Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend, Through December 31, 2008, the Pilot Program That Offers Liquidity Takers a Reduced Transaction Fee Structure for Certain Bond Trades Executed on the NYSE Bonds System, 29804-29805 [E8-11427]
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29804
Federal Register / Vol. 73, No. 100 / Thursday, May 22, 2008 / Notices
the incidence of regulatory intervention
in market transactions while still
maintaining the integrity of the
marketplace.16 The Commission
believes that Nasdaq’s proposed
Reference Price thresholds are
commensurate with the manner in
which Nasdaq currently applies its
Clearly Erroneous Rule and are not
unreasonable.
The Commission finds good cause for
approving the proposed rule change, as
modified by Amendment Nos. 2 and 3
thereto, before the thirtieth day after the
date of publication of notice of filing
thereof in the Federal Register.
Accelerating approval of this proposal
should benefit investors by creating,
without undue delay, greater certainty
in the application of Nasdaq’s Clearly
Erroneous Rule because the proposal
establishes objective standards to be
applied by Nasdaq in reviewing clearly
erroneous transactions. Therefore, the
Commission finds good cause,
consistent with Section 19(b)(2) of the
Act,17 to approve the proposed rule
change, as modified by Amendment
Nos. 2 and 3, on an accelerated basis.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning Amendment No.
3, including whether Amendment No. 3
is consistent with the Act. Comments
may be submitted by any of the
following methods:
rwilkins on PROD1PC63 with NOTICES
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–NASDAQ–2007–001 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2007–001. 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 the 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–NASDAQ–2007–001 and
should be submitted on or before June
12, 2008.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act, that the
proposed rule change (SR–NASDAQ–
2007–001), as modified by Amendment
Nos. 2 and 3, be, and it hereby is,
approved on an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–11429 Filed 5–21–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57823; File No. SR–NYSE–
2008–38]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Extend,
Through December 31, 2008, the Pilot
Program That Offers Liquidity Takers a
Reduced Transaction Fee Structure for
Certain Bond Trades Executed on the
NYSE Bonds System
May 15, 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 May 15,
2008, the New York Stock Exchange
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 7 CFR 240.19b–4.
LLC (‘‘NYSE’’ or the ‘‘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
NYSE. The Exchange has designated
this proposal as one establishing or
changing a due, fee, or other charge
imposed by the Exchange under Section
19(b)(3)(A)(ii) of the Act 3 and Rule 19b–
4(f)(2) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend the
pilot program that offers liquidity takers
a reduced transaction fee structure for
certain bond trades executed on the
NYSE BondsSM system (‘‘NYSE Bonds’’).
The pilot program would thus end on
December 31, 2008. The text of the
proposed rule change is available at the
Exchange’s principal office, in the
Commission’s Public Reference Room,
and at https://www.nyse.com.
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
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 extend the
pilot program that offers liquidity takers
a reduced transaction fee structure for
certain bond trades executed on NYSE
Bonds. The pilot program would thus
end on December 31, 2008.
The Exchange’s pilot program reduces
transaction fees charged to liquidity
takers for transactions executed on
NYSE Bonds with a staggered
transaction fee schedule based on the
number of bonds purchased or sold in
18 17
16 Id.
17 15
1 15
U.S.C. 78s(b)(2).
VerDate Aug<31>2005
17:03 May 21, 2008
Jkt 214001
PO 00000
Frm 00071
Fmt 4703
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3 15
4 17
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
E:\FR\FM\22MYN1.SGM
22MYN1
Federal Register / Vol. 73, No. 100 / Thursday, May 22, 2008 / Notices
excess of ten bonds. Currently, the
transaction fee for orders that take
liquidity from the market is $0.50 per
bond. This fee remains unchanged for
orders up to ten bonds. The extended
fee filing pilot program provides for the
following transaction fee schedule: (1)
When the liquidity taker purchases or
sells between one and ten bonds, the
Exchange will charge an execution fee
of $0.50 per bond; (2) when the liquidity
taker purchases or sells between 11 and
25 bonds, the Exchange will charge an
execution fee of $0.20 per bond; and (3)
when the liquidity taker purchases or
sells 26 bonds or more, the Exchange
will charge an execution fee of $0.10 per
bond.
For example, if a liquidity taker
purchases or sells five bonds, the
Exchange will charge $0.50 per bond, or
a total $2.50 execution fee. If a liquidity
taker purchases or sells 20 bonds, the
Exchange will charge $0.20 per bond or
a total $4.00 execution fee. If a liquidity
taker purchases or sells 30 bonds, the
Exchange will charge $0.10 per bond or
a total $3.00 execution fee.
The Exchange will impose a $100 fee
cap per transaction.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act 5
in general and furthers the objectives of
Section 6(b)(4) of the Act 6 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.
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 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 written 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
Because the foregoing rule change
establishes or changes a due, fee, or
other charge imposed by the Exchange,
it has become effective pursuant to
5 15
6 15
U.S.C. 78f.
U.S.C. 78f(b)(4).
VerDate Aug<31>2005
17:03 May 21, 2008
Section 19(b)(3)(A) of the Act 7 and
subparagraph (f)(2) of Rule 19b–4
thereunder.8 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–2008–38 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–2008–38. 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
7 15
8 17
Jkt 214001
PO 00000
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
Frm 00072
Fmt 4703
29805
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–2008–38 and should
be submitted on or before June 12, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–11427 Filed 5–21–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57824; File No. SR–Phlx–
2008–35]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to FLEX Equity
Option Opening Transactions
May 15, 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 May 5,
2008, the Philadelphia Stock Exchange,
Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I and II below, which Items
have been prepared by the Phlx. The
Exchange filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Phlx proposes to amend Phlx
Rule 1079 (FLEX Index, Equity and
Currency Options) to establish a pilot
program that would reduce from 250
contracts to 150 contracts the minimum
value size for an opening transaction
(other than FLEX Quotes responsive to
a FLEX Request for Quotes) 5 in any
9 17
CFR 200.30–3(a)(12).
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)(6).
5 FLEX Quotes responsive to a FLEX Request for
Quote (‘‘RFQ’’) have different parameters that are
1 15
Continued
Sfmt 4703
E:\FR\FM\22MYN1.SGM
22MYN1
Agencies
[Federal Register Volume 73, Number 100 (Thursday, May 22, 2008)]
[Notices]
[Pages 29804-29805]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-11427]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57823; File No. SR-NYSE-2008-38]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Extend, Through December 31, 2008, the Pilot Program That Offers
Liquidity Takers a Reduced Transaction Fee Structure for Certain Bond
Trades Executed on the NYSE Bonds System
May 15, 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 May 15, 2008, the New York Stock Exchange LLC (``NYSE'' or the
``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 NYSE.
The Exchange has designated this proposal as one establishing or
changing a due, fee, or other charge imposed by the Exchange under
Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2)
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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 7 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\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 extend the pilot program that offers
liquidity takers a reduced transaction fee structure for certain bond
trades executed on the NYSE BondsSM system (``NYSE Bonds'').
The pilot program would thus end on December 31, 2008. The text of the
proposed rule change is available at the Exchange's principal office,
in the Commission's Public Reference Room, and at https://www.nyse.com.
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 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 extend the pilot program that offers
liquidity takers a reduced transaction fee structure for certain bond
trades executed on NYSE Bonds. The pilot program would thus end on
December 31, 2008.
The Exchange's pilot program reduces transaction fees charged to
liquidity takers for transactions executed on NYSE Bonds with a
staggered transaction fee schedule based on the number of bonds
purchased or sold in
[[Page 29805]]
excess of ten bonds. Currently, the transaction fee for orders that
take liquidity from the market is $0.50 per bond. This fee remains
unchanged for orders up to ten bonds. The extended fee filing pilot
program provides for the following transaction fee schedule: (1) When
the liquidity taker purchases or sells between one and ten bonds, the
Exchange will charge an execution fee of $0.50 per bond; (2) when the
liquidity taker purchases or sells between 11 and 25 bonds, the
Exchange will charge an execution fee of $0.20 per bond; and (3) when
the liquidity taker purchases or sells 26 bonds or more, the Exchange
will charge an execution fee of $0.10 per bond.
For example, if a liquidity taker purchases or sells five bonds,
the Exchange will charge $0.50 per bond, or a total $2.50 execution
fee. If a liquidity taker purchases or sells 20 bonds, the Exchange
will charge $0.20 per bond or a total $4.00 execution fee. If a
liquidity taker purchases or sells 30 bonds, the Exchange will charge
$0.10 per bond or a total $3.00 execution fee.
The Exchange will impose a $100 fee cap per transaction.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act \5\ in general and furthers
the objectives of Section 6(b)(4) of the Act \6\ 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f.
\6\ 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 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 written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change establishes or changes a due,
fee, or other charge imposed by the Exchange, it has become effective
pursuant to Section 19(b)(3)(A) of the Act \7\ and subparagraph (f)(2)
of Rule 19b-4 thereunder.\8\ 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 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-2008-38 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-2008-38. 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-2008-38 and should be
submitted on or before June 12, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-11427 Filed 5-21-08; 8:45 am]
BILLING CODE 8010-01-P