Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NASDAQ OMX PHLX LLC Relating to Qualified Contingent Cross Fees, 30223-30224 [2011-12759]
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Federal Register / Vol. 76, No. 100 / Tuesday, May 24, 2011 / Notices
Dated: May 18, 2011.
Elizabeth M. Murphy,
Secretary.
principal office of the Exchange, at the
Commission’s Public Reference Room,
and on the Commission’s Web site at
http://www.sec.gov.
[FR Doc. 2011–12699 Filed 5–23–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64520; File No. SR–Phlx–
2011–66]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NASDAQ
OMX PHLX LLC Relating to Qualified
Contingent Cross Fees
May 19, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that, on May 13,
2011, NASDAQ OMX PHLX LLC (‘‘Phlx’’
or ‘‘Exchange’’) 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 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
Fee Schedule to adopt fees applicable to
a Qualified Contingent Cross Order
(‘‘QCC Order’’) for execution in the Phlx
XL II System.3
While changes to the Fee Schedule
pursuant to this proposal are effective
upon filing, the Exchange has
designated these changes to be operative
on May 16, 2011.
The text of the proposed rule change
is available on the Exchange’s Web site
at http://nasdaqtrader.com/
micro.aspx?id=PHLXfilings, at the
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 A QCC Order is comprised of an order to buy
or sell at least 1000 contracts that is identified as
being part of a qualified contingent trade, as that
term is defined in Rule 1080(o)(3), coupled with a
contra-side order to buy or sell an equal number of
contracts. The QCC Order must be executed at a
price at or between the National Best Bid and Offer
and be rejected if a Customer order is resting on the
Exchange book at the same price. A QCC Order
shall only be submitted electronically from off the
floor to the PHLX XL II System. See Rule 1080(o).
See also Securities Exchange Act Release No. 64249
(April 7, 2011), 76 FR 20773 (April 13, 2011) (SR–
Phlx–2011–47) (a rule change to establish a QCC
Order to facilitate the execution of stock/option
Qualified Contingent Trades that satisfy the
requirements of the trade through exemption in
connection with Rule 611(d) of the Regulation
NMS).
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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, the
Exchange 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
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, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to amend Sections I and II, of
the Exchange’s Fee Schedule, entitled
‘‘Rebates and Fees for Adding and
Removing Liquidity in Select Symbols’’ 4
and ‘‘Equity Options Fees’’ 5 to establish
fees for a new order type called
Qualified Contingent Cross.6
There are currently several categories
of market participants: Customers,
Directed Participants,7 Specialists,8
Registered Options Traders,9 SQTs,10
RSQTs,11 Broker-Dealers, Firms and
4 Section I fees and rebates are applicable to
certain select symbols which are defined in Section
I (‘‘Select Symbols’’).
5 Section II includes options overlying equities,
ETFs, ETNs, indexes and HOLDRS which are
Multiply Listed.
6 The Qualified Contingent Cross functionality
will be operative on May 16, 2011.
7 A Directed Participant is a Specialist, SQT, or
RSQT that executes a customer order that is
directed to them by an Order Flow Provider and is
executed electronically on PHLX XL II.
8 A Specialist is an Exchange member who is
registered as an options specialist pursuant to Rule
1020(a).
9 A Registered Options Trader (‘‘ROT’’) includes a
Streaming Quote Trader (‘‘SQT’’), a Remote
Streaming Quote Trader (‘‘RSQT’’) and a Non-SQT
ROT, which by definition is neither a SQT or a
RSQT. A ROT is defined in Exchange Rule 1014(b)
as a regular member or a foreign currency options
participant of the Exchange located on the trading
floor who has received permission from the
Exchange to trade in options for his own account.
See Exchange Rule 1014(b)(i) and (ii).
10 An SQT is defined in Exchange Rule
1014(b)(ii)(A) as an ROT who has received
permission from the Exchange to generate and
submit option quotations electronically in options
to which such SQT is assigned.
11 An RSQT is defined Exchange Rule in
1014(b)(ii)(B) as an ROT that is a member or
member organization with no physical trading floor
PO 00000
Frm 00136
Fmt 4703
Sfmt 4703
30223
Professional.12 The Exchange proposes
to adopt pricing for QCC Orders for the
above categories applicable to both
Sections I and II. QCC Transaction Fees
will apply to the Select Symbols listed
in Section I and the symbols applicable
to Section II. The Exchange proposes to
assess Directed Participants, Specialists,
ROTs, SQTs, RSQTs, Professionals,
Firms and Broker-Dealers a $0.20 per
contract QCC transaction fee (‘‘QCC
Transaction Fees’’). A Customer would
not be assessed a QCC Fee.
As mentioned, the proposed QCC
Fees would apply to Sections I and II of
the Fee Schedule and would be subject
to the Firm Related Equity Option Cap
and the Monthly Cap. The Firm Related
Equity Option Cap is currently
$75,000.13 ROTs and Specialists are
currently subject to a Monthly Cap of
$550,000.14
The Exchange also proposes
additional text to Sections I and II of the
Fee Schedule to describe the
applicability of both the Firm Related
Equity Option Cap and the Monthly Cap
to those sections of the Fee Schedule.
While changes to the Fee Schedule
pursuant to this proposal are effective
upon filing, the Exchange has
designated these changes to be operative
on May 16, 2011.
2. Statutory Basis
The Exchange believes that its
proposal to amend its Fee Schedule is
presence who has received permission from the
Exchange to generate and submit option quotations
electronically in options to which such RSQT has
been assigned. An RSQT may only submit such
quotations electronically from off the floor of the
Exchange.
12 The Exchange defines a ‘‘professional’’ as any
person or entity that (i) is not a broker or dealer in
securities, and (ii) places more than 390 orders in
listed options per day on average during a calendar
month for its own beneficial account(s) (hereinafter
‘‘Professional’’).
13 Firm equity option transaction charges, in the
aggregate, for one billing month will not exceed the
Firm Related Equity Option Cap per member
organization when such members are trading in
their own proprietary account. The Firm equity
options transaction charges will be waived for
members executing facilitation orders pursuant to
Exchange Rule 1064 when such members are
trading in their own proprietary account. Firms that
(i) are on the contra-side of an electronicallydelivered and executed Customer complex order;
and (ii) have reached the Firm Related Equity
Option Cap will be assessed a $0.05 per contract
fee. See Securities Exchange Act Release No. 63780
(January 26, 2011), 76 FR 5846 (February 2, 2011)
(SR–Phlx–2011–07).
14 The trading activity of separate ROTs and
Specialist member organizations will be aggregated
in calculating the Monthly Cap if there is at least
75% common ownership between the member
organizations. In addition, ROTs and Specialists
that (i) are on the contra-side of an electronicallydelivered and executed Customer complex order;
and (ii) have reached the Monthly Cap will be
assessed a $0.05 per contract fee. See Securities
Exchange Act Release No. 64113 (March 23, 2011),
76 FR 17468 (March 29, 2011) (SR–Phlx–2011–36).
E:\FR\FM\24MYN1.SGM
24MYN1
30224
Federal Register / Vol. 76, No. 100 / Tuesday, May 24, 2011 / Notices
consistent with Section 6(b) of the Act 15
in general, and furthers the objectives of
Section 6(b)(4) of the Act 16 in
particular, in that it is an equitable
allocation of reasonable fees and other
charges among Exchange members.
The Exchange believes that the
proposed fees are equitable because the
fees are within the range of fees
currently assessed in Section II for
Multiply Listed equity options.
Customers are not assessed a fee for
options overlying equities which are
Multiply Listed. Other market
participants are assessed transaction
fees which range from $.20 per contract
to $.25 per contract, generally.17 In
addition, the Exchange is proposing to
assess the same fee on all market
participants uniformly, with the
exception of Customers. The Exchange
believes that its proposal to not assess
Customers QCC Transaction Fees is not
unfairly discriminatory because the
Exchange is seeking to incentivize
Broker-Dealers and Professionals to
execute Customer QCC Orders on the
Exchange.
The Exchange believes that the
proposed fees are reasonable because
the fees are comparable to the
Exchange’s fees, as stated above, and
because the fees are within the range of
fees assessed by the International
Securities Exchange, LLC (‘‘ISE’’) for
qualified contingent cross orders. ISE
assesses $0.20 per contract for qualified
contingent cross orders to all market
participants 18 except the priority
customer.19
The Exchange operates in a highly
competitive market comprised of nine
U.S. options exchanges in which
sophisticated and knowledgeable
market participants readily can, and do,
send order flow to competing exchanges
if they deem fee levels at a particular
exchange to be excessive. The Exchange
believes that the proposed QCC Fees it
assesses must be competitive with fees
assessed on other options exchanges.
The Exchange believes that this
competitive marketplace impacts the
fees present on the Exchange today and
influences the proposals set forth above.
15 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
17 A Broker-Dealer is the one exception to this
range. A Broker-Dealer is assessed $.45 per contract
for electronically submitted transactions in Penny
Pilot and non-Penny Pilot options.
18 The fee for an ISE market maker is either $.18
or $.20 per contract, depending on the product. See
ISE’s Fee Schedule. See also SR–ISE–2011–14.
19 An ISE priority customer is not assessed a fee.
See ISE’s Fee Schedule.
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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 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 either
solicited or 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.20 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 (http://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rule-comments@
sec.gov. Please include File Number SR–
Phlx–2011–66 on the subject line.
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–
2011–66 and should be submitted on or
before June 14, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.21
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–12759 Filed 5–23–11; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
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Oklahoma Disaster #OK–00047
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ACTION: Notice.
AGENCY:
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• Send paper comments in triplicate
Incident: Severe Winter Storm and
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Securities and Exchange Commission,
Incident Period: 01/31/2011 through
100 F Street, NE., Washington, DC
02/05/2011.
20549–1090.
Effective Date: 05/13/2011.
All submissions should refer to File
Physical Loan Application Deadline
Number SR–Phlx–2011–66. This file
Date: 07/12/2011.
Economic Injury (EIDL) Loan
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Internet Web site (http://www.sec.gov/
Road, Fort Worth, TX 76155.
20 15
PO 00000
U.S.C. 78s(b)(3)(A)(ii).
Frm 00137
Fmt 4703
Sfmt 4703
SUMMARY:
21 17
E:\FR\FM\24MYN1.SGM
CFR 200.30–3(a)(12).
24MYN1
Agencies
[Federal Register Volume 76, Number 100 (Tuesday, May 24, 2011)]
[Notices]
[Pages 30223-30224]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-12759]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64520; File No. SR-Phlx-2011-66]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NASDAQ OMX PHLX LLC Relating
to Qualified Contingent Cross Fees
May 19, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on May 13, 2011, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'')
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 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 Fee Schedule to adopt fees
applicable to a Qualified Contingent Cross Order (``QCC Order'') for
execution in the Phlx XL II System.\3\
---------------------------------------------------------------------------
\3\ A QCC Order is comprised of an order to buy or sell at least
1000 contracts that is identified as being part of a qualified
contingent trade, as that term is defined in Rule 1080(o)(3),
coupled with a contra-side order to buy or sell an equal number of
contracts. The QCC Order must be executed at a price at or between
the National Best Bid and Offer and be rejected if a Customer order
is resting on the Exchange book at the same price. A QCC Order shall
only be submitted electronically from off the floor to the PHLX XL
II System. See Rule 1080(o). See also Securities Exchange Act
Release No. 64249 (April 7, 2011), 76 FR 20773 (April 13, 2011) (SR-
Phlx-2011-47) (a rule change to establish a QCC Order to facilitate
the execution of stock/option Qualified Contingent Trades that
satisfy the requirements of the trade through exemption in
connection with Rule 611(d) of the Regulation NMS).
---------------------------------------------------------------------------
While changes to the Fee Schedule pursuant to this proposal are
effective upon filing, the Exchange has designated these changes to be
operative on May 16, 2011.
The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqtrader.com/micro.aspx?id=PHLXfilings, at the
principal office of the Exchange, at the Commission's Public Reference
Room, and on the Commission's Web site at http://www.sec.gov.
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 Exchange 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 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, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend Sections I and
II, of the Exchange's Fee Schedule, entitled ``Rebates and Fees for
Adding and Removing Liquidity in Select Symbols'' \4\ and ``Equity
Options Fees'' \5\ to establish fees for a new order type called
Qualified Contingent Cross.\6\
---------------------------------------------------------------------------
\4\ Section I fees and rebates are applicable to certain select
symbols which are defined in Section I (``Select Symbols'').
\5\ Section II includes options overlying equities, ETFs, ETNs,
indexes and HOLDRS which are Multiply Listed.
\6\ The Qualified Contingent Cross functionality will be
operative on May 16, 2011.
---------------------------------------------------------------------------
There are currently several categories of market participants:
Customers, Directed Participants,\7\ Specialists,\8\ Registered Options
Traders,\9\ SQTs,\10\ RSQTs,\11\ Broker-Dealers, Firms and
Professional.\12\ The Exchange proposes to adopt pricing for QCC Orders
for the above categories applicable to both Sections I and II. QCC
Transaction Fees will apply to the Select Symbols listed in Section I
and the symbols applicable to Section II. The Exchange proposes to
assess Directed Participants, Specialists, ROTs, SQTs, RSQTs,
Professionals, Firms and Broker-Dealers a $0.20 per contract QCC
transaction fee (``QCC Transaction Fees''). A Customer would not be
assessed a QCC Fee.
---------------------------------------------------------------------------
\7\ A Directed Participant is a Specialist, SQT, or RSQT that
executes a customer order that is directed to them by an Order Flow
Provider and is executed electronically on PHLX XL II.
\8\ A Specialist is an Exchange member who is registered as an
options specialist pursuant to Rule 1020(a).
\9\ A Registered Options Trader (``ROT'') includes a Streaming
Quote Trader (``SQT''), a Remote Streaming Quote Trader (``RSQT'')
and a Non-SQT ROT, which by definition is neither a SQT or a RSQT. A
ROT is defined in Exchange Rule 1014(b) as a regular member or a
foreign currency options participant of the Exchange located on the
trading floor who has received permission from the Exchange to trade
in options for his own account. See Exchange Rule 1014(b)(i) and
(ii).
\10\ An SQT is defined in Exchange Rule 1014(b)(ii)(A) as an ROT
who has received permission from the Exchange to generate and submit
option quotations electronically in options to which such SQT is
assigned.
\11\ An RSQT is defined Exchange Rule in 1014(b)(ii)(B) as an
ROT that is a member or member organization with no physical trading
floor presence who has received permission from the Exchange to
generate and submit option quotations electronically in options to
which such RSQT has been assigned. An RSQT may only submit such
quotations electronically from off the floor of the Exchange.
\12\ The Exchange defines a ``professional'' as any person or
entity that (i) is not a broker or dealer in securities, and (ii)
places more than 390 orders in listed options per day on average
during a calendar month for its own beneficial account(s)
(hereinafter ``Professional'').
---------------------------------------------------------------------------
As mentioned, the proposed QCC Fees would apply to Sections I and
II of the Fee Schedule and would be subject to the Firm Related Equity
Option Cap and the Monthly Cap. The Firm Related Equity Option Cap is
currently $75,000.\13\ ROTs and Specialists are currently subject to a
Monthly Cap of $550,000.\14\
---------------------------------------------------------------------------
\13\ Firm equity option transaction charges, in the aggregate,
for one billing month will not exceed the Firm Related Equity Option
Cap per member organization when such members are trading in their
own proprietary account. The Firm equity options transaction charges
will be waived for members executing facilitation orders pursuant to
Exchange Rule 1064 when such members are trading in their own
proprietary account. Firms that (i) are on the contra-side of an
electronically-delivered and executed Customer complex order; and
(ii) have reached the Firm Related Equity Option Cap will be
assessed a $0.05 per contract fee. See Securities Exchange Act
Release No. 63780 (January 26, 2011), 76 FR 5846 (February 2, 2011)
(SR-Phlx-2011-07).
\14\ The trading activity of separate ROTs and Specialist member
organizations will be aggregated in calculating the Monthly Cap if
there is at least 75% common ownership between the member
organizations. In addition, ROTs and Specialists that (i) are on the
contra-side of an electronically-delivered and executed Customer
complex order; and (ii) have reached the Monthly Cap will be
assessed a $0.05 per contract fee. See Securities Exchange Act
Release No. 64113 (March 23, 2011), 76 FR 17468 (March 29, 2011)
(SR-Phlx-2011-36).
---------------------------------------------------------------------------
The Exchange also proposes additional text to Sections I and II of
the Fee Schedule to describe the applicability of both the Firm Related
Equity Option Cap and the Monthly Cap to those sections of the Fee
Schedule.
While changes to the Fee Schedule pursuant to this proposal are
effective upon filing, the Exchange has designated these changes to be
operative on May 16, 2011.
2. Statutory Basis
The Exchange believes that its proposal to amend its Fee Schedule
is
[[Page 30224]]
consistent with Section 6(b) of the Act \15\ in general, and furthers
the objectives of Section 6(b)(4) of the Act \16\ in particular, in
that it is an equitable allocation of reasonable fees and other charges
among Exchange members.
---------------------------------------------------------------------------
\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes that the proposed fees are equitable because
the fees are within the range of fees currently assessed in Section II
for Multiply Listed equity options. Customers are not assessed a fee
for options overlying equities which are Multiply Listed. Other market
participants are assessed transaction fees which range from $.20 per
contract to $.25 per contract, generally.\17\ In addition, the Exchange
is proposing to assess the same fee on all market participants
uniformly, with the exception of Customers. The Exchange believes that
its proposal to not assess Customers QCC Transaction Fees is not
unfairly discriminatory because the Exchange is seeking to incentivize
Broker-Dealers and Professionals to execute Customer QCC Orders on the
Exchange.
---------------------------------------------------------------------------
\17\ A Broker-Dealer is the one exception to this range. A
Broker-Dealer is assessed $.45 per contract for electronically
submitted transactions in Penny Pilot and non-Penny Pilot options.
---------------------------------------------------------------------------
The Exchange believes that the proposed fees are reasonable because
the fees are comparable to the Exchange's fees, as stated above, and
because the fees are within the range of fees assessed by the
International Securities Exchange, LLC (``ISE'') for qualified
contingent cross orders. ISE assesses $0.20 per contract for qualified
contingent cross orders to all market participants \18\ except the
priority customer.\19\
---------------------------------------------------------------------------
\18\ The fee for an ISE market maker is either $.18 or $.20 per
contract, depending on the product. See ISE's Fee Schedule. See also
SR-ISE-2011-14.
\19\ An ISE priority customer is not assessed a fee. See ISE's
Fee Schedule.
---------------------------------------------------------------------------
The Exchange operates in a highly competitive market comprised of
nine U.S. options exchanges in which sophisticated and knowledgeable
market participants readily can, and do, send order flow to competing
exchanges if they deem fee levels at a particular exchange to be
excessive. The Exchange believes that the proposed QCC Fees it assesses
must be competitive with fees assessed on other options exchanges. The
Exchange believes that this competitive marketplace impacts the fees
present on the Exchange today and influences the proposals set forth
above.
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 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 either solicited or 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.\20\ 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.
---------------------------------------------------------------------------
\20\ 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 (http://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-Phlx-2011-66 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-Phlx-2011-66. 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 (http://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-2011-66 and should be
submitted on or before June 14, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
Cathy H. Ahn,
Deputy Secretary.
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\21\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2011-12759 Filed 5-23-11; 8:45 am]
BILLING CODE 8011-01-P