Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the NASDAQ OMX PHLX, Inc. Relating to Deleting Unnecessary Fees, 61180-61181 [E8-24365]

Download as PDF 61180 Federal Register / Vol. 73, No. 200 / Wednesday, October 15, 2008 / Notices 2008–049 and should be submitted on or before November 5, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Acting Secretary. Exhibit 1 Attn: Trading and Market Making/Legal and Compliance/Operations/Systems Uniform Practice Advisory (UPC # XXX–2008) October 6, 2008 Exchange Circuit Breaker Declaration— FINRA OTC Equity Market Trigger FINRA Rule 6460 (NASD Rule 6660) Financial Industry Regulatory Authority, Inc. (FINRA) members are hereby provided notice that upon FINRA’s receipt of actual notification (via the NMS consolidated data plans or otherwise) that a market-wide trading halt has been declared for NMS stocks, due to a percentage-based circuit breaker having been triggered, FINRA will exercise its authority under FINRA Rule 6460(a)(3) (NASD Rule 6660(a)(3)) to halt quoting and trading activity in the market for OTC Equity securities (as defined in the FINRA Rule 6400 Series (NASD Rule 6600 Series)).11 Questions regarding this notice should be directed to: FINRA Operations, 866–776–0800. [FR Doc. E8–24377 Filed 10–14–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58755; File No. SR–Phlx– 2008–71] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the NASDAQ OMX PHLX, Inc. Relating to Deleting Unnecessary Fees October 8, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 10 17 CFR 200.30–3(a)(12). September 25, 2008, the SEC approved proposed rule change SR–FINRA–2008–021, in which FINRA proposed, among other things, to adopt the NASD Marketplace Rules (the NASD Rule 4000 through 7000 Series) as the FINRA Rule 6000 through 7000 Series in the Consolidated FINRA Rulebook. See Securities Exchange Act Release No. 58643 (September 25, 2008), 73 FR 57174 (October 1, 2008) (Order Approving SR–FINRA–2008–021; SR–FINRA–2008–022; SR–FINRA–2008–026; SR– FINRA–2008–028 and SR–FINRA–2008–029). As part of that proposed rule change, FINRA adopted the provisions of NASD Rule 6660 as new FINRA Rule 6460 relating to trading and quotation halts in OTC Equity Securities. jlentini on PROD1PC65 with NOTICES 11 On VerDate Aug<31>2005 18:32 Oct 14, 2008 Jkt 217001 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on October 1, 2008, the NASDAQ OMX PHLX, 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 Exchange. 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, pursuant to Section 19(b)(1) of the Act 3 and Rule 19b–4 thereunder,4 proposes to update its fee schedules by deleting fees that the Exchange has deemed no longer necessary. Specifically, the Exchange proposes to delete its Summary of Physical Delivery Currency Option Charges fee schedule. The Exchange also proposes to delete the following fees from Appendix A of its fee schedule: Foreign Currency User Fee; Transfer Fee for Foreign Currency Options (‘‘FCO’’) Participant; Direct Wire to the Floor; Wireless Telephone System; Tether Initial Connectivity Fee;5 Execution Services/ Communication Charge; Phlx CCH Wall Street (‘‘CCH’’) Guide; Option Report Service (New York and Chicago); Instinet, Reuters Equipment; and the Hyperfeed fee. While changes to the fee schedule pursuant to this proposal are effective upon filing, the Exchange has designated these changes to become effective on October 1, 2008. The text of the proposed rule change is available on the Exchange’s Web site at http://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 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 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. 5 The $150 Tether Monthly Service Fee will continue to be assessed. 2 17 PO 00000 Frm 00164 Fmt 4703 Sfmt 4703 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 update the Exchange’s fee schedule to delete fees that the Exchange believes are no longer necessary. Specifically, the Exchange no longer provides a trading venue for physical delivery FCOs. Thus, the Summary of Physical Delivery Currency Option Charges no longer applies to products traded at the Exchange.6 Additionally, the Exchange no longer offers FCO participations. Therefore, the Foreign Currency User Fee and the Transfer Fee for FCO Participants are no longer necessary. For business purposes, the Exchange has determined not to assess the following fees: Direct Wire to the Floor; Wireless Telephone System; and Execution Service/Communication Charges. These fees, which relate generally to telephone access to the floor, are not deemed necessary at this time. Additionally, the Exchange believes the Tether Initial Connectivity Fee, which refers to establishing a hardwire connection to an existing communication network on the trading floor, is no longer necessary at this time. Currently, there is not a significant demand for this type of telephone access to the floor or for establishing a hardwire connection to an existing communication network on the trading floor. With respect to the Phlx CCH Guide, which includes Phlx By-Laws and rules, the Exchange will no longer supply members with a hard copy of the Phlx CCH Guide because the guide is now available on-line through the Phlx Web site.7 The fees relating to the Option Report Service (New York and Chicago), Instinet, Reuters Equipment, and Hyperfeed are not required because these services are no longer being offered by the Exchange. While changes to the fee schedule pursuant to this proposal are effective upon filing, the Exchange has designated these changes to become effective on October 1, 2008. 6 Exchange members, however, may still trade foreign currency options. The Exchange currently has a separate fee schedule for U.S. dollar-settled foreign currency options. 7 There is no fee to access the Phlx CCH Guide on-line. E:\FR\FM\15OCN1.SGM 15OCN1 Federal Register / Vol. 73, No. 200 / Wednesday, October 15, 2008 / Notices 2. Statutory Basis Electronic Comments The Exchange believes that its proposal to amend its schedule of fees is consistent with Section 6(b) of the Act 8 in general, and furthers the objectives of Section 6(b)(4) of the Act 9 in particular, in that it is an equitable allocation of reasonable fees and other charges among Exchange members. The Exchange believes that updating its fee schedules to delete the above-referenced fee will more accurately reflect the fees that are currently assessed by the Exchange, which should, in turn, help to eliminate any member confusion as to which fees apply. Additionally, members who were assessed any of the applicable fees set forth above, such as the fees relating to telephone access to the floor, should benefit financially from the elimination of these fees. • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Phlx–2008–71 on the subject line. 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 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 10 and paragraph (f)(2) of Rule 19b–4 11 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. jlentini on PROD1PC65 with NOTICES 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: 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–2008–71. 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 (http://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 will also be available for inspection and copying at the principal office of the self-regulatory organization. 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– 2008–71 and should be submitted on or before November 5, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Acting Secretary. [FR Doc. E8–24365 Filed 10–14–08; 8:45 am] BILLING CODE 8011–01–P 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(4). 10 15 U.S.C. 78s(b)(3)(A)(ii). 11 17 CFR 240.19b–4(f)(2). VerDate Aug<31>2005 18:32 Oct 14, 2008 12 17 Jkt 217001 PO 00000 CFR 200.30–3(a)(12). Frm 00165 Fmt 4703 Sfmt 4703 61181 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58752; File No. SR– NASDAQ–2008–080] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Fees for Access to the Clearly Erroneous Functionality of the Nasdaq Regulation Reconnaissance Service October 8, 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 October 6, 2008, The NASDAQ Stock Market LLC (‘‘Nasdaq’’) 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 Nasdaq. Pursuant to Section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b–4(f)(2) thereunder,4 Nasdaq has designated this proposal as establishing or changing a due, fee, or other charge, which renders the proposed rule change effective upon filing. 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 Nasdaq proposes to establish fees for access to the Clearly Erroneous functionality provided by the Nasdaq Regulation Reconnaissance Service. The text of the proposed rule change is below. Proposed new language is in italics.5 * * * * * 7041. Nasdaq Regulation Reconnaissance Service (a) No change. (b) The Clearly Erroneous Viewer will be available to non-Regulation Reconnaissance Service subscribers for a subscription fee of $100 per MPID, per month. * * * * * 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii) 4 17 C.F.R. 240.19b–4(f)(2). 5 Changes are marked to the rule text that appears in the electronic NASDAQ Manual found at http: //nasdaqomx.cchwallstreet.com. 2 17 E:\FR\FM\15OCN1.SGM 15OCN1

Agencies

[Federal Register Volume 73, Number 200 (Wednesday, October 15, 2008)]
[Notices]
[Pages 61180-61181]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-24365]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58755; File No. SR-Phlx-2008-71]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the NASDAQ OMX PHLX, Inc. 
Relating to Deleting Unnecessary Fees

October 8, 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 October 1, 2008, the NASDAQ OMX PHLX, 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 
Exchange. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange, pursuant to Section 19(b)(1) of the Act \3\ and Rule 
19b-4 thereunder,\4\ proposes to update its fee schedules by deleting 
fees that the Exchange has deemed no longer necessary.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78s(b)(1).
    \4\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

    Specifically, the Exchange proposes to delete its Summary of 
Physical Delivery Currency Option Charges fee schedule. The Exchange 
also proposes to delete the following fees from Appendix A of its fee 
schedule: Foreign Currency User Fee; Transfer Fee for Foreign Currency 
Options (``FCO'') Participant; Direct Wire to the Floor; Wireless 
Telephone System; Tether Initial Connectivity Fee;\5\ Execution 
Services/Communication Charge; Phlx CCH Wall Street (``CCH'') Guide; 
Option Report Service (New York and Chicago); Instinet, Reuters 
Equipment; and the Hyperfeed fee.
---------------------------------------------------------------------------

    \5\ The $150 Tether Monthly Service Fee will continue to be 
assessed.
---------------------------------------------------------------------------

    While changes to the fee schedule pursuant to this proposal are 
effective upon filing, the Exchange has designated these changes to 
become effective on October 1, 2008.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://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 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 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 update the Exchange's 
fee schedule to delete fees that the Exchange believes are no longer 
necessary. Specifically, the Exchange no longer provides a trading 
venue for physical delivery FCOs. Thus, the Summary of Physical 
Delivery Currency Option Charges no longer applies to products traded 
at the Exchange.\6\
---------------------------------------------------------------------------

    \6\ Exchange members, however, may still trade foreign currency 
options. The Exchange currently has a separate fee schedule for U.S. 
dollar-settled foreign currency options.
---------------------------------------------------------------------------

    Additionally, the Exchange no longer offers FCO participations. 
Therefore, the Foreign Currency User Fee and the Transfer Fee for FCO 
Participants are no longer necessary.
    For business purposes, the Exchange has determined not to assess 
the following fees: Direct Wire to the Floor; Wireless Telephone 
System; and Execution Service/Communication Charges. These fees, which 
relate generally to telephone access to the floor, are not deemed 
necessary at this time. Additionally, the Exchange believes the Tether 
Initial Connectivity Fee, which refers to establishing a hardwire 
connection to an existing communication network on the trading floor, 
is no longer necessary at this time. Currently, there is not a 
significant demand for this type of telephone access to the floor or 
for establishing a hardwire connection to an existing communication 
network on the trading floor.
    With respect to the Phlx CCH Guide, which includes Phlx By-Laws and 
rules, the Exchange will no longer supply members with a hard copy of 
the Phlx CCH Guide because the guide is now available on-line through 
the Phlx Web site.\7\ The fees relating to the Option Report Service 
(New York and Chicago), Instinet, Reuters Equipment, and Hyperfeed are 
not required because these services are no longer being offered by the 
Exchange.
---------------------------------------------------------------------------

    \7\ There is no fee to access the Phlx CCH Guide on-line.
---------------------------------------------------------------------------

    While changes to the fee schedule pursuant to this proposal are 
effective upon filing, the Exchange has designated these changes to 
become effective on October 1, 2008.

[[Page 61181]]

2. Statutory Basis
    The Exchange believes that its proposal to amend its schedule of 
fees is consistent with Section 6(b) of the Act \8\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act \9\ in 
particular, in that it is an equitable allocation of reasonable fees 
and other charges among Exchange members. The Exchange believes that 
updating its fee schedules to delete the above-referenced fee will more 
accurately reflect the fees that are currently assessed by the 
Exchange, which should, in turn, help to eliminate any member confusion 
as to which fees apply. Additionally, members who were assessed any of 
the applicable fees set forth above, such as the fees relating to 
telephone access to the floor, should benefit financially from the 
elimination of these fees.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 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 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 \10\ and paragraph (f)(2) of Rule 19b-4 \11\ 
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.
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    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \11\ 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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2008-71 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-2008-71. 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 (http://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 will also be available for 
inspection and copying at the principal office of the self-regulatory 
organization. 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-2008-71 and should be submitted on or before November 5, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-24365 Filed 10-14-08; 8:45 am]
BILLING CODE 8011-01-P