Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Waiver of Transaction Fee for Public Customer Orders in SPDR Options Executed in Open Outcry or in the Automated Improvement Mechanism, 57313-57314 [2010-23384]
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Federal Register / Vol. 75, No. 181 / Monday, September 20, 2010 / Notices
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
and (10), permit consideration of the
scheduled matters at the Closed
Meeting.
Commissioner Aguilar, as duty
officer, voted to consider the items
listed for the Closed Meeting in a closed
session.
The subject matter of the Closed
Meeting scheduled for Thursday,
September 23, 2010 will be:
Institution and settlement of injunctive
actions;
Institution and settlement of
administrative proceedings; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
Dated: September 16, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–23523 Filed 9–16–10; 4:15 pm]
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Waiver of
Transaction Fee for Public Customer
Orders in SPDR Options Executed in
Open Outcry or in the Automated
Improvement Mechanism
jdjones on DSK8KYBLC1PROD with NOTICES
September 14, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934, 15
U.S.C. 78s(b)(1), notice is hereby given
that on September 3, 2010, Chicago
Board Options Exchange, Incorporated
(‘‘CBOE’’ or the ‘‘Exchange’’) 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 CBOE. The
Commission is publishing this notice to
Jkt 220001
Chicago Board Options Exchange,
Incorporated (‘‘CBOE’’ or ‘‘Exchange’’)
proposes to amend its Fees Schedule to
waive the transaction fee for public
customer orders in options on Standard
& Poor’s Depositary Receipts that are
executed in open outcry or in the
Automated Improvement Mechanism.
The text of the proposed rule change is
available on the Exchange’s Web site
(https://www.cboe.org/legal), at the
Exchange’s Office of the Secretary and
at the Commission.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
CBOE 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. CBOE has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of such statements.
1. Purpose
[Release No. 34–62902; File No. SR–CBOE–
2010–081]
15:00 Sep 17, 2010
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8010–01–P
VerDate Mar<15>2010
solicit comments on the proposed rule
change from interested persons.
Public customer (‘‘C’’ origin code)
orders in options on Standard & Poor’s
Depositary Receipts (‘‘SPDR options’’)
are charged a transaction fee of $.18 per
contract, except for orders of 99
contracts or less.1 The Exchange
proposes to amend its Fees Schedule to
waive the transaction fee for public
customer orders in SPDR options that
are executed in open outcry or in the
Automated Improvement Mechanism
(‘‘AIM’’) 2, effective September 7, 2010
through November 30, 2010. The
proposed fee waiver is intended to
attract more customer volume on the
Exchange in this product.
1 Transaction fees are currently waived for
customer orders of 99 contracts or less in ETF, ETN
and HOLDRs options. See CBOE Fees Schedule,
footnote 9.
2 AIM is an electronic auction system that
exposes certain orders electronically in an auction
to provide such orders with the opportunity to
receive an execution at an improved price. AIM is
governed by CBOE Rule 6.74A.
PO 00000
Frm 00063
Fmt 4703
Sfmt 4703
57313
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with Section
6(b) of the Securities Exchange Act of
1934 (‘‘Act’’) 3, in general, and furthers
the objectives of Section 6(b)(4) 4 of the
Act in particular, in that it is designed
to provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its facilities. The Exchange
believes the proposed fee waiver is
reasonable because it would result in
cost savings during the waiver period
for public customers trading SPDR
options and is consistent with other fees
assessed by the Exchange. The Exchange
assesses manually executed brokerdealer orders a different rate ($.25 per
contract) as compared to electronically
executed broker-dealer orders ($.45 per
contract), and a different rate ($.20 per
contract) for broker-dealer orders
executed on AIM as compared to other
electronic executions and manual
executions of broker-dealer orders.5
Other exchange fee schedules also
distinguish between electronically and
non-electronically executed orders.6
The Exchange believes the proposed fee
waiver is equitable because it would
apply uniformly to all public customers
trading SPDR options.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of 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.
3 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
5 See CBOE Fees Schedule, Section 1.
6 NASDAQ OMX PHLX, Inc. categorizes its equity
options transaction fees for Specialists, ROTs,
SQTs, RSQTs and Broker-Dealers as either
electronic or non-electronic. See NASDAQ OMX
PHLX Fees Schedule, Equity Options Fees. NYSE
Amex, Inc. categorizes its options transaction fees
for Non-NYSE Amex Options Market Makers,
Broker-Dealers, Professional Customers, Non BD
Customers and Firms as either electronic or manual.
See NYSE Amex Fees Schedule, Trade Related
Charges. NYSE Arca, Inc. categorizes its options
transaction fees for Customers, Firms and BrokerDealers as either electronic or manual. See NYSE
Arca Fees Schedule, Trade Related Charges.
4 15
E:\FR\FM\20SEN1.SGM
20SEN1
57314
Federal Register / Vol. 75, No. 181 / Monday, September 20, 2010 / Notices
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)
of the Act 7 and subparagraph (f)(2) of
Rule 19b–4 8 thereunder. 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 rulecomments@sec.gov. Please include File
Number SR–CBOE–2010–081 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–CBOE–2010–081. 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 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–CBOE–
2010–081 and should be submitted on
or before October 12, 2010.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62907; File No. SR–
NASDAQ–2010–110]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify Rule
7019
September 14, 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
September 7, 2010, The NASDAQ Stock
Market LLC (‘‘NASDAQ’’ or the
‘‘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
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
NASDAQ proposes to modify Rule
7019 to harmonize distributor and direct
access fees for depth-of-book proprietary
data products. The text of the proposed
rule change is below. Proposed new
language is in italics; proposed
deletions are in brackets.3
*
*
*
*
*
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
7019. Market Data Distributor Fees
(a) No change.
(b) The charge to be paid by
Distributors of the following NASDAQ
Market Center real time data feeds shall
be:
[FR Doc. 2010–23384 Filed 9–17–10; 8:45 am]
BILLING CODE 8010–01–P
Monthly direct
access fee
Issue Specific Data ......................................................................................................................
Dynamic Intraday .........................................................................................................................
NASDAQ-listed security depth entitlements [TotalView] .............................................................
Non NASDAQ-listed security depth entitlements [OpenView] ....................................................
jdjones on DSK8KYBLC1PROD with NOTICES
*
(c)–(d) No change.
*
*
*
*
(b) Not applicable.
(c) Not applicable.
Monthly internal distributor
fee
Monthly external distributor
fee
........................
........................
$2,000
1,000
........................
........................
$1,000
500
........................
........................
$2,500
1,250
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
NASDAQ included statements
concerning the purpose of, and basis for,
7 15
1 15
8 17
U.S.C. 78s(b)(3)(A).
C.F.R. 240.19b–4(f)(2) [sic].
9 17 CFR 200.30–3(a)(12).
2 17
VerDate Mar<15>2010
15:00 Sep 17, 2010
Jkt 220001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00064
Fmt 4703
the proposed rule change. The text of
these statements may be examined at
the places specified in Item III below,
and is set forth in Sections A, B, and C
below.
3 Changes are marked to the rule text that appears
in the electronic manual of NASDAQ found at
https://nasdaqomx.cchwallstreet.com.
Sfmt 4703
E:\FR\FM\20SEN1.SGM
20SEN1
]]>Agencies
[Federal Register Volume 75, Number 181 (Monday, September 20, 2010)]
[Notices]
[Pages 57313-57314]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-23384]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62902; File No. SR-CBOE-2010-081]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Waiver of Transaction Fee for Public Customer
Orders in SPDR Options Executed in Open Outcry or in the Automated
Improvement Mechanism
September 14, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934, 15 U.S.C. 78s(b)(1), notice is hereby given that on September 3,
2010, Chicago Board Options Exchange, Incorporated (``CBOE'' or the
``Exchange'') 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 CBOE. 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
Chicago Board Options Exchange, Incorporated (``CBOE'' or
``Exchange'') proposes to amend its Fees Schedule to waive the
transaction fee for public customer orders in options on Standard &
Poor's Depositary Receipts that are executed in open outcry or in the
Automated Improvement Mechanism. The text of the proposed rule change
is available on the Exchange's Web site (https://www.cboe.org/legal), at
the Exchange's Office of the Secretary and at the Commission.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, CBOE 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. CBOE 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
Public customer (``C'' origin code) orders in options on Standard &
Poor's Depositary Receipts (``SPDR options'') are charged a transaction
fee of $.18 per contract, except for orders of 99 contracts or less.\1\
The Exchange proposes to amend its Fees Schedule to waive the
transaction fee for public customer orders in SPDR options that are
executed in open outcry or in the Automated Improvement Mechanism
(``AIM'') \2\, effective September 7, 2010 through November 30, 2010.
The proposed fee waiver is intended to attract more customer volume on
the Exchange in this product.
---------------------------------------------------------------------------
\1\ Transaction fees are currently waived for customer orders of
99 contracts or less in ETF, ETN and HOLDRs options. See CBOE Fees
Schedule, footnote 9.
\2\ AIM is an electronic auction system that exposes certain
orders electronically in an auction to provide such orders with the
opportunity to receive an execution at an improved price. AIM is
governed by CBOE Rule 6.74A.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Securities Exchange Act of 1934 (``Act'') \3\, in
general, and furthers the objectives of Section 6(b)(4) \4\ of the Act
in particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees, and other charges among its
members and other persons using its facilities. The Exchange believes
the proposed fee waiver is reasonable because it would result in cost
savings during the waiver period for public customers trading SPDR
options and is consistent with other fees assessed by the Exchange. The
Exchange assesses manually executed broker-dealer orders a different
rate ($.25 per contract) as compared to electronically executed broker-
dealer orders ($.45 per contract), and a different rate ($.20 per
contract) for broker-dealer orders executed on AIM as compared to other
electronic executions and manual executions of broker-dealer orders.\5\
Other exchange fee schedules also distinguish between electronically
and non-electronically executed orders.\6\ The Exchange believes the
proposed fee waiver is equitable because it would apply uniformly to
all public customers trading SPDR options.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(4).
\5\ See CBOE Fees Schedule, Section 1.
\6\ NASDAQ OMX PHLX, Inc. categorizes its equity options
transaction fees for Specialists, ROTs, SQTs, RSQTs and Broker-
Dealers as either electronic or non-electronic. See NASDAQ OMX PHLX
Fees Schedule, Equity Options Fees. NYSE Amex, Inc. categorizes its
options transaction fees for Non-NYSE Amex Options Market Makers,
Broker-Dealers, Professional Customers, Non BD Customers and Firms
as either electronic or manual. See NYSE Amex Fees Schedule, Trade
Related Charges. NYSE Arca, Inc. categorizes its options transaction
fees for Customers, Firms and Broker-Dealers as either electronic or
manual. See NYSE Arca Fees Schedule, Trade Related Charges.
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of 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.
[[Page 57314]]
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) of the Act \7\ and subparagraph (f)(2) of Rule 19b-4 \8\
thereunder. 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 C.F.R. 240.19b-4(f)(2) [sic].
---------------------------------------------------------------------------
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-CBOE-2010-081 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-CBOE-2010-081. 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 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-
CBOE-2010-081 and should be submitted on or before October 12, 2010.
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. 2010-23384 Filed 9-17-10; 8:45 am]
BILLING CODE 8010-01-P
