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]
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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 (https://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 (https://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 https://
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 (https://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 (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 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]
-----------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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 https://
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.
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\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 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\9\ 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 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 (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 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\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-9693 Filed 5-1-08; 8:45 am]
BILLING CODE 8010-01-P
