Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC To Modify Certain Equity Transaction Fees and Rebates, 40252-40253 [E9-19184]
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40252
Federal Register / Vol. 74, No. 153 / Tuesday, August 11, 2009 / Notices
sroberts on DSKD5P82C1PROD with NOTICES
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 ISE. 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–ISE–2009–58 and should be
submitted on or before September 1,
2009.
IV. Commission’s Findings and Order
Granting Accelerated Approval of
Proposed Rule Change
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.8 Specifically, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(4) 9 of the Act, which requires that
the rules of a national securities
exchange provide for the equitable
allocation of reasonable dues, fees, and
other charges among members and
issuers and other persons using its
facilities.
As described more fully above, ISE
recently amended DECN’s fee schedule
for ISE Members to, among other things,
adopt a new Full Sweep Tier Rebate and
adopt new fees and rebates in
connection with the use of the ROLF
and ROUC routing strategies.10 The fee
changes made pursuant to the Member
Fee Filing became operative on August
1, 2009. DECN receives rebates and is
charged fees for transactions it executes
on EGDX or EDGA in its capacity as an
introducing broker for its non-ISE
member subscribers.
The current proposal, which will
apply retroactively to August 1, 2009,
will allow DECN to pass through the
revised rebates and fees to the non-ISE
8 In approving this proposal, the Commission has
considered its impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
9 15 U.S.C. 78f(b)(4).
10 See File No. SR–ISE–2009–57 (the ‘‘Member
Fee Filing’’).
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20:51 Aug 10, 2009
Jkt 217001
member subscribers for which it acts an
introducing broker. The Commission
finds that the proposal is consistent
with the Act because it will provide
rebates and charge fees to non-ISE
member subscribers that are equivalent
to those established for ISE member
subscribers in the Member Fee Filing.11
ISE has requested that the
Commission find good cause for
approving the proposed rule change
prior to the thirtieth day after
publication of notice of filing thereof in
the Federal Register. As discussed
above, the proposal will allow DECN to
pass through to non-ISE member
subscribers the revised rebate and fees
established for ISE member subscribers
in the Member Fee Filing, resulting in
equivalent rebates and fees for ISE
member and non-member subscribers.
In addition, because the proposal will
apply the revised rebates and fees
retroactively to August 1, 2009, the
revised rebates and fees will have the
same effective date, thereby promoting
consistency in the DECN’s fee schedule.
Accordingly, the Commission finds
good cause, pursuant to Section 19(b)(2)
of the Act, for approving the proposed
rule change prior to the thirtieth day
after the date of publication of notice of
filing thereof in the Federal Register.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,12 that the
proposed rule change (SR–ISE–2009–58)
be, and hereby is, approved on an
accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–19185 Filed 8–10–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60436; File No. SR–NYSE–
2009–77]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by New York
Stock Exchange LLC To Modify Certain
Equity Transaction Fees and Rebates
August 5, 2009.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
11 Id.
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
‘‘Act’’),2 and Rule 19b–4 thereunder,3
notice is hereby given that on July 30,
2009, New York Stock Exchange LLC
(the ‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule changes 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 changes from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to make a
number of changes to its schedule of
equity transaction fees and rebates, with
effect from August 1, 2009. The text of
the proposed rule change is available on
the Exchange’s Web site (https://
www.nyse.com), 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, 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 these statements may be examined at
the places specified in Item IV below.
The NYSE 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 Exchange proposes to make a
number of changes to its schedule of
equity transaction fees, with effect from
August 1, 2009.
The following are the proposed
changes:
• The Exchange is introducing a new
pricing tier of $0.0017 per share when
taking liquidity from the NYSE for
member organizations which have an
average daily trading volume (‘‘ADV’’)
on the NYSE in the applicable month of
at least 130 million shares, including (i)
providing liquidity of an ADV of at least
30 million shares and (ii) an ADV of at
least 15 million shares total in market
at-the-close (‘‘MOC’’) and limit at-the-
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U.S.C. 78a et seq.
CFR 240.19b–4.
11AUN1
Federal Register / Vol. 74, No. 153 / Tuesday, August 11, 2009 / Notices
sroberts on DSKD5P82C1PROD with NOTICES
close (‘‘LOC’’) orders. Member
organizations meeting these trading
volume criteria will also qualify for a
new pricing tier for MOC and LOC
orders of $0.0006 per share. For
transactions in stocks with a trading
price below $1.00, member
organizations that qualify for the new
pricing tier will be charged (i) the lesser
of 0.3% of the total dollar value of the
transaction and $0.0017 per share when
taking liquidity from the Exchange and
(ii) the lesser of 0.3% of the total dollar
value of the transaction or $0.0006 per
share for MOC and LOC orders. The
Exchange is setting the volume
requirements for these pricing tiers at
the specified levels for August in
expectation of the typical cyclical
reduction of trading activity in that
month and intends to increase the
volume requirements in September.
• The transaction fee per share for
market at-the-close and limit at-theclose orders will increase from $.0005 to
$0.0007 per share. The $120 trading fee
cap per transaction for MOC and LOC
orders will be eliminated.
• Executions at the open, which are
currently free of charge, will be subject
to a transaction fee of $0.0005 per share,
subject to a monthly cap of $10,000 per
member organization. For transactions
in stocks with a trading price below
$1.00, member will be charged the
lesser of 0.3% of the total dollar value
of the transaction and $0.0005 per share
for executions at the open, subject to the
$10,000 monthly cap. Executions at the
open will continue to be free of charge
for DMMs.
• The transaction fee per share for
executions of odd-lots and the odd-lot
portions of partial round lots will
increase from $0.0005 per share to
$0.0018 per share.
• The rebate per share paid to
Designated Market Makers for
executions of odd-lots and the odd-lot
portions of partial round lots will be
increased from $0.0004 per share to
$0.0011 per share.
• The per share charge for
transactions in stocks with a price of
less than $1.00, which is the lesser of
0.3% of the dollar value of the
transaction or $0.0018 per share, is
being moved to the end of the
applicable section of the Price List, as it
is a more logical placement for it. The
fee itself is not changing.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 4 of the Act
in general and furthers the objectives of
Section 6(b)(4) 5 in particular, in that it
is designed to provide for the equitable
allocation of reasonable dues, fees and
other charges among its members and
other persons using its facilities. The
Exchange believes that the proposal
does not constitute an inequitable
allocation of dues, fees and other
charges as all member organizations will
be subject to the same fee structure.
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 purpose of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
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) 6 of the Act and Rule 19b–
4(f)(2) 7 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–NYSE–2009–77 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
U.S.C. 78f(b)(4).
U.S.C. 78s(b)(3)(A).
7 17 CFR 240.19b–4(f)(2).
4 15
U.S.C. 78f.
VerDate Nov<24>2008
20:51 Aug 10, 2009
Jkt 217001
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSE–2009–77. 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–NYSE–
2009–77 and should be submitted on or
before September 1, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–19184 Filed 8–10–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60445; File No. SR–CBOE–
2009–055]
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
August 5, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
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6 15
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1 15
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40253
E:\FR\FM\11AUN1.SGM
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
11AUN1
]]>Agencies
[Federal Register Volume 74, Number 153 (Tuesday, August 11, 2009)]
[Notices]
[Pages 40252-40253]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-19184]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60436; File No. SR-NYSE-2009-77]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC To
Modify Certain Equity Transaction Fees and Rebates
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 30, 2009, New York Stock Exchange LLC (the ``NYSE''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule changes 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 changes from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a et seq.
\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 make a number of changes to its schedule
of equity transaction fees and rebates, with effect from August 1,
2009. The text of the proposed rule change is available on the
Exchange's Web site (https://www.nyse.com), 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, 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 these statements may be examined at
the places specified in Item IV below. The NYSE 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 Exchange proposes to make a number of changes to its schedule
of equity transaction fees, with effect from August 1, 2009.
The following are the proposed changes:
The Exchange is introducing a new pricing tier of $0.0017
per share when taking liquidity from the NYSE for member organizations
which have an average daily trading volume (``ADV'') on the NYSE in the
applicable month of at least 130 million shares, including (i)
providing liquidity of an ADV of at least 30 million shares and (ii) an
ADV of at least 15 million shares total in market at-the-close
(``MOC'') and limit at-the-
[[Page 40253]]
close (``LOC'') orders. Member organizations meeting these trading
volume criteria will also qualify for a new pricing tier for MOC and
LOC orders of $0.0006 per share. For transactions in stocks with a
trading price below $1.00, member organizations that qualify for the
new pricing tier will be charged (i) the lesser of 0.3% of the total
dollar value of the transaction and $0.0017 per share when taking
liquidity from the Exchange and (ii) the lesser of 0.3% of the total
dollar value of the transaction or $0.0006 per share for MOC and LOC
orders. The Exchange is setting the volume requirements for these
pricing tiers at the specified levels for August in expectation of the
typical cyclical reduction of trading activity in that month and
intends to increase the volume requirements in September.
The transaction fee per share for market at-the-close and
limit at-the-close orders will increase from $.0005 to $0.0007 per
share. The $120 trading fee cap per transaction for MOC and LOC orders
will be eliminated.
Executions at the open, which are currently free of
charge, will be subject to a transaction fee of $0.0005 per share,
subject to a monthly cap of $10,000 per member organization. For
transactions in stocks with a trading price below $1.00, member will be
charged the lesser of 0.3% of the total dollar value of the transaction
and $0.0005 per share for executions at the open, subject to the
$10,000 monthly cap. Executions at the open will continue to be free of
charge for DMMs.
The transaction fee per share for executions of odd-lots
and the odd-lot portions of partial round lots will increase from
$0.0005 per share to $0.0018 per share.
The rebate per share paid to Designated Market Makers for
executions of odd-lots and the odd-lot portions of partial round lots
will be increased from $0.0004 per share to $0.0011 per share.
The per share charge for transactions in stocks with a
price of less than $1.00, which is the lesser of 0.3% of the dollar
value of the transaction or $0.0018 per share, is being moved to the
end of the applicable section of the Price List, as it is a more
logical placement for it. The fee itself is not changing.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 \4\ of the Act in general and furthers
the objectives of Section 6(b)(4) \5\ in particular, in that it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its members and other persons using its
facilities. The Exchange believes that the proposal does not constitute
an inequitable allocation of dues, fees and other charges as all member
organizations will be subject to the same fee structure.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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 purpose of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
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) \6\ of the Act and Rule 19b-4(f)(2) \7\ thereunder.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 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. 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-2009-77 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-2009-77. 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-
NYSE-2009-77 and should be submitted on or before September 1, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-19184 Filed 8-10-09; 8:45 am]
BILLING CODE 8010-01-P
