Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Options Fee Schedule Relating to Manual Orders, 78066-78068 [2011-32138]
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78066
Federal Register / Vol. 76, No. 241 / Thursday, December 15, 2011 / Notices
believes that the Permit Fee is equitable
and not unfairly discriminatory, because
unlike other exchanges, Phlx’s Permit
Fees are the same for every options
permit holder that is conducting
business at the Exchange.
The Exchange believes that its
clarifying amendment is reasonable the
Exchange recognizes that the members
and member organizations that are
registered as OCC Clearing Members
and Floor Brokers facilitate transactions
for others at the Exchange and are
therefore unable to utilize the house
account in the same way as other
members. In addition, the Exchange
believes that it is reasonable to assess a
$1,100 Permit Fee for OCC Clearing
Members and Floor Brokers that are
transacting business at the Exchange in
a capacity that facilitates trading.
The Exchange believes that it is
equitable and not unfairly
discriminatory to assess OCC Clearing
Members and Floor Brokers the $1,100
as compared to other members who may
not transact business, because the OCC
Clearing Member and Floor Broker are
trading for others as compared to the
member who chooses whether to
transact business in his/her own
account. Other members are only
required to transact one trade in their
house account in order to be assessed
the lower Permit Fee.
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
mstockstill on DSK4VPTVN1PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
Trading Permit is $6,000, Electronic Access Permit
is $1,600 and there is no access fee for a CBSX
Trading Permit. See also the International Securities
Exchange LLC’s Schedule of Fees. Per month a
EAM is $500.00 and a market maker ranges from
$2,000 to $4,000. See also C2, Inc.’s Fee Schedule.
Per month, a market-maker permit is $5,000, an
Electronic Access Permit is $1,000 and a SPXM Tier
appointment is $4,000 after November 30, 2011. See
also NYSE Arca, Inc.’s Fee Schedule. Per month, a
Floor Broker, Office and Clearing Firm is $1,000
and a market maker is $4,000. See also NYSE Amex,
LLC’s Fee Schedule. Per month, Per month, a Floor
Broker, Order Routing and Clearing Firm is $500
and a market maker is $5,000.
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16:49 Dec 14, 2011
Jkt 226001
19(b)(3)(A)(ii) of the Act.14 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 email to rulecomments@sec.gov. Please include File
No. SR–Phlx–2011–166 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 No.
SR–Phlx–2011–166. This file number
should be included on the subject line
if email 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 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 No. SR–Phlx–2011–
166 and should be submitted on or
before January 5, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–32140 Filed 12–14–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65922; File No. SR–
NYSEArca–2011–91]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the NYSE Arca
Options Fee Schedule Relating to
Manual Orders
December 9, 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 December
1, 2011, NYSE Arca, Inc. (the
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
NYSE Arca Options Fee Schedule (‘‘Fee
Schedule’’) with respect to manual
orders. The Exchange proposes to make
the rule change operative on December
1, 2011. The text of the proposed rule
change is available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
14 15
PO 00000
U.S.C. 78s(b)(3)(A)(ii).
Frm 00104
Fmt 4703
Sfmt 4703
E:\FR\FM\15DEN1.SGM
15DEN1
Federal Register / Vol. 76, No. 241 / Thursday, December 15, 2011 / Notices
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 Exchange proposes to amend the
Fee Schedule with respect to manual
orders.
Electronic orders and quotes resting
on the Consolidated Book currently
have priority over equal-priced bids or
offers in the Trading Crowd.3 In this
regard, a Floor Broker, after negotiating
a price with the Trading Crowd, may be
required to trade against resting interest
on the Consolidated Book (‘‘clear the
Book’’) before trading against interest in
the Trading Crowd. Currently, if a Floor
Broker clears the Book before trading
against interest in the Trading Crowd,
the Exchange charges the portion of the
order executed against the Consolidated
Book an electronic transaction fee and
charges any remaining order size that
trades against interest in the Trading
Crowd a manual transaction fee.4
The Exchange proposes to amend
endnote 5 of the Fee Schedule to reflect
that a manual order that executes in part
against an electronic order or quote
resting on the Consolidated Book prior
to executing against interest in the
3 See
NYSE Arca Options Rule 6.75(a) and (b).
example, a Broker-Dealer manual order is
currently charged a standard execution fee of $0.25
per contract. However, if a portion of the BrokerDealer manual order executes against resting
interest on the Consolidated Book, then that portion
of the manual order is instead charged the $0.50
per-contract rate for a Broker-Dealer electronic
order. Similarly, if the Broker-Dealer manual order
is in a Penny Pilot class and executes against resting
interest on the Consolidated Book, then that portion
of the manual order is considered to ‘‘Take
Liquidity’’ and is instead charged the $0.45 percontract rate for a Broker-Dealer electronic order.
The Exchange notes that, at the time of the adoption
of Post-Take pricing for electronic executions in
Penny Pilot classes, the Exchange determined that
any execution in Penny Pilot issues against resting
orders in the Consolidated Book would be charged
a ‘‘take liquidity’’ fee. See Securities Exchange Act
Release No. 55223 (February 1, 2007), 72 FR 6306
(February 9, 2007) (SR–NYSEArca–2007–07).
mstockstill on DSK4VPTVN1PROD with NOTICES
4 For
VerDate Mar<15>2010
16:49 Dec 14, 2011
Jkt 226001
Trading Crowd would be assessed the
applicable manual transaction fee for
the entire order. As is the case today,
the contra-side electronic order or quote
would be assessed the applicable
electronic transaction fee or credit.
However, if a manual order executes
completely against an electronic order
or quote, and therefore does not execute
against interest in the Trading Crowd,
then both sides of the transaction would
continue to be charged only the
applicable electronic transaction fee. In
order to be eligible for the manual
transaction fee, all manual orders must
be entered into the Exchange’s
Electronic Order Capture System.
The Exchange proposes to make the
rule change operative on December 1,
2011.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Securities Exchange
Act of 1934 (the ‘‘Act’’),5 in general, and
Section 6(b)(4) of the Act,6 in particular,
because 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. In addition, the proposed rule
change is not designed to permit unfair
discrimination between customers,
issuers, brokers or dealers. Under the
proposed change a manual order that
executes partially against an electronic
order or quote resting on the
Consolidated Book prior to executing
against interest in the Trading Crowd
would be assessed the applicable
manual transaction fee for the entire
order. The Exchange believes that this is
reasonable, equitable, and not unfairly
discriminatory because a customer who
sends an order to the Floor for execution
has no control over whether a portion of
the manual order will execute against
the Consolidated Book and therefore has
significant uncertainty about the
transaction fees applicable to such
order, whereas a customer that submits
an electronic order has certainty that
only electronic transaction fees will
apply. The Exchange also believes it is
reasonable, equitable, and not unfairly
discriminatory to charge the electronic
transaction fee for manual orders that
are executed entirely against one or
more electronic orders or quotes resting
on the Consolidated Book. Manual
transaction fees are lower than
electronic transaction fees and the
proposed rule change will reduce the
incentive for customers to submit
manual orders to obtain the lower fee
5 15
6 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
Frm 00105
Fmt 4703
even though there is sufficient liquidity
in the Consolidated Book to fill the
order. When both sides of the order
execute fully on the Consolidated Book,
the Exchange believes it is equitable and
not unfairly discriminatory to charge
both sides of the trade the same category
of transaction fee. The Exchange expects
that by providing more certainty about
the applicable transaction fees,
customers will be encouraged to submit
manual orders to the Exchange and that
the additional order flow will benefit all
market participants.
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)(ii) of the Act 7 and
subparagraph (f)(2) of Rule 19b–4 8
thereunder, because it establishes a due,
fee, or other charge imposed by NYSE
Arca. 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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–NYSEArca–2011–91 on the
subject line.
7 15
8 17
Sfmt 4703
78067
E:\FR\FM\15DEN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
15DEN1
78068
Federal Register / Vol. 76, No. 241 / Thursday, December 15, 2011 / 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–NYSEArca–2011–91. This
file number should be included on the
subject line if email 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–
Fax: (202) 395–6974, Email address:
OIRA_Submission@omb.eop.gov.
(SSA), Social Security Administration,
DCRDP, Attn: Reports Clearance
Officer, 107 Altmeyer Building, 6401
Security Blvd., Baltimore, MD 21235,
Fax No.: (410) 966–2830, Email
address: OPLM.RCO@ssa.gov.
NYSEArca–2011–91 and should be
submitted on or before January 5, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–32138 Filed 12–14–11; 8:45 am]
BILLING CODE 8011–01–P
I. The information collections below
are pending at SSA. SSA will submit
them to OMB within 60 days from the
date of this notice. To be sure we
consider your comments, we must
receive them no later than February 13,
2012. Individuals can obtain copies of
the collection instruments by calling the
SSA Reports Clearance Officer at (410)
965–8783 or by writing to the above
email address.
1. Application for Mother’s or Father’s
Insurance Benefits—20 CFR 404.339–
404.342, 20 CFR 404.601–404.603—
0960–0003. Section 202(g) of the Social
Security Act (Act) provides for the
payment of monthly benefits to the
widow or widower of an insured
individual if the surviving spouse is
caring for the deceased worker’s child
(who is entitled to Social Security
benefits). SSA uses the information on
Form SSA–5–F6 to determine an
individual’s eligibility for mother’s or
father’s insurance benefits. The
respondents are individuals caring for a
child of the deceased worker who is
applying for mother’s or father’s
insurance benefits under the Old Age,
Survivors, and Disability Insurance
(OASDI) program.
Type of Request: Revision of an OMBapproved information collection.
SOCIAL SECURITY ADMINISTRATION
Agency Information Collection
Activities: Proposed Request and
Comment Request
The Social Security Administration
(SSA) publishes a list of information
collection packages requiring clearance
by the Office of Management and
Budget (OMB) in compliance with
Public Law (Pub. L.) 104–13, the
Paperwork Reduction Act of 1995,
effective October 1, 1995. This notice
includes revisions and extensions to
OMB-approved information collections.
SSA is soliciting comments on the
accuracy of the agency’s burden
estimate; the need for the information;
its practical utility; ways to enhance its
quality, utility, and clarity; and ways to
minimize burden on respondents,
including the use of automated
collection techniques or other forms of
information technology. Mail, email, or
fax your comments and
recommendations on the information
collection(s) to the OMB Desk Officer
and SSA Reports Clearance Officer at
the following addresses or fax numbers.
(OMB), Office of Management and
Budget, Attn: Desk Officer for SSA,
Number of
respondents
Collection instrument
Average burden
per response
(minutes)
Frequency of
response
Estimated total
annual burden
(hours)
SSA–5–F6 (paper) ...........................................................................
MCS .................................................................................................
MCS/Signature Proxy ......................................................................
1,611
26,045
26,044
1
1
1
15
15
15
403
6,511
6,511
Total ..........................................................................................
53,700
............................
............................
13,425
mstockstill on DSK4VPTVN1PROD with NOTICES
2. Letter to Employer Requesting
Information About Wages Earned by
Beneficiary—20 CFR 416.703 &
404.801—0960–0034. SSA uses
information from Form SSA–L725 to
verify a beneficiary’s wages when SSA
has incomplete or questionable wage
data. SSA uses the information to
calculate the correct amount of benefits
payable, and to maintain an accurate
record of earnings for the beneficiary.
Respondents are employers who
provide information SSA needs to
establish specific monthly earnings.
Type of Request: Extension of an
OMB-approved information collection.
Collection instrument
Number of
respondents
Frequency of
response
Average burden
per response
(minutes)
Estimated total
annual burden
(hours)
SSA–L725 ........................................................................................
150,000
1
40
100,000
9 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
19:28 Dec 14, 2011
Jkt 226001
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
E:\FR\FM\15DEN1.SGM
15DEN1
Agencies
[Federal Register Volume 76, Number 241 (Thursday, December 15, 2011)]
[Notices]
[Pages 78066-78068]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-32138]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65922; File No. SR-NYSEArca-2011-91]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE
Arca Options Fee Schedule Relating to Manual Orders
December 9, 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 December 1, 2011, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the NYSE Arca Options Fee Schedule
(``Fee Schedule'') with respect to manual orders. The Exchange proposes
to make the rule change operative on December 1, 2011. The text of the
proposed rule change is available at the Exchange, the Commission's
Public Reference Room, and https://www.nyse.com.
[[Page 78067]]
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 Exchange proposes to amend the Fee Schedule with respect to
manual orders.
Electronic orders and quotes resting on the Consolidated Book
currently have priority over equal-priced bids or offers in the Trading
Crowd.\3\ In this regard, a Floor Broker, after negotiating a price
with the Trading Crowd, may be required to trade against resting
interest on the Consolidated Book (``clear the Book'') before trading
against interest in the Trading Crowd. Currently, if a Floor Broker
clears the Book before trading against interest in the Trading Crowd,
the Exchange charges the portion of the order executed against the
Consolidated Book an electronic transaction fee and charges any
remaining order size that trades against interest in the Trading Crowd
a manual transaction fee.\4\
---------------------------------------------------------------------------
\3\ See NYSE Arca Options Rule 6.75(a) and (b).
\4\ For example, a Broker-Dealer manual order is currently
charged a standard execution fee of $0.25 per contract. However, if
a portion of the Broker-Dealer manual order executes against resting
interest on the Consolidated Book, then that portion of the manual
order is instead charged the $0.50 per-contract rate for a Broker-
Dealer electronic order. Similarly, if the Broker-Dealer manual
order is in a Penny Pilot class and executes against resting
interest on the Consolidated Book, then that portion of the manual
order is considered to ``Take Liquidity'' and is instead charged the
$0.45 per-contract rate for a Broker-Dealer electronic order. The
Exchange notes that, at the time of the adoption of Post-Take
pricing for electronic executions in Penny Pilot classes, the
Exchange determined that any execution in Penny Pilot issues against
resting orders in the Consolidated Book would be charged a ``take
liquidity'' fee. See Securities Exchange Act Release No. 55223
(February 1, 2007), 72 FR 6306 (February 9, 2007) (SR-NYSEArca-2007-
07).
---------------------------------------------------------------------------
The Exchange proposes to amend endnote 5 of the Fee Schedule to
reflect that a manual order that executes in part against an electronic
order or quote resting on the Consolidated Book prior to executing
against interest in the Trading Crowd would be assessed the applicable
manual transaction fee for the entire order. As is the case today, the
contra-side electronic order or quote would be assessed the applicable
electronic transaction fee or credit. However, if a manual order
executes completely against an electronic order or quote, and therefore
does not execute against interest in the Trading Crowd, then both sides
of the transaction would continue to be charged only the applicable
electronic transaction fee. In order to be eligible for the manual
transaction fee, all manual orders must be entered into the Exchange's
Electronic Order Capture System.
The Exchange proposes to make the rule change operative on December
1, 2011.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the
``Act''),\5\ in general, and Section 6(b)(4) of the Act,\6\ in
particular, because 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. In addition, the
proposed rule change is not designed to permit unfair discrimination
between customers, issuers, brokers or dealers. Under the proposed
change a manual order that executes partially against an electronic
order or quote resting on the Consolidated Book prior to executing
against interest in the Trading Crowd would be assessed the applicable
manual transaction fee for the entire order. The Exchange believes that
this is reasonable, equitable, and not unfairly discriminatory because
a customer who sends an order to the Floor for execution has no control
over whether a portion of the manual order will execute against the
Consolidated Book and therefore has significant uncertainty about the
transaction fees applicable to such order, whereas a customer that
submits an electronic order has certainty that only electronic
transaction fees will apply. The Exchange also believes it is
reasonable, equitable, and not unfairly discriminatory to charge the
electronic transaction fee for manual orders that are executed entirely
against one or more electronic orders or quotes resting on the
Consolidated Book. Manual transaction fees are lower than electronic
transaction fees and the proposed rule change will reduce the incentive
for customers to submit manual orders to obtain the lower fee even
though there is sufficient liquidity in the Consolidated Book to fill
the order. When both sides of the order execute fully on the
Consolidated Book, the Exchange believes it is equitable and not
unfairly discriminatory to charge both sides of the trade the same
category of transaction fee. The Exchange expects that by providing
more certainty about the applicable transaction fees, customers will be
encouraged to submit manual orders to the Exchange and that the
additional order flow will benefit all market participants.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 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)(ii) of the Act \7\ and subparagraph (f)(2) of Rule
19b-4 \8\ thereunder, because it establishes a due, fee, or other
charge imposed by NYSE Arca. 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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 email to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-2011-91 on the subject line.
[[Page 78068]]
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-NYSEArca-2011-91. This
file number should be included on the subject line if email 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-NYSEArca-2011-91 and should
be submitted on or before January 5, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-32138 Filed 12-14-11; 8:45 am]
BILLING CODE 8011-01-P