Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Fees for the NASDAQ OMX BX Equities System, 615-617 [2010-33257]
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Federal Register / Vol. 76, No. 3 / Wednesday, January 5, 2011 / Notices
Exchange members and other persons
using its facilities. The Exchange
believes that assessing fees at the
0–4 ........................................
$350 aforementioned rates is equitable
5–18 ......................................
1,250
because the fee would be applied
19–40 ....................................
2,350
40 and over ..........................
3,000 equally to all members. The Exchange
also believes that the proposal is
reasonable because through the
The Exchange proposes to cap the
transition period the Exchange is
Active SQF Port Fees at $40,000 per
proposing a Cap to ensure members are
month through March 31, 2011 (‘‘Cap’’).
not burdened by proposed tiered
On April 1, 2011, there will no longer
schedule of fees.
be a Cap in effect for the Active SQF
Port Fee. The purpose of the Cap is to
B. Self-Regulatory Organization’s
ensure member organizations are not
Statement on Burden on Competition
assessed fees in excess of the Active
The Exchange does not believe that
SQF Port fees, which fees would have
the proposed rule change will impose
been charged under the fixed rate of
any burden on competition not
$500 per month per port, during the
5
necessary or appropriate in furtherance
transition from SQF 5.0 to SQF 6.0.
of the purposes of the Act.
The Exchange believes that member
organizations will utilize less SQF 6.0
C. Self-Regulatory Organization’s
ports than SQF 5.0 ports and that all
Statement on Comments on the
member organizations should have
Proposed Rule Change Received From
transitioned to SQF 6.0 by March 31,
Members, Participants, or Others
2011. The Exchange believes that the
No written comments were either
proposed tiered Active SQF Port Fees
solicited or received.
will create a more efficient use of
Exchange resources by providing
III. Date of Effectiveness of the
members an incentive to utilize the
Proposed Rule Change and Timing for
minimum number of ports necessary for Commission Action
their business. The Exchange believes
The foregoing rule change has become
that all members will benefit from a
effective pursuant to Section
faster and more efficient system if ports
19(b)(3)(A)(ii) of the Act 10 and
are efficiently utilized by members.6
paragraph (f)(2) of Rule 19b–4 11
The Exchange will continue to
thereunder. At any time within 60 days
account for the number of SQF
of the filing of the proposed rule change,
interfaces in order that member
the Commission summarily may
organizations are not assessed port fees
temporarily suspend such rule change if
for use of the prior version of the
it appears to the Commission that such
interface (SQF 5.0) while transitioning
action is necessary or appropriate in the
to (and paying for) the new version
public interest, for the protection of
(SQF 6.0).7
investors, or otherwise in furtherance of
While changes to the Exchange’s Fee
the purposes of the Act.
Schedule pursuant to this proposal are
effective upon filing, the Exchange has
IV. Solicitation of Comments
designated this proposal to be operative
Interested persons are invited to
on January 3, 2011.
submit written data, views, and
2. Statutory Basis
arguments concerning the foregoing,
The Exchange believes that its
including whether the proposed rule
proposal to amend its Fee Schedule is
change is consistent with the Act.
consistent with Section 6(b) of the Act 8 Comments may be submitted by any of
in general, and furthers the objectives of the following methods:
Section 6(b)(4) of the Act 9 in particular,
Electronic Comments
in that it is an equitable allocation of
reasonable fees and other charges among
• Use the Commission’s Internet
comment form (https://www.sec.gov/
5 See Securities Exchange Act Release No. 63034
rules/sro.shtml); or
(October 4, 2010), 75 FR 62441 (October 8, 2010)
• Send an e-mail to rule(SR–Phlx–2010–124).
comments@sec.gov. Please include File
6 See Amendment No. 1 (adding the preceding
Number SR–Phlx–2010–181 on the
two sentences).
7 See Securities Exchange Act Release No. 63145
subject line.
jlentini on DSKJ8SOYB1PROD with NOTICES
Number of Active SQF Ports
Cost per port
per month
(October 21, 2010), 75 FR 66168 (October 21, 2010)
(SR–Phlx–2010–143) (a proposal to amend the
Active SQF Port Fee so that member organizations
are not assessed a fee for use of SQF 5.0 active ports
to the extent the member is paying for the same (or
greater) number of SQF 6.0 active ports).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(4).
VerDate Mar<15>2010
16:26 Jan 04, 2011
Jkt 223001
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
10 15
11 17
PO 00000
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
Frm 00079
Fmt 4703
Sfmt 4703
615
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–Phlx–2010–181. 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–Phlx–
2010–181 and should be submitted on
or before January 26, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–33267 Filed 1–4–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63617; File No. SR–BX–
2010–092]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Modify Fees
for the NASDAQ OMX BX Equities
System
December 29, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
12 17
E:\FR\FM\05JAN1.SGM
CFR 200.30–3(a)(12).
05JAN1
616
Federal Register / Vol. 76, No. 3 / Wednesday, January 5, 2011 / Notices
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
22, 2010, NASDAQ OMX BX, Inc.
(‘‘BX’’) 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 BX. 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
BX proposes to modify pricing for BX
members using the NASDAQ OMX BX
Equities System. BX will implement the
proposed change on January 3, 2011.
The text of the proposed rule change is
available at https://
nasdaqomxbx.cchwallstreet.com, at
BX’s principal office, 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, BX
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. BX has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
jlentini on DSKJ8SOYB1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
BX is proposing to modify its fees for
trades that execute at prices at or above
$1. BX has a pricing model under which
members are charged for the execution
of quotes/orders posted on the BX book
(i.e., quotes/orders that provide
liquidity), while members receive a
rebate for orders that access liquidity.
Since BX introduced this pricing model
in 2009, several other exchanges have
emulated it, including the EDGX
Exchange, the BATS–Y Exchange, and
the CBOE Stock Exchange (‘‘CBSX’’).
Effective November 1, 2010, BX
increased the rebate for accessing
liquidity to $0.0002 per share executed
and introduced a tiered pricing
structure for the fee to add liquidity,
under which members adding a daily
average of more than 50 million shares
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Mar<15>2010
16:26 Jan 04, 2011
Jkt 223001
of liquidity during a month are charged
$0.00025 per share executed, while
members adding a daily average of 50
million or fewer shares during the
month are charged $0.0004 per share
executed. Effective January 3, 2011, BX
will revert to non-tiered pricing
structure, but will make significant
changes to the levels of its rebate for
accessing liquidity and its charge for
liquidity provision. Specifically, for all
market participants, the fee to add
liquidity will be $0.0018 per share
executed, and the rebate for accessing
liquidity will be $0.0014 per share
executed. The fee changes are reflective
of the ongoing intense level of
competition for order flow in the cash
equities markets, and specifically among
exchanges that provide rebates to
market participants accessing liquidity.3
2. Statutory Basis
BX believes that the proposed rule
change is consistent with the provisions
of Section 6 of the Act,4 in general, and
with Section 6(b)(4) of the Act,5 in
particular, in that it provides for the
equitable allocation of reasonable dues,
fees and other charges among members
and issuers and other persons using any
facility or system which BX operates or
controls. The impact of the price
changes upon the net fees paid by a
particular market participant will
depend upon a number of variables,
including the relative availability of
liquidity on BX and other venues, and
the prices of the market participant’s
quotes and orders relative to the
national best bid and offer (i.e., its
propensity to add or remove liquidity).
Although the change increases the fee
for orders that provide liquidity, it
provides an offsetting increase in the
rebate for orders accessing liquidity. As
a result of the change, BX’s fees and
rebates for stocks priced above $1 will
match those that have been in effect on
a competing venue for several months.6
BX 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. Accordingly, if particular
market participants object to the
proposed fee changes, they can avoid
paying the fees by directing orders to
other venues. BX believes that its fees
continue to be reasonable and equitably
3 See, e.g., Securities Exchange Act Release No.
63160 (October 22, 2010), 75 FR 66817 (October 29,
2010) (SR–CBOE–2010–093) (adopting fees
identical to the fees proposed in this filing).
4 15 U.S.C. 78f.
5 15 U.S.C. 78f(b)(4).
6 See supra n.3.
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
allocated to members on the basis of
whether they opt to direct orders to BX.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
BX does not believe that the proposed
rule change will result in any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act, as amended.
Because the market for order execution
and routing is extremely competitive,
members may readily direct orders to
BX’s competitors if they believe that
competitors offer more favorable
pricing. The change is a direct
competitive response to fee changes
implemented at one of BX’s
competitors.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
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)(ii) of the Act.7 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. If the Commission
takes such action, the Commission shall
institute proceedings to determine
whether the proposed rule should be
approved or disapproved.
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–BX–2010–092 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
7 15
E:\FR\FM\05JAN1.SGM
U.S.C. 78s(b)(3)(a)(ii).
05JAN1
Federal Register / Vol. 76, No. 3 / Wednesday, January 5, 2011 / Notices
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–BX–2010–092. 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 will
also be available for inspection and
copying at the principal office of the
self-regulatory organization. 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–BX–2010–092 and should
be submitted on or before January 26,
2011.
[Release No. 34–63618; File No. SR–NYSE–
2010–85]
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–33257 Filed 1–4–11; 8:45 am]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Extending the
Operation of Its New Market Model
Pilot Until the Earlier of Securities and
Exchange Commission Approval To
Make Such Pilot Permanent or August
1, 2011
December 29, 2010.
19(b)(1) 1
Pursuant to Section
of the
Securities Exchange Act of 1934 (the
‘‘Act’’) and Rule 19b–4 thereunder,2
notice is hereby given that on December
17, 2010, New York Stock Exchange
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend the
operation of its New Market Model
Pilot, currently scheduled to expire on
January 31, 2011, until the earlier of
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) approval to
make such pilot permanent or August 1,
2011. The text of the proposed rule
change is available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
jlentini on DSKJ8SOYB1PROD with NOTICES
BILLING CODE 8011–01–P
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.
1 15
8 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
16:26 Jan 04, 2011
2 17
Jkt 223001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00081
Fmt 4703
Sfmt 4703
617
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to extend the
operation of its New Market Model Pilot
(‘‘NMM Pilot’’),3 currently scheduled to
expire on January 31, 2011, until the
earlier of Securities and Exchange
Commission approval to make such
pilot permanent or August 1, 2011.
The Exchange notes that parallel
changes are proposed to be made to the
rules of the NYSE Amex LLC.4
Background 5
In October 2008, the NYSE
implemented significant changes to its
market rules, execution technology and
the rights and obligations of its market
participants all of which were designed
to improve execution quality on the
Exchange. These changes are all
elements of the Exchange’s enhanced
market model. Certain of the enhanced
market model changes were
implemented through a pilot program.
As part of the NMM Pilot, NYSE
eliminated the function of specialists on
the Exchange creating a new category of
market participant, the Designated
Market Maker or DMM.6 The DMMs,
like specialists, have affirmative
obligations to make an orderly market,
including continuous quoting
requirements and obligations to re-enter
the market when reaching across to
execute against trading interest. Unlike
specialists, DMMs have a minimum
quoting requirement7 in their assigned
securities and no longer have a negative
obligation. DMMs are also no longer
agents for public customer orders.8
In addition, the Exchange
implemented a system change that
allowed DMMs to create a schedule of
additional non-displayed liquidity at
various price points where the DMM is
3 See Securities Exchange Act Release No. 58845
(October 24, 2008), 73 FR 64379 (October 29, 2008)
(SR–NYSE–2008–46); See also Securities Exchange
Act Release Nos. 60756 (October 1, 2009), 74 FR
51628 (October 7, 2009) (SR–NYSE–2009–100)
(extending Pilot to November 30, 2009); 61031
(November 19, 2009), 74 FR 62368 (November 27,
2009) (SR–NYSE–2009–113) (extending Pilot to
March 30, 2010); 61724 (March 17, 2010), 75 FR
14221 (March 24, 2010) (SR–NYSE–2010–25)
(extending Pilot to September 30, 2010); and 62819
(September 1, 2010), 75 FR 54937 (September 9,
2010) (SR–NYSE–2010–61) (extending Pilot to
January 31, 2011).
4 See SR–NYSE Amex–2010–122.
5 The information contained herein is a summary
of the NMM Pilot. See supra note 1 [sic] for a fuller
description.
6 See NYSE Rule 103.
7 See NYSE Rule 104.
8 See NYSE Rule 60; see also NYSE Rules 104 and
1000.
E:\FR\FM\05JAN1.SGM
05JAN1
]]>Agencies
[Federal Register Volume 76, Number 3 (Wednesday, January 5, 2011)]
[Notices]
[Pages 615-617]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-33257]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63617; File No. SR-BX-2010-092]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Modify
Fees for the NASDAQ OMX BX Equities System
December 29, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 616]]
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 22, 2010, NASDAQ OMX BX, Inc. (``BX'') 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 BX. 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
BX proposes to modify pricing for BX members using the NASDAQ OMX
BX Equities System. BX will implement the proposed change on January 3,
2011. The text of the proposed rule change is available at https://nasdaqomxbx.cchwallstreet.com, at BX's principal office, 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, BX 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. BX 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, the Proposed Rule Change
1. Purpose
BX is proposing to modify its fees for trades that execute at
prices at or above $1. BX has a pricing model under which members are
charged for the execution of quotes/orders posted on the BX book (i.e.,
quotes/orders that provide liquidity), while members receive a rebate
for orders that access liquidity. Since BX introduced this pricing
model in 2009, several other exchanges have emulated it, including the
EDGX Exchange, the BATS-Y Exchange, and the CBOE Stock Exchange
(``CBSX'').
Effective November 1, 2010, BX increased the rebate for accessing
liquidity to $0.0002 per share executed and introduced a tiered pricing
structure for the fee to add liquidity, under which members adding a
daily average of more than 50 million shares of liquidity during a
month are charged $0.00025 per share executed, while members adding a
daily average of 50 million or fewer shares during the month are
charged $0.0004 per share executed. Effective January 3, 2011, BX will
revert to non-tiered pricing structure, but will make significant
changes to the levels of its rebate for accessing liquidity and its
charge for liquidity provision. Specifically, for all market
participants, the fee to add liquidity will be $0.0018 per share
executed, and the rebate for accessing liquidity will be $0.0014 per
share executed. The fee changes are reflective of the ongoing intense
level of competition for order flow in the cash equities markets, and
specifically among exchanges that provide rebates to market
participants accessing liquidity.\3\
---------------------------------------------------------------------------
\3\ See, e.g., Securities Exchange Act Release No. 63160
(October 22, 2010), 75 FR 66817 (October 29, 2010) (SR-CBOE-2010-
093) (adopting fees identical to the fees proposed in this filing).
---------------------------------------------------------------------------
2. Statutory Basis
BX believes that the proposed rule change is consistent with the
provisions of Section 6 of the Act,\4\ in general, and with Section
6(b)(4) of the Act,\5\ in particular, in that it provides for the
equitable allocation of reasonable dues, fees and other charges among
members and issuers and other persons using any facility or system
which BX operates or controls. The impact of the price changes upon the
net fees paid by a particular market participant will depend upon a
number of variables, including the relative availability of liquidity
on BX and other venues, and the prices of the market participant's
quotes and orders relative to the national best bid and offer (i.e.,
its propensity to add or remove liquidity). Although the change
increases the fee for orders that provide liquidity, it provides an
offsetting increase in the rebate for orders accessing liquidity. As a
result of the change, BX's fees and rebates for stocks priced above $1
will match those that have been in effect on a competing venue for
several months.\6\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(4).
\6\ See supra n.3.
---------------------------------------------------------------------------
BX 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.
Accordingly, if particular market participants object to the proposed
fee changes, they can avoid paying the fees by directing orders to
other venues. BX believes that its fees continue to be reasonable and
equitably allocated to members on the basis of whether they opt to
direct orders to BX.
B. Self-Regulatory Organization's Statement on Burden on Competition
BX does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended. Because the market
for order execution and routing is extremely competitive, members may
readily direct orders to BX's competitors if they believe that
competitors offer more favorable pricing. The change is a direct
competitive response to fee changes implemented at one of BX's
competitors.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
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)(ii) of the Act.\7\ 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. If the Commission takes such action, the Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(a)(ii).
---------------------------------------------------------------------------
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-BX-2010-092 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary,
[[Page 617]]
Securities and Exchange Commission, 100 F Street, NE., Washington, DC
20549-1090.
All submissions should refer to File Number SR-BX-2010-092. 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 will also be available for
inspection and copying at the principal office of the self-regulatory
organization. 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-BX-
2010-092 and should be submitted on or before January 26, 2011.
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. 2010-33257 Filed 1-4-11; 8:45 am]
BILLING CODE 8011-01-P
