Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing of Proposed Rule Change, and Amendment No. 1 Thereto, Relating to Increasing Linkage Inbound Principal Orders and Principal Acting as Agent Orders, 16026-16027 [E9-7865]
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16026
Federal Register / Vol. 74, No. 66 / Wednesday, April 8, 2009 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59669; File No. SR–Phlx–
2009–24]
Self-Regulatory Organizations;
NASDAQ OMX PHLX, Inc.; Notice of
Filing of Proposed Rule Change, and
Amendment No. 1 Thereto, Relating to
Increasing Linkage Inbound Principal
Orders and Principal Acting as Agent
Orders
April 1, 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 March 24,
2009, NASDAQ OMX PHLX, Inc.
(‘‘Phlx’’ 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. On March
26, 2009, Phlx submitted Amendment
No. 1 to the proposed rule change. 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 amend the
Equity Options Fees portion of its fee
schedule relating to transaction fees
applicable to the execution of Principal
Acting as Agent Orders (‘‘P/A Orders’’) 3
and Principal Orders (‘‘P Orders’’) 4 sent
to the Exchange via the Intermarket
Options Linkage (‘‘Linkage’’) under the
Plan for the Purpose of Creating and
Operating an Intermarket Option
Linkage (the ‘‘Plan’’).5
Specifically, the Exchange will
increase its transaction fees for P/A
Orders from the current $0.15 per
option contract to $0.30 per option
contract, and for P Orders from the
current $0.25 per option contract to
$0.45 per contract.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 A P/A Order is an order for the principal
account of a specialist (or equivalent entity on
another Participant Exchange that is authorized to
represent Public Customer orders), reflecting the
terms of a related unexecuted Public Customer
order for which the specialist is acting as agent. See
Exchange Rule 1083(k)(i)
4 A P Order is an order for the principal account
of an Eligible Market Maker. See Exchange Rule
1083(k)(ii).
5 See Securities Exchange Act Release Nos. 43086
(July 28, 2000), 65 FR 48023 (August 4, 2000);
(order approving the Plan); and 43573 (November
16, 2000), 65 FR 70851 (November 28, 2000) (order
approving Phlx as a participant in the Plan).
rwilkins on PROD1PC63 with NOTICES
2 17
VerDate Nov<24>2008
17:05 Apr 07, 2009
Jkt 217001
This proposal is part of an existing
pilot program, which is scheduled to
expire July 31, 2009.6
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
nasdaqomxphlx.cchwallstreet.com/
NASDAQOMXPHLX/Filings/, 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 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 purpose of the proposed rule
change is to raise revenue for the
Exchange by increasing the transaction
charge for P/A Orders from the current
$0.15 per option contract to $0.30 per
option contract, and by increasing the
transaction charge for P Orders from the
current $0.25 per option contract to
$0.45 per option contract.
Consistent with current practice, the
Exchange will charge the clearing
member organization of the sender of P
Orders and P/A Orders. Also, consistent
with current practice, the Exchange will
not charge for the execution of
Satisfaction Orders sent through
Linkage.
The Exchange also proposes a
technical amendment to the schedule of
Equity Option Fees by correcting a
typographical error, changing the word
‘‘overlaying’’ to read ‘‘overlying.’’
2. Statutory Basis
The Exchange believes that its
proposal to amend its schedule of fees
is consistent with Section 6(b) of the
Act 7 in general, and furthers the
objectives of Section 6(b)(4) of the Act 8
6 See Securities Exchange Act Release No. 58144
(July 11, 2008), 73 FR 41394 (July 18, 2008) (SR–
Phlx–2008–49).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4).
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
in particular, in that it is an equitable
allocation of reasonable fees and other
charges among Exchange members and
issuers and other persons using its
facilities.
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 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 solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange consents,
the Commission will:
(A) By order approve the proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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
No. SR–Phlx–2009–24 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–Phlx–2009–24. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
E:\FR\FM\08APN1.SGM
08APN1
Federal Register / Vol. 74, No. 66 / Wednesday, April 8, 2009 / Notices
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 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–Phlx–
2009–24 and should be submitted on or
before April 29, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–7865 Filed 4–7–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59673; File No. SR–
NASDAQ–2009–031]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Regarding a
Clerical Change to Nasdaq Rules
rwilkins on PROD1PC63 with NOTICES
April 1, 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 March 26,
2009, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’), 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 Nasdaq. Nasdaq proposes to
make a clerical correction to the Nasdaq
rulebook under Rule 19b–4(f)(3) under
the Act,3 which renders the proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
Nasdaq proposes to make clerical
corrections to the Nasdaq rulebook.
Nasdaq proposes to implement the
proposed rule change immediately.
The text of the proposed rule change
is available on Nasdaq’s Web site https://
nasdaq.cchwallstreet.com, at Nasdaq’s
principal office, and at the
Commission’s Public Reference Room.
Proposed new language is in italics;
proposed deletions are in brackets.4
*
*
*
*
*
7048. [7047.] Nasdaq Custom Data
Feeds
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,
Nasdaq 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. Nasdaq 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
Nasdaq proposes to make a clerical
correction to the Nasdaq rulebook.
Specifically, Nasdaq proposes to
renumber Nasdaq Rule 7047 to Nasdaq
Rule 7048. Nasdaq is renumbering this
rule because Nasdaq has filed another
proposed rule change that necessitates a
renumbering of the existing Rule 7047.
Nasdaq is making no changes to Rule
7047, other than to change the rule
number to 7048.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,5 in
general, and with Section 6(b)(5) of the
Act,6 in particular, in that the proposal
is designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. The proposed rule
change makes a minor clerical change to
renumber an existing Nasdaq rule.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
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
Pursuant to Section 19(b)(3)(A) of the
Act 7 and Rule 19b–4(f)(3) thereunder,8
Nasdaq has designated this proposal as
one that is concerned solely with the
administration of the self-regulatory
organization. Accordingly, Nasdaq
believes that its proposal should become
immediately effective.
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–NASDAQ–2009–031 on the
subject line.
3 17
17:05 Apr 07, 2009
6 15
CFR 240.19b–4(f)(3).
are marked to the rule text that appears
in the electronic manual of Nasdaq found at https://
nasdaq.cchwallstreet.com/.
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
VerDate Nov<24>2008
5 15
4 Changes
9 17
Jkt 217001
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
16027
U.S.C. 78f.
U.S.C. 78f(b)(5).
7 15 U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(3).
E:\FR\FM\08APN1.SGM
08APN1
Agencies
[Federal Register Volume 74, Number 66 (Wednesday, April 8, 2009)]
[Notices]
[Pages 16026-16027]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-7865]
[[Page 16026]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59669; File No. SR-Phlx-2009-24]
Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of
Filing of Proposed Rule Change, and Amendment No. 1 Thereto, Relating
to Increasing Linkage Inbound Principal Orders and Principal Acting as
Agent Orders
April 1, 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 March 24, 2009, NASDAQ OMX PHLX, Inc. (``Phlx'' 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. On March
26, 2009, Phlx submitted Amendment No. 1 to the proposed rule change.
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 amend the Equity Options Fees portion of
its fee schedule relating to transaction fees applicable to the
execution of Principal Acting as Agent Orders (``P/A Orders'') \3\ and
Principal Orders (``P Orders'') \4\ sent to the Exchange via the
Intermarket Options Linkage (``Linkage'') under the Plan for the
Purpose of Creating and Operating an Intermarket Option Linkage (the
``Plan'').\5\
---------------------------------------------------------------------------
\3\ A P/A Order is an order for the principal account of a
specialist (or equivalent entity on another Participant Exchange
that is authorized to represent Public Customer orders), reflecting
the terms of a related unexecuted Public Customer order for which
the specialist is acting as agent. See Exchange Rule 1083(k)(i)
\4\ A P Order is an order for the principal account of an
Eligible Market Maker. See Exchange Rule 1083(k)(ii).
\5\ See Securities Exchange Act Release Nos. 43086 (July 28,
2000), 65 FR 48023 (August 4, 2000); (order approving the Plan); and
43573 (November 16, 2000), 65 FR 70851 (November 28, 2000) (order
approving Phlx as a participant in the Plan).
---------------------------------------------------------------------------
Specifically, the Exchange will increase its transaction fees for
P/A Orders from the current $0.15 per option contract to $0.30 per
option contract, and for P Orders from the current $0.25 per option
contract to $0.45 per contract.
This proposal is part of an existing pilot program, which is
scheduled to expire July 31, 2009.\6\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 58144 (July 11,
2008), 73 FR 41394 (July 18, 2008) (SR-Phlx-2008-49).
---------------------------------------------------------------------------
The text of the proposed rule change is available on the Exchange's
Web site at https://nasdaqomxphlx.cchwallstreet.com/NASDAQOMXPHLX/Filings/, 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 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 purpose of the proposed rule change is to raise revenue for the
Exchange by increasing the transaction charge for P/A Orders from the
current $0.15 per option contract to $0.30 per option contract, and by
increasing the transaction charge for P Orders from the current $0.25
per option contract to $0.45 per option contract.
Consistent with current practice, the Exchange will charge the
clearing member organization of the sender of P Orders and P/A Orders.
Also, consistent with current practice, the Exchange will not charge
for the execution of Satisfaction Orders sent through Linkage.
The Exchange also proposes a technical amendment to the schedule of
Equity Option Fees by correcting a typographical error, changing the
word ``overlaying'' to read ``overlying.''
2. Statutory Basis
The Exchange believes that its proposal to amend its schedule of
fees is consistent with Section 6(b) of the Act \7\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \8\ in
particular, in that it is an equitable allocation of reasonable fees
and other charges among Exchange members and issuers and other persons
using its facilities.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 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 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 solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
(A) By order approve the proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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 No. SR-Phlx-2009-24 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-Phlx-2009-24. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your
[[Page 16027]]
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 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-Phlx-2009-24 and should be
submitted on or before April 29, 2009.
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-7865 Filed 4-7-09; 8:45 am]
BILLING CODE 8010-01-P