Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Order Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Increasing Transaction Fees for Linkage Inbound Principal Orders and Principal Acting as Agent Orders, 22990 [E9-11357]
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22990
Federal Register / Vol. 74, No. 93 / Friday, May 15, 2009 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–11356 Filed 5–14–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59891; File No. SR–Phlx–
2009–24]
Self-Regulatory Organizations;
NASDAQ OMX PHLX, Inc.; Order
Approving Proposed Rule Change, as
Modified by Amendment No. 1 Thereto,
Increasing Transaction Fees for
Linkage Inbound Principal Orders and
Principal Acting as Agent Orders
May 8, 2009.
I. Introduction
On March 24, 2009, the NASDAQ
OMX PHLX, Inc. (‘‘Phlx’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (the ‘‘Act’’),1 and Rule 19b–4
thereunder,2 a proposed rule change
seeking to increase transaction fees
applicable to the execution of Principal
Acting as Agent Orders (‘‘P/A Orders’’) 3
and Principal Orders (‘‘P Orders’’) 4 sent
to the Exchange via the Intermarket
Options Linkage (‘‘Linkage’’) under the
Plan for the Purpose of Creating and
Operating an Intermarket Option
Linkage (the ‘‘Plan’’).5 On March 26,
2009, Phlx submitted Amendment No. 1
to the proposed rule change. The
proposed rule change was published for
comment in the Federal Register on
April 8, 2009.6 The Commission
received no comments on the proposal.
This order approves the proposed rule
change, as amended.
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 A P/A Order, is an order for the principal
account of a specialist (or equivalent entity on
another Participant Exchange that is authorized to
represent Public Customer orders), reflecting the
terms of a related unexecuted Public Customer
order for which the specialist is acting as agent. See
Exchange Rule 1083(k)(i).
4 A P Order is an order for the principal account
of an Eligible Market Maker. See Exchange Rule
1083(k)(ii).
5 See Securities Exchange Act Release Nos. 43086
(July 28, 2000), 65 FR 48023 (August 4, 2000) (order
approving the Plan) and 43573 (November 16,
2000), 65 FR 70851 (November 28, 2000) (order
approving Phlx as a participant in the Plan).
6 See Securities Exchange Act Release No. 59669
(April 1, 2009), 74 FR 16026.
1 15
VerDate Nov<24>2008
16:43 May 14, 2009
Jkt 217001
II. Description of the Proposal
The Exchange proposes to amend the
Equity Options Fees portion of its fee
schedule relating to transaction fees
applicable to the execution of P/A
Orders and P Orders sent to the Linkage
under the Plan. Specifically, the
Exchange proposes to increase its
transaction fees for P/A Orders from the
current $0.15 per option contract to
$0.30 per option contract, and for P
Orders from the current $0.25 per
option contract to $0.45 per contract.
This proposal is part of an existing pilot
program, which is scheduled to expire
July 31, 2009.7
The Exchange states that the purpose
of the proposed rule change is to raise
revenue for the Exchange. The Exchange
also represents that, consistent with
current practice, the Exchange: (i) Will
charge the clearing member organization
of the sender of P Orders and P/A
Orders; and (ii) will not charge for the
execution of Satisfaction Orders sent
through Linkage.
The Exchange also proposes a
technical amendment to the schedule of
Equity Option Fees by correcting a
typographical error, changing the word
‘‘overlaying’’ to read ‘‘overlying.’’
III. Discussion and Commission
Findings
After careful consideration, 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.8 In
particular, the Commission finds that
the proposal is consistent with Section
6(b)(4) of the Act,9 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 Options Linkage fees are assessed
pursuant to a pilot scheduled to end on
July 31, 2009 and that the Commission
is continuing to evaluate whether such
fees are appropriate.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,10 that the
proposed rule change (SR–Phlx–2009–
24), as amended, is hereby approved.
7 See Securities Exchange Act Release No. 58144
(July 11, 2008), 73 FR 41394 (July 18, 2008) (SR–
Phlx–2008–49).
8 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
9 15 U.S.C. 78f(b)(4).
10 15 U.S.C. 78s(b)(2).
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–11357 Filed 5–14–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59893; File No. SR–
NYSEArca–2009–38]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Implementing Fee
Change
May 8, 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 30,
2009, NYSE Arca, Inc. (‘‘NYSE Arca’’ 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.
NYSE Arca filed the proposal pursuant
to Section 19(b)(3)(A) 4 of the Act and
Rule 19b–4(f)(2) 5 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 amend its
Schedule of Fees and Charges for
Exchange Services (the ‘‘Schedule’’).
While changes to the Schedule pursuant
to this proposal will be effective upon
filing, the changes will become
operative on May 1, 2009. A copy of this
filing is available on the Exchange’s
Web site at https://www.nyse.com, at the
Exchange’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, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(2).
1 15
E:\FR\FM\15MYN1.SGM
15MYN1
]]>Agencies
[Federal Register Volume 74, Number 93 (Friday, May 15, 2009)]
[Notices]
[Page 22990]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-11357]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59891; File No. SR-Phlx-2009-24]
Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Order
Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto,
Increasing Transaction Fees for Linkage Inbound Principal Orders and
Principal Acting as Agent Orders
May 8, 2009.
I. Introduction
On March 24, 2009, the NASDAQ OMX PHLX, Inc. (``Phlx'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change seeking to increase transaction fees applicable to
the execution of Principal Acting as Agent Orders (``P/A Orders'') \3\
and Principal Orders (``P Orders'') \4\ sent to the Exchange via the
Intermarket Options Linkage (``Linkage'') under the Plan for the
Purpose of Creating and Operating an Intermarket Option Linkage (the
``Plan'').\5\ On March 26, 2009, Phlx submitted Amendment No. 1 to the
proposed rule change. The proposed rule change was published for
comment in the Federal Register on April 8, 2009.\6\ The Commission
received no comments on the proposal. This order approves the proposed
rule change, as amended.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ A P/A Order, is an order for the principal account of a
specialist (or equivalent entity on another Participant Exchange
that is authorized to represent Public Customer orders), reflecting
the terms of a related unexecuted Public Customer order for which
the specialist is acting as agent. See Exchange Rule 1083(k)(i).
\4\ A P Order is an order for the principal account of an
Eligible Market Maker. See Exchange Rule 1083(k)(ii).
\5\ See Securities Exchange Act Release Nos. 43086 (July 28,
2000), 65 FR 48023 (August 4, 2000) (order approving the Plan) and
43573 (November 16, 2000), 65 FR 70851 (November 28, 2000) (order
approving Phlx as a participant in the Plan).
\6\ See Securities Exchange Act Release No. 59669 (April 1,
2009), 74 FR 16026.
---------------------------------------------------------------------------
II. Description of the Proposal
The Exchange proposes to amend the Equity Options Fees portion of
its fee schedule relating to transaction fees applicable to the
execution of P/A Orders and P Orders sent to the Linkage under the
Plan. Specifically, the Exchange proposes to increase its transaction
fees for P/A Orders from the current $0.15 per option contract to $0.30
per option contract, and for P Orders from the current $0.25 per option
contract to $0.45 per contract. This proposal is part of an existing
pilot program, which is scheduled to expire July 31, 2009.\7\
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 58144 (July 11,
2008), 73 FR 41394 (July 18, 2008) (SR-Phlx-2008-49).
---------------------------------------------------------------------------
The Exchange states that the purpose of the proposed rule change is
to raise revenue for the Exchange. The Exchange also represents that,
consistent with current practice, the Exchange: (i) Will charge the
clearing member organization of the sender of P Orders and P/A Orders;
and (ii) will not charge for the execution of Satisfaction Orders sent
through Linkage.
The Exchange also proposes a technical amendment to the schedule of
Equity Option Fees by correcting a typographical error, changing the
word ``overlaying'' to read ``overlying.''
III. Discussion and Commission Findings
After careful consideration, 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.\8\ In particular, the Commission finds that the proposal is
consistent with Section 6(b)(4) of the Act,\9\ 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 Options
Linkage fees are assessed pursuant to a pilot scheduled to end on July
31, 2009 and that the Commission is continuing to evaluate whether such
fees are appropriate.
---------------------------------------------------------------------------
\8\ In approving this proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
\9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\10\ that the proposed rule change (SR-Phlx-2009-24), as amended,
is hereby approved.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-11357 Filed 5-14-09; 8:45 am]
BILLING CODE 8010-01-P
