Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fees and Rebates for Adding and Removing Liquidity, 56844-56845 [2011-23441]

Download as PDF 56844 Federal Register / Vol. 76, No. 178 / Wednesday, September 14, 2011 / Notices 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 changes 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 such filing will also 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 No. SR–BATS– 2011–033 and should be submitted on or before October 5, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–23478 Filed 9–13–11; 8:45 am] BILLING CODE 8011–01–P change as described in Items I and II 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 ISE is proposing to amend its transaction fees and rebates for adding and removing liquidity. The text of the proposed rule change is available on the Exchange’s Web site (http:// www.ise.com), 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 self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65297; File No. SR–ISE– 2011–54] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fees and Rebates for Adding and Removing Liquidity mstockstill on DSK4VPTVN1PROD with NOTICES September 8, 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 August 30, 2011, the International Securities Exchange, LLC (the ‘‘Exchange’’ or the ‘‘ISE’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule 6 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Options classes subject to maker/taker fees are identified by their ticker symbol on the Exchange’s Schedule of Fees. 1 15 VerDate Mar<15>2010 19:00 Sep 13, 2011 The Exchange currently assesses a per contract transaction charge to market participants that add or remove liquidity from the Exchange (‘‘maker/ taker fees’’) in 100 options classes (the ‘‘Select Symbols’’).3 The purpose of this proposed rule change is to amend the list of Select Symbols on the Exchange’s Schedule of Fees, titled ‘‘Rebates and Fees for Adding and Removing Liquidity in Select Symbols.’’ Specifically, the Exchange proposes to add Apple Inc. (‘‘AAPL’’), Baidu, Inc. (‘‘BIDU’’), and iPath S&P 500 VIX ShortTerm Futures ETN (‘‘VXX’’) to the list of Select Symbols. While changes to the Fee Schedule pursuant to this proposal are effective upon filing, the Exchange has designated these changes to be operative on September 1, 2011. Jkt 223001 PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 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 reasonable fees and other charges among Exchange members and other persons using its facilities. The Exchange believes that it is reasonable to add AAPL, BIDU, and VXX to its list of Select Symbols to attract additional order flow to the Exchange. The Exchange anticipates that the addition of AAPL, BIDU, and VXX to the list of Select Symbols will attract market participants to transact equity options at the Exchange because of the available rebates. The Exchange believes that it is equitable to amend the list of Select Symbols by adding AAPL, BIDU, and 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 applicable maker/taker fees and rebates. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(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 4 15 U.S.C. 78f(b). U.S.C. 78f(b)(4). 6 15 U.S.C. 78s(b)(3)(A)(ii). 5 15 E:\FR\FM\14SEN1.SGM 14SEN1 Federal Register / Vol. 76, No. 178 / Wednesday, September 14, 2011 / Notices 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 rulecomments@sec.gov. Please include File Number SR–ISE–2011–54 on the subject line. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–23441 Filed 9–13–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65293; File No. SR–BX– 2011–063] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the BOX Fee Schedule September 8, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2 to Elizabeth M. Murphy, Secretary, notice is hereby given that on August Securities and Exchange Commission, 31, 2011, NASDAQ OMX BX, Inc. (the 100 F Street, NE., Washington, DC ‘‘Exchange’’) filed with the Securities 20549–1090. and Exchange Commission (‘‘Commission’’) the proposed rule All submissions should refer to File change as described in Items I, II, and Number SR–ISE–2011–54. This file III below, which Items have been number should be included on the subject line if e-mail is used. To help the prepared by the self-regulatory organization. The Exchange filed the Commission process and review your proposed rule change pursuant to comments more efficiently, please use Act,3 and only one method. The Commission will Section 19(b)(3)(A)(ii) of the 4 Rule 19b–4(f)(2) thereunder, which post all comments on the Commission’s renders the proposal effective upon Internet Web site (http://www.sec.gov/ filing with the Commission. The rules/sro.shtml). Copies of the Commission is publishing this notice to submission, all subsequent solicit comments on the proposed rule amendments, all written statements from interested persons. with respect to the proposed rule change that are filed with the I. Self-Regulatory Organization’s Commission, and all written Statement of the Terms of Substance of communications relating to the the Proposed Rule Change proposed rule change between the NASDAQ OMX BX, Inc. (the Commission and any person, other than ‘‘Exchange’’) proposes to amend the Fee those that may be withheld from the Schedule of the Boston Options public in accordance with the Exchange Group, LLC (‘‘BOX’’). While provisions of 5 U.S.C. 552, will be changes to the BOX Fee Schedule available for Web site viewing and pursuant to this proposal will be printing in the Commission’s Public effective upon filing, the changes will Reference Room, 100 F Street, NE., become operative on September 1, 2011. Washington, DC 20549, on official The text of the proposed changes is business days between the hours of 10 attached as Exhibit 5. The text of the a.m. and 3 p.m. Copies of the filing also proposed rule change is available from will be available for inspection and the principal office of the Exchange, at copying at the principal office of the the Commission’s Public Reference Exchange. All comments received will Room, and also on the Exchange’s be posted without change; the Internet Web site at http:// Commission does not edit personal nasdaqomxbx.cchwallstreet.com/ identifying information from NASDAQOMXBX/Filings/. submissions. You should submit only information that you wish to make 7 17 CFR 200.30–3(a)(12). available publicly. All submissions 1 15 U.S.C. 78s(b)(1). should refer to File Number SR–ISE– 2 17 CFR 240.19b–4. 2011–54 and should be submitted on or 3 15 U.S.C. 78s(b)(3)(A)(ii). before October 5, 2011. 4 17 CFR 240.19b–4(f)(2). mstockstill on DSK4VPTVN1PROD with NOTICES Paper Comments VerDate Mar<15>2010 19:00 Sep 13, 2011 Jkt 223001 PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 56845 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Section 1 Trading Fees for Public Customer Accounts Currently, the trading fee for Public Customers is $0.10 per executed contract for all non-PIP 5 transactions. The Exchange proposes to reduce this fee to $0.07. Section 2 Trading Fees for Broker-Dealer Proprietary Accounts Currently, the trading fee for brokerdealer proprietary accounts is $0.25 per contract traded for all classes and all transactions. The Exchange proposes to increase this fee to $0.40 per contract traded for all non-PIP transactions. Fees and Credits in Section 7a Currently, Section 7a of the BOX Fee Schedule specifies a $0.55 credit for removing liquidity and $0.55 fee for adding liquidity for transactions in options classes not in the Penny Pilot program (‘‘Non-Penny classes’’) on the BOX Book, and a $0.15 credit for removing liquidity and $0.15 fee for adding liquidity for transactions in Penny Pilot classes. These credits and fees apply equally to all account types, whether Public Customer, Broker Dealer, or Market Maker, and are in addition to any applicable trading fees, as described in Sections 1 through 3 of the BOX Fee Schedule. The Exchange proposes to increase the existing credits and fees within Section 7a for transactions in NonPenny classes on the BOX Book from $0.55 to $0.65, and in Penny Pilot classes, from $0.15 to $0.22. 5 See Price Improvement Period (‘‘PIP’’) in Chapter V, Section 18 of the BOX Trading Rules. E:\FR\FM\14SEN1.SGM 14SEN1

Agencies

[Federal Register Volume 76, Number 178 (Wednesday, September 14, 2011)]
[Notices]
[Pages 56844-56845]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-23441]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65297; File No. SR-ISE-2011-54]


 Self-Regulatory Organizations; International Securities 
Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to Fees and Rebates for Adding and Removing 
Liquidity

September 8, 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 August 30, 2011, the International Securities Exchange, LLC 
(the ``Exchange'' or the ``ISE'') 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 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 ISE is proposing to amend its transaction fees and rebates for 
adding and removing liquidity. The text of the proposed rule change is 
available on the Exchange's Web site (http://www.ise.com), 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 self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of these statements may be examined at 
the places specified in Item IV below. The self-regulatory organization 
has prepared summaries, set forth in sections A, B and C below, of the 
most significant aspects of such statements.

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

1. Purpose
    The Exchange currently assesses a per contract transaction charge 
to market participants that add or remove liquidity from the Exchange 
(``maker/taker fees'') in 100 options classes (the ``Select 
Symbols'').\3\ The purpose of this proposed rule change is to amend the 
list of Select Symbols on the Exchange's Schedule of Fees, titled 
``Rebates and Fees for Adding and Removing Liquidity in Select 
Symbols.'' Specifically, the Exchange proposes to add Apple Inc. 
(``AAPL''), Baidu, Inc. (``BIDU''), and iPath S&P 500 VIX Short-Term 
Futures ETN (``VXX'') to the list of Select Symbols.
---------------------------------------------------------------------------

    \3\ Options classes subject to maker/taker fees are identified 
by their ticker symbol on the Exchange's Schedule of Fees.
---------------------------------------------------------------------------

    While changes to the Fee Schedule pursuant to this proposal are 
effective upon filing, the Exchange has designated these changes to be 
operative on September 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 reasonable fees and other charges 
among Exchange members and other persons using its facilities.
---------------------------------------------------------------------------

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

    The Exchange believes that it is reasonable to add AAPL, BIDU, and 
VXX to its list of Select Symbols to attract additional order flow to 
the Exchange. The Exchange anticipates that the addition of AAPL, BIDU, 
and VXX to the list of Select Symbols will attract market participants 
to transact equity options at the Exchange because of the available 
rebates.
    The Exchange believes that it is equitable to amend the list of 
Select Symbols by adding AAPL, BIDU, and 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 applicable maker/taker fees and rebates.

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

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

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

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

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(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

[[Page 56845]]

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 (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-ISE-2011-54 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-ISE-2011-54. 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-ISE-2011-54 and should be 
submitted on or before October 5, 2011.

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

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

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-23441 Filed 9-13-11; 8:45 am]
BILLING CODE 8011-01-P