Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving Proposed Rule Change Amending Its Schedule of Fees and Charges for Exchange Services, 488 [E8-31346]

Download as PDF 488 Federal Register / Vol. 74, No. 3 / Tuesday, January 6, 2009 / Notices 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, 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 Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR– NYSEALTR–2008–19 and should be submitted on or before January 27, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Florence E. Harmon, Acting Secretary. [FR Doc. E8–31350 Filed 1–5–09; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59161; File No. SR– NYSEArca–2008–118] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving Proposed Rule Change Amending Its Schedule of Fees and Charges for Exchange Services mstockstill on PROD1PC66 with NOTICES December 24, 2008. I. Introduction On November 3, 2008, NYSE Arca, Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with the Securities and Exchange Commission (‘‘Commission’’) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend its Schedule of Fees and Charges for Exchange Services 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 VerDate Nov<24>2008 16:52 Jan 05, 2009 Jkt 217001 (‘‘Schedule of Fees’’). The proposed rule change was published for comment in the Federal Register on November 24, 2008.3 The Commission received no comment letters on the proposed rule change. This order approves the proposed rule change. II. Description of the Proposed Rule Change The Exchange has proposed to amend its Schedule of Fees to charge the same amount for Principal Orders (‘‘P Orders’’) and Principal Acting As Agent Orders (‘‘P/A Orders’’) (collectively, ‘‘Linkage Orders’’) in foreign currency options (‘‘FCO’’) as they currently charge for Linkage orders in issues included in the Penny Pilot. The Exchange recently amended its rules to enable the Exchange to list and trade FCOs.4 These rules permit FCOs to be quoted and traded in one cent increments. Presently, the Exchange charges $0.45 for all electronically executed Linkage Orders in Penny Pilot issues.5 The Exchange is proposing to similarly charge $0.45 for all electronically executed Linkage Orders in FCOs. III. Discussion and Commission’s Findings After careful review, the Commission finds that NYSE Arca’s proposal to amend its Schedule of Fees and Charges for Exchange Services is consistent with the Act and the rules and regulations thereunder applicable to a national securities exchange.6 In particular, the Commission finds that the proposal is consistent with Section 6(b)(4) of the Act,7 which requires that an exchange have rules that provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. Under the current Schedule of Fees, NYSE Arca charges electronically executed FCO orders the fee rate of $.50 for Linkage Orders submitted through the Options Linkage. The Exchange proposed to lower the charge to $.45 for all electronically executed Linkage Orders in FCOs. 3 See Securities Exchange Act Release No. 58945 (November 13, 2008), 73 FR 71072. 4 See Securities Exchange Act Release No. 58800 (October 16, 2008), 73 FR 63539 (October 24, 2008) (SR–NYSEArca–2008–109). 5 The Exchange may trade option contracts in one cent increments in certain approved issues as part of the Penny Pilot, through March 27, 2009. See Securities Exchange Act Release No. 56568 (September 27, 2007), 72 FR 56422 (October 3, 2007). 6 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 7 15 U.S.C. 78f(b)(4). PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 The Commission notes that the $.45 fee rate for electronically executed FCOs orders that take liquidity has been in place in the non-Linkage context since October 2008.8 In addition, the Commission notes that the Options Linkage fees are assessed pursuant to a pilot scheduled to end on July 31, 2009 and that the Commission is continuing to evaluate whether such fees are appropriate. For the foregoing reasons, the Commission believes that the proposal to amend the fees the Exchange charges for Linkage Orders in FCOs is consistent with the Act. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,9 that the proposed rule change (SR–NYSEArca– 2008–118) be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Acting Secretary. [FR Doc. E8–31346 Filed 1–5–09; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59167; File No. SR– NYSEArca–2008–141] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Rule Change by NYSE Arca, Inc. Implementing Fee Change December 29, 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 22, 2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III 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. 8 See Securities Exchange Act Release No. 58875 (October 29, 2008), 73 FR 65916 (November 5, 2008) (SR–NYSEArca–2008–117). 9 15 U.S.C. 78s(b)(2). 10 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. E:\FR\FM\06JAN1.SGM 06JAN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 74, Number 3 (Tuesday, January 6, 2009)]
[Notices]
[Page 488]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-31346]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59161; File No. SR-NYSEArca-2008-118]


Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving 
Proposed Rule Change Amending Its Schedule of Fees and Charges for 
Exchange Services

December 24, 2008.

I. Introduction

    On November 3, 2008, NYSE Arca, Inc. (``Exchange'' or ``NYSE 
Arca'') filed with the Securities and Exchange Commission 
(``Commission'') pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend its Schedule of Fees and Charges for 
Exchange Services (``Schedule of Fees''). The proposed rule change was 
published for comment in the Federal Register on November 24, 2008.\3\ 
The Commission received no comment letters on the proposed rule change. 
This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 58945 (November 13, 
2008), 73 FR 71072.
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II. Description of the Proposed Rule Change

    The Exchange has proposed to amend its Schedule of Fees to charge 
the same amount for Principal Orders (``P Orders'') and Principal 
Acting As Agent Orders (``P/A Orders'') (collectively, ``Linkage 
Orders'') in foreign currency options (``FCO'') as they currently 
charge for Linkage orders in issues included in the Penny Pilot. The 
Exchange recently amended its rules to enable the Exchange to list and 
trade FCOs.\4\ These rules permit FCOs to be quoted and traded in one 
cent increments. Presently, the Exchange charges $0.45 for all 
electronically executed Linkage Orders in Penny Pilot issues.\5\ The 
Exchange is proposing to similarly charge $0.45 for all electronically 
executed Linkage Orders in FCOs.
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    \4\ See Securities Exchange Act Release No. 58800 (October 16, 
2008), 73 FR 63539 (October 24, 2008) (SR-NYSEArca-2008-109).
    \5\ The Exchange may trade option contracts in one cent 
increments in certain approved issues as part of the Penny Pilot, 
through March 27, 2009. See Securities Exchange Act Release No. 
56568 (September 27, 2007), 72 FR 56422 (October 3, 2007).
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III. Discussion and Commission's Findings

    After careful review, the Commission finds that NYSE Arca's 
proposal to amend its Schedule of Fees and Charges for Exchange 
Services is consistent with the Act and the rules and regulations 
thereunder applicable to a national securities exchange.\6\ In 
particular, the Commission finds that the proposal is consistent with 
Section 6(b)(4) of the Act,\7\ which requires that an exchange have 
rules that provide for the equitable allocation of reasonable dues, 
fees, and other charges among its members and other persons using its 
facilities.
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    \6\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78f(b)(4).
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    Under the current Schedule of Fees, NYSE Arca charges 
electronically executed FCO orders the fee rate of $.50 for Linkage 
Orders submitted through the Options Linkage. The Exchange proposed to 
lower the charge to $.45 for all electronically executed Linkage Orders 
in FCOs.
    The Commission notes that the $.45 fee rate for electronically 
executed FCOs orders that take liquidity has been in place in the non-
Linkage context since October 2008.\8\ In addition, the Commission 
notes that the Options Linkage fees are assessed pursuant to a pilot 
scheduled to end on July 31, 2009 and that the Commission is continuing 
to evaluate whether such fees are appropriate.
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    \8\ See Securities Exchange Act Release No. 58875 (October 29, 
2008), 73 FR 65916 (November 5, 2008) (SR-NYSEArca-2008-117).
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    For the foregoing reasons, the Commission believes that the 
proposal to amend the fees the Exchange charges for Linkage Orders in 
FCOs is consistent with the Act.
    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\9\ that the proposed rule change (SR-NYSEArca-2008-118) be, and it 
hereby is, approved.
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    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-31346 Filed 1-5-09; 8:45 am]
BILLING CODE 8011-01-P

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