Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing of Proposed Rule Change To Modify Fees for Members Using the NASDAQ OMX BX Equities System, 58671-58672 [E9-27259]
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Federal Register / Vol. 74, No. 218 / Friday, November 13, 2009 / Notices
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 7 and Rule 19b–4(f)(6)(iii)
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
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–NYSEAmex–2009–75 on
the subject line.
srobinson on DSKHWCL6B1PROD with NOTICES
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–NYSEAmex–2009–75. 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
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of 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 Exchange
satisfied the pre-filing requirement.
8 17
VerDate Nov<24>2008
17:07 Nov 12, 2009
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58671
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 NYSE Amex. 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–NYSEAmex–2009–75 and
should be submitted on or before
December 4, 2009.
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 November 2, 2009. The text
of the proposed rule change is attached
as Exhibit 5 and is available at https://
nasdaqomxbx.cchwallstreet.com.3
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–27257 Filed 11–12–09; 8:45 am]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60958; File No. SR–BX–
2009–070]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
of Proposed Rule Change To Modify
Fees for Members Using the NASDAQ
OMX BX Equities System
November 6, 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 October
28, 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.
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.
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 for accessing liquidity
of $0.0001 per share executed and
assesses a charge of $0.0003 per share
executed to members providing
liquidity. For securities other than those
listed on NASDAQ and NYSE (‘‘Tape B
securities’’), BX currently charges a fee
of $0.0016 per share executed to access
liquidity and provides a credit of
$0.0014 per share executed for
providing liquidity. Under the proposed
rule change, BX will make the fees and
credits for Tape B securities identical to
those for securities listed on NASDAQ
and NYSE, resulting in a uniform fee
schedule for all types of securities. The
change will result in a fee reduction for
persons accessing liquidity in Tape B
securities and a fee increase for liquidity
providers in those securities. BX notes
that many market participants have
responded favorably to BX’s pricing
structure for NASDAQ and NYSE
3 See
infra note 9.
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.
4 The
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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58672
Federal Register / Vol. 74, No. 218 / Friday, November 13, 2009 / Notices
or otherwise in furtherance of the
purposes of the Act.
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. BX
believes that its fees remain competitive
with other venues and are reasonable
and equitably allocated to those
members on the basis of whether they
opt to direct orders to BX.
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.
srobinson on DSKHWCL6B1PROD with NOTICES
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,
U.S.C. 78f.
6 15 U.S.C. 78f(b)(4).
7 15 U.S.C. 78s(b)(3)(a)(ii).
8 17 CFR 240.19b–4(f)(2).
be submitted on or before December 4,
2009.
IV. Solicitation of Comments
stocks, and it has concluded that it
should be applied uniformly to all
securities.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–27259 Filed 11–12–09; 8:45 am]
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–BX–2009–070 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–2009–070. 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,9 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–2009–070 and should
5 15
VerDate Nov<24>2008
17:07 Nov 12, 2009
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60959; File No. SR–
NASDAQ–2009–096]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify Fees
for Members Using the NASDAQ
Market Center
November 6, 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 October
29, 2009, The NASDAQ Stock Market
LLC (‘‘NASDAQ’’) 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 NASDAQ. Pursuant to
Section 19(b)(3)(A)(ii) of the Act 3 and
Rule 19b–4(f)(2) thereunder,4 NASDAQ
has designated this proposal as
establishing or changing a due, fee, or
other charge, which renders the
proposed rule change effective upon
filing.
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 the Substance
of the Proposed Rule Change
NASDAQ proposes to modify pricing
for NASDAQ members using the
NASDAQ Market Center. NASDAQ will
implement this rule change on
November 2, 2009. The text of the
proposed rule change is available at
https://nasdaqomx.cchwallstreet.com/, at
NASDAQ’s principal office, and at the
Commission’s Public Reference Room.
10 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)(ii).
4 17 CFR 240.19b–4(f)(2).
1 15
9 The text of the proposed rule change is available
on the Commission’s Web site at https://
www.sec.gov/.
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Agencies
[Federal Register Volume 74, Number 218 (Friday, November 13, 2009)]
[Notices]
[Pages 58671-58672]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-27259]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60958; File No. SR-BX-2009-070]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing of Proposed Rule Change To Modify Fees for Members Using the
NASDAQ OMX BX Equities System
November 6, 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 October 28, 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 November 2, 2009. The text of the proposed rule
change is attached as Exhibit 5 and is available at https://nasdaqomxbx.cchwallstreet.com.\3\
---------------------------------------------------------------------------
\3\ See infra note 9.
---------------------------------------------------------------------------
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 for accessing liquidity of $0.0001 per
share executed and assesses a charge of $0.0003 per share executed to
members providing liquidity. For securities other than those listed on
NASDAQ and NYSE (``Tape B securities''), BX currently charges a fee of
$0.0016 per share executed to access liquidity and provides a credit of
$0.0014 per share executed for providing liquidity. Under the proposed
rule change, BX will make the fees and credits for Tape B securities
identical to those for securities listed on NASDAQ and NYSE, resulting
in a uniform fee schedule for all types of securities. The change will
result in a fee reduction for persons accessing liquidity in Tape B
securities and a fee increase for liquidity providers in those
securities. BX notes that many market participants have responded
favorably to BX's pricing structure for NASDAQ and NYSE
[[Page 58672]]
stocks, and it has concluded that it should be applied uniformly to all
securities.
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
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.
BX believes that its fees remain competitive with other venues and are
reasonable and equitably allocated to those members on the basis of
whether they opt to direct orders to BX.
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(a)(ii).
\8\ 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-BX-2009-070 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-2009-070. 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,\9\ 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-2009-070 and should be
submitted on or before December 4, 2009.
---------------------------------------------------------------------------
\9\ The text of the proposed rule change is available on the
Commission's Web site at https://www.sec.gov/.
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. E9-27259 Filed 11-12-09; 8:45 am]
BILLING CODE 8011-01-P