Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to the EDGA Exchange, Inc. Fee Schedule, 48733-48734 [2010-19759]

Download as PDF Federal Register / Vol. 75, No. 154 / Wednesday, August 11, 2010 / Notices Electronic Comments 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 BILLING CODE 8010–01–P • 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–FINRA–2010–042 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. sroberts on DSKD5P82C1PROD with NOTICES For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.5 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–19750 Filed 8–10–10; 8:45 am] 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: SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62641; File No. SR–EDGA– 2010–10] Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to the EDGA Exchange, Inc. Fee Schedule August 4, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the All submissions should refer to File ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Number SR–FINRA–2010–042. This file notice is hereby given that on July 30, number should be included on the 2010, the EDGA Exchange, Inc. (the subject line if e-mail is used. To help the ‘‘Exchange’’ or the ‘‘EDGA’’) filed with Commission process and review your the Securities and Exchange comments more efficiently, please use Commission (‘‘Commission’’) the only one method. The Commission will proposed rule change as described in post all comments on the Commission’s Items I and II below, which items have Internet Web site (https://www.sec.gov/ been prepared by the self-regulatory rules/sro.shtml). Copies of the organization. The Commission is publishing this notice to solicit submission, all subsequent comments on the proposed rule change amendments, all written statements from interested persons. with respect to the proposed rule change that are filed with the I. Self-Regulatory Organization’s Commission, and all written Statement of the Terms of Substance of communications relating to the the Proposed Rule Change proposed rule change between the The Exchange proposes to amend its Commission and any person, other than fees and rebates applicable to Members 3 those that may be withheld from the of the Exchange pursuant to EDGA Rule public in accordance with the 15.1(a) and (c) by making several provisions of 5 U.S.C. 552, will be technical amendments to its fee available for Web site viewing and schedule. printing in the Commission’s Public All of the changes described herein Reference Room, 100 F Street, NE., are applicable to EDGA Members. The Washington, DC 20549, on official text of the proposed rule change is available on the Exchange’s Internet business days between the hours of 10 Web site at https://www.directedge.com. a.m. and 3 p.m. Copies of such filing also will be available for inspection and II. Self-Regulatory Organization’s copying at the principal office of Statement of the Purpose of, and FINRA. All comments received will be Statutory Basis for, the Proposed Rule posted without change; the Commission Change does not edit personal identifying In its filing with the Commission, the information from submissions. self-regulatory organization included You should submit only information statements concerning the purpose of, that you wish to make available and basis for, the proposed rule change publicly. All submissions should refer and discussed any comments it received to File Number SR–FINRA–2010–042 on the proposed rule change. The text and should be submitted on or before of these statements may be examined at September 1, 2010. 5 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 A Member is any registered broker or dealer that has been admitted to membership in the Exchange. 1 15 VerDate Mar<15>2010 16:52 Aug 10, 2010 48733 Jkt 220001 PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 1. Purpose The Exchange proposes to make several technical amendments to its fee schedule. First, it proposes to move the text in footnote 1 that states that ‘‘upon a Member’s request, EDGA will aggregate share volume calculations for wholly owned affiliates on a prospective basis’’ to new footnote ‘‘a.’’ Then, the Exchange proposes adding a reference to footnote ‘‘a’’ next to all numbered footnotes (except footnote 4 since it states that it is ‘‘intentionally omitted.’’) This amendment clarifies that the ability of Members to request aggregation and the Exchange to aggregate share volume calculations for wholly owned affiliates on a prospective basis applies across all fee and volume threshold calculations and not just to the language found in footnote 1. The Exchange proposes to delete the reference to footnote 4 found on Flags E and 5 since footnote 4 is ‘‘intentionally omitted’’ and leaving the reference intact leads to confusion by Members. EDGA Exchange proposes to implement these amendments to the Exchange fee schedule on August 1, 2010. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,4 in general, and furthers the objectives of Section 6(b)(4),5 in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its members and other persons using its facilities. The Exchange notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive. The proposed rule change reflects a competitive pricing structure designed to incent market participants to direct their order flow to the Exchange. Finally, the Exchange believes that the proposed rates are equitable in that they apply uniformly to all Members. The Exchange believes the fees and credits remain competitive with those charged by other venues and 4 15 5 15 E:\FR\FM\11AUN1.SGM U.S.C. 78f. U.S.C. 78f(b)(4). 11AUN1 48734 Federal Register / Vol. 75, No. 154 / Wednesday, August 11, 2010 / Notices therefore continue to be reasonable and equitably allocated to those members that opt to direct orders to the Exchange rather than competing venues. 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 6 and Rule 19b–4(f)(2) 7 thereunder. At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend 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–EDGA–2010–10 on the subject line. sroberts on DSKD5P82C1PROD with NOTICES 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–EDGA–2010–10. This file number should be included on the 6 15 7 17 U.S.C. 78s(b)(3)(A). CFR 19b–4(f)(2). VerDate Mar<15>2010 16:52 Aug 10, 2010 Jkt 220001 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,8 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 the 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 available publicly. All submissions should refer to File Number SR–EDGA– 2010–10 and should be submitted on or before September 1, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–19759 Filed 8–10–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62640; File No. SR–EDGX– 2010–10] Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to the EDGX Exchange, Inc. Fee Schedule August 4, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 8 The text of the proposed rule change is available on Exchange’s Web site at https:// www.directedge.com, on the Commission’s Web site at https://www.sec.gov, at EDGA, and at the Commission’s Public Reference Room. 9 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 notice is hereby given that on July 30, 2010, the EDGX Exchange, Inc. (the ‘‘Exchange’’ or the ‘‘EDGX’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which items have been prepared by the self-regulatory organization. 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 Substance of the Proposed Rule Change The Exchange proposes to amend its fees and rebates applicable to Members 3 of the Exchange pursuant to EDGX Rule 15.1(a) and (c) to (i) establish a rebate; (ii) charge for legacy International Securities Exchange (‘‘ISE’’) FIX session fees; and (iii) make other technical amendments to the fee schedule. All of the changes described herein are applicable to EDGX Members. The text of the proposed rule change is available on the Exchange’s Internet Web site at https://www.directedge.com. 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 (i) ISE FIX Session Fees The Exchange proposes to charge for legacy ISE 4 Financial Information Exchange (‘‘FIX’’) sessions (‘‘Sessions’’) used to connect to EDGX and thereby, 3 A Member is any registered broker or dealer that has been admitted to membership in the Exchange. 4 A wholly-owned subsidiary of Direct Edge Holdings, LLC (prior to July 16, 2010) previously operated the ISE Stock Exchange as a facility of ISE. These Session fees are identical to the fees filed previously filed by and billed for by the ISE. See Securities Exchange Act Release No. 56379 (September 10, 2007), 72 FR 52591 (September 14, 2007) (SR–ISE–2007–79). E:\FR\FM\11AUN1.SGM 11AUN1

Agencies

[Federal Register Volume 75, Number 154 (Wednesday, August 11, 2010)]
[Notices]
[Pages 48733-48734]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-19759]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62641; File No. SR-EDGA-2010-10]


Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating to 
Amendments to the EDGA Exchange, Inc. Fee Schedule

August 4, 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 30, 2010, the EDGA Exchange, Inc. (the ``Exchange'' or the 
``EDGA'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which items have been prepared by the self-regulatory 
organization. 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 amend its fees and rebates applicable to 
Members \3\ of the Exchange pursuant to EDGA Rule 15.1(a) and (c) by 
making several technical amendments to its fee schedule.
---------------------------------------------------------------------------

    \3\ A Member is any registered broker or dealer that has been 
admitted to membership in the Exchange.
---------------------------------------------------------------------------

    All of the changes described herein are applicable to EDGA Members. 
The text of the proposed rule change is available on the Exchange's 
Internet Web site at https://www.directedge.com.

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
    The Exchange proposes to make several technical amendments to its 
fee schedule. First, it proposes to move the text in footnote 1 that 
states that ``upon a Member's request, EDGA will aggregate share volume 
calculations for wholly owned affiliates on a prospective basis'' to 
new footnote ``a.'' Then, the Exchange proposes adding a reference to 
footnote ``a'' next to all numbered footnotes (except footnote 4 since 
it states that it is ``intentionally omitted.'') This amendment 
clarifies that the ability of Members to request aggregation and the 
Exchange to aggregate share volume calculations for wholly owned 
affiliates on a prospective basis applies across all fee and volume 
threshold calculations and not just to the language found in footnote 
1.
    The Exchange proposes to delete the reference to footnote 4 found 
on Flags E and 5 since footnote 4 is ``intentionally omitted'' and 
leaving the reference intact leads to confusion by Members.
    EDGA Exchange proposes to implement these amendments to the 
Exchange fee schedule on August 1, 2010.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\4\ in general, and 
furthers the objectives of Section 6(b)(4),\5\ in particular, as it is 
designed to provide for the equitable allocation of reasonable dues, 
fees and other charges among its members and other persons using its 
facilities. The Exchange notes that it operates in a highly competitive 
market in which market participants can readily direct order flow to 
competing venues if they deem fee levels at a particular venue to be 
excessive. The proposed rule change reflects a competitive pricing 
structure designed to incent market participants to direct their order 
flow to the Exchange. Finally, the Exchange believes that the proposed 
rates are equitable in that they apply uniformly to all Members. The 
Exchange believes the fees and credits remain competitive with those 
charged by other venues and

[[Page 48734]]

therefore continue to be reasonable and equitably allocated to those 
members that opt to direct orders to the Exchange rather than competing 
venues.
---------------------------------------------------------------------------

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

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 \6\ and Rule 19b-4(f)(2) \7\ thereunder. At any 
time within 60 days of the filing of such proposed rule change, the 
Commission summarily may temporarily suspend 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.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 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-EDGA-2010-10 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-EDGA-2010-10. 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,\8\ 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 the 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 available publicly. All 
submissions should refer to File Number SR-EDGA-2010-10 and should be 
submitted on or before September 1, 2010.
---------------------------------------------------------------------------

    \8\ The text of the proposed rule change is available on 
Exchange's Web site at https://www.directedge.com, on the 
Commission's Web site at https://www.sec.gov, at EDGA, and at the 
Commission's Public Reference Room.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-19759 Filed 8-10-10; 8:45 am]
BILLING CODE 8010-01-P
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