Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Rebates and Fees for Adding and Removing Liquidity in Select Symbols, 37866-37867 [2011-16148]

Download as PDF 37866 Federal Register / Vol. 76, No. 124 / Tuesday, June 28, 2011 / Notices III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change, or (B) Institute proceedings to determine whether the proposed rule change should be 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: mstockstill on DSK4VPTVN1PROD with NOTICES Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–ISE–2011–33 on the subject line. also will be available for inspection and copying at the principal office of the ISE. 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–ISE–2011–33 and should be submitted by July 19, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–16033 Filed 6–27–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64733; File No. SR–Phlx– 2011–85] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Rebates and Fees for Adding and Removing Liquidity in Select Symbols June 23, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 Paper Comments (‘‘Act’’), 1 and Rule 19b–4 thereunder,2 notice is hereby given that on June 20, • Send paper comments in triplicate 2011, NASDAQ OMX PHLX LLC to Elizabeth M. Murphy, Secretary, (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission, Securities and Exchange Commission 100 F Street, NE., Washington, DC (‘‘SEC’’ or ‘‘Commission’’) the proposed 20549–1090. All submissions should refer to File rule change as described in Items I, II, Number SR–ISE–2011–33. This file and III, below, which Items have been number should be included on the prepared by the Exchange. The subject line if e-mail is used. To help the Commission is publishing this notice to Commission process and review your solicit comments on the proposed rule comments more efficiently, please use change from interested persons. only one method. The Commission will post all comments on the Commission’s I. Self-Regulatory Organization’s Statement of the Terms of Substance of Internet Web site (http://www.sec.gov/ the Proposed Rule Change rules/sro.shtml). Copies of the The Exchange proposes to amend submission, all subsequent Section I of the Exchange’s Fee amendments, all written statements Schedule titled ‘‘Rebates and Fees for with respect to the proposed rule Adding and Removing Liquidity in change that are filed with the Select Symbols,’’ specifically to amend Commission, and all written the Select Symbols.3 While changes to communications relating to the the Fee Schedule pursuant to this proposed rule change between the Commission and any person, other than proposal are effective upon filing, the Exchange has designated these changes those that may be withheld from the to be operative on July 1, 2011. The text public in accordance with the provisions of 5 U.S.C. 552, will be 15 17 CFR 200.30–3(a)(12). available for Web site viewing and 1 15 U.S.C. 78s(b)(1). printing in the Commission’s Public 2 17 CFR 240.19b–4. Reference Room, 100 F Street, NE., 3 The term ‘‘Select Symbols’’ refers to the symbols Washington, DC 20549, on official which are subject to the Rebates and Fees for business days between the hours of 10 Adding and Removing Liquidity in Section I of the Exchange’s Fee Schedule. a.m. and 3 p.m. Copies of such filing VerDate Mar<15>2010 16:46 Jun 27, 2011 Jkt 223001 PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 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, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the 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 the list of Select Symbols in Section I of the Exchange’s Fee Schedule, entitled ‘‘Rebates and Fees for Adding and Removing Liquidity in Select Symbols’’ in order to attract additional order flow to the Exchange. The Exchange displays a list of Select Symbols in its Fee Schedule at Section I, ‘‘Rebates and Fees for Adding and Removing Liquidity in Select Symbols,’’ that are subject to the rebates and fees in that section. Among those symbols is Dendreon Corporation (‘‘DNDN’’), Motorola Solutions, Inc. (‘‘MSI’’) and SPDR S&P Homebuilders (‘‘XHB’’), which the Exchange is proposing to remove from the list of Select Symbols. The Exchange is also proposing to add iPath S&P 500 VIX Short-Term Futures ETN (‘‘VXX’’) to the list of Select Symbols in Section I. While changes to the Fee Schedule pursuant to this proposal are effective upon filing, the Exchange has designated these changes to be operative on July 1, 2011. 2. Statutory Basis The Exchange believes that its proposal to amend its Fee Schedule is consistent with Section 6(b) of the Act 4 in general, and furthers the objectives of Section 6(b)(4) of the Act 5 in particular, in that it is an equitable allocation of 4 15 5 15 E:\FR\FM\28JNN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(4). 28JNN1 Federal Register / Vol. 76, No. 124 / Tuesday, June 28, 2011 / Notices reasonable fees and other charges among Exchange members and other persons using its facilities. The Exchange believes that it is reasonable to remove DNDN, MSI and XHB from its list of Select Symbols and add VXX to its list of Select Symbols to attract additional order flow to the Exchange. The Exchange anticipates that the addition of VXX to Section I of the Fee Schedule would attract market participants to transact equity options at the Exchange because of the available rebates. In addition, the Exchange believes that applying the fees in Section II, entitled ‘‘Equity Options Fees’’ 6 to DNDN, MSI and XHB, including the opportunity to receive payment for order flow, would also attract order flow to the Exchange. The Exchange believes that it is equitable to amend the list of Select Symbols by removing DNDN, MSI and XHB and adding VXX because the list of Select Symbols would apply uniformly to all categories of participants in the same manner. All market participants who trade the Select Symbols would be subject to the rebates and fees in Section I of the Fee Schedule. Also, all market participants would be uniformly subject to the fees in Section II. 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. mstockstill on DSK4VPTVN1PROD with NOTICES 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.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 6 Section II includes options overlying equities, ETFs, ETNs, indexes and HOLDRS which are Multiply Listed. 7 15 U.S.C. 78s(b)(3)(A)(ii). VerDate Mar<15>2010 16:46 Jun 27, 2011 Jkt 223001 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 37867 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–16148 Filed 6–27–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64725; File No. SR–CBOE– 2011–044] • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Phlx–2011–85 on the subject line. Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving Proposed Rule Change, as Modified by Amendment No. 1, to Reduce the Minimum Size of the Nominating and Governance Committee Paper Comments June 22, 2011. I. Introduction On April 27, 2011, Chicago Board Options Exchange, Incorporated (‘‘CBOE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section All submissions should refer to File 19(b)(1) of the Securities Exchange Act Number SR–Phlx–2011–85. This file of 1934 (‘‘Act’’),1 and Rule 19b–4 number should be included on the thereunder,2 a proposed rule change to subject line if e-mail is used. To help the reduce the minimum size of the Commission process and review your Nominating and Governance Committee comments more efficiently, please use (‘‘NGC’’) from seven to five. On May 18, only one method. The Commission will 2011, the Exchange filed Amendment post all comments on the Commission’s No. 1 to the proposed rule change.3 The Internet Web site (http://www.sec.gov/ proposed rule change was published for rules/sro.shtml). Copies of the comment in the Federal Register on submission, all subsequent May 10, 2011.4 The Commission amendments, all written statements received no comment letters regarding with respect to the proposed rule the proposal. This order approves the change that are filed with the proposed rule change, as modified by Commission, and all written Amendment No. 1. communications relating to the II. Description of the Proposal proposed rule change between the CBOE is proposing to reduce the Commission and any person, other than minimum size of its NGC from seven to those that may be withheld from the five directors. Section 4.4 of the Second public in accordance with the Amended and Restated Bylaws of CBOE provisions of 5 U.S.C. 552, will be (‘‘Bylaws’’) currently provides, in available for Web site viewing and printing in the Commission’s Public 8 17 CFR 200.30–3(a)(12). Reference Room, 100 F Street, NE., 1 15 U.S.C. 78s(b)(1). Washington, DC 20549, on official 2 17 CFR 240.19b–4. business days between the hours of 10 3 At the time CBOE submitted the original a.m. and 3 p.m. Copies of the filing also proposed rule change, it had not yet obtained formal approval from its Board of Directors for the will be available for inspection and specific Bylaw changes set forth in this proposed copying at the principal office of the rule change. CBOE stated that once that approval Exchange. All comments received will was obtained, it would file a technical amendment be posted without change; the to its proposed rule change to reflect that approval. In Amendment No. 1, the Exchange notes that the Commission does not edit personal CBOE Board of Directors approved the specific identifying information from Bylaw changes set forth in SR–CBOE–2011–044 on submissions. You should submit only May 17, 2011 and stated that no further action was information that you wish to make necessary in connection with its proposal. Because Amendment No. 1 is technical in nature, the available publicly. All submissions Commission is not required to publish it for public should refer to File Number SR–Phlx– comment. 2011–85 and should be submitted on or 4 See Securities Exchange Act Release No. 64395 before July 19, 2011. (May 4, 2011), 76 FR 27125 (‘‘Notice’’). • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 E:\FR\FM\28JNN1.SGM 28JNN1

Agencies

[Federal Register Volume 76, Number 124 (Tuesday, June 28, 2011)]
[Notices]
[Pages 37866-37867]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-16148]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64733; File No. SR-Phlx-2011-85]


Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating to 
Rebates and Fees for Adding and Removing Liquidity in Select Symbols

 June 23, 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 June 20, 2011, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``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.
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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 Section I of the Exchange's Fee 
Schedule titled ``Rebates and Fees for Adding and Removing Liquidity in 
Select Symbols,'' specifically to amend the Select Symbols.\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 July 1, 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, and 
at the Commission's Public Reference Room.
---------------------------------------------------------------------------

    \3\ The term ``Select Symbols'' refers to the symbols which are 
subject to the Rebates and Fees for Adding and Removing Liquidity in 
Section I of the Exchange's Fee Schedule.
---------------------------------------------------------------------------

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 the list of 
Select Symbols in Section I of the Exchange's Fee Schedule, entitled 
``Rebates and Fees for Adding and Removing Liquidity in Select 
Symbols'' in order to attract additional order flow to the Exchange.
    The Exchange displays a list of Select Symbols in its Fee Schedule 
at Section I, ``Rebates and Fees for Adding and Removing Liquidity in 
Select Symbols,'' that are subject to the rebates and fees in that 
section. Among those symbols is Dendreon Corporation (``DNDN''), 
Motorola Solutions, Inc. (``MSI'') and SPDR S&P Homebuilders (``XHB''), 
which the Exchange is proposing to remove from the list of Select 
Symbols. The Exchange is also proposing to add iPath S&P 500 VIX Short-
Term Futures ETN (``VXX'') to the list of Select Symbols in Section I.
    While changes to the Fee Schedule pursuant to this proposal are 
effective upon filing, the Exchange has designated these changes to be 
operative on July 1, 2011.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule 
is consistent with Section 6(b) of the Act \4\ in general, and furthers 
the objectives of Section 6(b)(4) of the Act \5\ in particular, in that 
it is an equitable allocation of

[[Page 37867]]

reasonable fees and other charges among Exchange members and other 
persons using its facilities.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes that it is reasonable to remove DNDN, MSI and 
XHB from its list of Select Symbols and add VXX to its list of Select 
Symbols to attract additional order flow to the Exchange. The Exchange 
anticipates that the addition of VXX to Section I of the Fee Schedule 
would attract market participants to transact equity options at the 
Exchange because of the available rebates. In addition, the Exchange 
believes that applying the fees in Section II, entitled ``Equity 
Options Fees'' \6\ to DNDN, MSI and XHB, including the opportunity to 
receive payment for order flow, would also attract order flow to the 
Exchange.
---------------------------------------------------------------------------

    \6\ Section II includes options overlying equities, ETFs, ETNs, 
indexes and HOLDRS which are Multiply Listed.
---------------------------------------------------------------------------

    The Exchange believes that it is equitable to amend the list of 
Select Symbols by removing DNDN, MSI and XHB and adding VXX because the 
list of Select Symbols would apply uniformly to all categories of 
participants in the same manner. All market participants who trade the 
Select Symbols would be subject to the rebates and fees in Section I of 
the Fee Schedule. Also, all market participants would be uniformly 
subject to the fees in Section II.

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.\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).
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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-2011-85 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-2011-85. 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-2011-85 and should be 
submitted on or before July 19, 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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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-16148 Filed 6-27-11; 8:45 am]
BILLING CODE 8011-01-P