Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Reduce Its Routing Fee for Floor Brokers, 24338-24339 [E8-9693]

Download as PDF 24338 Federal Register / Vol. 73, No. 86 / Friday, May 2, 2008 / Notices As noted in Item 2 of this filing, FINRA will announce the effective date of the proposed rule change in a Regulatory Notice to be published no later than 60 days following Commission approval. The effective date will be 90 days following publication of the Regulatory Notice announcing Commission approval. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,16 which requires, among other things, that FINRA rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. FINRA believes that the proposed rule change promotes just and equitable principles of trade and protects investors and the public interest by providing the investing public with options communications rules that are designed to provide appropriate safeguards and greater clarity by promoting harmonization between FINRA’s and other SROs’ options communications rules. B. Self-Regulatory Organization’s Statement on Burden on Competition FINRA does not believe that the proposed rule change will result in 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 Written comments were neither solicited nor received. mstockstill on PROD1PC66 with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve such proposed rule change, or and the options exchanges. The Guidelines explain the SROs’ options communications rules and interpretations, address frequently asked questions and common problems, and provide a framework for informative and effective communications with the public. 16 15 U.S.C. 78o–3(b)(6). VerDate Aug<31>2005 17:17 May 01, 2008 Jkt 214001 (B) institute proceedings to determine whether the proposed rule change should be disapproved. 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–FINRA–2008–013 on the subject line. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–9631 Filed 5–1–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57730; File No. SR–NYSE– 2008–31] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Reduce Its Routing Fee for Floor Brokers April 28, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 • Send paper comments in triplicate notice is hereby given that on April 22, to Nancy M. Morris, Secretary, 2008, the New York Stock Exchange Securities and Exchange Commission, LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with 100 F Street, NE., Washington, DC the Securities and Exchange 20549–1090. Commission (the ‘‘Commission’’) the proposed rule change as described in All submissions should refer to File Number SR–FINRA–2008–013. This file Items I, II, and III below, which Items have been substantially prepared by the number should be included on the subject line if e-mail is used. To help the Exchange. The Exchange filed the proposed rule change pursuant to Commission process and review your Section 19(b)(3)(A) of the Act 3 and Rule comments more efficiently, please use only one method. The Commission will 19b–4(f)(2) thereunder,4 which renders post all comments on the Commission’s it effective upon filing with the Commission. The Commission is Internet Web site (http://www.sec.gov/ publishing this notice to solicit rules/sro.shtml). Copies of the comments on the proposed rule change submission, all subsequent from interested persons. amendments, all written statements with respect to the proposed rule I. Self-Regulatory Organization’s change that are filed with the Statement of the Terms of Substance of Commission, and all written the Proposed Rule Change communications relating to the The Exchange proposes to reduce the proposed rule change between the Commission and any person, other than routing fee charged to floor brokers from $0.0030 per share to $0.0029 per share. those that may be withheld from the While the change to the Exchange’s public in accordance with the 2008 Price List pursuant to this proposal provisions of 5 U.S.C. 552, will be will be effective upon filing, the fee available for inspection and copying in change will be implemented on May 1, the Commission’s Public Reference 2008. The text of the proposed rule Room, 100 F Street, NE., Washington, change is available at http:// DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. www.nyse.com, the Exchange, and the Commission’s Public Reference Room. Copies of such filing also will be available for inspection and copying at II. Self-Regulatory Organization’s the principal office of FINRA. All Statement of the Purpose of, and comments received will be posted Statutory Basis for, the Proposed Rule without change; the Commission does Change not edit personal identifying In its filing with the Commission, information from submissions. You NYSE included statements concerning should submit only information that you wish to make available publicly. All 17 17 CFR 200.30–3(a)(12). submissions should refer to File 1 1 15 U.S.C. 78s(b)(1). Number SR–FINRA–2008–013 and 217 CFR 240.19b–4. should be submitted on or before May 315 U.S.C. 78s(b)(3)(A). 23, 2008. 417 CFR 240.19b–4(f)(2). Paper Comments PO 00000 Frm 00128 Fmt 4703 Sfmt 4703 E:\FR\FM\02MYN1.SGM 02MYN1 Federal Register / Vol. 73, No. 86 / Friday, May 2, 2008 / Notices the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. NYSE has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to reduce the fee charged to floor brokers in connection with the routing of their orders to other markets from $0.0030 per share to $0.0029 per share. The routing fee charged to all other market participants will remain at $0.0030 per share.5 While the change to the Exchange’s 2008 Price List pursuant to this proposal will be effective upon filing, the change will become operative on May 1, 2008. The Exchange believes that it is justified in charging a slightly lower routing fee to floor brokers because of their importance to the continuation of the floor as an integral part of the Exchange’s market model, which integrates the auction market with automated trading. Essential to this model is the interaction between the specialists, floor brokers and orders in the Display Book system, which creates opportunities for price improvement, provides information about changing market conditions and serves as a catalyst to trading. The Exchange believes that this decrease in the routing fee will assist floor brokers in remaining competitive. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 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 its members and other persons using its facilities. The Exchange believes that mstockstill on PROD1PC66 with NOTICES 5 The Exchange represents that: (i) these routing fees are charged only to Exchange member organizations; and (ii) customers have the ability to submit an order that can only be executed at the Exchange itself and may not be routed to other markets, and therefore the possibility that an order would be routed is within the customer’s control. See e-mail from John Carey, Assistant General Counsel, Exchange, to Nathan Saunders, Special Counsel, Division of Trading and Markets, Commission, dated April 28, 2008. 6 15 U.S.C. 78f. 7 15 U.S.C. 78f(b)(4). VerDate Aug<31>2005 17:17 May 01, 2008 Jkt 214001 the proposed reduction in the routing fee for floor brokers represents an equitable allocation of reasonable dues, fees, and other charges because floor brokers are integral to the Exchange’s market model and the proposed fee reduction will assist floor brokers in remaining competitive. B. Self Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purpose of the Exchange Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received from Members, Participants or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change is filed pursuant to Section 19(b)(3)(A)(ii) of the Act 8 and subparagraph (f)(2) of Rule 19b–4 thereunder 9 because it establishes or changes a due, fee, or other charge applicable only to a member imposed by a self-regulatory organization. Accordingly, the proposal is effective upon Commission receipt of the filing. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2008–31 on the subject line. Paper comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, 8 15 9 17 PO 00000 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). Frm 00129 Fmt 4703 Sfmt 4703 24339 Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2008–31. 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 (http://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 NYSE. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NYSE–2008–31 and should be submitted on or before May 23, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–9693 Filed 5–1–08; 8:45 am] BILLING CODE 8010–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #11206 and #11207] Arkansas Disaster Number AR–00018 U.S. Small Business Administration. ACTION: Amendment 3. AGENCY: SUMMARY: This is an amendment of the Presidential declaration of a major disaster for the State of Arkansas (FEMA–1751–DR), dated 03/28/2008. Incident: Severe Storms, Tornadoes, and Flooding. 10 17 E:\FR\FM\02MYN1.SGM CFR 200.30–3(a)(12). 02MYN1

Agencies

[Federal Register Volume 73, Number 86 (Friday, May 2, 2008)]
[Notices]
[Pages 24338-24339]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-9693]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57730; File No. SR-NYSE-2008-31]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to 
Reduce Its Routing Fee for Floor Brokers

April 28, 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 22, 2008, the New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been substantially prepared by the 
Exchange. The Exchange filed the proposed rule change pursuant to 
Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ 
which renders it effective upon filing with the Commission. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 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 reduce the routing fee charged to floor 
brokers from $0.0030 per share to $0.0029 per share. While the change 
to the Exchange's 2008 Price List pursuant to this proposal will be 
effective upon filing, the fee change will be implemented on May 1, 
2008. The text of the proposed rule change is available at http://
www.nyse.com, the Exchange, and the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NYSE included statements 
concerning

[[Page 24339]]

the purpose of, and basis for, the proposed rule change and discussed 
any comments it received on the proposed rule change. The text of these 
statements may be examined at the places specified in Item IV below. 
NYSE has prepared summaries, set forth in Sections A, B, and C below, 
of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to reduce the fee charged to floor brokers in 
connection with the routing of their orders to other markets from 
$0.0030 per share to $0.0029 per share. The routing fee charged to all 
other market participants will remain at $0.0030 per share.\5\ While 
the change to the Exchange's 2008 Price List pursuant to this proposal 
will be effective upon filing, the change will become operative on May 
1, 2008.
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    \5\ The Exchange represents that: (i) these routing fees are 
charged only to Exchange member organizations; and (ii) customers 
have the ability to submit an order that can only be executed at the 
Exchange itself and may not be routed to other markets, and 
therefore the possibility that an order would be routed is within 
the customer's control. See e-mail from John Carey, Assistant 
General Counsel, Exchange, to Nathan Saunders, Special Counsel, 
Division of Trading and Markets, Commission, dated April 28, 2008.
---------------------------------------------------------------------------

    The Exchange believes that it is justified in charging a slightly 
lower routing fee to floor brokers because of their importance to the 
continuation of the floor as an integral part of the Exchange's market 
model, which integrates the auction market with automated trading. 
Essential to this model is the interaction between the specialists, 
floor brokers and orders in the Display Book system, which creates 
opportunities for price improvement, provides information about 
changing market conditions and serves as a catalyst to trading. The 
Exchange believes that this decrease in the routing fee will assist 
floor brokers in remaining competitive.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 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 its 
members and other persons using its facilities. The Exchange believes 
that the proposed reduction in the routing fee for floor brokers 
represents an equitable allocation of reasonable dues, fees, and other 
charges because floor brokers are integral to the Exchange's market 
model and the proposed fee reduction will assist floor brokers in 
remaining competitive.
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    \6\ 15 U.S.C. 78f.
    \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 purpose of the Exchange Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received from Members, Participants or Others

    Written comments were neither solicited nor received.

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

    The foregoing proposed rule change is filed pursuant to Section 
19(b)(3)(A)(ii) of the Act \8\ and subparagraph (f)(2) of Rule 19b-4 
thereunder \9\ because it establishes or changes a due, fee, or other 
charge applicable only to a member imposed by a self-regulatory 
organization. Accordingly, the proposal is effective upon Commission 
receipt of the filing. At any time within 60 days of the filing of the 
proposed rule change, the Commission may summarily abrogate such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \9\ 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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2008-31 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-2008-31. 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 (http://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 NYSE. All comments 
received will be posted without change; the Commission does not edit 
personal identifying information from submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSE-2008-31 and should be 
submitted on or before May 23, 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. E8-9693 Filed 5-1-08; 8:45 am]
BILLING CODE 8010-01-P