Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Change Its Transaction Fees and Rebates to Exchange Participants for SRO Fees and DEA Examinations, 32831-32832 [2010-13828]
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Federal Register / Vol. 75, No. 110 / Wednesday, June 9, 2010 / Notices
a transaction; and (f) trading
information.
(6) A minimum of 100,000 Shares will
be outstanding as of the start of trading
on the Exchange.
(7) With respect to the application of
Rule 10A–3 under the Act, the Trust
will rely on the exception contained in
Rule 10A–3(c)(7).20
This approval order is based on the
Exchange’s representations.21
For the foregoing reasons, the
Commission finds that the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder applicable to a national
securities exchange.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,22 that the
proposed rule change (SR–NYSEArca–
2010–22) be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–13826 Filed 6–8–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62215; File No. SR–CHX–
2010–11]
Self-Regulatory Organizations; The
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Change
Its Transaction Fees and Rebates to
Exchange Participants for SRO Fees
and DEA Examinations
June 3, 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 June 1,
2010, the Chicago Stock Exchange, Inc.
(‘‘CHX’’ or ‘‘Exchange’’) filed with the
20 See
supra notes 10 and 11 and accompanying
erowe on DSK5CLS3C1PROD with NOTICES
text.
21 The Commission notes that it does not regulate
the market for the futures in which the Fund plans
to take positions, which is the responsibility of the
CFTC. The CFTC has the authority to set limits on
the positions that any person may take in futures
on commodities. These limits may be directly set
by the CFTC, or by the markets on which the
futures are traded. The Commission has no role in
establishing position limits on futures in
commodities, even though such limits could impact
a commodity-based exchange-traded product that is
under the jurisdiction of the Commission.
22 15 U.S.C. 78f(b)(2).
23 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
VerDate Mar<15>2010
15:10 Jun 08, 2010
Jkt 220001
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 CHX has filed the
proposal pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(2)
thereunder,4 which renders the proposal
effective upon filing with the
Commission. 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
The CHX proposes to amend its
Schedule of Participant Fees and
Assessments (the ‘‘Fee Schedule’’),
effective June 1, 2010, to change its
transaction fees and rebates to Exchange
Participants for SRO Fees and DEA
Examinations. The text of this proposed
rule change is available on the
Exchange’s Web site at https://
www.chx.com/rules/proposed_rules.htm
and in the Commission’s Public
Reference Room, 100 F Street, NE.,
Washington, DC 20549.
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
CHX included statements concerning
the purpose of and basis for the
proposed rule changes and discussed
any comments it received regarding the
proposal. The text of these statements
may be examined at the places specified
in Item IV below. The CHX 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
Chane
1. Purpose
Through this filing, the Exchange
would amend its Fee Schedule to
modify the fees charged to CHX
Participants which are designed to
offset, in part, the expenses associated
with the Exchange’s performance of its
regulatory oversight function.
The Exchange proposes to increase its
SRO Fee under Section B of the Fee
Schedule from $250 per month to $500
per month. The Exchange also proposes
to reduce the DEA Examinations Fee
under Section J.4. of the Fee Schedule
from $1000 per month to $800 per
3 15
4 17
PO 00000
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
Frm 00097
Fmt 4703
Sfmt 4703
32831
month. Since the SRO Fee is charged to
all Exchange Participants and the DEA
Examinations Fee is only charged to a
subset of Participants,5 the proposed
changes should result in a net revenue
increase.
As part of a planned enhancement to
its ongoing regulatory program, the
Exchange plans on increasing its
expenditures for surveillance and
oversight in the near future. The
proposed fee changes would provide
additional revenue to fund such
increases and also distribute those costs
in a more even manner across all
Participants, which the Exchange
believes is fair and equitable.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 6 in general, and
furthers the objectives of 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 its members. Among other
things, the change to the fee schedule
would increase revenue to the Exchange
to fund enhancements to its regulatory
program and allocate costs more evenly
across the entire population of
Participants.
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 Regarding the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were either
solicited or 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 because it establishes or
changes a due, fee, or other charge
applicable only to a member imposed by
the self-regulatory organization.
5 The DEA Examination Fee is assessed against
those Participants for which the Exchange is the
Designated Examining Authority pursuant to
Section 17 of the Exchange Act and Rule 17d–1
thereunder.
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(4)
8 15 U.S.C. 78s(b)(3)(A)(ii).
9 17 CFR 240.19b–4(f)(2).
E:\FR\FM\09JNN1.SGM
09JNN1
32832
Federal Register / Vol. 75, No. 110 / Wednesday, June 9, 2010 / Notices
Accordingly, the proposal is effective
upon Commission receipt of the filing.
At any time within 60 days of the filing
of such 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 purpose 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:
erowe on DSK5CLS3C1PROD 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–CHX–2010–11 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–CHX–2010–11. 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
VerDate Mar<15>2010
15:10 Jun 08, 2010
Jkt 220001
information that you wish to make
publicly available. All submissions
should refer to File Number SR–CHX–
2010–11 and should be submitted on or
before June 30, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–13828 Filed 6–8–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62214; File No. SR–CHX–
2010–12]
Self-Regulatory Organizations; The
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Reduce
the Amount of Its Trading Permit
Cancellation Fee
June 3, 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 June 1,
2010, the Chicago Stock Exchange, Inc.
(‘‘CHX’’ or ‘‘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 CHX has filed the
proposal pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(2)
thereunder,4 which renders the proposal
effective upon filing with the
Commission. 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
The CHX proposes to amend its
Schedule of Participant Fees and
Assessments (the ‘‘Fee Schedule’’),
effective June 1, 2010, to reduce the
amount of its Trading Permit
cancellation fee. The text of this
proposed rule change is available on the
Exchange’s Web site at https://
www.chx.com/rules/proposed_rules.htm
and in the Commission’s Public
Reference Room, 100 F Street, NE.,
Washington, DC 20549.
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
1 15
PO 00000
Frm 00098
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
CHX included statements concerning
the purpose of and basis for the
proposed rule changes and discussed
any comments it received regarding the
proposal. The text of these statements
may be examined at the places specified
in Item IV below. The CHX 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
Through this filing, the Exchange
would amend its Fee Schedule to
reduce the amount of its Trading Permit
cancellation fee.
Each Exchange participant must
maintain a valid CHX Trading Permit. In
essence, the Trading Permit is the
license permitting a Participant to
transmit orders to the Exchange and
otherwise avail itself of the benefits of
Exchange membership. Trading Permits
are issued for a term of one year. When
a Participant wishes to terminate its
status as such, the Exchange currently
imposes a termination fee of $2,400 or,
if less, $600 per month for the
remainder of the one-year term. By this
proposal, the Exchange seeks to reduce
the maximum charge for terminating a
permit from $2,400 to $1,200 since the
expenses of processing termination
applications do not appear to justify the
larger figure. Moreover, the Exchange
notes that the number of trading permits
which can be issued is limited only by
the number of eligible United States
broker-dealers and that, therefore, it is at
least possible to replace any lost permitrelated revenue by the subsequent
addition of another Participant firm.
The Exchange also believes that some
smaller firms might be more likely to
apply for a Trading Permit if they did
not have a larger termination fee to
consider if they subsequently reversed
their decision. We are also proposing to
remove unnecessary language in the Fee
Schedule relating to Trading Permit
charges applicable to the time period
prior to October 2006.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 5 in general, and
5 15
E:\FR\FM\09JNN1.SGM
U.S.C. 78f.
09JNN1
]]>Agencies
[Federal Register Volume 75, Number 110 (Wednesday, June 9, 2010)]
[Notices]
[Pages 32831-32832]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-13828]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62215; File No. SR-CHX-2010-11]
Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Change Its Transaction Fees and Rebates to Exchange Participants for
SRO Fees and DEA Examinations
June 3, 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 June 1, 2010, the Chicago Stock Exchange, Inc. (``CHX'' or
``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 CHX
has filed the proposal pursuant to Section 19(b)(3)(A) of the Act \3\
and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. 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).
\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
The CHX proposes to amend its Schedule of Participant Fees and
Assessments (the ``Fee Schedule''), effective June 1, 2010, to change
its transaction fees and rebates to Exchange Participants for SRO Fees
and DEA Examinations. The text of this proposed rule change is
available on the Exchange's Web site at https://www.chx.com/rules/proposed_rules.htm and in the Commission's Public Reference Room, 100
F Street, NE., Washington, DC 20549.
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 CHX included statements
concerning the purpose of and basis for the proposed rule changes and
discussed any comments it received regarding the proposal. The text of
these statements may be examined at the places specified in Item IV
below. The CHX 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 Chane
1. Purpose
Through this filing, the Exchange would amend its Fee Schedule to
modify the fees charged to CHX Participants which are designed to
offset, in part, the expenses associated with the Exchange's
performance of its regulatory oversight function.
The Exchange proposes to increase its SRO Fee under Section B of
the Fee Schedule from $250 per month to $500 per month. The Exchange
also proposes to reduce the DEA Examinations Fee under Section J.4. of
the Fee Schedule from $1000 per month to $800 per month. Since the SRO
Fee is charged to all Exchange Participants and the DEA Examinations
Fee is only charged to a subset of Participants,\5\ the proposed
changes should result in a net revenue increase.
---------------------------------------------------------------------------
\5\ The DEA Examination Fee is assessed against those
Participants for which the Exchange is the Designated Examining
Authority pursuant to Section 17 of the Exchange Act and Rule 17d-1
thereunder.
---------------------------------------------------------------------------
As part of a planned enhancement to its ongoing regulatory program,
the Exchange plans on increasing its expenditures for surveillance and
oversight in the near future. The proposed fee changes would provide
additional revenue to fund such increases and also distribute those
costs in a more even manner across all Participants, which the Exchange
believes is fair and equitable.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \6\ in general, and furthers the
objectives of 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 its members. Among other things, the change to the
fee schedule would increase revenue to the Exchange to fund
enhancements to its regulatory program and allocate costs more evenly
across the entire population of Participants.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 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 Regarding the
Proposed Rule Change Received From Members, Participants or Others
No written comments were either solicited or 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\ because it establishes or changes a due, fee, or other
charge applicable only to a member imposed by the self-regulatory
organization.
[[Page 32832]]
Accordingly, the proposal is effective upon Commission receipt of the
filing. At any time within 60 days of the filing of such 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 purpose of the Act.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\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-CHX-2010-11 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-CHX-2010-11. 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 publicly available. All
submissions should refer to File Number SR-CHX-2010-11 and should be
submitted on or before June 30, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-13828 Filed 6-8-10; 8:45 am]
BILLING CODE 8010-01-P
