Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing of Proposed Rule Change to Charge a $500 Monthly Fee to Recipients of the NYSE Amex Order Imbalance Information Datafeed, 30184-30186 [E9-14796]
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30184
Federal Register / Vol. 74, No. 120 / Wednesday, June 24, 2009 / Notices
U.S. SMALL BUSINESS ADMINISTRATION OFFICE OF GOVERNMENT CONTRACTING NONMANUFACTURER RULE—Continued
[Class Waiver in Effect as of March 17, 2009]
Product service code
Date in Federal
Register
7110 ..............
NAICS
Product
6/27/2006
337127
339111
339111
314110
314110
314110
326192
333415
335221
333312
335522
335221
335222, 339940,
325992, 322231,
339940
323117
334310
334310
325520
311711
311421
311421
311421
311421
311312
322224
331491
331491
331315
331111
331491
331491
331491
331312
331315
331411
331411
331419
333415
7195
7195
7220
7220
7220
7220
7290
7320
7290
7320
7320
7510
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6/27/2006
6/27/2006
1/15/1991
5/15/1991
1/15/1991
5/15/1991
11/15/2005
11/15/2005
10/21/2005
10/21/2005
10/21/2005
1/12/2006
7610
7730
7730
8040
8905
8915
8915
8915
8915
8925
9310
9510
9515
9515
9520
9525
9530
9530
9530
9535
9650
9650
9650
9999
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8/3/1990
7/27/1994
7/27/1994
02/09/2005
10/2/1991
9/23/1991
10/2/1991
10/2/1991
9/23/1991
10/2/1991
10/2/1991
5/15/1991
5/15/1991
9/25/1990
5/15/1991
5/15/1991
5/15/1991
8/23/1991
8/23/1991
6/8/2004
9/25/1990
9/25/1990
9/25/1990
8/11/2004
Furniture, Factory-type (e.g., cabinets, stools, tool stands, work benches) Manufacturing.
Furniture, hospital (e.g., hospital beds, operating room furniture), Manufacturing.
Furniture, Laboratory-type (e.g., benches, cabinets, stools, tables) Manufacturing.
CARPET TILE.
CARPET, WOVEN, 6-FT VINYL BACK BROADLOOM.
CARPET, 6 FT VINYL BACK BROADLOOM.
TILE AND ROLL, VINYL SURFACE.
COMMERCIAL REFRIGERATOR EQUIPMENT.
HOUSEHOLD REFRIGERATOR EQUIPMENT.
COMMERCIAL LAUNDRY EQUIPMENT.
HOUSEHOLD REFRIGERATOR EQUIPMENT.
HOUSEHOLD COOKING EQUIPMENT.
OFFICE SUPPLIES, PAPER & TONER.
THESAURUSES & DICTIONARIES.
DISC PLAYERS, COMPACT.
TELEVISION RECEIVING SETS.
ADHESIVES AND SEALANTS MANUFACTURING.
TUNA, CANNED.
APRICOTS, CANNED.
CITRUS SECTIONS, CANNED.
SPINACH, CANNED.
TOMATO PASTE, CANNED.
SUGAR, GRANULATED & BROWN.
PAPER BAGS (SMALL HARDWARE TYPE).
BARS & ROD, HIGH NICKEL ALLOY.
PLATE, SHEET, STRIP & FOIL; STAINLESS STEEL & HIGH NICKEL ALLOY.
PLATE, SHEET, STRIP, FOIL & WIRE; HIGH NICKEL ALLOY.
STAINLESS STEEL SHAPES.
WIRE, NONELECTRICAL HIGH NICKEL ALL0Y.
BARS & RODS, HIGH NICKEL ALLOY.
ALUMINUM.
NICKEL-COPPER NICKEL.
ALUMINUM, SHEET, PLATE AND FOIL MANUFACTURING.
COPPER & NICKEL CATHODES.
COPPER CATHODES.
NICKEL BRICKETTES.
ICE MAKING MACHINERY MANUFACTURING.
* This waiver covers only peripheral equipment when purchasing a mainfame computer (PSC 7021).
The SBA posted a notice in the
Federal Register on March 26, 2009 and
April 22, 2009 in the Federal Business
Opportunities. SBA received five (5)
responses from small business concerns.
A review of the responses determined
that there were no small business
manufacturing sources for any of the
products on the approved class waivers
in effect as of March 17, 2009.
Therefore, the list of approved class
waivers for these products will remain
in effect until such time of the discovery
of small business manufacturing
sources.
Dated: June 19, 2009.
James Gambardella,
Acting Director for Government Contracting.
[FR Doc. E9–14889 Filed 6–23–09; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60122; File No. SR–
NYSEAmex–2009–26]
Self-Regulatory Organizations; NYSE
Amex LLC; Notice of Filing of
Proposed Rule Change to Charge a
$500 Monthly Fee to Recipients of the
NYSE Amex Order Imbalance
Information Datafeed
June 17, 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 June 5,
2008, the NYSE Amex LLC (‘‘NYSE
Amex’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
BILLING CODE 8025–01–P
1 15
2 17
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16:46 Jun 23, 2009
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00144
Fmt 4703
Sfmt 4703
(‘‘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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Amex LLC (‘‘NYSE Amex’’ or
the ‘‘Exchange’’), formerly the American
Stock Exchange LLC, proposes to charge
a $500 monthly fee to recipients of the
NYSE Amex Order Imbalance
Information datafeed. The text of the
proposed rule change is available at the
Exchange, the Commission’s Public
Reference Room, and https://
www.nyse.com.
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Federal Register / Vol. 74, No. 120 / Wednesday, June 24, 2009 / Notices
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
NYSE Amex 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. NYSE
Amex 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
NYSE Amex LLC (‘‘NYSE Amex’’ or
the ‘‘Exchange’’), formerly the American
Stock Exchange LLC, proposes to charge
a $500 monthly fee to recipients of the
NYSE Amex Order Imbalance
Information datafeed.
On April 9, 2009, NYSE Amex
formally established its NYSE Amex
Order Imbalance Information datafeed
service (the ‘‘Implementation Filing’’).3
Subsequent to the Implementation
Filing, NYSE Amex amended NYSE
Amex Equity Rules 15 and 123C to
modify the reference price at which the
Exchange reports NYSE Amex Order
Imbalance Information and to clarify
what is included or excluded from the
NYSE Amex Order Imbalance
Information reports (the ‘‘Reference
Price Filing’’).4
As more fully described in the
Implementation Filing and the
Reference Price Filing, NYSE Amex
Order Imbalance Information provides
real-time order imbalances that
accumulate prior to the opening of
trading on the Exchange and prior to the
close of trading on the Exchange. The
Exchange provides this information for
issues that are likely to be of particular
trading interest at the opening or
closing.
Currently, the Exchange provides this
datafeed at no cost. The instant filing is
submitted to establish a $500 monthly
fee for receipt of the NYSE Amex Order
Imbalance Information datafeed. This
proposed $500 monthly fee to recipients
of the NYSE Amex Order Imbalance
Information datafeed applies whether
3 See
Securities Exchange Act Release No. 59743
(April 9, 2009), 74 FR 17699 (April 16, 2009) (SR–
NYSEAmex–2009–11).
4 See Securities Exchange Act Release No. 59816
(April 23, 2009), 74 FR 19614 (April 29, 2009) (SR–
NYSEAmex–2009–13).
VerDate Nov<24>2008
16:46 Jun 23, 2009
Jkt 217001
the recipient receives the datafeed
directly from the Exchange or indirectly
from an intermediary. The fee entitles
the datafeed recipient to make displays
of that information available to an
unlimited number of subscribers for no
extra charge. The Exchange is not
proposing to impose an end-user or
display service fee on those subscribers.
The $500 monthly fee would allow
vendors to redistribute NYSE Amex
Order Imbalance Information: (1)
Without having to differentiate between
professional subscribers and
nonprofessional subscribers; (2) without
having to account for the extent of
access to data; (3) without having to
procure contracts with its subscribers
for the benefit of the Exchange; and (4)
without having to report the number of
its subscribers.
The Exchange submits that the fee
enables the investment community that
has an interest in the receipt of order
imbalance information to contribute to
the Exchange’s operating costs in a
manner that is appropriate for this
market data product.
In setting the level of the NYSE Amex
Order Imbalance Information Product
fee, the Exchange took into
consideration several factors, including:
(1) The fees that other Exchanges are
charging for similar services 5;
(2) Consultation with some of the
entities that the Exchange anticipates
will be the most likely to take advantage
of the proposed service;
(3) The contribution of market data
revenues that the Exchange believes is
appropriate for entities that provide
market data to large numbers of
investors, which are the entities most
likely to take advantage of the proposed
service; and
(4) The contribution that revenues
accruing from the proposed fee will
make to meet the overall costs of the
Exchange’s operations.
In short, the Exchange believes that
the proposed NYSE Order Imbalance
Information fee would reflect an
equitable allocation of its overall costs
to users of its facilities.
The Exchange believes that the level
of the fee is consistent with the
approach set forth in the approval order
issued by the Commission related to
5 New York Stock Exchange LLC imposes an
access fee of $500 per month for its order imbalance
datafeed. Nasdaq OMX includes order imbalance
information in its Nasdaq TotalView datafeed.
Nasdaq OMX imposes end-user charges on both
professional and nonprofessional subscribers that
receive TotalView, as well as an array of monthly
distribution charges that are significantly higher
than the charge that NYSE Amex is proposing in
this proposed rule change.
PO 00000
Frm 00145
Fmt 4703
Sfmt 4703
30185
ArcaBook fees.6 In the ArcaBook
Approval Order, the Commission stated
that ‘‘when possible, reliance on
competitive forces is the most
appropriate and effective means to
assess whether the terms for the
distribution of non-core data are
equitable, fair and reasonable, and not
unreasonably discriminatory.’’ 7 It noted
that if significant competitive forces
apply to a proposal, the Commission
will approve it unless a substantial
countervailing basis exists.
The Exchange submits that the NYSE
Amex Order Imbalance Information
datafeed constitutes ‘‘non-core data’’;
i.e., the Exchange does not require a
central processor to consolidate and
distribute the product to the public
pursuant to joint-SRO plans. Rather, the
Exchange distributes this product
voluntarily. Furthermore, both types of
the competitive forces that the
Commission described in the ArcaBook
Approval Order are present: the
Exchange has a compelling need to
attract order flow and the product
competes with a number of alternative
products.
The Exchange must compete
vigorously for order flow to maintain its
share of trading volume. This requires
the Exchange to act reasonably in setting
market data fees for non-core products
such as the NYSE Amex Order
Imbalance Information datafeed. The
Exchange hopes that NYSE Amex Order
Imbalance datafeed will enable vendors
to distribute NYSE Amex order
imbalance information widely among
investors, and thereby provide a means
for promoting the Exchange’s visibility
in the marketplace.
2. Statutory Basis
The bases under the Securities
Exchange Act of 1934 (the ‘‘1934 Act’’)
for the proposed rule change are the
requirement under Section 6(b)(4) 8 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 and the requirements under
Section 6(b)(5) 9 that the rules of an
exchange be designed to promote just
and equitable principles of trade, to
remove impediments to, and perfect the
mechanism of, a free and open market
and a national market system, and, in
6 See Securities Exchange Act Release No. 59039
(December 2, 2008), 73 FR 74770 (December 9,
2008) (SR–NYSEArca–2006–21) (the ‘‘ArcaBook
Approval Order’’).
7 Id. at 74771.
8 15 U.S.C. 78f(b)(4).
9 15 U.S.C. 78f(b)(5).
E:\FR\FM\24JNN1.SGM
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30186
Federal Register / Vol. 74, No. 120 / Wednesday, June 24, 2009 / Notices
general, to protect investors and the
public interest.
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.
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
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange consents,
the Commission will:
(A) By order approve the proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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
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–
NYSEAmex–2009–26 and should be
submitted on or before July 15, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–14796 Filed 6–23–09; 8:45 am]
BILLING CODE 8010–01–P
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
No. SR–NYSEAmex–2009–26 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60126; File No. SR–CBOE–
2008–55]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Order Granting Approval
to a Proposed Rule Change, as
Modified by Amendment No. 1,
Relating to Margin Requirements
June 17, 2009.
I. Introduction
On June 2, 2008, pursuant to Section
19(b)(1) of the Securities Exchange Act
Paper Comments
of 1934 (the ‘‘Act’’),1 and Rule 19b–4
• Send paper comments in triplicate
thereunder,2 the Chicago Board Options
to Elizabeth M. Murphy, Secretary,
Exchange, Incorporated (the ‘‘Exchange’’
Securities and Exchange Commission,
or ‘‘CBOE’’) filed with the Securities
Station Place, 100 F Street, NE.,
and Exchange Commission (the
Washington, DC 20549–1090.
‘‘Commission’’) a proposed rule change
All submissions should refer to File
to modify its margin requirements to
Number SR–NYSEAmex–2009–26. This facilitate, under certain circumstances,
file number should be included on the
the ability of account holders to use
subject line if e-mail is used. To help the vested and currently exercisable
Commission process and review your
comments more efficiently, please use
10 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
only one method. The Commission will
2 17 CFR 240.19b–4.
post all comments on the Commission’s
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16:46 Jun 23, 2009
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PO 00000
Frm 00146
Fmt 4703
Sfmt 4703
compensatory employee stock options
(‘‘Vested Employee Options’’) issued by
publicly traded companies as collateral
for writing call options that have the
same underlying security as the Vested
Employee Options. On May 3, 2009,
CBOE filed Amendment No. 1. The
proposed rule change was published for
comment in the Federal Register on
May 13, 2009.3 The Commission
received one comment letter on the
proposed rule change.4
II. Description
The Exchange proposes to amend its
margin requirements to facilitate, under
certain circumstances, the ability of
account holders to use Vested Employee
Options issued by publicly traded
companies (‘‘Issuers’’) as collateral for
writing call options that have the same
underlying security as the Vested
Employee Options. Specifically, the
proposal would allow account holders
to sell, as a hedge, listed equity call
options on the same underlying security
as the account holder’s Vested
Employee Options without the
requirement of margin (the
‘‘Transactions’’). The proposal would
permit account holders to engage in the
Transactions using their Vested
Employee Options as collateral.
Currently, such Transactions would be
deemed ‘‘naked’’ for purposes of margin
rules and subject to a deposit of cash
margin, effectively making the strategies
cost prohibitive and impractical. The
Exchange believes that enabling
employees who hold Vested Employee
Options to generate income and
liquidity on their otherwise illiquid
asset through the listed options markets
will benefit investors by providing
greater transparency and liquidity.
Under Section 220.12(f)(1) of
Regulation T,5 the Exchange, as a
registered national securities exchange,
is permitted to recognize the type of
transactions described below as eligible
for margin treatment subject to the
approval of the Commission.
The proposal would permit account
holders to sell listed call options on the
same security that underlies their
Vested Employee Options without the
requirement of margin. Given the
uncertificated nature of employee stock
options, in order to secure the account
3 See Securities Exchange Act Release No. 59876
(May 6, 2009), 74 FR 22613 (May 13, 2009)
(‘‘Notice’’).
4 See letter from Kandy Rathinasamy, dated May
15, 2009 (‘‘Rathinasamy Letter’’).
5 Section 220.12(f)(1) of Regulation T (12 CFR
220), Supplement: Margin Requirements, grants
authority to registered national securities exchanges
to promulgate rules relating to call and put margin
requirements.
E:\FR\FM\24JNN1.SGM
24JNN1
]]>Agencies
[Federal Register Volume 74, Number 120 (Wednesday, June 24, 2009)]
[Notices]
[Pages 30184-30186]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-14796]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60122; File No. SR-NYSEAmex-2009-26]
Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing of
Proposed Rule Change to Charge a $500 Monthly Fee to Recipients of the
NYSE Amex Order Imbalance Information Datafeed
June 17, 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 June 5, 2008, the NYSE Amex LLC (``NYSE Amex'' 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
NYSE Amex LLC (``NYSE Amex'' or the ``Exchange''), formerly the
American Stock Exchange LLC, proposes to charge a $500 monthly fee to
recipients of the NYSE Amex Order Imbalance Information datafeed. The
text of the proposed rule change is available at the Exchange, the
Commission's Public Reference Room, and https://www.nyse.com.
[[Page 30185]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NYSE Amex 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. NYSE Amex 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
NYSE Amex LLC (``NYSE Amex'' or the ``Exchange''), formerly the
American Stock Exchange LLC, proposes to charge a $500 monthly fee to
recipients of the NYSE Amex Order Imbalance Information datafeed.
On April 9, 2009, NYSE Amex formally established its NYSE Amex
Order Imbalance Information datafeed service (the ``Implementation
Filing'').\3\ Subsequent to the Implementation Filing, NYSE Amex
amended NYSE Amex Equity Rules 15 and 123C to modify the reference
price at which the Exchange reports NYSE Amex Order Imbalance
Information and to clarify what is included or excluded from the NYSE
Amex Order Imbalance Information reports (the ``Reference Price
Filing'').\4\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 59743 (April 9,
2009), 74 FR 17699 (April 16, 2009) (SR-NYSEAmex-2009-11).
\4\ See Securities Exchange Act Release No. 59816 (April 23,
2009), 74 FR 19614 (April 29, 2009) (SR-NYSEAmex-2009-13).
---------------------------------------------------------------------------
As more fully described in the Implementation Filing and the
Reference Price Filing, NYSE Amex Order Imbalance Information provides
real-time order imbalances that accumulate prior to the opening of
trading on the Exchange and prior to the close of trading on the
Exchange. The Exchange provides this information for issues that are
likely to be of particular trading interest at the opening or closing.
Currently, the Exchange provides this datafeed at no cost. The
instant filing is submitted to establish a $500 monthly fee for receipt
of the NYSE Amex Order Imbalance Information datafeed. This proposed
$500 monthly fee to recipients of the NYSE Amex Order Imbalance
Information datafeed applies whether the recipient receives the
datafeed directly from the Exchange or indirectly from an intermediary.
The fee entitles the datafeed recipient to make displays of that
information available to an unlimited number of subscribers for no
extra charge. The Exchange is not proposing to impose an end-user or
display service fee on those subscribers.
The $500 monthly fee would allow vendors to redistribute NYSE Amex
Order Imbalance Information: (1) Without having to differentiate
between professional subscribers and nonprofessional subscribers; (2)
without having to account for the extent of access to data; (3) without
having to procure contracts with its subscribers for the benefit of the
Exchange; and (4) without having to report the number of its
subscribers.
The Exchange submits that the fee enables the investment community
that has an interest in the receipt of order imbalance information to
contribute to the Exchange's operating costs in a manner that is
appropriate for this market data product.
In setting the level of the NYSE Amex Order Imbalance Information
Product fee, the Exchange took into consideration several factors,
including:
(1) The fees that other Exchanges are charging for similar services
\5\;
---------------------------------------------------------------------------
\5\ New York Stock Exchange LLC imposes an access fee of $500
per month for its order imbalance datafeed. Nasdaq OMX includes
order imbalance information in its Nasdaq TotalView datafeed. Nasdaq
OMX imposes end-user charges on both professional and
nonprofessional subscribers that receive TotalView, as well as an
array of monthly distribution charges that are significantly higher
than the charge that NYSE Amex is proposing in this proposed rule
change.
---------------------------------------------------------------------------
(2) Consultation with some of the entities that the Exchange
anticipates will be the most likely to take advantage of the proposed
service;
(3) The contribution of market data revenues that the Exchange
believes is appropriate for entities that provide market data to large
numbers of investors, which are the entities most likely to take
advantage of the proposed service; and
(4) The contribution that revenues accruing from the proposed fee
will make to meet the overall costs of the Exchange's operations.
In short, the Exchange believes that the proposed NYSE Order
Imbalance Information fee would reflect an equitable allocation of its
overall costs to users of its facilities.
The Exchange believes that the level of the fee is consistent with
the approach set forth in the approval order issued by the Commission
related to ArcaBook fees.\6\ In the ArcaBook Approval Order, the
Commission stated that ``when possible, reliance on competitive forces
is the most appropriate and effective means to assess whether the terms
for the distribution of non-core data are equitable, fair and
reasonable, and not unreasonably discriminatory.'' \7\ It noted that if
significant competitive forces apply to a proposal, the Commission will
approve it unless a substantial countervailing basis exists.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770 (December 9, 2008) (SR-NYSEArca-2006-21) (the
``ArcaBook Approval Order'').
\7\ Id. at 74771.
---------------------------------------------------------------------------
The Exchange submits that the NYSE Amex Order Imbalance Information
datafeed constitutes ``non-core data''; i.e., the Exchange does not
require a central processor to consolidate and distribute the product
to the public pursuant to joint-SRO plans. Rather, the Exchange
distributes this product voluntarily. Furthermore, both types of the
competitive forces that the Commission described in the ArcaBook
Approval Order are present: the Exchange has a compelling need to
attract order flow and the product competes with a number of
alternative products.
The Exchange must compete vigorously for order flow to maintain its
share of trading volume. This requires the Exchange to act reasonably
in setting market data fees for non-core products such as the NYSE Amex
Order Imbalance Information datafeed. The Exchange hopes that NYSE Amex
Order Imbalance datafeed will enable vendors to distribute NYSE Amex
order imbalance information widely among investors, and thereby provide
a means for promoting the Exchange's visibility in the marketplace.
2. Statutory Basis
The bases under the Securities Exchange Act of 1934 (the ``1934
Act'') for the proposed rule change are the requirement under Section
6(b)(4) \8\ 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 and the requirements under
Section 6(b)(5) \9\ that the rules of an exchange be designed to
promote just and equitable principles of trade, to remove impediments
to, and perfect the mechanism of, a free and open market and a national
market system, and, in
[[Page 30186]]
general, to protect investors and the public interest.
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\8\ 15 U.S.C. 78f(b)(4).
\9\ 15 U.S.C. 78f(b)(5).
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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.
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
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
(A) By order approve the proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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 No. SR-NYSEAmex-2009-26 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-NYSEAmex-2009-26. 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 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 available publicly. All submissions should refer to
File Number SR-NYSEAmex-2009-26 and should be submitted on or before
July 15, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-14796 Filed 6-23-09; 8:45 am]
BILLING CODE 8010-01-P
