Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC To Amend the Exchange Price List, 54928-54929 [2010-22447]
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54928
Federal Register / Vol. 75, No. 174 / Thursday, September 9, 2010 / Notices
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
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 website 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 will
also 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–
NYSEAmex–2010–90 and should be
submitted on or before September 30,
2010.
Commission (the ‘‘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.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2010–22446 Filed 9–8–10; 8:45 am]
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 those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62826; File No. SR–NYSE–
2010–63]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by New York
Stock Exchange LLC To Amend the
Exchange Price List
mstockstill on DSKH9S0YB1PROD with NOTICES
September 1, 2010.
Pursuant to Section 19(b)(1)1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on August
30, 2010, New York Stock Exchange
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
17:24 Sep 08, 2010
Jkt 220001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
2010 Price List to modify the fees it
charges for all market at-the-close
(‘‘MOC’’) and limit at-the-close (‘‘LOC’’)
orders executed in the NYSE Closing
Auction. For stocks with a per share
stock price of $1.00 or more, the fee will
increase from $0.0007 per share
executed to $0.00085 per share
executed. For stocks with a per share
stock price less than $1.00 per share, the
fee will change from (A) the lesser of (i)
0.3% of the total dollar value of the
transaction and (ii) $0.0007 per share
executed to (B) the lesser of (i) 0.3% of
the total dollar value of the transaction
and (ii) $0.00085 per share executed.
The amended pricing will take effect on
September 1, 2010. The text of the
proposed rule change is available at the
Exchange, at https://www.nyse.com, at
the Commission’s Public Reference
Room, and on the Commission’s Web
site at https://www.sec.gov.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
2010 Price List to modify the fees it
charges for all MOC and LOC orders
executed in the NYSE Closing Auction.
For stocks with a per share stock price
of $1.00 or more, the fee will increase
from $0.0007 per share executed to
$0.00085 per share executed. For stocks
with a per share stock price less than
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
$1.00 per share, the fee will change from
(A) the lesser of (i) 0.3% of the total
dollar value of the transaction and (ii)
$0.0007 per share executed to (B) the
lesser of (i) 0.3% of the total dollar
value of the transaction and (ii)
$0.00085 per share executed. The
Exchange notes that The NASDAQ
Stock Market LLC recently made a
similar filing increasing the fee that it
charges for MOC and LOC orders in its
closing cross from $0.0007 per share
executed to $0.0010 per share
executed.4
These changes are intended to be
effective immediately for all
transactions beginning September 1,
2010.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the
Securities Exchange Act of 1934 (the
‘‘Act’’),5 in general, and Section 6(b)(4)
of the Act,6 in particular, in that 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 believes that the proposal
does not constitute an inequitable
allocation of fees, as all similarly
situated member organizations will be
charged the same amount and access to
the Exchange’s market is offered on fair
and non-discriminatory terms. Further,
a competing exchange also recently
implemented a similar fee change for its
market participants, as described above.
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 on the
Proposed Rule Change Received from
Members, Participants or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 7 of the Act and
4 See Securities Exchange Act Release No. 62592
(July 29, 2010), 75 FR 47053 (August 4, 2010) (SR–
NASDAQ–2010–095).
5 15 U.S.C. 78f(b) [sic].
6 15 U.S.C. 78f(b)(4).
7 15 U.S.C. 78s(b)(3)(A).
E:\FR\FM\09SEN1.SGM
09SEN1
Federal Register / Vol. 75, No. 174 / Thursday, September 9, 2010 / Notices
subparagraph (f)(2) of Rule 19b–4 8
thereunder, because it establishes a due,
fee, or other charge imposed by the
NYSE.
At any time within 60 days of the
filing of the 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:
mstockstill on DSKH9S0YB1PROD 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–NYSE–2010–63 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–NYSE–2010–63. 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
website (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 website 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 will
also be available for inspection and
copying at the principal office of the
Exchange. All comments received will
8 17
CFR 240.19b–4(f)(2).
VerDate Mar<15>2010
17:24 Sep 08, 2010
Jkt 220001
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–NYSE–
2010–63 and should be submitted on or
before September 30, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–22447 Filed 9–8–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62828; File No. SR–FICC–
2010–02]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Order
Approving Proposed Rule Change To
Amend the Rules of the Government
Securities Division and the MortgageBacked Securities Division To Change
the Classification of U.S. Branches or
Agencies of Non-U.S. Banks From
Foreign to U.S. Members
September 2, 2010.
I. Introduction
On June 24, 2010, Fixed Income
Clearing Corporation (‘‘FICC’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) proposed
rule change SR–FICC–2010–02 pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’).1 The
proposed rule change was published for
comment in the Federal Register on July
19, 2010.2 No comment letters were
received on the proposal. This order
approves the proposal.
II. Description
FICC will amend the Rules of its
Government Securities Division (‘‘GSD’’)
and Mortgage Backed Securities
Division (‘‘MBSD’’) to classify as U.S.
Members those Members of the GSD and
MBSD that are U.S. Branches or
agencies of non-U.S. Banks (‘‘U.S.
Branches’’). GSD and MBSD Rules
currently classify the membership of
such U.S. Branches as ‘‘Foreign.’’
The classification of U.S. Branches as
U.S. Members harmonizes FICC’s Rules
with the other clearing agency
subsidiaries of The Depository Trust
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 Securities Exchange Act Release No. 62478 (July
9, 2010), 75 FR 41908 (July 19, 2010).
1 15
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
54929
and Clearing Corporation, The
Depository Trust Company (‘‘DTC’’) and
the National Securities Clearing
Corporation (‘‘NSCC’’).3 FICC also
believes the rule change is appropriate
because it reflects that U.S. Branches are
regulated by a U.S. regulator or a state
regulator. This means that the
appropriate domestic regulator treats
U.S. Branches as U.S. entities for most
significant matters, and consequently an
insolvency of such a member would be
determined by applicable domestic
‘‘ring-fence’’ laws.4 Under the Rule
changes, such members will be treated
as domestic members for all purposes
under FICC’s Rules and Procedures
unless FICC states otherwise in its
Rules.5
III. Discussion
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act 6 and the
rules and regulations thereunder
applicable to FICC. In particular, the
Commission believes that the
amendments FICC is making to its Rules
to will provide consistent treatment to
all its Members that are regulated by a
U.S. or state regulator and that are
subject to a domestic insolvency regime
are consistent with FICC’s obligations
under Section 17A(b)(3)(F),7 which
requires, among other things, that the
rules of a clearing agency are designed
to assure the safeguarding of securities
and funds which are in the custody or
control of the clearing agency or for
which it is responsible.
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the proposal is
consistent with the requirements of the
Act and in particular with the
3 DTC and NSCC already classify U.S. branches or
agencies of foreign banks as domestic Members.
This is reflected in Section 2 of DTC’s Policy
Statements on the Admission of Participants and in
Addendum O of NSCC’s Rules titled ‘‘Admission of
Non-U.S. Entities as Direct NSCC Members.’’
4 In the United States, ‘‘ring-fencing’’ refers to the
procedure for dealing with branches or agencies of
insolvent foreign banks in the United States
pursuant to which the federal or state regulator, as
applicable, will seize and administer the local
assets of an insolvent institution, with a preference
for local creditors in a liquidation that is separate
from the liquidation of the parent foreign bank as
a whole.
5 Such members will no longer be required to
submit annual updates to their foreign legal
opinions as currently required by FICC rules for
non-U.S. entities unless FICC deems it necessary to
address legal risk. Applicants in this category will
however continue to be required to submit an initial
foreign legal opinion on their home country law
with their membership application.
6 15 U.S.C. 78q–1.
7 15 U.S.C. 78q–1(b)(3)(F).
E:\FR\FM\09SEN1.SGM
09SEN1
]]>Agencies
[Federal Register Volume 75, Number 174 (Thursday, September 9, 2010)]
[Notices]
[Pages 54928-54929]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-22447]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62826; File No. SR-NYSE-2010-63]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC To
Amend the Exchange Price List
September 1, 2010.
Pursuant to Section 19(b)(1)\1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on August 30, 2010, New York Stock Exchange LLC (``NYSE''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``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\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its 2010 Price List to modify the
fees it charges for all market at-the-close (``MOC'') and limit at-the-
close (``LOC'') orders executed in the NYSE Closing Auction. For stocks
with a per share stock price of $1.00 or more, the fee will increase
from $0.0007 per share executed to $0.00085 per share executed. For
stocks with a per share stock price less than $1.00 per share, the fee
will change from (A) the lesser of (i) 0.3% of the total dollar value
of the transaction and (ii) $0.0007 per share executed to (B) the
lesser of (i) 0.3% of the total dollar value of the transaction and
(ii) $0.00085 per share executed. The amended pricing will take effect
on September 1, 2010. The text of the proposed rule change is available
at the Exchange, at https://www.nyse.com, at the Commission's Public
Reference Room, and on the Commission's Web site at https://www.sec.gov.
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 those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts 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 amend its 2010 Price List to modify the
fees it charges for all MOC and LOC orders executed in the NYSE Closing
Auction. For stocks with a per share stock price of $1.00 or more, the
fee will increase from $0.0007 per share executed to $0.00085 per share
executed. For stocks with a per share stock price less than $1.00 per
share, the fee will change from (A) the lesser of (i) 0.3% of the total
dollar value of the transaction and (ii) $0.0007 per share executed to
(B) the lesser of (i) 0.3% of the total dollar value of the transaction
and (ii) $0.00085 per share executed. The Exchange notes that The
NASDAQ Stock Market LLC recently made a similar filing increasing the
fee that it charges for MOC and LOC orders in its closing cross from
$0.0007 per share executed to $0.0010 per share executed.\4\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 62592 (July 29,
2010), 75 FR 47053 (August 4, 2010) (SR-NASDAQ-2010-095).
---------------------------------------------------------------------------
These changes are intended to be effective immediately for all
transactions beginning September 1, 2010.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Securities Exchange Act of 1934
(the ``Act''),\5\ in general, and Section 6(b)(4) of the Act,\6\ in
particular, in that 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 believes
that the proposal does not constitute an inequitable allocation of
fees, as all similarly situated member organizations will be charged
the same amount and access to the Exchange's market is offered on fair
and non-discriminatory terms. Further, a competing exchange also
recently implemented a similar fee change for its market participants,
as described above.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b) [sic].
\6\ 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 on the Proposed
Rule Change Received from Members, Participants or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \7\ of the Act and
[[Page 54929]]
subparagraph (f)(2) of Rule 19b-4 \8\ thereunder, because it
establishes a due, fee, or other charge imposed by the NYSE.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the 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 rule-comments@sec.gov. Please include
File Number SR-NYSE-2010-63 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-NYSE-2010-63. 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 website (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 website 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 will also 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-NYSE-2010-63 and should be submitted on
or before September 30, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. 2010-22447 Filed 9-8-10; 8:45 am]
BILLING CODE 8010-01-P
