Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to an Extension of the Linkage Fee Pilot Program, 32215-32216 [E9-16041]
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<![CDATA[
Federal Register / Vol. 74, No. 128 / Tuesday, July 7, 2009 / Notices
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 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–2009–34 and
should be submitted on or before July
28, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–16042 Filed 7–6–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60207; File No. SR–CBOE–
2009–041]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to an Extension
of the Linkage Fee Pilot Program
July 1, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that, on June 30,
2009, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ 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 Exchange. The Commission is
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Nov<24>2008
14:45 Jul 06, 2009
Jkt 217001
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
Fees Schedule to extend until July 31,
2010 the Options Intermarket Linkage
(‘‘Linkage’’) fees pilot program. The text
of the proposed rule change is available
at the Exchange, at the Commission’s
Public Reference Room and https://
www.cboe.org/legal.
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 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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange’s fees for Principal
(‘‘P’’) and Principal Acting as Agent (‘‘P/
A’’) orders 3 are operating under a pilot
program scheduled to expire on July 31,
2009.4 The Exchange proposes to amend
its Fees Schedule to extend the pilot
program until July 31, 2010. The
Exchange is proposing no other changes
to the operation of the pilot program.
The Exchange assesses its members
the following Linkage order related fees:
3 Under the Plan for the Purpose of Creating and
Operating an Options Intermarket Linkage (‘‘Plan’’)
and Exchange Rule 6.80(12), which tracks the
language of the Plan, a ‘‘Linkage Order’’ means an
Immediate or Cancel Order routed through the
Linkage as permitted under the Plan. There are
three types of Linkage Orders: (i) ‘‘P/A Order’’,
which is an order for the principal account of a
specialist (or equivalent entity an 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; (ii) ‘‘P
Order’’, which is an order for the principal account
of an Eligible Market Maker and is not a P/A Order;
and (iii) ‘‘Satisfaction Order,’’ which is an order
sent through the Linkage to notify a member of
another Participant Exchange of a Trade-Through
and to seek satisfaction of the liability arising from
that Trade-Through.
4 See Securities Exchange Act Release No. 58117
(July 8, 2008), 73 FR 40645 (July 15, 2008), (SR–
CBOE–2008–69).
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
32215
(i) $.30 per contract transaction fee, and
(ii) $.15 per contract surcharge fee on
transactions in options on the Nasdaq–
100 Index (MNX and NDX) and options
on the Russell 2000 Index (RUT) 5.
Satisfaction orders are not assessed
Exchange fees.
The Exchange believes that extension
of the Linkage fee pilot program until
July 31, 2010 would give the
Commission further opportunity to
evaluate the appropriateness of Linkage
fees.
The Exchange also proposes to amend
Section 21 of the Fees Schedule to
change the Linkage fees pilot expiration
date included in that section to July 31,
2010, thereby extending the term of the
DPM Linkage Fees Credit program for
PA orders.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with Section
6(b) of the Act 6, in general, and furthers
the objectives of Section 6(b)(4) 7 of the
Act in particular, in that it is designed
to provide for the equitable allocation of
reasonable dues, fees, and other charges
among CBOE members and other
persons using its facilities. The
Exchange believes that extension of the
Linkage fee pilot program until July 31,
2010 would give the Commission
further opportunity to evaluate the
appropriateness of Linkage fees.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE 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
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change: (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 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, if
consistent with the protection of
5 See CBOE Fees Schedule, Footnote 14.
Surcharge fees are also assessed on OEX, XEO, SPX,
volatility index options, DJX and DXL options
however Linkage fees do not apply to these
products as they are not multiply listed.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4).
E:\FR\FM\07JYN1.SGM
07JYN1
32216
Federal Register / Vol. 74, No. 128 / Tuesday, July 7, 2009 / Notices
investors and the public interest, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) thereunder.9
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 rulecomments@sec.gov. Please include File
Number SR–CBOE–2009–041 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–CBOE–2009–041. 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
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the self-regulatory organization
to submit to 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, or such
shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
9 17
VerDate Nov<24>2008
14:45 Jul 06, 2009
Jkt 217001
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 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–CBOE–2009–041 and
should be submitted on or before July
28, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–16041 Filed 7–6–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60193; File No. SR–
NASDAQ–2009–052]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to the Nasdaq
Listing Rules To Make Certain
Technical Changes and Typographical
Corrections
June 30, 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 16,
2009, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I and II below, which Items
have been prepared by Nasdaq. 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
Nasdaq proposes a rule change to
make technical changes and
typographical corrections to Nasdaq’s
Listing Rules. The text of the proposed
rule change is available from Nasdaq’s
Web site at https://
nasdaq.cchwallstreet.com, at Nasdaq’s
PO 00000
10 17
CFR 200.30–3(a)(12).
U.S.C. 78a.
2 17 CFR 240.19b–4.
1 15
Frm 00113
Fmt 4703
Sfmt 4703
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,
Nasdaq included statements concerning
the purpose of, and basis for, the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below, and
is set forth in sections A, B, and C
below.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On March 12, 2009, Nasdaq filed a
proposed rule change to revise the rules
relating to the qualification, listing, and
delisting of companies listed on, or
applying to list on, Nasdaq to improve
the organization of the rules, eliminate
redundancies and simplify the rule
language.3 These rules (the ‘‘New
Listing Rules’’) were operative April 13,
2009. Nasdaq has observed that the
March filing introduced a handful of
typographical errors to the New Listing
Rules and certain rules require
clarification or other technical changes.
As a consequence, Nasdaq proposes to
add clarifying language and correct
typographical errors (such as adding
omitted words, deleting unnecessary
words, and adding omitted punctuation)
in Rules 5000, 5110, 5400, 5500, 5810,
5815, 5835, and IM–5605. In addition,
Nasdaq proposes to update a crossreference in Rule 5710(a), which was
not updated at the time of the adoption
of the New Listing Rules, and correct
references in Rules 5705(a) and (b).
Nasdaq is also proposing to add
descriptive titles and language to Rules
5550 and 5810 and to correct the title
of Rule 5630 so that it is consistent with
the underlying requirement of that rule.
Last, Nasdaq is proposing to assign rule
numbers to introductory paragraphs to
certain New Listing Rules series, and
renumber certain rules as a consequence
in order to facilitate online navigation of
the New Listing Rules. In that regard,
Nasdaq is proposing to adopt a
convention to ensure that introductory
language to the rule series is numbered
consistently throughout the New Listing
Rules, and kept separate from the titles
of the rule series to which such
introductory language applies. As a
3 Securities Exchange Act Release No. 59663
(March 31, 2009), 74 FR 15552 (April 6, 2009) (SR–
NASDAQ–2009–018).
E:\FR\FM\07JYN1.SGM
07JYN1
]]>Agencies
[Federal Register Volume 74, Number 128 (Tuesday, July 7, 2009)]
[Notices]
[Pages 32215-32216]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-16041]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60207; File No. SR-CBOE-2009-041]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to an Extension of the Linkage Fee Pilot Program
July 1, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on June 30, 2009, the Chicago Board Options Exchange,
Incorporated (``CBOE'' 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 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 Exchange proposes to amend its Fees Schedule to extend until
July 31, 2010 the Options Intermarket Linkage (``Linkage'') fees pilot
program. The text of the proposed rule change is available at the
Exchange, at the Commission's Public Reference Room and https://www.cboe.org/legal.
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 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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange's fees for Principal (``P'') and Principal Acting as
Agent (``P/A'') orders \3\ are operating under a pilot program
scheduled to expire on July 31, 2009.\4\ The Exchange proposes to amend
its Fees Schedule to extend the pilot program until July 31, 2010. The
Exchange is proposing no other changes to the operation of the pilot
program.
---------------------------------------------------------------------------
\3\ Under the Plan for the Purpose of Creating and Operating an
Options Intermarket Linkage (``Plan'') and Exchange Rule 6.80(12),
which tracks the language of the Plan, a ``Linkage Order'' means an
Immediate or Cancel Order routed through the Linkage as permitted
under the Plan. There are three types of Linkage Orders: (i) ``P/A
Order'', which is an order for the principal account of a specialist
(or equivalent entity an 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; (ii) ``P Order'', which is an order
for the principal account of an Eligible Market Maker and is not a
P/A Order; and (iii) ``Satisfaction Order,'' which is an order sent
through the Linkage to notify a member of another Participant
Exchange of a Trade-Through and to seek satisfaction of the
liability arising from that Trade-Through.
\4\ See Securities Exchange Act Release No. 58117 (July 8,
2008), 73 FR 40645 (July 15, 2008), (SR-CBOE-2008-69).
---------------------------------------------------------------------------
The Exchange assesses its members the following Linkage order
related fees: (i) $.30 per contract transaction fee, and (ii) $.15 per
contract surcharge fee on transactions in options on the Nasdaq-100
Index (MNX and NDX) and options on the Russell 2000 Index (RUT) \5\.
Satisfaction orders are not assessed Exchange fees.
---------------------------------------------------------------------------
\5\ See CBOE Fees Schedule, Footnote 14. Surcharge fees are also
assessed on OEX, XEO, SPX, volatility index options, DJX and DXL
options however Linkage fees do not apply to these products as they
are not multiply listed.
---------------------------------------------------------------------------
The Exchange believes that extension of the Linkage fee pilot
program until July 31, 2010 would give the Commission further
opportunity to evaluate the appropriateness of Linkage fees.
The Exchange also proposes to amend Section 21 of the Fees Schedule
to change the Linkage fees pilot expiration date included in that
section to July 31, 2010, thereby extending the term of the DPM Linkage
Fees Credit program for PA orders.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Act \6\, in general, and furthers the objectives of
Section 6(b)(4) \7\ of the Act in particular, in that it is designed to
provide for the equitable allocation of reasonable dues, fees, and
other charges among CBOE members and other persons using its
facilities. The Exchange believes that extension of the Linkage fee
pilot program until July 31, 2010 would give the Commission further
opportunity to evaluate the appropriateness of Linkage fees.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE 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
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change: (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 30 days from the
date on which it was filed, or such shorter time as the Commission may
designate, if consistent with the protection of
[[Page 32216]]
investors and the public interest, it has become effective pursuant to
Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the self-regulatory organization to submit to 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, or such shorter time as designated by the
Commission. The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
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-CBOE-2009-041 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-CBOE-2009-041. 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 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-CBOE-2009-041 and should be
submitted on or before July 28, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-16041 Filed 7-6-09; 8:45 am]
BILLING CODE 8010-01-P
