Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing of Proposed Rule Change To Modify Fees for Members Using the NASDAQ OMX BX Equities System, 16015-16016 [E9-7869]
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Federal Register / Vol. 74, No. 66 / Wednesday, April 8, 2009 / Notices
proceeding, so that the filer need not
serve the document on those
participants separately. Therefore, any
others who wish to participate in the
proceeding (or their counsel or
representative) must apply for and
receive a digital ID certificate before a
hearing request is filed so that they may
obtain access to the document via the E–
Filing system.
A person filing electronically may
seek assistance through the ‘‘Contact
Us’’ link located on the NRC Web site
at https://www.nrc.gov/site-help/esubmittals.html or by calling the NRC
technical help line, which is available
between 8:30 a.m. and 4:15 p.m.,
Eastern Time, Monday through Friday.
The help line number is (800) 397–4209
or locally, (301) 415–4737. Participants
who believe that they have good cause
for not submitting documents
electronically must file a motion, in
accordance with 10 CFR 2.302(g), with
their initial paper filing requesting
authorization to continue to submit
documents in paper format. Such filings
must be submitted by (1) first class mail
addressed to the Office of the Secretary
of the Commission, U.S. Nuclear
Regulatory Commission, Washington,
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and Adjudications Staff; or (2) courier,
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service to the Office of the Secretary,
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Rulemaking and Adjudications Staff.
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Licensing Board, or a Presiding Officer.
Participants are requested not to
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serve the purpose of the adjudicatory
filings and would constitute a Fair Use
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If a person other than Mr. Davis
requests a hearing, that person shall set
VerDate Nov<24>2008
17:05 Apr 07, 2009
Jkt 217001
forth with particularity the manner in
which his interest is adversely affected
by this Order and shall address the
criteria set forth in 10 CFR 2.309(d).
If a hearing is requested by Mr. Davis
or a person whose interest is adversely
affected, the Commission will issue an
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any hearings. If a hearing is held, the
issue to be considered at such hearing
shall be whether this Order should be
sustained. In the absence of any request
for hearing, or written approval of an
extension of time in which to request a
hearing, the provisions specified in
Section IV above shall be final 20 days
from the date of this Order without
further order or proceedings. If an
extension of time for requesting a
hearing has been approved, the
provisions specified in Section IV shall
be final when the extension expires if a
hearing request has not been received.
16015
Other matters relating to enforcement
proceedings.
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: April 3, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–7929 Filed 4–7–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59682; File No. SR–BX–
2009–018]
Dated this 1st day of April 2009.
For the Nuclear Regulatory Commission.
Cynthia A. Carpenter,
Director, Office of Enforcement.
[FR Doc. E9–7946 Filed 4–7–09; 8:45 am]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
of Proposed Rule Change To Modify
Fees for Members Using the NASDAQ
OMX BX Equities System
BILLING CODE
April 1, 2009.
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a closed meeting
on Thursday, April 9, 2009 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters also may be present.
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. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
and (10), permit consideration of the
scheduled matters at the closed meeting.
Commissioner Walter, as duty officer,
voted to consider the items listed for the
closed meeting in closed session and
determined that no earlier notice thereof
was possible.
The subject matter of the closed
meeting scheduled for Thursday, April
9, 2009 will be:
Institution and settlement of an
injunctive action
Institution and settlement of
administrative proceedings of an
enforcement nature; and
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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 25,
2009, NASDAQ OMX BX, Inc. (‘‘BX’’)
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
BX proposes to modify pricing for BX
members using the NASDAQ OMX BX
Equities System. BX will implement this
rule change on April 1, 2009. The text
of the proposed rule change is available
at https://nasdaqomx.cchwallstreet.com/,
at BX’s principal office, 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, BX
included statements concerning the
purpose of, and basis for, the proposed
rule change and discussed any
comments it received on the proposed
1 15
2 17
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
08APN1
16016
Federal Register / Vol. 74, No. 66 / Wednesday, April 8, 2009 / Notices
rule change. The text of these statements
may be examined at the places specified
in Item IV below. BX 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
rwilkins on PROD1PC63 with NOTICES
1. Purpose
BX is proposing to modify its pricing
for execution of orders in securities
listed on The NASDAQ Stock Market
(‘‘NASDAQ’’) and the New York Stock
Exchange (‘‘NYSE’’). Specifically, BX
will eliminate the current $0.0020 per
share executed credit for orders that
provide liquidity through BX, and will
instead institute a $0.0006 per share
executed credit for orders that access
liquidity in securities priced at $1 or
more per share. BX currently charges
$0.0014 for such orders. For securities
priced at less than $1, the fee will
remain 0.1% of the total cost of the
transaction. Fees and credits to access
and provide liquidity in securities listed
on exchanges other than Nasdaq and
NYSE will remain unchanged.
Since its launch on January 16, 2009,
BX has begun to acquire market share in
U.S. equities trading, a move accelerated
by promotional price reductions
introduced in March 2009 that made the
net cost of trading a share on BX (i.e.,
the difference between the fee to access
and the credit to provide liquidity)
negative six cents per one hundred
shares. BX has observed, however, that
widespread reductions in the quoted
prices of cash equities have increased
the relative costs of accessing liquidity
by making bid-ask spreads account for
a greater percentage of that cost.
Members have become more focused
than ever on paying the lowest possible
cost when accessing liquidity.
Accordingly, BX is eliminating its credit
for liquidity provision and instead
introducing a credit for accessing
liquidity. The net cost of trading a share
remains negative six cents per one
hundred shares. As with the pricing
introduced in March 2009 (which
continues for securities listed on
exchanges other than NASDAQ and
NYSE), the pricing structure will remain
in effect for a limited promotional
period, the exact duration of which will
be determined by BX based on the effect
of the pricing on members’ use of BX’s
execution services.
BX believes that the proposed rule
change is consistent with the provisions
17:05 Apr 07, 2009
B. Self-Regulatory Organization’s
Statement on Burden on Competition
BX 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
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 5 and
subparagraph (f)(2) of Rule 19b–4
thereunder.6 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:
3 15
2. Statutory Basis
VerDate Nov<24>2008
of Section 6 of the Act,3 in general, and
with Section 6(b)(4) of the Act,4 in
particular, in that it provides for the
equitable allocation of reasonable dues,
fees and other charges among members
and issuers and other persons using any
facility or system which BX operates or
controls. The proposed fee change
applies uniformly to all BX members.
The impact of the changes upon a
particular market participant will
depend upon the order types that it uses
and the prices of its quotes and orders
(i.e., its propensity to add or remove
liquidity). BX notes that it operates in a
highly competitive market in which
market participants can readily direct
order flow to competing venues if they
deem fee levels at a particular venue to
be excessive. The proposed changes will
lower the cost of accessing liquidity
through BX, while maintaining the net
cost of a trade at a constant level.
Jkt 217001
U.S.C. 78f.
U.S.C. 78f(b)(4).
5 15 U.S.C. 78s(b)(3)(a)(ii).
6 17 CFR 240.19b–4(f)(2).
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–BX–2009–018 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–BX–2009–018. 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 will also be available
for inspection and copying at the
principal office of the self-regulatory
organization. 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–BX–
2009–018 and should be submitted on
or before April 29, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–7869 Filed 4–7–09; 8:45 am]
BILLING CODE 8010–01–P
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CFR 200.30–3(a)(12).
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Agencies
[Federal Register Volume 74, Number 66 (Wednesday, April 8, 2009)]
[Notices]
[Pages 16015-16016]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-7869]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59682; File No. SR-BX-2009-018]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing of Proposed Rule Change To Modify Fees for Members Using the
NASDAQ OMX BX Equities System
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 25, 2009, NASDAQ OMX BX, Inc. (``BX'') 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
BX proposes to modify pricing for BX members using the NASDAQ OMX
BX Equities System. BX will implement this rule change on April 1,
2009. The text of the proposed rule change is available at https://nasdaqomx.cchwallstreet.com/, at BX's principal office, 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, BX included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed
[[Page 16016]]
rule change. The text of these statements may be examined at the places
specified in Item IV below. BX 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
BX is proposing to modify its pricing for execution of orders in
securities listed on The NASDAQ Stock Market (``NASDAQ'') and the New
York Stock Exchange (``NYSE''). Specifically, BX will eliminate the
current $0.0020 per share executed credit for orders that provide
liquidity through BX, and will instead institute a $0.0006 per share
executed credit for orders that access liquidity in securities priced
at $1 or more per share. BX currently charges $0.0014 for such orders.
For securities priced at less than $1, the fee will remain 0.1% of the
total cost of the transaction. Fees and credits to access and provide
liquidity in securities listed on exchanges other than Nasdaq and NYSE
will remain unchanged.
Since its launch on January 16, 2009, BX has begun to acquire
market share in U.S. equities trading, a move accelerated by
promotional price reductions introduced in March 2009 that made the net
cost of trading a share on BX (i.e., the difference between the fee to
access and the credit to provide liquidity) negative six cents per one
hundred shares. BX has observed, however, that widespread reductions in
the quoted prices of cash equities have increased the relative costs of
accessing liquidity by making bid-ask spreads account for a greater
percentage of that cost. Members have become more focused than ever on
paying the lowest possible cost when accessing liquidity. Accordingly,
BX is eliminating its credit for liquidity provision and instead
introducing a credit for accessing liquidity. The net cost of trading a
share remains negative six cents per one hundred shares. As with the
pricing introduced in March 2009 (which continues for securities listed
on exchanges other than NASDAQ and NYSE), the pricing structure will
remain in effect for a limited promotional period, the exact duration
of which will be determined by BX based on the effect of the pricing on
members' use of BX's execution services.
2. Statutory Basis
BX believes that the proposed rule change is consistent with the
provisions of Section 6 of the Act,\3\ in general, and with Section
6(b)(4) of the Act,\4\ in particular, in that it provides for the
equitable allocation of reasonable dues, fees and other charges among
members and issuers and other persons using any facility or system
which BX operates or controls. The proposed fee change applies
uniformly to all BX members. The impact of the changes upon a
particular market participant will depend upon the order types that it
uses and the prices of its quotes and orders (i.e., its propensity to
add or remove liquidity). BX notes that it operates in a highly
competitive market in which market participants can readily direct
order flow to competing venues if they deem fee levels at a particular
venue to be excessive. The proposed changes will lower the cost of
accessing liquidity through BX, while maintaining the net cost of a
trade at a constant level.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f.
\4\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
BX 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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \5\ and subparagraph (f)(2) of Rule 19b-4
thereunder.\6\ 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.
---------------------------------------------------------------------------
\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-BX-2009-018 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-BX-2009-018. 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 will also be available for
inspection and copying at the principal office of the self-regulatory
organization. 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-BX-
2009-018 and should be submitted on or before April 29, 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. E9-7869 Filed 4-7-09; 8:45 am]
BILLING CODE 8010-01-P