Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain Maker Fees Applicable to DPMs on the CBOE Stock Exchange, 22184-22185 [E8-8926]

Download as PDF 22184 Federal Register / Vol. 73, No. 80 / Thursday, April 24, 2008 / Notices sroberts on PROD1PC70 with NOTICES it will require approximately 3 attorney hours 4 to draft and execute additional clauses in new subadvisory contracts in order for funds and subadvisers to be able to rely on the exemptions in rule 12d3–1. Because these additional clauses are identical to the clauses that a fund would need to insert in their subadvisory contracts to rely on rules 10f–3, 17a–10, and 17e–1, and because we believe that funds that use one such rule generally use all of these rules, we apportion this 3 hour time burden equally to all four rules. Therefore, we estimate that the burden allocated to rule 12d3–1 for this contract change would be 0.75 hours.5 Assuming that all 600 funds that enter into new subadvisory contracts each year make the modification to their contract required by the rule, we estimate that the rule’s contract modification requirement will result in 450 burden hours annually, with an associated cost of approximately $131,400.6 The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act. The estimate is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. Complying with this collection of information requirement is necessary to obtain the benefit of relying on rule 12d3–1. Responses will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Please direct general comments regarding the above information to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or e-mail to: Alex_T._Hunt@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e–mail to: PRA_Mailbox@sec.gov. Comments must 4 The Commission staff’s estimates concerning the wage rates for attorney time are based on salary information for the securities industry compiled by the Securities Industry Association. The $292 per hour figure for an attorney is from the SIA Report on Management & Professional Earnings in the Securities Industry 2006, modified to account for an 1800-hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. 5 This estimate is based on the following calculation (3 hours ÷ 4 rules = .75 hours). 6 These estimates are based on the following calculations: (0.75 hours × 600 portfolios = 450 burden hours); ($292 per hour × 450 hours = $131,400 total cost). VerDate Aug<31>2005 16:15 Apr 23, 2008 Jkt 214001 be submitted to OMB within 30 days of this notice. Dated: April 18, 2008. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–8927 Filed 4–23–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: 73 FR 21165, April 18, 2008. Open Meeting. 100 F Street, NE., Washington, STATUS: PLACE: DC. DATE AND TIME OF PREVIOUSLY ANNOUNCED MEETING: April 21, 2008 at 10 a.m. Date and Time Change. The Open Meeting scheduled for Monday, April 21, 2008 at 10 a.m., has been changed to Wednesday, May 14, 2008 at 10 a.m. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. CHANGE IN THE MEETINGS: Dated: April 18, 2008. Nancy M. Morris, Secretary. [FR Doc. E8–8871 Filed 4–23–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57686; File No. SR–CBOE– 2008–47] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain Maker Fees Applicable to DPMs on the CBOE Stock Exchange April 18, 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 18, 2008, the Chicago Board Options 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 amend its CBOE Stock Exchange (‘‘CBSX’’) Fees Schedule. 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. CBOE recently raised 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.5 The taker transaction fee for other order types remains unchanged at $0.0029 per share. However, the maker rebate for Designated Primary Market-Makers 3 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). 5 See Securities Exchange Act Release No. 57679 (April 17, 2008) (SR–CBOE–2008–45). 4 17 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00060 Fmt 4703 Sfmt 4703 E:\FR\FM\24APN1.SGM 24APN1 Federal Register / Vol. 73, No. 80 / Thursday, April 24, 2008 / Notices (‘‘DPMs’’) that meet the Liquidity Provider Guidelines (‘‘LPGs’’) provided for in the CBSX Fees Schedule is pegged to the taker fee amount on each trade. When CBOE raised the fee for ISO and IOC order executions to $0.0030 per share, it did not intend to increase the DPM rebate for those orders to $0.0030 per share. This filing establishes that the rebate for DPMs that meet the LPGs is $0.0029 per share. The proposed changes take effect on Friday, April 18, 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. sroberts on PROD1PC70 with NOTICES 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 6 15 U.S.C. 78f(b). U.S.C. 78f(b)(4). 8 15 U.S.C. 78s(b)(3)(A). 9 17 CFR 19b–4(f)(2). 16:15 Apr 23, 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 No. SR–CBOE–2008–47 on the subject line. [Release No. 34–57684; File No. SR–CHX– 2008–03] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Granting Approval of Proposed Rule Change To Amend Rules Relating to Fingerprint-Based Record Checks April 18, 2008. I. Introduction On February 26, 2008, the Chicago Stock Exchange, Inc. (‘‘CHX’’ or • Send paper comments in triplicate ‘‘Exchange’’), filed with the Securities to Nancy M. Morris, Secretary, and Exchange Commission Securities and Exchange Commission, (‘‘Commission’’) pursuant to Section 100 F Street, NE., Washington, DC 19(b)(1) of the Securities Exchange Act 20549–1090. of 1934 (‘‘Act’’) 1 and Rule 19b–4 All submissions should refer to File thereunder,2 a proposed rule change to Number SR–CBOE–2008–47. This file amend rules relating to fingerprintnumber should be included on the based criminal record checks of subject line if e-mail is used. To help the Exchange staff and other persons. The Commission process and review your proposed rule change was published for comments more efficiently, please use comment in the Federal Register on only one method. The Commission will March 18, 2008.3 The Commission post all comments on the Commission’s received no comments on the proposal. Internet Web site (https://www.sec.gov/ This order approves the proposed rule rules/sro.shtml). Copies of the change. submission, all subsequent II. Description of the Proposal amendments, all written statements As part of its trading model rule set, with respect to the proposed rule the Exchange included a fingerprint rule change that are filed with the that requires the Exchange to conduct Commission, and all written fingerprint-based criminal record checks communications relating to the of Exchange staff, certain independent proposed rule change between the Commission and any person, other than contractors and other persons that have regular access to the Exchange’s those that may be withheld from the facilities and premises.4 The Exchange public in accordance with the proposes to amend this rule to remove provisions of 5 U.S.C. 552, will be the requirement that the Exchange available for inspection and copying in conduct these fingerprint-based the Commission’s Public Reference background checks. The Exchange Room, 100 F Street, NE., Washington, believes that those criminal record DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. background checks of staff and consultants may be obtained through Copies of such filing also will be more efficient means. This proposal has available for inspection and copying at the principal office of the Exchange. All no impact on the fingerprinting obligations that apply to Exchange comments received will be posted participants and participant firm without change; the Commission does personnel. The Exchange will continue not edit personal identifying to require its participants to adhere to information from submissions. You applicable fingerprinting obligations.5 should submit only information that you wish to make available publicly. All III. Discussion and Commission submissions should refer to File Findings Number SR–CBOE–2008–47 and should The Commission has carefully be submitted on or before May 15, 2008. reviewed the proposed rule change and For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–8926 Filed 4–23–08; 8:45 am] 10 17 Jkt 214001 SECURITIES AND EXCHANGE COMMISSION Paper Comments BILLING CODE 8010–01–P 7 15 VerDate Aug<31>2005 change is consistent with the Act. Comments may be submitted by any of the following methods: 22185 PO 00000 CFR 200.30–3(a)(12). Frm 00061 Fmt 4703 Sfmt 4703 1 15 U.S.C. 78s(b)(l). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 57479 (March 12, 2008), 73 FR 14516 (March 18, 2008). 4 See Article 6, Rule 10(b) of the Exchange’s Rules. 5 See Article 6, Rule 10(a) of the Exchange’s Rules; see also Section 17(f)(2) of the Act (15 U.S.C. 78q(f)(2)) and Rule 17f–2 thereunder (17 CFR 240.17f–2). 2 17 E:\FR\FM\24APN1.SGM 24APN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 73, Number 80 (Thursday, April 24, 2008)]
[Notices]
[Pages 22184-22185]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-8926]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57686; File No. SR-CBOE-2008-47]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change To Amend Certain Maker Fees Applicable to DPMs on the CBOE 
Stock Exchange

April 18, 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 18, 2008, the Chicago Board Options 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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its CBOE Stock Exchange (``CBSX'') 
Fees Schedule. 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. CBOE recently raised 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.\5\ The taker transaction fee for other order types remains 
unchanged at $0.0029 per share. However, the maker rebate for 
Designated Primary Market-Makers

[[Page 22185]]

(``DPMs'') that meet the Liquidity Provider Guidelines (``LPGs'') 
provided for in the CBSX Fees Schedule is pegged to the taker fee 
amount on each trade. When CBOE raised the fee for ISO and IOC order 
executions to $0.0030 per share, it did not intend to increase the DPM 
rebate for those orders to $0.0030 per share. This filing establishes 
that the rebate for DPMs that meet the LPGs is $0.0029 per share.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 57679 (April 17, 
2008) (SR-CBOE-2008-45).
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    The proposed changes take effect on Friday, April 18, 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.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(4).
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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.
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    \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-2008-47 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-2008-47. 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-2008-47 and should be 
submitted on or before May 15, 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. E8-8926 Filed 4-23-08; 8:45 am]
BILLING CODE 8010-01-P

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