Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the CBOE Stock Exchange Fees Schedule To Increase the Maker Rebate for Transactions in Securities Priced Less Than $1 to 0.25% of the Dollar Value of the Transaction, 9008-9009 [2010-3945]
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9008
Federal Register / Vol. 75, No. 38 / Friday, February 26, 2010 / Notices
Nanotechnology Coordination Office. Email: capstone@nnco.nano.gov.
M. David Hodge,
Operations Manager.
[FR Doc. 2010–4037 Filed 2–25–10; 8:45 am]
BILLING CODE P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61550; File No. SR–CBOE–
2010–017]
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 the
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the CBOE
Stock Exchange Fees Schedule To
Increase the Maker Rebate for
Transactions in Securities Priced Less
Than $1 to 0.25% of the Dollar Value
of the Transaction
1. Purpose
February 19, 2010.
2. Statutory Basis
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 February
12, 2010, the Chicago Board Options
Exchange, Incorporated (‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I and II 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.
sroberts on DSKD5P82C1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
Fees Schedule for the CBOE Stock
Exchange (‘‘CBSX’’) to increase the
Maker rebate for transactions in
securities priced less than $1 to 0.25%
of the dollar value of the transaction.
The text of the proposed rule change is
available on the Exchange’s Web site
(https://www.cboe.org/legal), at the
Exchange’s Office of the Secretary, at
the Commission’s Web site (https://
www.sec.gov), 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
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Nov<24>2008
16:39 Feb 25, 2010
Jkt 220001
CBSX proposes to amend its Fees
Schedule to increase the Maker rebate
for transactions in securities priced less
than $1 to 0.25% of the dollar value of
the transaction. This increase would
serve to attract trading activity to CBSX
and match the rebate offered by other
stock exchanges, including NASDAQ
OMX BX.3
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) 4 and the rules and regulations
thereunder and, in particular, the
requirements of Section 6(b) of the Act.5
Specifically, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 6 requirements that
the rules of an exchange be designed to
promote just and equitable principles of
trade, to prevent fraudulent and
manipulative acts, to remove
impediments to and to perfect the
mechanism for a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. Specifically, increasing
the Maker rebate encourages investment
and trading activity.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE 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
No written comments were solicited
or received with respect to the proposed
rule change.
3 See NASDAQ OMX BX Price List—Trading &
Connectivity.
4 15 U.S.C. 78s(b)(1).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change is
designated by the Exchange as
establishing or changing a due, fee, or
other charge, thereby qualifying for
effectiveness on filing pursuant to
Section 19(b)(3)(A)(ii) 7 of the Act and
subparagraph (f)(2) of Rule 19b–4 8
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 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 rulecomments@sec.gov. Please include File
Number SR–CBOE–2010–017 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–CBOE–2010–017. 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
7 15
8 17
E:\FR\FM\26FEN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
26FEN1
Federal Register / Vol. 75, No. 38 / Friday, February 26, 2010 / Notices
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 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 submissions
should refer to File Number SR–CBOE–
2010–017 and should be submitted on
or before March 19, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–3945 Filed 2–25–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61549; File No. SR–NYSE–
2010–09]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Extending the
Time Allowed To Temporarily Suspend
Certain NYSE Requirements Relating
to the Closing of Securities on the
Exchange Which Currently Operates
as a Pilot Pursuant to Former NYSE
Rule 123C(8)(a)(1) Currently NYSE Rule
123C(9)(a)(1)
February 19, 2010.
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on February
12, 2010,4 New York Stock Exchange
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Commission is
sroberts on DSKD5P82C1PROD with NOTICES
9 17
CFR 200.30–3(a)(12).
1 15 U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
4 The Exchange attempted to file this proposed
rule change prior to the close of business on
February 12, 2010, but experienced delays with the
electronic filing system which caused this filing to
be received after the close of business and to be
assigned a filing date of February 16, 2010, the next
business day. Because the delay was caused by
technical issues, the Commission deems the official
filing date of this proposed rule change to be
February 12, 2010.
VerDate Nov<24>2008
16:39 Feb 25, 2010
Jkt 220001
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 extend the
time allowed to temporarily suspend
certain NYSE requirements relating to
the closing of securities on the Exchange
which currently operates as a pilot
pursuant to former NYSE Rule
123C(8)(a)(1) currently NYSE Rule
123C(9)(a)(1). The text of the proposed
rule change is available at the Exchange,
the Commission’s Public Reference
Room, and https://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
NYSE Rule 123C(9)(a)(1), formerly
NYSE Rule 123C(8)(a)(1), allows the
Exchange to temporarily suspend
certain rule requirements at the close
when extreme order imbalances may
cause significant dislocation to the
closing price. The rule has operated on
a pilot basis since April 2009 (‘‘Extreme
Order Imbalance Pilot’’ or Pilot).5
Through this filing, [sic] proposes to
temporarily extend the time allowed to
temporarily suspend certain NYSE
requirements relating to the closing of
securities on the Exchange which
currently operates as a pilot pursuant to
123C(9)(a)(1).
Background
Pursuant to NYSE Rule 123C(9)(a)(1),
the Exchange may suspend NYSE Rules
52 (Hours of Operation) to resolve an
extreme order imbalance that may result
in a price dislocation at the close as a
result of an order entered into Exchange
5 See Securities Exchange Act Release No. 59755
(April 13, 2009), 74 FR 18009 (April 20, 2009) (SR–
NYSE–2009–15).
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
9009
systems, or represented to a DMM orally
at or near the close.6
The provisions of NYSE Rule
123C(9)(a)(1) operate as the Extreme
Order Imbalance Pilot. The Exchange
invokes NYSE Rule 123C(9)(a)(1) to
attract offsetting interest in those rare
circumstances where there exists such a
large imbalance at the close that a DMM
is unable to close the security without
significantly dislocating the price.
Further, pursuant to NYSE Rule
123C(9)(ii) the time to receive such offsetting interest must not be later than
4:30 p.m. (or 30 minutes after the
scheduled close in the case of an earlier
close).
Proposal To Extend the Time To
Receive Off-Setting Interest in Berkshire
Hathaway A Security on February 12,
2010
On February 12, 2009, significant
corporate actions in Berkshire Hathaway
Class A and B securities significantly
increased the trading volume in those
securities. It was determined based on
the fact that there is a relation between
the price of the two securities and the
fact that there was significantly greater
liquidity in the Class B shares than the
Class A shares that the most efficient
manner to effect the close of trading in
those securities was to effect the closing
transaction in Berkshire Hathaway Class
B securities first.
The significant volume resulted in
[sic] Class B security closing transaction
be [sic] completed at 4:19 p.m.
Thereafter the DMM immediately
assessed the shares eligible to be
executed in the closing transaction for
the Class A securities. At 4:27 p.m.
when the imbalance was determined the
Exchange sought off-setting interest;
however, the remaining 3 minutes was
not a sufficient amount of time to
receive and effect the closing
transaction in the Class A security.
As to effect a fair and orderly close,
the closing transaction for the Class A
security occurred after 4:30 p.m.7
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Securities Exchange Act of 1934
6 See
NYSE Rule 123C(9)(a)(1).
the order acceptance cut-off time
period designated by the Exchange was 4:35 p.m.
Thereafter, once such offsetting interest from both
on-Floor and off-Floor participants was received,
the closing transaction for the Class A security was
completed at approximately 4:41 p.m. See E-mail
from Deanna G. W. Logan, Managing Director,
NYSE Regulation, to David Liu, Assistant Director,
et al., Division of Trading and Markets,
Commission, dated February 16, 2010.
7 Specifically,
E:\FR\FM\26FEN1.SGM
26FEN1
]]>Agencies
[Federal Register Volume 75, Number 38 (Friday, February 26, 2010)]
[Notices]
[Pages 9008-9009]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-3945]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61550; File No. SR-CBOE-2010-017]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the CBOE Stock Exchange Fees Schedule To
Increase the Maker Rebate for Transactions in Securities Priced Less
Than $1 to 0.25% of the Dollar Value of the Transaction
February 19, 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 February 12, 2010, the Chicago Board Options Exchange, Incorporated
(``Exchange'' or ``CBOE'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I and II 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 the Fees Schedule for the CBOE Stock
Exchange (``CBSX'') to increase the Maker rebate for transactions in
securities priced less than $1 to 0.25% of the dollar value of the
transaction. The text of the proposed rule change is available on the
Exchange's Web site (https://www.cboe.org/legal), at the Exchange's
Office of the Secretary, at the Commission's Web site (https://www.sec.gov), 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 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
CBSX proposes to amend its Fees Schedule to increase the Maker
rebate for transactions in securities priced less than $1 to 0.25% of
the dollar value of the transaction. This increase would serve to
attract trading activity to CBSX and match the rebate offered by other
stock exchanges, including NASDAQ OMX BX.\3\
---------------------------------------------------------------------------
\3\ See NASDAQ OMX BX Price List--Trading & Connectivity.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') \4\ and the rules and
regulations thereunder and, in particular, the requirements of Section
6(b) of the Act.\5\ Specifically, the Exchange believes the proposed
rule change is consistent with the Section 6(b)(5) \6\ requirements
that the rules of an exchange be designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts, to
remove impediments to and to perfect the mechanism for a free and open
market and a national market system, and, in general, to protect
investors and the public interest. Specifically, increasing the Maker
rebate encourages investment and trading activity.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(1).
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE 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
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 proposed rule change is designated by the Exchange as
establishing or changing a due, fee, or other charge, thereby
qualifying for effectiveness on filing pursuant to Section
19(b)(3)(A)(ii) \7\ of the Act and subparagraph (f)(2) of Rule 19b-4
\8\ 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 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-CBOE-2010-017 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-CBOE-2010-017. 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
[[Page 9009]]
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 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
submissions should refer to File Number SR-CBOE-2010-017 and should be
submitted on or before March 19, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-3945 Filed 2-25-10; 8:45 am]
BILLING CODE 8011-01-P
