Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Amend Its Fees Schedule, 13622-13623 [2010-6148]

Download as PDF 13622 Federal Register / Vol. 75, No. 54 / Monday, March 22, 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–NASDAQ–2010–023 on the subject line. Paper Comments pwalker on DSK8KYBLC1PROD with NOTICES • 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–NASDAQ–2010–023. 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 offices of NASDAQ. 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–NASDAQ–2010–023, and should be submitted on or before April 12, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–6117 Filed 3–19–10; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61701; File No. SR–CBOE– 2010–022] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Amend Its Fees Schedule March 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 February 26, 2010, the Chicago Board Options Exchange, Incorporated (‘‘CBOE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. On March 9, 2010, CBOE 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 amend its Fees Schedule to modify its routing charges. The text of the proposed rule change is available on CBOE’s Web site at https://www.cboe.org/legal, on the Commission’s Web site at https:// www.sec.gov, at CBOE, 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 Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. BILLING CODE 8011–01–P 1 15 9 17 CFR 200.30–3(a)(12). VerDate Nov<24>2008 16:41 Mar 19, 2010 2 17 Jkt 220001 PO 00000 U.S.C.78s(b)(1). CFR 240.19b–4. Frm 00140 Fmt 4703 Sfmt 4703 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Currently, for any non-customer order routed to other exchanges pursuant to the Options Order Protection and Locked/Crossed Market Plan, CBOE assesses the following costs to the member that submitted the noncustomer order to CBOE: (i) A charge a $0.05 per contract routing fee, (ii) a pass through of all related execution fees assessed by the away exchange(s) (these are calculated on an order-by-order basis since different away exchanges charge different amounts), and (iii) CBOE’s customary execution fees applicable to the order. The routing fee helps offset costs incurred by the Exchange in connection with using an unaffiliated broker-dealer to access other exchanges. Passing through charges assessed by other exchanges for ‘‘linkage’’ executions and charging for related CBOE executions are appropriate because non-customer order flow can route directly to those exchanges if desired and the Exchange chooses not to absorb those costs at this time. CBOE now seeks to simplify this fee by charging a flat $0.50 per contract fee plus CBOE’s customary execution fee applicable to the order. This will eliminate the need to track away exchange transaction fees which are constantly changing. The new fee will become effective on March 1, 2010. CBOE notes that not all exchanges route on behalf of non-customer orders, and that this function is an ‘‘extra’’ service provided by CBOE to its members.3 Members are always free to route directly to other markets or to specify that CBOE not route orders away on their behalf. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (‘‘Act’’),4 in general, and furthers the objectives of Section 6(b)(4) 5 of the Act in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among CBOE members and other persons using its facilities. 3 For example, see Section VIII of Nasdaq OMX Phlx fee schedule (https://www.nasdaqtrader.com/ Micro.aspx?id=phlxpricing). 4 15 U.S.C. 78f(b). 5 15 U.S.C. 78f(b)(4). E:\FR\FM\22MRN1.SGM 22MRN1 Federal Register / Vol. 75, No. 54 / Monday, March 22, 2010 / Notices 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) 6 of the Act and subparagraph (f)(2) of Rule 19b–4 7 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: 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–CBOE–2010–022 on the subject line. 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 will also 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 No. SR–CBOE– 2010–022 and should be submitted on or before April 12, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–6148 Filed 3–19–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61705; File No. SR– NYSEAmex–2010–23] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending Rule 390 March 15, 2010. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the Paper Comments ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 • Send paper comments in triplicate notice is hereby given that, on March 5, to Secretary, Securities and Exchange 2010, NYSE Amex LLC (‘‘NYSE Amex’’ Commission, 100 F Street, NE., or the ‘‘Exchange’’) filed with the Washington, DC 20549–1090. Securities and Exchange Commission All submissions should refer to File (the ‘‘Commission’’) the proposed rule Number SR–CBOE–2010–022. This file change as described in Items I and II, number should be included on the below, which Items have been prepared subject line if e-mail is used. To help the by the self-regulatory organization. The Commission process and review your 8 17 CFR 200.30–3(a)(12). comments more efficiently, please use 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 6 15 U.S.C. 78s(b)(3)(A)(ii). 7 17 CFR 240.19b–4(f)(2). VerDate Nov<24>2008 16:41 Mar 19, 2010 2 15 Jkt 220001 PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 13623 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 amend its sharing in accounts rule to harmonize its requirements with those of the Financial Industry Regulatory Authority (‘‘FINRA’’). 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. The text of the proposed rule change is below. Proposed new language is in italics and proposed deletions are in [brackets]. Rules of NYSE Amex, Inc. * * * * * Rule 390. [Assumption of Loss Prohibited] Prohibition Against Guarantees and Sharing in Accounts (a) Prohibition Against Guarantees No member or member organization shall guarantee any customer against loss in his account. [or take or receive directly or indirectly a share in the profits of any customer’s account or share in any losses sustained in any such account. For the purposes of this rule the term customer shall not be deemed to include the member or member organization or any joint, group, or syndicate account with such member or member organization.] (b) Sharing in Accounts; Extent Permissible (1)(A) Except as provided in paragraph (2) no member or person associated with a member shall share directly or indirectly in the profits or losses in any account of a customer carried by the member or any other member; provided, however, that a member or person associated with a member may share in the profits or losses in such an account if (i) such person associated with a member obtains prior written authorization from the member employing the associated person; (ii) such member or person associated with a member obtains prior written authorization from the customer; and (iii) such member or person associated with a member shares in the profits or losses in any account of such customer only in direct proportion to the financial contributions made to such account by either the member or person associated with a member. (B) Exempt from the direct proportionate share limitation of paragraph (1)(A)(iii) are accounts of the immediate family of such member or person associated with a member. For E:\FR\FM\22MRN1.SGM 22MRN1

Agencies

[Federal Register Volume 75, Number 54 (Monday, March 22, 2010)]
[Notices]
[Pages 13622-13623]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-6148]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61701; File No. SR-CBOE-2010-022]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Amend 
Its Fees Schedule

March 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 February 26, 2010, the Chicago Board Options Exchange, Incorporated 
(``CBOE'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change as described in 
Items I, II, and III below, which Items have been prepared by the 
Exchange. On March 9, 2010, CBOE 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.
---------------------------------------------------------------------------

    \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 Fees Schedule to modify its 
routing charges. The text of the proposed rule change is available on 
CBOE's Web site at https://www.cboe.org/legal, on the Commission's Web 
site at https://www.sec.gov, at CBOE, 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 Exchange included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The 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
    Currently, for any non-customer order routed to other exchanges 
pursuant to the Options Order Protection and Locked/Crossed Market 
Plan, CBOE assesses the following costs to the member that submitted 
the non-customer order to CBOE: (i) A charge a $0.05 per contract 
routing fee, (ii) a pass through of all related execution fees assessed 
by the away exchange(s) (these are calculated on an order-by-order 
basis since different away exchanges charge different amounts), and 
(iii) CBOE's customary execution fees applicable to the order. The 
routing fee helps offset costs incurred by the Exchange in connection 
with using an unaffiliated broker-dealer to access other exchanges. 
Passing through charges assessed by other exchanges for ``linkage'' 
executions and charging for related CBOE executions are appropriate 
because non-customer order flow can route directly to those exchanges 
if desired and the Exchange chooses not to absorb those costs at this 
time.
    CBOE now seeks to simplify this fee by charging a flat $0.50 per 
contract fee plus CBOE's customary execution fee applicable to the 
order. This will eliminate the need to track away exchange transaction 
fees which are constantly changing. The new fee will become effective 
on March 1, 2010.
    CBOE notes that not all exchanges route on behalf of non-customer 
orders, and that this function is an ``extra'' service provided by CBOE 
to its members.\3\ Members are always free to route directly to other 
markets or to specify that CBOE not route orders away on their behalf.
---------------------------------------------------------------------------

    \3\ For example, see Section VIII of Nasdaq OMX Phlx fee 
schedule (https://www.nasdaqtrader.com/Micro.aspx?id=phlxpricing).
---------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Securities Exchange Act of 1934 (``Act''),\4\ in general, and furthers 
the objectives of Section 6(b)(4) \5\ of the Act in particular, in that 
it is designed to provide for the equitable allocation of reasonable 
dues, fees, and other charges among CBOE members and other persons 
using its facilities.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(4).

---------------------------------------------------------------------------

[[Page 13623]]

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) \6\ of the Act and subparagraph (f)(2) of Rule 19b-4 
\7\ thereunder.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \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-CBOE-2010-022 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-CBOE-2010-022. 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 will also 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 No. SR-CBOE-2010-022 and should be 
submitted on or before April 12, 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. 2010-6148 Filed 3-19-10; 8:45 am]
BILLING CODE 8011-01-P
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