Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Fee Schedule of the Boston Options Exchange Facility, 61397-61398 [E9-28099]
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Federal Register / Vol. 74, No. 225 / Tuesday, November 24, 2009 / Notices
All submissions should refer to File
Number SR–CBOE–2009–025. 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–CBOE–2009–025 and
should be submitted on or before
December 15, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–28100 Filed 11–23–09; 8:45 am]
12, 2009, NASDAQ OMX BX, Inc. (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 Exchange. The
Exchange filed the proposed rule change
pursuant to Section 19(b)(3)(A)(ii) of the
Act3 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 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
Fee Schedule of the Boston Options
Exchange Group, LLC (‘‘BOX’’). The text
of the proposed rule change is available
from the principal office of the
Exchange, at the Commission’s Public
Reference Room and also on the
Exchange’s Internet website at https://
nasdaqomxbx.cchwallstreet.com/
NASDAQOMXBX/Filings/.
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 these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
BILLING CODE 8011–01–P
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61017; File No. SR–BX–
2009–072]
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Amending the
Fee Schedule of the Boston Options
Exchange Facility
1. Purpose
The Exchange recently submitted a
proposed rule change, SR–BX–2009–
071, which made several changes to the
BOX Fee Schedule.5 Certain of these
changes eliminated references to
outbound P/A Orders from the Fee
Schedule as these order types are no
longer sent by BOX.6 Some of the text
November 17, 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 November
7 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
15:15 Nov 23, 2009
Jkt 220001
3 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
5 See Securities Exchange Act Release No. 60934
(November 4, 2009), 74 FR 58358 (November 12,
2009) (SR–BX–2009–071). The BOX Fee Schedule
can be found on the BOX Website at https://
www.bostonoptions.com.
6 The Exchange is a participant in the Options
Order Protection and Locked/Crossed Market Plan
4 17
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
61397
that was removed from the Fee
Schedule in SR–BX–2009–071 should
not have been removed but rather
amended to reflect applicability to
Eligible Orders that are routed away by
Routing Brokers.
The Exchange proposes to once again
include the specific language in the
BOX Fee Schedule, as appropriate, to
reflect its applicability to Eligible
Orders routed to Away Exchanges by
Routing Brokers. Specifically, the
Exchange proposes to exempt outbound
Eligible Orders routed to Away
Exchanges by Routing Brokers from the
fees and credits of Section 7 of the BOX
Fee Schedule, as these transactions are
deemed to neither ‘add’ nor ‘take’
liquidity from the BOX Book.7
Additionally, the Exchange proposes to
impose of a fee of $0.50 per contract for
all Eligible Orders routed to Away
Exchanges by Routing Brokers in excess
of 4,000 contracts per month for an
individual BOX Options Participant, as
was imposed for outbound P/A Orders.8
Additionally, the Exchange proposes
a clarifying change to text of Section
7(d) of the BOX Fee Schedule regarding
the volume discount applied to
executions in Price Improvement Period
(‘‘PIP’’) auctions of the Participant that
initiated the PIP which occur at a price
at least better than the NBBO. To clarify
the application of the volume discount
the Exchange proposes that the final
sentence of Section 7(d) will read as
follows: ‘‘This discount is calculated
monthly for the Participant’s previous
calendar month’s executions in PIP
auctions which it initiated and which
were filled at a price at least better than
the NBBO.’’
(‘‘Decentralized Plan’’). See Securities Exchange Act
Release No. 60405 (July 30, 2009), 74 FR 39362
(August 6, 2009) (File No. 4–546) (Order Approving
the National Market System Plan Relating to
Options Order Protection and Locked/Crossed
Market Plan). Instead of routing P/A Orders BOX
now sends Eligible Orders to Away Exchange(s),
when such Away Exchange(s) display the Best Bid
or Best Offer, in accordance with the Decentralized
Plan, via certain non-affiliated third party routing
broker/dealers (‘‘Routing Broker(s)’’). See Securities
Exchange Act Release No. 60832 (October 16, 2009),
74 FR 54607 (October 22, 2009) (SR–BX–2009–66).
7 See Securities Exchange Act Release No. 60504
(August 14, 2009), 74 FR 42724 (August 24, 2009)
(SR–BX–2009–047).
8 See Securities Exchange Act Release No. 60610
(September 1, 2009), 74 FR 46285 (September 8,
2009) (SR–BX–2009–058). The Exchange stated in
SR–BX–2009–58 that ‘‘exempting all outbound P/A
Orders from fees may tempt BOX Options
Participants to increase non executable order flow
to BOX in order to avoid fees on other exchanges.’’
The Exchange proposed the $0.50 fee ‘‘to eliminate
the abusive use of this exemption.’’ As proposed in
SR–BX–2009–58, the proposed re-inclusion of this
fee will have no effect on the billing of orders of
non-BOX Options Participants.
E:\FR\FM\24NON1.SGM
24NON1
61398
Federal Register / Vol. 74, No. 225 / Tuesday, November 24, 2009 / Notices
2. Statutory Basis
IV. Solicitation of Comments
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the Act,9
in general, and Section 6(b)(5) of the
Act,10 in particular, in that it is designed
to foster cooperation and coordination
with persons engaged in regulating,
clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism for a free and open market
and a national market system and, in
general, to protect investors and the
public interest, as well Section 6(b)(4) of
the Act,11 in particular, in that it
provides for the equitable allocation of
reasonable dues, fees, and other charges
among its members and issuers and
other persons using its facilities. The
proposed changes will result in
clarification of the fees charged for
trading activity on BOX.
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:
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 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
The Exchange has neither solicited
nor received comments on the proposed
rule change.
WReier-Aviles on DSKGBLS3C1PROD 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 Exchange Act12 and
Rule 19b–4(f)(2) thereunder,13 because
it establishes or changes a due, fee, or
other charge applicable only to a
member.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
the rule change if it appears to the
Commission that the action is necessary
or appropriate in the public interest, for
the protection of investors, or would
otherwise further the purposes of the
Act.
9 15
U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
11 15 U.S.C. 78f(b)(4).
12 15 U.S.C. 78s(b)(3)(A)(ii).
13 17 CFR 240.19b–4(f)(2).
VerDate Nov<24>2008
15:15 Nov 23, 2009
Jkt 220001
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–2009–072 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–BX–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 will also 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 No.
SR–BX–2009–072 and should be
submitted on or before December 15,
2009.
PO 00000
Frm 00082
Fmt 4703
Sfmt 4703
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–28099 Filed 11–23–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61005; File No. SR–ISE–
2009–90]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing of Proposed Rule
Change by International Securities
Exchange, LLC Relating to Changes to
the U.S. Exchange Holdings, Inc.
Corporate Documents and
International Securities Exchange
Trust Agreement in Connection With
the Form 1 Applications of EDGA
Exchange, Inc. and EDGX Exchange,
Inc.
November 16, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
9, 2009, the International Securities
Exchange, LLC (‘‘ISE’’ or ‘‘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 Exchange.
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
In connection with a transaction 3
which closed on December 23, 2008, the
International Securities Exchange, LLC
(‘‘Exchange’’ or ‘‘ISE’’) merged the ISE
Stock Exchange, LLC, a Delaware
limited liability company, with and into
Maple Merger Sub, LLC, a Delaware
limited liability company and a whollyowned subsidiary of Direct Edge
Holdings LLC (‘‘Direct Edge’’). As part
of the same transaction, the parent
company of the Exchange, International
Securities Exchange Holdings, Inc. (‘‘ISE
Holdings’’), purchased a 31.54% equity
interest in Direct Edge. ISE Holdings is
a direct wholly-owned subsidiary of
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities and Exchange Act Release No.
59135 (December 22, 2008); 73 FR 79954 (December
30, 2008) (SR–ISE–2008–85).
1 15
E:\FR\FM\24NON1.SGM
24NON1
]]>Agencies
[Federal Register Volume 74, Number 225 (Tuesday, November 24, 2009)]
[Notices]
[Pages 61397-61398]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-28099]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61017; File No. SR-BX-2009-072]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Amending the
Fee Schedule of the Boston Options Exchange Facility
November 17, 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 November 12, 2009, NASDAQ OMX BX, Inc. (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 Exchange. The Exchange filed the proposed
rule change pursuant to Section 19(b)(3)(A)(ii) 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 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)(ii).
\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 Exchange proposes to amend the Fee Schedule of the Boston
Options Exchange Group, LLC (``BOX''). The text of the proposed rule
change is available from the principal office of the Exchange, at the
Commission's Public Reference Room and also on the Exchange's Internet
website at https://nasdaqomxbx.cchwallstreet.com/NASDAQOMXBX/Filings/.
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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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 Exchange recently submitted a proposed rule change, SR-BX-2009-
071, which made several changes to the BOX Fee Schedule.\5\ Certain of
these changes eliminated references to outbound P/A Orders from the Fee
Schedule as these order types are no longer sent by BOX.\6\ Some of the
text that was removed from the Fee Schedule in SR-BX-2009-071 should
not have been removed but rather amended to reflect applicability to
Eligible Orders that are routed away by Routing Brokers.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 60934 (November 4,
2009), 74 FR 58358 (November 12, 2009) (SR-BX-2009-071). The BOX Fee
Schedule can be found on the BOX Website at https://www.bostonoptions.com.
\6\ The Exchange is a participant in the Options Order
Protection and Locked/Crossed Market Plan (``Decentralized Plan'').
See Securities Exchange Act Release No. 60405 (July 30, 2009), 74 FR
39362 (August 6, 2009) (File No. 4-546) (Order Approving the
National Market System Plan Relating to Options Order Protection and
Locked/Crossed Market Plan). Instead of routing P/A Orders BOX now
sends Eligible Orders to Away Exchange(s), when such Away
Exchange(s) display the Best Bid or Best Offer, in accordance with
the Decentralized Plan, via certain non-affiliated third party
routing broker/dealers (``Routing Broker(s)''). See Securities
Exchange Act Release No. 60832 (October 16, 2009), 74 FR 54607
(October 22, 2009) (SR-BX-2009-66).
---------------------------------------------------------------------------
The Exchange proposes to once again include the specific language
in the BOX Fee Schedule, as appropriate, to reflect its applicability
to Eligible Orders routed to Away Exchanges by Routing Brokers.
Specifically, the Exchange proposes to exempt outbound Eligible Orders
routed to Away Exchanges by Routing Brokers from the fees and credits
of Section 7 of the BOX Fee Schedule, as these transactions are deemed
to neither `add' nor `take' liquidity from the BOX Book.\7\
Additionally, the Exchange proposes to impose of a fee of $0.50 per
contract for all Eligible Orders routed to Away Exchanges by Routing
Brokers in excess of 4,000 contracts per month for an individual BOX
Options Participant, as was imposed for outbound P/A Orders.\8\
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 60504 (August 14,
2009), 74 FR 42724 (August 24, 2009) (SR-BX-2009-047).
\8\ See Securities Exchange Act Release No. 60610 (September 1,
2009), 74 FR 46285 (September 8, 2009) (SR-BX-2009-058). The
Exchange stated in SR-BX-2009-58 that ``exempting all outbound P/A
Orders from fees may tempt BOX Options Participants to increase non
executable order flow to BOX in order to avoid fees on other
exchanges.'' The Exchange proposed the $0.50 fee ``to eliminate the
abusive use of this exemption.'' As proposed in SR-BX-2009-58, the
proposed re-inclusion of this fee will have no effect on the billing
of orders of non-BOX Options Participants.
---------------------------------------------------------------------------
Additionally, the Exchange proposes a clarifying change to text of
Section 7(d) of the BOX Fee Schedule regarding the volume discount
applied to executions in Price Improvement Period (``PIP'') auctions of
the Participant that initiated the PIP which occur at a price at least
better than the NBBO. To clarify the application of the volume discount
the Exchange proposes that the final sentence of Section 7(d) will read
as follows: ``This discount is calculated monthly for the Participant's
previous calendar month's executions in PIP auctions which it initiated
and which were filled at a price at least better than the NBBO.''
[[Page 61398]]
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\9\ in general, and Section
6(b)(5) of the Act,\10\ in particular, in that it is designed to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism for a free and open market and a national market
system and, in general, to protect investors and the public interest,
as well Section 6(b)(4) of the Act,\11\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees, and
other charges among its members and issuers and other persons using its
facilities. The proposed changes will result in clarification of the
fees charged for trading activity on BOX.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
\11\ 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 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
The Exchange has neither solicited nor received comments on the
proposed rule change.
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 Exchange Act\12\ and Rule 19b-4(f)(2)
thereunder,\13\ because it establishes or changes a due, fee, or other
charge applicable only to a member.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A)(ii).
\13\ 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 the rule change if it
appears to the Commission that the action is necessary or appropriate
in the public interest, for the protection of investors, or would
otherwise further 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-BX-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-BX-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 will also 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 No. SR-BX-2009-072 and should be
submitted on or before December 15, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-28099 Filed 11-23-09; 8:45 am]
BILLING CODE 8011-01-P
