Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to the EDGA Exchange, Inc. Fee Schedule, 78334-78335 [2010-31433]

Download as PDF 78334 Federal Register / Vol. 75, No. 240 / Wednesday, December 15, 2010 / Notices III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 9 and Rule 19b– 4(f)(6)(iii) thereunder.10 The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because such waiver will allow the pilot program to continue uninterrupted and help ensure uniformity among the national securities exchanges and FINRA with respect to the treatment of clearly erroneous transactions.11 Accordingly, the Commission waives the 30-day operative delay requirement and designates the proposed rule change as operative upon filing with the Commission. 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: 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6)(iii). In addition, Rule 19b–4(f)(6)(iii) requires that a self-regulatory organization submit to the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the filing of the proposed rule change, or such shorter time as designated by the Commission. The Commission notes that the Exchange has satisfied this requirement. 11 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). hsrobinson on DSK69SOYB1PROD with NOTICES 10 17 VerDate Mar<15>2010 19:10 Dec 14, 2010 Jkt 223001 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–2010–116 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. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63466; File No. SR–EDGA– 2010–21] Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to the EDGA Exchange, Inc. Fee Schedule December 8, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 All submissions should refer to File notice is hereby given that on December Number SR–NYSEAmex–2010–116. 1, 2010, the EDGA Exchange, Inc. (the This file number should be included on ‘‘Exchange’’ or the ‘‘EDGA’’) filed with the subject line if e-mail is used. To help the Securities and Exchange the Commission process and review Commission (‘‘Commission’’) the your comments more efficiently, please proposed rule change as described in use only one method. The Commission Items I, II, and III below, which items will post all comments on the have been prepared by the selfregulatory organization. The Commission’s Internet Web site (https:// www.sec.gov/rules/sro.shtml). Copies of Commission is publishing this notice to solicit comments on the proposed rule the submission, all subsequent change from interested persons. amendments, all written statements with respect to the proposed rule I. Self-Regulatory Organization’s change that are filed with the Statement of the Terms of Substance of Commission, and all written the Proposed Rule Change communications relating to the proposed rule change between the The Exchange proposes to amend its Commission and any person, other than fees and rebates applicable to Members 3 those that may be withheld from the of the Exchange pursuant to EDGA Rule 15.1(a) and (c) by making an public in accordance with the amendment to its fee schedule. provisions of 5 U.S.C. 552, will be available for Web site viewing and All of the changes described herein printing in the Commission’s Public are applicable to EDGA Members. The Reference Room, 100 F Street, NE., text of the proposed rule change is Washington, DC 20549, on official available on the Exchange’s Internet business days between the hours of 10 Web site at https://www.directedge.com. a.m. and 3 p.m. Copies of such filing also will be available for inspection and II. Self-Regulatory Organization’s Statement of the Purpose of, and copying at the principal office of the Statutory Basis for, the Proposed Rule Exchange. All comments received will Change be posted without change; the Commission does not edit personal In its filing with the Commission, the identifying information from self-regulatory organization included submissions. You should submit only statements concerning the purpose of, information that you wish to make and basis for, the proposed rule change publicly available. All submissions and discussed any comments it received should refer to File Number SR– on the proposed rule change. The text NYSEAmex–2010–116 and should be of these statements may be examined at the places specified in Item IV below. submitted on or before January 5, 2011. The self-regulatory organization has For the Commission, by the Division of prepared summaries, set forth in Trading and Markets, pursuant to delegated sections A, B and C below, of the most 12 authority. significant aspects of such statements. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–31440 Filed 12–14–10; 8:45 am] BILLING CODE 8011–01–P 12 17 PO 00000 CFR 200.30–3(a)(12). Frm 00132 Fmt 4703 Sfmt 4703 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 A Member is any registered broker or dealer, or any person associated with a registered broker or dealer, that has been admitted to membership in the Exchange. 2 17 E:\FR\FM\15DEN1.SGM 15DEN1 Federal Register / Vol. 75, No. 240 / Wednesday, December 15, 2010 / Notices A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change hsrobinson on DSK69SOYB1PROD with NOTICES 1. Purpose Currently, for orders routed to Nasdaq BX in Tape A and C Securities and that remove liquidity, a rebate of $0.0001 per share is provided to Members (yielding Flag ‘‘C’’). The Exchange proposes to increase the rebate to $0.0002 per share to reflect an increase in rebate provided by Nasdaq BX. The Exchange also proposes to delete the reference to Tape A and C securities in the Flag C description and thus, provide the rebate for orders in securities on all Tapes. A conforming amendment is proposed to the text of footnote 3 to reflect this amendment. Currently, the ‘‘O’’ flag describes orders that are routed to the Nasdaq’s opening cross. Since the Exchange routes to multiple trading centers for the opening cross, such as NYSE, the Exchange proposes to amend the description of the ‘‘O’’ flag to state that it applies to orders routed to the primary exchange’s opening cross. The Exchange proposes to add an additional rebate and corresponding new flag to its fee schedule. Orders that are routed to BATS BYX Exchange that remove liquidity using order types ROUC or ROBY will yield a ‘‘BY’’ flag and be rebated $0.0003 per share. Finally, the Exchange proposes to clarify in the Flag K description that the BATS Exchange referred to is the BATS BZX Exchange. EDGA Exchange proposes to implement these amendments to the Exchange fee schedule on December 1, 2010. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,4 in general, and furthers the objectives of Section 6(b)(4),5 in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its members and other persons using its facilities. The Exchange notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive. The proposed rule change reflects a competitive pricing structure designed to incent market participants to direct their order flow to the Exchange. The Exchange believes that 4 15 5 15 U.S.C. 78f. U.S.C. 78f(b)(4). VerDate Mar<15>2010 19:10 Dec 14, 2010 the proposed rates are equitable in that they apply uniformly to all Members. The Exchange believes the fees and credits remain competitive with those charged by other venues and therefore continue to be reasonable and equitably allocated to Members. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received from Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3) of the Act 6 and Rule 19b–4(f)(2) 7 thereunder. At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: All submissions should refer to File Number SR–EDGA–2010–21. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission,8 all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–EDGA– 2010–21 and should be submitted on or before January 5, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–31433 Filed 12–14–10; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF STATE Electronic Comments [Public Notice 7268] • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–EDGA–2010–21 on the subject line. Culturally Significant Objects Imported for Exhibition Determinations: ‘‘Thomas Lawrence: Regency Power and Brilliance’’ Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. 6 15 7 17 Jkt 223001 78335 PO 00000 U.S.C. 78s(b)(3)(A). CFR 19b–4(f)(2). Frm 00133 Fmt 4703 Sfmt 4703 Notice is hereby given of the following determinations: Pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and SUMMARY: 8 The text of the proposed rule change is available on Exchange’s Web site at https:// www.directedge.com, on the Commission’s Web site at https://www.sec.gov, at EDGA, and at the Commission’s Public Reference Room. 9 17 CFR 200.30–3(a)(12). E:\FR\FM\15DEN1.SGM 15DEN1

Agencies

[Federal Register Volume 75, Number 240 (Wednesday, December 15, 2010)]
[Notices]
[Pages 78334-78335]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-31433]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63466; File No. SR-EDGA-2010-21]


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

December 8, 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 December 1, 2010, the EDGA Exchange, Inc. (the ``Exchange'' or 
the ``EDGA'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III below, which items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its fees and rebates applicable to 
Members \3\ of the Exchange pursuant to EDGA Rule 15.1(a) and (c) by 
making an amendment to its fee schedule.
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    \3\ A Member is any registered broker or dealer, or any person 
associated with a registered broker or dealer, that has been 
admitted to membership in the Exchange.
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    All of the changes described herein are applicable to EDGA Members. 
The text of the proposed rule change is available on the Exchange's 
Internet Web site at https://www.directedge.com.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of these statements may be examined at 
the places specified in Item IV below. The self-regulatory organization 
has prepared summaries, set forth in sections A, B and C below, of the 
most significant aspects of such statements.

[[Page 78335]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Currently, for orders routed to Nasdaq BX in Tape A and C 
Securities and that remove liquidity, a rebate of $0.0001 per share is 
provided to Members (yielding Flag ``C''). The Exchange proposes to 
increase the rebate to $0.0002 per share to reflect an increase in 
rebate provided by Nasdaq BX. The Exchange also proposes to delete the 
reference to Tape A and C securities in the Flag C description and 
thus, provide the rebate for orders in securities on all Tapes. A 
conforming amendment is proposed to the text of footnote 3 to reflect 
this amendment.
    Currently, the ``O'' flag describes orders that are routed to the 
Nasdaq's opening cross. Since the Exchange routes to multiple trading 
centers for the opening cross, such as NYSE, the Exchange proposes to 
amend the description of the ``O'' flag to state that it applies to 
orders routed to the primary exchange's opening cross.
    The Exchange proposes to add an additional rebate and corresponding 
new flag to its fee schedule. Orders that are routed to BATS BYX 
Exchange that remove liquidity using order types ROUC or ROBY will 
yield a ``BY'' flag and be rebated $0.0003 per share.
    Finally, the Exchange proposes to clarify in the Flag K description 
that the BATS Exchange referred to is the BATS BZX Exchange.
    EDGA Exchange proposes to implement these amendments to the 
Exchange fee schedule on December 1, 2010.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 of the Act,\4\ in general, and 
furthers the objectives of Section 6(b)(4),\5\ in particular, as it is 
designed to provide for the equitable allocation of reasonable dues, 
fees and other charges among its members and other persons using its 
facilities. The Exchange notes that it operates in a highly competitive 
market in which market participants can readily direct order flow to 
competing venues if they deem fee levels at a particular venue to be 
excessive. The proposed rule change reflects a competitive pricing 
structure designed to incent market participants to direct their order 
flow to the Exchange. The Exchange believes that the proposed rates are 
equitable in that they apply uniformly to all Members. The Exchange 
believes the fees and credits remain competitive with those charged by 
other venues and therefore continue to be reasonable and equitably 
allocated to Members.
---------------------------------------------------------------------------

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

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received from Members, Participants or Others

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any unsolicited written comments from members or other interested 
parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3) of the Act \6\ and Rule 19b-4(f)(2) \7\ thereunder. At any 
time within 60 days of the filing of such proposed rule change, the 
Commission summarily may temporarily suspend such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.
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    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 19b-4(f)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-EDGA-2010-21 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-EDGA-2010-21. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission,\8\ all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. Copies of the filing also will be available for 
inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-EDGA-2010-21 and should be 
submitted on or before January 5, 2011.
---------------------------------------------------------------------------

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

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

    \9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-31433 Filed 12-14-10; 8:45 am]
BILLING CODE 8011-01-P
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