Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of a Proposed Rule Change Amending Its Schedule of Fees, 20417-20418 [2010-8946]

Download as PDF Federal Register / Vol. 75, No. 74 / Monday, April 19, 2010 / Notices including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1 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 No. SR–NASDAQ–2010–041 on the subject line. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61895; File No. SR– NYSEArca–2010–28] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of a Proposed Rule Change Amending Its Schedule of Fees April 13, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Paper Comments notice is hereby given that on April 12, • Send paper comments in triplicate 2010, NYSE Arca, Inc. (‘‘NYSE Arca’’ or to Elizabeth M. Murphy, Secretary, the ‘‘Exchange’’) filed with the Securities Securities and Exchange Commission, and Exchange Commission 100 F Street, NE., Washington, DC (‘‘Commission’’) the proposed rule 20549–1090. change as described in Items I, II, and All submissions should refer to File No. III below, which Items have been prepared by NYSE Arca. The SR–NASDAQ–2010–041. This file Commission is publishing this notice to number should be included on the subject line if e-mail is used. To help the solicit comments on the proposed rule change from interested persons. Commission process and review your comments more efficiently, please use I. Self-Regulatory Organization’s only one method. The Commission will Statement of the Terms of Substance of post all comments on the Commission’s the Proposed Rule Change Internet Web site (https://www.sec.gov/ The Exchange proposes to extend the rules/sro.shtml). Copies of the pilot program regarding a cap on submission, all subsequent transaction fees for strategy executions. amendments, all written statements A copy of this filing is available on the with respect to the proposed rule Exchange’s Web site at https:// change that are filed with the www.nyse.com, at the Exchange’s Commission, and all written principal office, at the Commission’s communications relating to the Public Reference Room, and on the proposed rule change between the Commission and any person, other than Commission’s Web site at https:// www.sec.gov. those that may be withheld from the public in accordance with the II. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be Statement of the Purpose of, and available for Web site viewing and Statutory Basis for, the Proposed Rule printing in the Commission’s Public Change Reference Room, 100 F Street, NE., In its filing with the Commission, the Washington, DC 20549, on official self-regulatory organization included business days between the hours of 10 statements concerning the purpose of, a.m. and 3 p.m. Copies of such filing and basis for, the proposed rule change also will be available for inspection and and discussed any comments it received copying at the principal office of on the proposed rule change. The text NASDAQ. All comments received will of those statements may be examined at be posted without change; the the places specified in Item IV below. Commission does not edit personal The Exchange has prepared summaries, identifying information from set forth in sections A, B, and C below, submissions. You should submit only of the most significant parts of such information that you wish to make statements. available publicly. All submissions A. Self-Regulatory Organization’s should refer to File No. SR–NASDAQ– Statement of the Purpose of, and 2010–041 and should be submitted on Statutory Basis for, the Proposed Rule or before May 10, 2010. Change For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–8947 Filed 4–16–10; 8:45 am] 1. Purpose NYSE Arca proposes to extend the pilot program regarding a cap on transaction fees for strategy executions (‘‘Program’’). Under this Program, strategy executions are capped at $750 per transaction, and, in addition, transaction fees for these strategies are further capped at $25,000 per month per initiating firm. This Program previously expired on March 1, 2010. Extending this Program retroactively from March 1, 2010 through April 1, 2010 facilitates consistent treatment with respect to fees for strategy executions. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) 3 of the Securities Exchange Act of 1934 (the ‘‘Act’’), in general, and furthers the objectives of Section 6(b)(5) 4 in particular in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanisms of a free and open market and a national market system. In addition, the proposed extension of the Program is reasonable in that the fees are equitable as they apply uniformly to all similarly situated OTP 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 solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) by order approve the proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved. BILLING CODE 8011–01–P 1 15 18 17 CFR 200.30–3(a)(12). VerDate Nov<24>2008 15:04 Apr 16, 2010 2 17 Jkt 220001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00093 Fmt 4703 3 15 4 15 Sfmt 4703 20417 E:\FR\FM\19APN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(5). 19APN1 20418 Federal Register / Vol. 75, No. 74 / Monday, April 19, 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: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.5 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–8946 Filed 4–16–10; 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–NYSEArca–2010–28 on the subject line. Paper Comments [Release No. 34–61883; File No. SR–BATS– 2010–007] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc. April 9, 2010. wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1 • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. 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 March 31, 2010, BATS Exchange, Inc. (the ‘‘Exchange’’ or ‘‘BATS’’) filed with the All submissions should refer to File Securities and Exchange Commission Number SR–NYSEArca–2010–28. This (‘‘Commission’’) the proposed rule file number should be included on the change as described in Items I, II and III subject line if e-mail is used. To help the below, which Items have been prepared Commission process and review your by the Exchange. BATS has designated the proposed rule change as one comments more efficiently, please use only one method. The Commission will establishing or changing a member due, post all comments on the Commission’s fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) Internet Web site (https://www.sec.gov/ of the Act 3 and Rule 19b–4(f)(2) rules/sro.shtml). Copies of the thereunder,4 which renders the submission, all subsequent proposed rule change effective upon amendments, all written statements filing with the Commission. The with respect to the proposed rule Commission is publishing this notice to change that are filed with the solicit comments on the proposed rule Commission, and all written change from interested persons. communications relating to the proposed rule change between the I. Self-Regulatory Organization’s Commission and any person, other than Statement of the Terms of Substance of the Proposed Rule Change those that may be withheld from the public in accordance with the The Exchange proposes to modify its provisions of 5 U.S.C. 552, will be fee schedule applicable to Members 5 of available for Web site viewing and the Exchange pursuant to BATS Rules printing in the Commission’s Public 15.1(a) and (c). While changes to the fee Reference Room, 100 F Street, NE., schedule pursuant to this proposal will Washington, DC 20549, on official be effective upon filing, the changes will business days between the hours of 10 become operative on April 1, 2010. a.m. and 3 p.m. Copies of such filing The text of the proposed rule change also will be available for inspection and is available at the Exchange’s Web site at https://www.batstrading.com, on the copying at the principal office of NYSE Commission’s Web site at https:// Arca. All comments received will be posted without change; the Commission www.sec.gov, at the principal office of the Exchange, and at the Commission’s does not edit personal identifying Public Reference Room. information from submissions. You should submit only information that 5 17 CFR 200.30–3(a)(12). you wish to make publicly available. All 1 15 U.S.C. 78s(b)(1). submissions should refer to File 2 17 CFR 240.19b–4. Number SR–NYSEArca–2010–28 and 3 15 U.S.C. 78s(b)(3)(A)(ii). should be submitted on or before May 4 17 CFR 240.19b–4(f)(2). 5 A Member is any registered broker or dealer that 10, 2010. has been admitted to membership in the Exchange. VerDate Nov<24>2008 15:04 Apr 16, 2010 Jkt 220001 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 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 parts of such statements. (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to modify its fee schedule applicable to use of the Exchange effective April 1, 2010, in order to: (i) Increase the fee charged by the Exchange for its ‘‘CYCLE’’ and ‘‘RECYCLE’’ routing strategies from $0.0027 per share to $0.0028 per share; (ii) amend the fees for certain destination specific routing options to continue to offer a ‘‘one under’’ pricing model; (iii) adopt pricing for ‘‘BATS + DART Destination Specific Orders’’; and (iv) make other technical changes to the fee schedule. (i) Increase in Routing Fees for ‘‘CYCLE’’ and ‘‘RECYCLE’’ Routing Based on increased fees at various market centers to remove liquidity, the Exchange proposes to modify the fee charged by the Exchange for its ‘‘CYCLE’’ and ‘‘RECYCLE’’ routing strategies from $0.0027 per share to $0.0028 per share. To be consistent with this change, the Exchange proposes to charge 0.28%, rather than 0.27%, of the total dollar value of the execution for any security (all Tapes) priced under $1.00 per share that is routed away from the Exchange through CYCLE or RECYCLE. (ii) One Under Pricing for Destination Specific Orders The Exchange has previously provided a discounted price fee for Destination Specific Orders routed to certain of the largest market centers measured by volume (NYSE, NYSE Arca and NASDAQ), which, in each instance has been $0.0001 less per share for orders routed to such market centers by the Exchange than such market centers currently charge for removing liquidity (referred to by the Exchange as ‘‘One Under’’ pricing). Based on changes in E:\FR\FM\19APN1.SGM 19APN1

Agencies

[Federal Register Volume 75, Number 74 (Monday, April 19, 2010)]
[Notices]
[Pages 20417-20418]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-8946]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61895; File No. SR-NYSEArca-2010-28]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
of a Proposed Rule Change Amending Its Schedule of Fees

April 13, 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 April 12, 2010, NYSE Arca, Inc. (``NYSE Arca'' or the ``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 NYSE Arca. 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 extend the pilot program regarding a cap 
on transaction fees for strategy executions. A copy of this filing is 
available on the Exchange's Web site at https://www.nyse.com, at the 
Exchange's principal office, at the Commission's Public Reference Room, 
and on the Commission's Web site at https://www.sec.gov.

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 Arca proposes to extend the pilot program regarding a cap on 
transaction fees for strategy executions (``Program''). Under this 
Program, strategy executions are capped at $750 per transaction, and, 
in addition, transaction fees for these strategies are further capped 
at $25,000 per month per initiating firm. This Program previously 
expired on March 1, 2010. Extending this Program retroactively from 
March 1, 2010 through April 1, 2010 facilitates consistent treatment 
with respect to fees for strategy executions.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \3\ of the 
Securities Exchange Act of 1934 (the ``Act''), in general, and furthers 
the objectives of Section 6(b)(5) \4\ in particular in that it is 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in facilitating transactions in 
securities, and to remove impediments to and perfect the mechanisms of 
a free and open market and a national market system. In addition, the 
proposed extension of the Program is reasonable in that the fees are 
equitable as they apply uniformly to all similarly situated OTP 
Holders.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) by order approve the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be disapproved.

[[Page 20418]]

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-NYSEArca-2010-28 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2010-28. 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 NYSE 
Arca. 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-
NYSEArca-2010-28 and should be submitted on or before May 10, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-8946 Filed 4-16-10; 8:45 am]
BILLING CODE 8011-01-P
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