Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Fees for Members Using the NASDAQ OMX BX Equities System, 46283-46285 [E9-21635]
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Federal Register / Vol. 74, No. 172 / Tuesday, September 8, 2009 / Notices
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
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 18 and Rule 19b–
4(f)(6) thereunder.19
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 20 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6) 21
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. NYSE requests that the
Commission waive the 30-day operative
delay because the Exchange believes
that the absence of such a rule in an
automated and fast-paced trading
environment poses a danger to the
integrity of the markets and the public
interest. NYSE notes that immediate
effectiveness of the proposed rule
change will immediately and timely
enable NYSE to cancel or adjust clearly
erroneous trades that may present a risk
to the integrity of the equities markets
and all related markets. The
Commission believes that waiving the
30-day operative delay 22 is consistent
with the protection of investors and the
18 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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 Commission has determined to
waive the five-day pre-filing period in this case.
20 17 CFR 240.19b–4(f)(6).
21 17 CFR 240.19b–4(f)(6).
22 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
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19 17
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public interest because such waiver will
permit the Exchange to continue
operation of interim NYSE Rule 128 on
an uninterrupted basis, and therefore
designates the proposal operative upon
filing.
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–2009–92 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–2009–92. 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
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46283
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 publicly available. All
submissions should refer to File
Number SR–NYSE–2009–92 and should
be submitted on or before September 29,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–21636 Filed 9–4–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60592; File No. SR–BX–
2009–050]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Modify Fees
for Members Using the NASDAQ OMX
BX Equities System
August 31, 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 August
17, 2009, NASDAQ OMX BX, Inc.
(‘‘BX’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
BX is filing a proposed rule change to
modify pricing for BX members using
the NASDAQ OMX BX Equities System.
BX will implement the proposed rule
change on September 1, 2009. The text
of the proposed rule change is attached
as Exhibit 5 and is available at https://
nasdaqomxbx.cchwallstreet.com.3
23 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 The Commission notes that Exhibit 5 is attached
to the rule filing filed with the Commission but not
to this release. The text of the proposed rule change
is available at BX, on its Web site (https://
nasdaqomxbx.cchwallstreet.com), and at the
Commission’s Public Reference Room.
1 15
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46284
Federal Register / Vol. 74, No. 172 / Tuesday, September 8, 2009 / Notices
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, BX
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. BX has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
jlentini on DSKJ8SOYB1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
BX is proposing to modify its fees to
execute transactions on the NASDAQ
OMX BX Equities System.4 For
securities listed on The NASDAQ Stock
Market (‘‘NASDAQ’’) or the New York
Stock Exchange (‘‘NYSE’’), BX currently
provides a credit of $0.0006 per share
executed to members accessing
liquidity, with no charge or credit to
members providing liquidity. Under the
modified fee schedule, BX will lower
the credit for accessing liquidity to
$0.0001 per share executed and assess a
charge of $0.0003 per share executed to
members providing liquidity. Although
the change will result in a small fee
increase, the fee change is designed to
continue BX’s strategy of becoming a
preferred routing destination for firms
seeking to access liquidity at extremely
low cost and a preferred market for
firms that wish to post liquidity in a
venue to which growing numbers of
firms route. The change also reverses an
‘‘inverted’’ fee structure in which
rebates associated with the execution of
an order exceeded charges.
For securities other than those listed
on NASDAQ and NYSE, BX currently
charges a fee of $0.0014 per share
executed to access liquidity and
provides a credit of $0.002 per share
executed for providing liquidity. Under
the modified fee schedule, BX will raise
the fee to access liquidity to $0.0016
and lower the liquidity provider credit
to $0.0014. Although the change will
result in a small fee increase, the level
of fees is consistent with BX’s goal of
offering liquidity at extremely low cost
to investors, and also reverses an
inverted fee structure.
4 The changes all relate to transactions that
execute at prices of $1 or more. For transactions at
prices below $1, there is a charge of 0.1% of total
transaction cost to remove liquidity and no charge
or rebate to provide liquidity.
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17:32 Sep 04, 2009
Jkt 217001
2. Statutory Basis
BX believes that the proposed rule
change is consistent with the provisions
of Section 6 of the Act,5 in general, and
with Section 6(b)(4) of the Act,6 in
particular, in that it provides for the
equitable allocation of reasonable dues,
fees and other charges among members
and issuers and other persons using any
facility or system which BX operates or
controls. The proposed fee change
applies uniformly to all BX members.
The impact of the changes upon the net
fees paid by a particular market
participant will depend upon the types
of stocks that it trades, the order types
that it uses, and the prices of its quotes
and orders (i.e., its propensity to add or
remove liquidity). BX notes that it
operates in a highly competitive market
in which market participants can
readily direct order flow to competing
venues if they deem fee levels at a
particular venue to be excessive. The
proposed changes will continue BX’s
goal of allowing members to access
available liquidity at extremely low
cost.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
BX does not believe that the proposed
rule change will result in any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act, as amended.
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 has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 7 and
subparagraph (f)(2) of Rule 19b–4
thereunder.8 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
U.S.C. 78f.
U.S.C. 78f(b)(4).
7 15 U.S.C. 78s(b)(3)(a)(ii).
8 17 CFR 240.19b–4(f)(2).
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–BX–2009–050 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–BX–2009–050. 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 publicly available. All
submissions should refer to File
Number SR–BX–2009–050 and should
be submitted on or before September 29,
2009.
5 15
6 15
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9 17
E:\FR\FM\08SEN1.SGM
CFR 200.30–3(a)(12).
08SEN1
Federal Register / Vol. 74, No. 172 / Tuesday, September 8, 2009 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–21635 Filed 9–4–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60594; File No. SR–DTC–
2009–11]
Self-Regulatory Organizations; The
Depository Trust Company; Order
Approving Proposed Rule Change To
Eliminate One of the Indemnity Surety
Programs in the Profile Modification
System
August 31, 2009.
I. Introduction
On June 11, 2009, The Depository
Trust Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) proposed rule change
SR–DTC–2009–11 pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’).1 The proposed rule
change was published for comment in
the Federal Register on July 20, 2009.2
No comment letters were received on
the proposal. This order approves the
proposal.
II. Description
The proposed rule change eliminates
one of the Indemnity Surety Programs
(‘‘PSP II’’) of DTC’s Profile Modification
System (‘‘Profile’’).3
On April 19, 2000, the Commission
approved a DTC rule filing to establish
Profile,4 an electronic communication
system between transfer agents that are
Direct Registration System (‘‘DRS’’)
Limited Participants (‘‘Limited
Participants’’) and broker-dealers that
are DRS Participants (‘‘Participants’’). In
May 2000, DTC implemented Profile.
Profile allows Participants to submit
electronically an instruction to move a
share position from an account at the
Limited Participant to the Participant’s
account at DTC (‘‘Electronic Participant
Instruction’’). Profile also allows
Limited Participants to submit an
instruction for the movement of a share
1 15
U.S.C. 78s(b)(1).
Exchange Act Release No. 60304 (Jul.
14, 2009), 74 FR 35221.
3 DTC has created a Profile Indemnity Insurance
Program (‘‘PIP II’’) to replace the PSP II. Securities
Exchange Act Release No. 60036 (Jun. 3, 2009), 74
FR 28085 (Jun. 12, 2009) [File No. SR–DTC–2009–
09].
4 Securities Exchange Act Release No. 42704
(Apr. 19, 2000), 65 FR 24242 (Apr. 25, 2000) [File
No. SR–DTC–2000–04].
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2 Securities
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Jkt 217001
position from a Participant’s account at
DTC to an account at the Limited
Participant (‘‘Electronic Limited
Participant Instruction;’’ together with
Electronic Participant Instruction,
‘‘Electronic Instruction’’). A Participant
or Limited Participant submitting an
Electronic Instruction through Profile is
required to agree to a Participant
Terminal System (‘‘PTS’’) screen
indemnity (‘‘Screen Indemnity’’).
On November 17, 2000, the
Commission approved a DTC rule filing
to establish the Profile Indemnity Surety
Program (‘‘PSP’’).5 Under PSP, all users
of Profile that agree to the Screen
Indemnity as part of their use of Profile
must procure a surety bond (‘‘Surety
Bond’’) to back the representations
under the Screen Indemnity.6
On June 26, 2008, the Commission
approved a DTC rule filing to establish
PSP II,7 which provides for a coverage
limit of $7.5 million per transaction
with an annual aggregate limit of $15
million. Users of PSP II are required to
pay an annual premium of $6,000 to a
surety provider and a DTC
administration fee of $250.
On June 3, 2009, the Commission
approved a DTC rule filing to establish
a new Profile Indemnity Insurance
Program (‘‘PIP II’’) to replace PSP II.8
PIP II will account for the additional,
larger value Profile transactions that
DRS currently handles by providing the
same coverage limits (i.e., $7.5 million
per transaction with an annual aggregate
limit of $15 million) at the same annual
premium (i.e., $6,000 to a provider and
a $250 administration fee to DTC) as
PSP II without requiring users of Profile
to procure a surety bond. Since PIP II
5 Securities
Exchange Act Release No. 43586
(Nov. 17, 2000), 65 FR 70745 (Nov. 27,
2000) [File No. SR–DTC–2000–09].
6 Participation in PSP requires the payment of an
annual premium of $3,150 to a surety provider and
an administration fee of $250 to DTC. The PSP
surety provider provides for a coverage limit of $3
million per transaction with an annual aggregate
limit of $6 million. On September 14, 2005, the
Commission approved a DTC rule filing to establish
the Profile Indemnity Insurance Program (‘‘PIP’’),
which serves as an alternative to PSP. Securities
Exchange Act Release No. 52422 (Sept. 14, 2005),
70 FR 55196 (Sept. 20, 2005) [File No. SR–DTC–
2005–11]. PIP allows users of Profile that agree to
the Screen Indemnity have the option to procure
insurance relating to a particular securities
transaction according to the value of the securities
transaction. PIP provides a coverage limit of $25
million per transaction with an annual aggregate
limit of $100 million. In addition to any passthrough fee from the insurer, DTC charges users
participating in PIP an annual administration fee of
$250 and a per transaction fee of $27.50.
7 Securities Exchange Act Release No. 58042 (Jun.
26, 2008), 73 FR 39067 (July 8, 2008) [File No. SR–
DTC–2008–04].
8 Securities Exchange Act Release No. 60036 (Jun.
3, 2009) 74 FR 28085 (Jun. 12, 2009) [File No. DTC–
2009–09].
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46285
will perform the same function of PSP
II, DTC is eliminating PSP II.
III. Discussion
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 registered clearing
agency. In particular, the Commission
believes the proposal is consistent with
the requirements of Section
17A(b)(3)(F),9 which requires, among
other things, that the rules of a clearing
agency are designed to remove
impediments to and perfect the
mechanisms of a national system for the
prompt and accurate clearance and
settlement of securities transactions.
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the proposal is
consistent with the requirements of the
Act and in particular with the
requirements of Section 17A of the
Act 10 and the rules and regulations
thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,11 that the
proposed rule change (File No. SR–
DTC–2009–11) be, and hereby is,
approved.12
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–21619 Filed 9–4–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60610; File No. SR–BX–
2009–058]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Amend the
Fee Schedule of the Boston Options
Exchange Facility
September 1, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (‘‘Act’’
or ‘‘Exchange Act’’) 1 and Rule 19b–4
9 15
U.S.C. 78q–1(b)(3)(F).
U.S.C. 78q–1.
11 15 U.S.C. 78s(b)(2).
12 In approving the proposed rule change, the
Commission considered the proposal’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
13 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
10 15
E:\FR\FM\08SEN1.SGM
08SEN1
]]>Agencies
[Federal Register Volume 74, Number 172 (Tuesday, September 8, 2009)]
[Notices]
[Pages 46283-46285]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-21635]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60592; File No. SR-BX-2009-050]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Modify
Fees for Members Using the NASDAQ OMX BX Equities System
August 31, 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 August 17, 2009, NASDAQ OMX BX, Inc. (``BX'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comments on the proposed rule 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
BX is filing a proposed rule change to modify pricing for BX
members using the NASDAQ OMX BX Equities System. BX will implement the
proposed rule change on September 1, 2009. The text of the proposed
rule change is attached as Exhibit 5 and is available at https://nasdaqomxbx.cchwallstreet.com.\3\
---------------------------------------------------------------------------
\3\ The Commission notes that Exhibit 5 is attached to the rule
filing filed with the Commission but not to this release. The text
of the proposed rule change is available at BX, on its Web site
(https://nasdaqomxbx.cchwallstreet.com), and at the Commission's
Public Reference Room.
---------------------------------------------------------------------------
[[Page 46284]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, BX 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. BX 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
BX is proposing to modify its fees to execute transactions on the
NASDAQ OMX BX Equities System.\4\ For securities listed on The NASDAQ
Stock Market (``NASDAQ'') or the New York Stock Exchange (``NYSE''), BX
currently provides a credit of $0.0006 per share executed to members
accessing liquidity, with no charge or credit to members providing
liquidity. Under the modified fee schedule, BX will lower the credit
for accessing liquidity to $0.0001 per share executed and assess a
charge of $0.0003 per share executed to members providing liquidity.
Although the change will result in a small fee increase, the fee change
is designed to continue BX's strategy of becoming a preferred routing
destination for firms seeking to access liquidity at extremely low cost
and a preferred market for firms that wish to post liquidity in a venue
to which growing numbers of firms route. The change also reverses an
``inverted'' fee structure in which rebates associated with the
execution of an order exceeded charges.
---------------------------------------------------------------------------
\4\ The changes all relate to transactions that execute at
prices of $1 or more. For transactions at prices below $1, there is
a charge of 0.1% of total transaction cost to remove liquidity and
no charge or rebate to provide liquidity.
---------------------------------------------------------------------------
For securities other than those listed on NASDAQ and NYSE, BX
currently charges a fee of $0.0014 per share executed to access
liquidity and provides a credit of $0.002 per share executed for
providing liquidity. Under the modified fee schedule, BX will raise the
fee to access liquidity to $0.0016 and lower the liquidity provider
credit to $0.0014. Although the change will result in a small fee
increase, the level of fees is consistent with BX's goal of offering
liquidity at extremely low cost to investors, and also reverses an
inverted fee structure.
2. Statutory Basis
BX believes that the proposed rule change is consistent with the
provisions of Section 6 of the Act,\5\ in general, and with Section
6(b)(4) of the Act,\6\ in particular, in that it provides for the
equitable allocation of reasonable dues, fees and other charges among
members and issuers and other persons using any facility or system
which BX operates or controls. The proposed fee change applies
uniformly to all BX members. The impact of the changes upon the net
fees paid by a particular market participant will depend upon the types
of stocks that it trades, the order types that it uses, and the prices
of its quotes and orders (i.e., its propensity to add or remove
liquidity). BX notes that it operates in a highly competitive market in
which market participants can readily direct order flow to competing
venues if they deem fee levels at a particular venue to be excessive.
The proposed changes will continue BX's goal of allowing members to
access available liquidity at extremely low cost.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f.
\6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
BX does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended.
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 has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \7\ and subparagraph (f)(2) of Rule 19b-4
thereunder.\8\ 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.
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\7\ 15 U.S.C. 78s(b)(3)(a)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
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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-BX-2009-050 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-BX-2009-050. 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 publicly available. All
submissions should refer to File Number SR-BX-2009-050 and should be
submitted on or before September 29, 2009.
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\9\ 17 CFR 200.30-3(a)(12).
[[Page 46285]]
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For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-21635 Filed 9-4-09; 8:45 am]
BILLING CODE 8010-01-P
