Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Options Fee Changes, 11982-11983 [E9-6086]
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11982
Federal Register / Vol. 74, No. 53 / Friday, March 20, 2009 / Notices
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552(b)(c)(5), (7) and (10) and 17
CFR 200.402(a)(5), (7) and (10) permit
consideration of the scheduled matter at
the closed meeting.
Commissioner Aguilar, as duty
officer, determined that Commission
business required the above change and
that no earlier notice thereof was
possible.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items. For further
information and to ascertain what, if
any, matters have been added, deleted
or postponed, please contact the Office
of the Secretary at (202) 551–5400.
Dated: March 17, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–6192 Filed 3–18–09; 4:15 pm]
BILLING CODE
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Options Fee
Changes
March 13, 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
20, 2009, the International Securities
Exchange, LLC (the ‘‘Exchange’’ or the
‘‘ISE’’) 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. The Exchange
has designated this proposal as one
establishing or changing a due, fee, or
other charge imposed by ISE 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.
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).
2 17
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17:07 Mar 19, 2009
Jkt 217001
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in
sections A, B and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[Release No. 34–59576; File No. SR–ISE–
2009–07]
1 15
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The ISE is proposing to amend its
Schedule of Fees to adopt three fee
changes. The text of the proposed rule
change is available on the Exchange’s
Web site (https://www.ise.com), at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
1. Purpose
The purpose of this proposed rule
change is to adopt three fee changes.
These changes will be operative on
March 2, 2009.
Customer orders for Complex Orders
that take liquidity from the complex
order book: ISE currently charges $0.18
per contract to members for customer
orders that take liquidity from the
complex order book. This fee does not
apply until a member executes, on a
monthly basis, 15,000 spread contracts
that take liquidity from the complex
order book. Once a member executes
15,000 spread contracts that take
liquidity from the complex order book,
this fee is assessed on all of the
incremental spread contracts that take
liquidity from the complex order book
executed by the member during the
month. ISE proposes to increase this fee
to $0.20 per contract to align it with fees
for similar types of proprietary trading.
Customer orders entered in response
to special order broadcasts: ISE
currently charges $0.18 per contract for
transactions that result from customer
orders that are entered as responses to
special order broadcasts. Special order
broadcasts are sent to members when
certain types of orders are entered, such
as facilitation orders, solicitation orders,
block orders, and Price Improvement
Mechanism orders. ISE similarly
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
proposes to increase this fee to $0.20 per
contract to align it with firm proprietary
trading fees.
Non-ISE Market Maker (FARMM) fee
discount for special orders: ISE
currently charges a transaction fee of
$0.45 per contract for FARMM orders.
FARMM orders are orders that are sent
to the Exchange by an Electronic Access
Member on behalf of non-ISE market
makers. In order to encourage FARMMs
to execute orders in our Facilitation and
Solicitation Mechanisms, ISE currently
charges FARMMs a discounted
transaction fee of $0.19 per contract. ISE
proposes to adjust the current discount
by increasing the discounted fee to
$0.20 per contract. FARMM orders that
respond to the Exchange’s Facilitation
and Solicitation auctions will be
charged the standard fee of $0.45 per
contract.
2. Statutory Basis
The basis under the Securities
Exchange Act of 1934 (the ‘‘Exchange
Act’’) for this proposed rule change is
the requirement under Section 6(b)(4)
that an exchange have an equitable
allocation of reasonable dues, fees and
other charges among its members and
other persons using its facilities. The
Exchange believes the proposed fee
increases are reasonable and will result
in a more equitable distribution among
market participants of the costs
associated with the type of orders to
which these fees apply.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has been designated as a fee change
pursuant to Section 19(b)(3)(A)(ii) of the
Act 5 and Rule 19b–4(f)(2) 6 thereunder,
because it establishes or changes a due,
fee, or other charge imposed by the
5 15
6 17
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
E:\FR\FM\20MRN1.SGM
20MRN1
Federal Register / Vol. 74, No. 53 / Friday, March 20, 2009 / Notices
Exchange. Accordingly, the proposal
will take effect upon filing with the
Commission. At any time within 60
days of the filing of such proposed rule
change the Commission may summarily
abrogate such rule change if it appears
to the Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–ISE–2009–07 and should be
submitted on or before April 10, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–6086 Filed 3–19–09; 8:45 am]
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:
BILLING CODE 8011–01–P
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–ISE–2009–07 on the subject
line.
Self-Regulatory Organizations; Boston
Stock Exchange Clearing Corporation;
Notice of Filing of Proposed Rule
Change To Amend the Articles of
Organization and By-Laws of Boston
Stock Exchange Clearing Corporation
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–ISE–2009–07. 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 the 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
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17:07 Mar 19, 2009
Jkt 217001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59571; File No. SR–
BSECC–2009–02]
March 12, 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
20, 2009, Boston Stock Exchange
Clearing Corporation (‘‘BSECC’’) 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 BSECC. 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 the Substance
of the Proposed Rule Change
BSECC is filing this proposed rule
change with regard to proposed changes
to its Articles of Organization and ByLaws to increase its authorized shares
and to reflect a transfer in ownership of
five percent of BSECC’s shares. BSECC
is also proposing to amend its Articles
of Organization and By-Laws to change
its name to the Nasdaq Clearing
Corporation and to make other
miscellaneous changes. The proposed
rule change will be implemented as
soon as practicable following approval
by the Commission. The text of the
proposed rule change is available from
the Commission’s public reference room
and at https://
nasdaqomxbx.cchwallstreet.com.
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
11983
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
BSECC 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. BSECC 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
On August 29, 2008, The NASDAQ
OMX Group, Inc. (‘‘NASDAQ OMX’’)
completed its acquisition of Boston
Stock Exchange, Incorporated (recently
renamed NASDAQ OMX BX, Inc.) and
several of its wholly owned
subsidiaries, including BSECC. As a
result, BSECC has become an indirect
wholly owned subsidiary of NASDAQ
OMX. On January 5, 2009, OMX AB,
which is another indirect wholly owned
subsidiary of NASDAQ OMX, entered
into agreements with Fortis Bank Global
Clearing N.V. (‘‘Fortis’’) and European
Multilateral Clearing Facility N.V.
(‘‘EMCF’’), pursuant to which, among
other things, OMX AB (i) has acquired
a 22% equity stake in EMCF and (ii) has
agreed to acquire a 5% equity stake in
BSECC from NASDAQ OMX BX, Inc.
and in turn to transfer this stake to
EMCF.
The Articles of BSECC provide that:
All of the authorized shares of Common
Stock of [BSECC] shall be issued and
outstanding, and shall be held by Boston
Stock Exchange, Incorporated, a Delaware
corporation. Boston Stock Exchange,
Incorporated may not transfer or assign any
shares of stock of BSECC, in whole or in part,
to any entity, unless such transfer or
assignment shall be filed with and approved
by the U.S. Securities and Exchange
Commission under Section 19 of the
Securities Exchange Act of 1934, as
amended, and the rules promulgated
thereunder.
Accordingly, in order to complete the
transfer of shares of BSECC
contemplated by the agreements, BSECC
must amend the Articles to specify an
additional stockholder in BSECC and
must obtain Commission approval for
the transfer of stock. In addition, BSECC
is proposing to amend the Articles and
its By-Laws to change its name to
E:\FR\FM\20MRN1.SGM
20MRN1
]]>Agencies
[Federal Register Volume 74, Number 53 (Friday, March 20, 2009)]
[Notices]
[Pages 11982-11983]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-6086]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59576; File No. SR-ISE-2009-07]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Options Fee Changes
March 13, 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 20, 2009, the International Securities Exchange, LLC (the
``Exchange'' or the ``ISE'') 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 self-
regulatory organization. The Exchange has designated this proposal as
one establishing or changing a due, fee, or other charge imposed by ISE
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 ISE is proposing to amend its Schedule of Fees to adopt three
fee changes. The text of the proposed rule change is available on the
Exchange's Web site (https://www.ise.com), at the principal office of
the Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in sections A, B and C below, of the
most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this proposed rule change is to adopt three fee
changes. These changes will be operative on March 2, 2009.
Customer orders for Complex Orders that take liquidity from the
complex order book: ISE currently charges $0.18 per contract to members
for customer orders that take liquidity from the complex order book.
This fee does not apply until a member executes, on a monthly basis,
15,000 spread contracts that take liquidity from the complex order
book. Once a member executes 15,000 spread contracts that take
liquidity from the complex order book, this fee is assessed on all of
the incremental spread contracts that take liquidity from the complex
order book executed by the member during the month. ISE proposes to
increase this fee to $0.20 per contract to align it with fees for
similar types of proprietary trading.
Customer orders entered in response to special order broadcasts:
ISE currently charges $0.18 per contract for transactions that result
from customer orders that are entered as responses to special order
broadcasts. Special order broadcasts are sent to members when certain
types of orders are entered, such as facilitation orders, solicitation
orders, block orders, and Price Improvement Mechanism orders. ISE
similarly proposes to increase this fee to $0.20 per contract to align
it with firm proprietary trading fees.
Non-ISE Market Maker (FARMM) fee discount for special orders: ISE
currently charges a transaction fee of $0.45 per contract for FARMM
orders. FARMM orders are orders that are sent to the Exchange by an
Electronic Access Member on behalf of non-ISE market makers. In order
to encourage FARMMs to execute orders in our Facilitation and
Solicitation Mechanisms, ISE currently charges FARMMs a discounted
transaction fee of $0.19 per contract. ISE proposes to adjust the
current discount by increasing the discounted fee to $0.20 per
contract. FARMM orders that respond to the Exchange's Facilitation and
Solicitation auctions will be charged the standard fee of $0.45 per
contract.
2. Statutory Basis
The basis under the Securities Exchange Act of 1934 (the ``Exchange
Act'') for this proposed rule change is the requirement under Section
6(b)(4) that an exchange have an equitable allocation of reasonable
dues, fees and other charges among its members and other persons using
its facilities. The Exchange believes the proposed fee increases are
reasonable and will result in a more equitable distribution among
market participants of the costs associated with the type of orders to
which these fees apply.
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has been designated as a fee
change pursuant to Section 19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-
4(f)(2) \6\ thereunder, because it establishes or changes a due, fee,
or other charge imposed by the
[[Page 11983]]
Exchange. Accordingly, the proposal will take effect upon filing with
the Commission. At any time within 60 days of the filing of such
proposed rule change the Commission may summarily abrogate such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 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-ISE-2009-07 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-ISE-2009-07. 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 the 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-ISE-2009-07 and should be
submitted on or before April 10, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-6086 Filed 3-19-09; 8:45 am]
BILLING CODE 8011-01-P
