Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Enhance Its NYSE OpenBook Product Offerings, 31905-31907 [E8-12235]

Download as PDF Federal Register / Vol. 73, No. 108 / Wednesday, June 4, 2008 / Notices communications relating to the proposed rule changes 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 Section, 100 F Street, NE., Washington, DC 20549–1090 on business days between the hours of 10 a.m. and 3 p.m. Copies of such filings also will be available for inspection and copying at the respective principal offices of the Exchanges. 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 Numbers SR–Amex– 2008–40; SR–NASDAQ–2008–046; SR– NYSE–2008–39; and SR–NYSEArca– 2008–50 and should be submitted on or before June 25, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Acting Secretary. [FR Doc. E8–12395 Filed 6–3–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57861; File No. SR–NYSE– 2008–42] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Enhance Its NYSE OpenBook Product Offerings rwilkins on PROD1PC63 with NOTICES May 23, 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 16, 2008, the New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange. The Exchange has designated the proposed rule change as a ‘‘noncontroversial’’ rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) thereunder,4 which renders 10 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). 16:46 Jun 03, 2008 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to enhance its NYSE OpenBook product offerings to offer additional separate data feeds containing NYSE quotations and order imbalance information. 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 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 NYSE OpenBook responds to the desire of some market participants for depth-of-market data. It is a compilation of limit order data that the Exchange provides to market data vendors, brokerdealers, private network providers and other entities (collectively, ‘‘Vendors’’) through a data feed. For every limit price, NYSE OpenBook includes the aggregate order volume. NYSE OpenBook is a packaged suite of data feed products. In addition to the current NYSE OpenBook data feed (‘‘NYSE OpenBook Realtime’’), for no additional charge, the Exchange makes available to NYSE OpenBook recipients a separate data feed containing NYSE quotations (‘‘NYSE BestQuote’’).5 NYSE BestQuote allows customers to see additional market interest that is not displayed in the NYSE limit order book and that, therefore, is not available in NYSE OpenBook. This proposed rule change: 5 NYSE added NYSE BestQuote to the NYSE OpenBook Realtime package in October 2006. See Securities Exchange Act Release No. 54594 (October 12, 2006), 71 FR 61819 (October 19, 2006) (SR– NYSE–2006–81). 1 15 VerDate Aug<31>2005 the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. Jkt 214001 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 31905 i. Responds to a demand for a newly enhanced version of the NYSE OpenBook product to be called NYSE OpenBook Ultra, which provides orderlevel detail; and ii. Adds to NYSE OpenBook a new category of information: information regarding order imbalances prior to the market opening and closing auctions (‘‘Order Imbalance Information’’). (1) NYSE OpenBook Ultra. The Exchange makes NYSE OpenBook Realtime available on a snapshot basis, with updates distributed in real-time at intervals of one second. Pursuant to this proposed rule change, the Exchange proposes to make available an enhanced NYSE OpenBook service that would update NYSE OpenBook information upon receipt of each displayed limit order (‘‘NYSE OpenBook Ultra’’). NYSE OpenBook Ultra responds to the desire of some market participants for realtime depth-of-book data on an order-byorder basis. In addition, NYSE OpenBook Ultra will improve upon NYSE OpenBook Realtime by adding information regarding the changes in limit order interest, by providing more precise timestamp resolution (microseconds) and by providing an easy-to-read format that is optimized for speed and recoverability. The Exchange will continue to support NYSE OpenBook Realtime and will offer NYSE OpenBook Ultra as an optional alternative without additional or different fees or terms. However, the Exchange anticipates that it will reassess its pricing for NYSE OpenBook, and may restructure or modify the charges applicable to the NYSE OpenBook Realtime and NYSE OpenBook Ultra packages. The Exchange will submit any proposed new or modified fees to the Commission as proposed rule changes and will not impose any new or modified charges on data feed recipients and end-users prior to Commission approval. (2) Order Imbalance Information. Order Imbalance Information is a data feed of real-time order imbalances that accumulate prior to the opening of trading on the Exchange and prior to the close of trading on the Exchange. These orders are subject to execution at the market’s opening or closing price, as the case may be, and represent issues that are likely to be of particular trading interest at the opening or closing. The Exchange plans to distribute information about these imbalances in real-time at specified intervals prior to the opening and closing auctions. Initially, the Exchange proposes to make order imbalance information available at the following intervals: For opening order imbalances: E:\FR\FM\04JNN1.SGM 04JNN1 31906 Federal Register / Vol. 73, No. 108 / Wednesday, June 4, 2008 / Notices rwilkins on PROD1PC63 with NOTICES • Every five minutes between 8:30 a.m. Eastern Time (‘‘ET’’) and 9 a.m. ET. • Every one minute between 9 a.m. ET and 9:20 a.m. ET. • Every 15 seconds between 9:20 a.m. ET and the opening (or 9:35 a.m. ET if the opening is delayed). For closing order imbalances: • Every fifteen seconds between 3:40 p.m. ET and 3:50 p.m. ET. • Every five seconds between 3:50 p.m. ET and 4 p.m. ET. Order Imbalance Information will also include the imbalance information that the Exchange is required to disseminate under NYSE Rule 123C(5), as well as automated real-time streaming order imbalance information at specified intervals. The Exchange proposes to make Order Imbalance Information available as part of the NYSE OpenBook package at no additional charge. (3) Fees. Currently, an end-user of NYSE OpenBook pays (or its Vendor pays on its behalf) the monthly perterminal NYSE OpenBook device fee of $60. A NYSE OpenBook data feed recipient pays a monthly $5,000 access fee for NYSE OpenBook, plus the perterminal fee if the data feed recipient also displays the data. For the moment, the Exchange proposes to permit data feed recipients and end-users to receive and use NYSE OpenBook Ultra, including Order Imbalance Information and NYSE BestQuote, for no additional charge. That is, the same $5,000 access fee and $60 per-terminal fee will apply. This will allow current NYSE OpenBook recipients to sample the proposed enhanced version of NYSE OpenBook for the same fees that they pay today. (4) Contracts. As with OpenBook Realtime, the Exchange proposes to make NYSE OpenBook Ultra (including Order Imbalance Information and NYSE BestQuote) available under the same contracting arrangement that the Commission has approved for the receipt and use of market data under the CTA and CQ Plans. That arrangement contemplates that each data feed recipient enter into the Commissionapproved standard form of ‘‘Agreement for Receipt and Use of Market Data’’ that Network A uses for data redistributors and other parties that use the data for purposes other than interrogation.6 6 The Participants in the CTA and CQ Plans first submitted the Consolidated Vendor Form to the Commission for immediate effectiveness in 1990. See Securities Exchange Act Release No. 28407 (September 6, 1990), 55 FR 37276 (September 10, 1990) (File No. 4–281). The Commission approved a revised version of it in 1996 in conjunction with the participants’ restatement of the CTA and CQ Plans. See Securities Exchange Act Release No. VerDate Aug<31>2005 16:46 Jun 03, 2008 Jkt 214001 Exhibit A to each of those agreements would need to be updated to reflect the receipt and use of NYSE OpenBook Ultra data. The arrangement also requires an end-user of the information (other than a data feed recipient) to enter into a Commission-approved Network A professional subscriber or a nonprofessional subscriber agreement, as the case may be. 2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under Section 6(b)(5) 7 that the rules of an exchange be designed 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. 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 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. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change: (1) Does not significantly affect the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) by its terms does not become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 8 and Rule 19b–4(f)(6) thereunder.9 A proposed rule change filed under Rule 19b–4(f)(6) normally does not become operative prior to 30 days after the date of filing. However, Rule 19b– 4(f)(6)(iii) 10 permits the Commission to 37191 (May 9, 1996), 61 FR 24842 (May 16, 1996) (File No. SR–CTA/CQ–96–1). 7 15 U.S.C. 78f(b)(5). 8 15 U.S.C. 78s(b)(3)(A). 9 17 CFR 240.19b–4(f)(6). 10 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 19b–4(f)(6)(iii) requires that a self-regulatory organization submit to the Commission written notice of its intent to file the proposed rule change, PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay set forth in Rule 19b–4(f)(6)(iii) under the Act, which would make the rule change operative upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because such waiver would immediately allow the Exchange to disseminate this supplemental information prior to the execution of the opening and closing transactions on the NYSE. Accordingly, the Commission designates the proposal to be operative upon filing with the Commission.11 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–2008–42 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–2008–42. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. NYSE has satisfied the pre-filing notice requirement. 11 For purposes only of waiving the 30-day operative delay of this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). E:\FR\FM\04JNN1.SGM 04JNN1 Federal Register / Vol. 73, No. 108 / Wednesday, June 4, 2008 / Notices 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 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–2008–42 and should be submitted on or before June 25, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–12235 Filed 6–3–08; 8:45 am] BILLING CODE 8010–01–P SMALL BUSINESS ADMINISTRATION Small Business Size Standards: Waiver of the Nonmanufacturer Rule U.S. Small Business Administration. ACTION: Notice of intent to waive the Nonmanufacturer Rule for Televisions. rwilkins on PROD1PC63 with NOTICES AGENCY: SUMMARY: The U.S. Small Business Administration (SBA) is considering granting a request for a waiver of the Nonmanufacturer Rule for Televisions. According to the request, no small business manufacturers supply this class of product to the Federal government. If granted, the waiver would allow otherwise qualified regular dealers to supply the products of any manufacturer on a Federal contract set aside for small businesses; servicedisabled veteran-owned small businesses or SBA’s 8(a) Business Development Program. 12 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 16:46 Jun 03, 2008 Comments and source information must be submitted June 19, 2008. ADDRESSES: You may submit comments and source information to Edith G. Butler, Program Analyst, U.S. Small Business Administration, Office of Government Contracting, 409 3rd Street, SW., Suite 8800, Washington, DC 20416. FOR FURTHER INFORMATION CONTACT: Edith G. Butler, Program Analyst, by telephone at (202) 619–0422; by FAX at (202) 481–1788; or by e-mail edith.butler@sba.gov. DATES: Section 8(a)(17) of the Small Business Act (Act), 15 U.S.C. 637(a)(17), requires that recipients of Federal contracts set aside for small businesses, service-disabled veteran-owned small businesses, or SBA’s 8(a) Business Development Program provide the product of a small business manufacturer or processor, if the recipient is other than the actual manufacturer or processor of the product. This requirement is commonly referred to as the Nonmanufacturer Rule. The SBA regulations imposing this requirement are found at 13 CFR 121.406(b). Section 8(a)(17)(b)(iv) of the Act authorizes SBA to waive the Nonmanufacturer Rule for any ‘‘class of products’’ for which there are no small business manufacturers or processors available to participate in the Federal market. As implemented in SBA’s regulations at 13 CFR 121.1202(c), in order to be considered available to participate in the Federal market for a class of products, a small business manufacturer must have submitted a proposal for a contract solicitation or received a contract from the Federal Government within the last 24 months. The SBA defines ‘‘class of products’’ based on six digit coding system. The coding system is the Office of Management and Budget North American Industry Classification System (NAICS). The SBA is currently processing a request to waive the Nonmanufacturer Rule for Televisions, North American Industry Classification System (NAICS) code 334220 product number 5820. The public is invited to comment or provide source information to SBA on the proposed waivers of the Nonmanufacturer Rule for this class of NAICS code within 15 days after date of publication in the Federal Register. SUPPLEMENTARY INFORMATION: Dated: May 28, 2008. Karen C. Hontz, Director for Government Contracting. [FR Doc. E8–12494 Filed 6–3–08; 8:45 am] BILLING CODE 8025–01–P Jkt 214001 PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 31907 SMALL BUSINESS ADMINISTRATION [License No. 09/79–0454] Emergence Capital Partners SBIC, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Emergence Capital Partners SBIC, L.P., 160 Bovet Road, Suite 300, San Mateo, CA 94402, a Federal Licensee under the Small Business Investment Act of 1958, as amended (‘‘the Act’’), in connection with the financing of a small concern, has sought an exemption under Section 312 of the Act and Section 107.730, Financings which Constitute Conflicts of Interest of the Small Business Administration (‘‘SBA’’) Rules and Regulations (13 CFR 107.730). Emergence Capital Partners SBIC, L.P. proposes to provide equity/debt security financing to Lithium Technologies, Inc., 6121 Hollis Street, Suite 4, Emeryville, CA 94608 (‘‘Lithium’’). The financing is contemplated for working capital and general corporate purposes. The financing is brought within the purview of § 107.730(a)(1) of the Regulations because Emergence Capital Partners, L.P. and Emergence Capital Associates, L.P., all Associates of Emergence Capital Partners SBIC, L.P., own more than ten percent of Lithium. Therefore this transaction is considered a Financing of an Associate, requiring an exemption. Notice is hereby given that any interested person may submit written comments on the transaction within 15 days of the date of this publication to the Associate Administrator for Investment, U.S. Small Business Administration, 409 Third Street, SW., Washington, DC 20416. Dated: May 2, 2008. A. Joseph Shepard, Associate Administrator for Investment. [FR Doc. E8–12496 Filed 6–3–08; 8:45 am] BILLING CODE 8025–01–P DEPARTMENT OF STATE [Public Notice: 6245] 30-Day Notice of Proposed Information Collection: DS–573, DS–574, DS–575, and DS–576, Overseas Schools—Grant Request Automated Submissions Program (GRASP), OMB Control No. 1405–0036 Notice of request for public comment and submission to OMB of proposed collection of information. ACTION: E:\FR\FM\04JNN1.SGM 04JNN1

Agencies

[Federal Register Volume 73, Number 108 (Wednesday, June 4, 2008)]
[Notices]
[Pages 31905-31907]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-12235]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57861; File No. SR-NYSE-2008-42]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Enhance Its NYSE OpenBook Product Offerings

May 23, 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 16, 2008, the New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been substantially prepared by the Exchange. 
The Exchange has designated the proposed rule change as a ``non-
controversial'' rule change pursuant to Section 19(b)(3)(A) of the Act 
\3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposed rule 
change 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\ 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)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to enhance its NYSE OpenBook[reg] product 
offerings to offer additional separate data feeds containing NYSE 
quotations and order imbalance information. 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 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
    NYSE OpenBook responds to the desire of some market participants 
for depth-of-market data. It is a compilation of limit order data that 
the Exchange provides to market data vendors, broker-dealers, private 
network providers and other entities (collectively, ``Vendors'') 
through a data feed. For every limit price, NYSE OpenBook includes the 
aggregate order volume.
    NYSE OpenBook is a packaged suite of data feed products. In 
addition to the current NYSE OpenBook data feed (``NYSE OpenBook 
Realtime''), for no additional charge, the Exchange makes available to 
NYSE OpenBook recipients a separate data feed containing NYSE 
quotations (``NYSE BestQuote'').\5\ NYSE BestQuote allows customers to 
see additional market interest that is not displayed in the NYSE limit 
order book and that, therefore, is not available in NYSE OpenBook.
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    \5\ NYSE added NYSE BestQuote to the NYSE OpenBook Realtime 
package in October 2006. See Securities Exchange Act Release No. 
54594 (October 12, 2006), 71 FR 61819 (October 19, 2006) (SR-NYSE-
2006-81).
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    This proposed rule change:
    i. Responds to a demand for a newly enhanced version of the NYSE 
OpenBook product to be called NYSE OpenBook Ultra, which provides 
order-level detail; and
    ii. Adds to NYSE OpenBook a new category of information: 
information regarding order imbalances prior to the market opening and 
closing auctions (``Order Imbalance Information'').
    (1) NYSE OpenBook Ultra. The Exchange makes NYSE OpenBook Realtime 
available on a snapshot basis, with updates distributed in real-time at 
intervals of one second. Pursuant to this proposed rule change, the 
Exchange proposes to make available an enhanced NYSE OpenBook service 
that would update NYSE OpenBook information upon receipt of each 
displayed limit order (``NYSE OpenBook Ultra''). NYSE OpenBook Ultra 
responds to the desire of some market participants for real-time depth-
of-book data on an order-by-order basis. In addition, NYSE OpenBook 
Ultra will improve upon NYSE OpenBook Realtime by adding information 
regarding the changes in limit order interest, by providing more 
precise timestamp resolution (microseconds) and by providing an easy-
to-read format that is optimized for speed and recoverability.
    The Exchange will continue to support NYSE OpenBook Realtime and 
will offer NYSE OpenBook Ultra as an optional alternative without 
additional or different fees or terms. However, the Exchange 
anticipates that it will reassess its pricing for NYSE OpenBook, and 
may restructure or modify the charges applicable to the NYSE OpenBook 
Realtime and NYSE OpenBook Ultra packages. The Exchange will submit any 
proposed new or modified fees to the Commission as proposed rule 
changes and will not impose any new or modified charges on data feed 
recipients and end-users prior to Commission approval.
    (2) Order Imbalance Information. Order Imbalance Information is a 
data feed of real-time order imbalances that accumulate prior to the 
opening of trading on the Exchange and prior to the close of trading on 
the Exchange. These orders are subject to execution at the market's 
opening or closing price, as the case may be, and represent issues that 
are likely to be of particular trading interest at the opening or 
closing.
    The Exchange plans to distribute information about these imbalances 
in real-time at specified intervals prior to the opening and closing 
auctions. Initially, the Exchange proposes to make order imbalance 
information available at the following intervals:
    For opening order imbalances:

[[Page 31906]]

     Every five minutes between 8:30 a.m. Eastern Time (``ET'') 
and 9 a.m. ET.
     Every one minute between 9 a.m. ET and 9:20 a.m. ET.
     Every 15 seconds between 9:20 a.m. ET and the opening (or 
9:35 a.m. ET if the opening is delayed).
    For closing order imbalances:
     Every fifteen seconds between 3:40 p.m. ET and 3:50 p.m. 
ET.
     Every five seconds between 3:50 p.m. ET and 4 p.m. ET.
    Order Imbalance Information will also include the imbalance 
information that the Exchange is required to disseminate under NYSE 
Rule 123C(5), as well as automated real-time streaming order imbalance 
information at specified intervals.
    The Exchange proposes to make Order Imbalance Information available 
as part of the NYSE OpenBook package at no additional charge.
    (3) Fees. Currently, an end-user of NYSE OpenBook pays (or its 
Vendor pays on its behalf) the monthly per-terminal NYSE OpenBook 
device fee of $60. A NYSE OpenBook data feed recipient pays a monthly 
$5,000 access fee for NYSE OpenBook, plus the per-terminal fee if the 
data feed recipient also displays the data.
    For the moment, the Exchange proposes to permit data feed 
recipients and end-users to receive and use NYSE OpenBook Ultra, 
including Order Imbalance Information and NYSE BestQuote, for no 
additional charge. That is, the same $5,000 access fee and $60 per-
terminal fee will apply. This will allow current NYSE OpenBook 
recipients to sample the proposed enhanced version of NYSE OpenBook for 
the same fees that they pay today.
    (4) Contracts. As with OpenBook Realtime, the Exchange proposes to 
make NYSE OpenBook Ultra (including Order Imbalance Information and 
NYSE BestQuote) available under the same contracting arrangement that 
the Commission has approved for the receipt and use of market data 
under the CTA and CQ Plans. That arrangement contemplates that each 
data feed recipient enter into the Commission-approved standard form of 
``Agreement for Receipt and Use of Market Data'' that Network A uses 
for data redistributors and other parties that use the data for 
purposes other than interrogation.\6\ Exhibit A to each of those 
agreements would need to be updated to reflect the receipt and use of 
NYSE OpenBook Ultra data. The arrangement also requires an end-user of 
the information (other than a data feed recipient) to enter into a 
Commission-approved Network A professional subscriber or a 
nonprofessional subscriber agreement, as the case may be.
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    \6\ The Participants in the CTA and CQ Plans first submitted the 
Consolidated Vendor Form to the Commission for immediate 
effectiveness in 1990. See Securities Exchange Act Release No. 28407 
(September 6, 1990), 55 FR 37276 (September 10, 1990) (File No. 4-
281). The Commission approved a revised version of it in 1996 in 
conjunction with the participants' restatement of the CTA and CQ 
Plans. See Securities Exchange Act Release No. 37191 (May 9, 1996), 
61 FR 24842 (May 16, 1996) (File No. SR-CTA/CQ-96-1).
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2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(5) \7\ that the rules of an exchange be 
designed 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.
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    \7\ 15 U.S.C. 78f(b)(5).
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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 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.

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

    Because the foregoing proposed rule change: (1) Does not 
significantly affect the protection of investors or the public 
interest; (2) does not impose any significant burden on competition; 
and (3) by its terms does not become operative for 30 days after the 
date of this filing, or such shorter time as the Commission may 
designate if consistent with the protection of investors and the public 
interest, the proposed rule change has become effective pursuant to 
Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative prior to 30 days after the date of filing. 
However, Rule 19b-4(f)(6)(iii) \10\ permits the Commission to designate 
a shorter time if such action is consistent with the protection of 
investors and the public interest. The Exchange has requested that the 
Commission waive the 30-day operative delay set forth in Rule 19b-
4(f)(6)(iii) under the Act, which would make the rule change operative 
upon filing.
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    \10\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization submit to 
the Commission written notice of its intent to file the proposed 
rule change, along with a brief description and text of the proposed 
rule change, at least five business days prior to the date of filing 
of the proposed rule change, or such shorter time as designated by 
the Commission. NYSE has satisfied the pre-filing notice 
requirement.
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    The Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because such waiver would immediately allow the Exchange to disseminate 
this supplemental information prior to the execution of the opening and 
closing transactions on the NYSE. Accordingly, the Commission 
designates the proposal to be operative upon filing with the 
Commission.\11\
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    \11\ For purposes only of waiving the 30-day operative delay of 
this proposal, the Commission has considered the proposed rule's 
impact on efficiency, competition, and capital formation. 15 U.S.C. 
78c(f).
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    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 rule-comments@sec.gov. Please include 
File Number SR-NYSE-2008-42 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-2008-42. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your

[[Page 31907]]

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 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-2008-42 and should be submitted on or before June 
25, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-12235 Filed 6-3-08; 8:45 am]
BILLING CODE 8010-01-P
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