Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC Extending a Temporary Equity Transaction Fee for Shares Executed on the NYSE MatchPointSM, 22194-22195 [E9-10995]

Download as PDF 22194 Federal Register / Vol. 74, No. 90 / Tuesday, May 12, 2009 / Notices 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 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 offices 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–NASDAQ–2009–039, and should be submitted on or before June 2, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–10994 Filed 5–11–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59864; File No. SR–NYSE– 2009–44] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC Extending a Temporary Equity Transaction Fee for Shares Executed on the NYSE MatchPointSM System, Effective May 1, 2009 Until June 30, 2009 rwilkins on PROD1PC63 with NOTICES May 5, 2009. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on April 29, 2009, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the selfregulatory organization. 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 extend a temporary equity transaction fee for shares executed on the NYSE MatchPointSM (‘‘NYSE MatchPoint’’ or ‘‘MatchPoint’’) system, effective May 1, 2009 until June 30, 2009. The Exchange will charge each member organization using the MatchPoint system a per share fee scaled to the average daily volume of shares it executes on the MatchPoint system. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https://www.nyse.com. 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose On January 7, 2009, the Exchange filed with the Securities and Exchange Commission (the ‘‘Commission’’) a proposed rule change to adopt a temporary equity transaction fee for shares executed on the NYSE MatchPointSM system, effective until February 28, 2009 (the ‘‘January filing’’).4 On February 26, 2009, the Exchange filed with the Commission a proposed rule change to extend this temporary equity transaction fee until 8 17 1 15 VerDate Nov<24>2008 17:14 May 11, 2009 4 See Securities Exchange Act Release No. 59229 (January 12, 2009) 74 FR 3119 (January 16, 2009), approving [sic] SR–NYSE–2009–01. Jkt 217001 PO 00000 Frm 00043 Fmt 4703 Sfmt 4703 April 30, 2009 (the ‘‘March filing’’).5 Through this filing, the Exchange proposes to extend this equity transaction fee to be effective May 1, 2009 until June 30, 2009. Prior to the January filing, the equity transaction fee was $.0015 per share executed on the MatchPoint system. In the January filing, the Exchange proposed to adopt a scaled fee for MatchPoint users based on the average daily volume of shares executed during a calendar month through the MatchPoint system as follows: Average daily volume of shares executed 50,000 shares or less ............. Over 50,000 to 499,999 ......... 500,000 and greater ............... Rate (per share) $.0015 $.0010 $.0005 The March filing proposed to continue this fee schedule. The Exchange believes that the extension of the fee schedule until June 30, 2009 will continue to reward those who have been using the MatchPoint system for share execution, and will provide a continued incentive for new participants in MatchPoint. It is intended that the MatchPoint fee will revert to the equity transaction fee of $.0015 per share beginning July 1, 2009. 2. Statutory Basis The basis under the Securities Exchange Act of 1934 (the ‘‘Act’’) 6 for the proposed rule change is the requirement under Section 6(b)(4) 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 Exchange believes the fees are reasonable in that they carry forward a reduction in fees that the January filing established and that the March filing extended, and are equitable in that they are available to all members who access the MatchPoint system. 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. 5 See Securities Exchange Act Release No. 59491 (March 3, 2009) 74 FR 10107 (March 9, 2009) (SR– NYSE–2009–20). 6 15 U.S.C. 78a. E:\FR\FM\12MYN1.SGM 12MYN1 Federal Register / Vol. 74, No. 90 / Tuesday, May 12, 2009 / Notices 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 The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) 7 of the Act and subparagraph (f)(2) of Rule 19b–4 8 thereunder, because it establishes a due, fee, or other charge imposed by the NYSE. 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: rwilkins on PROD1PC63 with NOTICES 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–NYSE–2009–44 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–NYSE–2009–44. 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 7 15 8 17 17:14 May 11, 2009 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–10995 Filed 5–11–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59866; File No. SR–CBOE– 2009–026] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Temporary Membership Status and Interim Trading Permit Access Fees May 5, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on April 30, 2009, the Chicago Board Options Exchange, Incorporated (‘‘CBOE’’ or the ‘‘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 CBOE. The Commission is publishing this notice to solicit comments on the proposed rule change from interested parties. 9 17 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). VerDate Nov<24>2008 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–NYSE–2009–44 and should be submitted on or before June 2, 2009. 1 15 Jkt 217001 PO 00000 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). Frm 00044 Fmt 4703 22195 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change CBOE proposes to adjust (i) the monthly access fee for persons granted temporary CBOE membership status (‘‘Temporary Members’’) pursuant to Interpretation and Policy .02 under CBOE Rule 3.19 (‘‘Rule 3.19.02’’) and (ii) the monthly access fee for Interim Trading Permit (‘‘ITP’’) holders under CBOE Rule 3.27. The text of the proposed rule change is available on the Exchange’s Web site (https:// www.cboe.org/Legal/), at the Exchange’s Office of the Secretary, 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, CBOE 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 CBOE 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 current access fee for Temporary Members under Rule 3.19.02 2 and the current access fee for ITP holders under Rule 3.27 3 are both $8,817 per month. Both access fees are currently set at the indicative lease rate (as defined below) for April 2009. The Exchange proposes to adjust both access fees effective at the beginning of May 2009 to be equal to the indicative lease rate for May 2009 (which is $9,014). Specifically, the Exchange proposes to revise both the Temporary Member access fee and the ITP access fee to be $9,014 per month commencing on May 1, 2009. The indicative lease rate is defined under Rule 3.27(b) as the highest clearing firm floating monthly rate 4 of 2 See Securities Exchange Act Release No. 56458 (September 18, 2007), 72 FR 54309 (September 24, 2007) (SR–CBOE–2007–107) for a description of the Temporary Membership status under Rule 3.19.02. 3 See Securities Exchange Act Release No. 58178 (July 17, 2008), 73 FR 42634 (July 22, 2008) (SR– CBOE–2008–40) for a description of the Interim Trading Permits under Rule 3.27. 4 Rule 3.27(b) defines the clearing firm floating monthly rate as the floating monthly rate that a Clearing Member designates, in connection with Continued Sfmt 4703 E:\FR\FM\12MYN1.SGM 12MYN1

Agencies

[Federal Register Volume 74, Number 90 (Tuesday, May 12, 2009)]
[Notices]
[Pages 22194-22195]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-10995]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59864; File No. SR-NYSE-2009-44]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC 
Extending a Temporary Equity Transaction Fee for Shares Executed on the 
NYSE MatchPoint\SM\ System, Effective May 1, 2009 Until June 30, 2009

May 5, 2009.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on April 29, 2009, New York Stock Exchange LLC (``NYSE'' or 
the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``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 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\ 15 U.S.C. 78a.
    \3\ 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 extend a temporary equity transaction fee 
for shares executed on the NYSE MatchPoint\SM\ (``NYSE MatchPoint'' or 
``MatchPoint'') system, effective May 1, 2009 until June 30, 2009. The 
Exchange will charge each member organization using the MatchPoint 
system a per share fee scaled to the average daily volume of shares it 
executes on the MatchPoint system. The text of the proposed rule change 
is available at the Exchange, the Commission's Public Reference Room, 
and https://www.nyse.com.

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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    On January 7, 2009, the Exchange filed with the Securities and 
Exchange Commission (the ``Commission'') a proposed rule change to 
adopt a temporary equity transaction fee for shares executed on the 
NYSE MatchPoint\SM\ system, effective until February 28, 2009 (the 
``January filing'').\4\ On February 26, 2009, the Exchange filed with 
the Commission a proposed rule change to extend this temporary equity 
transaction fee until April 30, 2009 (the ``March filing'').\5\ Through 
this filing, the Exchange proposes to extend this equity transaction 
fee to be effective May 1, 2009 until June 30, 2009.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 59229 (January 12, 
2009) 74 FR 3119 (January 16, 2009), approving [sic] SR-NYSE-2009-
01.
    \5\ See Securities Exchange Act Release No. 59491 (March 3, 
2009) 74 FR 10107 (March 9, 2009) (SR-NYSE-2009-20).
---------------------------------------------------------------------------

    Prior to the January filing, the equity transaction fee was $.0015 
per share executed on the MatchPoint system. In the January filing, the 
Exchange proposed to adopt a scaled fee for MatchPoint users based on 
the average daily volume of shares executed during a calendar month 
through the MatchPoint system as follows:

------------------------------------------------------------------------
                                                             Rate  (per
         Average daily volume  of shares executed              share)
------------------------------------------------------------------------
50,000 shares or less.....................................        $.0015
Over 50,000 to 499,999....................................        $.0010
500,000 and greater.......................................        $.0005
------------------------------------------------------------------------

    The March filing proposed to continue this fee schedule.
    The Exchange believes that the extension of the fee schedule until 
June 30, 2009 will continue to reward those who have been using the 
MatchPoint system for share execution, and will provide a continued 
incentive for new participants in MatchPoint.
    It is intended that the MatchPoint fee will revert to the equity 
transaction fee of $.0015 per share beginning July 1, 2009.
2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Act'') 
\6\ for the proposed rule change is the requirement under Section 
6(b)(4) 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 Exchange believes the fees 
are reasonable in that they carry forward a reduction in fees that the 
January filing established and that the March filing extended, and are 
equitable in that they are available to all members who access the 
MatchPoint system.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78a.
---------------------------------------------------------------------------

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.

[[Page 22195]]

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

    The foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \7\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \8\ thereunder, because it establishes a due, fee, or other charge 
imposed by the NYSE.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    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:

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-NYSE-2009-44 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-NYSE-2009-44. 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-NYSE-2009-44 and should be 
submitted on or before June 2, 2009.

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

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

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-10995 Filed 5-11-09; 8:45 am]
BILLING CODE 8010-01-P
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