Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the Philadelphia Stock Exchange, Inc. Relating to Execution Fees on the XLE Fee Schedule, 51332-51333 [E8-20250]
Download as PDF
<![CDATA[
51332
Federal Register / Vol. 73, No. 170 / Tuesday, September 2, 2008 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58405; File No. SR–Phlx–
2008–63]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
Philadelphia Stock Exchange, Inc.
Relating to Execution Fees on the XLE
Fee Schedule
August 21, 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 August
19, 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, II, and III, below, which Items
have been prepared by the Phlx. 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, pursuant to Section 19(b)(1)
of the Act 3 and Rule 19b–4 thereunder,4
proposes to amend the Execution Fees
on the XLE Fee Schedule.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.phlx.com/regulatory/
reg_rulefilings.aspx.
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
Phlx 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 Phlx has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
erowe on PROD1PC64 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to adjust the Execution Fees
for XLE, the Exchange’s equity trading
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(1).
4 17 CFR 240.19b–4.
2 17
VerDate Aug<31>2005
14:40 Aug 29, 2008
Jkt 214001
platform, in light of the expected
reduction in volume following the
Exchange’s announcement to XLE
Participants that XLE will cease
operations in October 2008. The
Exchange informed XLE Participants on
August 4, 2008, that the Exchange
intends to discontinue XLE on or
before October 24, 2008. Following this
announcement, the Exchange expects
that XLE Participants will now begin to
reduce their operations on XLE,
thereby reducing volume on XLE.
The amendments to the XLE Fee
Schedule include a deletion of the
Execution Fees5 currently in place,
including the categories of fees based on
the volume tier level executed through
XLE 6 and on the XLE Participant’s
status as a net maker or net taker of
liquidity.7 As amended, the Execution
Fee for removing liquidity will be
$0.003 per share executed on XLE.8
There will be no credit for providing
liquidity. These fees will apply to XLE
Participants without regard to volume
tiers or status as a net taker or net maker
of liquidity. In addition, the XLE Fee
Schedule will be amended to delete
footnotes and references in footnotes
referring to volume tier and net maker
and net taker qualifications. The
remaining footnotes will be
renumbered. The amended Execution
Fee will be operative for trades that
settle on or after September 2, 2008.
2. Statutory Basis
The Exchange believes that its
proposal to amend its schedule of fees
is consistent with Section 6(b) of the
Act 9 in general, and furthers the
objectives of Section 6(b)(4) of the Act 10
in particular, in that it is an equitable
allocation of reasonable fees and other
charges among Exchange members who
continue to use XLE as the amended
fees apply equally to all XLE
Participants and will only operate for
less than 60 days as the Exchange
intends to discontinue XLE on or
before October 24, 2008. In addition, the
Exchange believes that its proposal is
consistent with Rule 610(c)(1) of
Regulation NMS 11 as the amended
Execution Fee for removing liquidity
5 See Securities Exchange Act Release No. 56526
(September 25, 2007), 72 FR 56117 (SR–Phlx–2007–
67).
6 See footnote 4 of the current XLE Fee Schedule.
7 See footnotes 2 and 3 of the current XLE Fee
Schedule.
8 The current fee for securities executed on XLE
with a per share price below $1.00 that remove
liquidity will remain at 0.1% (i.e., 10 basis points)
of the total dollar value of the transaction.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(4).
11 17 CFR 242.610(c)(1).
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
from XLE does not exceed $0.003 per
share.
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 purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 12 and
paragraph (f)(2) of Rule 19b–4 13
thereunder. 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–Phlx–2008–63 on the
subject line.
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–Phlx–2008–63. 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
12 15
13 17
E:\FR\FM\02SEN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
02SEN1
Federal Register / Vol. 73, No. 170 / Tuesday, September 2, 2008 / Notices
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, 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 Phlx. 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–Phlx–
2008–63 and should be submitted on or
before September 23, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–20250 Filed 8–29–08; 8:45 am]
BILLING CODE 8010–01–P
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
Small Business Administration.
ACTION: Notice of reporting requirements
submitted for OMB review.
AGENCY:
Under the provisions of the
Paperwork Reduction Act (44 U.S.C.
Chapter 35), agencies are required to
submit proposed reporting and
recordkeeping requirements to OMB for
review and approval, and to publish a
notice in the Federal Register notifying
the public that the agency has made
such a submission.
DATES: Submit comments on or before
October 2, 2008. If you intend to
comment but cannot prepare comments
promptly, please advise the OMB
Reviewer and the Agency Clearance
Officer before the deadline.
Copies: Request for clearance (OMB
83–1), supporting statement, and other
documents submitted to OMB for
review may be obtained from the
Agency Clearance Officer.
erowe on PROD1PC64 with NOTICES
SUMMARY:
14 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
14:40 Aug 29, 2008
Jkt 214001
Address all comments
concerning this notice to: Agency
Clearance Officer, Jacqueline White,
Small Business Administration, 409 3rd
Street, SW., 5th floor, Washington, DC
20416; and OMB Reviewer, Office of
Information and Regulatory Affairs,
Office of Management and Budget, New
Executive Office Building, Washington,
DC 20503.
FOR FURTHER INFORMATION CONTACT:
Jacqueline White, Agency Clearance
Officer, (202) 205–7044.
SUPPLEMENTARY INFORMATION:
Title: U.S. Small Business
Administration Advisory Committee
Membership Nominee Information.
Description of Respondents: To
collect information for candidates for
Advisory Council.
Form Number: SBA Form 898.
Annual Responses: 100.
Annual Burden: 100.
ADDRESSES:
Jacqueline White,
Chief, Administrative Information Branch.
[FR Doc. E8–20216 Filed 8–29–08; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
Advisory Committee on Veterans
Business Affairs
U.S. Small Business
Administration.
ACTION: Notice of open Federal Advisory
Committee Meeting.
AGENCY:
SUMMARY: The SBA is issuing this notice
to announce the location, date, time,
and agenda for the next meeting of the
Advisory Committee on Veterans
Business Affairs. The meeting will be
open to the public.
DATES: The meeting will be held on
September 23–24, 2008, from 9 a.m. to
5 p.m. Eastern Standard Time.
ADDRESSES: The meeting will be held at
the U.S. Small Business Administration,
409 3rd Street, SW., Eisenhower
Conference Room, 2nd floor, Side B,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Pursuant
to section 10(a)(2) of the Federal
Advisory Committee Act (5 U.S.C.,
Appendix 2), SBA announces the
meeting of the Advisory Committee on
Veterans Business Affairs. The Advisory
Committee on Veterans Business Affairs
serves as an independent source of
advice and policy recommendation to
the Administrator of the U.S. Small
Business Administration.
The purpose of the meeting is
scheduled as a full committee meeting.
The agenda will include: (1) Status of
the current committee; (2) Orientation
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
51333
for new members; (3) Discussion of the
permanency of SBA’s Advisory
Committee; (4) A review of SBA’s
Programs and Services; (5)
Implementation steps of Public Law
110–186; and (6) Annual report and
planning with the National Veterans
Business Development Corporation
(NVBDC).
FOR FURTHER INFORMATION CONTACT: The
meeting is open to the public; however,
advance notice of attendance is
requested. Anyone wishing to attend
and/or make a presentation to the
Advisory Committee on Veterans
Business Affairs must contact Cheryl
Simms, Program Liaison, by September
15, 2008, by fax or e-mail in order to be
placed on the agenda. Cheryl Simms,
Program Liaison, U.S. Small Business
Administration, Office of Veterans
Business Development, 409 3rd Street,
SW., Washington, DC 20416, Telephone
number: (202) 205–6773, Fax number:
202–481–6085, e-mail address:
cheryl.simms@sba.gov.
Additionally, if you need
accommodations because of a disability
or require additional information, please
contact Cheryl Simms, Program Liaison
at (202) 205–6773; e-mail address:
cheryl.simms@sba.gov; or SBA, Office of
Veterans Business Development, 409
3rd Street, SW., Washington, DC 20416.
For more information, please visit our
Web site at https://www.sba.gov/vets.
Dated: August 21, 2008.
Cherylyn Lebon,
SBA Committee Management Officer.
[FR Doc. E8–20217 Filed 8–29–08; 8:45 am]
BILLING CODE 8025–01–P
DEPARTMENT OF STATE
[Public Notice 6339]
Determination Pursuant to the Foreign
Missions Act, Removing Conditions
and Restrictions on the Cuban
Interests Section and Its Personnel
With Respect to the Acquisition and
Disposition of Motor Vehicles in the
United States
Summary
The United States Interests Section of
the Embassy of Switzerland in Havana,
Cuba (‘‘the U.S. Interests Section’’), is
the mission through which the U.S.
communicates with the Government
and people of Cuba. The Cuban
Government’s counterpart mission in
the United States is the Cuban Interests
Section of the Embassy of Switzerland
in Washington, DC (‘‘the Cuban Interests
Section’’). The Foreign Missions Act of
1982 as amended (22 U.S. Code 4301, et
E:\FR\FM\02SEN1.SGM
02SEN1
]]>Agencies
[Federal Register Volume 73, Number 170 (Tuesday, September 2, 2008)]
[Notices]
[Pages 51332-51333]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-20250]
[[Page 51332]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58405; File No. SR-Phlx-2008-63]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Philadelphia Stock
Exchange, Inc. Relating to Execution Fees on the XLE Fee Schedule
August 21, 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 August 19, 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, II, and III, below, which Items have been prepared by the
Phlx. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx, pursuant to Section 19(b)(1) of the Act \3\ and Rule 19b-
4 thereunder,\4\ proposes to amend the Execution Fees on the XLE Fee
Schedule.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78s(b)(1).
\4\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
The text of the proposed rule change is available on the Exchange's
Web site at https://www.phlx.com/regulatory/reg_rulefilings.aspx.
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 Phlx 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 Phlx 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 purpose of the proposed rule change is to adjust the Execution
Fees for XLE[supreg], the Exchange's equity trading platform, in light
of the expected reduction in volume following the Exchange's
announcement to XLE Participants that XLE[supreg] will cease operations
in October 2008. The Exchange informed XLE Participants on August 4,
2008, that the Exchange intends to discontinue XLE[supreg] on or before
October 24, 2008. Following this announcement, the Exchange expects
that XLE Participants will now begin to reduce their operations on
XLE[supreg], thereby reducing volume on XLE[supreg].
The amendments to the XLE Fee Schedule include a deletion of the
Execution Fees\5\ currently in place, including the categories of fees
based on the volume tier level executed through XLE[supreg] \6\ and on
the XLE Participant's status as a net maker or net taker of
liquidity.\7\ As amended, the Execution Fee for removing liquidity will
be $0.003 per share executed on XLE[supreg].\8\ There will be no credit
for providing liquidity. These fees will apply to XLE Participants
without regard to volume tiers or status as a net taker or net maker of
liquidity. In addition, the XLE Fee Schedule will be amended to delete
footnotes and references in footnotes referring to volume tier and net
maker and net taker qualifications. The remaining footnotes will be
renumbered. The amended Execution Fee will be operative for trades that
settle on or after September 2, 2008.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 56526 (September 25,
2007), 72 FR 56117 (SR-Phlx-2007-67).
\6\ See footnote 4 of the current XLE Fee Schedule.
\7\ See footnotes 2 and 3 of the current XLE Fee Schedule.
\8\ The current fee for securities executed on XLE[supreg] with
a per share price below $1.00 that remove liquidity will remain at
0.1% (i.e., 10 basis points) of the total dollar value of the
transaction.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal to amend its schedule of
fees is consistent with Section 6(b) of the Act \9\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \10\ in
particular, in that it is an equitable allocation of reasonable fees
and other charges among Exchange members who continue to use
XLE[supreg] as the amended fees apply equally to all XLE Participants
and will only operate for less than 60 days as the Exchange intends to
discontinue XLE[supreg] on or before October 24, 2008. In addition, the
Exchange believes that its proposal is consistent with Rule 610(c)(1)
of Regulation NMS \11\ as the amended Execution Fee for removing
liquidity from XLE[supreg] does not exceed $0.003 per share.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4).
\11\ 17 CFR 242.610(c)(1).
---------------------------------------------------------------------------
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 purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \12\ and paragraph (f)(2) of Rule 19b-4 \13\
thereunder. 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.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A)(ii).
\13\ 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-Phlx-2008-63 on the subject line.
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-Phlx-2008-63. 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
[[Page 51333]]
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, 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 Phlx. 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-Phlx-2008-63 and should be
submitted on or before September 23, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-20250 Filed 8-29-08; 8:45 am]
BILLING CODE 8010-01-P
