Consolidated Tape Association; Order Approving the Fifteenth Substantive Amendment to the Second Restatement of the Consolidated Tape Association Plan and Eleventh Substantive Amendment to the Restated Consolidated Quotation Plan, 34795-34796 [2010-14740]
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Federal Register / Vol. 75, No. 117 / Friday, June 18, 2010 / Notices
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Maryland, and via the Agencywide
Documents Access and Management
System (ADAMS) Public Electronic
Reading Room on the Internet at the
NRC Web site, https://www.nrc.gov/
reading-rm/adams.html. The cover
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is also available at https://www.nrc.gov/
reactors/new-reactors/esp.html.
[FR Doc. 2010–14754 Filed 6–17–10; 8:45 am]
proposal 4 to amend the Second
Restatement of the CTA Plan and
Restated CQ Plan (collectively, the
‘‘Plans’’).5 The proposal represents the
fifteenth substantive amendment to the
CTA Plan (‘‘Fifteenth Amendment to the
CTA Plan’’) and the eleventh substantive
amendment to the CQ Plan (‘‘Eleventh
Amendment to the CQ Plan’’), and
reflects changes unanimously adopted
by the Participants. The Fifteenth
Amendment to the CTA Plan and the
Eleventh Amendment to the CQ Plan
(‘‘Amendments’’) would amend the
Plans to provide that the Participants
pay the Network B Administrator a
fixed annual fee in exchange for its
performance of Network B administrator
functions under the Plans. In addition,
the Amendments seek to accommodate
recent changes in names and addresses
of certain Participants. The proposed
Amendments were published for
comment in the Federal Register on
February 8, 2010.6 No comment letters
were received in response to the Notice.
This order approves the proposed
amendments to the Plans.
BILLING CODE 7590–01–P
II. Description of the Proposal
Dated at Rockville, Maryland, this 14th day
of June 2010.
For The Nuclear Regulatory Commission.
Prosanta Chowdhury,
Project Manager, EPR Projects Branch,
Division of New Reactor Licensing, Office of
New Reactors.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62289; File No. SR–CTA/
CQ–2009–03]
Consolidated Tape Association; Order
Approving the Fifteenth Substantive
Amendment to the Second
Restatement of the Consolidated Tape
Association Plan and Eleventh
Substantive Amendment to the
Restated Consolidated Quotation Plan
June 14, 2010.
I. Introduction
On November 2, 2009, the
Consolidated Tape Association (‘‘CTA’’)
Plan and Consolidated Quotation (‘‘CQ’’)
Plan participants (‘‘Participants’’) 1 filed
with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
pursuant to Section 11A of the
Securities Exchange Act of 1934
(‘‘Act’’),2 and Rule 608 thereunder,3 a
srobinson on DSKHWCL6B1PROD with NOTICES
1 Each
participant executed the proposed
amendment. The Participants are: BATS Exchange,
Inc.; Chicago Board Options Exchange,
Incorporated; Chicago Stock Exchange, Inc.;
Financial Industry Regulatory Authority, Inc.;
International Securities Exchange LLC; NASDAQ
OMX BX, Inc.; NASDAQ OMX PHLX, Inc.; The
NASDAQ Stock Market LLC; National Stock
Exchange, Inc.; New York Stock Exchange LLC;
NYSE Amex, Inc.; and NYSE Arca, Inc.
2 15 U.S.C. 78k–1.
3 17 CFR 242.608.
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16:17 Jun 17, 2010
Jkt 220001
Section XII (‘‘Financial Matters’’) of
the CTA Plan and Section IX (‘‘Financial
Matters’’) of the CQ Plan each provide
that a network’s Operating Expenses are
to be deducted from the network’s Gross
Income to determine the amounts that
the network’s administrator distributes
to the Participants. Section XII(c)(i)
(‘‘Determination of Operating Expenses’’)
of the CTA Plan currently provides that
a CTA network’s Operating Expenses
include all costs and expenses
‘‘associated with, relating to, or resulting
from, the generation, consolidation or
dissemination of the CTA’s network’s
last sale price information.’’ Likewise,
Section IX(c)(i) (‘‘Determination of
4 On January 13, 2010, the CTA filed a revised
transmittal letter indicating, among other technical
changes, that the Participants also proposed to
make changes in the names and addresses of certain
Participants (‘‘Transmittal Letter’’).
5 See Securities Exchange Act Release Nos. 10787
(May 10, 1974), 39 FR 17799 (declaring the CTA
Plan effective); 15009 (July 28, 1978), 43 FR 34851
(August 7, 1978) (temporarily authorizing the CQ
Plan); and 16518 (January 22, 1980), 45 FR 6521
(January 28, 1980) (permanently authorizing the CQ
Plan). The most recent restatement of both Plans
was in 1995. The CTA Plan, pursuant to which
markets collect and disseminate last sale price
information for non-NASDAQ listed securities, is a
‘‘transaction reporting plan’’ under Rule 601 under
the Act, 17 CFR 242.601, and a ‘‘national market
system plan’’ under Rule 608 under the Act, 17 CFR
242.608. The CQ Plan, pursuant to which markets
collect and disseminate bid/ask quotation
information for listed securities, is a ‘‘national
market system plan’’ under Rule 608 under the Act,
17 CFR 242.608.
6 See Securities Exchange Act Release No. 61457
(February 1, 2010), 75 FR 6229 (‘‘Notice’’).
PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
34795
Operating Expenses’’) of the CQ Plan
currently provides that a network’s
Operating Expenses include all costs
and expenses that the network’s
administrator incurs in ‘‘collecting,
processing and making available that
CQ network’s quotation information.’’
The Network B Administrator stated
that accounting for operating costs is
administratively burdensome, especially
the allocation of organization overhead
costs to the Network B Administrator
function. As a result, the Network B
Participants proposed to pay the
Network B Administrator a fixed fee in
exchange for the services the Network B
administrator performs on behalf of the
Plans. Therefore, the Participants
proposed to replace their payment to the
Network B Administrator of Operating
Costs with their payment to the Network
B Administrator of a fixed fee.7
For calendar year 2009, the Network
B Participants proposed to set the fixed
fee at $3,000,000. The Participants
concluded that this amount would
compensate the Network B
Administrator for its Network B
Administrative services during 2009
under both the CTA Plan and the CQ
Plan. For each subsequent calendar
year, the Network B Participants
proposed to increase (but not decrease)
the amount of the payment by the
percentage increase (if any) in the
annual cost-of-living adjustment that the
U.S. Social Security Administration
applies to Supplemental Security
Income for the preceding calendar year,
subject to a maximum annual increase
of five percent.8 The Participants’
payment of the fixed fee will
compensate the Network B
Administrator for all ordinary and
customary operating expenses that it
incurs in performing the network
administrator functions under the CTA
and CQ Plans. However, it does not
compensate the Network B
Administrator for extraordinary
expenses that the Network B
Administrator may incur on behalf of
the Network B Participants.
Extraordinary expenses include such
things as that portion of legal and audit
expenses and marketing and consulting
7 The Participants noted that the Network A
Administrator similarly receives a fixed fee for its
performance of administrative functions under the
CTA and CQ Plans and the Participants understand
that Nasdaq receives a fixed fee for its performance
of administrative functions under the ‘‘Joint SelfRegulatory Organization Plan Governing the
Collection, Consolidation and Dissemination of
Quotation and Transaction Information for NasdaqListed Securities Traded on Exchanges on an
Unlisted Trading Privileges Basis’’ (‘‘Nasdaq UTP
Plan’’).
8 See Notice, supra note 6 at 6230 for a more
detailed description of how the fee will be assessed.
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34796
Federal Register / Vol. 75, No. 117 / Friday, June 18, 2010 / Notices
fees that are outside of the ordinary
functions that the Network B
Administrator performs.9
In addition, the Participants proposed
to amend the Plans to reflect changes in
the corporate names and street
addresses of NASDAQ OMX BX, Inc.
(formerly Boston Stock Exchange, Inc.),
NASDAQ OMX PHLX, Inc. (formerly
Philadelphia Stock Exchange, Inc.) and
NYSE Amex, Inc. (formerly American
Stock Exchange LLC). They also
proposed to conform the language
signifying the status of BATS Exchange,
Inc. as a national securities exchange to
the language used for the other Plan
Participants.
III. Discussion
After careful review, the Commission
finds that the Amendments to the Plans
are consistent with the requirements of
the Act and the rules and regulations
thereunder,10 and, in particular, Section
11A(a)(1) of the Act 11 and Rule 608
thereunder 12 in that they are necessary
or appropriate in the public interest, for
the protection of investors and the
maintenance of fair and orderly markets,
to remove impediments to, and perfect
the mechanisms of, a national market
system. The Commission believes that
paying a flat fee to the Network B
Administrator should eliminate the
need for the Network B Administrator to
account for operating costs and thus
make the administration of the Plans
more efficient.13 Additionally, the
Commission notes that every two years
the Network B Administrator is required
to provide a report detailing any
significant changes to the administrative
expenses during the preceding two
years to enable the Participants to
review and determine by majority vote
whether to continue the Annual Fixed
Payment at its then current level.
srobinson on DSKHWCL6B1PROD with NOTICES
IV. Conclusion
It is therefore ordered, pursuant to
Section 11A of the Act,14 and the rules
9 The Commission notes that the Transmittal
Letter accompanying the proposed Amendments
included language not voted on by the Participants
and thus of no legal consequence: ‘‘Network B
Administrator will not incur any extraordinary
expense on behalf of the Network B Participants
unless the Network B Participants determine by
majority vote to approve the incurrence of that
extraordinary expense.’’
10 The Commission has considered the proposed
amendments’ impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
11 15 U.S.C. 78k–1(a)(1).
12 17 CFR 240.608.
13 The Commission notes that the Network A
Administrator under the CTA Plan and CQ Plan and
Nasdaq under the Nasdaq UTP Plan similarly
receive a fixed fee for the performance of
administrative functions.
14 15 U.S.C. 78k–1.
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16:17 Jun 17, 2010
Jkt 220001
thereunder, that the proposed
amendments to the CTA and CQ Plans
are approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–14740 Filed 6–17–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62280]
Order Granting Application for
Extension of a Temporary Conditional
Exemption Pursuant to Section 36(a) of
the Exchange Act by the International
Securities Exchange, LLC Relating to
the Ownership Interest of International
Securities Exchange Holdings, Inc. in
an Electronic Communications
Network
June 11, 2010.
I. Introduction
On December 22, 2008, the Securities
and Exchange Commission
(‘‘Commission’’) approved a proposal
filed by the International Securities
Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) in
connection with corporate transactions
(the ‘‘Transactions’’) in which, among
other things, the parent company of ISE,
International Securities Exchange
Holdings, Inc. (‘‘ISE Holdings’’),
purchased a 31.54% ownership interest
in Direct Edge Holdings LLC (‘‘Direct
Edge’’), the owner and operator of Direct
Edge ECN (‘‘DECN’’), a registered brokerdealer and electronic communications
network (‘‘ECN’’).1 Following the closing
of the Transactions (the ‘‘Closing’’),
Direct Edge’s wholly-owned subsidiary,
Maple Merger Sub LLC (‘‘Merger Sub’’)
began to operate a marketplace for the
trading of U.S. cash equity securities by
Equity Electronic Access Members of
ISE (the ‘‘Facility’’), under ISE’s rules
and as a ‘‘facility,’’ as defined in Section
3(a)(2) of the Securities Exchange Act of
1934 (‘‘Exchange Act’’),2 of ISE.3
15 17
CFR 200.30–3(a)(27).
Securities Exchange Act Release No. 59135
(December 22, 2008), 73 FR 79954 (December 30,
2008) (order approving File No. SR–ISE–2008–85).
2 15 U.S. C. 78c(a)(2).
3 Under Section 3(a)(2) of the Act, the term
‘‘facility,’’ when used with respect to an exchange,
includes ‘‘its premises, tangible or intangible
property whether on the premises or not, any right
to the use of such premises or property or any
service thereof for the purpose of effecting or
reporting a transaction on an exchange (including,
among other things, any system of communication
to or from the exchange, by ticker or otherwise,
maintained by or with the consent of the exchange),
1 See
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
DECN, which operates as an ECN and
submits its limit orders to the Facility
for display and execution, is an affiliate
of ISE through ISE Holdings’ equity
interest in DE Holdings. DECN also is a
facility, as defined in Section 3(a)(2) of
the Exchange Act, of ISE because it is an
affiliate of ISE used for the purpose of
effecting and reporting securities
transactions. Because DECN is a facility
of ISE, ISE, absent exemptive relief,
would be obligated under Section 19(b)
of the Exchange Act to file with the
Commission proposed rules governing
the operation of DECN’s systems and
subscriber fees.
On December 22, 2008, the
Commission exercised its authority
under Section 36 of the Exchange Act to
grant ISE a temporary exemption,
subject to certain conditions, from the
requirements under Section 19(b) of the
Exchange Act with respect to DECN’s
proposed rules.4 On June 19, 2009, the
Commission extended this temporary
exemption for an additional 180 days,
subject to certain conditions.5 On
December 16, 2009, the Commission
further extended the temporary
exemption for an additional 180 days,
subject to certain conditions.6
On May 19, 2010, ISE filed with the
Commission, pursuant to Rule 0–12 7
under the Exchange Act, an application
under Section 36(a)(1) of the Exchange
Act 8 to extend the relief granted in the
Exemption Order through August 31,
2010.9 This order grants ISE’s request,
subject to the satisfaction of certain
conditions, which are outlined below.
II. Application for an Extension of the
Temporary Conditional Exemption
From the Section 19(b) Rule Filing
Requirements
On May 19, 2010, ISE requested that
the Commission exercise its authority
under Section 36 of the Exchange Act to
temporarily extend, subject to certain
conditions, the temporary conditional
exemption granted in the Exemption
Order from the rule filing procedures of
Section 19(b) of the Exchange Act in
and any right of the exchange to the use of any
property or service.’’
4 See Securities Exchange Act Release No. 59133
(December 22, 2008), 73 FR 79940 (December 30,
2008) (‘‘Exemption Order’’).
5 See Securities Exchange Act Release No. 60152
(June 19, 2009), 74 FR 30334 (June 25, 2009) (‘‘June
Extension’’).
6 See Securities Exchange Act Release No. 61174
(December 16, 2009), 74 FR 68294 (December 23,
2009) (‘‘December Extension’’).
7 17 CFR 240.0–12.
8 15 U.S.C. 78mm(a)(1).
9 See letter from Michael J. Simon, General
Counsel and Secretary, ISE, to Elizabeth M.
Murphy, Secretary, Commission, dated May 19,
2010 (‘‘Extension Request’’).
E:\FR\FM\18JNN1.SGM
18JNN1
]]>Agencies
[Federal Register Volume 75, Number 117 (Friday, June 18, 2010)]
[Notices]
[Pages 34795-34796]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-14740]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62289; File No. SR-CTA/CQ-2009-03]
Consolidated Tape Association; Order Approving the Fifteenth
Substantive Amendment to the Second Restatement of the Consolidated
Tape Association Plan and Eleventh Substantive Amendment to the
Restated Consolidated Quotation Plan
June 14, 2010.
I. Introduction
On November 2, 2009, the Consolidated Tape Association (``CTA'')
Plan and Consolidated Quotation (``CQ'') Plan participants
(``Participants'') \1\ filed with the Securities and Exchange
Commission (``SEC'' or ``Commission'') pursuant to Section 11A of the
Securities Exchange Act of 1934 (``Act''),\2\ and Rule 608
thereunder,\3\ a proposal \4\ to amend the Second Restatement of the
CTA Plan and Restated CQ Plan (collectively, the ``Plans'').\5\ The
proposal represents the fifteenth substantive amendment to the CTA Plan
(``Fifteenth Amendment to the CTA Plan'') and the eleventh substantive
amendment to the CQ Plan (``Eleventh Amendment to the CQ Plan''), and
reflects changes unanimously adopted by the Participants. The Fifteenth
Amendment to the CTA Plan and the Eleventh Amendment to the CQ Plan
(``Amendments'') would amend the Plans to provide that the Participants
pay the Network B Administrator a fixed annual fee in exchange for its
performance of Network B administrator functions under the Plans. In
addition, the Amendments seek to accommodate recent changes in names
and addresses of certain Participants. The proposed Amendments were
published for comment in the Federal Register on February 8, 2010.\6\
No comment letters were received in response to the Notice. This order
approves the proposed amendments to the Plans.
---------------------------------------------------------------------------
\1\ Each participant executed the proposed amendment. The
Participants are: BATS Exchange, Inc.; Chicago Board Options
Exchange, Incorporated; Chicago Stock Exchange, Inc.; Financial
Industry Regulatory Authority, Inc.; International Securities
Exchange LLC; NASDAQ OMX BX, Inc.; NASDAQ OMX PHLX, Inc.; The NASDAQ
Stock Market LLC; National Stock Exchange, Inc.; New York Stock
Exchange LLC; NYSE Amex, Inc.; and NYSE Arca, Inc.
\2\ 15 U.S.C. 78k-1.
\3\ 17 CFR 242.608.
\4\ On January 13, 2010, the CTA filed a revised transmittal
letter indicating, among other technical changes, that the
Participants also proposed to make changes in the names and
addresses of certain Participants (``Transmittal Letter'').
\5\ See Securities Exchange Act Release Nos. 10787 (May 10,
1974), 39 FR 17799 (declaring the CTA Plan effective); 15009 (July
28, 1978), 43 FR 34851 (August 7, 1978) (temporarily authorizing the
CQ Plan); and 16518 (January 22, 1980), 45 FR 6521 (January 28,
1980) (permanently authorizing the CQ Plan). The most recent
restatement of both Plans was in 1995. The CTA Plan, pursuant to
which markets collect and disseminate last sale price information
for non-NASDAQ listed securities, is a ``transaction reporting
plan'' under Rule 601 under the Act, 17 CFR 242.601, and a
``national market system plan'' under Rule 608 under the Act, 17 CFR
242.608. The CQ Plan, pursuant to which markets collect and
disseminate bid/ask quotation information for listed securities, is
a ``national market system plan'' under Rule 608 under the Act, 17
CFR 242.608.
\6\ See Securities Exchange Act Release No. 61457 (February 1,
2010), 75 FR 6229 (``Notice'').
---------------------------------------------------------------------------
II. Description of the Proposal
Section XII (``Financial Matters'') of the CTA Plan and Section IX
(``Financial Matters'') of the CQ Plan each provide that a network's
Operating Expenses are to be deducted from the network's Gross Income
to determine the amounts that the network's administrator distributes
to the Participants. Section XII(c)(i) (``Determination of Operating
Expenses'') of the CTA Plan currently provides that a CTA network's
Operating Expenses include all costs and expenses ``associated with,
relating to, or resulting from, the generation, consolidation or
dissemination of the CTA's network's last sale price information.''
Likewise, Section IX(c)(i) (``Determination of Operating Expenses'') of
the CQ Plan currently provides that a network's Operating Expenses
include all costs and expenses that the network's administrator incurs
in ``collecting, processing and making available that CQ network's
quotation information.'' The Network B Administrator stated that
accounting for operating costs is administratively burdensome,
especially the allocation of organization overhead costs to the Network
B Administrator function. As a result, the Network B Participants
proposed to pay the Network B Administrator a fixed fee in exchange for
the services the Network B administrator performs on behalf of the
Plans. Therefore, the Participants proposed to replace their payment to
the Network B Administrator of Operating Costs with their payment to
the Network B Administrator of a fixed fee.\7\
---------------------------------------------------------------------------
\7\ The Participants noted that the Network A Administrator
similarly receives a fixed fee for its performance of administrative
functions under the CTA and CQ Plans and the Participants understand
that Nasdaq receives a fixed fee for its performance of
administrative functions under the ``Joint Self-Regulatory
Organization Plan Governing the Collection, Consolidation and
Dissemination of Quotation and Transaction Information for Nasdaq-
Listed Securities Traded on Exchanges on an Unlisted Trading
Privileges Basis'' (``Nasdaq UTP Plan'').
---------------------------------------------------------------------------
For calendar year 2009, the Network B Participants proposed to set
the fixed fee at $3,000,000. The Participants concluded that this
amount would compensate the Network B Administrator for its Network B
Administrative services during 2009 under both the CTA Plan and the CQ
Plan. For each subsequent calendar year, the Network B Participants
proposed to increase (but not decrease) the amount of the payment by
the percentage increase (if any) in the annual cost-of-living
adjustment that the U.S. Social Security Administration applies to
Supplemental Security Income for the preceding calendar year, subject
to a maximum annual increase of five percent.\8\ The Participants'
payment of the fixed fee will compensate the Network B Administrator
for all ordinary and customary operating expenses that it incurs in
performing the network administrator functions under the CTA and CQ
Plans. However, it does not compensate the Network B Administrator for
extraordinary expenses that the Network B Administrator may incur on
behalf of the Network B Participants. Extraordinary expenses include
such things as that portion of legal and audit expenses and marketing
and consulting
[[Page 34796]]
fees that are outside of the ordinary functions that the Network B
Administrator performs.\9\
---------------------------------------------------------------------------
\8\ See Notice, supra note 6 at 6230 for a more detailed
description of how the fee will be assessed.
\9\ The Commission notes that the Transmittal Letter
accompanying the proposed Amendments included language not voted on
by the Participants and thus of no legal consequence: ``Network B
Administrator will not incur any extraordinary expense on behalf of
the Network B Participants unless the Network B Participants
determine by majority vote to approve the incurrence of that
extraordinary expense.''
---------------------------------------------------------------------------
In addition, the Participants proposed to amend the Plans to
reflect changes in the corporate names and street addresses of NASDAQ
OMX BX, Inc. (formerly Boston Stock Exchange, Inc.), NASDAQ OMX PHLX,
Inc. (formerly Philadelphia Stock Exchange, Inc.) and NYSE Amex, Inc.
(formerly American Stock Exchange LLC). They also proposed to conform
the language signifying the status of BATS Exchange, Inc. as a national
securities exchange to the language used for the other Plan
Participants.
III. Discussion
After careful review, the Commission finds that the Amendments to
the Plans are consistent with the requirements of the Act and the rules
and regulations thereunder,\10\ and, in particular, Section 11A(a)(1)
of the Act \11\ and Rule 608 thereunder \12\ in that they are necessary
or appropriate in the public interest, for the protection of investors
and the maintenance of fair and orderly markets, to remove impediments
to, and perfect the mechanisms of, a national market system. The
Commission believes that paying a flat fee to the Network B
Administrator should eliminate the need for the Network B Administrator
to account for operating costs and thus make the administration of the
Plans more efficient.\13\ Additionally, the Commission notes that every
two years the Network B Administrator is required to provide a report
detailing any significant changes to the administrative expenses during
the preceding two years to enable the Participants to review and
determine by majority vote whether to continue the Annual Fixed Payment
at its then current level.
---------------------------------------------------------------------------
\10\ The Commission has considered the proposed amendments'
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
\11\ 15 U.S.C. 78k-1(a)(1).
\12\ 17 CFR 240.608.
\13\ The Commission notes that the Network A Administrator under
the CTA Plan and CQ Plan and Nasdaq under the Nasdaq UTP Plan
similarly receive a fixed fee for the performance of administrative
functions.
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Section 11A of the Act,\14\
and the rules thereunder, that the proposed amendments to the CTA and
CQ Plans are approved.
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78k-1.
\15\ 17 CFR 200.30-3(a)(27).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-14740 Filed 6-17-10; 8:45 am]
BILLING CODE 8010-01-P
