Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing of Proposed Rule Change To Modify Fees for Members Using the NASDAQ OMX BX Equities System, 8423-8424 [2010-3544]

Download as PDF Federal Register / Vol. 75, No. 36 / Wednesday, February 24, 2010 / Notices 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 Web site viewing and printing 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–Phlx– 2010–17 and should be submitted on or before March 17, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–3546 Filed 2–23–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61514; File No. SR–BX– 2010–013] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing of Proposed Rule Change To Modify Fees for Members Using the NASDAQ OMX BX Equities System pwalker on DSK8KYBLC1PROD with NOTICES February 12, 2010. 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 January 29, 2010, NASDAQ OMX BX, Inc. (‘‘BX’’) filed with the Securities and Exchange Commission (‘‘Commission’’) 11 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 16:49 Feb 23, 2010 Jkt 220001 the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change BX is filing a proposed rule change to modify pricing for BX members using the NASDAQ OMX BX Equities System. BX will implement the proposed rule change on February 1, 2010. The text of the proposed rule change is attached as Exhibit 5 3and is available at https:// nasdaqomxbx.cchwallstreet.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, BX included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. BX has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose BX is proposing to modify its fees to execute transactions on the NASDAQ OMX BX Equities System. BX is modifying its fee structure for securities that execute at prices below $1. For these securities, BX currently charges members accessing liquidity a fee equal to 0.1% (10 basis points) of the total transaction cost and provides no credit to members providing liquidity. Under the new fee structure, members accessing liquidity will be charged 0.3% (30 basis points) of the total transaction cost, and members providing liquidity will be provided a credit equal to 0.25% (25 basis points) of the total transaction cost. The change is intended to provide a competitive response to another trading venue that has adopted a similar ‘‘maker-taker’’ pricing structure for securities priced below $1.4 The proposal is consistent with the 3 The Commission notes that Exhibit 5 is not attached to this Notice which is being published in the Federal Register, however it will be posted on the Commission’s Web site. 4 See https://www.directedge.com/SubscriberInfo/ FeeSchedule.aspx. PO 00000 Frm 00130 Fmt 4703 Sfmt 4703 8423 provisions of Rule 610 under Regulation NMS5 that govern access fees. 2. Statutory Basis BX believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,6 in general, and with Section 6(b)(4) of the Act,7 in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility or system which BX operates or controls. BX is adapting the ‘‘makertaker’’ pricing model that is prevalent across most U.S. transaction venues for securities priced at $1 or higher and applying it [sic] securities priced below $1. This change is a competitive response to another trading venue that has already introduced this pricing model for low-priced securities. The change will result in a fee increase for firms when they access liquidity in these securities and a fee reduction for firms when they provide liquidity in these stocks. The proposed fee change applies uniformly to all BX members. The impact of the changes upon the net fees paid by a particular market participant will depend upon the types of stocks that it trades, the order types that it uses, and the prices of its quotes and orders (i.e., its propensity to add or remove liquidity). BX notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive. BX believes that its fees remain competitive with other venues and are reasonable and equitably allocated to those members on the basis of whether they opt to direct orders to BX. B. Self-Regulatory Organization’s Statement on Burden on Competition BX does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. 5 17 CFR 242.610. U.S.C. 78f. 7 15 U.S.C. 78f(b)(4). 6 15 E:\FR\FM\24FEN1.SGM 24FEN1 8424 Federal Register / Vol. 75, No. 36 / Wednesday, February 24, 2010 / 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 Act8 and subparagraph (f)(2) of Rule 19b-4 thereunder.9 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: pwalker on DSK8KYBLC1PROD 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–BX–2010–013 on the subject line. business days between the hours of 10 a.m. and 3 p.m. Copies of the filing will also be available for inspection and copying at the principal office of the self-regulatory organization. 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–BX–2010–013 and should be submitted on or before March 17, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–3544 Filed 2–23–10; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF STATE [Public Notice 6904] Culturally Significant Objects Imported for Exhibition Determinations: ‘‘Leaves From an Austrian Mahzor’’ SUMMARY: Notice is hereby given of the following determinations: Pursuant to the authority vested in me by the Act of Paper Comments October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March • Send paper comments in triplicate 27, 1978, the Foreign Affairs Reform and to Elizabeth M. Murphy, Secretary, Restructuring Act of 1998 (112 Stat. Securities and Exchange Commission, 2681, et seq.; 22 U.S.C. 6501 note, et 100 F Street, NE., Washington, DC seq.), Delegation of Authority No. 234 of 20549–1090. October 1, 1999, Delegation of Authority All submissions should refer to File No. 236 of October 19, 1999, as Number SR–BX–2010–013. This file amended, and Delegation of Authority number should be included on the subject line if e-mail is used. To help the No. 257 of April 15, 2003 [68 FR 19875], I hereby determine that the objects to be Commission process and review your included in the exhibition ‘‘Leaves from comments more efficiently, please use only one method. The Commission will an Austrian Mahzor,’’ imported from post all comments on the Commission’s abroad for temporary exhibition within the United States, are of cultural Internet Web site (https://www.sec.gov/ significance. The objects are imported rules/sro.shtml). Copies of the pursuant to loan agreements with the submission, all subsequent foreign owners or custodians. I also amendments, all written statements determine that the exhibition or display with respect to the proposed rule of the exhibit objects at the Metropolitan change that are filed with the Museum of Art Cloisters, New York, Commission, and all written NY, from on or about June 1, 2010, until communications relating to the on or about June 1, 2012, and at possible proposed rule change between the Commission and any person, other than additional exhibitions or venues yet to be determined, is in the national those that may be withheld from the interest. Public Notice of these public in accordance with the Determinations is ordered to be provisions of 5 U.S.C. 552, will be published in the Federal Register. available for Web site viewing and FOR FURTHER INFORMATION CONTACT: For printing in the Commission’s Public further information, including a list of Reference Room, 100 F Street, NE., the exhibit objects, contact Carol B. Washington, DC 20549, on official Epstein, Attorney-Adviser, Office of the 8 15 9 17 U.S.C. 78s(b)(3)(a)(ii). CFR 240.19b-4(f)(2). VerDate Nov<24>2008 16:49 Feb 23, 2010 10 17 Jkt 220001 PO 00000 CFR 200.30–3(a)(12). Frm 00131 Fmt 4703 Sfmt 4703 Legal Adviser, U.S. Department of State (telephone: 202/632–6473). The address is U.S. Department of State, SA–5, L/PD, Fifth Floor, Washington, DC 20522– 0505. Dated: February 17, 2010. Maura M. Pally, Deputy Assistant Secretary for Professional and Cultural Exchanges, Bureau of Educational and Cultural Affairs, Department of State. [FR Doc. 2010–3710 Filed 2–23–10; 8:45 am] BILLING CODE 4710–05–P DEPARTMENT OF STATE [Public Notice 6903] Culturally Significant Objects Imported for Exhibition Determinations: ‘‘Matisse: Radical Invention 1913–1917’’ 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 October 1, 1999, Delegation of Authority No. 236 of October 19, 1999, as amended, and Delegation of Authority No. 257 of April 15, 2003 [68 FR 19875], I hereby determine that the objects to be included in the exhibition ‘‘Matisse: Radical Invention 1913–1917,’’ imported from abroad for temporary exhibition within the United States, are of cultural significance. The objects are imported pursuant to loan agreements with the foreign owners or custodians. I also determine that the exhibition or display of the exhibit objects at the Art Institute of Chicago, Chicago, IL, from on or about March 20, 2010, until on or about June 20, 2010; at the Museum of Modern Art, New York, NY, from on or about July 18, 2010, until on or about October 11, 2010; and at possible additional exhibitions or venues yet to be determined, is in the national interest. Public Notice of these Determinations is ordered to be published in the Federal Register. FOR FURTHER INFORMATION CONTACT: For further information, including a list of the exhibit objects, contact Carol B. Epstein, Attorney-Adviser, Office of the Legal Adviser, U.S. Department of State (telephone: 202/632–6473). The address is U.S. Department of State, SA–5, L/PD, Fifth Floor, Washington, DC 20522– 0505. E:\FR\FM\24FEN1.SGM 24FEN1

Agencies

[Federal Register Volume 75, Number 36 (Wednesday, February 24, 2010)]
[Notices]
[Pages 8423-8424]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-3544]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61514; File No. SR-BX-2010-013]


Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of 
Filing of Proposed Rule Change To Modify Fees for Members Using the 
NASDAQ OMX BX Equities System

February 12, 2010.
    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 January 29, 2010, NASDAQ OMX BX, Inc. (``BX'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change as described in Items I, II, and III below, which Items have 
been prepared by the Exchange. The Commission is publishing this notice 
to solicit comments on the proposed rule from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    BX is filing a proposed rule change to modify pricing for BX 
members using the NASDAQ OMX BX Equities System. BX will implement the 
proposed rule change on February 1, 2010. The text of the proposed rule 
change is attached as Exhibit 5 \3\and is available at https://nasdaqomxbx.cchwallstreet.com.
---------------------------------------------------------------------------

    \3\ The Commission notes that Exhibit 5 is not attached to this 
Notice which is being published in the Federal Register, however it 
will be posted on the Commission's Web site.
---------------------------------------------------------------------------

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

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

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

 1. Purpose
    BX is proposing to modify its fees to execute transactions on the 
NASDAQ OMX BX Equities System. BX is modifying its fee structure for 
securities that execute at prices below $1. For these securities, BX 
currently charges members accessing liquidity a fee equal to 0.1% (10 
basis points) of the total transaction cost and provides no credit to 
members providing liquidity. Under the new fee structure, members 
accessing liquidity will be charged 0.3% (30 basis points) of the total 
transaction cost, and members providing liquidity will be provided a 
credit equal to 0.25% (25 basis points) of the total transaction cost. 
The change is intended to provide a competitive response to another 
trading venue that has adopted a similar ``maker-taker'' pricing 
structure for securities priced below $1.\4\ The proposal is consistent 
with the provisions of Rule 610 under Regulation NMS\5\ that govern 
access fees.
---------------------------------------------------------------------------

    \4\ See https://www.directedge.com/SubscriberInfo/FeeSchedule.aspx.
    \5\ 17 CFR 242.610.
---------------------------------------------------------------------------

2. Statutory Basis
    BX believes that the proposed rule change is consistent with the 
provisions of Section 6 of the Act,\6\ in general, and with Section 
6(b)(4) of the Act,\7\ in particular, in that it provides for the 
equitable allocation of reasonable dues, fees and other charges among 
members and issuers and other persons using any facility or system 
which BX operates or controls. BX is adapting the ``maker-taker'' 
pricing model that is prevalent across most U.S. transaction venues for 
securities priced at $1 or higher and applying it [sic] securities 
priced below $1. This change is a competitive response to another 
trading venue that has already introduced this pricing model for low-
priced securities. The change will result in a fee increase for firms 
when they access liquidity in these securities and a fee reduction for 
firms when they provide liquidity in these stocks. The proposed fee 
change applies uniformly to all BX members.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The impact of the changes upon the net fees paid by a particular 
market participant will depend upon the types of stocks that it trades, 
the order types that it uses, and the prices of its quotes and orders 
(i.e., its propensity to add or remove liquidity). BX notes that it 
operates in a highly competitive market in which market participants 
can readily direct order flow to competing venues if they deem fee 
levels at a particular venue to be excessive. BX believes that its fees 
remain competitive with other venues and are reasonable and equitably 
allocated to those members on the basis of whether they opt to direct 
orders to BX.

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

    BX does not believe that the proposed rule change will result in 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act, as amended.

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

    Written comments were neither solicited nor received.

[[Page 8424]]

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act\8\ and subparagraph (f)(2) of Rule 19b-4 
thereunder.\9\ 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.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(a)(ii).
    \9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-BX-2010-013 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-2010-013. 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 Web site viewing and 
printing 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 will also be available for 
inspection and copying at the principal office of the self-regulatory 
organization. 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-BX-
2010-013 and should be submitted on or before March 17, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-3544 Filed 2-23-10; 8:45 am]
BILLING CODE 8011-01-P
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