Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Fee Schedule of the Boston Options Exchange Facility, 69172-69173 [E9-30926]
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69172
Federal Register / Vol. 74, No. 249 / Wednesday, December 30, 2009 / Notices
not be designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers. The
Commission also finds that the
proposed rule change as amended is
consistent with the provisions of
Section 6(b)(8) of the Act,25 which
requires that the rules of an exchange
not impose any burden on competition
not necessary or appropriate in
furtherance of the purposes of the Act.
The electronic entry of MOC/LOC
interest should increase the efficiency of
NYSE’s market and permit accurate
information to be disseminated to
market participants more quickly. The
modification of the procedures for the
entry of MOC/LOC orders in response to
imbalance publications and regulatory
trading halts should likewise improve
transparency and efficiency.
In connection with the change from
two imbalance publications to one, the
Commission notes the Exchange’s
representation that its customers have
expressed that two imbalance
publications ten minutes apart in the
current electronic environment are
unnecessary. Moving the cut-off time for
the entry of MOC/LOC orders from 3:40
p.m. to 3:45 p.m. should allow
Exchange participants additional
control of the handling of their orders to
be executed in the closing transaction
and additional participation in active
markets.
In connection with the postponing of
the cancellation time for MOC and LOC
orders to 3:58 p.m, the Commission
notes the Exchange’s representations
that, with the proposed requirement that
all MOC/LOC orders be entered
electronically, Exchange systems will
keep track of the available interest thus
making it more readily available for the
DMM and that systemic tracking of
MOC/LOC interest makes it entirely
feasible for the DMM to review in two
minutes the interest eligible to
participate in the closing transaction
and facilitate the execution of the
closing transaction.
The creation of the CO order provides
an additional source of liquidity to
offset an imbalance going into the
closing transaction, and thus should
increase the greater efficiency of the
closing process.
The Commission believes that these
proposed modifications are consistent
with the Act because, taken as a whole,
they should enhance the efficiency and
transparency of the closing transaction
and provide customers with a more
accurate depiction of market conditions
prior to the closing transaction, and
25 15
U.S.C. 78f(b)(8).
VerDate Nov<24>2008
19:01 Dec 29, 2009
Jkt 220001
therefore allow them to make betterinformed trading decisions.
The Commission believes that the
remainder of the proposed changes,
including the codification of the
hierarchy of the allocation of interest in
the closing, the clarification of the
definition of MOC and LOC orders, the
inclusion of additional information in
the Order Imbalance Information data
feeds, and the rescission of the
provisions governing Expiration Friday
Auxiliary Procedures for the Opening
and Due Diligence Requirements are
either non-substantive or noncontroversial in nature, while enhancing
the transparency of NYSE’s market at
the close, and therefore are consistent
with the Act.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,26 that the
proposed rule change, as amended (SR–
NYSE–2009–111), be, and it hereby is,
approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.27
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–30927 Filed 12–29–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61229; File No. SR–BX–
2009–083]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to the
Fee Schedule of the Boston Options
Exchange Facility
December 22, 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 December
16, 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 self-regulatory
organization. The Exchange filed the
proposed rule change pursuant to
Section 19(b)(3)(A)(ii) of the Act,3 and
26 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
27 17
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
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
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, on the Exchange’s
Internet Web site at https://
nasdaqomxbx.cchwallstreet.com/
NASDAQOMXBX/Filings/, and on the
Commission’s Internet Web site at
https://www.sec.gov/.
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
On November 13, 2006 BOX entered
into a licensing agreement
(‘‘Agreement’’) with The NASDAQ OMX
Group, Inc. (‘‘NASDAQ OMX’’)
(formerly known as the Nasdaq Stock
Market, Inc.) to use various indices and
trademarks in connection with the
listing and trading of index options on
the full value Nasdaq-100® (‘‘NDX’’)5
4 17
CFR 240.19b–4(f)(2).
Nasdaq-100® and Nasdaq-100 Index®
are registered trademarks of The NASDAQ OMX
Group, Inc. (which with its affiliates are the
‘‘Corporations’’) and are licensed for use by the
Boston Options Exchange Group, LLC in connection
with the trading of options products based on the
Nasdaq-100 Index®. The product(s) have not been
passed on by the Corporations as to their legality
or suitability. The product(s) are not issued,
endorsed, sold, or promoted by the Corporations.
The Corporations make no warranties and bear no
liability with respect to the product(s). The
Corporations do not guarantee the accuracy and/or
uninterrupted calculation of the Nasdaq-100 Index®
or any data included therein. The Corporations
5 Nasdaq®,
E:\FR\FM\30DEN1.SGM
30DEN1
Federal Register / Vol. 74, No. 249 / Wednesday, December 30, 2009 / Notices
and the reduced value Nasdaq-100®
Index (Mini-NDX® Index (MNX)).6 The
Agreement established a license fee,
currently $0.16 per contract, payable by
BOX to NASDAQ OMX, for NDX and
MNX options contracts traded on BOX.7
This Agreement between BOX and
NASDAQ OMX was set to expire on
December 31, 2009. BOX and NASDAQ
OMX have entered into an extension of
the Agreement whereby a six (6) cent
increase in the per contract license fee
charged to BOX by NASDAQ OMX has
been agreed to.
The Exchange is submitting this
proposed rule change to increase the
surcharge fee for transactions in NDX
and MNX options by six (6) cents, to
$0.22. This increase will
correspondingly offset the increased
costs incurred by BOX. As with certain
other licensed options, the Exchange
adopted and maintains a surcharge fee
for trading in these options to defray the
licensing costs. The Exchange believes
that charging BOX Options Participants
that trade these instruments is the most
equitable means of recovering the costs
of the license.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the Act,8
in general, and Section 6(b)(4) of the
Act,9 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.
mstockstill on DSKH9S0YB1PROD with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
19:01 Dec 29, 2009
Jkt 220001
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 Act10 and
Rule 19b–4(f)(2) thereunder,11 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.
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 publicly available. All
submissions should refer to File
Number SR–BX–2009–083 and should
be submitted on or before January 20,
2010.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–30926 Filed 12–29–09; 8:45 am]
BILLING CODE 8011–01–P
Electronic Comments
make no warranty, express or implied, as to results
to be obtained by licensee, owners of the product(s),
or any other person or entity from the use of the
Nasdaq-100 Index® or any data included therein.
The Corporations make no express or implied
warranties, and expressly disclaim all warranties of
merchantability or fitness for a particular purpose
or use with respect to the Nasdaq-100 Index® or any
data included therein. Without limiting any of the
foregoing, in no event shall the Corporations have
any liability for any lost profits or special,
incidental, punitive, indirect or consequential
damages, even if notified of the possibility of such
damages.
6 Id.
7 On November 14, 2006 the Exchange established
a $0.15 surcharge fee for transactions in options on
NDX and MNX. See Securities Exchange Act
Release No. 55000 (December 21, 2006), 71 FR
78479 (December 29, 2006) (SR–BSE–2006–47). The
Exchange subsequently increased the surcharge fee
to $0.16 in response to a corresponding increase in
the license fees charged by NASDAQ OMX to BOX.
See Securities Exchange Act Release No. 57114
(January 8, 2008), 73 FR 2961 (January 16, 2008)
(SR–BSE–2008–01).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(4).
VerDate Nov<24>2008
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act.
69173
• 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–2009–083 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–2009–083. 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
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61231; File No. SR–FINRA–
2009–092]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the Date by
Which Eligible Registrants Must
Complete a Firm-Element Continuing
Education Program To Qualify To
Engage in a Security Futures Business
December 23, 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 December
18, 2009, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II below, which Items have been
prepared by FINRA. The Commission is
12 17
10 15
U.S.C. 78s(b)(3)(A)(ii).
11 17 CFR 240.19b–4(f)(2).
PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\30DEN1.SGM
30DEN1
]]>Agencies
[Federal Register Volume 74, Number 249 (Wednesday, December 30, 2009)]
[Notices]
[Pages 69172-69173]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-30926]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61229; File No. SR-BX-2009-083]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
the Fee Schedule of the Boston Options Exchange Facility
December 22, 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 December 16, 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 self-regulatory organization. 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 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, on the Exchange's Internet Web site
at https://nasdaqomxbx.cchwallstreet.com/NASDAQOMXBX/Filings/, and on
the Commission's Internet Web site at https://www.sec.gov/.
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
On November 13, 2006 BOX entered into a licensing agreement
(``Agreement'') with The NASDAQ OMX Group, Inc. (``NASDAQ OMX'')
(formerly known as the Nasdaq Stock Market, Inc.) to use various
indices and trademarks in connection with the listing and trading of
index options on the full value Nasdaq-100[supreg] (``NDX'')\5\
[[Page 69173]]
and the reduced value Nasdaq-100[supreg] Index (Mini-NDX[supreg] Index
(MNX)).\6\ The Agreement established a license fee, currently $0.16 per
contract, payable by BOX to NASDAQ OMX, for NDX and MNX options
contracts traded on BOX.\7\
---------------------------------------------------------------------------
\5\ Nasdaq[supreg], Nasdaq-100[supreg] and Nasdaq-100
Index[supreg] are registered trademarks of The NASDAQ OMX Group,
Inc. (which with its affiliates are the ``Corporations'') and are
licensed for use by the Boston Options Exchange Group, LLC in
connection with the trading of options products based on the Nasdaq-
100 Index[supreg]. The product(s) have not been passed on by the
Corporations as to their legality or suitability. The product(s) are
not issued, endorsed, sold, or promoted by the Corporations. The
Corporations make no warranties and bear no liability with respect
to the product(s). The Corporations do not guarantee the accuracy
and/or uninterrupted calculation of the Nasdaq-100 Index[supreg] or
any data included therein. The Corporations make no warranty,
express or implied, as to results to be obtained by licensee, owners
of the product(s), or any other person or entity from the use of the
Nasdaq-100 Index[supreg] or any data included therein. The
Corporations make no express or implied warranties, and expressly
disclaim all warranties of merchantability or fitness for a
particular purpose or use with respect to the Nasdaq-100
Index[supreg] or any data included therein. Without limiting any of
the foregoing, in no event shall the Corporations have any liability
for any lost profits or special, incidental, punitive, indirect or
consequential damages, even if notified of the possibility of such
damages.
\6\ Id.
\7\ On November 14, 2006 the Exchange established a $0.15
surcharge fee for transactions in options on NDX and MNX. See
Securities Exchange Act Release No. 55000 (December 21, 2006), 71 FR
78479 (December 29, 2006) (SR-BSE-2006-47). The Exchange
subsequently increased the surcharge fee to $0.16 in response to a
corresponding increase in the license fees charged by NASDAQ OMX to
BOX. See Securities Exchange Act Release No. 57114 (January 8,
2008), 73 FR 2961 (January 16, 2008) (SR-BSE-2008-01).
---------------------------------------------------------------------------
This Agreement between BOX and NASDAQ OMX was set to expire on
December 31, 2009. BOX and NASDAQ OMX have entered into an extension of
the Agreement whereby a six (6) cent increase in the per contract
license fee charged to BOX by NASDAQ OMX has been agreed to.
The Exchange is submitting this proposed rule change to increase
the surcharge fee for transactions in NDX and MNX options by six (6)
cents, to $0.22. This increase will correspondingly offset the
increased costs incurred by BOX. As with certain other licensed
options, the Exchange adopted and maintains a surcharge fee for trading
in these options to defray the licensing costs. The Exchange believes
that charging BOX Options Participants that trade these instruments is
the most equitable means of recovering the costs of the license.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\8\ in general, and Section
6(b)(4) of the Act,\9\ 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 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\10\ and Rule 19b-4(f)(2)
thereunder,\11\ because it establishes or changes a due, fee, or other
charge applicable only to a member.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
\11\ 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-2009-083 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-2009-083. 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 publicly available. All
submissions should refer to File Number SR-BX-2009-083 and should be
submitted on or before January 20, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-30926 Filed 12-29-09; 8:45 am]
BILLING CODE 8011-01-P
