Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Options Fee Schedule To Add Clarifying Language With Respect to Marketing Charges Generally and Marketing Charges for Directed Orders, and To Add New and Clarifying Language With Respect to Marketing Charges for Electronic Complex Orders, 57793-57795 [2011-23771]

Download as PDF Federal Register / Vol. 76, No. 180 / Friday, September 16, 2011 / Notices Although there do not appear to be any issues relevant to approval or disapproval which would be facilitated by an oral presentation of views, data, and arguments, the Commission will consider, pursuant to Rule 19b–4, any request for an opportunity to make an oral presentation.19 Interested persons are invited to submit written data, views and arguments regarding whether the proposed rule change should be disapproved by October 17, 2011. Any person who wishes to file a rebuttal to any other person’s submission must file that rebuttal by October 26, 2011. 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–NASDAQ–2011–073 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–NASDAQ–2011–073. 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 mstockstill on DSK4VPTVN1PROD with NOTICES 19 Section 19(b) (2) of the Act, as amended by the Securities Act Amendments of 1975, Public Law 94–29 (June 4, 1975), grants the Commission flexibility to determine what type of proceeding— either oral or notice and opportunity for written comments—is appropriate for consideration of a particular proposal by a self-regulatory organization. See Securities Act Amendments of 1975, Senate Comm. on Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975). VerDate Mar<15>2010 16:26 Sep 15, 2011 Jkt 223001 business days between the hours of 10 a.m. and 3 p.m. Copies of such 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– NASDAQ–2011–073 and should be submitted on or before October 17, 2011. Rebuttal comments should be submitted by October 26, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–23735 Filed 9–15–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–65314; File No. SR– NYSEAmex–2011–69] Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Options Fee Schedule To Add Clarifying Language With Respect to Marketing Charges Generally and Marketing Charges for Directed Orders, and To Add New and Clarifying Language With Respect to Marketing Charges for Electronic Complex Orders September 12, 2011. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on September 6, 2011, NYSE Amex LLC (the ‘‘Exchange’’ or ‘‘NYSE Amex’’) filed with the Securities 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 selfregulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its Options Fee Schedule (the ‘‘Schedule’’) 20 17 CFR 200.30–3(a)(57). U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 57793 to add clarifying language with respect to marketing charges generally and marketing charges for Directed Orders, and to add new and clarifying language with respect to marketing charges for Electronic Complex Orders. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, on the Commission’s Web site at http://www.sec.gov, and http://www.nyse.com. 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 The current Schedule in footnote 11 describes the distribution of the pool of monies for marketing charges for nonDirected Orders, but does not include any language addressing the marketing charges for Directed Orders or Electronic Complex Orders. Currently, the pool of monies resulting from collection of marketing charges on electronic Directed Orders is controlled by the NYSE Amex Options Market Maker to which the order was directed.4 In addition, Electronic Complex Orders are treated in the same manner as nonDirected Orders, and consequently, the pool of monies resulting from collection of marketing charges on such orders is controlled by a Specialist or e-Specialist.5 4 See, e.g., Securities Exchange Act Release No. 61849 (April 6, 2010), 75 FR 18556 (April 12, 2010) (SR–NYSEAmex–2010–30). 5 The Exchange recently reinstituted the standard marketing charges for Electronic Complex Order executions that had been temporarily waived in July 2010. See Securities Exchange Act Release No. 64524 (May 19, 2011), 76 FR 30412 (May 25, 2011) (SR–NYSEAmex–2011–30). The Exchange had been informed by several Order Flow Providers that the absence of marketing charges for Customer executions in the complex order book was hindering their ability to route complex order flow to the Exchange, particularly since competing exchanges do allow for the collection of marketing charges on complex orders. Consequently, the Exchange recently resumed its prior practice of Continued E:\FR\FM\16SEN1.SGM 16SEN1 mstockstill on DSK4VPTVN1PROD with NOTICES 57794 Federal Register / Vol. 76, No. 180 / Friday, September 16, 2011 / Notices After reviewing the current Schedule and the manner in which marketing charges are handled for Electronic Complex Orders, the Exchange has determined to add clarifying language to the Schedule with respect to marketing charges generally and marketing charges for Directed Orders, and to add new and clarifying language to it with respect to marketing charges for Electronic Complex Orders.6 The changes to the Schedule are described below. First, the Exchange proposes to amend footnote 11 of its Schedule to add a clarifying introductory statement that the footnote applies only to marketing charges. Second, the current text in footnote 11 relating to the collection and distribution of marketing charges for non-Directed Orders would remain unchanged. That text provides that the pool of monies resulting from the collection of marketing charges on electronic non-Directed Order flow is controlled by the Specialist or the e-Specialist with superior volume performance over the previous quarter for distribution by the Exchange at the direction of such Specialist or e-Specialist to eligible payment accepting firms. In making this determination the Exchange, on a class by class basis, evaluates Specialist and e-Specialist performance based on the number of electronic contracts executed at NYSE Amex per class. The Specialist/ e-Specialist with the best volume performance controls the pool of marketing charges collected on electronic non-Directed Order flow for these issues for the following quarter. Third, the Exchange proposes to add text thereafter stating its existing policy that the pool of monies resulting from collection of marketing charges on electronic Directed Order flow will be controlled by the NYSE Amex Options Market Maker to which the order was directed, and distributed by the Exchange at the direction of such NYSE Amex Options Market Maker to payment accepting firms. Fourth, the Exchange proposes to add new text to footnote 11 stating that an ATP Holder that submits an Electronic Complex Order to the Exchange may designate an NYSE Amex Options Market Maker to receive the marketing charge and the pool of monies resulting from the collection of such marketing treating Electronic Complex Orders in the same manner as any other orders for the purpose of assessing payment for order flow charges in order to remain competitive. 6 NYSE Amex is not proposing to change the amount of the marketing charges as part of this rule change. VerDate Mar<15>2010 16:26 Sep 15, 2011 Jkt 223001 charges will be distributed by the Exchange at the direction of such NYSE Amex Options Market Maker to payment accepting firms. If an ATP Holder submits an Electronic Complex Order to the Exchange without designating an NYSE Amex Options Market Maker, the pool of monies resulting from the collection of such marketing charges will be distributed in the same manner as non-Directed Order flow, as is currently the practice (and as described above). Finally, the Exchange proposes technical changes to footnote 11 to correct references to defined terms. The Exchange is not proposing any change to NYSE Amex Options Rule 900.3NY(s), which sets forth the definition of Directed Order, NYSE Amex Options Rule 964.1NY, which discusses the conditions NYSE Amex Options Specialists and Market Makers must meet to receive Directed Orders, or NYSE Amex Options Rule 980NY, which governs Electronic Complex Order trading and provides that the Specialist Pool and Directed Order Market Maker guaranteed participation afforded in NYSE Amex Options Rule 964NY does not apply to executions against an Electronic Complex Order. The proposed change would only affect the distribution of the pool of monies resulting from marketing charges for Electronic Complex Orders. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Securities Exchange Act of 1934 (the ‘‘Act’’),7 in general, and Section 6(b)(4) of the Act,8 in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. The Exchange believes that the clarifying changes to the Schedule described above will provide more transparency to the marketing charge practices on the Exchange. The Exchange also believes that providing ATP Holders with the option to submit Electronic Complex Orders to the Exchange and designate an NYSE Amex Options Market Maker to direct the resulting marketing charges will help to attract additional Electronic Complex Orders to the Exchange, which will benefit all market participants. The Exchange operates in a highly competitive market comprised of nine U.S. options exchanges in which sophisticated and knowledgeable market participants can readily send 7 15 8 15 PO 00000 U.S.C. 78f(b). [sic] U.S.C. 78f(b)(4). Frm 00083 Fmt 4703 order flow to competing exchanges if they deem fee levels at a particular exchange to be excessive or discriminatory. 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 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 No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) 9 of the Act and subparagraph (f)(2) of Rule 19b–4 10 thereunder, because it establishes a due, fee, or other charge imposed by the NYSE Amex. At any time within 60 days of the filing of such 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. 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–NYSEAmex–2011–69 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–NYSEAmex-2011–69. This 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). 10 17 Sfmt 4703 E:\FR\FM\16SEN1.SGM 16SEN1 Federal Register / Vol. 76, No. 180 / Friday, September 16, 2011 / Notices 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 on official business days between the hours of 10 a.m. and 3 p.m. Copies of such 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–NYSEAmex-2011–69 and should be submitted on or before October 7, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–23771 Filed 9–15–11; 8:45 am] BILLING CODE 8011–01–P DEPARTMENT OF TRANSPORTATION Office of the Secretary [Docket Number: DOT–OST–2011–0170] Agency Request for Renewal of a Previously Approved Collection; Disclosure of Code Sharing Arrangements and Long-Term Wet Leases Office of the Secretary. Notice and request for comments. AGENCY: mstockstill on DSK4VPTVN1PROD with NOTICES ACTION: The Department of Transportation (DOT) invites public comments about our intention to request the Office of Management and Budget (OMB) approval to renew an information collection. We are required SUMMARY: 11 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 16:26 Sep 15, 2011 Jkt 223001 to publish this notice in the Federal Register by the Paperwork Reduction Act of 1995, Public Law 104–13. DATES: Written comments should be submitted by November 15, 2011. ADDRESSES: You may submit comments (identified by DOT Docket Number OST–2011–0170) through one of the following methods: • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the online instructions for submitting comments. • Fax: 1–202–493–2251. • Mail or Hand Delivery: Docket Management Facility; U.S. Department of Transportation, 1200 New Jersey Avenue, SE., West Building, Room W12–140, Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday, except on Federal Holidays. FOR FURTHER INFORMATION CONTACT: Aleta Best, (202) 493–0797, Office of the Assistant Secretary for Aviation and International Affairs, Office of the Secretary, U.S. Department of Transportation, 1200 New Jersey Avenue, SE., Washington, DC 20590. SUPPLEMENTARY INFORMATION: OMB Control Number: 2105–0537. Title: Disclosure of Code Sharing Arrangements and Long-Term Wet Leases. Type of Review: Renewal of an information collection. Abstract: Codesharing is the name given to a common airline industry marketing practice where, by mutual agreement between cooperating carriers, at least one of the airline designator codes used on a flight is different from that of the airline operating the aircraft. In one version, two or more airlines each use their own designator codes on the same aircraft operation. Although only one airline operates the flight, each airline in a codesharing arrangement may hold out, market, and sell the flight as its own in published schedules. Codesharing also refers to other arrangements, such as when a code on a passenger’s ticket is not that of the operator of the flight, but where the operator does not also hold out the service in its own name. Such codesharing arrangements are common between commuter air carriers and their larger affiliates, and the number of arrangements between U.S. air carriers and foreign air carriers has also been increasing. Arrangements falling into this category are similar to leases of aircraft with crew (wet leases). The Department recognizes the strong preference of air travelers for on-line service (service by a single carrier) on connecting flights over interline service (service by multiple carriers). PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 57795 Codesharing arrangements are, in part, a marketing response to this demand for on-line service. Often, codesharing partners offer services similar to those available for on-line connections with the goal of offering ‘‘seamless’’ service (i.e., service where the transfers from flight to flight or airline to airline are facilitated). For example, they may locate gates near each other to make connections more convenient or coordinate baggage handling to give greater assurance that baggage will be properly handled. Codesharing arrangements can help airlines operate more efficiently because they can reduce costs by providing a joint service with one aircraft rather than operating separate services with two aircraft. Particularly in thin markets, this efficiency can lead to increased price and service options for consumers or enable the use of equipment sized appropriately for the market. Therefore, the Department recognizes that codesharing, as well as long-term wet leases, can offer significant economic benefits. Although codesharing and wet-lease arrangements can offer significant consumer benefits, they can also be misleading unless consumers know that the transportation they are considering for purchase will not be provided by the airline whose designator code is shown on the ticket, schedule, or itinerary and unless they know the identity of the airline on which they will be flying. The growth in the use of codesharing, wetleasing, and similar marketing tools, particularly in international air transportation, had given the Department concern about whether the then-current disclosure rules (14 CFR 399.88) protected the public interest adequately and led the Department to adopt specific regulations requiring the disclosure of code-sharing arrangements and long-term wet leases on March 15, 1999. (14 CFR part 257) These regulations required U.S. airlines, foreign airlines and travel agents doing business in the United States, to notify passengers of the existence of code-sharing or long-term wet lease arrangements. It also required U.S. airlines, foreign airlines and travel agents to tell prospective consumers, in all oral communications before booking transportation, that the transporting airline is not the airline whose designator code will appear on travel documents and identify the transporting airline by its corporate name and any other name under which that service is held out to the public. Respondents: All U.S. air carriers, foreign air carriers, computer reservations systems (CRSs), and travel E:\FR\FM\16SEN1.SGM 16SEN1

Agencies

[Federal Register Volume 76, Number 180 (Friday, September 16, 2011)]
[Notices]
[Pages 57793-57795]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-23771]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65314; File No. SR-NYSEAmex-2011-69]


Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Amending Its 
Options Fee Schedule To Add Clarifying Language With Respect to 
Marketing Charges Generally and Marketing Charges for Directed Orders, 
and To Add New and Clarifying Language With Respect to Marketing 
Charges for Electronic Complex Orders

September 12, 2011.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on September 6, 2011, NYSE Amex LLC (the ``Exchange'' or 
``NYSE Amex'') filed with the Securities 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 self-regulatory 
organization. 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\ 15 U.S.C. 78a.
    \3\ 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 Options Fee Schedule (the 
``Schedule'') to add clarifying language with respect to marketing 
charges generally and marketing charges for Directed Orders, and to add 
new and clarifying language with respect to marketing charges for 
Electronic Complex Orders. The text of the proposed rule change is 
available at the Exchange, the Commission's Public Reference Room, on 
the Commission's Web site at http://www.sec.gov, and http://www.nyse.com.

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
    The current Schedule in footnote 11 describes the distribution of 
the pool of monies for marketing charges for non-Directed Orders, but 
does not include any language addressing the marketing charges for 
Directed Orders or Electronic Complex Orders. Currently, the pool of 
monies resulting from collection of marketing charges on electronic 
Directed Orders is controlled by the NYSE Amex Options Market Maker to 
which the order was directed.\4\ In addition, Electronic Complex Orders 
are treated in the same manner as non-Directed Orders, and 
consequently, the pool of monies resulting from collection of marketing 
charges on such orders is controlled by a Specialist or e-
Specialist.\5\
---------------------------------------------------------------------------

    \4\ See, e.g., Securities Exchange Act Release No. 61849 (April 
6, 2010), 75 FR 18556 (April 12, 2010) (SR-NYSEAmex-2010-30).
    \5\ The Exchange recently reinstituted the standard marketing 
charges for Electronic Complex Order executions that had been 
temporarily waived in July 2010. See Securities Exchange Act Release 
No. 64524 (May 19, 2011), 76 FR 30412 (May 25, 2011) (SR-NYSEAmex-
2011-30). The Exchange had been informed by several Order Flow 
Providers that the absence of marketing charges for Customer 
executions in the complex order book was hindering their ability to 
route complex order flow to the Exchange, particularly since 
competing exchanges do allow for the collection of marketing charges 
on complex orders. Consequently, the Exchange recently resumed its 
prior practice of treating Electronic Complex Orders in the same 
manner as any other orders for the purpose of assessing payment for 
order flow charges in order to remain competitive.

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

[[Page 57794]]

    After reviewing the current Schedule and the manner in which 
marketing charges are handled for Electronic Complex Orders, the 
Exchange has determined to add clarifying language to the Schedule with 
respect to marketing charges generally and marketing charges for 
Directed Orders, and to add new and clarifying language to it with 
respect to marketing charges for Electronic Complex Orders.\6\ The 
changes to the Schedule are described below.
---------------------------------------------------------------------------

    \6\ NYSE Amex is not proposing to change the amount of the 
marketing charges as part of this rule change.
---------------------------------------------------------------------------

    First, the Exchange proposes to amend footnote 11 of its Schedule 
to add a clarifying introductory statement that the footnote applies 
only to marketing charges.
    Second, the current text in footnote 11 relating to the collection 
and distribution of marketing charges for non-Directed Orders would 
remain unchanged. That text provides that the pool of monies resulting 
from the collection of marketing charges on electronic non-Directed 
Order flow is controlled by the Specialist or the e-Specialist with 
superior volume performance over the previous quarter for distribution 
by the Exchange at the direction of such Specialist or e-Specialist to 
eligible payment accepting firms. In making this determination the 
Exchange, on a class by class basis, evaluates Specialist and e-
Specialist performance based on the number of electronic contracts 
executed at NYSE Amex per class. The Specialist/ e-Specialist with the 
best volume performance controls the pool of marketing charges 
collected on electronic non-Directed Order flow for these issues for 
the following quarter.
    Third, the Exchange proposes to add text thereafter stating its 
existing policy that the pool of monies resulting from collection of 
marketing charges on electronic Directed Order flow will be controlled 
by the NYSE Amex Options Market Maker to which the order was directed, 
and distributed by the Exchange at the direction of such NYSE Amex 
Options Market Maker to payment accepting firms.
    Fourth, the Exchange proposes to add new text to footnote 11 
stating that an ATP Holder that submits an Electronic Complex Order to 
the Exchange may designate an NYSE Amex Options Market Maker to receive 
the marketing charge and the pool of monies resulting from the 
collection of such marketing charges will be distributed by the 
Exchange at the direction of such NYSE Amex Options Market Maker to 
payment accepting firms. If an ATP Holder submits an Electronic Complex 
Order to the Exchange without designating an NYSE Amex Options Market 
Maker, the pool of monies resulting from the collection of such 
marketing charges will be distributed in the same manner as non-
Directed Order flow, as is currently the practice (and as described 
above).
    Finally, the Exchange proposes technical changes to footnote 11 to 
correct references to defined terms.
    The Exchange is not proposing any change to NYSE Amex Options Rule 
900.3NY(s), which sets forth the definition of Directed Order, NYSE 
Amex Options Rule 964.1NY, which discusses the conditions NYSE Amex 
Options Specialists and Market Makers must meet to receive Directed 
Orders, or NYSE Amex Options Rule 980NY, which governs Electronic 
Complex Order trading and provides that the Specialist Pool and 
Directed Order Market Maker guaranteed participation afforded in NYSE 
Amex Options Rule 964NY does not apply to executions against an 
Electronic Complex Order. The proposed change would only affect the 
distribution of the pool of monies resulting from marketing charges for 
Electronic Complex Orders.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Securities Exchange Act of 1934 
(the ``Act''),\7\ in general, and Section 6(b)(4) of the Act,\8\ in 
particular, in that it is designed to provide for the equitable 
allocation of reasonable dues, fees, and other charges among its 
members and other persons using its facilities. The Exchange believes 
that the clarifying changes to the Schedule described above will 
provide more transparency to the marketing charge practices on the 
Exchange. The Exchange also believes that providing ATP Holders with 
the option to submit Electronic Complex Orders to the Exchange and 
designate an NYSE Amex Options Market Maker to direct the resulting 
marketing charges will help to attract additional Electronic Complex 
Orders to the Exchange, which will benefit all market participants. The 
Exchange operates in a highly competitive market comprised of nine U.S. 
options exchanges in which sophisticated and knowledgeable market 
participants can readily send order flow to competing exchanges if they 
deem fee levels at a particular exchange to be excessive or 
discriminatory.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b). [sic]
    \8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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 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

    No written comments were solicited or received with respect to the 
proposed rule change.

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

    The foregoing rule change is effective upon filing pursuant to 
Section 19(b)(3)(A) \9\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \10\ thereunder, because it establishes a due, fee, or other charge 
imposed by the NYSE Amex.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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.

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-NYSEAmex-2011-69 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-NYSEAmex-2011-69. This

[[Page 57795]]

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 on 
official business days between the hours of 10 a.m. and 3 p.m. Copies 
of such 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-NYSEAmex-2011-69 and should be submitted on or before 
October 7, 2011.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-23771 Filed 9-15-11; 8:45 am]
BILLING CODE 8011-01-P