Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Certain Equity Transaction Fees and Rebates, 10328-10330 [E9-4960]
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10328
Federal Register / Vol. 74, No. 45 / Tuesday, March 10, 2009 / Notices
public interest; (2) does not impose any
significant burden on competition; and
(3) 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.18 The Exchange believes that
this filing is non-controversial because
it is consistent with the NYSE
Alternext’s filing implementing the
Options Relocation,19 as well as the
Exchange’s current regulatory controls
governing the use of personal portable
or wireless communications devices 20
and wireless trading devices,21 which
were approved by the Commission.
Accordingly, the Exchange believes that
these rule changes are eligible for
immediately effective treatment under
the Commission’s Streamlining Order.22
The Exchange has asked the
Commission to waive the 30-day
operative delay and designate the
proposed rule change as operative upon
filing so that the proposed rule changes
may become effective upon filing and
operative on the date of the Options
Relocation, currently scheduled for
March 2, 2009. The Commission hereby
grants the Exchange’s request.23 The
Commission believes that such action is
consistent with the protection of
investors and the public interest
because the Exchange’s proposal would
clarify the Exchange’s policies
governing the use of personal portable
or wireless communication devices as
well as wireless trading devices. This
clarification is necessitated by the
Options Relocation.
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
18 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. NYSE has satisfied this requirement.
19 See Securities Exchange Act Release No. 59142
(December 22, 2008), 73 FR 80494 (December 31,
2008) (SR–NYSEALTR–2008–14), as amended.
20 See Securities Exchange Act Release No. 58068
(June 30, 2008), 73 FR 39363 (July 9, 2008) (SR–
NYSE–2008–20).
21 See Securities Exchange Act Release No. 36156
(August 25, 1995), 60 FR 45756 (September 1, 1995)
(SR–NYSE–1995–22) and Securities Exchange Act
Release No. 39379 (December 1, 1997), 62 FR 64615
(December 8, 1997) (SR–NYSE–1997–17).
22 See Securities Exchange Act Release No. 58092
(July 3, 2008), 73 FR 40143 [sic] (July 11, 2008)
(concerning 17 CFR 200 and 241).
23 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
VerDate Nov<24>2008
15:20 Mar 09, 2009
Jkt 217001
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–NYSE–2009–23 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSE–2009–23. 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 publicly available. All
submissions should refer to File
Number SR–NYSE–2009–23 and should
be submitted on or before March 31,
2009.
PO 00000
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Fmt 4703
Sfmt 4703
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–4959 Filed 3–9–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59483; File No. SR–NYSE–
2009–22]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify
Certain Equity Transaction Fees and
Rebates
March 2, 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 February
27, 2009, the New York Stock Exchange
LLC (‘‘NYSE’’ or ‘‘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.
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 a
number of changes to its schedule of
equity transaction fees and rebates, with
effect from March 1, 2009. 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
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
24 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\10MRN1.SGM
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Federal Register / Vol. 74, No. 45 / Tuesday, March 10, 2009 / Notices
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 proposes to make a
number of changes to its schedule of
equity transaction fees and rebates, with
effect from March 1, 2009.
The following are the proposed
changes:
• Currently, the Exchange does not
charge any fees to customers adding
liquidity to the order book. Customers
who execute orders that add liquidity
(both displayed and non-displayed) will
now receive a rebate of $0.0010 per
share. Transactions in stocks with a per
share price less than $1.00 will not
qualify for this rebate, but will continue
to be free of charge.3
• Currently floor broker orders adding
liquidity to the book receive a $0.0004
per share rebate. This rebate will
increase from $0.0004 per share to
$0.0012 per share.
• Currently the fee per share for
customers (except for designated market
makers (‘‘DMMs’’)) taking liquidity from
the order book is $0.0008 per share
(subject to a cap of $120 per
transaction). This fee will increase from
$0.0008 per share to $0.0018 per share.
For trades in stocks with a per share
price less than $1.00, the fee will equal
the lesser of (i) 0.3% of the total dollar
value of the transaction and (ii) $0.0018
per share.
• The fee for market-at-close and
limit-at-close orders (except for DMMs)
is currently $0.0004 per share to both
sides. This fee will increase from
$0.0004 per share to $0.0005 per share
(subject to a cap of $120 per
transaction). For trades in stocks with a
per share price less than $1.00, the fee
will equal the lesser of (i) 0.30% of the
total dollar value of the transaction and
(ii) $0.0005 per share.
• The fee for non-electronic agency
transactions of less than 10,000 shares
between floor brokers in the crowd is
currently $0.0004 per share to both
sides. These transactions will now be
free of charge.
• Currently the Exchange charges a
fee of $0.0004 per share in all odd lot
transactions (including the odd lot
portions of partial round lots). This fee
will increase from $0.0004 per share to
$0.0005 per share (subject to a cap of
3 See e-mail from John Carey, Chief Counsel—
U.S. Equities, NYSE Euronext, to David Liu,
Assistant Director, Division of Trading and Markets,
Commission, dated March 2, 2009.
VerDate Nov<24>2008
15:20 Mar 09, 2009
Jkt 217001
$120 per transaction). For trades in
stocks with a per share price less than
$1.00, the fee will equal the lesser of (i)
0.3% of the total dollar value of the
transaction and (ii) $0.0005 per share.
• DMMs currently pay no fee when
taking liquidity from the order book.
Going forward, DMMs will be charged
$0.0010 when taking liquidity. This fee
will offset the $0.0010 per share rebate
the Exchange will pay the customer
providing liquidity on the contra side of
the transaction.
• DMMs currently receive a rebate
per share of $0.0004 for executions at
the close. This rebate will be increased
from $0.0004 per share to $0.0005 per
share.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 4 of the Act
in general and furthers the objectives of
Section 6(b)(4) 5 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 it provides the DMMs
appropriate incentives to act as liquidity
providers and supports them in
performing their central function in the
Exchange’s market model.
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 purpose of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is
effective upon filing pursuant to Section
19(b)(3)(A)(ii) of the Act 6 and Rule 19b–
4(f)(2) thereunder.7
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
4 15
U.S.C. 78f.
U.S.C. 78f(b)(4).
6 15 U.S.C. 78s(b)(3)(A)(ii).
7 17 CFR 240.19b–4(f)(2).
5 15
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
10329
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–NYSE–2009–22 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
Number SR–NYSE–2009–22. 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, on official business days between
the hours of 10 a.m. and 3 p.m. Copies
of such filing will also 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–NYSE–
2009–22 and should be submitted on or
before March 31, 2009.
E:\FR\FM\10MRN1.SGM
10MRN1
10330
Federal Register / Vol. 74, No. 45 / Tuesday, March 10, 2009 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–4960 Filed 3–9–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59489; File No. SR–NYSE–
2009–18]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change, as
Modified by Amendment No. 1,
Amending Rule 123C To Provide the
Exchange With the Ability To
Temporarily Suspend Certain NYSE
Requirements Relating to the Closing
of Securities at the Exchange
March 3, 2009.
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 February
19, 2009, New York Stock Exchange
LLC (‘‘NYSE’’ or ‘‘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 selfregulatory organization. On March 2,
2009, the Exchange filed Amendment
No. 1. The Commission is publishing
this notice to solicit comments on the
proposed rule change, as amended, from
interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 123C to provide the Exchange with
the ability to temporarily 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
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Nov<24>2008
15:20 Mar 09, 2009
Jkt 217001
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,
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 is proposing to amend
NYSE Rule 123C to provide the
Exchange with the ability to temporarily
suspend certain rule requirements at the
close when extreme order imbalances
may cause significant dislocation to the
closing price. The amendments
proposed for NYSE Rule 123C are
similar in substance to recent
amendments to Rule 48 that added an
extreme market volatility condition at
the close. With this rule filing, the
Exchange proposes to delete those
provisions from Rule 48 and add them
in modified form to Rule 123C. The
Exchange also proposes to amend Rule
48(c)(2) to conform the rule to the actual
practice of how the Exchange notifies
the Commission staff when a Rule 48
condition has been declared.4
Background
On October 2, 2008, the Exchange
filed for immediate effectiveness to
amend NYSE Rule 48 to provide the
Exchange with the ability to suspend
certain rules at the close when
extremely high market volatility could
negatively affect the ability to ensure a
fair and orderly close.5 The Exchange
amended Rule 48 in order to respond
swiftly to market conditions at that
time. Those amendments are temporary
and will end on March 27, 2009.6
In that filing, the Exchange amended
Rule 48 to include the close of trading
as a time when a qualified Exchange
officer would be permitted to declare an
extreme market volatility condition. In
such event, the Exchange could
temporarily suspend NYSE Rules 52
(Hours of Operation) and 123C(1) and
(2) (Market on the Close Policy and
Expiration Policy), provided that certain
requirements are met.
To enable a qualified Exchange officer
to declare a Rule 48 condition at the
4 NYSE Alternext US LLC has submitted a
companion rule filing to conform Rules 48 and
123C–NYSE Alternext Equities to the changes
proposed in this filing. See SR–NYSEALTR–2009–
15, formally submitted February 20, 2009.
5 See SEC Release No. 58743 (Oct. 7, 2008), 73 FR
60742 (Oct. 14, 2008) (SR–NYSE–2008–102).
6 See NYSE Rule 48.10.
PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
close, the Exchange amended Rule 48(c)
to include that a qualified Exchange
officer may consider the volatility
during that day’s trading session and
evidence of significant order imbalances
across the market at the close for
purposes of determining whether to
declare an extreme market volatility
condition at the close. Under amended
Rule 48, an extreme market volatility
condition at the close is a separate event
and must be considered in light of the
facts and circumstances leading to the
close. A Rule 48 condition at the open
of trading does not extend to the close;
a qualified Exchange officer needs to
make an independent determination to
invoke Rule 48 at the close regardless of
whether Rule 48 was invoked at the
open. Such a Rule 48 condition at the
close must be declared by a qualified
Exchange officer before the scheduled
close of trading.
Once an extreme market volatility
condition at the close has been declared
Floor wide, under NYSE Rule
48(b)(2)(A), the Exchange may
temporarily suspend Rule 52 on a
security-by-security basis so that
interest can be solicited and entered
into Exchange systems to offset an
imbalance in a security that may be
present after the scheduled close of
trading. During an extreme market
volatility condition, interest may be
solicited—including interest that may
not have been present prior to 4 p.m.—
to offset any imbalance that may exist as
of 4 p.m. (or earlier, in the case of an
earlier scheduled close).7 If offsetting
interest is received in response to such
solicitation, rather than have the DMM
represent such offsetting interest in the
close pursuant to Rule 902, such interest
could be entered by the DMM directly
into Exchange systems on behalf of the
member or member organization
representing such interest. Because
Exchange systems do not allow for the
electronic entry of orders after
4 p.m., such interest must be
represented manually by a Floor broker
in the closing auction process and
entered into Exchange systems by the
DMM by no later than 4:30 p.m.8 The
entry of any orders after 4 p.m. pursuant
to the rule must be under the
supervision and approval of a Floor
Governor.9
To ensure a complete audit trail, any
offsetting interest entered after 4 p.m.
during an extreme market volatility
condition must also be entered into the
Front End Systemic Capture database
(‘‘FESC’’), as required by NYSE Rule
7 See
NYSE Rule 48(b)(2)(A)(i).
NYSE Rule 48(b)(2)(A)(ii).
9 See NYSE Rule 48(b)(2)(A)(iv).
8 See
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]]>Agencies
[Federal Register Volume 74, Number 45 (Tuesday, March 10, 2009)]
[Notices]
[Pages 10328-10330]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-4960]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59483; File No. SR-NYSE-2009-22]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify Certain Equity Transaction Fees and Rebates
March 2, 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 February 27, 2009, the New York Stock Exchange LLC (``NYSE'' or
``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. 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 Exchange proposes to make a number of changes to its schedule
of equity transaction fees and rebates, with effect from March 1, 2009.
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 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
[[Page 10329]]
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 proposes to make a number of changes to its schedule
of equity transaction fees and rebates, with effect from March 1, 2009.
The following are the proposed changes:
Currently, the Exchange does not charge any fees to
customers adding liquidity to the order book. Customers who execute
orders that add liquidity (both displayed and non-displayed) will now
receive a rebate of $0.0010 per share. Transactions in stocks with a
per share price less than $1.00 will not qualify for this rebate, but
will continue to be free of charge.\3\
---------------------------------------------------------------------------
\3\ See e-mail from John Carey, Chief Counsel--U.S. Equities,
NYSE Euronext, to David Liu, Assistant Director, Division of Trading
and Markets, Commission, dated March 2, 2009.
---------------------------------------------------------------------------
Currently floor broker orders adding liquidity to the book
receive a $0.0004 per share rebate. This rebate will increase from
$0.0004 per share to $0.0012 per share.
Currently the fee per share for customers (except for
designated market makers (``DMMs'')) taking liquidity from the order
book is $0.0008 per share (subject to a cap of $120 per transaction).
This fee will increase from $0.0008 per share to $0.0018 per share. For
trades in stocks with a per share price less than $1.00, the fee will
equal the lesser of (i) 0.3% of the total dollar value of the
transaction and (ii) $0.0018 per share.
The fee for market-at-close and limit-at-close orders
(except for DMMs) is currently $0.0004 per share to both sides. This
fee will increase from $0.0004 per share to $0.0005 per share (subject
to a cap of $120 per transaction). For trades in stocks with a per
share price less than $1.00, the fee will equal the lesser of (i) 0.30%
of the total dollar value of the transaction and (ii) $0.0005 per
share.
The fee for non-electronic agency transactions of less
than 10,000 shares between floor brokers in the crowd is currently
$0.0004 per share to both sides. These transactions will now be free of
charge.
Currently the Exchange charges a fee of $0.0004 per share
in all odd lot transactions (including the odd lot portions of partial
round lots). This fee will increase from $0.0004 per share to $0.0005
per share (subject to a cap of $120 per transaction). For trades in
stocks with a per share price less than $1.00, the fee will equal the
lesser of (i) 0.3% of the total dollar value of the transaction and
(ii) $0.0005 per share.
DMMs currently pay no fee when taking liquidity from the
order book. Going forward, DMMs will be charged $0.0010 when taking
liquidity. This fee will offset the $0.0010 per share rebate the
Exchange will pay the customer providing liquidity on the contra side
of the transaction.
DMMs currently receive a rebate per share of $0.0004 for
executions at the close. This rebate will be increased from $0.0004 per
share to $0.0005 per share.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 \4\ of the Act in general and furthers
the objectives of Section 6(b)(4) \5\ 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 it
provides the DMMs appropriate incentives to act as liquidity providers
and supports them in performing their central function in the
Exchange's market model.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
\5\ 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 the purpose of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is effective upon filing
pursuant to Section 19(b)(3)(A)(ii) of the Act \6\ and Rule 19b-4(f)(2)
thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(ii).
\7\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-NYSE-2009-22 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 Number SR-NYSE-2009-22. 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, on official business
days between the hours of 10 a.m. and 3 p.m. Copies of such filing will
also 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-NYSE-
2009-22 and should be submitted on or before March 31, 2009.
[[Page 10330]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
Florence E. Harmon,
Deputy Secretary.
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\8\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E9-4960 Filed 3-9-09; 8:45 am]
BILLING CODE 8011-01-P
