Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Volume Discount Given to Market Makers, 22198-22199 [E9-10996]

Download as PDF 22198 Federal Register / Vol. 74, No. 90 / Tuesday, May 12, 2009 / Notices and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. The Trade Reporting File Upload service will assist subscribing member firms to quickly upload reportable trades after recovering from a failure of their internal automated reporting system. As a result, member firms will be able to avoid a reporting violation that may otherwise result from using the time consuming manual entry process. 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. rwilkins on PROD1PC63 with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Pursuant to Section 19(b)(3)(A) of the Act 8 and Rule 19b–4(f)(6) thereunder,9 Nasdaq has designated this proposal as one that effects a change that: (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) by its terms, does not become operative for thirty days after the date of the filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. Nasdaq has provided the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change. Nasdaq believes that the filing may appropriately be designated for filing under Rule 19b-4(f)(6) because the filing provides a useful enhancement to an existing facility of Nasdaq that is designed to assist members in complying with reporting obligations and avoiding rule violations, and establishes a reasonable fee for such enhancement. 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: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–10998 Filed 5–11–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION 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–2009–045 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. [Release No. 34–59865; File No. SR–BX– 2009–022] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Volume Discount Given to Market Makers May 5, 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 30, 2009, NASDAQ OMX BX, Inc. (the ‘‘Exchange’’) filed with the Securities All submissions should refer to File and Exchange Commission Number SR–NASDAQ–2009–045. This (‘‘Commission’’) the proposed rule file number should be included on the subject line if e-mail is used. To help the change as described in Items I, II, and III below, which Items have been Commission process and review your prepared by the Exchange. The comments more efficiently, please use only one method. The Commission will Commission is publishing this notice to post all comments on the Commission’s solicit comments on the proposed rule change from interested persons. Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s submission, all subsequent Statement of the Terms of Substance of amendments, all written statements the Proposed Rule Change with respect to the proposed rule The purpose of the proposed rule change that are filed with the change is to amend the Fee Schedule of Commission, and all written the Boston Options Exchange Group, communications relating to the LLC (‘‘BOX’’) relating to the volume proposed rule change between the discount (‘‘Volume Discount’’) given to Commission and any person, other than Market Makers. The text of the proposed those that may be withheld from the rule change is available from the public in accordance with the principal office of the Exchange, at the provisions of 5 U.S.C. 552, will be Commission’s Public Reference Room and also on the Exchange’s Internet Web available for inspection and copying in site at https:// the Commission’s Public Reference Room on official business days between nasdaqomxbx.cchwallstreet.com/ NASDAQOMXBX/Filings/. the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for II. Self-Regulatory Organization’s inspection and copying at the principal Statement of the Purpose of, and office of Nasdaq. All comments received Statutory Basis for, the Proposed Rule will be posted without change; the Change Commission does not edit personal In its filing with the Commission, the identifying information from self-regulatory organization included submissions. You should submit only statements concerning the purpose of, information that you wish to make and basis for, the proposed rule change available publicly. All submissions and discussed any comments it received should refer to File Number SR– on the proposed rule change. The text NASDAQ–2009–045 and should be of those statements may be examined at submitted on or before June 2, 2009. 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 8 15 U.S.C. 78s(b)(3)(A). 9 17 CFR 240.19b–4(f)(6). VerDate Nov<24>2008 17:14 May 11, 2009 1 15 Jkt 217001 PO 00000 Frm 00047 Fmt 4703 Sfmt 4703 E:\FR\FM\12MYN1.SGM 12MYN1 Federal Register / Vol. 74, No. 90 / Tuesday, May 12, 2009 / Notices 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 Exchange proposes to amend Section 3 (Market Maker Trading Fees) of the BOX Fee Schedule.3 BOX applies a Volume Discount to the fees charged to BOX Market Makers who engage in particularly active trading volume on BOX. The proposed changes will reflect that trading volume in both assigned and un-assigned classes is taken into account when determining a Market Maker’s Volume Discount. The proposed rule change will also remove the ‘‘Example’’ from Section 3(b) of the Fee Schedule. The Example is no longer necessary, as the differentiation between volume in assigned and un-assigned classes is no longer made for purposes of the Volume Discount. The proposed rule change will also make certain non-substantive changes by (i) correcting a crossreference to an earlier section within the Fee Schedule regarding the passthrough of surcharge fees, and (ii) correcting the reference to the type of security (e.g. index options instead of options on exchange-traded funds (‘‘ETF’’)) for which such surcharges are applicable. rwilkins on PROD1PC63 with NOTICES 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act,4 in general, and Section 6(b)(4) of the Act,5 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. The proposed change allows for a potentially greater amount of volume being factored into the Volume Discount that a Market Maker may receive, thus reducing a Market Maker’s cost of transacting business on the BOX market, benefiting the Market Maker and, through better pricing, the investing public. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in 3 The BOX Fee Schedule can be found on the BOX Web site at www.bostonoptions.com. 4 15 U.S.C. 78f(b). 5 15 U.S.C. 78f(b)(4). VerDate Nov<24>2008 17:14 May 11, 2009 Jkt 217001 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 The Exchange has neither solicited nor received comments on the proposed rule change. 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 Exchange Act 6 and Rule 19b–4(f)(2) thereunder,7 because it establishes or changes a due, fee, or other charge applicable only to a member. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate the rule change if it appears to the Commission that the action is necessary or appropriate in the public interest, for the protection of investors, or would otherwise further 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 rulecomments@sec.gov. Please include File Number SR–BX–2009–022 on the subject line. 22199 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 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–BX– 2009–022 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. E9–10996 Filed 5–11–09; 8:45 am] BILLING CODE 8010–01–P DEPARTMENT OF STATE [Public Notice 6610] Culturally Significant Objects Imported for Exhibition Determinations: ‘‘Lords of the Samurai: Legacy of a Daimyo Family’’ Summary: Notice is hereby given of the following determinations: Pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of Paper Comments March 27, 1978, the Foreign Affairs • Send paper comments in triplicate Reform and Restructuring Act of 1998 to Elizabeth M. Murphy, Secretary, (112 Stat. 2681, et seq.; 22 U.S.C. 6501 Securities and Exchange Commission, note, et seq.), Delegation of Authority 100 F Street, NE., Washington, DC No. 234 of October 1, 1999, Delegation 20549–1090. of Authority No. 236 of October 19, 1999, as amended, and Delegation of All submissions should refer to File Authority No. 257 of April 15, 2003 [68 Number SR–BX–2009–022. This file FR 19875], I hereby determine that the number should be included on the subject line if e-mail is used. To help the objects in the exhibition: ‘‘Lords of the Samurai: Legacy of a Daimyo Family,’’ Commission process and review your imported from abroad for temporary comments more efficiently, please use only one method. The Commission will exhibition within the United States, are post all comments on the Commission’s of cultural significance. The objects are imported pursuant to loan agreements Internet Web site (https://www.sec.gov/ with the foreign owners or custodians. rules/sro.shtml). Copies of the I also determine that the exhibition or 6 15 7 17 PO 00000 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). Frm 00048 Fmt 4703 Sfmt 4703 8 17 CFR 200.30–3(a)(12). E:\FR\FM\12MYN1.SGM 12MYN1

Agencies

[Federal Register Volume 74, Number 90 (Tuesday, May 12, 2009)]
[Notices]
[Pages 22198-22199]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-10996]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59865; File No. SR-BX-2009-022]


Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating to 
the Volume Discount Given to Market Makers

May 5, 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 30, 2009, NASDAQ OMX BX, Inc. (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 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 purpose of the proposed rule change is to amend the Fee 
Schedule of the Boston Options Exchange Group, LLC (``BOX'') relating 
to the volume discount (``Volume Discount'') given to Market Makers. 
The text of the proposed rule change is available from the principal 
office of the Exchange, at the Commission's Public Reference Room and 
also on the Exchange's Internet Web site at https://nasdaqomxbx.cchwallstreet.com/NASDAQOMXBX/Filings/.

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

[[Page 22199]]

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 Exchange proposes to amend Section 3 (Market Maker Trading 
Fees) of the BOX Fee Schedule.\3\ BOX applies a Volume Discount to the 
fees charged to BOX Market Makers who engage in particularly active 
trading volume on BOX. The proposed changes will reflect that trading 
volume in both assigned and un-assigned classes is taken into account 
when determining a Market Maker's Volume Discount.
---------------------------------------------------------------------------

    \3\ The BOX Fee Schedule can be found on the BOX Web site at 
www.bostonoptions.com.
---------------------------------------------------------------------------

    The proposed rule change will also remove the ``Example'' from 
Section 3(b) of the Fee Schedule. The Example is no longer necessary, 
as the differentiation between volume in assigned and un-assigned 
classes is no longer made for purposes of the Volume Discount. The 
proposed rule change will also make certain non-substantive changes by 
(i) correcting a cross-reference to an earlier section within the Fee 
Schedule regarding the pass-through of surcharge fees, and (ii) 
correcting the reference to the type of security (e.g. index options 
instead of options on exchange-traded funds (``ETF'')) for which such 
surcharges are applicable.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with the 
requirements of Section 6(b) of the Act,\4\ in general, and Section 
6(b)(4) of the Act,\5\ in particular, in that it is designed to provide 
for the equitable allocation of reasonable dues, fees, and other 
charges among its members and issuers and other persons using its 
facilities. The proposed change allows for a potentially greater amount 
of volume being factored into the Volume Discount that a Market Maker 
may receive, thus reducing a Market Maker's cost of transacting 
business on the BOX market, benefiting the Market Maker and, through 
better pricing, the investing public.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b).
    \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 
result in 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

    The Exchange has neither solicited nor received comments on the 
proposed rule change.

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 Exchange Act \6\ and Rule 19b-4(f)(2) 
thereunder,\7\ because it establishes or changes a due, fee, or other 
charge applicable only to a member.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \7\ 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 the rule change if it 
appears to the Commission that the action is necessary or appropriate 
in the public interest, for the protection of investors, or would 
otherwise further 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-BX-2009-022 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-2009-022. 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, 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-BX-2009-022 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\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-10996 Filed 5-11-09; 8:45 am]
BILLING CODE 8010-01-P
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