Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Its Co-Location Fee Schedule To Establish Fees for Access to Market Data Feeds From the Toronto Stock Exchange and the TSX Venture Exchange, 40761-40763 [2011-17329]

Download as PDF erowe on DSK5CLS3C1PROD with NOTICES Federal Register / Vol. 76, No. 132 / Monday, July 11, 2011 / Notices unreasonable fees for co-location services. It should be noted, however, that the costs associated with operating a colocation facility, like the costs of operating the electronic trading facility with which the co-location facility is associated, are primarily fixed costs, and in the case of co-location are primarily the costs of renting or owning data center space and retaining a staff of technical personnel. Accordingly, the Exchange establishes a range of colocation fees with the goal of covering these fixed costs, covering less significant marginal costs, such as the cost of electricity, and to the extent the costs are covered, earns [sic] a profit. Because fixed costs must be allocated among all customers, the Exchange’s fee schedule reflects an effort to assess a range of relatively low fees for specific aspects of co-location services, which, in the aggregate, will allow the Exchange to cover its costs and earn a profit; [sic] to the extent the costs are covered. In the case the proposed fees for installation and connectivity to select TSX and TSXV real-time market data feeds, the proposed fees cover the costs charged by Nasdaq Technology Services for establishing and maintaining the telecommunication networks to obtain and republish these market data feeds. The fees are based on anticipated bandwidth needed to accommodate a particular feed. The proposed fees also allow the Exchange earn [sic]a profit; [sic] to the extent the costs are covered. The Exchange notes that it is not the exclusive method to obtain market data connectivity. The Exchange believes that it is reasonable to use fees assessed on this basis as a means to recoup Phlx’s share of the costs associated with the proposed market data feeds, provide a convenience for the customers, and to the extent the costs are covered, provide the Exchange a profit. The Exchange notes that its installation and monthly connectivity rates proposed for TSX and TSXV market data feeds are similar to connectivity fees imposed by other vendors. The Exchange also notes that the fees charged by the Exchange are generally lower or comparable to prices charged by other exchanges or unregulated vendors for similar services. For instance, NYSE is charging charges fees of $500 to $5,750 for selected CME market data feeds and charges a $950 installation fee.5 Furthermore, because the proposed co-location services are entirely voluntary and available to all members, 5 See the Exchange’s fees for proposed colocation services are equitably allocated and non-discriminatory. In addition, the market data feeds may be obtained from other sources. 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 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.6 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–Phlx–2011–88 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–2011–88. This file https://www.nyxdata.com/doc/50210. VerDate Mar<15>2010 15:30 Jul 08, 2011 Jkt 223001 6 15 PO 00000 U.S.C. 78s(b)(3)(A)(ii). Frm 00085 Fmt 4703 Sfmt 4703 40761 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 website viewing and printing in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of 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–2011–88 and should be submitted on or before August 1, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–17330 Filed 7–8–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64802; File No. SR–BX– 2011–038] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Its Co-Location Fee Schedule To Establish Fees for Access to Market Data Feeds From the Toronto Stock Exchange and the TSX Venture Exchange July 5, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 7 17 E:\FR\FM\11JYN1.SGM CFR 200.30–3(a)(12). 11JYN1 40762 Federal Register / Vol. 76, No. 132 / Monday, July 11, 2011 / Notices (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on June 23, 2011, NASDAQ OMX BX, Inc. (‘‘BX’’ 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 modify its co-location fee schedule to establish fees for access to market data feeds from the Toronto Stock Exchange (‘‘TSX’’) and the TSX Venture Exchange (‘‘TSXV’’). The Exchange will implement the proposed change on July 1, 2011. The text of the proposed rule change is available at https:// nasdaqomxbx.cchwallstreet.com/, at the Exchange’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, 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. erowe on DSK5CLS3C1PROD with NOTICES 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 modify the Exchange’s colocation fee schedule to establish fees for access to market data feeds from TSX and TSXV. The Exchange proposes: (1) A one-time fee of $1,000 for the installation of telecommunications connectivity for selected TSX and TSXV real-time market data feeds, along with (2) a per-month connectivity fee of $300 if a client wishes to receive the TSX and TSXV Level 1 Feed; a per-month connectivity fee of $1,000 if a client wishes to receive the TSX and TSVX Level 2 Feed; a per-month connectivity 1 15 2 17 fee of $100 if a client wishes to receive the TSX Quantum Level 1 Feed; and a per-month connectivity fee of $300 if a client wishes to receive the TSX Quantum Level 2 Feed. The Exchange is making the TSX [sic] market data feeds available as a convenience to customers and notes that receipt of these feeds is completely voluntary. The Exchange also notes that such feeds may be freely obtained from other vendors for use by customers in the datacenter. These fees are similar to fees already charged by BX for receipt of market data from other exchanges in the data center. See also the market data connectivity fees for SIAC, the Chicago Mercantile Exchange, and the BATS Exchange on the Exchange’s co-location fee schedule. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,3 in general, and with Section 6(b)(4) of the Act,4 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 the Exchange operates or controls. The Exchange operates in a highly competitive market in which exchanges offer co-location services as a means to facilitate the trading activities of those members who believe that co-location enhances the efficiency of their trading. Accordingly, fees charged for colocation services are constrained by the active competition for the order flow of such members. If a particular exchange charges excessive fees for co-location services, affected members will opt to terminate their co-location arrangements with that exchange, and adopt a possible range of alternative strategies, including co-locating with a different exchange, placing their servers in a physically proximate location outside the exchange’s data center, or pursuing trading strategies not dependent upon co-location. Accordingly, the exchange charging excessive fees would stand to lose not only co-location revenues but also revenues associated with the execution of orders routed to it by affected members. The Exchange believes that this competitive dynamic imposes powerful restraints on the ability of any exchange to charge unreasonable fees for co-location services. It should be noted, however, that the costs associated with operating a co- U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Mar<15>2010 15:30 Jul 08, 2011 3 15 4 15 Jkt 223001 PO 00000 U.S.C. 78f. U.S.C. 78f(b)(4). Frm 00086 Fmt 4703 location facility, like the costs of operating the electronic trading facility with which the co-location facility is associated, are primarily fixed costs, and in the case of co-location are primarily the costs of renting or owning data center space and retaining a staff of technical personnel. Accordingly, the Exchange establishes a range of colocation fees with the goal of covering these fixed costs, covering less significant marginal costs, such as the cost of electricity, and to the extent the costs are covered, earns [sic] a profit. Because fixed costs must be allocated among all customers, the Exchange’s fee schedule reflects an effort to assess a range of relatively low fees for specific aspects of co-location services, which, in the aggregate, will allow the Exchange to cover its costs and earn a profit; [sic] to the extent the costs are covered. In the case the proposed fees for installation and connectivity to select TSX and TSXV real-time market data feeds, the proposed fees cover the costs charged by Nasdaq Technology Services for establishing and maintaining the telecommunication networks to obtain and republish these market data feeds. The fees are based on anticipated bandwidth needed to accommodate a particular feed. The proposed fees also allow the Exchange [sic] earn a profit; [sic] to the extent the costs are covered. The Exchange notes that it is not the exclusive method to obtain market data connectivity. The Exchange believes that it is reasonable to use fees assessed on this basis as a means to recoup BX’s share of the costs associated with the proposed market data feeds, provide a convenience for the customers, and to the extent the costs are covered, provide the Exchange a profit. The Exchange notes that its installation and monthly connectivity rates proposed for TSX and TSXV market data feeds are similar to connectivity fees imposed by other vendors. The Exchange also notes that the fees charged by the Exchange are generally lower or comparable to prices charged by other exchanges or unregulated vendors for similar services. For instance, NYSE is charging charges [sic] fees of $500 to $5,750 for selected CME market data feeds and charges a $950 installation fee.5 Furthermore, because the proposed co-location services are entirely voluntary and available to all members, the Exchange’s fees for proposed colocation services are equitably allocated and non-discriminatory. In addition, the 5 See Sfmt 4703 E:\FR\FM\11JYN1.SGM https://www.nyxdata.com/doc/50210. 11JYN1 Federal Register / Vol. 76, No. 132 / Monday, July 11, 2011 / Notices market data feeds may be obtained from other sources. 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 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.6 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–2011–038 on the subject line. erowe on DSK5CLS3C1PROD with NOTICES 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–BX–2011–038. 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–BX–2011–038 and should be submitted on or before August 1, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–17329 Filed 7–8–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64806; File No. SR–CBOE– 2011–058] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Changes To Its Fees Schedule Related to Qualified Contingent Cross Orders July 5, 2011. 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 June 29, 2011, the Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) filed with the Securities 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 6 15 U.S.C. 78s(b)(3)(A)(ii). VerDate Mar<15>2010 15:30 Jul 08, 2011 Jkt 223001 PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 40763 and Exchange Commission (the ‘‘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 the Substance of the Proposed Rule Change The Exchange proposes to adopt changes to its Fees Schedule related to qualified contingent cross (‘‘QCC’’) orders. The text of the proposed rule change is available on the Exchange’s Web site (https://www.cboe.org/legal), at the Exchange’s Office of the Secretary, 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 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. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On June 13, 2011, the Commission approved a proposed rule change to allow the Exchange to establish the QCC order type.3 The Exchange now proposes to adopt changes to its Fees Schedule related to this new order type. Specifically, the Exchange proposes to apply its applicable standard transaction fees to QCC transactions, with three exceptions. First, QCC trades will not be subject to the marketing fee, therefore the Exchange is proposing to amend the description of the marketing fee program contained in Footnote 6 of the Fees Schedule to indicate that the fee will not apply to transactions executed as a QCC under CBOE Rule 6.53(u). The Exchange does not believe it is necessary to assess a marketing fee to QCC transactions. This is consistent with other exchanges, such as the 3 See Securities Exchange Act Release No. 64653 (June 13, 2011), 76 FR 35491 (June 17, 2011) (SR– CBOE–2011–041) and CBOE Rule 6.53(u). E:\FR\FM\11JYN1.SGM 11JYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 76, Number 132 (Monday, July 11, 2011)]
[Notices]
[Pages 40761-40763]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-17329]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64802; File No. SR-BX-2011-038]

Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Modify
Its Co-Location Fee Schedule To Establish Fees for Access to Market
Data Feeds From the Toronto Stock Exchange and the TSX Venture Exchange

July 5, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934

[[Page 40762]]

(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 23, 2011, NASDAQ OMX BX, Inc. (``BX'' 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 modify its co-location fee schedule to
establish fees for access to market data feeds from the Toronto Stock
Exchange (``TSX'') and the TSX Venture Exchange (``TSXV'').
The Exchange will implement the proposed change on July 1, 2011.
The text of the proposed rule change is available at https://nasdaqomxbx.cchwallstreet.com/, at the Exchange'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, 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 modify the Exchange's
co-location fee schedule to establish fees for access to market data
feeds from TSX and TSXV. The Exchange proposes: (1) A one-time fee of
$1,000 for the installation of telecommunications connectivity for
selected TSX and TSXV real-time market data feeds, along with (2) a
per-month connectivity fee of $300 if a client wishes to receive the
TSX and TSXV Level 1 Feed; a per-month connectivity fee of $1,000 if a
client wishes to receive the TSX and TSVX Level 2 Feed; a per-month
connectivity fee of $100 if a client wishes to receive the TSX Quantum
Level 1 Feed; and a per-month connectivity fee of $300 if a client
wishes to receive the TSX Quantum Level 2 Feed.
The Exchange is making the TSX [sic] market data feeds available as
a convenience to customers and notes that receipt of these feeds is
completely voluntary. The Exchange also notes that such feeds may be
freely obtained from other vendors for use by customers in the
datacenter. These fees are similar to fees already charged by BX for
receipt of market data from other exchanges in the data center. See
also the market data connectivity fees for SIAC, the Chicago Mercantile
Exchange, and the BATS Exchange on the Exchange's co-location fee
schedule.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\3\ in general, and with
Section 6(b)(4) of the Act,\4\ 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 the Exchange operates or controls.
---------------------------------------------------------------------------

\3\ 15 U.S.C. 78f.
\4\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

The Exchange operates in a highly competitive market in which
exchanges offer co-location services as a means to facilitate the
trading activities of those members who believe that co-location
enhances the efficiency of their trading. Accordingly, fees charged for
co-location services are constrained by the active competition for the
order flow of such members. If a particular exchange charges excessive
fees for co-location services, affected members will opt to terminate
their co-location arrangements with that exchange, and adopt a possible
range of alternative strategies, including co-locating with a different
exchange, placing their servers in a physically proximate location
outside the exchange's data center, or pursuing trading strategies not
dependent upon co-location. Accordingly, the exchange charging
excessive fees would stand to lose not only co-location revenues but
also revenues associated with the execution of orders routed to it by
affected members. The Exchange believes that this competitive dynamic
imposes powerful restraints on the ability of any exchange to charge
unreasonable fees for co-location services.
It should be noted, however, that the costs associated with
operating a co-location facility, like the costs of operating the
electronic trading facility with which the co-location facility is
associated, are primarily fixed costs, and in the case of co-location
are primarily the costs of renting or owning data center space and
retaining a staff of technical personnel. Accordingly, the Exchange
establishes a range of co-location fees with the goal of covering these
fixed costs, covering less significant marginal costs, such as the cost
of electricity, and to the extent the costs are covered, earns [sic] a
profit. Because fixed costs must be allocated among all customers, the
Exchange's fee schedule reflects an effort to assess a range of
relatively low fees for specific aspects of co-location services,
which, in the aggregate, will allow the Exchange to cover its costs and
earn a profit; [sic] to the extent the costs are covered.
In the case the proposed fees for installation and connectivity to
select TSX and TSXV real-time market data feeds, the proposed fees
cover the costs charged by Nasdaq Technology Services for establishing
and maintaining the telecommunication networks to obtain and republish
these market data feeds. The fees are based on anticipated bandwidth
needed to accommodate a particular feed. The proposed fees also allow
the Exchange [sic] earn a profit; [sic] to the extent the costs are
covered. The Exchange notes that it is not the exclusive method to
obtain market data connectivity. The Exchange believes that it is
reasonable to use fees assessed on this basis as a means to recoup BX's
share of the costs associated with the proposed market data feeds,
provide a convenience for the customers, and to the extent the costs
are covered, provide the Exchange a profit.
The Exchange notes that its installation and monthly connectivity
rates proposed for TSX and TSXV market data feeds are similar to
connectivity fees imposed by other vendors. The Exchange also notes
that the fees charged by the Exchange are generally lower or comparable
to prices charged by other exchanges or unregulated vendors for similar
services. For instance, NYSE is charging charges [sic] fees of $500 to
$5,750 for selected CME market data feeds and charges a $950
installation fee.\5\
---------------------------------------------------------------------------

\5\ See https://www.nyxdata.com/doc/50210.
---------------------------------------------------------------------------

Furthermore, because the proposed co-location services are entirely
voluntary and available to all members, the Exchange's fees for
proposed co-location services are equitably allocated and non-
discriminatory. In addition, the

[[Page 40763]]

market data feeds may be obtained from other sources.

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

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.\6\ 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.
---------------------------------------------------------------------------

\6\ 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-2011-038 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-BX-2011-038. 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-BX-2011-038 and
should be submitted on or before August 1, 2011.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-17329 Filed 7-8-11; 8:45 am]
BILLING CODE 8011-01-P

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