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, 52834-52835 [E9-24616]
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52834
Federal Register / Vol. 74, No. 197 / Wednesday, October 14, 2009 / Notices
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–2009–059 and should
be submitted on or before November 4,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–24615 Filed 10–13–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
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
October 7, 2009.
mstockstill on DSKH9S0YB1PROD with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
September 30, 2009, the Chicago Board
Options Exchange, Incorporated
(‘‘CBOE’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the CBOE. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CBOE proposes to adjust (i) the
monthly access fee for persons granted
temporary CBOE membership status
(‘‘Temporary Members’’) pursuant to
Interpretation and Policy .02 under
CBOE Rule 3.19 (‘‘Rule 3.19.02’’) and
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
VerDate Nov<24>2008
17:35 Oct 13, 2009
Jkt 220001
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
CBOE included statements concerning
the purpose of, and basis for, the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The CBOE has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Release No. 34–60796; File No. SR–CBOE–
2009–072]
9 17
(ii) the monthly access fee for Interim
Trading Permit (‘‘ITP’’) holders under
CBOE Rule 3.27. The text of the
proposed rule change is available on the
Exchange’s Web site (https://
www.cboe.org/Legal/), at the Exchange’s
Office of the Secretary, and at the
Commission’s Public Reference Room.
The current access fee for Temporary
Members under Rule 3.19.02 2 and the
current access fee for ITP holders under
Rule 3.27 3 are both $11,287 per month.
Both access fees are currently set at the
indicative lease rate (as defined below)
for September 2009. The Exchange
proposes to adjust both access fees
effective at the beginning of October
2009 to be equal to the indicative lease
rate for October 2009 (which is
$11,900). Specifically, the Exchange
proposes to revise both the Temporary
Member access fee and the ITP access
fee to be $11,900 per month
commencing on October 1, 2009.
The indicative lease rate is defined
under Rule 3.27(b) as the highest
clearing firm floating monthly rate 4 of
the CBOE Clearing Members that assist
in facilitating at least 10% of the CBOE
transferable membership leases.5 The
2 See Securities Exchange Act Release No. 56458
(September 18, 2007), 72 FR 54309 (September 24,
2007) (SR–CBOE–2007–107) for a description of the
Temporary Membership status under Rule 3.19.02.
3 See Securities Exchange Act Release No. 58178
(July 17, 2008), 73 FR 42634 (July 22, 2008) (SR–
CBOE–2008–40) for a description of the Interim
Trading Permits under Rule 3.27.
4 Rule 3.27(b) defines the clearing firm floating
monthly rate as the floating monthly rate that a
Clearing Member designates, in connection with
transferable membership leases that the Clearing
Member assisted in facilitating, for leases that
utilize that monthly rate.
5 The concepts of an indicative lease rate and of
a clearing firm floating month rate were previously
utilized in the CBOE rule filings that set and
adjusted the Temporary Member access fee. Both
PO 00000
Frm 00100
Fmt 4703
Sfmt 4703
Exchange determined the indicative
lease rate for October 2009 by polling
each of these Clearing Members and
obtaining the clearing firm floating
monthly rate designated by each of
these Clearing Members for that month.
The Exchange used the same process
to set the proposed Temporary Member
and ITP access fees that it used to set
the current Temporary Member and ITP
access fees. The only difference is that
the Exchange used clearing firm floating
monthly rate information for the month
of October 2009 to set the proposed
access fees (instead of clearing firm
floating monthly rate information for the
month of September 2009 as was used
to set the current access fees) in order
to take into account changes in clearing
firm floating monthly rates for the
month of October 2009.
The Exchange believes that the
process used to set the proposed
Temporary Member access fee and the
proposed Temporary Member access fee
itself are appropriate for the same
reasons set forth in CBOE rule filing SR–
CBOE–2008–12 with respect to the
original Temporary Member access fee.6
Similarly, the Exchange believes that
the process used to set the proposed ITP
access fee and the proposed ITP access
fee itself are appropriate for the same
reasons set forth in CBOE rule filing SR–
CBOE–2008–77 with respect to the
original ITP access fee.7
Each of the proposed access fees will
remain in effect until such time either
that the Exchange submits a further rule
filing pursuant to Section 19(b)(3)(A)(ii)
of the Act 8 to modify the applicable
access fee or the applicable status (i.e.,
the Temporary Membership status or
the ITP status) is terminated.
Accordingly, the Exchange may, and
likely will, further adjust the proposed
access fees in the future if the Exchange
determines that it would be appropriate
to do so taking into consideration lease
concepts are also codified in Rule 3.27(b) in relation
to ITPs.
6 See Securities Exchange Act Release No. 57293
(February 8, 2008), 73 FR 8729 (February 14, 2008)
(SR–CBOE–2008–12), which established the
original Temporary Member access fee, for detail
regarding the rationale in support of the original
Temporary Member access fee and the process used
to set that fee, which is also applicable to this
proposed change to the Temporary Member access
fee as well.
7 See Securities Exchange Act Release No. 58200
(July 21, 2008), 73 FR 43805 (July 28, 2008) (SR–
CBOE–2008–77), which established the original ITP
access fee, for detail regarding the rationale in
support of the original ITP access fee and the
process used to set that fee, which is also applicable
to this proposed change to the ITP access fee as
well.
8 15 U.S.C. 78s(b)(3)(A)(ii).
E:\FR\FM\14OCN1.SGM
14OCN1
Federal Register / Vol. 74, No. 197 / Wednesday, October 14, 2009 / Notices
rates for transferable CBOE
memberships prevailing at that time.
The procedural provisions of the
CBOE Fee Schedule related to the
assessment of each proposed access fee
are not proposed to be changed and will
remain the same as the current
procedural provisions relating to the
assessment of that access fee.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,9 in general, and
furthers the objectives of Section 6(b)(4)
of the Act,10 in particular, in that it is
designed to provide for the equitable
allocation of reasonable dues, fees, and
other charges among persons using its
facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
establishes or changes a due, fee, or
other charge imposed by the Exchange,
it has become effective pursuant to
Section 19(b)(3)(A) of the Act 11 and
subparagraph (f)(2) of Rule 19b–4 12
thereunder. At any time within 60 days
of the filing of the proposed rule change,
the Commission may summarily
abrogate such rule change if it appears
to the Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
mstockstill on DSKH9S0YB1PROD with NOTICES
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
DEPARTMENT OF STATE
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–CBOE–2009–072 on the
subject line.
[Public Notice 6785]
Culturally Significant Object Imported
for Exhibition Determinations:
‘‘Raphael: The Woman with the Veil’’
SUMMARY: Notice is hereby given of the
following determinations: Pursuant to
Paper Comments
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
• Send paper comments in triplicate
2459), Executive Order 12047 of March
to Elizabeth M. Murphy, Secretary,
27, 1978, the Foreign Affairs Reform and
Securities and Exchange Commission,
Restructuring Act of 1998 (112 Stat.
100 F Street, NE., Washington, DC
2681, et seq.; 22 U.S.C. 6501 note, et
20549–1090.
seq.), Delegation of Authority No. 234 of
All submissions should refer to File
October 1, 1999, Delegation of Authority
Number SR–CBOE–2009–072. This file
No. 236 of October 19, 1999, as
number should be included on the
amended, and Delegation of Authority
subject line if e-mail is used. To help the No. 257 of April 15, 2003 [68 FR 19875],
Commission process and review your
I hereby determine that the object to be
comments more efficiently, please use
included in the exhibition ‘‘Raphael:
only one method. The Commission will The Woman with the Veil,’’ imported
post all comments on the Commission’s from abroad for temporary exhibition
Internet Web site (https://www.sec.gov/
within the United States, is of cultural
rules/sro.shtml). Copies of the
significance. The object is imported
submission, all subsequent
pursuant to a loan agreement with the
amendments, all written statements
foreign owner or custodian. I also
with respect to the proposed rule
determine that the exhibition or display
change that are filed with the
of the exhibit object at the Portland Art
Commission, and all written
Museum, Portland, OR, from on or
communications relating to the
about October 23, 2009, until on or
proposed rule change between the
about January 3, 2010; at the Nevada
Commission and any person, other than Museum of Art, Reno, NV, from on or
those that may be withheld from the
about January 8, 2010, until on or about
public in accordance with the
March 21, 2010; at the Milwaukee Art
provisions of 5 U.S.C. 552, will be
Museum, Milwaukee, WI, from on or
available for inspection and copying in
about March 26, 2010, until on or about
the Commission’s Public Reference
June 6, 2010, and at possible additional
Room, 100 F Street, NE., Washington,
exhibitions or venues yet to be
DC 20549, on official business days
determined, is in the national interest.
between the hours of 10 a.m. and 3 p.m. Public Notice of these Determinations is
Copies of such filing also will be
ordered to be published in the Federal
available for inspection and copying at
Register.
the principal office of the CBOE. All
FOR FURTHER INFORMATION CONTACT: For
comments received will be posted
further information, including a list of
without change; the Commission does
the exhibit objects, contact Carol B.
not edit personal identifying
Epstein, Attorney-Adviser, Office of the
information from submissions. You
Legal Adviser, U.S. Department of State
should submit only information that
you wish to make available publicly. All (telephone: 202/632–6473). The address
is U.S. Department of State, SA–5, L/PD,
submissions should refer to File No.
Fifth Floor, Washington, DC 20522–
SR–CBOE–2009–072 and should be
0505.
submitted on or before November 4,
2009.
Dated: October 1, 2009.
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
11 15 U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(2).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–24616 Filed 10–13–09; 8:45 am]
Maura M. Pally,
Deputy Assistant Secretary for Professional
and Cultural Exchanges, Bureau of
Educational and Cultural Affairs, Department
of State.
[FR Doc. E9–24692 Filed 10–13–09; 8:45 am]
BILLING CODE 8011–01–P
9 15
BILLING CODE 4710–05–P
10 15
VerDate Nov<24>2008
17:35 Oct 13, 2009
52835
13 17
Jkt 220001
PO 00000
CFR 200.30–3(a)(12).
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Agencies
[Federal Register Volume 74, Number 197 (Wednesday, October 14, 2009)]
[Notices]
[Pages 52834-52835]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-24616]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Release No. 34-60796; File No. SR-CBOE-2009-072]
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
October 7, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on September 30, 2009, the
Chicago Board Options Exchange, Incorporated (``CBOE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the CBOE. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested parties.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CBOE proposes to adjust (i) the monthly access fee for persons
granted temporary CBOE membership status (``Temporary Members'')
pursuant to Interpretation and Policy .02 under CBOE Rule 3.19 (``Rule
3.19.02'') and (ii) the monthly access fee for Interim Trading Permit
(``ITP'') holders under CBOE Rule 3.27. The text of the proposed rule
change is available on the Exchange's Web site (https://www.cboe.org/Legal/), at the Exchange's Office of the Secretary, and at the
Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, CBOE included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The CBOE has prepared summaries, set forth in Sections
A, B, and C below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The current access fee for Temporary Members under Rule 3.19.02 \2\
and the current access fee for ITP holders under Rule 3.27 \3\ are both
$11,287 per month. Both access fees are currently set at the indicative
lease rate (as defined below) for September 2009. The Exchange proposes
to adjust both access fees effective at the beginning of October 2009
to be equal to the indicative lease rate for October 2009 (which is
$11,900). Specifically, the Exchange proposes to revise both the
Temporary Member access fee and the ITP access fee to be $11,900 per
month commencing on October 1, 2009.
---------------------------------------------------------------------------
\2\ See Securities Exchange Act Release No. 56458 (September 18,
2007), 72 FR 54309 (September 24, 2007) (SR-CBOE-2007-107) for a
description of the Temporary Membership status under Rule 3.19.02.
\3\ See Securities Exchange Act Release No. 58178 (July 17,
2008), 73 FR 42634 (July 22, 2008) (SR-CBOE-2008-40) for a
description of the Interim Trading Permits under Rule 3.27.
---------------------------------------------------------------------------
The indicative lease rate is defined under Rule 3.27(b) as the
highest clearing firm floating monthly rate \4\ of the CBOE Clearing
Members that assist in facilitating at least 10% of the CBOE
transferable membership leases.\5\ The Exchange determined the
indicative lease rate for October 2009 by polling each of these
Clearing Members and obtaining the clearing firm floating monthly rate
designated by each of these Clearing Members for that month.
---------------------------------------------------------------------------
\4\ Rule 3.27(b) defines the clearing firm floating monthly rate
as the floating monthly rate that a Clearing Member designates, in
connection with transferable membership leases that the Clearing
Member assisted in facilitating, for leases that utilize that
monthly rate.
\5\ The concepts of an indicative lease rate and of a clearing
firm floating month rate were previously utilized in the CBOE rule
filings that set and adjusted the Temporary Member access fee. Both
concepts are also codified in Rule 3.27(b) in relation to ITPs.
---------------------------------------------------------------------------
The Exchange used the same process to set the proposed Temporary
Member and ITP access fees that it used to set the current Temporary
Member and ITP access fees. The only difference is that the Exchange
used clearing firm floating monthly rate information for the month of
October 2009 to set the proposed access fees (instead of clearing firm
floating monthly rate information for the month of September 2009 as
was used to set the current access fees) in order to take into account
changes in clearing firm floating monthly rates for the month of
October 2009.
The Exchange believes that the process used to set the proposed
Temporary Member access fee and the proposed Temporary Member access
fee itself are appropriate for the same reasons set forth in CBOE rule
filing SR-CBOE-2008-12 with respect to the original Temporary Member
access fee.\6\ Similarly, the Exchange believes that the process used
to set the proposed ITP access fee and the proposed ITP access fee
itself are appropriate for the same reasons set forth in CBOE rule
filing SR-CBOE-2008-77 with respect to the original ITP access fee.\7\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 57293 (February 8,
2008), 73 FR 8729 (February 14, 2008) (SR-CBOE-2008-12), which
established the original Temporary Member access fee, for detail
regarding the rationale in support of the original Temporary Member
access fee and the process used to set that fee, which is also
applicable to this proposed change to the Temporary Member access
fee as well.
\7\ See Securities Exchange Act Release No. 58200 (July 21,
2008), 73 FR 43805 (July 28, 2008) (SR-CBOE-2008-77), which
established the original ITP access fee, for detail regarding the
rationale in support of the original ITP access fee and the process
used to set that fee, which is also applicable to this proposed
change to the ITP access fee as well.
---------------------------------------------------------------------------
Each of the proposed access fees will remain in effect until such
time either that the Exchange submits a further rule filing pursuant to
Section 19(b)(3)(A)(ii) of the Act \8\ to modify the applicable access
fee or the applicable status (i.e., the Temporary Membership status or
the ITP status) is terminated. Accordingly, the Exchange may, and
likely will, further adjust the proposed access fees in the future if
the Exchange determines that it would be appropriate to do so taking
into consideration lease
[[Page 52835]]
rates for transferable CBOE memberships prevailing at that time.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
The procedural provisions of the CBOE Fee Schedule related to the
assessment of each proposed access fee are not proposed to be changed
and will remain the same as the current procedural provisions relating
to the assessment of that access fee.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\9\ in general, and furthers the
objectives of Section 6(b)(4) of the Act,\10\ in particular, in that it
is designed to provide for the equitable allocation of reasonable dues,
fees, and other charges among persons using its facilities.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change establishes or changes a due,
fee, or other charge imposed by the Exchange, it has become effective
pursuant to Section 19(b)(3)(A) of the Act \11\ and subparagraph (f)(2)
of Rule 19b-4 \12\ thereunder. At any time within 60 days of the filing
of the proposed rule change, the Commission may summarily abrogate such
rule change if it appears to the Commission that such action is
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-CBOE-2009-072 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2009-072. 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 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-2009-072 and should be
submitted on or before November 4, 2009.
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-24616 Filed 10-13-09; 8:45 am]
BILLING CODE 8011-01-P