Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC That the $8,000,000 Annual Trading Floor Regulatory Fee Allocated Among the Designated Market Maker Firms, Formerly Referred to as the “Specialist Trading Floor Regulatory Fee,” Be Reduced by 50% for 2008, and Eliminated Thereafter, 79533-79535 [E8-30787]

Download as PDF Federal Register / Vol. 73, No. 249 / Monday, December 29, 2008 / Notices associated with the issuance of certificates. (B) Self-Regulatory Organization’s Statement on Burden on Competition NYSE 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 NYSE 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 Within thirty-five days of the date of publication of this notice in the Federal Register or within such longer period: (i) as the Commission may designate up to ninety days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve such proposed rule change or (B) institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments 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 Section, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3:30 p.m. Copies of such filings also will be available for inspection and copying at the principal office of NYSE and on the NYSE’s Web site, http://www.nyse.com. 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–2008–112 and should be submitted on or before January 20, 2009. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Acting Secretary. [FR Doc. E8–30784 Filed 12–24–08; 8:45 am] 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: BILLING CODE 8011–01–P Electronic Comments Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC That the $8,000,000 Annual Trading Floor Regulatory Fee Allocated Among the Designated Market Maker Firms, Formerly Referred to as the ‘‘Specialist Trading Floor Regulatory Fee,’’ Be Reduced by 50% for 2008, and Eliminated Thereafter • 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–NYSE–2008–112 in the subject line. dwashington3 on PROD1PC60 with 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–NYSE–2008–112. 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 VerDate Aug<31>2005 13:19 Dec 24, 2008 Jkt 217001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59112; File No. SR–NYSE– 2008–125] December 17, 2008. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on December 15, 2008, New York Stock Exchange 9 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 79533 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. 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 that the $8,000,000 annual trading floor regulatory fee allocated among the Designated Market Maker firms (‘‘DMMs’’ or ‘‘firms’’),4 formerly referred to as the ‘‘specialist trading floor regulatory fee,’’ be reduced by 50% for 2008, and eliminated thereafter. 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 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 Effective retroactively to July 1, 2008, the Exchange proposes that the $8,000,000 annual trading floor regulatory fee allocated among the DMMs be reduced by 50% for 2008 (i.e., $4,000,000), and eliminated thereafter. The purpose of the trading floor regulatory fee has been to defray the costs incurred by the Exchange in connection with the monitoring of trading floor activity by the Exchange’s Market Surveillance Division. Effective January 1, 2008, the Exchange reduced this fee from $16,000,000 to $8,000,000. 4 See Securities Exchange Act Release No. 58845 (October 24, 2008) 73 FR 64379 (October 29, 2008) (SR–NYSE–2008–46). In this rule filing, which created a new market model for the Exchange, the role of the specialist was altered in certain respects and the term ‘‘specialist’’ was replaced with the term ‘‘Designated Market Maker (‘DMM’).’’ Therefore, the annual trading floor regulatory fee previously paid by ‘‘specialist’’ firms will be referred to as the ‘‘Designated Market Maker’’ annual trading floor regulatory fee. E:\FR\FM\29DEN1.SGM 29DEN1 79534 Federal Register / Vol. 73, No. 249 / Monday, December 29, 2008 / Notices dwashington3 on PROD1PC60 with NOTICES At that time the Exchange noted that the dramatically increased percentage of NYSE trades automatically executed and the shifts in the specialists’ trading role under the Hybrid Market initiative made it appropriate to reduce the direct annual contribution to the regulatory program. After further study this year, and in light of the launching of the New Market Model,5 which was filed with the Commission for immediate effectiveness [sic] on October 24, 2008, the Exchange has determined that it is appropriate to eliminate this fee entirely. As a result, it is proposed that from July 1, 2008 to the end of 2008, this annual fee be reduced from $8,000,000 to $4,000,000 (the amount already billed at the time this approach was discussed with the members) and that the fee be eliminated hereafter for all members. Background In the past, what was formerly referred to as the ‘‘specialists’ annual trading floor regulatory fee’’ and now referred to as the ‘‘Designated Market Maker annual trading floor regulatory fee,’’ was billed to each firm in four quarterly installments. For the reasons stated above, in June 2008 the Exchange decided to reduce the fee from $8,000,000 to $4,000,000 (i.e., the amount that had already been billed to each firm by July 1, 2008), and to completely eliminate the fee in anticipation of the launching of the New Market Model in the fall of 2008. In or about June and July 2008, the Exchange informed each firm that they should not pay the third or fourth quarter installments of the annual trading floor regulatory fee as such reduced fee of $4,000,000 had been satisfied by the installments in the first two quarters of the year ($2,000,000 × 2 = $4,000,000). By July 1, 2008, each firm had paid the full amount of the reduced regulatory fee. The Exchange instructed the firms to disregard any future bills for this fee, and in the event the firms had already paid the third quarter installment of the fee, the Exchange would give the firms a credit for any payment over $4,000,000. The Exchange applied this reduced annual trading floor regulatory fee of $4,000,000 to all DMM firms (formerly specialist firms). The fee will be eliminated henceforth, and will not appear on the 2009 NYSE Price List. The elimination of the annual trading floor regulatory fee will not have any impact on the Exchange’s ability to maintain its current level of trading floor surveillance or to develop and adopt new surveillance technologies and procedures in the future. in furtherance of the purposes of the Act. 2. Statutory Basis 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: The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 6 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 7 in general and Section 6(b)(4) of the Act 8 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its members and other persons using its facilities. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of 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 solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing rule does not (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, provided that the selfregulatory organization has given the Commission written notice of its intent to file 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, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 9 and Rule 19b–4(f)(6) thereunder.10 At any time within 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 6 15 U.S.C. 78f. U.S.C. 78a. 8 15 U.S.C. 78f(b)(4). 9 15 U.S.C. 78s(b)(3)(A). 10 17 CFR 240.19b–4(f)(6). 7 15 5 See Securities Exchange Act Release No. 58845 (October 24, 2008) 73 FR 64379 (October 29, 2008) (SR–NYSE–2008–46). VerDate Aug<31>2005 13:19 Dec 24, 2008 Jkt 217001 PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 IV. Solicitation of Comments Electronic Comments • 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–NYSE–2008–125 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–NYSE–2008–125. 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–NYSE– 2008–125 and should be submitted on or before January 20, 2009. E:\FR\FM\29DEN1.SGM 29DEN1 Federal Register / Vol. 73, No. 249 / Monday, December 29, 2008 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Acting Secretary. [FR Doc. E8–30787 Filed 12–24–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59118; File No. SR–NYSE– 2008–129] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish the Minimum Price Variation of $0.01 for Orders and Quotations in Bonds Admitted to Dealings on NYSE December 18, 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 December 16, 2008, 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 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 proposes to amend Exchange Rule 86 (NYSE Bonds SM) to establish the minimum price variation of $0.01 for orders and quotations in bonds admitted to dealings on NYSE. dwashington3 on PROD1PC60 with NOTICES 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 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. 11 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Aug<31>2005 13:19 Dec 24, 2008 Jkt 217001 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange seeks to amend Exchange Rule 86 (NYSE Bonds SM) to establish the minimum price variation of $0.01 for orders and quotations in bonds admitted to dealings through the NYSE Bond System. NYSE Bonds is the Exchange’s electronic system for receiving, processing, executing and reporting bids, offers and executions in bonds. Rule 86 (NYSE Bonds SM) prescribes how bonds are traded through the NYSE Bonds trading platform, including the receipt, execution and reporting of bond transactions. Rule 86 was approved by the Commission in March 2007.3 Rule 86(f) provides that NYSE Bonds will accept bids and offers in bonds priced to three decimal places. The Exchange proposes to amend Rule 86(f) to provide that NYSE Bonds will accept bids and offers in bonds price to two decimal places. The Exchange believes this change will place its bond trading on a more competitive basis with how bonds are traded in other systems. Since the implementation of the new trading system for NYSE bonds, the Exchange has sought to increase the liquidity on its bond trading system. The Exchange believes that some of its potential liquidity providers, e.g., retail customers, have been reluctant to place orders representing such liquidity when there is a high possibility that their orders can be ‘‘stepped ahead’’ by other orders that ‘‘improve’’ the price by a sub-penny. To address this, the Exchange believes that a two decimal minimum price variation will act to level the playing field among its bond customers, and serve to make the Exchange bond market more attractive to a retail customer base. The Exchange notes that parallel changes are proposed to be made to the rules of the NYSE Alternext Exchange (formerly the American Stock Exchange). These changes are described in SR–NYSEALTR–2008–13.4 2. Statutory Basis The basis under the Securities Exchange Act of 1934 (the ‘‘Act’’) 5 for this proposed rule change is the 3 See Securities Exchange Act Release No. 55496 (March 20, 2007), 72 FR 14631 (March 28, 2007) (approving SR–NYSE–2006–37). 4 See SR–NYSEALTR 2008–13 (formally submitted on December 16, 2008). 5 15 U.S.C. 78a. PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 79535 requirement under Section 6(b)(5) 6 that an Exchange have rules that are designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, 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. The proposed rule change also is designed to support the principles of Section 11A(a)(1) 7 in that it seeks to assure economically efficient execution of securities transactions, make it practicable for brokers to execute investors’ orders in the best market and provide an opportunity for investors’ orders to be executed without the participation of a dealer. As outlined above, the Exchange believes that the instant proposal is in keeping with these principles in that it seeks to amend NYSE Rule 86 to place its bond trading system on a more competitive basis with other markets trading bonds. 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 with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange represented that the proposed rule change qualifies for immediate effectiveness pursuant to Section 19(b)(3)(A) of the Act 8 and Rule 19b–4(f)(6) thereunder 9 because it: (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) by its terms, does not become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if 6 15 U.S.C. 78f(b)(5). U.S.C. 78k–1(a)(1). 8 15 U.S.C. 78s(b)(3)(A). 9 17 CFR 240.19b–4(f)(6). 7 15 E:\FR\FM\29DEN1.SGM 29DEN1

Agencies

[Federal Register Volume 73, Number 249 (Monday, December 29, 2008)]
[Notices]
[Pages 79533-79535]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-30787]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59112; File No. SR-NYSE-2008-125]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC 
That the $8,000,000 Annual Trading Floor Regulatory Fee Allocated Among 
the Designated Market Maker Firms, Formerly Referred to as the 
``Specialist Trading Floor Regulatory Fee,'' Be Reduced by 50% for 
2008, and Eliminated Thereafter

December 17, 2008.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on December 15, 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. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes that the $8,000,000 annual trading floor 
regulatory fee allocated among the Designated Market Maker firms 
(``DMMs'' or ``firms''),\4\ formerly referred to as the ``specialist 
trading floor regulatory fee,'' be reduced by 50% for 2008, and 
eliminated thereafter.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 58845 (October 24, 
2008) 73 FR 64379 (October 29, 2008) (SR-NYSE-2008-46). In this rule 
filing, which created a new market model for the Exchange, the role 
of the specialist was altered in certain respects and the term 
``specialist'' was replaced with the term ``Designated Market Maker 
(`DMM').'' Therefore, the annual trading floor regulatory fee 
previously paid by ``specialist'' firms will be referred to as the 
``Designated Market Maker'' annual trading floor regulatory fee.
---------------------------------------------------------------------------

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 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
    Effective retroactively to July 1, 2008, the Exchange proposes that 
the $8,000,000 annual trading floor regulatory fee allocated among the 
DMMs be reduced by 50% for 2008 (i.e., $4,000,000), and eliminated 
thereafter. The purpose of the trading floor regulatory fee has been to 
defray the costs incurred by the Exchange in connection with the 
monitoring of trading floor activity by the Exchange's Market 
Surveillance Division. Effective January 1, 2008, the Exchange reduced 
this fee from $16,000,000 to $8,000,000.

[[Page 79534]]

At that time the Exchange noted that the dramatically increased 
percentage of NYSE trades automatically executed and the shifts in the 
specialists' trading role under the Hybrid Market initiative made it 
appropriate to reduce the direct annual contribution to the regulatory 
program. After further study this year, and in light of the launching 
of the New Market Model,\5\ which was filed with the Commission for 
immediate effectiveness [sic] on October 24, 2008, the Exchange has 
determined that it is appropriate to eliminate this fee entirely. As a 
result, it is proposed that from July 1, 2008 to the end of 2008, this 
annual fee be reduced from $8,000,000 to $4,000,000 (the amount already 
billed at the time this approach was discussed with the members) and 
that the fee be eliminated hereafter for all members.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 58845 (October 24, 
2008) 73 FR 64379 (October 29, 2008) (SR-NYSE-2008-46).
---------------------------------------------------------------------------

Background
    In the past, what was formerly referred to as the ``specialists' 
annual trading floor regulatory fee'' and now referred to as the 
``Designated Market Maker annual trading floor regulatory fee,'' was 
billed to each firm in four quarterly installments. For the reasons 
stated above, in June 2008 the Exchange decided to reduce the fee from 
$8,000,000 to $4,000,000 (i.e., the amount that had already been billed 
to each firm by July 1, 2008), and to completely eliminate the fee in 
anticipation of the launching of the New Market Model in the fall of 
2008.
    In or about June and July 2008, the Exchange informed each firm 
that they should not pay the third or fourth quarter installments of 
the annual trading floor regulatory fee as such reduced fee of 
$4,000,000 had been satisfied by the installments in the first two 
quarters of the year ($2,000,000 x 2 = $4,000,000). By July 1, 2008, 
each firm had paid the full amount of the reduced regulatory fee. The 
Exchange instructed the firms to disregard any future bills for this 
fee, and in the event the firms had already paid the third quarter 
installment of the fee, the Exchange would give the firms a credit for 
any payment over $4,000,000. The Exchange applied this reduced annual 
trading floor regulatory fee of $4,000,000 to all DMM firms (formerly 
specialist firms). The fee will be eliminated henceforth, and will not 
appear on the 2009 NYSE Price List.
    The elimination of the annual trading floor regulatory fee will not 
have any impact on the Exchange's ability to maintain its current level 
of trading floor surveillance or to develop and adopt new surveillance 
technologies and procedures in the future.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 \6\ of the Securities Exchange Act of 
1934 (the ``Act'') \7\ in general and Section 6(b)(4) of the Act \8\ in 
particular, in that it is designed to provide for the equitable 
allocation of reasonable dues, fees and other charges among its members 
and other persons using its facilities.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78a.
    \8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of 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 solicited or received with respect to the 
proposed rule change.

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

    Because the foregoing rule does not (i) Significantly affect the 
protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate if consistent with the protection of investors 
and the public interest, provided that the self-regulatory organization 
has given the Commission written notice of its intent to file 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, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) 
thereunder.\10\ At any time within 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.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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-NYSE-2008-125 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-NYSE-2008-125. 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-
NYSE-2008-125 and should be submitted on or before January 20, 2009.


[[Page 79535]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-30787 Filed 12-24-08; 8:45 am]
BILLING CODE 8011-01-P