Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC To Establish Registered Representative Fees, 1676-1678 [2010-298]

Download as PDF 1676 Federal Register / Vol. 75, No. 7 / Tuesday, January 12, 2010 / Notices The changes discussed in this filing will become operative on January 1, 2010. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,8 in general, and furthers the objectives of Section 6(b)(4),9 in particular, as 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. In particular, simplifying the rate structure for Members provides pricing incentives to market participants that route orders to DECN, allowing DECN to remain competitive. ISE notes that DECN 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. The proposed rule change reflects a competitive pricing structure designed to incent market participants to direct their order flow to DECN. ISE believes the fees and credits remain competitive with those charged by other venues and therefore continue to be reasonable and equitably allocated to those members that opt to direct orders to DECN rather than competing venues. The ISE also believes that the proposed rates are equitable in that they apply uniformly to all Members. Finally, to adjust DECN’s pricing model to be more consistent with other exchanges (even though DECN is not an exchange), the Exchange desires to (i) de-link the pricing structures of DECN (EDGA/ EDGX) to eliminate pricing offers that are contingent on activity across both platforms; and (ii) simplify its fee schedule in order to provide Members with greater consistency and transparency during the period that the EDGA and EDGX Exchanges are preparing to launch, when volume will be transitioning from DECN to EDGA/ EDGX Exchanges (assuming their respective Form 1 applications are approved by the Commission). WReier-Aviles on DSKGBLS3C1PROD with NOTICES B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change does not impose any burden on competition that is 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 not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. 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) of the Act 10 and Rule 19b–4(f)(2) 11 thereunder. At any time within 60 days of the filing of such 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: 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 ISE. 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–ISE–2009–108 and should be submitted on or before February 2, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–296 Filed 1–11–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION 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–ISE–2009–108 on the subject line. [Release No. 34–61291; File No. SR– NYSEAmex–2009–95] 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–ISE–2009–108. 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 January 5, 2010. Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC To Establish Registered Representative Fees 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 28, 2009, NYSE Amex LLC (‘‘NYSE Amex’’ 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 end its waiver of registered representative fees 12 17 8 15 U.S.C. 78f. 9 15 U.S.C. 78f(b)(4). VerDate Nov<24>2008 15:14 Jan 11, 2010 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 19b–4(f)(2). Jkt 220001 PO 00000 Frm 00094 Fmt 4703 1 15 Sfmt 4703 E:\FR\FM\12JAN1.SGM 12JAN1 Federal Register / Vol. 75, No. 7 / Tuesday, January 12, 2010 / Notices for member organizations that acquired their memberships solely by operation of NYSE Amex Equities Rule 2 in connection with the acquisition of the American Stock Exchange by the New York Stock Exchange (‘‘NYSE’’). The waiver will end on December 31, 2009 and all member organizations will be subject to registered representative fees commencing January 1, 2010. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and www.nyse.com. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. WReier-Aviles on DSKGBLS3C1PROD with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose In connection with the acquisition of the American Stock Exchange (renamed NYSE Amex after the acquisition) by NYSE Euronext, all equities trading conducted on or through the American Stock Exchange legacy trading systems and facilities located at 86 Trinity Place, New York, New York, was moved on December 1, 2008, to the NYSE trading facilities and systems located at 11 Wall Street, New York, New York (the ‘‘NYSE Amex Trading Systems’’), which are operated by the NYSE on behalf of NYSE Amex (the ‘‘Equities Relocation’’). At the time of the Equities Relocation, by operation of NYSE Amex Equities Rule 2, all NYSE member organizations automatically became NYSE Amex member organizations. By acquiring NYSE Amex membership, the NYSE member organizations that were not previously NYSE Amex members would become subject to the NYSE Amex registration fees for all of their employees who serve as registered representatives. As these NYSE member organizations that had no NYSE Amex business prior to the Equities Relocation became NYSE Amex members without any action on their own part, NYSE Amex waived the application of its VerDate Nov<24>2008 15:14 Jan 11, 2010 Jkt 220001 registered representative fees to those firms for the month of December. At the time of its original adoption of the waiver, NYSE Amex stated that it expected to submit a filing to adopt a revised registered representative fee commencing January 1, 2009.3 The waiver was extended through June 30, 2009,4 and was subsequently extended again through September 30, 2009,5 at which time it expired. The expiration of the waiver on September 30, 2009, resulted from an oversight on the part of Exchange staff as the Exchange had not yet reached a conclusion as to a more permanent approach to registered representative fees at that time. Consequently, the Exchange intends to submit a filing in which it seeks to reestablish the waiver with retroactive effect from October 1, 2009, ending on December 31, 2009. NYSE Amex proposes to end the waiver on December 31, 2009, and will require all NYSE Amex member organizations to pay registered representative fees as of January 1, 2010, regardless of whether they were members of NYSE Amex prior to the Equities Relocation.6 It has been NYSE Amex’s experience that member organizations that have benefitted from the waiver have traded comparable volumes of NYSE Amex equities since the Equities Relocation to those traded by member organizations that are currently subject to the registered representative fees. Consequently, NYSE Amex believes it is equitable to charge the same registered representative fees to all member organizations regardless of how they acquired their membership. The Exchange also notes that, while NYSE Amex benefits to a large degree from the NYSE’s regulatory program and all NYSE Amex members pay regulatory fees to the NYSE, the revenues generated from NYSE regulatory fees are significantly less than is needed to fund the NYSE and NYSE Amex equities regulatory program. As such, the Exchange believes it is appropriate to charge registered representative fees to those member organizations that have benefitted from the waiver, as a contribution to the costs of regulating 3 See Exchange Act Release 59045 (December 3, 2008), 73 FR 75151 (December 10, 2008) (SR– NYSEALTR–2008–09). 4 See Exchange Act Release 59170 (December 29, 2008), 74 FR 486 (January 6, 2009) (SR– NYSEALTR–2008–19). 5 See Exchange Act Release 60176 (June 26, 2009), 74 FR 32021 (July 6, 2009) (SR–NYSAmex–2009– 30). 6 See e-mail from John Carey, Chief Counsel US Equities, NYSE Euronext, Inc. to Leah Mesfin, Special Counsel, Division of Trading and Markets, Commission, on January 4, 2010, clarifying that the waiver ended on December 31, 2009. PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 1677 their NYSE Amex equities trading activities. The rule change will become operative as of January 1, 2010. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,7 in general, and Section 6(b)(4) of the Act,8 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 all member organizations will pay the same fees and the fees charged to member organizations that previously benefitted from the waiver will be sufficient to fund only a portion of the costs of NYSE Amex’s regulation of those member organizations’ NYSE Amex equities trading activities. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) 9 of the Act and subparagraph (f)(2) of Rule 19b–4 10 thereunder, because it establishes a due, fee, or other charge imposed by NYSE Amex. 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. 78f(b). U.S.C. 78f(b)(4). 9 15 U.S.C. 78s(b)(3)(A). 10 17 CFR 240.19b–4(f)(2). 8 15 E:\FR\FM\12JAN1.SGM 12JAN1 1678 Federal Register / Vol. 75, No. 7 / Tuesday, January 12, 2010 / Notices 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: [FR Doc. 2010–298 Filed 1–11–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION 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–2009–95 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. WReier-Aviles on DSKGBLS3C1PROD with NOTICES For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [Release No. 34–61290; File No. SR–ISE– 2009–109] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Order Granting Accelerated Approval to a Proposed Rule Change Relating to the Amounts That Direct Edge ECN, in Its Capacity as an Introducing Broker for Non-ISE Members, Passes Through to Such Non-ISE Members January 5, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the All submissions should refer to File ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Number SR–NYSEAmex–2009–95. This notice is hereby given that on December file number should be included on the 31, 2009, the International Securities subject line if e-mail is used. To help the Exchange, LLC (the ‘‘Exchange’’ or the Commission process and review your ‘‘ISE’’) filed with the Securities and comments more efficiently, please use Exchange Commission (‘‘Commission’’) only one method. The Commission will the proposed rule change as described post all comments on the Commission’s in Items I and II below, which Items Internet Web site (https://www.sec.gov/ have been prepared by the selfrules/sro.shtml). Copies of the regulatory organization. The submission, all subsequent Commission is publishing this notice to amendments, all written statements solicit comments on the proposed rule with respect to the proposed rule change from interested persons, and is approving the proposal on an change that are filed with the accelerated basis. Commission, and all written communications relating to the I. Self-Regulatory Organization’s proposed rule change between the Statement of the Terms of Substance of Commission and any person, other than the Proposed Rule Change those that may be withheld from the The Exchange proposes to modify the public in accordance with the amounts that Direct Edge ECN provisions of 5 U.S.C. 552, will be (‘‘DECN’’), in its capacity as an available for inspection and copying in introducing broker for non-ISE the Commission’s Public Reference Members, passes through to such nonRoom, 100 F Street, NE., Washington, ISE Members. DC 20549, on official business days The text of the proposed rule change between the hours of 10 a.m. and 3 p.m. is available on the Exchange’s Internet Copies of such filing also will be Web site at https://www.ise.com. available for inspection and copying at the principal office of the Exchange. All II. Self-Regulatory Organization’s Statement of the Purpose of, and comments received will be posted Statutory Basis for, the Proposed Rule without change; the Commission does Change not edit personal identifying information from submissions. You In its filing with the Commission, the should submit only information that self-regulatory organization included you wish to make publicly available. All statements concerning the purpose of, submissions should refer to File and basis for, the proposed rule change Number SR–NYSEAmex–2009–95 and and discussed any comments it received should be submitted on or before on the proposed rule change. The text February 2, 2010. 1 15 11 17 CFR 200.30–3(a)(12). VerDate Nov<24>2008 15:14 Jan 11, 2010 2 17 Jkt 220001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00096 Fmt 4703 Sfmt 4703 of these statements may be examined at the places specified in Item III 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 DECN, a facility of ISE, operates two trading platforms, EDGX and EDGA. On December 30, 2009, the ISE filed for immediate effectiveness a proposed rule change to amend Direct Edge ECN’s (‘‘DECN’’) fee schedule for ISE Members 3 to simplify its fee schedule by (i) eliminating the Super Tier and Ultra Tier rebates; 4 and (ii) amending 3 References to ISE Members in this filing refer to DECN Subscribers who are ISE Members. 4 On July 1, 2009, the Exchange adopted a new Ultra Tier Rebate whereby ISE Members were provided a $0.0032 rebate per share for securities priced at or above $1.00 when ISE Members add liquidity on EDGX if the attributed MPID satisfies one of the following criteria on a daily basis, measured monthly: (i) Adding 100,000,000 shares or more on EDGX; or (ii) adding 50,000,000 shares or more of liquidity on EDGX, so long as added liquidity on EDGX is at least 20,000,000 shares greater than the previous calendar month. The rebate described above is referred to as an ‘‘Ultra Tier Rebate’’ on the DECN fee schedule. See Securities and Exchange Act Release No. 60232 (July 2, 2009), 74 FR 33309 (July 10, 2009)(SR–ISE– 2009–43). On October 1, 2009, the Exchange amended the criteria for meeting this tier by allowing ISE Members to receive a $0.0032 rebate per share for securities priced at or above $1.00 when ISE Members add liquidity on EDGX if the attributed MPID posts 1% of the total consolidated volume (‘‘TCV’’) in average daily volume (‘‘ADV’’). TCV is defined as volume reported by all exchanges and trade reporting facilities to the consolidated transaction reporting plans for Tape A, B, and C securities. See Securities Exchange Act Release No. 60769 (October 2, 2009) 74 FR 51903 (October 8, 2009)(SR–ISE–2009–68). On May 1, 2009, the Exchange amended the Super Tier rebate, which provides a $0.0030 rebate per share for liquidity added on EDGX if the attributed MPID satisfies any of the following three criteria on a daily basis, measured monthly: (i) Adding 40,000,000 shares or more on either EDGX, EDGA, or EDGX and EDGA combined; (ii) adding 20,000,000 shares or more on either EDGX, EDGA, or EDGX and EDGA combined and routing 20,000,000 shares or more through EDGA; or (iii) adding 10,000,000 shares or more of liquidity to EDGX, so long as added liquidity on EDGX is at least 5,000,000 shares greater than the previous calendar month. See Securities Exchange Act Release No. 59887 (May 7, 2009), 74 FR 22792 (May 14, 2009)(SR–ISE–2009–24). To adjust DECN’s pricing model to be more consistent with other exchanges (even though DECN is not an exchange), in SR–ISE–2009–108, the Exchange proposed to de-link the pricing structures of DECN to eliminate pricing offers that are contingent on activity across both platforms. Secondly, in that filing, the Exchange proposed to simplify its fee schedule, which will provide Members with greater consistency and transparency during the period that the EDGA and EDGX E:\FR\FM\12JAN1.SGM 12JAN1

Agencies

[Federal Register Volume 75, Number 7 (Tuesday, January 12, 2010)]
[Notices]
[Pages 1676-1678]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-298]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61291; File No. SR-NYSEAmex-2009-95]


 Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by NYSE Amex LLC To Establish 
Registered Representative Fees

January 5, 2010.
    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 28, 2009, NYSE Amex LLC (``NYSE Amex'' 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to end its waiver of registered 
representative fees

[[Page 1677]]

for member organizations that acquired their memberships solely by 
operation of NYSE Amex Equities Rule 2 in connection with the 
acquisition of the American Stock Exchange by the New York Stock 
Exchange (``NYSE''). The waiver will end on December 31, 2009 and all 
member organizations will be subject to registered representative fees 
commencing January 1, 2010. The text of the proposed rule change is 
available at the Exchange, the Commission's Public Reference Room, and 
www.nyse.com.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of those statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    In connection with the acquisition of the American Stock Exchange 
(renamed NYSE Amex after the acquisition) by NYSE Euronext, all 
equities trading conducted on or through the American Stock Exchange 
legacy trading systems and facilities located at 86 Trinity Place, New 
York, New York, was moved on December 1, 2008, to the NYSE trading 
facilities and systems located at 11 Wall Street, New York, New York 
(the ``NYSE Amex Trading Systems''), which are operated by the NYSE on 
behalf of NYSE Amex (the ``Equities Relocation''). At the time of the 
Equities Relocation, by operation of NYSE Amex Equities Rule 2, all 
NYSE member organizations automatically became NYSE Amex member 
organizations. By acquiring NYSE Amex membership, the NYSE member 
organizations that were not previously NYSE Amex members would become 
subject to the NYSE Amex registration fees for all of their employees 
who serve as registered representatives. As these NYSE member 
organizations that had no NYSE Amex business prior to the Equities 
Relocation became NYSE Amex members without any action on their own 
part, NYSE Amex waived the application of its registered representative 
fees to those firms for the month of December.
    At the time of its original adoption of the waiver, NYSE Amex 
stated that it expected to submit a filing to adopt a revised 
registered representative fee commencing January 1, 2009.\3\ The waiver 
was extended through June 30, 2009,\4\ and was subsequently extended 
again through September 30, 2009,\5\ at which time it expired. The 
expiration of the waiver on September 30, 2009, resulted from an 
oversight on the part of Exchange staff as the Exchange had not yet 
reached a conclusion as to a more permanent approach to registered 
representative fees at that time. Consequently, the Exchange intends to 
submit a filing in which it seeks to re-establish the waiver with 
retroactive effect from October 1, 2009, ending on December 31, 2009.
---------------------------------------------------------------------------

    \3\ See Exchange Act Release 59045 (December 3, 2008), 73 FR 
75151 (December 10, 2008) (SR-NYSEALTR-2008-09).
    \4\ See Exchange Act Release 59170 (December 29, 2008), 74 FR 
486 (January 6, 2009) (SR-NYSEALTR-2008-19).
    \5\ See Exchange Act Release 60176 (June 26, 2009), 74 FR 32021 
(July 6, 2009) (SR-NYSAmex-2009-30).
---------------------------------------------------------------------------

    NYSE Amex proposes to end the waiver on December 31, 2009, and will 
require all NYSE Amex member organizations to pay registered 
representative fees as of January 1, 2010, regardless of whether they 
were members of NYSE Amex prior to the Equities Relocation.\6\ It has 
been NYSE Amex's experience that member organizations that have 
benefitted from the waiver have traded comparable volumes of NYSE Amex 
equities since the Equities Relocation to those traded by member 
organizations that are currently subject to the registered 
representative fees. Consequently, NYSE Amex believes it is equitable 
to charge the same registered representative fees to all member 
organizations regardless of how they acquired their membership. The 
Exchange also notes that, while NYSE Amex benefits to a large degree 
from the NYSE's regulatory program and all NYSE Amex members pay 
regulatory fees to the NYSE, the revenues generated from NYSE 
regulatory fees are significantly less than is needed to fund the NYSE 
and NYSE Amex equities regulatory program. As such, the Exchange 
believes it is appropriate to charge registered representative fees to 
those member organizations that have benefitted from the waiver, as a 
contribution to the costs of regulating their NYSE Amex equities 
trading activities.
---------------------------------------------------------------------------

    \6\ See e-mail from John Carey, Chief Counsel US Equities, NYSE 
Euronext, Inc. to Leah Mesfin, Special Counsel, Division of Trading 
and Markets, Commission, on January 4, 2010, clarifying that the 
waiver ended on December 31, 2009.
---------------------------------------------------------------------------

    The rule change will become operative as of January 1, 2010.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\7\ in general, and Section 
6(b)(4) of the Act,\8\ 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 all member organizations 
will pay the same fees and the fees charged to member organizations 
that previously benefitted from the waiver will be sufficient to fund 
only a portion of the costs of NYSE Amex's regulation of those member 
organizations' NYSE Amex equities trading activities.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \9\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \10\ thereunder, because it establishes a due, fee, or other charge 
imposed by NYSE Amex.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 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.

[[Page 1678]]

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-NYSEAmex-2009-95 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-NYSEAmex-2009-95. 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-NYSEAmex-2009-95 and should 
be submitted on or before February 2, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-298 Filed 1-11-10; 8:45 am]
BILLING CODE 8011-01-P
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