Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Exclude Early Closing Days From Certain ADV Calculations, 66193-66194 [E9-29632]
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Federal Register / Vol. 74, No. 238 / Monday, December 14, 2009 / Notices
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:
mstockstill on DSKH9S0YB1PROD with NOTICES
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–NASDAQ–2009–106 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–NASDAQ–2009–106. 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 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
VerDate Nov<24>2008
17:54 Dec 11, 2009
Jkt 220001
66193
submissions should refer to File
Number SR–NASDAQ–2009–106 and
should be submitted on or before
January 4, 2010.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc.E9–29648 Filed 12–11–09; 8:45 am]
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 NYSE 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
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61130; File No. SR–NYSE–
2009–118]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Exclude
Early Closing Days From Certain ADV
Calculations
December 8, 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
December 1, 2009, New York Stock
Exchange LLC (the ‘‘NYSE’’ 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 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
The Exchange proposes to amend its
price list to provide that data from days
on which the Exchange closes early will
not be included in calculations of
average daily trading volume for the
applicable month in determining
member organizations’ qualification for
pricing tiers and qualification of
Supplemental Liquidity Providers
(‘‘SLPs’’) for liquidity credits. The text
of the proposed rule change is available
on the Exchange’s Web site (https://
www.nyse.com), at the Exchange’s
Office of the Secretary, and at the
Commission’s Public Reference Room.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The NYSE charges member
organizations a lower transaction fee per
share when they provide liquidity with
respect to specified levels of average
daily trading volume (‘‘ADV’’) in the
applicable month. In addition, the
Exchange pays credits to SLPs for
providing liquidity to the Exchange and,
in doing so, pays higher credits to SLPs
that provide liquidity in excess of
specified levels of ADV for the
applicable month. The Exchange
proposes to exclude trading volume data
from those days on which it closes early
from calculations of ADV used in
determining member organizations’ and
SLPs’ qualification for more favorable
transaction pricing and liquidity credit
tiers. The Exchange closes early on a
small number of trading days in the
course of the year, which are generally
the trading days before or after a public
holiday (e.g., Christmas Eve and the day
after Thanksgiving). As the trading on
those days occurs over a shorter time
period and is typically very light, the
Exchange believes that including it in
ADV calculations distorts ADV for the
applicable month. Consequently, the
Exchange believes it is appropriate to
exclude days on which it closes early
from ADV calculations. The Exchange
notes that it will continue to include
early closing days in ADV calculations
when determining whether securities
are ‘‘More Active Securities’’ or ‘‘Less
Active Securities’’ for purposes of
determining which rebate tier
Designated Market Makers qualify for
when adding liquidity to the Exchange.
2. Statutory Basis
11 17
CFR 200.30–3(a)(12).
1 15 U.S.C.78s(b)(1).
2 17 CFR 240.19b–4.
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
The Exchange believes that the
proposed rule change is consistent with
E:\FR\FM\14DEN1.SGM
14DEN1
66194
Federal Register / Vol. 74, No. 238 / Monday, December 14, 2009 / Notices
the provisions of Section 6 3 of the Act
in general and Section 6(b)(4) of the
Act 4 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 Exchange
believes that the proposal does not
constitute an inequitable allocation of
dues, fees and other charges, as ADV
will be calculated on the same basis for
purposes of determining the
qualification of all member
organizations for more favorable
transaction pricing and liquidity credit
tiers.
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 purpose of the Act.
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 is effective
upon filing pursuant to Section
19(b)(3)(A) 5 of the Act and Rule 19b–
4(f)(2) 6 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.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
Number SR–NYSE–2009–118 on the
subject line.
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
Paper Comments
27, 1978, the Foreign Affairs Reform and
• Send paper comments in triplicate
Restructuring Act of 1998 (112 Stat.
to Elizabeth M. Murphy, Secretary,
2681, et seq.; 22 U.S.C. 6501 note, et
Securities and Exchange Commission,
seq.), Delegation of Authority No. 234 of
100 F Street, NE., Washington, DC
October 1, 1999, Delegation of Authority
20549–1090.
No. 236 of October 19, 1999, as
All submissions should refer to File
amended, and Delegation of Authority
Number SR–NYSE–2009–118. This file
No. 257 of April 15, 2003 [68 FR 19875],
number should be included on the
I hereby determine that the objects to be
subject line if e-mail is used. To help the included in the exhibition ‘‘Renoir in
Commission process and review your
the 20th Century,’’ imported from
comments more efficiently, please use
abroad for temporary exhibition within
only one method. The Commission will the United States, are of cultural
post all comments on the Commission’s significance. The objects are imported
Internet Web site (https://www.sec.gov/
pursuant to loan agreements with the
rules/sro/shtml). Copies of the
foreign owners or custodians. I also
submission,7 all subsequent
determine that the exhibition or display
amendments, all written statements
of the exhibit objects at the Los Angeles
with respect to the proposed rule
County Museum of Art, Los Angeles, Ca,
change that are filed with the
from on or about February 14, 2010,
Commission, and all written
until on or about May 9, 2010; at the
communications relating to the
Philadelphia Museum of Art,
proposed rule change between the
Philadelphia, PA, from on or about June
Commission and any person, other than 12, 2010, to on or about September 5,
those that may be withheld from the
2010; and at possible additional
public in accordance with the
exhibitions or venues yet to be
provisions of 5 U.S.C. 552, will be
determined, is in the national interest.
available for inspection and copying in
Public Notice of these Determinations is
the Commission’s Public Reference
ordered to be published in the Federal
Section, 100 F Street, NE., Washington,
Register.
DC 20549–1090, on official business
FOR FURTHER INFORMATION CONTACT: For
days between the hours of 10 a.m. and
further information, including a list of
3 p.m. Copies of such filing will also be
the exhibit objects, contact Carol B.
available for inspection and copying at
the principal office of the Exchange. All Epstein, Attorney-Adviser, Office of the
Legal Adviser, U.S. Department of State
comments received will be posted
(telephone: 202/632–6473). The address
without change; the Commission does
is U.S. Department of State, SA–5, L/PD,
not edit personal identifying
Fifth Floor, Washington, DC 20522–
information from submissions. You
0505.
should submit only information that
Dated: December 1, 2009.
you wish to make available publicly. All
submissions should refer to File number Maura M. Pally,
SR–NYSE–2009–118 and should be
Deputy Assistant Secretary for Professional
submitted on or before January 4, 2010.
and Cultural Exchanges, Bureau of
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–29632 Filed 12–11–09; 8:45 am]
BILLING CODE 8011–01–P
mstockstill on DSKH9S0YB1PROD with NOTICES
[Public Notice 6849]
Culturally Significant Objects Imported
for Exhibition Determinations: ‘‘Renoir
in the 20th Century’’
SUMMARY: Notice is hereby given of the
following determinations: Pursuant to
3 15
VerDate Nov<24>2008
18:57 Dec 11, 2009
7 The text of the proposed rule change is available
at the Commission’s Web site (https://www.sec.gov).
8 17 CFR 200.30–3(a)(12).
Jkt 220001
DEPARTMENT OF STATE
Culturally Significant Object Imported
for Exhibition Determinations:
‘‘Portrait of a Lady’’
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
U.S.C. 78f.
U.S.C. 78f(b)(4).
5 15 U.S.C. 78s(b)(3)(A).
6 17 CFR 240.19b–4(f)(2).
BILLING CODE 4710–05–P
[Public Notice 6850]
Electronic Comments
4 15
Educational and Cultural Affairs, Department
of State.
[FR Doc. E9–29716 Filed 12–11–09; 8:45 am]
PO 00000
Frm 00111
Fmt 4703
Sfmt 4703
SUMMARY: Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
E:\FR\FM\14DEN1.SGM
14DEN1
]]>Agencies
[Federal Register Volume 74, Number 238 (Monday, December 14, 2009)]
[Notices]
[Pages 66193-66194]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-29632]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61130; File No. SR-NYSE-2009-118]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Exclude Early Closing Days From Certain ADV Calculations
December 8, 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 December 1, 2009, New York Stock Exchange LLC (the ``NYSE'' 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 Exchange. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its price list to provide that data
from days on which the Exchange closes early will not be included in
calculations of average daily trading volume for the applicable month
in determining member organizations' qualification for pricing tiers
and qualification of Supplemental Liquidity Providers (``SLPs'') for
liquidity credits. The text of the proposed rule change is available on
the Exchange's Web site (https://www.nyse.com), 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, 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 NYSE 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 NYSE charges member organizations a lower transaction fee per
share when they provide liquidity with respect to specified levels of
average daily trading volume (``ADV'') in the applicable month. In
addition, the Exchange pays credits to SLPs for providing liquidity to
the Exchange and, in doing so, pays higher credits to SLPs that provide
liquidity in excess of specified levels of ADV for the applicable
month. The Exchange proposes to exclude trading volume data from those
days on which it closes early from calculations of ADV used in
determining member organizations' and SLPs' qualification for more
favorable transaction pricing and liquidity credit tiers. The Exchange
closes early on a small number of trading days in the course of the
year, which are generally the trading days before or after a public
holiday (e.g., Christmas Eve and the day after Thanksgiving). As the
trading on those days occurs over a shorter time period and is
typically very light, the Exchange believes that including it in ADV
calculations distorts ADV for the applicable month. Consequently, the
Exchange believes it is appropriate to exclude days on which it closes
early from ADV calculations. The Exchange notes that it will continue
to include early closing days in ADV calculations when determining
whether securities are ``More Active Securities'' or ``Less Active
Securities'' for purposes of determining which rebate tier Designated
Market Makers qualify for when adding liquidity to the Exchange.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with
[[Page 66194]]
the provisions of Section 6 \3\ of the Act in general and Section
6(b)(4) of the Act \4\ 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 Exchange
believes that the proposal does not constitute an inequitable
allocation of dues, fees and other charges, as ADV will be calculated
on the same basis for purposes of determining the qualification of all
member organizations for more favorable transaction pricing and
liquidity credit tiers.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f.
\4\ 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 purpose of the Act.
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 is effective upon filing pursuant to
Section 19(b)(3)(A) \5\ of the Act and Rule 19b-4(f)(2) \6\ thereunder.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 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, as amended, 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-NYSE-2009-118 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-NYSE-2009-118. 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,\7\ 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 Section, 100 F Street,
NE., Washington, DC 20549-1090, 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 number SR-
NYSE-2009-118 and should be submitted on or before January 4, 2010.
---------------------------------------------------------------------------
\7\ The text of the proposed rule change is available at the
Commission's Web site (https://www.sec.gov).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-29632 Filed 12-11-09; 8:45 am]
BILLING CODE 8011-01-P
