Self-Regulatory Organizations; NYSE Alternext U.S. LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Permanent the NYSE Alternext Bonds System Fee Schedule Which Is Currently Set To Expire on December 31, 2008 as Well as Make Technical Amendments to the Fee Schedule, 753-754 [E9-5]
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Federal Register / Vol. 74, No. 4 / Wednesday, January 7, 2009 / Notices
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–2008–20 and
should be submitted on or before
January 28, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Acting Secretary.
[FR Doc. E9–2 Filed 1–6–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59179; File No. SR–
NYSEALTR–2008–16]
Self-Regulatory Organizations; NYSE
Alternext U.S. LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Make Permanent the
NYSE Alternext Bonds System Fee
Schedule Which Is Currently Set To
Expire on December 31, 2008 as Well
as Make Technical Amendments to the
Fee Schedule
December 30, 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
24, 2008, NYSE Alternext U.S. LLC
(‘‘NYSEALTR’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by NYSEALTR. The
Exchange has designated this proposal
as one establishing or changing a due,
fee, or other charge imposed by the
Exchange under Section 19(b)(3)(A)(ii)
of the Act 3 and Rule 19b-4(f)(2)
thereunder,4 which renders the proposal
effective upon filing with the
Commission. 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 make
permanent the NYSE Alternext Bonds
System fee schedule which is currently
set to expire on December 31, 2008 as
well as make technical amendments to
the fee schedule.
The text of the proposed rule change
is available at NYSE Alternext, the
Commission’s Public Reference Room,
and https://www.nyse.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
NYSEALTR 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.
NYSEALTR 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
NYSE Alternext proposes to make
permanent the NYSE Alternext Bonds
System fee schedule which is currently
set to expire on December 31, 2008 as
well as make technical amendments to
the fee schedule.
The Exchange recently filed a rule
change that established, inter alia, the
NYSE Alternext Bonds System fee
schedule (‘‘fee schedule’’).5 The fee
schedule established execution fees per
bond for orders that took liquidity from
the NYSE Alternext Bonds Book. The
fee schedule was structured to be
similar to the NYSE Bonds Price List.
The Exchange’s reasoning for
structuring the fee schedule in this
fashion was because member
organizations of NYSE Alternext that
3 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
5 See Securities Exchange Release No. 59045
(December 3, 2008), 73 FR 75151 (December 10,
2008) (SR–NYSEALTR–2008–09).
4 17
15 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
16:10 Jan 06, 2009
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Frm 00083
Fmt 4703
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753
trade bonds and NYSE member
organizations are member organizations
of both exchanges. This dual
membership structure allows all
member organizations to trade on both
exchanges and harmonizes the pricing
structures of the two exchanges.
The Exchange is proposing a rule
change to make the fee schedule
permanent. At the time the fee schedule
was first implemented as part of a larger
NYSE Alternext filing (SR–NYSEALTR–
2008–09), the Exchange inadvertently
applied an expiration date of December
31, 2008 to the fee schedule which
corresponded with the expiration of the
NYSE Bonds pilot program for liquidity
takers.6 The Exchange intended to
implement a permanent fee schedule for
the NYSE Alternext Bonds System.
Accordingly, the Exchange requests that
the expiration date of December 31,
2008 be removed from the fee schedule.
Additionally, the Exchange seeks to
clarify the language in the fee schedule
by replacing the word ‘‘order’’ with
‘‘execution.’’ The Exchange is not
billing liquidity takers on the orders but
rather the executions of those orders.
Accordingly, the Exchange has
proposed to amend the fee schedule to
clarify the current language in the fee
schedule.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 7 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 8 in general and Section 6(b)(4) of
the Act 9 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 the same fees will be charged
to all member organizations.
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 purposes of the Act.
6 See Securities Exchange Act Release No. 57823
(May 15, 2008), 73 FR 29804 (May 22, 2008) (SR–
NYSE–2008–38).
7 15 U.S.C. 78f.
8 15 U.S.C. 78a et seq.
9 15 U.S.C. 78f(b)(4).
E:\FR\FM\07JAN1.SGM
07JAN1
754
Federal Register / Vol. 74, No. 4 / Wednesday, January 7, 2009 / Notices
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 change
establishes or changes a due, fee, or
other charge imposed by the Exchange,
it has become effective pursuant to
Section 19(b)(3)(A) of the Act 10 and
subparagraph (f)(2) of Rule 19b–4
thereunder.11 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–2008–16 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–2008–16. 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
10 15
11 17
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
VerDate Nov<24>2008
16:10 Jan 06, 2009
Jkt 217001
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 NYSEALTR. 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–2008–16 and
should be submitted on or before
January 28, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Acting Secretary.
[FR Doc. E9–5 Filed 1–6–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59180; File No. SR–
NYSEArca–2008–121]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Approving Proposed
Rule Change Amending Rule 5.2(j)(6)
To Increase the Permissible Aggregate
Weight of Underlying Foreign Country
Securities
December 30, 2008.
I. Introduction
On October 29, 2008, NYSE Arca, Inc.
(‘‘Exchange’’ or ‘‘NYSE Arca’’), through
its wholly owned subsidiary, NYSE
Arca Equities, Inc. (‘‘NYSE Arca
Equities’’), 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 thereunder2 a
proposed rule change amending NYSE
Arca Equities Rule 5.2(j)(6) relating to
the listing of Equity Index-Linked
Securities.3 The proposed rule change
was published for comment in the
Federal Register on November 28,
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Equity Index-Linked Securities are securities,
the payment at maturity of which is based on the
performance of an underlying index or indexes of
equity securities (‘‘Equity Reference Asset’’).
2008.4 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’s listing standards for
Equity Index-Linked Securities, among
other criteria, currently limit the
permissible aggregate weight of
underlying foreign country securities
and American Depository Receipts
(‘‘ADRs’’) that can be included in the
Equity Reference Asset to 20% of the
overall index where the primary trading
markets of such foreign country
securities or foreign country securities
underlying such ADRs are not members
of the Intermarket Surveillance Group
(‘‘ISG’’) or parties to comprehensive
surveillance sharing agreements
(‘‘CSSAs’’) with the Exchange. The
Exchange proposes to amend NYSE
Arca Equities Rule 5.2(j)(6)(B)(I)(1)(b)(v)
to increase the permissible aggregate
weight of such underlying foreign
country securities and ADRs up to 50%
of the overall index, subject to certain
other limitations.
Specifically, the proposal would
permit the listing and trading of Equity
Index-Linked Securities where the
underlying foreign country securities
and/or foreign country securities
underlying ADRs primarily trading on
non-U.S. markets that are not ISG
members or otherwise subject to a CSSA
agreement with the Exchange account
for up to 50% of the aggregate dollar
weight of the index, provided that: (1)
The securities of any one primary
foreign market which is not an ISG
member or does not have a CSSA with
the Exchange (‘‘Non-Reciprocal Foreign
Markets’’) do not represent more than
20% of the dollar weight of the index;
and (2) the securities of any two NonReciprocal Foreign Markets do not
represent more than 33% of the dollar
weight of the index. The Exchange also
seeks to make technical and nonsubstantive modifications to NYSE Arca
Equities Rule 5.2(j)(6)(B)(I)(1)(b)(v).
III. Discussion and Commission’s
Findings
The Commission has carefully
reviewed the proposed rule change and
finds that it is consistent with the
requirements of Section 6 of the Act 5
and the rules and regulations
thereunder applicable to a national
securities exchange.6 In particular, the
1 15
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
4 See Securities Exchange Act Release No. 58984
(November 20, 2008), 73 FR 72546.
5 15 U.S.C. 78f.
6 In approving this proposed rule change, the
Commission has considered the proposed rule’s
E:\FR\FM\07JAN1.SGM
07JAN1
]]>Agencies
[Federal Register Volume 74, Number 4 (Wednesday, January 7, 2009)]
[Notices]
[Pages 753-754]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-5]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59179; File No. SR-NYSEALTR-2008-16]
Self-Regulatory Organizations; NYSE Alternext U.S. LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Make
Permanent the NYSE Alternext Bonds System Fee Schedule Which Is
Currently Set To Expire on December 31, 2008 as Well as Make Technical
Amendments to the Fee Schedule
December 30, 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 24, 2008, NYSE Alternext U.S. LLC (``NYSEALTR'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by NYSEALTR. The Exchange
has designated this proposal as one establishing or changing a due,
fee, or other charge imposed by the Exchange under Section
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\
which renders the proposal effective upon filing with the Commission.
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.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to make permanent the NYSE Alternext Bonds
System fee schedule which is currently set to expire on December 31,
2008 as well as make technical amendments to the fee schedule.
The text of the proposed rule change is available at NYSE
Alternext, the Commission's Public Reference Room, and https://
www.nyse.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NYSEALTR 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. NYSEALTR 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
NYSE Alternext proposes to make permanent the NYSE Alternext Bonds
System fee schedule which is currently set to expire on December 31,
2008 as well as make technical amendments to the fee schedule.
The Exchange recently filed a rule change that established, inter
alia, the NYSE Alternext Bonds System fee schedule (``fee
schedule'').\5\ The fee schedule established execution fees per bond
for orders that took liquidity from the NYSE Alternext Bonds Book. The
fee schedule was structured to be similar to the NYSE Bonds Price List.
The Exchange's reasoning for structuring the fee schedule in this
fashion was because member organizations of NYSE Alternext that trade
bonds and NYSE member organizations are member organizations of both
exchanges. This dual membership structure allows all member
organizations to trade on both exchanges and harmonizes the pricing
structures of the two exchanges.
---------------------------------------------------------------------------
\5\ See Securities Exchange Release No. 59045 (December 3,
2008), 73 FR 75151 (December 10, 2008) (SR-NYSEALTR-2008-09).
---------------------------------------------------------------------------
The Exchange is proposing a rule change to make the fee schedule
permanent. At the time the fee schedule was first implemented as part
of a larger NYSE Alternext filing (SR-NYSEALTR-2008-09), the Exchange
inadvertently applied an expiration date of December 31, 2008 to the
fee schedule which corresponded with the expiration of the NYSE Bonds
pilot program for liquidity takers.\6\ The Exchange intended to
implement a permanent fee schedule for the NYSE Alternext Bonds System.
Accordingly, the Exchange requests that the expiration date of December
31, 2008 be removed from the fee schedule.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 57823 (May 15,
2008), 73 FR 29804 (May 22, 2008) (SR-NYSE-2008-38).
---------------------------------------------------------------------------
Additionally, the Exchange seeks to clarify the language in the fee
schedule by replacing the word ``order'' with ``execution.'' The
Exchange is not billing liquidity takers on the orders but rather the
executions of those orders. Accordingly, the Exchange has proposed to
amend the fee schedule to clarify the current language in the fee
schedule.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 \7\ of the Securities Exchange Act of
1934 (the ``Act'') \8\ in general and Section 6(b)(4) of the Act \9\ 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 the same fees will be charged to all member
organizations.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78a et seq.
\9\ 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 purposes of the Act.
[[Page 754]]
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 change establishes or changes a due,
fee, or other charge imposed by the Exchange, it has become effective
pursuant to Section 19(b)(3)(A) of the Act \10\ and subparagraph (f)(2)
of Rule 19b-4 thereunder.\11\ 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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 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 Number SR-NYSEALTR-2008-16 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-2008-16. 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 NYSEALTR. 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-2008-16 and should
be submitted on or before January 28, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E9-5 Filed 1-6-09; 8:45 am]
BILLING CODE 8011-01-P
