Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc., 5951-5952 [E9-2231]
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Federal Register / Vol. 74, No. 21 / Tuesday, February 3, 2009 / Notices
yshivers on PROD1PC62 with NOTICES
information from issuers of publicly
traded securities so that investors have
current information upon which to base
investment decisions. The purpose of
the regulation is to require: (1) An issuer
that intentionally discloses material
information, to do so through public
disclosure, not selective disclosure; and
(2) an issuer that learns that it has made
a non-intentional material selective
disclosure, issuer to make prompt
public disclosure of that information.
Regulation FD was adopted due to a
concern that the practice of selective
disclosure leads to a loss of investor
confidence in the integrity of our capital
markets. We estimate that
approximately 13,000 issuers make
Regulation FD disclosures
approximately five times a year for a
total of 58,000 submissions annually,
not including an estimated 7,000 issuers
who file Form 8–K to comply with
Regulation FD. We estimate that it takes
5 hours per response (58,000 responses
× 5 hours) for a total burden of 290,000
hours annually. In addition, we estimate
that 25% of the 5 hours per response
(1.25 hours) is prepared by the filer for
an annual reporting burden of 72,500
hours (1.25 hours per response × 58,000
responses).
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information has practical utility; (b) the
accuracy of the agency’s estimate of the
burden imposed by the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comments
to Charles Boucher, Director/CIO,
Securities and Exchange Commission,
C/O Shirley Martinson, 6432 General
Green Way, Alexandria, Virginia 22312;
or send an e-mail to:
PRA_Mailbox@sec.gov.
January 26, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–2228 Filed 2–2–09; 8:45 am]
BILLING CODE 8011–01–P
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59312; File No. SR–BATS–
2009–005]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Related to Fees for Use
of BATS Exchange, Inc.
January 28, 2009.
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 January
23, 2009, BATS Exchange, Inc. (‘‘BATS’’
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 the Exchange. BATS has designated
the proposed rule change as one
establishing or changing a member 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
proposed rule change 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 modify its
fee schedule applicable to use of the
Exchange effective January 23, 2009, in
order to implement new pricing for
Destination Specific Orders 5 routed
away from the Exchange to the
NASDAQ OMX BX, Inc. (‘‘NASDAQ
BX’’).
The text of the proposed rule change
is available at the Exchange’s Web site
at https://www.batstrading.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
Exchange 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
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
5 As defined in BATS Rule 11.9(c)(10).
2 17
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5951
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
The Exchange proposes to modify its
fee schedule applicable to use of the
Exchange effective January 23, 2009, in
order to implement new pricing for
Destination Specific Orders routed away
from the Exchange to NASDAQ BX. The
Exchange proposes to charge the same
price for such Destination Specific
Orders as it charges for Destination
Specific Orders routed to NASDAQ
Stock Market, the International
Securities Exchange, and the National
Securities Exchange.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder that
are applicable to a national securities
exchange, and, in particular, with the
requirements of Section 6 of the Act.6
Specifically, the Exchange believes that
the proposed rule change is consistent
with Section 6(b)(4) of the Act,7 in that
it provides for the equitable allocation
of reasonable dues, fees and other
charges among members and other
persons using any facility or system
which the Exchange operates or
controls. The Exchange notes that it
operates in a highly competitive market
in which market participants can
readily direct order flow to competing
venues if they deem fee levels at a
particular venue to be excessive. The
Exchange believes that its fees and
credits are competitive with those
charged by other venues, and notes that
the charge for Destination Specific
Orders routed to NASDAQ BX is
consistent with the fees the Exchange
charges for certain other Destination
Specific Orders. Finally, the Exchange
believes that the proposed rate for
orders routed to NASDAQ BX is
equitable in that it applies uniformly to
all Members of the Exchange.
(B) Self-Regulatory Organization’s
Statement of Burden on Competition
The Exchange does not believe that
the proposed rule change imposes any
burden on competition.
6 15
7 15
E:\FR\FM\03FEN1.SGM
U.S.C. 78f.
U.S.C. 78f(b)(4).
03FEN1
5952
Federal Register / Vol. 74, No. 21 / Tuesday, February 3, 2009 / Notices
(C) Self-Regulatory Organization’s
Statement on Comments Regarding the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has been designated as a fee change
pursuant to Section 19(b)(3)(A)(ii) of the
Act 8 and Rule 19b–4(f)(2) thereunder,9
because it establishes or changes a due,
fee or other charge imposed on members
by the Exchange. Accordingly, the
proposal is effective upon filing with
the Commission.
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 proposal is
consistent with the Act. Comments may
be submitted by any of the following
methods:
yshivers on PROD1PC62 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–BATS–2009–005 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File No.
SR–BATS–2009–005. 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 changes 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 BATS. 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–BATS–2009–005 and should be
submitted on or before February 24,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–2231 Filed 2–2–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59310; File No. SR–
NASDAQ–2009–005]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing of Proposed Rule Change as
Modified by Amendment No. 1 Thereto
To Reduce The Order Exposure Period
on the NASDAQ Options Market
January 28, 2009.
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 January
23, 2009, The NASDAQ Stock Market
LLC (‘‘NASDAQ’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) proposed rule change
as described in Items I and II below,
which Items have been prepared by the
Exchange. Amendment 1 was filed on
January 27, 2009. The Commission is
publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
8 15
U.S.C. 78s(b)(3)(A)(ii).
9 17 CFR 240.19b–4(f)(6) [sic].
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12:52 Feb 02, 2009
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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Specifically, NASDAQ is proposing to
amend Chapter VII, Section 12 of the
NASDAQ rule manual governing the
NASDAQ Options Market to provide
that: (i) Options Participants may not
execute as principal against orders on
the limit order book they represent as
agent unless such agency orders are first
exposed on the limit order book for at
least one (1) second, or the Options
Participant has been bidding or offering
on the Exchange for at least one (1)
second prior to receiving an agency
order that is executable against such
order, and (ii) Options Participants must
expose orders they represent as agent for
at least one (1) second before such
orders may be automatically executed,
in whole or in part, against orders
solicited from members and nonmember broker-dealers to transact with
such orders.3
The text of the proposed rule change
is below. Proposed new language is in
italics; proposed deletions are in
brackets.4
*
*
*
*
*
Chapter VII, Market Participants:
Sec. 12 Order Exposure Requirements:
With respect to orders routed to NOM,
Options Participants may not execute as
principal orders they represent as agent
unless (i) agency orders are first exposed
on NOM for at least one (1) second
[three (3) seconds] or (ii) the Options
Participant has been bidding or offering
on NOM for at least one (1) second
[three (3) seconds] prior to receiving an
agency order that is executable against
such bid or offer.
Commentary:
.01 and .02 No change.
.03 With respect to non-displayed
trading interest, including the reserve
portion, the exposure requirement of
subsection (i) is satisfied if the
displayable portion of the order is
displayed at its displayable price for one
[three] seconds.
.04 No change.
*
*
*
*
*
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,
3 Amendment 1 makes a technical correction to
conform Commentary .03 to the proposed new rule
language.
4 Changes are marked to the rule text that appears
in the electronic NASDAQ Manual found at https://
wallstreet.cch.com/nasdaq/.
E:\FR\FM\03FEN1.SGM
03FEN1
]]>Agencies
[Federal Register Volume 74, Number 21 (Tuesday, February 3, 2009)]
[Notices]
[Pages 5951-5952]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-2231]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59312; File No. SR-BATS-2009-005]
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Related to
Fees for Use of BATS Exchange, Inc.
January 28, 2009.
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 January 23, 2009, BATS Exchange, Inc. (``BATS'' 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 the Exchange. BATS has
designated the proposed rule change as one establishing or changing a
member 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 proposed rule change 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 modify its fee schedule applicable to use
of the Exchange effective January 23, 2009, in order to implement new
pricing for Destination Specific Orders \5\ routed away from the
Exchange to the NASDAQ OMX BX, Inc. (``NASDAQ BX'').
---------------------------------------------------------------------------
\5\ As defined in BATS Rule 11.9(c)(10).
---------------------------------------------------------------------------
The text of the proposed rule change is available at the Exchange's
Web site at https://www.batstrading.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 Exchange 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 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
The Exchange proposes to modify its fee schedule applicable to use
of the Exchange effective January 23, 2009, in order to implement new
pricing for Destination Specific Orders routed away from the Exchange
to NASDAQ BX. The Exchange proposes to charge the same price for such
Destination Specific Orders as it charges for Destination Specific
Orders routed to NASDAQ Stock Market, the International Securities
Exchange, and the National Securities Exchange.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder that are applicable to a national securities exchange, and,
in particular, with the requirements of Section 6 of the Act.\6\
Specifically, the Exchange believes that the proposed rule change is
consistent with Section 6(b)(4) of the Act,\7\ in that it provides for
the equitable allocation of reasonable dues, fees and other charges
among members and other persons using any facility or system which the
Exchange operates or controls. The Exchange notes that it operates in a
highly competitive market in which market participants can readily
direct order flow to competing venues if they deem fee levels at a
particular venue to be excessive. The Exchange believes that its fees
and credits are competitive with those charged by other venues, and
notes that the charge for Destination Specific Orders routed to NASDAQ
BX is consistent with the fees the Exchange charges for certain other
Destination Specific Orders. Finally, the Exchange believes that the
proposed rate for orders routed to NASDAQ BX is equitable in that it
applies uniformly to all Members of the Exchange.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
(B) Self-Regulatory Organization's Statement of Burden on Competition
The Exchange does not believe that the proposed rule change imposes
any burden on competition.
[[Page 5952]]
(C) Self-Regulatory Organization's Statement on Comments Regarding the
Proposed Rule Change Received From Members, Participants or Others
No written comments were solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has been designated as a fee
change pursuant to Section 19(b)(3)(A)(ii) of the Act \8\ and Rule 19b-
4(f)(2) thereunder,\9\ because it establishes or changes a due, fee or
other charge imposed on members by the Exchange. Accordingly, the
proposal is effective upon filing with the Commission.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\9\ 17 CFR 240.19b-4(f)(6) [sic].
---------------------------------------------------------------------------
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 proposal 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-BATS-2009-005 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File No. SR-BATS-2009-005. 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 changes 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 BATS. 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-BATS-2009-005 and should be
submitted on or before February 24, 2009.
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-2231 Filed 2-2-09; 8:45 am]
BILLING CODE 8011-01-P
