Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending the Exchange Price List, 64368-64370 [2010-26109]
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64368
Federal Register / Vol. 75, No. 201 / Tuesday, October 19, 2010 / Notices
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
lola.kress@sba.gov, (904) 443–1933, fax
(202) 481–4188.
Additionally, if you need
accommodations because of a disability
or require additional information, please
contact Lola Kress, Business
Development Specialist, SBA North
Florida District Office,
lola.kress@sba.gov, (904) 443–1933.
James E. Rivera,
Associate Administrator for Disaster
Assistance.
[FR Doc. 2010–26304 Filed 10–18–10; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
SBA North Florida District Advisory
Council
rebate. The amended pricing will take
effect on October 1, 2010. The text of the
proposed rule change is available on the
Exchange’s Web site at https://
www.nyse.com, at the Exchange’s
principal office, on the Commission’s
Web site at https://www.sec.gov, and at
the Commission’s Public Reference
Room.
Dan Jones,
SBA Committee Management Officer.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2010–26305 Filed 10–18–10; 8:45 am]
BILLING CODE 8025–01–P
U.S. Small Business
Administration.
ACTION: Notice of open Federal advisory
committee meeting.
AGENCY:
The SBA is issuing this notice
to announce the location, date, time,
and agenda for the next meeting of the
SBA North Florida District Advisory
Council. The meeting will be open to
the public.
DATES: The meeting will be held on
Tuesday, November 16 from 11:30 a.m.
to 2 p.m. Eastern Standard Time.
ADDRESSES: The meeting will be held at
Sabore: 13005 SW 1st Rd; Suite 129,
Newberry, FL 32669.
SUPPLEMENTARY INFORMATION: Pursuant
to section 10(a)(2) of the Federal
Advisory Committee Act (5 U.S.C.,
Appendix 2), SBA announces the
meeting of the SBA North Florida
District Advisory Council. The SBA
North Florida District Advisory Council
is tasked with providing advice and
opinions to SBA regarding the
effectiveness of and need for SBA
programs, particularly within North
Florida and for listening to what is
currently happening in the Florida
small business community.
The purpose of the meeting is to
discuss with the council the current
status of small business across North
Florida and to discuss the agency status
especially in regards to the passing of
the jobs bill. The agenda includes: An
overview of the status of the SBA as an
agency from Wilfredo J. Gonzalez, SBA
District Director as well as a luncheon/
meeting to hear from the members of the
council and to hear from the SBA staff
on SBA updates for the District.
FOR FURTHER INFORMATION CONTACT: The
meeting is open to the public however
advance notice of attendance is
requested. Anyone wishing to attend
and/or make a presentation to the SBA
North Florida District Advisory Council
must contact Lola Kress by November
9th, 2010, by fax or email in order to be
placed on the agenda. Lola Kress,
Business Development Specialist, SBA
North Florida District Office,
mstockstill on DSKH9S0YB1PROD with NOTICES
SUMMARY:
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63072; File No. SR–
NYSEAmex–2010–97]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Amex LLC Amending the Exchange
Price List
October 7, 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 October
1, 2010, NYSE Amex LLC. (‘‘NYSE
Amex’’ 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 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
The Exchange proposes to amend its
2010 Price List for equities to amend the
fees charged for taking liquidity and the
rebates for providing liquidity for
Nasdaq securities traded pursuant to
unlisted trading privileges and
incorporate an enhanced rebate for
larger displayed orders in trades above
$5.00 in lieu of the standard rebate, as
well as assess monthly fees for the use
of all ports that provide connectivity to
its equity trading systems. In its table of
credits applicable to Supplemental
Liquidity Providers (‘‘SLPs’’), the
Exchange is modifying language
referencing the SLP quoting requirement
to reflect a recent rule filing that
changed the standard from 3% to 5% of
the regular trading day in any calendar
month in order to receive a financial
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00126
Fmt 4703
Sfmt 4703
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
2010 Price List for equities to modify
the structure of (i) fees charged for
taking liquidity and (ii) rebates for
adding liquidity, to market participants,
Supplemental Liquidity Providers
(‘‘SLPs’’) and Designated Market Makers
(‘‘DMMs’’), for Nasdaq securities traded
pursuant to unlisted trading privileges
whose share price is $1.00 or more.
Currently, market participants, SLPs
and DMMs are charged a fee of $0.0013
per share for orders in Nasdaq securities
traded pursuant to unlisted trading
privileges that take liquidity. Under the
proposal, the fee will be $0.0023 per
share for orders that take liquidity.
Market participants, other than DMMs
and SLPs, that provide liquidity in
Nasdaq securities traded pursuant to
unlisted trading privileges are currently
paid a rebate of $0.0019 per share.
Under the proposal, such market
participants will be paid a rebate of
$0.0030 per share.
Currently, for orders in Nasdaq
securities traded pursuant to unlisted
trading privileges that provide liquidity,
DMMs, and SLPs that meet their quoting
requirements pursuant to Rule 107B, are
paid a rebate of $0.0021 per share, and
SLPs that do not meet their quoting
requirements are paid a rebate of
$0.0019 per share for orders that
provide liquidity. Under the proposal,
the rebate will be $0.0031 per share for
E:\FR\FM\19OCN1.SGM
19OCN1
mstockstill on DSKH9S0YB1PROD with NOTICES
Federal Register / Vol. 75, No. 201 / Tuesday, October 19, 2010 / Notices
orders that provide liquidity for both
DMMs and SLPs that meet their quoting
requirements while SLPs that provide
liquidity but do not meet their quoting
requirements will be paid a rebate of
$0.0030 per share.
Additionally, in lieu of the above
rebates, the Exchange is proposing to
provide a block rebate of $0.0036 per
share for executions of displayed
liquidity to all market participants and
SLPs that provide liquidity in orders in
Nasdaq securities traded pursuant to
unlisted trading privileges that
originally display a minimum of 5,000
shares with a trading price of at least
$5.00 per share, for as long as the order
is not cancelled in [sic] amount that
would reduce the original displayed
amount below 5,000 shares. For
example, if a 10,000 share order priced
above $5.00 displays 10,000 shares, and
is then partially executed in the amount
of 4,000 shares, the executed 4,000
shares receive the block rebate. The
remaining 6,000 shares are still eligible
for the block rebate. Additionally, if a
10,000 share order priced above $5.00
displays 10,000 shares, and is then
partially canceled in the amount of
6,000 shares, the remaining 4,000 shares
will not be eligible for the block rebate
and would receive the regular rebate
when traded. Finally, if a 10,000 share
order priced above $5.00 displays
10,000 shares, and is then partially
executed in the amount of 2,000 shares,
the executed 2,000 shares receive the
block rebate, and the remaining 8,000
shares are still eligible for the block
rebate. However, if the client then
cancels 6,000 shares, the remaining
2,000 shares are not eligible for the
block rebate and will receive the regular
rebate when traded. DMMs will receive
a block rebate of $0.0036 per share in
Nasdaq securities traded pursuant to
unlisted trading privileges for
executions of the displayed portions of
s-Quotes that provide liquidity and
display 5,000 shares or more at the time
of execution with a trading price of at
least $5.00 per share.
Additionally, the Exchange proposes
to amend its 2010 Price List for equities
to assess monthly fees for the use of all
ports that provide connectivity to its
equity trading systems. A number of
other markets already charge such fees,
but the Exchange has not previously
done so.
The level of activity with respect to a
particular port will not affect the
assessment of monthly fees, so even if
a particular port that is available to a
participant is not used, the participant
will still be billed for that port. The
monthly fee for ports will be $100 per
pair per month up to five pairs, then
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16:24 Oct 18, 2010
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$500 for each additional five pairs. For
example, the fee for seven pairs of ports
will be $1,000 per month. Billing for
ports will be based on the number of
ports on the third business day prior to
the end of the month.
In its table of credits applicable to
SLPs, the Exchange is modifying
language referencing the SLP quoting
requirement to reflect a recent rule filing
that changed the standard from 3% to
5% of the regular trading day in any
calendar month in order to receive a
financial rebate.3
These changes are intended to be
effective immediately for all
transactions beginning October 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’’),4 in general, and Section 6(b)(4)
of the Act,5 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.
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) 6 of the Act and
subparagraph (f)(2) of Rule 19b–4 7
thereunder, because it establishes a due,
3 See Securities Exchange Act Release No. 62792
(August 30, 2010), 75 FR 54407 (September 7, 2010)
(File No. SR–NYSEAmex–2010–85).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(4).
6 15 U.S.C. 78s(b)(3)(A).
7 17 CFR 240.19b–4(f)(2).
PO 00000
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Fmt 4703
Sfmt 4703
64369
fee, or other charge imposed by NYSE
Amex.
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–NYSEAmex–2010–97 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–NYSEAmex–2010–97. 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 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
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
E:\FR\FM\19OCN1.SGM
19OCN1
64370
Federal Register / Vol. 75, No. 201 / Tuesday, October 19, 2010 / Notices
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NYSEAmex–2010–97 and should be
submitted on or before November 9,
2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–26109 Filed 10–18–10; 8:45 am]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63083; File No. SR–
NASDAQ–2010–127]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify
NASDAQ’s Order Routing Rule
October 13, 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 October
1, 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 and II 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.
mstockstill on DSKH9S0YB1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing this proposed
rule change to amend Rule 4758 to
modify the SAVE routing option to
reflect the expected launch of NASDAQ
OMX PSX (‘‘PSX’’) as a new venue for
trading NMS stocks on October 8, 2010.
NASDAQ proposes to implement the
proposed rule change on October 8,
2010, or, if the Commission does not
waive the 30-day waiting period
specified in Rule 19b–4(f)(6)(iii),3 on a
date that is 30 days after the date of this
filing. The text of the proposed rule
change is available at https://
nasdaq.cchwallstreet.com/, at the
Exchange’s principal office, and at the
Commission’s Public Reference Room.
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6)(iii).
1 15
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16:24 Oct 18, 2010
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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,
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.
1. Purpose
NASDAQ is amending Rule 4758,
which describes its order routing
processes, to modify the existing SAVE
routing option. Under the SAVE routing
option, a market participant may specify
that an order will either (i) route to
NASDAQ OMX BX (‘‘BX’’), check the
NASDAQ book, and then route to other
venues on the SAVE System routing
table, or (ii) check the NASDAQ book
first and then route to destinations on
the SAVE System routing table.4 Under
the second option, the applicable
routing table includes BX, and as is the
case with all market destinations, the
placement of BX on the routing table
depends on NASDAQ’s ongoing
assessments of factors such as latency,
fill rates, reliability, and cost. If shares
remain un-executed after routing, they
are posted to the NASDAQ book and do
not route out again. All routing
complies with the requirements of Rule
611 of Regulation NMS. Under Rule
7018, NASDAQ passes through, without
modification, applicable BX fees or
rebates. In the case of BX, this means
that NASDAQ passes through the
$0.0001 per share executed credit paid
by BX to market participants when
4 Under Rule 4758, the ‘‘System routing table’’ is
defined as the proprietary process for determining
the specific trading venues to which the NASDAQ
System routes orders and the order in which it
routes them. The definition reflects the fact that
NASDAQ, like other trading venues, maintains
different routing tables for different routing options
and modifies them on a regular basis to reflect
assessments about the destination markets. Such
assessments consider factors such as a destination’s
latency, fill rates, reliability, and cost. Accordingly,
the definition specifies that NASDAQ reserves the
right to maintain a different routing table for
different routing options and to modify routing
tables at any time without notice. At present, all
System routing tables include NASDAQ OMX BX
(‘‘BX’’), and it is expected that they will be modified
also to include PSX. Thus, all routed orders have
the opportunity to route to this venue, with the
exception of DOT orders routed directly to the
NYSE or NYSE Amex opening or closing processes
and directed orders that are directed to route to
venues other than BX.
PO 00000
Frm 00128
Fmt 4703
Sfmt 4703
accessing liquidity. Thus, the routing
strategy provides market participants
with the option of routing to a venue
with a negative execution cost before
accessing liquidity on NASDAQ and
other venues. Market participants that
wish to access NASDAQ before routing
to BX may also use the SAVE strategy,
and will receive the same pricing as
those that opt to route to BX first,
subject to the fact that they are likely to
have more shares executed on
NASDAQ, at a higher cost, than those
that use SAVE to route to BX first.
NASDAQ is amending the SAVE
strategy to provide that in circumstances
where a market participants [sic] opts to
route to BX before checking the
NASDAQ book, the order will also route
to PSX after BX but before checking
NASDAQ. PSX will be charging $0.0013
per share executed to access liquidity, a
higher rate than BX, but half the fee
charged by NASDAQ itself to access
liquidity. Moreover, NASDAQ recently
amended Rule 7018 to provide that
orders routed to PSX using the SAVE
strategy will receive a pass-through of
applicable charges. Accordingly,
NASDAQ believes that it is appropriate
to amend the strategy, to give market
participants the option of routing to
these two low cost venues before
accessing NASDAQ. As is currently the
case, however, members will also have
option of checking NASDAQ first using
the strategy, in which case they will still
receive pass through pricing if their
orders are subsequently routed to BX or
PSX.
2. Statutory Basis
NASDAQ believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,5 in
general, and with Sections 6(b)(5) of the
Act,6 in particular, in that the proposal
is designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. The proposed change to
modify the SAVE routing will provide
market participants with greater
flexibility in routing orders to BX and
PSX, as low cost trading venues.
5 15
6 15
E:\FR\FM\19OCN1.SGM
U.S.C. 78f.
U.S.C. 78f(b)(5).
19OCN1
]]>Agencies
[Federal Register Volume 75, Number 201 (Tuesday, October 19, 2010)]
[Notices]
[Pages 64368-64370]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-26109]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63072; File No. SR-NYSEAmex-2010-97]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending the
Exchange Price List
October 7, 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 October 1, 2010, NYSE Amex LLC. (``NYSE Amex'' 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 Exchange. 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.
---------------------------------------------------------------------------
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 for equities to
amend the fees charged for taking liquidity and the rebates for
providing liquidity for Nasdaq securities traded pursuant to unlisted
trading privileges and incorporate an enhanced rebate for larger
displayed orders in trades above $5.00 in lieu of the standard rebate,
as well as assess monthly fees for the use of all ports that provide
connectivity to its equity trading systems. In its table of credits
applicable to Supplemental Liquidity Providers (``SLPs''), the Exchange
is modifying language referencing the SLP quoting requirement to
reflect a recent rule filing that changed the standard from 3% to 5% of
the regular trading day in any calendar month in order to receive a
financial rebate. The amended pricing will take effect on October 1,
2010. The text of the proposed rule change is available on the
Exchange's Web site at https://www.nyse.com, at the Exchange's principal
office, on the Commission's Web site at https://www.sec.gov, 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 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its 2010 Price List for equities to
modify the structure of (i) fees charged for taking liquidity and (ii)
rebates for adding liquidity, to market participants, Supplemental
Liquidity Providers (``SLPs'') and Designated Market Makers (``DMMs''),
for Nasdaq securities traded pursuant to unlisted trading privileges
whose share price is $1.00 or more.
Currently, market participants, SLPs and DMMs are charged a fee of
$0.0013 per share for orders in Nasdaq securities traded pursuant to
unlisted trading privileges that take liquidity. Under the proposal,
the fee will be $0.0023 per share for orders that take liquidity.
Market participants, other than DMMs and SLPs, that provide
liquidity in Nasdaq securities traded pursuant to unlisted trading
privileges are currently paid a rebate of $0.0019 per share. Under the
proposal, such market participants will be paid a rebate of $0.0030 per
share.
Currently, for orders in Nasdaq securities traded pursuant to
unlisted trading privileges that provide liquidity, DMMs, and SLPs that
meet their quoting requirements pursuant to Rule 107B, are paid a
rebate of $0.0021 per share, and SLPs that do not meet their quoting
requirements are paid a rebate of $0.0019 per share for orders that
provide liquidity. Under the proposal, the rebate will be $0.0031 per
share for
[[Page 64369]]
orders that provide liquidity for both DMMs and SLPs that meet their
quoting requirements while SLPs that provide liquidity but do not meet
their quoting requirements will be paid a rebate of $0.0030 per share.
Additionally, in lieu of the above rebates, the Exchange is
proposing to provide a block rebate of $0.0036 per share for executions
of displayed liquidity to all market participants and SLPs that provide
liquidity in orders in Nasdaq securities traded pursuant to unlisted
trading privileges that originally display a minimum of 5,000 shares
with a trading price of at least $5.00 per share, for as long as the
order is not cancelled in [sic] amount that would reduce the original
displayed amount below 5,000 shares. For example, if a 10,000 share
order priced above $5.00 displays 10,000 shares, and is then partially
executed in the amount of 4,000 shares, the executed 4,000 shares
receive the block rebate. The remaining 6,000 shares are still eligible
for the block rebate. Additionally, if a 10,000 share order priced
above $5.00 displays 10,000 shares, and is then partially canceled in
the amount of 6,000 shares, the remaining 4,000 shares will not be
eligible for the block rebate and would receive the regular rebate when
traded. Finally, if a 10,000 share order priced above $5.00 displays
10,000 shares, and is then partially executed in the amount of 2,000
shares, the executed 2,000 shares receive the block rebate, and the
remaining 8,000 shares are still eligible for the block rebate.
However, if the client then cancels 6,000 shares, the remaining 2,000
shares are not eligible for the block rebate and will receive the
regular rebate when traded. DMMs will receive a block rebate of $0.0036
per share in Nasdaq securities traded pursuant to unlisted trading
privileges for executions of the displayed portions of s-Quotes that
provide liquidity and display 5,000 shares or more at the time of
execution with a trading price of at least $5.00 per share.
Additionally, the Exchange proposes to amend its 2010 Price List
for equities to assess monthly fees for the use of all ports that
provide connectivity to its equity trading systems. A number of other
markets already charge such fees, but the Exchange has not previously
done so.
The level of activity with respect to a particular port will not
affect the assessment of monthly fees, so even if a particular port
that is available to a participant is not used, the participant will
still be billed for that port. The monthly fee for ports will be $100
per pair per month up to five pairs, then $500 for each additional five
pairs. For example, the fee for seven pairs of ports will be $1,000 per
month. Billing for ports will be based on the number of ports on the
third business day prior to the end of the month.
In its table of credits applicable to SLPs, the Exchange is
modifying language referencing the SLP quoting requirement to reflect a
recent rule filing that changed the standard from 3% to 5% of the
regular trading day in any calendar month in order to receive a
financial rebate.\3\
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\3\ See Securities Exchange Act Release No. 62792 (August 30,
2010), 75 FR 54407 (September 7, 2010) (File No. SR-NYSEAmex-2010-
85).
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These changes are intended to be effective immediately for all
transactions beginning October 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''),\4\ in general, and Section 6(b)(4) of the Act,\5\ 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.
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4).
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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) \6\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \7\ thereunder, because it establishes a due, fee, or other charge
imposed by NYSE Amex.
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(2).
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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-NYSEAmex-2010-97 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-NYSEAmex-2010-97. 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 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 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
[[Page 64370]]
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
NYSEAmex-2010-97 and should be submitted on or before November 9, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-26109 Filed 10-18-10; 8:45 am]
BILLING CODE 8011-01-P
