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, 33491-33492 [E9-16578]

Download as PDF Federal Register / Vol. 74, No. 132 / Monday, July 13, 2009 / Notices Number SR–NYSEArca–2009–56 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–NYSEArca–2009–56. 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– NYSEArca–2009–56 and should be submitted on or before August 3, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Elizabeth M. Murphy, Secretary. [FR Doc. E9–16579 Filed 7–10–09; 8:45 am] mstockstill on DSKH9S0YB1PROD with NOTICES BILLING CODE 8010–01–P 16 17 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–60254; File No. SR–CBOE– 2009–042] 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 July 7, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 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 (‘‘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. 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. CFR 200.30–3(a)(12). VerDate Nov<24>2008 18:36 Jul 10, 2009 1 15 Jkt 217001 PO 00000 U.S.C. 78s(b)(1). Frm 00087 Fmt 4703 Sfmt 4703 33491 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 $10,171 per month. Both access fees are currently set at the indicative lease rate (as defined below) for June 2009. The Exchange proposes to adjust both access fees effective at the beginning of July 2009 to be equal to the indicative lease rate for July 2009 (which is $11,552). Specifically, the Exchange proposes to revise both the Temporary Member access fee and the ITP access fee to be $11,552 per month commencing on July 1, 2009. The indicative lease rate is defined under Rule 3.27(b) as the highest clearing firm floating monthly rate 4 of the CBOE Clearing Members that assist in facilitating at least 10% of the CBOE transferable membership leases.5 The Exchange determined the indicative lease rate for July 2009 by polling each of these Clearing Members and obtaining the clearing firm floating monthly rate designated by each of these Clearing Members for that month. The Exchange used the same process to set the proposed Temporary Member and ITP access fees that it used to set the current Temporary Member and ITP access fees. The only difference is that the Exchange used clearing firm floating monthly rate information for the month of July 2009 to set the proposed access fees (instead of clearing firm floating monthly rate information for the month of June 2009 as was used to set the current access fees) in order to take into account changes in clearing firm floating monthly rates for the month of July 2009. The Exchange believes that the process used to set the proposed Temporary Member access fee and the 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 transferable membership leases that the Clearing Member assisted in facilitating, for leases that utilize that monthly rate. 5 The concepts of an indicative lease rate and of a clearing firm floating month rate were previously utilized in the CBOE rule filings that set and adjusted the Temporary Member access fee. Both concepts are also codified in Rule 3.27(b) in relation to ITPs. E:\FR\FM\13JYN1.SGM 13JYN1 33492 Federal Register / Vol. 74, No. 132 / Monday, July 13, 2009 / Notices proposed Temporary Member access fee itself are appropriate for the same reasons set forth in CBOE rule filing SR– CBOE–2008–12 with respect to the original Temporary Member access fee.6 Similarly, the Exchange believes that the process used to set the proposed ITP access fee and the proposed ITP access fee itself are appropriate for the same reasons set forth in CBOE rule filing SR– CBOE–2008–77 with respect to the original ITP access fee.7 Each of the proposed access fees will remain in effect until such time either that the Exchange submits a further rule filing pursuant to Section 19(b)(3)(A)(ii) of the Act 8 to modify the applicable access fee or the applicable status (i.e., the Temporary Membership status or the ITP status) is terminated. Accordingly, the Exchange may, and likely will, further adjust the proposed access fees in the future if the Exchange determines that it would be appropriate to do so taking into consideration lease rates for transferable CBOE memberships prevailing at that time. The procedural provisions of the CBOE Fee Schedule related to the assessment of each proposed access fee are not proposed to be changed and will remain the same as the current procedural provisions relating to the assessment of that access fee. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,9 in general, and furthers the objectives of Section 6(b)(4) of the Act,10 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among persons using its facilities. B. Self-Regulatory Organization’s Statement on Burden on Competition mstockstill on DSKH9S0YB1PROD with NOTICES CBOE does not believe that the proposed rule change will impose any burden on competition that is not 6 See Securities Exchange Act Release No. 57293 (February 8, 2008), 73 FR 8729 (February 14, 2008) (SR–CBOE–2008–12), which established the original Temporary Member access fee, for detail regarding the rationale in support of the original Temporary Member access fee and the process used to set that fee, which is also applicable to this proposed change to the Temporary Member access fee as well. 7 See Securities Exchange Act Release No. 58200 (July 21, 2008), 73 FR 43805 (July 28, 2008) (SR– CBOE–2008–77), which established the original ITP access fee, for detail regarding the rationale in support of the original ITP access fee and the process used to set that fee, which is also applicable to this proposed change to the ITP access fee as well. 8 15 U.S.C. 78s(b)(3)(A)(ii). 9 15 U.S.C. 78f(b). 10 15 U.S.C. 78f(b)(4). VerDate Nov<24>2008 18:36 Jul 10, 2009 Jkt 217001 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 Because the foregoing rule change establishes or changes a due, fee, or other charge imposed by the Exchange, it has become effective pursuant to Section 19(b)(3)(A) of the Act 11 and subparagraph (f)(2) of Rule 19b–4 12 thereunder. 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–2009–042 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–2009–042. 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 PO 00000 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 No. SR–CBOE–2009–042 and should be submitted on or before August 3, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Elizabeth M. Murphy, Secretary. [FR Doc. E9–16578 Filed 7–10–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–60239; File No. SR–FINRA– 2009–045] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of Proposed Rule Change Relating to Transaction-Related Charges for Trade Reporting to the OTC Reporting Facility July 2, 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 July 1, 2009, Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) (f/k/a National Association of Securities Dealers, Inc. (‘‘NASD’’)) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 13 17 11 15 U.S.C. 78s(b)(3)(A). 12 17 CFR 240.19b–4(f)(2). Frm 00088 Fmt 4703 Sfmt 4703 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\13JYN1.SGM 13JYN1

Agencies

[Federal Register Volume 74, Number 132 (Monday, July 13, 2009)]
[Notices]
[Pages 33491-33492]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-16578]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60254; File No. SR-CBOE-2009-042]


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

July 7, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1 \ 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 
(``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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------

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 
$10,171 per month. Both access fees are currently set at the indicative 
lease rate (as defined below) for June 2009. The Exchange proposes to 
adjust both access fees effective at the beginning of July 2009 to be 
equal to the indicative lease rate for July 2009 (which is $11,552). 
Specifically, the Exchange proposes to revise both the Temporary Member 
access fee and the ITP access fee to be $11,552 per month commencing on 
July 1, 2009.
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

    The indicative lease rate is defined under Rule 3.27(b) as the 
highest clearing firm floating monthly rate \4\ of the CBOE Clearing 
Members that assist in facilitating at least 10% of the CBOE 
transferable membership leases.\5\ The Exchange determined the 
indicative lease rate for July 2009 by polling each of these Clearing 
Members and obtaining the clearing firm floating monthly rate 
designated by each of these Clearing Members for that month.
---------------------------------------------------------------------------

    \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 transferable membership leases that the Clearing 
Member assisted in facilitating, for leases that utilize that 
monthly rate.
    \5\ The concepts of an indicative lease rate and of a clearing 
firm floating month rate were previously utilized in the CBOE rule 
filings that set and adjusted the Temporary Member access fee. Both 
concepts are also codified in Rule 3.27(b) in relation to ITPs.
---------------------------------------------------------------------------

    The Exchange used the same process to set the proposed Temporary 
Member and ITP access fees that it used to set the current Temporary 
Member and ITP access fees. The only difference is that the Exchange 
used clearing firm floating monthly rate information for the month of 
July 2009 to set the proposed access fees (instead of clearing firm 
floating monthly rate information for the month of June 2009 as was 
used to set the current access fees) in order to take into account 
changes in clearing firm floating monthly rates for the month of July 
2009.
    The Exchange believes that the process used to set the proposed 
Temporary Member access fee and the

[[Page 33492]]

proposed Temporary Member access fee itself are appropriate for the 
same reasons set forth in CBOE rule filing SR-CBOE-2008-12 with respect 
to the original Temporary Member access fee.\6\ Similarly, the Exchange 
believes that the process used to set the proposed ITP access fee and 
the proposed ITP access fee itself are appropriate for the same reasons 
set forth in CBOE rule filing SR-CBOE-2008-77 with respect to the 
original ITP access fee.\7\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 57293 (February 8, 
2008), 73 FR 8729 (February 14, 2008) (SR-CBOE-2008-12), which 
established the original Temporary Member access fee, for detail 
regarding the rationale in support of the original Temporary Member 
access fee and the process used to set that fee, which is also 
applicable to this proposed change to the Temporary Member access 
fee as well.
    \7\ See Securities Exchange Act Release No. 58200 (July 21, 
2008), 73 FR 43805 (July 28, 2008) (SR-CBOE-2008-77), which 
established the original ITP access fee, for detail regarding the 
rationale in support of the original ITP access fee and the process 
used to set that fee, which is also applicable to this proposed 
change to the ITP access fee as well.
---------------------------------------------------------------------------

    Each of the proposed access fees will remain in effect until such 
time either that the Exchange submits a further rule filing pursuant to 
Section 19(b)(3)(A)(ii) of the Act \8\ to modify the applicable access 
fee or the applicable status (i.e., the Temporary Membership status or 
the ITP status) is terminated. Accordingly, the Exchange may, and 
likely will, further adjust the proposed access fees in the future if 
the Exchange determines that it would be appropriate to do so taking 
into consideration lease rates for transferable CBOE memberships 
prevailing at that time.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

    The procedural provisions of the CBOE Fee Schedule related to the 
assessment of each proposed access fee are not proposed to be changed 
and will remain the same as the current procedural provisions relating 
to the assessment of that access fee.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\9 \ in general, and furthers the 
objectives of Section 6(b)(4) of the Act,\10\ in particular, in that it 
is designed to provide for the equitable allocation of reasonable dues, 
fees, and other charges among persons using its facilities.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 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

    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

    Because the foregoing rule change establishes or changes a due, 
fee, or other charge imposed by the Exchange, it has become effective 
pursuant to Section 19(b)(3)(A) of the Act \11\ and subparagraph (f)(2) 
of Rule 19b-4 \12\ thereunder. 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.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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-2009-042 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-2009-042. 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 No. SR-CBOE-2009-042 and should be 
submitted on or before August 3, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
 [FR Doc. E9-16578 Filed 7-10-09; 8:45 am]
BILLING CODE 8010-01-P
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