Options Price Reporting Authority; Notice of Filing and Immediate Effectiveness of Proposed Amendment To Revise the Device-Based Professional Subscriber Fees Charged by OPRA for its Basic Service, 69477-69478 [2010-28547]

Download as PDF Federal Register / Vol. 75, No. 218 / Friday, November 12, 2010 / Notices 3(a)(16) and 17a–4(b)(11) would be $3,570: ($3,213 + $357 = $3,570). An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. Please direct your written comments to Thomas Bayer, Chief Information Officer, Securities and Exchange Commission, C/O Remi Pavlik-Simon, 6432 General Green Way, Alexandria, VA, 22312 or by sending an e-mail to: PRA_Mailbox@sec.gov. Dated: November 4, 2010. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–28543 Filed 11–10–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63273; File No. SR–OPRA– 2010–03] Options Price Reporting Authority; Notice of Filing and Immediate Effectiveness of Proposed Amendment To Revise the Device-Based Professional Subscriber Fees Charged by OPRA for its Basic Service mstockstill on DSKH9S0YB1PROD with NOTICES November 8, 2010. Pursuant to Section 11A of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 608 thereunder,2 notice is hereby given that on October 29, 2010, the Options Price Reporting Authority (‘‘OPRA’’) submitted to the Securities and Exchange Commission (‘‘Commission’’) an amendment to the Plan for Reporting of Consolidated Options Last Sale Reports and 1 15 2 17 U.S.C. 78k–1. CFR 242.608. VerDate Mar<15>2010 17:23 Nov 10, 2010 Jkt 223001 Quotation Information (‘‘OPRA Plan’’).3 The proposed amendment would revise the device-based professional subscriber fees charged by OPRA in respect of its Basic Service. A conforming revision is proposed to be made to OPRA’s Enterprise Rate Professional Subscriber Fee. The Commission is publishing this notice to solicit comments from interested persons on the proposed OPRA Plan amendment. I. Description and Purpose of the Plan Amendment The purpose of the amendment is to make incremental increases in OPRA’s device-based professional subscriber fees in respect of its Basic Service and in the Enterprise Rate charged to those subscribers who elect that rate in place of device-based fees. These increases will be phased in over a four-year period. Specifically, it is proposed to increase the current $23 monthly per device fee by $1.00 in each of the years 2011, 2012, 2013 and 2014. It is also proposed to increase the Enterprise Rate, currently a monthly fee of $23 times the number of a subscriber’s U.S.based registered representatives, by this same amount in each of these years and to make conforming changes to the minimum monthly fee under the Enterprise Rate. These increases will be effective on January 1 in each year. OPRA’s Basic Service currently consists of market data and related information pertaining to all of the options listed and traded on its member Exchanges (i.e., equity options and index options, including foreign currency index options) (‘‘OPRA Data’’). Professional subscribers are persons who subscribe to OPRA Data and do not qualify for the reduced fees charged to nonprofessional subscribers. OPRA’s Enterprise Rate is based on the number of a professional subscriber’s U.S. registered representatives and independent investment advisers who contract with the subscriber to provide advisory services to the subscriber’s customers. 3 The OPRA Plan is a national market system plan approved by the Commission pursuant to Section 11A of the Act and Rule 608 thereunder (formerly Rule 11Aa3–2). See Securities Exchange Act Release No. 17638 (March 18, 1981), 22 S.E.C. Docket 484 (March 31, 1981). The full text of the OPRA Plan is available at https:// www.opradata.com. The OPRA Plan provides for the collection and dissemination of last sale and quotation information on options that are traded on the participant exchanges. The eight participants to the OPRA Plan are BATS Exchange, Inc., Chicago Board Options Exchange, Incorporated, C2 Options Exchange, Incorporated, International Securities Exchange, LLC, NASDAQW OMX BX, Inc., NASDAQ OMX PHLX, Inc., NASDAQ Stock Market LLC, NYSE Amex, Inc., and NYSE Arca, Inc. PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 69477 The proposed increases in the devicebased professional subscriber fee and in the Enterprise Rate are intended to generate revenues for OPRA and its member exchanges that are needed to cover actual and anticipated increases in the costs of collecting, consolidating, processing and disseminating options market information and assuring the reliability and integrity of that information, as well as increases in OPRA’s administrative costs. These increases reflect the higher costs of enhancements to and upgrades of the OPRA system and related exchange systems that are needed in order to enable OPRA, its participant exchanges and its vendors to handle a greater volume of market information as a result of the continuing expansion of listed options trading and to provide a greater degree of redundancy and security in the OPRA system. Increases in administrative costs largely reflect higher employee costs. Assuming the number of fee-liable devices and registered persons remains the same, OPRA estimates that the overall effect of the proposed increases in professional subscriber fees will be to increase revenues derived from these fees by approximately 4% in each of the four years covered by the proposal. The text of the proposed amendment to the OPRA Plan is available at OPRA, the Commission’s Public Reference Room, https://opradata.com, and on the Commission’s Web site at https:// www.sec.gov. II. Implementation of the OPRA Plan Amendment Pursuant to paragraph (b)(3)(i) of Rule 608 under the Act,4 OPRA designated this amendment as establishing or changing a fee or other charge collected on behalf of all of the OPRA Participants in connection with access to or use of OPRA facilities. In order to give persons subject to these fees advance notice of the changes, the first of these changes is not proposed to be put into effect until January 1, 2011. Notice of these fee changes is being sent to OPRA Vendors and Professional Subscribers at or about the date of the filing. The Commission may summarily abrogate the amendment within sixty days of its filing and require refiling and approval of the amendment by Commission order pursuant to Rule 608(b)(2) under the Act 5 if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or the maintenance of fair and orderly 4 17 5 17 E:\FR\FM\12NON1.SGM CFR 242.608(b)(3)(i). CFR 242.608(b)(2). 12NON1 69478 Federal Register / Vol. 75, No. 218 / Friday, November 12, 2010 / Notices markets, to remove impediments to, and perfect the mechanisms of, a national market system, or otherwise in furtherance of the purposes of the Act. III. Solicitation of Comments [FR Doc. 2010–28547 Filed 11–10–10; 8:45 am] Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed OPRA Plan amendment 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 No. SR–OPRA–2010–03 on the subject line. mstockstill on DSKH9S0YB1PROD with NOTICES For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Florence E. Harmon, Deputy Secretary. BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63246; File No. SR–C2– 2010–007] Self-Regulatory Organizations; C2 Options Exchange, Incorporated: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to PULSe Fees November 4, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the Paper Comments ‘‘Act’’),1 and Rule 19b–4 thereunder,2 • Send paper comments in triplicate notice is hereby given that on October to Elizabeth M. Murphy, Secretary, 28, 2010, C2 Options Exchange, Securities and Exchange Commission, Incorporated (the ‘‘Exchange’’ or ‘‘C2’’) 100 F Street, NE., Washington, DC filed with the Securities and Exchange 20549–1090. Commission (‘‘Commission’’) the proposed rule change as described in All submissions should refer to File Items I, II and III below, which Items Number SR–OPRA–2010–03. This file have been prepared by the Exchange. number should be included on the subject line if e-mail is used. To help the The Exchange has designated this proposal as one establishing or changing Commission process and review your a due, fee, or other charge imposed by comments more efficiently, please use only one method. The Commission will the Exchange under Section post all comments on the Commission’s 19(b)(3)(A)(ii) of the Act 3 and Rule 19b– 4(f)(2) thereunder.4 The Commission is Internet Web site (https://www.sec.gov/ publishing this notice to solicit rules/sro.shtml). Copies of the comments on the proposed rule change submission, all subsequent from interested persons. amendments, all written statements with respect to the proposed plan I. Self-Regulatory Organization’s amendment that are filed with the Statement of the Terms of Substance of Commission, and all written the Proposed Rule Change communications relating to the The Exchange proposes to amend its proposed plan amendment between the Commission and any person, other than Fees Schedule to adopt fees for the use of a front-end order entry workstation, those that may be withheld from the referred to as PULSe, that will be a public in accordance with the facility of the Exchange. The text of the provisions of 5 U.S.C. 552, will be proposed rule change is available on the available for website viewing and Exchange’s Web site (https:// printing in the Commission’s Public www.cboe.org/legal), at the Exchange’s Reference Room, 100 F Street, NE., Office of the Secretary and at the Washington, DC 20549, on official Commission. business days between the hours of 10 a.m. and 3 p.m. Copies of such filing II. Self-Regulatory Organization’s also will be available for inspection and Statement of the Purpose of, and copying at the principal office of OPRA. Statutory Basis for, the Proposed Rule All comments received will be posted Change without change; the Commission does In its filing with the Commission, the not edit personal identifying Exchange included statements information from submissions. You concerning the purpose of and basis for should submit only information that you wish to make available publicly. All 6 17 CFR 200.30–3(a)(29). submissions should refer to File 1 15 U.S.C. 78s(b)(1). Number SR–OPRA–2010–03 and should 2 17 CFR 240.19b–4. be submitted on or before December 3, 3 15 U.S.C. 78s(b)(3)(A)(ii). 2010. 4 17 CFR 240.19b–4(f)(2). VerDate Mar<15>2010 17:23 Nov 10, 2010 Jkt 223001 PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 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 Exchange 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, Proposed Rule Change 1. Purpose The purpose of this proposed rule change is to establish fees relating to the use of the PULSe order entry workstation on C2, which fees are modeled after the fees established for C2 affiliates Chicago Board Options Exchange, Incorporated (‘‘CBOE’’) and the CBOE Stock Exchange (‘‘CBSX’’). The PULSe workstation is a front-end order entry system designed for use with respect to orders that may be sent to the trading systems of C2.5 In addition to providing the capability to send orders to the C2 market, the PULSe workstation will also provide a user with the capability to send options orders to other U.S. options exchanges (including CBOE) and stock orders to other U.S. stock exchanges (including CBSX) through a ‘‘PULSe Routing Intermediary’’ as further described below (‘‘away-market routing’’). Additionally, the PULSe workstation functionality will include access to consolidated real-time options and stock market data.6 The PULSe workstation will be made available by Signal Trading Systems, LLC (‘‘STS’’). STS is an affiliate of CBOE that is jointly owned by CBOE and FlexTrade Systems, Inc. (‘‘FlexTrade’’), a technology services provider. STS will grant licenses to use the workstation directly to C2 Permit Holders (‘‘Permit Holders’’) and their customers, including Sponsored Users. STS may 5 The Exchange represents that the PULSe workstation is merely a new front-end system interface to existing C2 trading systems (i.e., it is a new means of connecting to these existing trading systems), and does not require any changes to the Exchange’s surveillance or communications rules. Further, there is no change to, or impact on, the Exchange’s market structure as a result of the PULSe workstations. 6 The workstation will also have the capability to enable a user to send orders for commodity futures and commodity options to designated contract markets and other venues of the user’s choice at which the user has trading privileges and to futures commission merchants (each, an ‘‘FCM’’) and introducing brokers (each, an ‘‘IB’’) of the user’s choice. The workstation may also have the capability to enable a user to send orders in other non-security products to one or more destinations of the user’s choice. E:\FR\FM\12NON1.SGM 12NON1

Agencies

[Federal Register Volume 75, Number 218 (Friday, November 12, 2010)]
[Notices]
[Pages 69477-69478]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-28547]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63273; File No. SR-OPRA-2010-03]


Options Price Reporting Authority; Notice of Filing and Immediate 
Effectiveness of Proposed Amendment To Revise the Device-Based 
Professional Subscriber Fees Charged by OPRA for its Basic Service

November 8, 2010.
    Pursuant to Section 11A of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given that 
on October 29, 2010, the Options Price Reporting Authority (``OPRA'') 
submitted to the Securities and Exchange Commission (``Commission'') an 
amendment to the Plan for Reporting of Consolidated Options Last Sale 
Reports and Quotation Information (``OPRA Plan'').\3\ The proposed 
amendment would revise the device-based professional subscriber fees 
charged by OPRA in respect of its Basic Service. A conforming revision 
is proposed to be made to OPRA's Enterprise Rate Professional 
Subscriber Fee. The Commission is publishing this notice to solicit 
comments from interested persons on the proposed OPRA Plan amendment.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ The OPRA Plan is a national market system plan approved by 
the Commission pursuant to Section 11A of the Act and Rule 608 
thereunder (formerly Rule 11Aa3-2). See Securities Exchange Act 
Release No. 17638 (March 18, 1981), 22 S.E.C. Docket 484 (March 31, 
1981). The full text of the OPRA Plan is available at https://www.opradata.com.
     The OPRA Plan provides for the collection and dissemination of 
last sale and quotation information on options that are traded on 
the participant exchanges. The eight participants to the OPRA Plan 
are BATS Exchange, Inc., Chicago Board Options Exchange, 
Incorporated, C2 Options Exchange, Incorporated, International 
Securities Exchange, LLC, NASDAQW OMX BX, Inc., NASDAQ OMX PHLX, 
Inc., NASDAQ Stock Market LLC, NYSE Amex, Inc., and NYSE Arca, Inc.
---------------------------------------------------------------------------

I. Description and Purpose of the Plan Amendment

    The purpose of the amendment is to make incremental increases in 
OPRA's device-based professional subscriber fees in respect of its 
Basic Service and in the Enterprise Rate charged to those subscribers 
who elect that rate in place of device-based fees. These increases will 
be phased in over a four-year period. Specifically, it is proposed to 
increase the current $23 monthly per device fee by $1.00 in each of the 
years 2011, 2012, 2013 and 2014. It is also proposed to increase the 
Enterprise Rate, currently a monthly fee of $23 times the number of a 
subscriber's U.S.-based registered representatives, by this same amount 
in each of these years and to make conforming changes to the minimum 
monthly fee under the Enterprise Rate. These increases will be 
effective on January 1 in each year. OPRA's Basic Service currently 
consists of market data and related information pertaining to all of 
the options listed and traded on its member Exchanges (i.e., equity 
options and index options, including foreign currency index options) 
(``OPRA Data''). Professional subscribers are persons who subscribe to 
OPRA Data and do not qualify for the reduced fees charged to 
nonprofessional subscribers. OPRA's Enterprise Rate is based on the 
number of a professional subscriber's U.S. registered representatives 
and independent investment advisers who contract with the subscriber to 
provide advisory services to the subscriber's customers.
    The proposed increases in the device-based professional subscriber 
fee and in the Enterprise Rate are intended to generate revenues for 
OPRA and its member exchanges that are needed to cover actual and 
anticipated increases in the costs of collecting, consolidating, 
processing and disseminating options market information and assuring 
the reliability and integrity of that information, as well as increases 
in OPRA's administrative costs. These increases reflect the higher 
costs of enhancements to and upgrades of the OPRA system and related 
exchange systems that are needed in order to enable OPRA, its 
participant exchanges and its vendors to handle a greater volume of 
market information as a result of the continuing expansion of listed 
options trading and to provide a greater degree of redundancy and 
security in the OPRA system. Increases in administrative costs largely 
reflect higher employee costs. Assuming the number of fee-liable 
devices and registered persons remains the same, OPRA estimates that 
the overall effect of the proposed increases in professional subscriber 
fees will be to increase revenues derived from these fees by 
approximately 4% in each of the four years covered by the proposal.
    The text of the proposed amendment to the OPRA Plan is available at 
OPRA, the Commission's Public Reference Room, https://opradata.com, and 
on the Commission's Web site at https://www.sec.gov.

II. Implementation of the OPRA Plan Amendment

    Pursuant to paragraph (b)(3)(i) of Rule 608 under the Act,\4\ OPRA 
designated this amendment as establishing or changing a fee or other 
charge collected on behalf of all of the OPRA Participants in 
connection with access to or use of OPRA facilities. In order to give 
persons subject to these fees advance notice of the changes, the first 
of these changes is not proposed to be put into effect until January 1, 
2011. Notice of these fee changes is being sent to OPRA Vendors and 
Professional Subscribers at or about the date of the filing.
---------------------------------------------------------------------------

    \4\ 17 CFR 242.608(b)(3)(i).
---------------------------------------------------------------------------

    The Commission may summarily abrogate the amendment within sixty 
days of its filing and require refiling and approval of the amendment 
by Commission order pursuant to Rule 608(b)(2) under the Act \5\ if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or the 
maintenance of fair and orderly

[[Page 69478]]

markets, to remove impediments to, and perfect the mechanisms of, a 
national market system, or otherwise in furtherance of the purposes of 
the Act.
---------------------------------------------------------------------------

    \5\ 17 CFR 242.608(b)(2).
---------------------------------------------------------------------------

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed OPRA 
Plan amendment 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 No. SR-OPRA-2010-03 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-OPRA-2010-03. 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 plan amendment that are 
filed with the Commission, and all written communications relating to 
the proposed plan amendment 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 such filing also will be 
available for inspection and copying at the principal office of OPRA. 
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-OPRA-2010-03 
and should be submitted on or before December 3, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(29).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-28547 Filed 11-10-10; 8:45 am]
BILLING CODE 8011-01-P
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