Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Changes, 482-483 [E8-31351]
Download as PDF
<![CDATA[
482
Federal Register / Vol. 74, No. 3 / Tuesday, January 6, 2009 / 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–CBOE–2008–133. 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 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 No.
SR–CBOE–2008–133 and should be
submitted on or before January 27, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–31390 Filed 1–5–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
mstockstill on PROD1PC66 with NOTICES
[Release No. 34–59171; File No. SR–ISE–
2008–9]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Fee Changes
December 29, 2008.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 (the
13 17
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
16:52 Jan 05, 2009
Jkt 217001
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
23, 2008, the International Securities
Exchange, LLC (the ‘‘Exchange’’ or the
‘‘ISE’’) filed with the Securities and
Exchange 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The ISE is proposing to amend its
Schedule of Fees to establish fees for
transactions in options on one Premium
Product.3 The text of the proposed rule
change is available on the Exchange’s
Web site (https://www.ise.com), at the
principal office of the Exchange, 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,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in
sections A, B and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose—The Exchange is
proposing to amend its Schedule of Fees
to establish fees for transactions in
options on the NASDAQ Q–50 Index
(‘‘NXTQ’’).4 All of the applicable fees
covered by this filing are identical to
fees charged by the Exchange for all
other Premium Products. Specifically,
the Exchange is proposing to adopt an
execution fee for all transactions in
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Premium Products is defined in the Schedule of
Fees as the products enumerated therein.
4 The Exchange represents that NXTQ is eligible
for options trading because it meets the standards
of ISE Rule 2002(d), which allows the ISE to begin
trading this product by filing Form 19b–4(e) at least
five business days after commencement of trading
pursuant to Rule 19b–4(e) of the Act.
2 17
PO 00000
Frm 00055
Fmt 4703
Sfmt 4703
options on NXTQ.5 The amount of the
execution fee for products covered by
this filing shall be $0.18 per contract for
all Public Customer Orders 6 and $0.20
per contract for all Firm Proprietary
orders. The amount of the execution fee
for all ISE Market Maker transactions
shall be equal to the execution fee
currently charged by the Exchange for
ISE Market Maker transactions in equity
options.7 Finally, the amount of the
execution fee for all non-ISE Market
Maker transactions shall be $0.45 per
contract.8
Additionally, the Exchange has
entered into a license agreement with
The NASDAQ OMX Group, Inc. in
connection with the listing and trading
of options on NXTQ. As with certain
other licensed options, to defray the
licensing costs, the Exchange is
adopting a surcharge fee of two (2) cents
per contract for trading in options on
NXTQ. The Exchange believes charging
the participants that trade this
instrument is the most equitable means
of recovering the costs of the license.
However, because of competitive
pressures in the industry, the Exchange
proposes to exclude Public Customer
Orders from this surcharge fee.
Accordingly, this surcharge fee will
only be charged to Exchange members
with respect to non-Public Customer
Orders (e.g., ISE Market Maker, non-ISE
Market Maker & Firm Proprietary
orders) and Linkage Orders. Finally,
since options on NXTQ are not
multiply-listed, the Payment for Order
Flow fee shall not apply. The Exchange
believes the proposed rule change will
further ISE’s goal of introducing new
products to the marketplace that are
competitively priced.
2. Basis—The Exchange believes that
the proposed rule change is consistent
with the objectives of Section 6 of the
5 These fees will be charged only to Exchange
members. Under a pilot program that is set to expire
on July 31, 2009, these fees will also be charged to
Linkage Principal Orders (‘‘Linkage P Orders’’) and
Linkage Principal Acting as Agent Orders (‘‘Linkage
P/A Orders’’). The amount of the execution fee
charged by the Exchange for Linkage P Orders and
Linkage P/A Orders is $0.24 per contract side and
$0.15 per contract side, respectively. See Securities
Exchange Act Release No. 58143 (July 11, 2008), 73
FR 41388 (July 18, 2008) (SR–ISE–2008–52).
6 Public Customer Order is defined in Exchange
Rule 100(a)(39) as an order for the account of a
Public Customer. Public Customer is defined in
Exchange Rule 100(a)(38) as a person or entity that
is not a broker or dealer in securities.
7 The Exchange applies a sliding scale, between
$0.01 and $0.18 per contract side, based on the
number of contracts an ISE market maker trades in
a month.
8 The amount of the execution fee for non-ISE
Market Maker transactions executed in the
Exchange’s Facilitation and Solicitation
Mechanisms is $0.19 per contract.
E:\FR\FM\06JAN1.SGM
06JAN1
Federal Register / Vol. 74, No. 3 / Tuesday, January 6, 2009 / Notices
Act,9 in general, and furthers the
objectives of section 6(b)(4),10 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 proposed rule change does not
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 not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to section 19(b)(3) of
the Act 11 and Rule 19b–4(f)(2) 12
thereunder. 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.
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:
All submissions should refer to File
Number SR–ISE–2008–98. 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 such filing also will be
available for inspection and copying at
the principal office of the ISE. 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–ISE–2008–98 and should be
submitted by January 26, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–31351 Filed 1–5–09; 8:45 am]
BILLING CODE 8011–01–P
mstockstill on PROD1PC66 with NOTICES
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
No. SR–ISE–2008–98 on the subject
line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59168; File No. SR–NYSE–
2008–139]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by New York
Stock Exchange LLC Amending Rule
48.10 To Extend the Temporary
Provisions of the Rule Relating to the
Ability of the Exchange to Declare an
Extreme Market Volatility Condition
and Suspend Certain NYSE
Requirements Relating to the Closing
of Securities at the Exchange
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
23, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
New York Stock Exchange (‘‘NYSE’’ or
the ‘‘Exchange’’) Rule 48.10 to extend
the temporary provisions of the rule
relating to the ability of the Exchange to
declare an extreme market volatility
condition and suspend certain NYSE
requirements relating to the closing of
securities at the Exchange.
The text of the proposed rule change
is available at https://www.nyse.com,
NYSE, and 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,
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,
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
U.S.C. 78f.
U.S.C. 78f(b)(4).
11 15 U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(2).
9 15
10 15
VerDate Nov<24>2008
16:52 Jan 05, 2009
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
13 17
Jkt 217001
483
PO 00000
CFR 200.30–3(a)(12).
Frm 00056
Fmt 4703
Sfmt 4703
E:\FR\FM\06JAN1.SGM
06JAN1
]]>Agencies
[Federal Register Volume 74, Number 3 (Tuesday, January 6, 2009)]
[Notices]
[Pages 482-483]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-31351]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59171; File No. SR-ISE-2008-9]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Fee Changes
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 23, 2008, the International Securities Exchange, LLC
(the ``Exchange'' or the ``ISE'') filed with the Securities and
Exchange 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.
---------------------------------------------------------------------------
\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
The ISE is proposing to amend its Schedule of Fees to establish
fees for transactions in options on one Premium Product.\3\ The text of
the proposed rule change is available on the Exchange's Web site
(https://www.ise.com), at the principal office of the Exchange, and at
the Commission's Public Reference Room.
---------------------------------------------------------------------------
\3\ Premium Products is defined in the Schedule of Fees as the
products enumerated therein.
---------------------------------------------------------------------------
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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in sections A, B and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose--The Exchange is proposing to amend its Schedule of Fees
to establish fees for transactions in options on the NASDAQ Q-50 Index
(``NXTQ'').\4\ All of the applicable fees covered by this filing are
identical to fees charged by the Exchange for all other Premium
Products. Specifically, the Exchange is proposing to adopt an execution
fee for all transactions in options on NXTQ.\5\ The amount of the
execution fee for products covered by this filing shall be $0.18 per
contract for all Public Customer Orders \6\ and $0.20 per contract for
all Firm Proprietary orders. The amount of the execution fee for all
ISE Market Maker transactions shall be equal to the execution fee
currently charged by the Exchange for ISE Market Maker transactions in
equity options.\7\ Finally, the amount of the execution fee for all
non-ISE Market Maker transactions shall be $0.45 per contract.\8\
---------------------------------------------------------------------------
\4\ The Exchange represents that NXTQ is eligible for options
trading because it meets the standards of ISE Rule 2002(d), which
allows the ISE to begin trading this product by filing Form 19b-4(e)
at least five business days after commencement of trading pursuant
to Rule 19b-4(e) of the Act.
\5\ These fees will be charged only to Exchange members. Under a
pilot program that is set to expire on July 31, 2009, these fees
will also be charged to Linkage Principal Orders (``Linkage P
Orders'') and Linkage Principal Acting as Agent Orders (``Linkage P/
A Orders''). The amount of the execution fee charged by the Exchange
for Linkage P Orders and Linkage P/A Orders is $0.24 per contract
side and $0.15 per contract side, respectively. See Securities
Exchange Act Release No. 58143 (July 11, 2008), 73 FR 41388 (July
18, 2008) (SR-ISE-2008-52).
\6\ Public Customer Order is defined in Exchange Rule 100(a)(39)
as an order for the account of a Public Customer. Public Customer is
defined in Exchange Rule 100(a)(38) as a person or entity that is
not a broker or dealer in securities.
\7\ The Exchange applies a sliding scale, between $0.01 and
$0.18 per contract side, based on the number of contracts an ISE
market maker trades in a month.
\8\ The amount of the execution fee for non-ISE Market Maker
transactions executed in the Exchange's Facilitation and
Solicitation Mechanisms is $0.19 per contract.
---------------------------------------------------------------------------
Additionally, the Exchange has entered into a license agreement
with The NASDAQ OMX Group, Inc. in connection with the listing and
trading of options on NXTQ. As with certain other licensed options, to
defray the licensing costs, the Exchange is adopting a surcharge fee of
two (2) cents per contract for trading in options on NXTQ. The Exchange
believes charging the participants that trade this instrument is the
most equitable means of recovering the costs of the license. However,
because of competitive pressures in the industry, the Exchange proposes
to exclude Public Customer Orders from this surcharge fee. Accordingly,
this surcharge fee will only be charged to Exchange members with
respect to non-Public Customer Orders (e.g., ISE Market Maker, non-ISE
Market Maker & Firm Proprietary orders) and Linkage Orders. Finally,
since options on NXTQ are not multiply-listed, the Payment for Order
Flow fee shall not apply. The Exchange believes the proposed rule
change will further ISE's goal of introducing new products to the
marketplace that are competitively priced.
2. Basis--The Exchange believes that the proposed rule change is
consistent with the objectives of Section 6 of the
[[Page 483]]
Act,\9\ in general, and furthers the objectives of section 6(b)(4),\10\
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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f.
\10\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not 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 not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to section
19(b)(3) of the Act \11\ and Rule 19b-4(f)(2) \12\ thereunder. 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.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File No. SR-ISE-2008-98 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-ISE-2008-98. 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 such filing also will be available for
inspection and copying at the principal office of the ISE. 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-ISE-2008-98 and should be
submitted by January 26, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-31351 Filed 1-5-09; 8:45 am]
BILLING CODE 8011-01-P
