors/new-licensing/
col.html. Persons who do not have
access to ADAMS or who encounter
problems in accessing documents
located in ADAMS should contact the
NRC PDR Reference staff by telephone
at 1–800–397–4209, 301–415–4737, or
by e-mail to pdr@nrc.gov.
Dated at Rockville, Maryland this 17th day
of April 2008.
For the Nuclear Regulatory Commission.
Serita Sanders,
Lead Project Manager, AP1000 Projects
Branch 2, Division of New Reactor Licensing,
Office of New Reactors.
[FR Doc. E8–8762 Filed 4–22–08; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57675; File No. SR–ISE–
2008–15]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Order Approving a Proposed
Rule Change Relating to Limitation of
Liability
April 17, 2008.
mstockstill on PROD1PC66 with NOTICES
I. Introduction
On March 5, 2008, the International
Securities Exchange, LLC (‘‘ISE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to section
19(b)(1) of the Securities Exchange Act
of 1934 (the ‘‘Act’’),1 and Rule 19b–4
thereunder,2 a proposal to amend ISE
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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16:58 Apr 22, 2008
Jkt 214001
Rule 705, ‘‘Limitation of Liability,’’ to
codify that the ISE may compensate
Members for losses resulting directly
from the malfunction of the ISE’s
physical equipment, devices, and/or
programming. The proposed rule change
was published for comment in the
Federal Register on March 17, 2008.3
The Commission received no comments
regarding the proposal. This order
approves the proposed rule change.
II. Description of the Proposal
ISE Rule 705(a) provides, in general,
that the Exchange is not liable for any
losses arising from the use of the
Exchange’s facilities, systems, or
equipment. The ISE notes, however,
that, from a customer service
perspective, the Exchange may
compensate a Member for certain
identified losses. Accordingly, the ISE
proposes to amend ISE Rule 705 to
codify that the ISE may compensate
Members, in both its stock and options
markets, for losses resulting directly
from the malfunction of the ISE’s
physical equipment, devices, and/or
programming.4 Under the proposal, the
ISE’s payments for the aggregate of all
claims related to the use of the ISE on
a single trading day would not exceed
$250,000, and this amount would be
allocated proportionally among all
claims if the claims arising on a single
trading day exceeded $250,000.5 Claims
for compensation under the rule must
be submitted in writing no later than the
opening of trading on the business day
following the day on which the use of
the Exchange gave rise to the claim.6
Once in receipt of a claim, the ISE will
verify that: (i) A valid order was
accepted into the Exchange’s systems;
and (ii) an Exchange system failure
occurred during the execution or
handling of that order.7 The ISE
represents that the determination to
compensate a Member will be made on
an equitable and non-discriminatory
basis without regard to the status of the
Member, i.e., whether the Member is a
Primary Market Maker, a Competitive
Market Maker, or an Electronic Access
Member of the Exchange.
III. Discussion and Commission
Findings
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
3 See Securities Exchange Act Release No. 57450
(March 7, 2008), 73 FR 14290.
4 See ISE Rule 705(d).
5 See ISE Rule 705(d)(1) and (2).
6 See ISE Rule 705(d)(3).
7 See ISE Rule 705(d)(3).
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exchange.8 In particular, the
Commission finds that the proposal is
consistent with section 6(b)(5) of the
Act,9 which requires, in part, that the
rules of a national securities exchange
be designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Specifically, the proposal will amend
ISE Rule 705 to codify the ISE’s policies
with respect to compensating Members
for losses resulting directly from the
malfunction of the ISE’s physical
equipment, devices, and/or
programming. The Commission believes
that the codification of these policies
should add greater transparency to the
ISE’s rules. In addition, the Commission
notes that the ISE’s rule is similar to
rules adopted by other exchanges.10
IV. Conclusion
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,11 that the
proposed rule change (File No. SR–ISE–
2008–15) is approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–8735 Filed 4–22–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57679; File No. SR–CBOE–
2008–45]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Increase Certain Taker
Fees on the CBOE Stock Exchange
April 17, 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 April 15,
2008, the Chicago Board Options
8 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
9 15 U.S.C. 78f(b)(5).
10 See, e.g., Nasdaq Rule 4626(b) and NYSE Arca
Rules 14.2(b) and (c).
11 15 U.S.C. 78s(b)(2).
12 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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Federal Register / Vol. 73, No. 79 / Wednesday, April 23, 2008 / Notices
Exchange, Incorporated (‘‘Exchange’’ or
‘‘CBOE’’) 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 has designated
this proposal as one establishing a due,
fee, or other charge imposed by the
Exchange under 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to modify its
fees applicable to the CBOE Stock
Exchange (‘‘CBSX’’). The text of the
proposed rule change is available on the
Exchange’s Web site (https://
www.cboe.org/legal), at the Exchange’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
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.
mstockstill on PROD1PC66 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The CBSX Fees Schedule lists the fees
applicable to trading on CBSX. Those
fees include transaction fees, which are
based on whether the executing member
is ‘‘taking’’ liquidity or ‘‘making’’
liquidity in connection with the
transaction. Takers have been charged at
a rate of $0.0029 per share. This filing
proposes to increase the taker
transaction fee for intermarket sweep
orders (‘‘ISOs’’) and immediate-orcancel orders (‘‘IOC orders’’) that
execute on CBSX to $0.0030 per share.
The taker transaction fee for other order
types would remain unchanged.
3 15
U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
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16:58 Apr 22, 2008
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The Exchange believes the proposed
change will encourage order providers
to take advantage of order handling
features available on CBSX to non-IOC
and non-ISO order types (such as the
step-up flash process 5), while
maintaining a fee structure that is
competitive with the transaction fees
charged by other exchanges. The
proposed changes took effect on
Wednesday, April 16, 2008.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 6 in general, and
furthers the objectives of Section 6(b)(4)
of the Act 7 in particular, in that it is
designed to provide for the equitable
allocation of reasonable dues, fees, and
other charges among Exchange members
and other persons using its facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change establishes or changes a due, fee,
or other charge imposed by the
Exchange, it has become effective upon
filing pursuant to Section 19(b)(3)(A) of
the Act 8 and Rule 19b–4(f)(2)
thereunder.9 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.
5 See
CBOE Rule 52.6.
U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 19b–4(f)(2).
6 15
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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
No. SR–CBOE–2008–45 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–CBOE–2008–45. 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 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–CBOE–2008–45 and should
be submitted on or before May 14, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–8784 Filed 4–22–08; 8:45 am]
BILLING CODE 8010–01–P
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CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 73, Number 79 (Wednesday, April 23, 2008)]
[Notices]
[Pages 21996-21997]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-8784]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57679; File No. SR-CBOE-2008-45]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Increase Certain Taker Fees on the CBOE Stock Exchange
April 17, 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 April 15, 2008, the Chicago Board Options
[[Page 21997]]
Exchange, Incorporated (``Exchange'' or ``CBOE'') 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 has
designated this proposal as one establishing a due, fee, or other
charge imposed by the Exchange under 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 modify its fees applicable to the CBOE
Stock Exchange (``CBSX''). The text of the proposed rule change is
available on the Exchange's Web site (https://www.cboe.org/legal), at
the Exchange'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 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 CBSX Fees Schedule lists the fees applicable to trading on
CBSX. Those fees include transaction fees, which are based on whether
the executing member is ``taking'' liquidity or ``making'' liquidity in
connection with the transaction. Takers have been charged at a rate of
$0.0029 per share. This filing proposes to increase the taker
transaction fee for intermarket sweep orders (``ISOs'') and immediate-
or-cancel orders (``IOC orders'') that execute on CBSX to $0.0030 per
share. The taker transaction fee for other order types would remain
unchanged.
The Exchange believes the proposed change will encourage order
providers to take advantage of order handling features available on
CBSX to non-IOC and non-ISO order types (such as the step-up flash
process \5\), while maintaining a fee structure that is competitive
with the transaction fees charged by other exchanges. The proposed
changes took effect on Wednesday, April 16, 2008.
---------------------------------------------------------------------------
\5\ See CBOE Rule 52.6.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \6\ in general, and furthers the
objectives of Section 6(b)(4) of the Act \7\ in particular, in that it
is designed to provide for the equitable allocation of reasonable dues,
fees, and other charges among Exchange members and other persons using
its facilities.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 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
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change establishes or changes a
due, fee, or other charge imposed by the Exchange, it has become
effective upon filing pursuant to Section 19(b)(3)(A) of the Act \8\
and Rule 19b-4(f)(2) thereunder.\9\ 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 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 No. SR-CBOE-2008-45 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-CBOE-2008-45. 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 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-CBOE-2008-45 and should be
submitted on or before May 14, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-8784 Filed 4-22-08; 8:45 am]
BILLING CODE 8010-01-P
