Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex, LLC Amending Its Fee Schedule, 10532-10533 [2010-4737]

Download as PDF 10532 Federal Register / Vol. 75, No. 44 / Monday, March 8, 2010 / 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–NYSEAmex–2010–15 on the subject line. Paper Comments SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61615; File No. SR– NYSEAmex–2010–10] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex, LLC Amending Its Fee Schedule March 1, 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 February 1, 2010, NYSE Amex LLC (‘‘NYSE Amex’’ or the ‘‘Exchange’’) filed with the All submissions should refer to File Securities and Exchange Commission Number SR–NYSEAmex–2010–15. This (the ‘‘Commission’’) the proposed rule file number should be included on the change as described in Items I, II, and subject line if e-mail is used. To help the III below, which Items have been prepared by the Exchange. The Commission process and review your Commission is publishing this notice to comments more efficiently, please use only one method. The Commission will solicit comments on the proposed rule post all comments on the Commission’s change from interested persons. Internet Web site (https://www.sec.gov/ I. Self-Regulatory Organization’s rules/sro.shtml). Copies of the Statement of the Terms of Substance of submission,14 all subsequent the Proposed Rule Change amendments, all written statements The Exchange proposes to amend its with respect to the proposed rule Schedule of Fees and Charges (the change that are filed with the ‘‘Schedule’’) effective February 1, 2010. Commission, and all written The text of the proposed rule change is communications relating to the attached as Exhibit 5 to the 19b–4 form. proposed rule change between the Commission and any person, other than A copy of this filing is available on the Exchange’s Web site at https:// those that may be withheld from the www.nyse.com, at the Exchange’s public in accordance with the principal office and at the Commission’s provisions of 5 U.S.C. 552, will be Public Reference Room. available for Web site viewing and printing in the Commission’s Public II. Self-Regulatory Organization’s Reference Room, on official business Statement of the Purpose of, and days between the hours of 10 a.m. and Statutory Basis for, the Proposed Rule 3 p.m. Copies of the filing also will be Change available for inspection and copying at In its filing with the Commission, the the principal office of the Exchange. All self-regulatory organization included comments received will be posted statements concerning the purpose of, without change; the Commission does and basis for, the proposed rule change not edit personal identifying and discussed any comments it received information from submissions. You on the proposed rule change. The text should submit only information that of those statements may be examined at you wish to make available publicly. All the places specified in Item IV below. submissions should refer to File The Exchange has prepared summaries, Number SR–NYSEAmex–2010–15 and set forth in sections A, B, and C below, should be submitted on or before March of the most significant aspects of such 29, 2010. statements. srobinson on DSKHWCL6B1PROD with NOTICES • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–4735 Filed 3–5–10; 8:45 am] BILLING CODE 8011–01–P 14 The text of the proposed rule change is available on the Commission’s Web site at https:// www.sec.gov/rules/sro.shtml. 15 17 CFR 200.30–3(a)(12). VerDate Nov<24>2008 17:12 Mar 05, 2010 Jkt 220001 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose NYSE Amex proposes to make multiple changes to its Schedule effective February 1, 2010. A more U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. Frm 00078 Fmt 4703 Average National Daily Customer Contracts per issue: Monthly base rate: 0 to 2,000 ..................... 2,001 to 5,000 .............. 5,001 to 15,000 ............ 15,001 to 100,000 ........ Over 100,000 ................ [$150] $75 [$400] $200 [$750] $375 [$1,500] $750 [$3,000] $1,500 Non-Directed Market Maker Fee and Market Maker Fee Cap: The Exchange is also proposing to increase the per contract rate paid by Non-Directed Market Makers from $.17 to $.18 per contract. Concurrently, the Exchange also proposes to introduce a fee cap for all Market Makers.3 The fee cap will be set at $250,000 per month plus an incremental rate of $.01 per contract for all Specialist, e-Specialist and Market Maker (both Directed and non-Directed) volume executed in excess of 2,500,000 contracts per month. For example, today a Non-Directed Market Maker who executes 3,000,000 contracts in a given month would pay $510,000 (3,000,000 × $.17). The introduction of the fee change would result in the same Non-Directed Market Maker paying $255,000 (3,000,000 × $.18 = $540,000 which is then reduced to $250,000 plus 500,000 [incremental volume over 2,500,000] × $.01 = $5,000 resulting in the monthly charge of $255,000). Specialist, e-Specialist, and Market Marker (both Directed and nonDirected) fees will be aggregated for purposes of the cap. The Exchange will exclude any fees or volume associated with a Strategy Trade (reversals and conversions, dividend spreads, box spreads, short stock interest spreads, merger spreads, and jelly rolls). Any fees or volume attributable to a Strategy Trade will not be counted towards either the $250,000 fee cap, or the volume threshold of 2,500,000 contracts. All Royalty Fees will 3 Market Makers include all Specialists, eSpecialists, Non-Directed Market Makers and Directed Market Makers. 1 15 PO 00000 detailed description of the proposed changes follows. Specialists, E-Specialists and DOMM Rights Fee: Presently we charge to Specialists, ESpecialists and Directed Order Market Makers, on a pro rata basis, a monthly rights fee that is based on a tiered scale according to how much Average Daily National Customer Volume was executed during a rolling 3 month period. Effective February 1, 2010, the Exchange will reduce the rights fee by 50% in each tier as shown below. Sfmt 4703 E:\FR\FM\08MRN1.SGM 08MRN1 Federal Register / Vol. 75, No. 44 / Monday, March 8, 2010 / Notices continue to be charged and do not count toward the $250,000 fee cap. NYSE Amex is continuously monitoring our fees in an attempt to ensure that we remain competitive while also ensuring that we allocate our costs equitably across all participants. NYSE Amex believes that proposed changes are equitable and apply uniformly to all similarly situated ATP Holders. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Securities Exchange Act of 1934 (the ‘‘Act’’),4 in general, and Section 6(b)(4) of the Act,5 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. NYSE Amex believes that proposed changes are equitable and apply uniformly to all similarly situated ATP Holders. 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 either solicited or received with respect to the proposed rule change. srobinson on DSKHWCL6B1PROD with NOTICES 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) 6 of the Act and subparagraph (f)(2) of Rule 19b–4 7 thereunder, because it establishes a due, fee, or other charge imposed by the 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. 4 15 U.S.C. 78f(b). U.S.C. 78f(b)(4). 6 15 U.S.C. 78s(b)(3)(A). 7 17 CFR 240.19b–4(f)(2). 5 15 VerDate Nov<24>2008 17:12 Mar 05, 2010 Jkt 220001 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–NYSEAmex–2010–10 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–2010–10. 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 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– NYSEAmex–2010–10 and should be submitted on or before March 29, 2010. PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 10533 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–4737 Filed 3–5–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61616; File No. SR–NYSE– 2010–12] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC as Modified by Amendment No. 1 Thereto Clarifying the Implementation Date of the Amendments to NYSE Rule 123C To Modify the Procedures for Its Closing Process and Make Conforming Changes to NYSE Rules 13 and 15 March 1, 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 February 25, 2010, 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 Exchange. On March 1, 2010, the Exchange filed Amendment No. 1 to the proposed rule change. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to clarify the implementation date of the amendments to NYSE Rule 123C (Market On The Close Policy And Expiration Procedures) to modify the procedures for its closing process; and make conforming changes to NYSE Rules 13 (‘‘Definitions of Orders’’) and 15 (‘‘PreOpening Indications’’). The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https:// www.nyse.com. 8 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\08MRN1.SGM 08MRN1

Agencies

[Federal Register Volume 75, Number 44 (Monday, March 8, 2010)]
[Notices]
[Pages 10532-10533]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4737]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61615; File No. SR-NYSEAmex-2010-10]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by NYSE Amex, LLC Amending Its 
Fee Schedule

March 1, 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 February 1, 2010, 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.
---------------------------------------------------------------------------

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

    The Exchange proposes to amend its Schedule of Fees and Charges 
(the ``Schedule'') effective February 1, 2010. The text of the proposed 
rule change is attached as Exhibit 5 to the 19b-4 form. A copy of this 
filing is available on the Exchange's Web site at https://www.nyse.com, 
at the Exchange's principal office 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 aspects of such statements.

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

1. Purpose
    NYSE Amex proposes to make multiple changes to its Schedule 
effective February 1, 2010. A more detailed description of the proposed 
changes follows.
    Specialists, E-Specialists and DOMM Rights Fee:
    Presently we charge to Specialists, E-Specialists and Directed 
Order Market Makers, on a pro rata basis, a monthly rights fee that is 
based on a tiered scale according to how much Average Daily National 
Customer Volume was executed during a rolling 3 month period. Effective 
February 1, 2010, the Exchange will reduce the rights fee by 50% in 
each tier as shown below.

------------------------------------------------------------------------
Average National Daily Customer Contracts per issue:  Monthly base rate:
------------------------------------------------------------------------
0 to 2,000..........................................          [$150] $75
2,001 to 5,000......................................         [$400] $200
5,001 to 15,000.....................................         [$750] $375
15,001 to 100,000...................................       [$1,500] $750
Over 100,000........................................     [$3,000] $1,500
------------------------------------------------------------------------

    Non-Directed Market Maker Fee and Market Maker Fee Cap:
    The Exchange is also proposing to increase the per contract rate 
paid by Non-Directed Market Makers from $.17 to $.18 per contract. 
Concurrently, the Exchange also proposes to introduce a fee cap for all 
Market Makers.\3\ The fee cap will be set at $250,000 per month plus an 
incremental rate of $.01 per contract for all Specialist, e-Specialist 
and Market Maker (both Directed and non-Directed) volume executed in 
excess of 2,500,000 contracts per month. For example, today a Non-
Directed Market Maker who executes 3,000,000 contracts in a given month 
would pay $510,000 (3,000,000 x $.17). The introduction of the fee 
change would result in the same Non-Directed Market Maker paying 
$255,000 (3,000,000 x $.18 = $540,000 which is then reduced to $250,000 
plus 500,000 [incremental volume over 2,500,000] x $.01 = $5,000 
resulting in the monthly charge of $255,000). Specialist, e-Specialist, 
and Market Marker (both Directed and non-Directed) fees will be 
aggregated for purposes of the cap. The Exchange will exclude any fees 
or volume associated with a Strategy Trade (reversals and conversions, 
dividend spreads, box spreads, short stock interest spreads, merger 
spreads, and jelly rolls). Any fees or volume attributable to a 
Strategy Trade will not be counted towards either the $250,000 fee cap, 
or the volume threshold of 2,500,000 contracts. All Royalty Fees will

[[Page 10533]]

continue to be charged and do not count toward the $250,000 fee cap.
---------------------------------------------------------------------------

    \3\ Market Makers include all Specialists, e-Specialists, Non-
Directed Market Makers and Directed Market Makers.
---------------------------------------------------------------------------

    NYSE Amex is continuously monitoring our fees in an attempt to 
ensure that we remain competitive while also ensuring that we allocate 
our costs equitably across all participants. NYSE Amex believes that 
proposed changes are equitable and apply uniformly to all similarly 
situated ATP Holders.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Securities Exchange Act of 1934 
(the ``Act''),\4\ in general, and Section 6(b)(4) of the Act,\5\ 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. NYSE Amex believes that 
proposed changes are equitable and apply uniformly to all similarly 
situated ATP Holders.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b).
    \5\ 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 either 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) \6\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \7\ thereunder, because it establishes a due, fee, or other charge 
imposed by the NYSE Amex.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change 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-2010-10 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-2010-10. 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 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-
NYSEAmex-2010-10 and should be submitted on or before March 29, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-4737 Filed 3-5-10; 8:45 am]
BILLING CODE 8011-01-P
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