Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Alternext US LLC To Amend Certain Regulatory Fees Applicable to Its Member Organizations, 486-488 [E8-31350]
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Federal Register / Vol. 74, No. 3 / Tuesday, January 6, 2009 / Notices
significant burden on competition; and
(3) by its terms, does not become
operative for 30 days after the date of
filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, 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
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing.11 However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. NYSE
Alternext requested that the
Commission waive the 30-day operative
delay, as specified in Rule 19b–
4(f)(6)(iii),12 which would make the rule
change effective and operative upon
filing.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because it will allow the Exchange to
extend without interruption the
provisions of Rule 48 regarding the
Exchange’s ability to declare an extreme
market volatility condition at the close
and suspend certain rules relating to
closing of securities on the Exchange.
These provisions are currently
scheduled to expire on December 31,
2008. The Commission notes the
Exchange’s representation that it soon
intends to file a proposal to establish
permanent rules regarding closing of
securities subject to an extreme order
imbalance at the close. In light of the
foregoing, the Commission designates
the proposal operative upon filing.13
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.14
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires the self-regulatory
organization to give the Commission notice of its
intent to file the proposed rule change, along with
a brief description and text of 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
Exchange has satisfied this requirement.
12 17 CFR 240.19b–4(f)(6)(iii).
13 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
14 15 U.S.C. 78s(b)(3)(C).
mstockstill on PROD1PC66 with NOTICES
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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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–31349 Filed 1–5–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
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–NYSEALTR–2008–18 on
the subject line.
Paper Comments
[Release No. 34–59170; File No. SR–
NYSEALTR–2008–19]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Alternext US LLC To Amend Certain
Regulatory Fees Applicable to Its
Member Organizations
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
December 29, 2008.
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 such 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–2008–18 and
should be submitted on or before
January 27, 2009.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Alternext proposes to (i)
continue to waive registered
representative fees for New York Stock
Exchange (‘‘NYSE’’) member
organizations that automatically became
NYSE Alternext member organizations
by operation of NYSE Alternext Equities
Rule 2, and (ii) revise the examination
fees payable by member organizations
for which the Exchange is the
Designated Examining Authority
(‘‘DEA’’). The text of the proposed rule
change is available on the Exchange’s
Web site (https://www.nyse.com), at the
Exchange’s Office of the Secretary, and
at the Commission’s Public Reference
Room.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that, on December
24, 2008, NYSE Alternext US LLC (the
All submissions should refer to File
Number SR–NYSEALTR–2008–18. This ‘‘Exchange’’ or ‘‘NYSE Alternext’’) filed
with the Securities and Exchange
file number should be included on the
subject line if e-mail is used. To help the Commission (the ‘‘Commission’’) the
proposed rule change as described in
Commission process and review your
Items I, II, and III below, which Items
comments more efficiently, please use
only one method. The Commission will have been prepared by the Exchange.
post all comments on the Commission’s The Commission is publishing this
notice to solicit comments on the
Internet Web site (https://www.sec.gov/
proposed rule change from interested
rules/sro.shtml). Copies of the
persons.
submission, all subsequent
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
1 15
15 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00059
Fmt 4703
Sfmt 4703
2 17
E:\FR\FM\06JAN1.SGM
U.S.C.78s(b)(1).
CFR 240.19b–4.
06JAN1
Federal Register / Vol. 74, No. 3 / Tuesday, January 6, 2009 / Notices
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.
NYSE Alternext has prepared
summaries, set forth in Sections A, B
and C below, of the most significant
aspects of such statements.
mstockstill on PROD1PC66 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In connection with the acquisition of
the American Stock Exchange (renamed
NYSE Alternext US at the time of the
acquisition) by NYSE Euronext, all
equities trading conducted on or
through the American Stock Exchange
legacy trading systems and facilities
located at 86 Trinity Place, New York,
New York, was moved on December 1,
2008, to the NYSE trading facilities and
systems located at 11 Wall Street, New
York, New York (the ‘‘NYSE Alternext
Trading Systems’’), which are operated
by the NYSE on behalf of NYSE
Alternext (the ‘‘Equities Relocation’’). At
the time of the Equities Relocation, by
operation of NYSE Alternext Equities
Rule 2, all NYSE member organizations
automatically became NYSE Alternext
member organizations. By acquiring
NYSE Alternext membership, the NYSE
member organizations that were not
previously NYSE Alternext members
would become subject to the NYSE
Alternext registration fees for all of their
employees who serve as registered
representatives. As these NYSE member
organizations that had no NYSE
Alternext business prior to the Equities
Relocation became NYSE Alternext
members without any action on their
own part, NYSE Alternext waived the
application of its registered
representative fees to those firms for the
month of December. At that time, NYSE
Alternext stated that it expected to
submit a filing to adopt a revised
registered representative fee
commencing January 1, 2009.3 NYSE
Alternext has not yet determined how
best to revise its registration fees in light
of the accession to NYSE Alternext
membership of these NYSE member
organizations. As such, NYSE Alternext
believes that it is appropriate to
continue for the present its waiver of
registered representative fees payable by
member organizations which acquired
their membership automatically in
connection with the Equities Relocation.
3 See Exchange Act Release 59045 (December 3,
2008), 73 FR 75151 (December 10, 2008) (SR–
NYSEALTR–2008–09).
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16:52 Jan 05, 2009
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NYSE Alternext will submit a filing to
the Commission at such time as it
wishes to end this waiver. In any event,
the current waiver will end by its terms
on June 30, 2009, so NYSE Alternext
must submit a filing on or prior to that
date to either adopt a new fee approach
or to further extend the term of the
waiver.
NYSE Alternext also proposes to
revise its fees payable by member
organizations for which the Exchange is
the DEA. Currently, this fee is set at
$0.00040 per dollar of gross revenue
subject reported on FOCUS Report Form
X–17A–5, subject to a minimum
quarterly payment of (i) $250 for
member organizations not in engaged in
public business and (ii) $750 for
member organizations that are engaged
in public business. Going forward, for
purposes of establishing minimum DEA
fees, the Exchange will no longer
distinguish among member
organizations on the basis of whether
they are engaged in public business and
will instead categorize them based on
whether or not they are clearing firms.
The minimum fee for non-clearing firms
will be a monthly fee of $275 ($825 per
quarter) and the minimum fee for
clearing firms will be a monthly fee of
$1,000 ($3,000 per quarter). The
Exchange is also eliminating the
provision that member organizations
operating additional entities subject to
the minimum fees are subject to 50% of
these minimum fees for each additional
entity. As a consequence, these
additional entities will be subject to the
full minimum fee going forward. The
Exchange is not making any change to
the $0.00040 per dollar of gross revenue
charge. The revisions proposed in this
filing make the Exchange’s DEA fees
identical to those charged by the
Chicago Board Options Exchange
(‘‘CBOE’’) and more reflective of the
costs the Exchange incurs in connection
with its role as DEA.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 4 of the Act
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. The Exchange
believes that the proposal does not
constitute an inequitable allocation of
dues, fees and other charges as (i) the
same DEA fees will be charged to all
member organizations and (ii) the
waiver of registered representative fees
applies only to firms that became
Alternext member organizations
automatically without any action on
their part and in spite of the fact that
they did not conduct any Alternext
business.
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
The Exchange 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
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 5 of the Act and Rule 19b–
4(f)(2) 6 thereunder.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSEALTR–2008–19 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–NYSEALTR–2008–19. This
file number should be included on the
subject line if e-mail is used. To help the
5 15
4 15
PO 00000
U.S.C. 78f.
Frm 00060
Fmt 4703
6 17
Sfmt 4703
487
E:\FR\FM\06JAN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
06JAN1
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
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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
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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.
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06JAN1
]]>Agencies
[Federal Register Volume 74, Number 3 (Tuesday, January 6, 2009)]
[Notices]
[Pages 486-488]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-31350]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59170; File No. SR-NYSEALTR-2008-19]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Alternext US LLC To Amend
Certain Regulatory Fees Applicable to Its Member Organizations
December 29, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on December 24, 2008, NYSE Alternext US LLC (the ``Exchange'' or
``NYSE Alternext'') 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 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NYSE Alternext proposes to (i) continue to waive registered
representative fees for New York Stock Exchange (``NYSE'') member
organizations that automatically became NYSE Alternext member
organizations by operation of NYSE Alternext Equities Rule 2, and (ii)
revise the examination fees payable by member organizations for which
the Exchange is the Designated Examining Authority (``DEA''). The text
of the proposed rule change is available on the Exchange's Web site
(https://www.nyse.com), at the Exchange's Office of the Secretary, and
at the Commission's Public Reference Room.
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
[[Page 487]]
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. NYSE Alternext
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
In connection with the acquisition of the American Stock Exchange
(renamed NYSE Alternext US at the time of the acquisition) by NYSE
Euronext, all equities trading conducted on or through the American
Stock Exchange legacy trading systems and facilities located at 86
Trinity Place, New York, New York, was moved on December 1, 2008, to
the NYSE trading facilities and systems located at 11 Wall Street, New
York, New York (the ``NYSE Alternext Trading Systems''), which are
operated by the NYSE on behalf of NYSE Alternext (the ``Equities
Relocation''). At the time of the Equities Relocation, by operation of
NYSE Alternext Equities Rule 2, all NYSE member organizations
automatically became NYSE Alternext member organizations. By acquiring
NYSE Alternext membership, the NYSE member organizations that were not
previously NYSE Alternext members would become subject to the NYSE
Alternext registration fees for all of their employees who serve as
registered representatives. As these NYSE member organizations that had
no NYSE Alternext business prior to the Equities Relocation became NYSE
Alternext members without any action on their own part, NYSE Alternext
waived the application of its registered representative fees to those
firms for the month of December. At that time, NYSE Alternext stated
that it expected to submit a filing to adopt a revised registered
representative fee commencing January 1, 2009.\3\ NYSE Alternext has
not yet determined how best to revise its registration fees in light of
the accession to NYSE Alternext membership of these NYSE member
organizations. As such, NYSE Alternext believes that it is appropriate
to continue for the present its waiver of registered representative
fees payable by member organizations which acquired their membership
automatically in connection with the Equities Relocation. NYSE
Alternext will submit a filing to the Commission at such time as it
wishes to end this waiver. In any event, the current waiver will end by
its terms on June 30, 2009, so NYSE Alternext must submit a filing on
or prior to that date to either adopt a new fee approach or to further
extend the term of the waiver.
---------------------------------------------------------------------------
\3\ See Exchange Act Release 59045 (December 3, 2008), 73 FR
75151 (December 10, 2008) (SR-NYSEALTR-2008-09).
---------------------------------------------------------------------------
NYSE Alternext also proposes to revise its fees payable by member
organizations for which the Exchange is the DEA. Currently, this fee is
set at $0.00040 per dollar of gross revenue subject reported on FOCUS
Report Form X-17A-5, subject to a minimum quarterly payment of (i) $250
for member organizations not in engaged in public business and (ii)
$750 for member organizations that are engaged in public business.
Going forward, for purposes of establishing minimum DEA fees, the
Exchange will no longer distinguish among member organizations on the
basis of whether they are engaged in public business and will instead
categorize them based on whether or not they are clearing firms. The
minimum fee for non-clearing firms will be a monthly fee of $275 ($825
per quarter) and the minimum fee for clearing firms will be a monthly
fee of $1,000 ($3,000 per quarter). The Exchange is also eliminating
the provision that member organizations operating additional entities
subject to the minimum fees are subject to 50% of these minimum fees
for each additional entity. As a consequence, these additional entities
will be subject to the full minimum fee going forward. The Exchange is
not making any change to the $0.00040 per dollar of gross revenue
charge. The revisions proposed in this filing make the Exchange's DEA
fees identical to those charged by the Chicago Board Options Exchange
(``CBOE'') and more reflective of the costs the Exchange incurs in
connection with its role as DEA.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 \4\ of the Act 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. The Exchange believes that the proposal does not
constitute an inequitable allocation of dues, fees and other charges as
(i) the same DEA fees will be charged to all member organizations and
(ii) the waiver of registered representative fees applies only to firms
that became Alternext member organizations automatically without any
action on their part and in spite of the fact that they did not conduct
any Alternext business.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
---------------------------------------------------------------------------
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
The Exchange 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
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \5\ of the Act and Rule 19b-4(f)(2) \6\ thereunder.
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\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEALTR-2008-19 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-NYSEALTR-2008-19. This
file number should be included on the subject line if e-mail is used.
To help the
[[Page 488]]
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\
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\7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-31350 Filed 1-5-09; 8:45 am]
BILLING CODE 8011-01-P
