Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NASDAQ OMX PHLX, Inc. Relating to Elimination of Sector Index Options From Monthly Firm Cap, 11158-11159 [E9-5571]

Download as PDF 11158 Federal Register / Vol. 74, No. 49 / Monday, March 16, 2009 / Notices 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. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59545; File No. SR–Phlx– 2009–20] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NASDAQ All submissions should refer to File OMX PHLX, Inc. Relating to Elimination Number SR–Phlx–2009–17. This file of Sector Index Options From Monthly number should be included on the subject line if e-mail is used. To help the Firm Cap Commission process and review your March 9, 2009. comments more efficiently, please use Pursuant to Section 19(b)(1) of the only one method. The Commission will Securities Exchange Act of 1934 post all comments on the Commission’s (‘‘Act’’), 1 and Rule 19b–4 thereunder,2 Internet Web site (https://www.sec.gov/ notice is hereby given that on February 25, 2009, NASDAQ OMX PHLX, Inc. rules/sro.shtml). Copies of the (‘‘Phlx’’ or ‘‘Exchange’’) filed with the submission, all subsequent Securities and Exchange Commission amendments, all written statements (‘‘SEC’’ or ‘‘Commission’’) the proposed with respect to the proposed rule rule change as described in Items I, II, change that are filed with the and III, below, which Items have been Commission, and all written prepared by the Exchange. The communications relating to the Commission is publishing this notice to proposed rule change between the Commission and any person, other than solicit comments on the proposed rule change from interested persons. those that may be withheld from the public in accordance with the I. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be Statement of the Terms of Substance of the Proposed Rule Change available for inspection and copying in the Commission’s Public Reference The Exchange proposes to eliminate Room, 100 F Street, NE., Washington, the sector index options from the DC 20549, on official business days Monthly Firm Cap.3 Additionally, the between the hours of 10 a.m. and 3 p.m. Exchange proposes minor amendments Copies of such filing also will be to its fee schedule to clean up the available for inspection and copying at formatting of its fee schedule and the principal office of Phlx. All correct a typographical error. The text of the proposed rule change comments received will be posted is available on the Exchange’s Web site without change; the Commission does at https://www.nasdaqtrader.com/ not edit personal identifying micro.aspx?id=PHLXRulefilings, at the information from submissions. You principal office of the Exchange, and at should submit only information that the Commission’s Public Reference you wish to make publicly available. Room. All submissions should refer to File II. Self-Regulatory Organization’s Number SR–Phlx–2009–17 and should be submitted on or before April 6, 2009. Statement of the Purpose of, and Statutory Basis for, the Proposed Rule For the Commission, by the Division of Change Trading and Markets, pursuant to delegated In its filing with the Commission, the authority.49 Exchange included statements Florence E. Harmon, concerning the purpose of and basis for Deputy Secretary. the proposed rule change and discussed [FR Doc. E9–5565 Filed 3–13–09; 8:45 am] any comments it received on the proposed rule change. The text of these BILLING CODE 8011–01–P 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 aspects of such statements. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Firm Proprietary Options Transaction Charges for equity and sector index options, in the aggregate, for one billing month can not exceed $75,000 per month, per member organization, except for orders of joint back-office participants. 2 17 49 17 CFR 200.30–3(a)(12). VerDate Nov<24>2008 15:38 Mar 13, 2009 Jkt 217001 PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to no longer include the options transaction charge associated with the sector index options in the $75,000 Firm-Related Equity Option and Index Option Cap calculation. The Exchange believes that it can continue to attract this business without offering the cap, which should also help to raise revenue. Specifically, ‘‘firm-related’’ charges include equity option firm proprietary transaction charges and index option firm proprietary transaction charges (‘‘Monthly Firm Cap’’). Currently, such firm-related charges for equity option and index options, in the aggregate for one billing month, would not exceed $75,000 per month per member organization. The Monthly Firm Cap excludes orders of joint back-office participants.4 Additionally, the Exchange proposes the following clean-up amendments to its Fee Schedule: (1) Removal of the date from the first page of the Fee Schedule; (2) removal of page numbers from the Table of Contents to be replaced by section numbers; and (3) removal of underlining from all section headers on each page of the Fee Schedule.5 The Exchange believes that these amendments will provide for ease of motion in amending the Fee Schedule. The Exchange also proposes to amend a typographical error related to its Examinations Fee. In filing SR–Phlx– 2009–08 6, the Exchange inadvertently indicated that the Examinations Fee for the number of Off-Floor Traders, in the same Member Organization, that exceeded 200 in number is $12,000 per month.7 This fourth tier should have stated that the Examinations Fee for the number of Off-Floor Traders, in the same Member Organization, that exceeded 200 in number is $12,500 per month. The Exchange proposes to amend this tier of the Examinations Fee 4 See Securities Exchange Act Release No. 59393 (February 11, 2009), 74 FR 7721 (February 19, 2009) (SR–Phlx–2009–12) (increasing the Firm-Related Equity Option and Index Option Cap to $75,000 and exclude JBO participants). 5 See Securities Exchange Act Release No. 59402 (February 13, 2009), 74 FR 8134 (February 23, 2009) (SR–Phlx–2009–08) (a proposal to create a more user-friendly fee schedule). 6 Id. 7 See Securities Exchange Act Release No. 54941 (December 14, 2006), 71 FR 77079 (December 22, 2006) (SR–Phlx–2006–70) (adopting a tiered Examinations Fee). E:\FR\FM\16MRN1.SGM 16MRN1 Federal Register / Vol. 74, No. 49 / Monday, March 16, 2009 / Notices to properly reflect the amount previously filed with the Commission. 2. Statutory Basis The Exchange believes that its proposal to amend its schedule of fees is consistent with Section 6(b) of the Act 8 in general, and furthers the objectives of Section 6(b)(4) of the Act 9 in particular, in that it is an equitable allocation of reasonable fees and other charges among Exchange members. The Exchange believes that the amendment to the Monthly Firm Cap is equitable in that it proposes to eliminate all section index options. Additionally, the proposed amendments to the formatting of the fee schedule will create a more user friendly fee schedule. The proposal to correct the typographical error in the Examination Fee should eliminate confusion among members as to the amount of the fee. 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 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 No written comments were either solicited or received. 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)(A)(ii) of the Act 10 and paragraph (f)(2) of Rule 19b–4 11 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the 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 rulecomments@sec.gov. Please include File No. SR–Phlx–2009–20 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–Phlx–2009–20. 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 Phlx. 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–Phlx–2009–20 and should be submitted on or before April 6, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–5571 Filed 3–13–09; 8:45 am] 11159 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59543; File No. SR–NYSE– 2008–132] Self-Regulatory Organizations; New York Stock Exchange, LLC; Order Approving Proposed Rule Change To Introduce a NYSE Order Imbalance Information Fee March 9, 2009. I. Introduction On December 19, 2008, the New York Stock Exchange, LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to introduce a fee for access to its NYSE Order Imbalance Information datafeed. The proposed rule change was published for comment in the Federal Register on January 13, 2009.3 The Commission received no comment letters on the proposal. This order approves the proposed rule change. II. Description of the Proposal The Exchange proposes to make the NYSE Order Imbalance Information datafeed available as a stand-alone market data product, separate and apart from NYSE OpenBook, and proposes to charge recipients of the NYSE Order Imbalance Information datafeed $500 per month. Currently, NYSE makes available to recipients of NYSE OpenBook an additional datafeed containing Order Imbalance Information. NYSE Order Imbalance Information is a datafeed of real-time order imbalances that accumulate prior to the opening of trading on the Exchange and prior to the close of trading on the Exchange. These orders are subject to execution at the market’s opening or closing price, as the case may be, and represent issues that are likely to be of particular trading interest at the opening or closing. The Exchange distributes information about these imbalances in real-time at specified intervals prior to the opening and closing auctions. NYSE Order Imbalance Information also includes the imbalance information that the Exchange is required to disseminate under NYSE Rule 123C(5), as well as automated real-time streaming order imbalance information at specified intervals. BILLING CODE 8011–01–P 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(4). 10 15 U.S.C. 78s(b)(3)(A)(ii). 11 17 CFR 240.19b–4(f)(2). VerDate Nov<24>2008 15:38 Mar 13, 2009 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 59202 (January 6, 2009), 74 FR 1744. 2 17 12 17 Jkt 217001 PO 00000 CFR 200.30–3(a)(12). Frm 00082 Fmt 4703 Sfmt 4703 E:\FR\FM\16MRN1.SGM 16MRN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 74, Number 49 (Monday, March 16, 2009)]
[Notices]
[Pages 11158-11159]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-5571]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59545; File No. SR-Phlx-2009-20]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by NASDAQ OMX PHLX, Inc. Relating 
to Elimination of Sector Index Options From Monthly Firm Cap

March 9, 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 25, 2009, NASDAQ OMX PHLX, Inc. (``Phlx'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``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 eliminate the sector index options from 
the Monthly Firm Cap.\3\ Additionally, the Exchange proposes minor 
amendments to its fee schedule to clean up the formatting of its fee 
schedule and correct a typographical error.
---------------------------------------------------------------------------

    \3\ Firm Proprietary Options Transaction Charges for equity and 
sector index options, in the aggregate, for one billing month can 
not exceed $75,000 per month, per member organization, except for 
orders of joint back-office participants.
---------------------------------------------------------------------------

    The text of the proposed rule change is available on the Exchange's 
Web site at https://www.nasdaqtrader.com/micro.aspx?id=PHLXRulefilings, 
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 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 purpose of the proposed rule change is to no longer include the 
options transaction charge associated with the sector index options in 
the $75,000 Firm-Related Equity Option and Index Option Cap 
calculation. The Exchange believes that it can continue to attract this 
business without offering the cap, which should also help to raise 
revenue. Specifically, ``firm-related'' charges include equity option 
firm proprietary transaction charges and index option firm proprietary 
transaction charges (``Monthly Firm Cap''). Currently, such firm-
related charges for equity option and index options, in the aggregate 
for one billing month, would not exceed $75,000 per month per member 
organization. The Monthly Firm Cap excludes orders of joint back-office 
participants.\4\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 59393 (February 11, 
2009), 74 FR 7721 (February 19, 2009) (SR-Phlx-2009-12) (increasing 
the Firm-Related Equity Option and Index Option Cap to $75,000 and 
exclude JBO participants).
---------------------------------------------------------------------------

    Additionally, the Exchange proposes the following clean-up 
amendments to its Fee Schedule: (1) Removal of the date from the first 
page of the Fee Schedule; (2) removal of page numbers from the Table of 
Contents to be replaced by section numbers; and (3) removal of 
underlining from all section headers on each page of the Fee 
Schedule.\5\ The Exchange believes that these amendments will provide 
for ease of motion in amending the Fee Schedule.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 59402 (February 13, 
2009), 74 FR 8134 (February 23, 2009) (SR-Phlx-2009-08) (a proposal 
to create a more user-friendly fee schedule).
---------------------------------------------------------------------------

    The Exchange also proposes to amend a typographical error related 
to its Examinations Fee. In filing SR-Phlx-2009-08 \6\, the Exchange 
inadvertently indicated that the Examinations Fee for the number of 
Off-Floor Traders, in the same Member Organization, that exceeded 200 
in number is $12,000 per month.\7\ This fourth tier should have stated 
that the Examinations Fee for the number of Off-Floor Traders, in the 
same Member Organization, that exceeded 200 in number is $12,500 per 
month. The Exchange proposes to amend this tier of the Examinations Fee

[[Page 11159]]

to properly reflect the amount previously filed with the Commission.
---------------------------------------------------------------------------

    \6\ Id.
    \7\ See Securities Exchange Act Release No. 54941 (December 14, 
2006), 71 FR 77079 (December 22, 2006) (SR-Phlx-2006-70) (adopting a 
tiered Examinations Fee).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal to amend its schedule of 
fees is consistent with Section 6(b) of the Act \8\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act \9\ in 
particular, in that it is an equitable allocation of reasonable fees 
and other charges among Exchange members. The Exchange believes that 
the amendment to the Monthly Firm Cap is equitable in that it proposes 
to eliminate all section index options. Additionally, the proposed 
amendments to the formatting of the fee schedule will create a more 
user friendly fee schedule. The proposal to correct the typographical 
error in the Examination Fee should eliminate confusion among members 
as to the amount of the fee.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \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 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

    No written comments were either solicited or received.

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)(A)(ii) of the Act \10\ and paragraph (f)(2) of Rule 19b-4 \11\ 
thereunder. At any time within 60 days of the filing of the proposed 
rule change, the Commission may summarily abrogate such rule change if 
it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \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 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-Phlx-2009-20 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-Phlx-2009-20. 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 Phlx. 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-Phlx-2009-20 and should be submitted on or 
before April 6, 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,
Deputy Secretary.
 [FR Doc. E9-5571 Filed 3-13-09; 8:45 am]
BILLING CODE 8011-01-P

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