Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the NSX BLADESM, 48414-48416 [E8-19114]

Download as PDF 48414 Federal Register / Vol. 73, No. 161 / Tuesday, August 19, 2008 / Notices ebenthall on PRODPC60 with NOTICES The proposed rule change adds a new Policy Statement 5 to NSCC’s Rules that in addition to requiring execution of the standard NSCC Membership Agreement requires a foreign entity to enter into a series of undertakings and agreements that are designed to address jurisdictional concerns and to assure that NSCC is provided with audited financial information that is acceptable to NSCC.6 These include that a premium on the financial requirements for a member that submits audited financial statements prepared in other than U.S. generally accepted account principles (‘‘GAAP’’). The premiums are as follows: (i) For financial statements prepared in accordance with International Financial Reporting Standards (‘‘IFRS’’), the Companies Act of 1985 (‘‘UK GAAP’’), or Canadian GAAP—a premium of 11⁄2 times the existing requirement; (ii) For financial statements prepared in accordance with a European Union (‘‘EU’’) country GAAP other than UK GAAP—a premium of 5 times the existing requirement; and (iii) For financial statements prepared in accordance with any other type of GAAP a premium of 7 times the existing requirement. The requirements in the Policy Statement also include that each nonU.S. entity agree to certain conditions with respect to actions brought by NSCC to enforce the entity’s obligations under NSCC’s Members Agreement, such as irrevocably waiving all immunity from NSCC’s attachment of the entity’s assets in the U.S. Each non-U.S. entity will also be required to obtain an opinion of reputable foreign counsel satisfactory to NSCC providing, among other things, that the agreements described in the Policy Statement may be enforced against the foreign entity in the courts of its home country or other jurisdictions where the entity or its property may be found.7 Each non-U.S. entity would have to be subject to regulation in its home country and its home country regulator must have entered into a Bilateral Information 5 NSCC’s proposed ‘‘Policy Statement on the Admission of Non-U.S. Entities as Direct Clearing Corporation Members’’ is attached as Exhibit 5 to its filing, which can be found at https:// www.dtcc.com/downloads/legal/rule_filings/2007/ nscc/2007-15.pdf . 6 In the Policy Statement, NSCC has reserved the right to waive certain of the criteria where such criteria are inappropriate to a particular applicant or class of applicants (e.g., a foreign government or international securities clearing corporation). 7 NSCC reserves the right to require the entity to deposit additional amounts to the clearing fund and to post a letter of credit in an instance where NSCC, in its sole discretion, believes the entity presents legal risk. VerDate Aug<31>2005 15:12 Aug 18, 2008 Jkt 214001 Sharing Arrangement or Memoranda of Understanding with the U.S. Securities and Exchange Commission regarding the sharing or exchange of information and each non-US entity must be in compliance with the financial reporting and responsibility standards of its home country regulator. Finally, the Policy Statement requires that each non-U.S. entity must provide sufficient information to NSCC in order to evaluate AML risk, including whether the non-U.S. entity is subject to comparable AML requirements to those imposed in the U.S. in its home country jurisdiction. III. Discussion Section 17A(b)(3)(F) of the Act provides that the rules of a clearing agency should be designed to promote the prompt and accurate clearance and settlement of securities transactions and to safeguard securities and funds which are in the custody or control of the clearing agency or for which it is responsible.8 By expanding the types of entities that are eligible for membership in NSCC, the proposed rule change will increase the direct access to and use of NSCC’s clearance and settlement services and therefore should promote the prompt and accurate clearance and settlement of securities transactions. However, because these entities are organized outside of the U.S. and are not subject to U.S. regulation, the Policy Statement includes a number of requirements that are designed to address legal, financial, and information sharing risk that may result from the entity’s non-U.S. status. These requirements include (1) the entity make certain waivers and agreements, including a foreign legal opinion, to ensure that NSCC may enforce the member’s obligations under its Members Agreement; (2) the entity provide audited financial statements prepared in accordance with generally accepted accounting principles (‘‘GAAP’’), with an increase to the member’s minimum financial requirements where non-U.S. GAAP is used; and (3) the entity is subject to regulation in its home country, there is an information sharing agreement with the home country regulator and the Commission, and the entity is in compliance with the financial reporting and responsibility standards of its home country regulator. The Commission believes that the additional requirements in the Policy Statement are designed to address the legal, financial, and information sharing risks presented by non-U.S. members and that, therefore, the proposed rule 8 15 PO 00000 U.S.C. 78q–1(b)(3)(F). Frm 00052 Fmt 4703 Sfmt 4703 change is designed to assure the safeguarding of securities and funds which are in NSCC’s control or for which it is responsible. IV. Conclusion On the basis of the foregoing, the Commission finds that the proposed rule change is consistent with the requirements of the Act and in particular Section 17A of the Act and the rules and regulations thereunder.9 It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule change (File No. SR– NSCC–2006–15) be and hereby is approved. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Acting Secretary. [FR Doc. E8–19128 Filed 8–18–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58342; File No. SR–NSX– 2008–14] Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the NSX BLADESM Fee Schedule To Reduce Routing Fees August 11, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on August 8, 2008, the National Stock Exchange, Inc. (the ‘‘Exchange’’ or the ‘‘NSX’’) 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 prepared by the Exchange. The NSX filed the proposal pursuant to Section 19(b)(3)(A) 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. 9 In approving the proposed rule change, the Commission considered the proposal’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 10 17 CFR 200.30–3(a)(12). 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). E:\FR\FM\19AUN1.SGM 19AUN1 Federal Register / Vol. 73, No. 161 / Tuesday, August 19, 2008 / Notices I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is proposing to amend the NSX BLADESM Fee and Rebate Schedule (the ‘‘Fee Schedule’’) issued pursuant to Exchange Rule 16.1(c) in order to modify the fees associated with routing transactions to away market centers. The text of the proposed rule change is available on the Exchange’s Web site at https://www.nsx.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change ebenthall on PRODPC60 with NOTICES 1. Purpose With this rule change, the Exchange is proposing to modify certain fees with respect to outbound routing. Specifically, with respect to securities traded at one dollar or more, the instant filing proposes reducing the per share executed routing fee across all tapes from $0.0040 to $0.0029. With respect to securities traded at less than one dollar, the instant filing proposes reducing the per share executed routing fee across all tapes from $0.0040 to 0.3 percent (0.3%) of the trade value. As with the fees and rebates currently applicable to trades of securities under one dollar, ‘‘trade value’’ means a dollar amount equal to the price per share multiplied by the number of shares executed. In addition, the Exchange is proposing in the instant rule filing to eliminate the reference to the term ‘‘NSX BLADESM’’ in the Fee Schedule. Rationale The Exchange has determined that this change is necessary for competitive reasons. Under the current Fee Schedule, the charge for routed executions at the Exchange is $0.0040 per share, which is higher than the VerDate Aug<31>2005 15:12 Aug 18, 2008 Jkt 214001 48415 routing fee currently charged by other exchanges and ECN alternatives. Consequently, many ETP Holders do not send orders to the Exchange that are ‘‘routable’’ in order to avoid the current NSX routing charge. The instant proposal seeks to offer competitive routing fees in order to attract more routable orders. The Exchange is able to reduce this routing fee as a result of the activation of NSX Securities, LLC as the Exchange’s outbound router. In addition, the proposed rule change is intended to increase the amount of order flow on the Exchange, regardless of whether a given trade in fact executes at an away exchange or other market center. NSX notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be more attractive. Accordingly, the proposed modification attempts to keep the fees reflected in the Fee Schedule competitive with fees charged by other venues and to continue to be reasonable and equitably allocated to those ETP Holders that opt to route orders. Based upon the information above, the Exchange believes that the proposed rule change is consistent with the protection of investors and the public interest. In addition, the Exchange proposes to delete the term ‘‘NSX BLADESM’’ in the Fee Schedule in order to eliminate potential confusion. NSX currently has only one trading platform and therefore does not need to distinguish between NSX BLADE and any other platform. For purposes of clarity, the instant rule filing therefore proposes to delete reference to ‘‘NSX BLADESM’’ and to rename the fee schedule referenced in Rule 16.1(c) as simply the ‘‘Fee and Rebate Schedule.’’ 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 the facilities of the Exchange. Moreover, the proposed routing fees are not discriminatory in that all ETP Holders are eligible to submit (or not submit) trades for routing and may do so at their discretion. Operative Date and Notice The Exchange intends to make the proposed fee structure for routed trades operative on August 8, 2008. Pursuant to Exchange Rule 16.1(c), the Exchange will ‘‘provide ETP Holders with notice of all relevant dues, fees, assessments and charges of the Exchange’’ through the issuance of a Regulatory Circular of the changes to the Fee Schedule and will provide a copy of the rule filing on the Exchange’s Web site (www.nsx.com). 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: 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6(b) of the Act,5 in general, and Section 6(b)(4) of B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any inappropriate burden on competition. 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 The proposed rule change has taken effect upon filing pursuant to Section 19(b)(3)(A)(ii) of the Act 7 and subparagraph (f)(2) of Rule 19b–4 thereunder,8 because, as provided in (f)(2), it ‘‘changes a due, fee or other charge imposed by the Exchange applicable only to a member’’ (known on the Exchange as an ETP Holder). At any time within sixty (60) days of the filing of such 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 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–NSX–2008–14 on the subject line. 6 15 U.S.C. 78f(b)(4). U.S.C. 78s(b)(3)(A)(ii). 8 17 CFR 19b–4(f)(2). 7 15 5 15 PO 00000 U.S.C. 78f(b). Frm 00053 Fmt 4703 Sfmt 4703 E:\FR\FM\19AUN1.SGM 19AUN1 48416 Federal Register / Vol. 73, No. 161 / Tuesday, August 19, 2008 / Notices Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NSX–2008–14. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make publicly available. All submissions should refer to File Number SR–NSX–2008–14 and should be submitted on or before September 9, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Acting Secretary. [FR Doc. E8–19114 Filed 8–18–08; 8:45 am] ebenthall on PRODPC60 with NOTICES BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58351; File No. SR–NYSE– 2008–73] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Rule 104(b) To Provide for an Automated Opening Message That Will Be Effectuated Through the Specialist Application Programmed Interface To Allow Specialists To Automatically Open a Security on a Trade August 13, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on August 5, 2008, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. NYSE has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) 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 Exchange proposes to amend NYSE Rule 104(b) to provide for an automated opening message that will be effectuated through the Specialist Application Programmed Interface (‘‘Specialist APISM’’ or ‘‘SAPI’’) to allow specialists to automatically open a security on a trade. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and 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, the self-regulatory organization 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 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(6). 2 17 9 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 15:12 Aug 18, 2008 Jkt 214001 PO 00000 Frm 00054 Fmt 4703 Sfmt 4703 of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts 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 is proposing to amend NYSE Rule 104(b) to provide for an automated opening message that will be effectuated through the SAPI to allow specialists to automatically open a security on a trade. Background Pursuant to NYSE Rule 104, Exchange specialists, in their capacity as dealers for their assigned securities, maintain systems that use proprietary algorithms, based on predetermined parameters, to electronically participate in the Exchange market (‘‘Specialist Algorithm’’). The Specialist Algorithm communicates with the NYSE Display Book system 5 via the SAPI. The Specialist Algorithm is intended to replicate electronically some of the activities specialists are permitted to engage in on the Floor in the auction market and to facilitate the specialists’ ability to fulfill their obligation to maintain a fair and orderly market. Specialists on the Exchange are responsible for initiating trading (the ‘‘opening’’) in their assigned securities. Pursuant to NYSE Rule 123D, it ‘‘is the responsibility of each specialist to ensure that registered stocks open as close to the opening bell as possible, while at the same time not unduly hasty, particularly when at a price disparity from the prior close.’’ Specialist Algorithms may generate quoting and trading messages as prescribed by NYSE Rule 104(b)(i). Specialists may either open trading in their assigned securities with a manual transaction or, pursuant to NYSE Rule 104(b), with an automated quote.6 5 The Display Book system is an order management and execution facility. The Display Book system receives and displays orders to the specialists, contains the Book, and provides a mechanism to execute and report transactions and publish the results to the Consolidated Tape. The Display Book system is connected to a number of other Exchange systems for the purposes of comparison, surveillance, and reporting information to customers and other market data and national market systems. 6 See Securities Exchange Release No. 56588 (October 1, 2007), 72 FR 57366 (October 9, 2007) (SR–NYSE–2007–92). E:\FR\FM\19AUN1.SGM 19AUN1

Agencies

[Federal Register Volume 73, Number 161 (Tuesday, August 19, 2008)]
[Notices]
[Pages 48414-48416]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-19114]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58342; File No. SR-NSX-2008-14]


Self-Regulatory Organizations; National Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
To Amend the NSX BLADESM Fee Schedule To Reduce Routing Fees

August 11, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on August 8, 2008, the National Stock Exchange, Inc. (the 
``Exchange'' or the ``NSX'') 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 prepared by the 
Exchange. The NSX filed the proposal pursuant to Section 19(b)(3)(A) 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\ 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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[[Page 48415]]

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is proposing to amend the NSX BLADESM Fee 
and Rebate Schedule (the ``Fee Schedule'') issued pursuant to Exchange 
Rule 16.1(c) in order to modify the fees associated with routing 
transactions to away market centers.
    The text of the proposed rule change is available on the Exchange's 
Web site at https://www.nsx.com, at the principal office of the 
Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant parts of such 
statements.

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

1. Purpose
    With this rule change, the Exchange is proposing to modify certain 
fees with respect to outbound routing. Specifically, with respect to 
securities traded at one dollar or more, the instant filing proposes 
reducing the per share executed routing fee across all tapes from 
$0.0040 to $0.0029. With respect to securities traded at less than one 
dollar, the instant filing proposes reducing the per share executed 
routing fee across all tapes from $0.0040 to 0.3 percent (0.3%) of the 
trade value. As with the fees and rebates currently applicable to 
trades of securities under one dollar, ``trade value'' means a dollar 
amount equal to the price per share multiplied by the number of shares 
executed.
    In addition, the Exchange is proposing in the instant rule filing 
to eliminate the reference to the term ``NSX BLADESM'' in 
the Fee Schedule.
Rationale
    The Exchange has determined that this change is necessary for 
competitive reasons. Under the current Fee Schedule, the charge for 
routed executions at the Exchange is $0.0040 per share, which is higher 
than the routing fee currently charged by other exchanges and ECN 
alternatives. Consequently, many ETP Holders do not send orders to the 
Exchange that are ``routable'' in order to avoid the current NSX 
routing charge. The instant proposal seeks to offer competitive routing 
fees in order to attract more routable orders. The Exchange is able to 
reduce this routing fee as a result of the activation of NSX 
Securities, LLC as the Exchange's outbound router. In addition, the 
proposed rule change is intended to increase the amount of order flow 
on the Exchange, regardless of whether a given trade in fact executes 
at an away exchange or other market center.
    NSX notes that it operates in a highly competitive market in which 
market participants can readily direct order flow to competing venues 
if they deem fee levels at a particular venue to be more attractive. 
Accordingly, the proposed modification attempts to keep the fees 
reflected in the Fee Schedule competitive with fees charged by other 
venues and to continue to be reasonable and equitably allocated to 
those ETP Holders that opt to route orders. Based upon the information 
above, the Exchange believes that the proposed rule change is 
consistent with the protection of investors and the public interest.
    In addition, the Exchange proposes to delete the term ``NSX 
BLADESM'' in the Fee Schedule in order to eliminate 
potential confusion. NSX currently has only one trading platform and 
therefore does not need to distinguish between NSX BLADE and any other 
platform. For purposes of clarity, the instant rule filing therefore 
proposes to delete reference to ``NSX BLADESM'' and to 
rename the fee schedule referenced in Rule 16.1(c) as simply the ``Fee 
and Rebate Schedule.''
Operative Date and Notice
    The Exchange intends to make the proposed fee structure for routed 
trades operative on August 8, 2008. Pursuant to Exchange Rule 16.1(c), 
the Exchange will ``provide ETP Holders with notice of all relevant 
dues, fees, assessments and charges of the Exchange'' through the 
issuance of a Regulatory Circular of the changes to the Fee Schedule 
and will provide a copy of the rule filing on the Exchange's Web site 
(www.nsx.com).
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6(b) of the Act,\5\ in general, and 
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 the facilities of the 
Exchange. Moreover, the proposed routing fees are not discriminatory in 
that all ETP Holders are eligible to submit (or not submit) trades for 
routing and may do so at their discretion.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \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 inappropriate burden on competition.

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

    The proposed rule change has taken effect upon filing pursuant to 
Section 19(b)(3)(A)(ii) of the Act \7\ and subparagraph (f)(2) of Rule 
19b-4 thereunder,\8\ because, as provided in (f)(2), it ``changes a 
due, fee or other charge imposed by the Exchange applicable only to a 
member'' (known on the Exchange as an ETP Holder). At any time within 
sixty (60) days of the filing of such 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)(ii).
    \8\ 17 CFR 19b-4(f)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NSX-2008-14 on the subject line.

[[Page 48416]]

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NSX-2008-14. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for inspection and 
copying in the Commission's Public Reference Room, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make publicly available. All 
submissions should refer to File Number SR-NSX-2008-14 and should be 
submitted on or before September 9, 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,
Acting Secretary.
 [FR Doc. E8-19114 Filed 8-18-08; 8:45 am]
BILLING CODE 8010-01-P
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