Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Fees for Members Using the NASDAQ Market Center, 29596-29597 [2010-12552]
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Federal Register / Vol. 75, No. 101 / Wednesday, May 26, 2010 / Notices
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–FINRA–2010–022 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–FINRA–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
also will be available for inspection and
copying at the principal office of
FINRA. 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–FINRA–2010–022 and
should be submitted on or before June
16, 2010.
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–12625 Filed 5–25–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62138; File No. SR–
NASDAQ–2010–059]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify Fees
for Members Using the NASDAQ
Market Center
May 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 May 14,
2010, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’) 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 NASDAQ. Pursuant to
Section 19(b)(3)(A)(ii) of the Act 3 and
Rule 19b–4(f)(2) thereunder,4 NASDAQ
has designated this proposal as
establishing or changing a due, fee, or
other charge, which renders the
proposed rule change effective upon
filing. The 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 the Substance
of the Proposed Rule Change
NASDAQ proposes to modify pricing
for NASDAQ members using the
NASDAQ Market Center. NASDAQ will
implement the proposed change on May
17, 2010. The text of the proposed rule
change is available at https://nasdaqomx.
cchwallstreet.com/, at NASDAQ’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,
NASDAQ 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.
NASDAQ has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
2 17
10 17
CFR 200.30–3(a)(12).
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15:16 May 25, 2010
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
NASDAQ is proposing to modify its
fees for orders that execute at prices
below $1. Currently, NASDAQ charges
0.2% (20 basis points) of the total dollar
value of the execution to members
accessing liquidity; provides a rebate of
0.1% (10 basis points) of the total dollar
value to members providing liquidity;
and charges a fee for routing of 0.3% (30
basis points) of the total dollar value.
Through this filing, NASDAQ will
modify the rebate paid to members
providing liquidity. Specifically, the
rebate will be $0.00009 per share
executed for securities priced at $0.05 or
more but less than $1, and there will be
no rebate for securities priced at less
than $0.05. Depending upon the price of
the stock, the change will result in a
decrease in the rebate in most cases but
an increase in some cases. The change
is designed to provide a constant per
share rebate and to result in a closer
alignment between the size of the rebate
and the average quoted spread for
securities trading below $1.5
2. Statutory Basis
NASDAQ 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
NASDAQ operates or controls. The
impact of the price changes upon the
net fees paid by a particular market
participant will depend upon a number
of variables, including the relative
availability of liquidity on NASDAQ
and other venues, the prices of the
market participant’s quotes and orders
relative to the national best bid and offer
(i.e., its propensity to add or remove
liquidity), and the types and prices of
the securities that it trades. NASDAQ
believes that the proposed changes are
reasonable and equitable in that they
5 The change is similar to changes recently made
to the rebates offered by other trading venues. See
Securities Exchange Act Release No. 62050 (May 6,
2010), 75 FR 27029 (May 13, 2010) (SR–ISE–2010–
37); Securities Exchange Act Release No. 62051
(May 6, 2010), 75 FR 27034 (May 13, 2010) (SR–
ISE–2010–38); Securities Exchange Act Release No.
61996 (April 28, 2010), 75 FR 23829 (May 4, 2010)
(SR–NSX–2010–04).
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(4).
E:\FR\FM\26MYN1.SGM
26MYN1
Federal Register / Vol. 75, No. 101 / Wednesday, May 26, 2010 / Notices
apply uniformly to all similarly situated
members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NASDAQ 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.
Because the market for order execution
and routing is extremely competitive,
members may readily direct orders to
NASDAQ’s competitors if they object to
the proposed rule change.
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.
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.
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–NASDAQ–2010–059 on the
subject line.
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
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–NASDAQ–2010–059. This
8 15
9 17
U.S.C. 78s(b)(3)(a)(ii). [sic]
CFR 240.19b–4(f)(2).
VerDate Mar<15>2010
15:16 May 25, 2010
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 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 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–NASDAQ–2010–059, and
should be submitted on or before June
16, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–12552 Filed 5–25–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62139; File No. SR–CBOE–
2010–018]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Order Approving
Proposed Rule Change, as Modified by
Amendment No. 1 Thereto, To List and
Trade CBOE Gold ETF Volatility Index
Options
May 19, 2010.
I. Introduction
On March 18, 2010, the Chicago
Board Options Exchange, Incorporated
(‘‘CBOE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
10 17
Jkt 220001
PO 00000
CFR 200.30–3(a)(12).
Frm 00091
Fmt 4703
Sfmt 4703
29597
of 1934 (‘‘Act’’)1 and Rule 19b–4
thereunder,2 a proposed rule change to
list and trade options on the CBOE Gold
ETF Volatility Index (‘‘GVZ’’). On March
22, 2010, CBOE filed Amendment No. 1
to the proposed rule change.3 The
proposed rule change was published for
comment in the Federal Register on
April 14, 2010.4 The Commission
received no comment letters on the
proposal. This order approves the
proposed rule change, as modified by
Amendment No. 1.
II. Description
CBOE proposes to amend certain of its
rules to allow the listing and trading of
cash-settled, European-style options on
GVZ.
Index Design and Calculation
The calculation of GVZ is based on
the VIX methodology applied to options
on the SPDR Gold Trust (‘‘GLD’’). GVZ
is an up-to-the-minute market estimate
of the expected volatility of GLD
calculated by using real-time bid/ask
quotes of CBOE listed GLD options.
GVZ uses nearby and second nearby
options with at least 8 days left to
expiration and then weights them to
yield a constant, 30-day measure of the
expected (implied) volatility.
For each contract month, CBOE will
determine the at-the-money strike price.
The Exchange will then select the atthe-money and out-of-the money series
with non-zero bid prices and determine
the midpoint of the bid-ask quote for
each of these series. The midpoint quote
of each series is then weighted so that
the further away that series is from the
at-the-money strike, the less weight that
is accorded to the quote. To compute
the index level, CBOE will calculate a
volatility measure for the nearby options
and then for the second nearby options,
using the weighted mid-point of the
prevailing bid-ask quotes for all
included option series with the same
expiration date. These volatility
measures are then interpolated to arrive
at a single, constant 30-day measure of
volatility.
CBOE will compute values for GVZ
underlying option series on a real-time
basis throughout each trading day, from
8:30 a.m. until 3 p.m. (CT). GVZ levels
will be calculated by CBOE and
disseminated at 15-second intervals to
major market data vendors.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 In Amendment No. 1, CBOE made technical
corrections to the rule text.
4 See Securities Exchange Act Release No. 61859
(April 7, 2010), 75 FR 19439.
2 17
E:\FR\FM\26MYN1.SGM
26MYN1
]]>Agencies
[Federal Register Volume 75, Number 101 (Wednesday, May 26, 2010)]
[Notices]
[Pages 29596-29597]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-12552]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62138; File No. SR-NASDAQ-2010-059]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify Fees for Members Using the NASDAQ Market Center
May 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 May 14, 2010, The NASDAQ Stock Market LLC (``NASDAQ'') 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 NASDAQ. Pursuant to Section 19(b)(3)(A)(ii) of
the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ NASDAQ has designated
this proposal as establishing or changing a due, fee, or other charge,
which renders the proposed rule change effective upon filing. 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
NASDAQ proposes to modify pricing for NASDAQ members using the
NASDAQ Market Center. NASDAQ will implement the proposed change on May
17, 2010. The text of the proposed rule change is available at https://nasdaqomx.cchwallstreet.com/, at NASDAQ'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, NASDAQ 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. NASDAQ 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
NASDAQ is proposing to modify its fees for orders that execute at
prices below $1. Currently, NASDAQ charges 0.2% (20 basis points) of
the total dollar value of the execution to members accessing liquidity;
provides a rebate of 0.1% (10 basis points) of the total dollar value
to members providing liquidity; and charges a fee for routing of 0.3%
(30 basis points) of the total dollar value. Through this filing,
NASDAQ will modify the rebate paid to members providing liquidity.
Specifically, the rebate will be $0.00009 per share executed for
securities priced at $0.05 or more but less than $1, and there will be
no rebate for securities priced at less than $0.05. Depending upon the
price of the stock, the change will result in a decrease in the rebate
in most cases but an increase in some cases. The change is designed to
provide a constant per share rebate and to result in a closer alignment
between the size of the rebate and the average quoted spread for
securities trading below $1.\5\
---------------------------------------------------------------------------
\5\ The change is similar to changes recently made to the
rebates offered by other trading venues. See Securities Exchange Act
Release No. 62050 (May 6, 2010), 75 FR 27029 (May 13, 2010) (SR-ISE-
2010-37); Securities Exchange Act Release No. 62051 (May 6, 2010),
75 FR 27034 (May 13, 2010) (SR-ISE-2010-38); Securities Exchange Act
Release No. 61996 (April 28, 2010), 75 FR 23829 (May 4, 2010) (SR-
NSX-2010-04).
---------------------------------------------------------------------------
2. Statutory Basis
NASDAQ 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 NASDAQ operates or controls. The impact of the price changes upon
the net fees paid by a particular market participant will depend upon a
number of variables, including the relative availability of liquidity
on NASDAQ and other venues, the prices of the market participant's
quotes and orders relative to the national best bid and offer (i.e.,
its propensity to add or remove liquidity), and the types and prices of
the securities that it trades. NASDAQ believes that the proposed
changes are reasonable and equitable in that they
[[Page 29597]]
apply uniformly to all similarly situated members.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
NASDAQ 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. Because the market
for order execution and routing is extremely competitive, members may
readily direct orders to NASDAQ's competitors if they object to the
proposed rule change.
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.
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). [sic]
\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-NASDAQ-2010-059 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-NASDAQ-2010-059. 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 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 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-NASDAQ-2010-059, and should be submitted on or before
June 16, 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. 2010-12552 Filed 5-25-10; 8:45 am]
BILLING CODE 8010-01-P
