Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending a Temporary Equity Transaction Fee for Shares Executed on the NYSE MatchPointSM, 40270-40271 [E9-19183]

Download as PDF 40270 Federal Register / Vol. 74, No. 153 / Tuesday, August 11, 2009 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–60439; File No. SR–NYSE– 2009–78] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending a Temporary Equity Transaction Fee for Shares Executed on the NYSE MatchPointSM System Through October 31, 2009 August 5, 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 July 31, 2009, New York Stock Exchange LLC (‘‘NYSE’’ 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 selfregulatory organization. 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 extend a temporary equity transaction fee for shares executed on the NYSE MatchPointSM (‘‘NYSE MatchPoint’’ or ‘‘MatchPoint’’) system, effective upon filing through October 31, 2009. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https://www.nyse.com. sroberts on DSKD5P82C1PROD with 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, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at 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. 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 VerDate Nov<24>2008 20:51 Aug 10, 2009 Jkt 217001 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change reward those who have been using the MatchPoint system for share execution, and will provide a continued incentive for new participants in MatchPoint. 1. Purpose On January 7, 2009, the Exchange filed with the Securities and Exchange Commission (the ‘‘Commission’’) a proposed rule change to adopt a temporary equity transaction fee for shares executed on the NYSE MatchPointSM system, effective until February 28, 2009 (the ‘‘January filing’’).4 On February 26, 2009, the Exchange filed with the Commission a proposed rule change to extend this temporary equity transaction fee until April 30, 2009 (the ‘‘March filing’’).5 On April 29, 2009, the Exchange filed with the Commission a proposed rule change to further extend this temporary equity transaction fee until June 30, 2009 (the ‘‘April filing’’).6 On July 6, 2009, the Exchange filed with the Commission a proposed rule change to further extend this temporary equity transaction fee until July 31, 2009 (the ‘‘July filing’’).7 Through this filing, the Exchange proposes to extend this equity transaction fee to be effective upon filing through October 31, 2009. Prior to the January filing, the equity transaction fee was $.0015 per share executed on the MatchPoint system. In the January filing, the Exchange proposed to adopt a scaled fee for MatchPoint users based on the average daily volume of shares executed during a calendar month through the MatchPoint system as follows: 2. Statutory Basis Average daily volume of shares executed ................................... 50,000 shares or less ................................... Over 50,000 to 499,999. ................................... 500,000 and greater ................................... Rate $.0015 per share. $.0010 per share. $.0005 per share. The March, April and July filings proposed to continue this fee schedule. The Exchange believes that the extension of the fee schedule through October 31, 2009 will continue to 4 See Securities Exchange Act Release No. 59229 (January 12, 2009) 74 FR 3119 (January 16, 2009) (SR–NYSE–2009–01). 5 See Securities Exchange Act Release No. 59491 (March 3, 2009) 74 FR 10107 (March 9, 2009) (SR– NYSE–2009–20). 6 See Securities Exchange Act Release No. 59864 (May 5, 2009) 74 FR 22194 (May 12, 2009) (SR– NYSE–2009–44). 7 See Securities Exchange Act Release No. 60278 (July 10, 2009) 74 FR 34615 (July 16, 2009) (SR– NYSE–2009–67). PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 The basis under the Securities Exchange Act of 1934 (the ‘‘Act’’) 8 for the proposed rule change is the requirement under Section 6(b)(4) 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 Exchange believes the fees are reasonable in that they carry forward a reduction in fees that the January filing established and that the March, April and July filings extended, and are equitable in that they are available to all members who access the MatchPoint system. 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 The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) 9 of the Act and subparagraph (f)(2) of Rule 19b–4 10 thereunder, because it establishes a due, fee, or other charge imposed by the NYSE. 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. 8 15 U.S.C. 78a. U.S.C. 78s(b)(3)(A). 10 17 CFR 240.19b–4(f)(2). 9 15 E:\FR\FM\11AUN1.SGM 11AUN1 Federal Register / Vol. 74, No. 153 / Tuesday, August 11, 2009 / Notices Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION Electronic Comments [Release No. 34–60425; File No. SR– NYSEAMEX–2009–49] • 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–NYSE–2009–78 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. sroberts on DSKD5P82C1PROD with NOTICES All submissions should refer to File Number SR–NYSE–2009–78. 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 the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NYSE–2009–78 and should be submitted on or before September 1, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–19183 Filed 8–10–09; 8:45 am] BILLING CODE 8010–01–P 11 17 CFR 200.30–3(a)(12). VerDate Nov<24>2008 20:51 Aug 10, 2009 Jkt 217001 Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending NYSE Amex Equities Rule 103B to Modify the Composition of the Exchange Selection Panel; and Prohibit any Ex Parte Communications During and Regarding the Selection Process between the DMM Units and the Individuals Serving on the Exchange Selection Panel August 4, 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 July 27, 2009, NYSE Amex LLC (the ‘‘Exchange’’ or ‘‘NYSE Amex’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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 NYSE Amex Equities Rule 103B (‘‘Security Allocation and Reallocation’’) to: (1) Modify the composition of the Exchange Selection Panel; and (2) prohibit any ex parte communications during and regarding the selection process between the DMM units and the individuals serving on the Exchange Selection Panel. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https:// www.nyse.com.4 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 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 4 The Commission notes that the Exchange inadvertently marked certain portions of the rule text incorrectly. Specifically, in paragraph (III)(B)(1) of Rule 103B the Exchange failed to indicate the deletion of a comma after ‘‘his or her designee’’and failed to mark ‘‘; (b)’’ as new text. In addition, the Exchange marked as new text one letter in a sentence being deleted from paragraph (III)(B)(1) of Rule 103B. 2 15 PO 00000 Frm 00117 Fmt 4703 Sfmt 4703 40271 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose NYSE Amex LLC (‘‘NYSE Amex’’ or ‘‘Exchange’’), formerly the American Stock Exchange LLC, proposes to amend NYSE Amex Equities Rule 103B (‘‘Security Allocation and Reallocation’’) to: (1) Modify the composition of the Exchange Selection Panel; and (2) Prohibit any ex parte communications during and regarding the selection process between the DMM units and the individuals serving on the Exchange Selection Panel. The Exchange notes that parallel changes are proposed to be made to the rules of the New York Stock Exchange LLC (‘‘NYSE’’).5 Background As described more fully in a related rule filing,6 NYSE Euronext acquired The Amex Membership Corporation (‘‘AMC’’) pursuant to an Agreement and Plan of Merger, dated January 17, 2008 (the ‘‘Merger’’). In connection with the Merger, the Exchange’s predecessor, the American Stock Exchange LLC (‘‘Amex’’), a subsidiary of AMC, became a subsidiary of NYSE Euronext called NYSE Alternext US LLC, and continues to operate as a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934, as amended (the ‘‘Act’’).7 The effective date of the Merger was October 1, 2008. In connection with the Merger, on December 1, 2008, the Exchange relocated all equities trading conducted on the Exchange legacy trading systems and facilities located at 86 Trinity Place, New York, New York, to trading systems and facilities located at 11 Wall Street, New York, New York (the ‘‘Equities Relocation’’). The Exchange’s equity trading systems and facilities at 11 Wall Street (the ‘‘NYSE Amex Trading 5 See SR–NYSE–2009–74. Securities Exchange Act Release No. 58673 (September 29, 2008), 73 FR 57707 (October 3, 2008) (SR–NYSE–2008–60 and SR–Amex 2008–62) (approving the Merger). 7 15 U.S.C. 78f. 6 See E:\FR\FM\11AUN1.SGM 11AUN1

Agencies

[Federal Register Volume 74, Number 153 (Tuesday, August 11, 2009)]
[Notices]
[Pages 40270-40271]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-19183]



[[Page 40270]]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60439; File No. SR-NYSE-2009-78]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Extending a Temporary Equity Transaction Fee for Shares Executed on the 
NYSE MatchPoint\SM\ System Through October 31, 2009

August 5, 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 July 31, 2009, New York Stock Exchange LLC (``NYSE'' 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. 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\ 15 U.S.C. 78a.
    \3\ 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 extend a temporary equity transaction fee 
for shares executed on the NYSE MatchPoint\SM\ (``NYSE MatchPoint'' or 
``MatchPoint'') system, effective upon filing through October 31, 2009. 
The text of the proposed rule change is available at the Exchange, the 
Commission's Public Reference Room, and https://www.nyse.com.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of those statements may be examined at 
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
    On January 7, 2009, the Exchange filed with the Securities and 
Exchange Commission (the ``Commission'') a proposed rule change to 
adopt a temporary equity transaction fee for shares executed on the 
NYSE MatchPointSM system, effective until February 28, 2009 
(the ``January filing'').\4\ On February 26, 2009, the Exchange filed 
with the Commission a proposed rule change to extend this temporary 
equity transaction fee until April 30, 2009 (the ``March filing'').\5\ 
On April 29, 2009, the Exchange filed with the Commission a proposed 
rule change to further extend this temporary equity transaction fee 
until June 30, 2009 (the ``April filing'').\6\ On July 6, 2009, the 
Exchange filed with the Commission a proposed rule change to further 
extend this temporary equity transaction fee until July 31, 2009 (the 
``July filing'').\7\ Through this filing, the Exchange proposes to 
extend this equity transaction fee to be effective upon filing through 
October 31, 2009.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 59229 (January 12, 
2009) 74 FR 3119 (January 16, 2009) (SR-NYSE-2009-01).
    \5\ See Securities Exchange Act Release No. 59491 (March 3, 
2009) 74 FR 10107 (March 9, 2009) (SR-NYSE-2009-20).
    \6\ See Securities Exchange Act Release No. 59864 (May 5, 2009) 
74 FR 22194 (May 12, 2009) (SR-NYSE-2009-44).
    \7\ See Securities Exchange Act Release No. 60278 (July 10, 
2009) 74 FR 34615 (July 16, 2009) (SR-NYSE-2009-67).
---------------------------------------------------------------------------

    Prior to the January filing, the equity transaction fee was $.0015 
per share executed on the MatchPoint system. In the January filing, the 
Exchange proposed to adopt a scaled fee for MatchPoint users based on 
the average daily volume of shares executed during a calendar month 
through the MatchPoint system as follows:

------------------------------------------------------------------------
  Average daily volume of shares executed               Rate
------------------------------------------------------------------------
                                            ............................
50,000 shares or less.....................  $.0015 per share.
                                            ............................
Over 50,000 to 499,999....................  $.0010 per share.
                                            ............................
500,000 and greater.......................  $.0005 per share.
                                            ............................
------------------------------------------------------------------------

    The March, April and July filings proposed to continue this fee 
schedule.
    The Exchange believes that the extension of the fee schedule 
through October 31, 2009 will continue to reward those who have been 
using the MatchPoint system for share execution, and will provide a 
continued incentive for new participants in MatchPoint.
2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Act'') 
\8\ for the proposed rule change is the requirement under Section 
6(b)(4) 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 Exchange believes the fees 
are reasonable in that they carry forward a reduction in fees that the 
January filing established and that the March, April and July filings 
extended, and are equitable in that they are available to all members 
who access the MatchPoint system.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78a.
---------------------------------------------------------------------------

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

    The foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \9\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \10\ thereunder, because it establishes a due, fee, or other charge 
imposed by the NYSE.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate 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.

[[Page 40271]]

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-NYSE-2009-78 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-NYSE-2009-78. 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 the filing also will be available for 
inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSE-2009-78 and should be 
submitted on or before September 1, 2009.

    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. E9-19183 Filed 8-10-09; 8:45 am]
BILLING CODE 8010-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.