Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Schedule of Fees and Charges for Exchange Services, 58664-58665 [E9-27254]
Download as PDF
<![CDATA[
58664
Federal Register / Vol. 74, No. 218 / Friday, November 13, 2009 / Notices
SECURITIES AND EXCHANGE
COMMISSION
of the most significant parts of such
statements.
[Release No. 34–60945; File No. SR–
NYSEArca–2009–97]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Its Schedule of
Fees and Charges for Exchange
Services
November 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 October
26, 2009, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the self-regulatory
organization. NYSE Arca filed the
proposal pursuant to Section
19(b)(3)(A) 4 of the Act and Rule 19b–
4(f)(2) 5 thereunder. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
section of its Schedule of Fees and
Charges for Exchange Services (the
‘‘Schedule’’). While changes to the
Schedule pursuant to this proposal will
be effective upon filing, the changes will
become operative on November 2, 2009.
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.
srobinson on DSKHWCL6B1PROD with NOTICES
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19–b4.
4 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(2).
2 15
VerDate Nov<24>2008
17:07 Nov 12, 2009
Jkt 220001
1. Purpose
The Exchange proposes to reduce the
volume levels and rates for Tier 1 and
Tier 2 effective November 2, 2009. A
more detailed description of the
proposed changes follows.
Tier 1
Currently Tier 1 rates are applied to
ETP Holders and Market Makers that
provide liquidity on the Exchange with
an average daily volume (‘‘ADV’’) per
month of 30 million shares and transact
a total ADV per month of 90 million
shares (includes both adding and
removing). Under this proposal Tier 1
rates will be applied to ETP Holders and
Market Makers that provide liquidity on
the Exchange with an ADV per month
of 25 million shares and transact a total
ADV per month of 80 million shares.
The Exchange will also lower both the
rebate for adding liquidity and the fee
for removing liquidity. Currently, the
rebate for adding liquidity is set at
$0.0030 per share, and the fee for
removing liquidity is set at $0.0030 per
share. Under this proposal the rebate for
adding liquidity will be $0.0027 and the
fee for removing liquidity will be
$0.0027.
Tier 2
Currently Tier 2 rates are applied to
ETP Holders and Market Makers that
provide liquidity on the Exchange with
an ADV per month of 20 million shares
and transact a total ADV per month of
60 million shares. Under this proposal
Tier 2 rates will be applied to ETP
Holders and Market Makers that provide
liquidity on the Exchange with an ADV
of 15 million shares and transact a total
ADV per month of 50 million shares.
The Exchange will also lower both the
rebate for adding liquidity and the fee
for removing liquidity. Currently, the
rebate for adding liquidity is set at
$0.0028 per share, and the fee for
removing liquidity is set at $0.0030 per
share. Under this proposal the rebate for
adding liquidity will be $0.0026 and the
fee for removing liquidity will be
$0.0028.
The Exchange recognizes that
volumes in November and December
can be seasonally lighter during the
holidays, and is therefore reducing the
Tier 1 and Tier 2 volume requirements
to qualify for the Exchange’s best rates.
PO 00000
Frm 00068
Fmt 4703
Sfmt 4703
Provide Tier
The Exchange also plans to
implement a new Provide Tier. The
Provide Tier will be applied to ETP
Holders and Market Makers that transact
an average daily share volume per
month greater than 35 million shares in
transactions that provide displayed
liquidity to the Exchange. For qualifying
customers the Exchange will pay a
rebate of $0.0027 per share for
transactions that add liquidity in Tape
A and Tape C securities. Basic Rate
pricing will apply for removing
liquidity unless tiered rate volume
levels are obtained. For example, firms
qualifying for both the Provide Tier and
Tier 2 will receive a $0.0027 rebate for
providing liquidity and the Tier 2 rate
of $0.0028 for removing liquidity.
The proposed changes to the
Schedule are part of the Exchange’s
continued effort to attract and enhance
participation on the Exchange, by
offering attractive rates and rebates with
volume-based incentives. The Exchange
believes the proposed fees are
reasonable and equitable in that they
apply uniformly to all ETP Holders. The
proposed changes will become operative
on November 2, 2009.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 [sic] of the
Securities Exchange Act of 1934 (the
‘‘Act’’),6 in general, and Section 6(b)(4)
of the Act,7 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
proposed changes to the Schedule are
part of the Exchange’s continued effort
to attract and enhance participation on
the Exchange, by offering attractive rates
and rebates with volume-based
incentives. The Exchange believes that
the proposed changes to the Schedule
are equitable in that they apply
uniformly to all Users.
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.
6 15
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
E:\FR\FM\13NON1.SGM
13NON1
Federal Register / Vol. 74, No. 218 / Friday, November 13, 2009 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 8 of the Act and
subparagraph (f)(2) of Rule 19b–4 9
thereunder, because it establishes a due,
fee, or other charge imposed by NYSE
Arca on its members.
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–NYSEArca–2009–97 on the
subject line.
Paper Comments
srobinson on DSKHWCL6B1PROD with NOTICES
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available
for inspection and copying at the
principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–NYSEArca–2009–97 and
should be submitted on or before
December 4, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–27254 Filed 11–12–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60949; File No. SR–NYSE–
2009–110]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Extending a
Temporary Equity Transaction Fee for
Shares Executed on the NYSE
MatchPointSM System, Effective Upon
Filing Through January 31, 2010
November 6, 2009.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
All submissions should refer to File
Number SR–NYSEArca–2009–97. This
notice is hereby given that on October
file number should be included on the
30, 2009, New York Stock Exchange
subject line if e-mail is used. To help the LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
Commission process and review your
with the Securities and Exchange
comments more efficiently, please use
Commission (the ‘‘Commission’’) the
only one method. The Commission will proposed rule change as described in
post all comments on the Commission’s Items I, II and III below, which Items
Internet Web site (https://www.sec.gov/
have been prepared by the selfrules/sro.shtml). Copies of the
regulatory organization. The
submission, all subsequent
Commission is publishing this notice to
amendments, all written statements
10 17 CFR 200.30–3(a)(12).
with respect to the proposed rule
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
8 15
U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(2).
VerDate Nov<24>2008
17:07 Nov 12, 2009
2 15
Jkt 220001
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
58665
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend a
temporary equity transaction fee for
shares executed on the NYSE
MatchPointSM (‘‘NYSE MatchPoint’’ or
‘‘MatchPoint’’) system, effective upon
filing through January 31, 2010. The text
of the proposed rule change is available
at the Exchange, the Commission’s
Public Reference Room, and https://
www.nyse.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On January 7, 2009, the Exchange
filed with the Securities and Exchange
Commission (the ‘‘Commission’’) a
proposed rule change to adopt a
temporary equity transaction fee for
shares executed on the NYSE
MatchPointSM system, effective until
February 28, 2009 (the ‘‘January
filing’’).4 On February 26, 2009, the
Exchange filed with the Commission a
proposed rule change to extend this
temporary equity transaction fee until
April 30, 2009 (the ‘‘March filing’’).5 On
April 29, 2009, the Exchange filed with
the Commission a proposed rule change
to further extend this temporary equity
transaction fee until June 30, 2009 (the
‘‘April filing’’).6 On July 6, 2009, the
Exchange filed with the Commission a
proposed rule change to further extend
this temporary equity transaction fee
4 See Securities Exchange Act Release No. 59229
(January 12, 2009) 74 FR 3119 (January 16, 2009)
(SR–NYSE–2009–01).
5 See Securities Exchange Act Release No. 59491
(March 3, 2009) 74 FR 10107 (March 9, 2009) (SR–
NYSE–2009–20).
6 See Securities Exchange Act Release No. 59864
(May 5, 2009) 74 FR 22194 (May 12, 2009) (SR–
NYSE–2009–44).
E:\FR\FM\13NON1.SGM
13NON1
]]>Agencies
[Federal Register Volume 74, Number 218 (Friday, November 13, 2009)]
[Notices]
[Pages 58664-58665]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-27254]
[[Page 58664]]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60945; File No. SR-NYSEArca-2009-97]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending Its
Schedule of Fees and Charges for Exchange Services
November 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 October 26, 2009, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. NYSE Arca filed the proposal pursuant to Section
19(b)(3)(A) \4\ of the Act and Rule 19b-4(f)(2) \5\ thereunder. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19-b4.
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the section of its Schedule of Fees
and Charges for Exchange Services (the ``Schedule''). While changes to
the Schedule pursuant to this proposal will be effective upon filing,
the changes will become operative on November 2, 2009. 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to reduce the volume levels and rates for
Tier 1 and Tier 2 effective November 2, 2009. A more detailed
description of the proposed changes follows.
Tier 1
Currently Tier 1 rates are applied to ETP Holders and Market Makers
that provide liquidity on the Exchange with an average daily volume
(``ADV'') per month of 30 million shares and transact a total ADV per
month of 90 million shares (includes both adding and removing). Under
this proposal Tier 1 rates will be applied to ETP Holders and Market
Makers that provide liquidity on the Exchange with an ADV per month of
25 million shares and transact a total ADV per month of 80 million
shares. The Exchange will also lower both the rebate for adding
liquidity and the fee for removing liquidity. Currently, the rebate for
adding liquidity is set at $0.0030 per share, and the fee for removing
liquidity is set at $0.0030 per share. Under this proposal the rebate
for adding liquidity will be $0.0027 and the fee for removing liquidity
will be $0.0027.
Tier 2
Currently Tier 2 rates are applied to ETP Holders and Market Makers
that provide liquidity on the Exchange with an ADV per month of 20
million shares and transact a total ADV per month of 60 million shares.
Under this proposal Tier 2 rates will be applied to ETP Holders and
Market Makers that provide liquidity on the Exchange with an ADV of 15
million shares and transact a total ADV per month of 50 million shares.
The Exchange will also lower both the rebate for adding liquidity and
the fee for removing liquidity. Currently, the rebate for adding
liquidity is set at $0.0028 per share, and the fee for removing
liquidity is set at $0.0030 per share. Under this proposal the rebate
for adding liquidity will be $0.0026 and the fee for removing liquidity
will be $0.0028.
The Exchange recognizes that volumes in November and December can
be seasonally lighter during the holidays, and is therefore reducing
the Tier 1 and Tier 2 volume requirements to qualify for the Exchange's
best rates.
Provide Tier
The Exchange also plans to implement a new Provide Tier. The
Provide Tier will be applied to ETP Holders and Market Makers that
transact an average daily share volume per month greater than 35
million shares in transactions that provide displayed liquidity to the
Exchange. For qualifying customers the Exchange will pay a rebate of
$0.0027 per share for transactions that add liquidity in Tape A and
Tape C securities. Basic Rate pricing will apply for removing liquidity
unless tiered rate volume levels are obtained. For example, firms
qualifying for both the Provide Tier and Tier 2 will receive a $0.0027
rebate for providing liquidity and the Tier 2 rate of $0.0028 for
removing liquidity.
The proposed changes to the Schedule are part of the Exchange's
continued effort to attract and enhance participation on the Exchange,
by offering attractive rates and rebates with volume-based incentives.
The Exchange believes the proposed fees are reasonable and equitable in
that they apply uniformly to all ETP Holders. The proposed changes will
become operative on November 2, 2009.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 [sic] of the Securities Exchange Act
of 1934 (the ``Act''),\6\ in general, and Section 6(b)(4) of the
Act,\7\ 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 proposed
changes to the Schedule are part of the Exchange's continued effort to
attract and enhance participation on the Exchange, by offering
attractive rates and rebates with volume-based incentives. The Exchange
believes that the proposed changes to the Schedule are equitable in
that they apply uniformly to all Users.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\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.
[[Page 58665]]
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \8\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \9\ thereunder, because it establishes a due, fee, or other charge
imposed by NYSE Arca on its members.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 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-NYSEArca-2009-97 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-NYSEArca-2009-97. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2009-97 and should
be submitted on or before December 4, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-27254 Filed 11-12-09; 8:45 am]
BILLING CODE 8011-01-P
