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]
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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 (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
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, https://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 (https://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
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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).
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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–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 (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 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
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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.
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Fmt 4703
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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.
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2008-125 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 (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 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\
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\11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-30787 Filed 12-24-08; 8:45 am]
BILLING CODE 8011-01-P
