Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change Regarding Initial and Annual Listing Fees for Securities Listed and Traded on the NYSE Bonds System, 21035 [E9-10427]

Download as PDF Federal Register / Vol. 74, No. 86 / Wednesday, May 6, 2009 / Notices SECURITIES AND EXCHANGE COMMISSION under the Act is not subject to a listing fee. [Release No. 34–59844; File No. SR–NYSE– 2009–31] III. Discussion Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change Regarding Initial and Annual Listing Fees for Securities Listed and Traded on the NYSE Bonds System April 29, 2009. I. Introduction On March 16, 2009, the New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘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 regarding initial and annual listing fees for securities listed pursuant to Section 102.03 of the NYSE Listed Company Manual (‘‘Manual’’) and traded on the NYSE Bonds system. The proposal was published in the Federal Register on March 26, 2009.3 The Commission received no comments on the proposal. This order approves the proposed rule change. II. Background Currently, Rule 902.08 of the Manual imposes a one-time listing fee of $15,000 for bonds and other fixed income debt securities that list on the Exchange pursuant to Section 102.03. The Exchange has proposed to amend Rule 902.08 to eliminate the one-time listing fee and replace it with an initial listing fee of $5,000 and an annual listing fee of $5,000. The proposal also would clarify that non-listed debt of NYSE equity issuers and affiliated companies 4 would continue to be eligible to trade on NYSE Bonds without a fee. However, new language to Rule 902.08 clarifies that NYSE equity issuers and affiliated companies that determine to list debt securities on the Exchange would be subject to the $5,000 initial and annual listing fees. The proposal further clarifies that only domestic debt of issuers exempt from registration mstockstill on PROD1PC66 with NOTICES 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 59608 (March 19, 2009), 74 FR 13278 (March 26, 2009) (‘‘Notice’’). 4 See NYSE Rules 1400 and 1401. See also Securities Exchange Act Release No. 54767 (November 16, 2006), 71 FR 67680 (November 22, 2006) (SR–NYSE–2004–69) (permitting Exchange trading of debt securities that are not registered under the Act, but are issued by NYSE-listed companies or their wholly-owned subsidiaries and that meet other conditions). VerDate Nov<24>2008 18:36 May 05, 2009 Jkt 217001 After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.5 In particular, the Commission finds that the proposal is consistent with Section 6(b)(4) of the Act,6 which requires that an exchange have rules that provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. The Commission notes that the Exchange’s proposed fee of $5,000 for both initial and annual listing is consistent with a similar fee for Equity-Linked Debt Securities traded on NYSE Bonds, which the Commission previously approved,7 and that no commenters objected to the proposal. The Commission also believes that the proposed clarifications to Rule 902.08 of the Manual are reasonable and consistent with the Act. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,8 that the proposed rule change (SR–NYSE–2009– 31) be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Elizabeth M. Murphy, Secretary. [FR Doc. E9–10427 Filed 5–5–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59841; File No. SR–Phlx2009–38] Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Payment for Order Flow April 29, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 5 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 6 15 U.S.C. 78f(b)(4). 7 See Securities Exchange Act Release No. 59559 (March 11, 2009), 74 FR 11391 (March 17, 2009) (SR–NYSE–2009–03). 8 15 U.S.C. 78s(b)(2). 9 17 CFR 200.30–3(a)(12). PO 00000 Frm 00137 Fmt 4703 Sfmt 4703 21035 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on April 23, 2009, NASDAQ OMX PHLX, Inc. (‘‘Phlx’’ or the ‘‘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. Phlx filed the proposal pursuant to Section 19(b)(3)(A)3 of the Act and Rule 19b–4(f)(2)4 thereunder. 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 make permanent its payment for order flow pilot program (‘‘Pilot’’), which is currently in effect until May 27, 2009. 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 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 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 making permanent the Exchange’s payment for order flow program (‘‘Pilot’’) is to remain competitive with other options exchanges that administer payment for order flow programs.5 The Pilot is 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(2). 5 See e.g., Securities Exchange Act Release Nos. 57094 (January 3, 2008), 73 FR 1653 (January 9, 2008) (SR–CBOE–2007–154); 55895 (June 11, 2007), 72 FR 33549 (June 18, 2007) (SR–ISE–2007–38); 2 17 E:\FR\FM\06MYN1.SGM Continued 06MYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 74, Number 86 (Wednesday, May 6, 2009)]
[Notices]
[Page 21035]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-10427]



[[Page 21035]]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59844; File No. SR-NYSE-2009-31]


Self-Regulatory Organizations; New York Stock Exchange LLC; Order 
Approving Proposed Rule Change Regarding Initial and Annual Listing 
Fees for Securities Listed and Traded on the NYSE Bonds System

April 29, 2009.

I. Introduction

    On March 16, 2009, the New York Stock Exchange LLC (``NYSE'' or 
``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 regarding initial and annual listing fees for 
securities listed pursuant to Section 102.03 of the NYSE Listed Company 
Manual (``Manual'') and traded on the NYSE Bonds system. The proposal 
was published in the Federal Register on March 26, 2009.\3\ The 
Commission received no comments on the proposal. This order approves 
the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 59608 (March 19, 
2009), 74 FR 13278 (March 26, 2009) (``Notice'').
---------------------------------------------------------------------------

II. Background

    Currently, Rule 902.08 of the Manual imposes a one-time listing fee 
of $15,000 for bonds and other fixed income debt securities that list 
on the Exchange pursuant to Section 102.03. The Exchange has proposed 
to amend Rule 902.08 to eliminate the one-time listing fee and replace 
it with an initial listing fee of $5,000 and an annual listing fee of 
$5,000. The proposal also would clarify that non-listed debt of NYSE 
equity issuers and affiliated companies \4\ would continue to be 
eligible to trade on NYSE Bonds without a fee. However, new language to 
Rule 902.08 clarifies that NYSE equity issuers and affiliated companies 
that determine to list debt securities on the Exchange would be subject 
to the $5,000 initial and annual listing fees. The proposal further 
clarifies that only domestic debt of issuers exempt from registration 
under the Act is not subject to a listing fee.
---------------------------------------------------------------------------

    \4\ See NYSE Rules 1400 and 1401. See also Securities Exchange 
Act Release No. 54767 (November 16, 2006), 71 FR 67680 (November 22, 
2006) (SR-NYSE-2004-69) (permitting Exchange trading of debt 
securities that are not registered under the Act, but are issued by 
NYSE-listed companies or their wholly-owned subsidiaries and that 
meet other conditions).
---------------------------------------------------------------------------

III. Discussion

    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange.\5\ 
In particular, the Commission finds that the proposal is consistent 
with Section 6(b)(4) of the Act,\6\ which requires that an exchange 
have rules that provide for the equitable allocation of reasonable 
dues, fees, and other charges among its members and other persons using 
its facilities. The Commission notes that the Exchange's proposed fee 
of $5,000 for both initial and annual listing is consistent with a 
similar fee for Equity-Linked Debt Securities traded on NYSE Bonds, 
which the Commission previously approved,\7\ and that no commenters 
objected to the proposal. The Commission also believes that the 
proposed clarifications to Rule 902.08 of the Manual are reasonable and 
consistent with the Act.
---------------------------------------------------------------------------

    \5\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b)(4).
    \7\ See Securities Exchange Act Release No. 59559 (March 11, 
2009), 74 FR 11391 (March 17, 2009) (SR-NYSE-2009-03).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\8\ that the proposed rule change (SR-NYSE-2009-31) be, and it 
hereby is, approved.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-10427 Filed 5-5-09; 8:45 am]
BILLING CODE 8010-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.