Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Reduce the Payments that CBOE Makes to CBOE Trading Permit Holders that Participate in a Program Under Which CBOE Subsidizes the Costs of Providing and/or Using Certain Order Routing Functionalities, 44995 [C1-2010-16686]

Download as PDF Federal Register / Vol. 75, No. 146 / Friday, July 30, 2010 / Notices SECURITIES AND EXCHANGE COMMISSION comments on the proposed rule change from interested persons. [Release No. 34–62432; File No. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change SR–CBOE–2010–066] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Reduce the Payments that CBOE Makes to CBOE Trading Permit Holders that Participate in a Program Under Which CBOE Subsidizes the Costs of Providing and/ or Using Certain Order Routing Functionalities Correction In notice document 10–16686 beginning on page 39602, in the issue of Friday, July 9, 2010 make the following corrections: 1. On page 39602, on the second column, the heading is corrected to include the bracketed information [Release No. 34–62432; File No. SR– CBOE–2010–066]. 2. On page 39603, in the second column, at the end of this document, the billing code is corrected to appear as BILLING CODE 8010–01–P. [FR Doc. C1–2010–16686 Filed 7–29–10; 8:45 am] BILLING CODE 1505–01–D The ISE is proposing to amend its Schedule of Fees. The text of the proposed rule change is available on the Exchange’s Web site (https:// www.ise.com), at the principal office of the Exchange, 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 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 these statements may be examined at the places specified in Item IV below. The self-regulatory organization 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 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62568; File No. SR–ISE– 2010–76] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Foreign Currency Options Orders Fee Discount for Market Makers and Non-ISE Market Makers srobinson on DSKHWCL6B1PROD with NOTICES July 26, 2010. 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 July 19, 2010, the International Securities Exchange, LLC (the ‘‘Exchange’’ or the ‘‘ISE’’) filed with the Securities and Exchange Commission the proposed rule change, as described in Items I, II, and III below, which items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Mar<15>2010 20:12 Jul 29, 2010 Jkt 220001 The Exchange currently has a fee cap for large-size foreign currency (‘‘FX’’) options orders. This fee discount applies for orders of 250 contracts or more and waives fees on incremental volume above 250 contracts.3 Contracts at or under the threshold are charged the constituent’s prescribed execution fee. Pursuant to an incentive plan currently in place, this fee discount currently applies to all customer 4 orders, Firm Proprietary orders, market maker orders and non-ISE market maker orders in options on the following FX option currencies traded on the Exchange: New Zealand dollar, Mexican peso, Swedish krona and the Brazilian real. For all other FX option currencies traded on the Exchange, this fee discount currently applies only to customer orders and Firm Proprietary 3 See Securities Exchange Act Release No. 62506 (July 15, 2010) (SR–ISE–2010–67). 4 The fee waiver applies to both professional and priority customer orders. A Priority Customer is defined in ISE Rule 100(a)(37A) as a person or entity that is not a broker/dealer in securities, and does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). A Customer (Professional) is a person who is not a broker/dealer and is not a Priority Customer. PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 44995 orders in those products. The Exchange now proposes to extend this fee discount to market maker orders and non-ISE market maker orders in all FX option currencies and specifically, to the orders that were previously not receiving this discount. ISE adopted this fee discount to encourage members to execute largesized FX options orders on the Exchange in a manner that is cost effective. The Exchange believes this proposed rule change will further that goal. 2. Basis The basis under the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’) for this proposed rule change is the requirement under Section 6(b)(4) that an exchange have an equitable allocation of reasonable dues, fees and other charges among its members and other persons using its facilities. In particular, this proposed rule change would extend a current fee discount to all orders in FX options traded on the Exchange, thus effectively maintaining low fees. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change does not 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 The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. 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) of the Act 5 and Rule 19b–4(f)(2) 6 thereunder. At any time within 60 days of the filing of such 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 5 15 6 17 E:\FR\FM\30JYN1.SGM U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). 30JYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 75, Number 146 (Friday, July 30, 2010)]
[Notices]
[Page 44995]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: C1-2010-16686]



[[Page 44995]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62432; File No.
SR-CBOE-2010-066]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated: Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change to Reduce the Payments that CBOE Makes to CBOE Trading 
Permit Holders that Participate in a Program Under Which CBOE 
Subsidizes the Costs of Providing and/or Using Certain Order Routing 
Functionalities

Correction

    In notice document 10-16686 beginning on page 39602, in the issue 
of Friday, July 9, 2010 make the following corrections:
    1. On page 39602, on the second column, the heading is corrected to 
include the bracketed information [Release No. 34-62432; File No. SR-
CBOE-2010-066].
    2. On page 39603, in the second column, at the end of this 
document, the billing code is corrected to appear as BILLING CODE 8010-
01-P.
[FR Doc. C1-2010-16686 Filed 7-29-10; 8:45 am]
BILLING CODE 1505-01-D

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