Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to the Fees and Rebates in Various Trading Sessions, 51633-51635 [E9-24082]
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Federal Register / Vol. 74, No. 193 / Wednesday, October 7, 2009 / Notices
to adopt objective, exercise price range
limitations applicable to equity option
classes, options on ETFs and options on
trust issued receipts.8 CBOE believes
that these price range limitations will
have a meaningful quote mitigation
impact. CBOE also notes that it recently
delisted 216 option classes as part of its
mandatory class delisting policy.9
The margin requirements set forth in
Chapter XII of the Exchange’s rules and
the position and exercise requirements
set forth in Rule 4.11 and Rule 4.12 will
continue to apply to these new series,
and no changes are being proposed to
those requirements by this rule change.
With regard to the impact on system
capacity, CBOE has analyzed its
capacity and represents that it and the
Options Price Reporting Authority have
the necessary systems capacity to
handle the additional traffic associated
with the listing and trading of an
expanded number of series as proposed
by this filing.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
2. Statutory Basis
IV. Solicitation of Comments
The Exchange believes the rule
proposal is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
under the Act applicable to a national
securities exchange and, in particular,
the requirements of Section 6(b) of the
Act.10 Specifically, the Exchange
believes that the proposed rule change
is consistent with the Section 6(b)(5)
Act 11 requirements that the rules of an
exchange be designed to promote just
and equitable principles of trade, to
prevent fraudulent and manipulative
acts and, in general, to protect investors
and the public interest. The Exchange
believes that the listing of the $1 strike
price in LEAPS series will benefit
investors by giving them more flexibility
to closely tailor their investment
decisions.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
erowe on DSK5CLS3C1PROD with NOTICES
CBOE does not believe that the
proposed rule change will impose any
burden on competition not necessary or
appropriate in furtherance of the
purposes of the Act.
8 See SEC Release No. 34–60531 (August 19,
2009), approving Amendment No. 3 to the OLPP.
CBOE’s proposal to list $1 strikes in LEAPs to $5
would not be subject to the exercise price range
limitations contained in new paragraph (3)(g)(ii) of
the OLPP.
9 See CBOE Information Circular IC09–172.
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(5).
VerDate Nov<24>2008
15:25 Oct 06, 2009
Jkt 220001
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
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve such proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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
51633
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 CBOE. 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–2009–068 and should be
submitted on or before October 28,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–24079 Filed 10–6–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60753; File No. SR–CHX–
2009–14]
• 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
No. SR–CBOE–2009–068 on the subject
line.
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Related to
the Fees and Rebates in Various
Trading Sessions
Paper Comments
September 30, 2009.
• 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 No.
SR–CBOE–2009–068. 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 changes between the
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
September 22, 2009, the Chicago Stock
Exchange, Inc. (‘‘CHX’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II and III below, which Items
have been prepared by the Exchange.
CHX has filed the proposal pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(2) thereunder,4 which renders
the proposal effective upon filing with
the Commission. The Commission is
publishing this notice to solicit
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
1 15
E:\FR\FM\07OCN1.SGM
07OCN1
51634
Federal Register / Vol. 74, No. 193 / Wednesday, October 7, 2009 / Notices
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 CHX proposes to amend its
Schedule of Participant Fees and
Assessments (the ‘‘Fee Schedule’’),
effective September 28, 2009, to provide
for separate trading activity fees for its
new Early and Late Trading Sessions.
The text of this proposed rule change is
available on the Exchange’s Web site at
https://www.chx.com/rules/
proposed_rules.htm and in the
Commission’s Public Reference Room,
100 F Street, NE., Washington, DC
20549.
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
CHX included statements concerning
the purpose of and basis for the
proposed rule changes and discussed
any comments it received regarding the
proposal. The text of these statements
may be examined at the places specified
in Item IV below. The CHX has prepared
summaries, set forth in sections A, B
and C below, of the most significant
aspects of such statements.
erowe on DSK5CLS3C1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Changes
1. Purpose
In a separate filing, the Exchange has
created a new Early Trading Session
beginning at 6 a.m. CT on days the
Exchange is open for trading and a Late
Trading Session from 3 p.m. to 3:15
p.m. CT.5 We plan to implement these
two new sessions on September 28,
2009.
In furtherance of this initiative, the
Exchange proposes to amend its
Schedule of Participant Fees and
Assessments. We propose to charge a
trading activity fee for single-sided
orders of $0.003 per share for liquidity
taken in Tape A, B and C securities
priced at or above $1 per share in the
new early and late trading sessions. A
corresponding rebate of $0.0022 per
share for liquidity provided in such
securities would also be added to the
Fee Schedule. Fees and rebates will be
assessed based upon the session in
which the underlying transactions were
executed. We believe that these fees and
charges are appropriate to meet the
Exchange’s objective of attracting
sufficient trading activity in these
sessions on a profitable basis. The
increased differential reflects, in part,
our expectation of a lower amount of
market data revenue for trades executed
in the Early and Late Trading Sessions,
and a corresponding reliance on trading
activity fee revenue to support the
operational costs associated with these
two sessions.
The Exchange acknowledges that
these charges differ from the fees and
rebates for such securities in the Regular
Trading Session. Trading activity fees
and rebates, however, are often not
uniform at a given exchange depending
on the circumstances. For example,
Nasdaq and NYSE Arca have different
Tiers for take/provide fees for a member
depending on the average number of
shares transacted and liquidity provided
to their exchanges. Trading activity fees
and rebates frequently vary depending
on whether the security is reported as
Tape A, B or C. Provide rebates may
vary depending on the nature of the
order, e.g., if the order was not
displayed (Nasdaq) or was a Market-onClose/Limit-on-Close order (NYSE
Arca). Finally, a number of exchanges,
including the CHX, have different take/
provide rates for securities trading
under $1. Our charges for trading
activity are and will continue to be
disclosed in the Fee Schedule posted on
our public Web site and in a Legal
Notice to our Participants.
The current fee and rebate structure
for stocks trading under $1 would be
extended to the Early and Late Trading
Sessions. All other current tradingrelated fees and charges would extend
equally to the Early and Late Trading
Sessions. Fees and charges relating to
cross transactions executed in the Late
Crossing Session would remain
unchanged.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 6 in general, and
furthers the objectives of Section 6(b)(4)
of the Act 7 in particular, in that it
provides for the equitable allocation of
reasonable dues, fees and other charges
among its members. Among other
things, the change to the fee schedule
would provide a reasonable amount of
expected revenue to the Exchange to
offset the expenses of operating these
new trading sessions.
6 15
5 SR–CHX–2009–13
VerDate Nov<24>2008
(Sept. 1, 2009).
15:25 Oct 06, 2009
Jkt 220001
7 15
PO 00000
U.S.C. 78f.
U.S.C. 78f(b)(4).
Frm 00085
Fmt 4703
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 Regarding the
Proposed Rule Changes Received From
Members, Participants or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Changes and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(B)(3)(A)(ii) of the Act 8 and
subparagraph (f)(2) of Rule 19b–4
thereunder 9 because it establishes or
changes a due, fee, or other charge
applicable only to a member imposed by
the self-regulatory organization.
Accordingly, the proposal is effective
upon Commission receipt of the filing.
At any time within 60 days of the filing
of such 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 purpose of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposal 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
No. SR–CHX–2009–14 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–CHX–2009–14. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
8 15
9 17
Sfmt 4703
E:\FR\FM\07OCN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
07OCN1
Federal Register / Vol. 74, No. 193 / Wednesday, October 7, 2009 / Notices
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 changes 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 will also be
available for inspection and copying at
the principal office of the CHX. 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–CHX–2009–14 and should be
submitted on or before October 28,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–24082 Filed 10–6–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60750; File No. SR–
NYSEArca–2009–87]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Extending the Pilot
Period to Receive Inbound Routes of
Orders From Archipelago Securities
LLC
erowe on DSK5CLS3C1PROD with NOTICES
September 30, 2009.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) and Rule 19b–4 thereunder,2
notice is hereby given that, on
September 30, 2009, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Nov<24>2008
15:25 Oct 06, 2009
Jkt 220001
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 extend the
pilot period of the Exchange’s prior
approvals to receive inbound routes of
equities orders from Archipelago
Securities LLC (‘‘Arca Securities’’), an
NYSE Arca affiliated ETP Holder. A
copy of this filing is available on the
Exchange’s Web site at https://
www.nyse.com, at the Exchange’s
principal office and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, 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
Currently, Arca Securities is the
approved outbound order routing
facility of the Exchange.3 Arca
Securities is also the approved
outbound order routing facility of the
New York Stock Exchange (‘‘NYSE’’)
and NYSE Amex LLC (‘‘NYSE Amex’’).4
3 See Securities Exchange Act Release No. 34–
53238 (July 28, 2006), 71 FR 44758 (August 7, 2006)
(order approving SR–NYSEArca–2006–13); see also,
Securities Exchange Act Release No. 52497
(September 22, 2005), 70 FR 56949 (September 29,
2005) (SR–PCX–2005–90); see also, Securities
Exchange Act Release No. 44983 (October 25, 2001),
66 FR 55225 (November 1, 2001) (SR–PCX–00–25);
see also, Securities Exchange Act Release No. 58681
(September 29, 2008), 73 FR 58285 (October 6,
2008) (order approving NYSEArca–2008–90).
4 See Securities Exchange Act Release No. 34–
55590 (April 5, 2007), 72 FR 18707 (April 13, 2007)
(notice of immediate effectiveness of SR–NYSE–
2007–29); see also, Securities and Exchange Act
Release No. 34–58680 (September 29, 2008), 73 FR
58283 (October 6, 2008) (order approving SR–
NYSE–2008–76). See Securities Exchange Act
Release No. 59009 (November 24, 2008), 73 FR
PO 00000
Frm 00086
Fmt 4703
Sfmt 4703
51635
The Exchange, through its whollyowned subsidiary, NYSE Arca Equities,
Inc., has also been previously approved
to receive inbound routes of equities
orders by Arca Securities in its capacity
as an order routing facility of NYSE
Amex and the NYSE.5 The Exchange’s
authority to receive inbound routes of
equities orders by Arca Securities was
subject to a pilot period ending
September 29, 2009. The Exchange
hereby seeks to extend the previously
approved pilot period (with the
attendant obligations and conditions)
for an additional 3 months, through
December 31, 2009.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) 6 of the
Securities Exchange Act of 1934 (the
‘‘Act’’), in general, and furthers the
objectives of Section 6(b)(5) 7 in
particular in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, and to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system.
Specifically, the proposed rule change
will allow the Exchange to continue
receiving inbound routes of equities
orders from Arca Securities acting in its
capacity as a facility of the NYSE and
NYSE Amex, in a manner consistent
with prior approvals and established
protections. The Exchange believes that
extending the previously approved pilot
period for three months is of sufficient
length to permit both the Exchange and
the Commission to assess the impact of
the Exchange’s authority to receive
direct inbound routes of equities orders
via Arca Securities (including the
attendant obligations and conditions).
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
73363 (December 2, 2008) (order approving SR–
NYSEALTR–2008–07); see also, Securities and
Exchange Act Release No. 34–59473 (February 27,
2009) 74 FR 9853 (March 6, 2009) (order approving
SR–NYSEALTR–2009–18).
5 See Securities Exchange Act Release No. 58681
(September 29, 2008), 73 FR 58285 (October 6,
2008) (order approving NYSEArca–2008–90); see
also, Securities and Exchange Act Release No. 34–
59010 (November 24, 2008), 73 FR 73373
(December 2, 2008) (order approving SR–
NYSEArca–2008–130).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
E:\FR\FM\07OCN1.SGM
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]]>Agencies
[Federal Register Volume 74, Number 193 (Wednesday, October 7, 2009)]
[Notices]
[Pages 51633-51635]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-24082]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60753; File No. SR-CHX-2009-14]
Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Related to the Fees and Rebates in Various Trading Sessions
September 30, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 22, 2009, the Chicago Stock Exchange, Inc. (``CHX'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Exchange. CHX has
filed the proposal pursuant to Section 19(b)(3)(A) of the Act \3\ and
Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal effective
upon filing with the Commission. The Commission is publishing this
notice to solicit
[[Page 51634]]
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The CHX proposes to amend its Schedule of Participant Fees and
Assessments (the ``Fee Schedule''), effective September 28, 2009, to
provide for separate trading activity fees for its new Early and Late
Trading Sessions. The text of this proposed rule change is available on
the Exchange's Web site at https://www.chx.com/rules/proposed_rules.htm
and in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549.
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 CHX included statements
concerning the purpose of and basis for the proposed rule changes and
discussed any comments it received regarding the proposal. The text of
these statements may be examined at the places specified in Item IV
below. The CHX 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 Changes
1. Purpose
In a separate filing, the Exchange has created a new Early Trading
Session beginning at 6 a.m. CT on days the Exchange is open for trading
and a Late Trading Session from 3 p.m. to 3:15 p.m. CT.\5\ We plan to
implement these two new sessions on September 28, 2009.
---------------------------------------------------------------------------
\5\ SR-CHX-2009-13 (Sept. 1, 2009).
---------------------------------------------------------------------------
In furtherance of this initiative, the Exchange proposes to amend
its Schedule of Participant Fees and Assessments. We propose to charge
a trading activity fee for single-sided orders of $0.003 per share for
liquidity taken in Tape A, B and C securities priced at or above $1 per
share in the new early and late trading sessions. A corresponding
rebate of $0.0022 per share for liquidity provided in such securities
would also be added to the Fee Schedule. Fees and rebates will be
assessed based upon the session in which the underlying transactions
were executed. We believe that these fees and charges are appropriate
to meet the Exchange's objective of attracting sufficient trading
activity in these sessions on a profitable basis. The increased
differential reflects, in part, our expectation of a lower amount of
market data revenue for trades executed in the Early and Late Trading
Sessions, and a corresponding reliance on trading activity fee revenue
to support the operational costs associated with these two sessions.
The Exchange acknowledges that these charges differ from the fees
and rebates for such securities in the Regular Trading Session. Trading
activity fees and rebates, however, are often not uniform at a given
exchange depending on the circumstances. For example, Nasdaq and NYSE
Arca have different Tiers for take/provide fees for a member depending
on the average number of shares transacted and liquidity provided to
their exchanges. Trading activity fees and rebates frequently vary
depending on whether the security is reported as Tape A, B or C.
Provide rebates may vary depending on the nature of the order, e.g., if
the order was not displayed (Nasdaq) or was a Market-on-Close/Limit-on-
Close order (NYSE Arca). Finally, a number of exchanges, including the
CHX, have different take/provide rates for securities trading under $1.
Our charges for trading activity are and will continue to be disclosed
in the Fee Schedule posted on our public Web site and in a Legal Notice
to our Participants.
The current fee and rebate structure for stocks trading under $1
would be extended to the Early and Late Trading Sessions. All other
current trading-related fees and charges would extend equally to the
Early and Late Trading Sessions. Fees and charges relating to cross
transactions executed in the Late Crossing Session would remain
unchanged.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \6\ in general, and furthers the
objectives of Section 6(b)(4) of the Act \7\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among its members. Among other things, the change to the
fee schedule would provide a reasonable amount of expected revenue to
the Exchange to offset the expenses of operating these new trading
sessions.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 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 purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments Regarding the
Proposed Rule Changes Received From Members, Participants or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Changes and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(B)(3)(A)(ii) of the Act \8\ and subparagraph (f)(2) of Rule 19b-4
thereunder \9\ because it establishes or changes a due, fee, or other
charge applicable only to a member imposed by the self-regulatory
organization. Accordingly, the proposal is effective upon Commission
receipt of the filing. At any time within 60 days of the filing of such
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 purpose of the Act.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\9\ 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 proposal 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 No. SR-CHX-2009-14 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-CHX-2009-14. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your
[[Page 51635]]
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 changes 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 will also be available for inspection and copying at the
principal office of the CHX. 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-CHX-2009-14 and should be submitted on or before October
28, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-24082 Filed 10-6-09; 8:45 am]
BILLING CODE 8011-01-P
