Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Participant Fees and Credits, 17264-17265 [E9-8429]
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Federal Register / Vol. 74, No. 70 / Tuesday, April 14, 2009 / Notices
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
Written comments were neither
solicited nor received.
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 15 and Rule 19b–
4(f)(6) thereunder.16
A proposed rule change filed under
Rule 19b–4(f)(6) 17 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),18 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. FINRA has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. Such waiver would permit
FINRA to implement these changes
without delay, thereby allowing
FINRA’s Incorporated NYSE Rules to
maintain their status as Common Rules
under the Agreement upon filing of the
proposed rule change with the
Commission. The Commission believes
it is consistent with the protection of
investors and the public interest to
waive the 30-day operative delay for
this reason, and hereby grants such
waiver.19
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.
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
17 17 CFR 240.19b–4(f)(6).
18 17 CFR 240.19b–4(f)(6)(iii).
19 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule change’s impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
16 17
VerDate Nov<24>2008
16:39 Apr 13, 2009
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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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–8426 Filed 4–13–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
15 15
IV. Solicitation of 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–FINRA–2009–025 on the
subject line.
[Release No. 34–59714; File No. SR–CHX–
2009–03]
Paper Comments
April 6, 2009.
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Relating to
Participant Fees and Credits
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 April 1,
2009, Chicago Stock Exchange, Inc.
(‘‘CHX’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
All submissions should refer to File
Number SR–FINRA–2009–025. This file (‘‘Commission’’) the proposed rule
change as described in Items I, II, and
number should be included on the
subject line if e-mail is used. To help the III below, which Items have been
prepared by the Exchange. The
Commission process and review your
Commission is publishing this notice to
comments more efficiently, please use
only one method. The Commission will solicit comments on the proposed rule
post all comments on the Commission’s change from interested persons.
Internet Web site (https://www.sec.gov/
I. Self-Regulatory Organization’s
rules/sro.shtml). Copies of the
Statement of the Terms of Substance of
submission, all subsequent
the Proposed Rule Change
amendments, all written statements
The CHX proposes to amend its
with respect to the proposed rule
Schedule of Participant Fees and
change that are filed with the
Assessments (the ‘‘Fee Schedule’’),
Commission, and all written
effective April 1, 2009, to provide for
communications relating to the
transaction fees and rebates to Exchange
proposed rule change between the
Participants for transactions involving
Commission and any person, other than issues priced less than one dollar that
those that may be withheld from the
occur within the Exchange’s Matching
public in accordance with the
System. The text of this proposed rule
provisions of 5 U.S.C. 552, will be
change is available on the Exchange’s
website at https://www.chx.com/rules/
available for inspection and copying in
proposed_rules.htm and in the
the Commission’s Public Reference
Commission’s Public Reference Room,
Room, 100 F Street, NE., Washington,
100 F Street, NE., Washington, DC
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m. 20549.
Copies of such filing also will be
II. Self-Regulatory Organization’s
available for inspection and copying at
Statement of the Purpose of, and
the principal office of FINRA. All
Statutory Basis for, the Proposed Rule
comments received will be posted
Change
without change; the Commission does
In its filing with the Commission, the
not edit personal identifying
CHX included statements concerning
information from submissions. You
the purpose of and basis for the
should submit only information that
proposed rule changes and discussed
you wish to make available publicly. All any comments it received regarding the
submissions should refer to File
proposal. The text of these statements
Number SR–FINRA–2009–025 and
20 17 CFR 200.30–3(a)(12).
should be submitted on or before May
1 15 U.S.C. 78s(b)(1).
5, 2009.
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
PO 00000
2 17
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CFR 240.19b–4.
14APN1
Federal Register / Vol. 74, No. 70 / Tuesday, April 14, 2009 / Notices
may be examined at the places specified
in Item IV below. The CHX 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
Through this filing, the Exchange
would amend its Fee Schedule to
provide for transaction and order
processing fees and rebates to Exchange
Participants for transactions involving
issues priced less than one dollar that
occur within the Exchange’s Matching
System.
Rule 610(c)(2) of Regulation NMS 3
generally requires that the fees changed
by a trading center for execution of an
order against a quotation of less than
$1.00 per share cannot exceed or
accumulate to more than 0.3% of the
quotation price per share. In order to
comply with the rule, the Exchange
proposes to charge a ‘‘take’’ fee equal to
0.30% of the trade value and to pay a
‘‘provide’’ rebate equal to 0.10% of the
trade value. Trade value is defined as a
dollar amount equal to the price per
share multiplied by the number of
shares executed. These changes are
designed, at least in part, to provide an
incentive for Participants to submit
single-sided orders involving issues
priced less than one dollar to the
Matching System for execution.
Currently, the Exchange does not charge
any fee or pay any rebates in connection
with the execution of trades at a price
less than one dollar per share.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 4 in general, and
furthers the objectives of Section 6(b)(4)
of the Act 5 in particular, in that it
provides for the equitable allocation of
reasonable dues, fees and other charges
among its members.
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.
CFR 242.610(c)(2)
U.S.C. 78f.
5 15 U.S.C. 78f(b)(4)
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 6 and
subparagraph (f)(2) of Rule 19b–4
thereunder 7 because it establishes or
changes a due, fee, or other charge
applicable only to a member imposed by
the self-regulatory organization.
Accordingly, the proposal is effective
upon Commission receipt of the filing.
At any time within 60 days of the filing
of such 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 purpose 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–CHX–2009–03 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–CHX–2009–03. 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
3 17
VerDate Nov<24>2008
16:39 Apr 13, 2009
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–CHX–2009–03 and should
be submitted on or before May 5, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–8429 Filed 4–13–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59724; File No. SR–ISE–
2009–18]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Order
Granting Accelerated Approval to a
Proposed Rule Change, as Modified by
Amendment No. 1, Relating to
Lowering the Liquidity Rebate Amount
That Direct Edge ECN Passes Through
to Non-International Securities
Exchange, LLC Members
April 7, 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 April 2,
2009, the International Securities
Exchange, LLC (the ‘‘Exchange’’ or the
‘‘ISE’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
a proposed rule change as described in
Items I, II, and III below, which items
have been prepared by the ISE. The ISE
filed Amendment No. 1 to the proposal
8 17
4 15
6 15
U.S.C. 78s(b)(3)(A)(ii).
7 17 CFR 240.19b–4(f)(2).
Jkt 217001
PO 00000
Frm 00123
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17265
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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]]>Agencies
[Federal Register Volume 74, Number 70 (Tuesday, April 14, 2009)]
[Notices]
[Pages 17264-17265]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-8429]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59714; File No. SR-CHX-2009-03]
Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Participant Fees and Credits
April 6, 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 April 1, 2009, Chicago Stock Exchange, Inc. (``CHX'' 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 CHX proposes to amend its Schedule of Participant Fees and
Assessments (the ``Fee Schedule''), effective April 1, 2009, to provide
for transaction fees and rebates to Exchange Participants for
transactions involving issues priced less than one dollar that occur
within the Exchange's Matching System. The text of this proposed rule
change is available on the Exchange's website at https://www.chx.com/rules/proposed_rules.htm and in the Commission's Public Reference
Room, 100 F Street, NE., Washington, DC 20549.
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 CHX included statements
concerning the purpose of and basis for the proposed rule changes and
discussed any comments it received regarding the proposal. The text of
these statements
[[Page 17265]]
may be examined at the places specified in Item IV below. The CHX 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
Through this filing, the Exchange would amend its Fee Schedule to
provide for transaction and order processing fees and rebates to
Exchange Participants for transactions involving issues priced less
than one dollar that occur within the Exchange's Matching System.
Rule 610(c)(2) of Regulation NMS \3\ generally requires that the
fees changed by a trading center for execution of an order against a
quotation of less than $1.00 per share cannot exceed or accumulate to
more than 0.3% of the quotation price per share. In order to comply
with the rule, the Exchange proposes to charge a ``take'' fee equal to
0.30% of the trade value and to pay a ``provide'' rebate equal to 0.10%
of the trade value. Trade value is defined as a dollar amount equal to
the price per share multiplied by the number of shares executed. These
changes are designed, at least in part, to provide an incentive for
Participants to submit single-sided orders involving issues priced less
than one dollar to the Matching System for execution. Currently, the
Exchange does not charge any fee or pay any rebates in connection with
the execution of trades at a price less than one dollar per share.
---------------------------------------------------------------------------
\3\ 17 CFR 242.610(c)(2)
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \4\ in general, and furthers the
objectives of Section 6(b)(4) of the Act \5\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among its members.
---------------------------------------------------------------------------
\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.
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 \6\ and subparagraph (f)(2) of Rule 19b-4
thereunder \7\ because it establishes or changes a due, fee, or other
charge applicable only to a member imposed by the self-regulatory
organization. Accordingly, the proposal is effective upon Commission
receipt of the filing. At any time within 60 days of the filing of such
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 purpose of the Act.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(ii).
\7\ 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-CHX-2009-03 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-CHX-2009-03. 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-CHX-2009-03 and should be
submitted on or before May 5, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-8429 Filed 4-13-09; 8:45 am]
BILLING CODE 8010-01-P
