Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Offer a New Product, TradeInfo PHLX, and Amend the Fee Schedule to Add a Related Subscription Fee, 6162-6164 [2012-2641]
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6162
Federal Register / Vol. 77, No. 25 / Tuesday, February 7, 2012 / Notices
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
FINRA has filed the proposed rule
change pursuant to Section
19(b)(3)(A)(iii) of the Act 9 and Rule
19b–4(f)(6) thereunder.10 Because the
foregoing proposed rule change does
not: (i) significantly affect the protection
of investors or the public interest, (ii)
impose any significant burden on
competition, and, (iii) become operative
for 30 days from the date on which it
was filed, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 11 and
Rule 19b–4(f)(6) thereunder.12
The Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission believes that
waiver of the operative delay is
consistent with the protection of
investors and the public interest. Such
waiver will give FINRA’s member firms
additional time to prepare for the
change in the TAF rate for covered
equity securities. Therefore, the
Commission designates the proposal
operative upon filing.13
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.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
9 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
11 15 U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires FINRA to give the Commission
written notice of its intent to file the proposed rule
change, along with a brief description and text of
the proposed rule change, at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Commission has waived the fiveday prefiling requirement in this case.
13 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
tkelley on DSK3SPTVN1PROD with NOTICES
10 17
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SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
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.
[Release No. 34–66284; File No. SR–Phlx–
2012–04]
• 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–FINRA–2012–008 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–FINRA–2012–008. 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
10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for Web site
viewing and printing at the principal
office of FINRA. 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
publicly available. All submissions
should refer to File Number SR–FINRA–
2012–008 and should be submitted on
or before February 28, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Kevin M. O’Neill,
Deputy Secretary.
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Offer a New
Product, TradeInfo PHLX, and Amend
the Fee Schedule to Add a Related
Subscription Fee
February 1, 2012.
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 January
26, 2012, NASDAQ OMX PHLX LLC
(‘‘Exchange’’ or ‘‘PHLX’’) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to offer a new
product, TradeInfo PHLX, to amend the
fee schedule to add a related
subscription fee.
The text of the proposed rule change
is available from the Exchange’s Web
site at https://
nasdaqomxphlx.cchwallstreet.com/
NASDAQOMXPHLX/Filings/, 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.
[FR Doc. 2012–2680 Filed 2–6–12; 8:45 am]
BILLING CODE 8011–01–P
1 15
14 17
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CFR 200.30–3(a)(12).
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E:\FR\FM\07FEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
07FEN1
Federal Register / Vol. 77, No. 25 / Tuesday, February 7, 2012 / Notices
the same fee assessed for the similar
products offered by Nasdaq and BX.6
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
tkelley on DSK3SPTVN1PROD with NOTICES
1. Purpose
The Exchange is proposing to offer a
new product, TradeInfo PHLX, and to
amend its fee schedule to assess a fee of
$95 per user, per month for subscription
to the new product.3 Through a secure
Web connection, TradeInfo PHLX will
allow a subscribing member to scan for
their orders submitted to PHLX. A
subscribing member will be able to scan
for all orders in a particular security or
all orders of a particular type, regardless
of their status (open, canceled,
executed, etc.). A subscribing member
will also be able to cancel open orders
at the order, port or firm mnemonic
level. For example, after scanning for
open orders, a subscribing member is
able to select an open order and cancel
the order. TradeInfo PHLX will also
allow a subscribing member to scan
other order statuses, such as executed,
cancelled, broken, rejected and
suspended orders. A subscribing
member will be able to generate reports
of execution, order or cancel
information, which can be exported into
a spreadsheet for review. TradeInfo
PHLX will also permit a subscribing
member to manage their order flow and
mitigate risk by giving them the ability
to view their orders and executions, as
well as the ability to perform cancels at
the port level. Last, TradeInfo PHLX
will allow a subscribing member to
download records of their orders and
executions for record-keeping purposes.
The Exchange currently offers PSX
TradeInfo data to subscribing members
for a fee of $95 per user, per month for
member’s trading activity on the PSX
equities market.4 Under the proposed
rule change, TradeInfo PHLX will be
available to PHLX members
participating on the PHLX options
market.
TradeInfo PHLX is similar to
comparable products offered by the The
Nasdaq Stock Market (‘‘Nasdaq’’) and
NASDAQ OMX BX (‘‘BX’’).5 PHLX is
proposing to offer the same
functionality to its options participants
in regard to their PHLX trade activity for
2. Statutory Basis
The Exchange believes that the
proposed fee is consistent with the
provisions of Section 6 of the Act,7 in
general, and with Section 6(b)(4) of the
Act,8 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 believes that the fee is
reasonable since the functionally
identical product is currently offered for
the same subscription fee to PSX
participants, as well as Nasdaq and BX
members. The Exchange believes that
the fee is equitably allocated since
subscription to the product is voluntary
and the fee is assessed only upon
members that elect to subscribe to the
product. The fee is based on the number
of subscriptions subscribed, so all
similarly-situated member firms would
be assessed the same amount.
The Exchange believes the proposed
rule change is consistent with Section
6(b)(5) of the Act,9 which requires that
the rules of an exchange be designed to
prevent fraudulent and manipulative
acts and practices, promote just and
equitable principles of trade, foster
cooperation and coordination with
persons engaged in regulating, clearing,
settling, processing information with
respect to, and facilitating transactions
in securities, remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general, protect
investors and the public interest. The
Exchange believes the proposed rule
change is consistent with these
requirements because the TradeInfo
PHLX offers a useful analytical tool with
which PHLX members may access
information concerning their order and
trade activity occurring on PHLX, thus
allowing such participants to make
informed decisions concerning such
activity. The Exchange notes that
Nasdaq and BX offer the same type of
product to their members. Affording
PHLX participants access to the same
functionality promotes the goal of
3 The Exchange is creating new Chapter XII
‘‘PHLX Trading Application Services’’ of the
NASDAQ OMX PHLX LLC Fee Schedule under
which it will place the proposed new fee.
4 See NASDAQ OMX PHLX LLC Fee Schedule
(January 5, 2012), Chapter VIII NASDAQ OMX PSX
FEES, TradeInfo PSX, p. 23.
5 Securities Exchange Act Release No. 55135
(January 19, 2007), 72 FR 3893 (January 26, 2007)
(SR–NASDAQ–2006–062). See also Securities
Exchange Act Release No. 60826 (October 14, 2009),
74 FR 54605 (October 22, 2009) (SR–BX–2009–062).
6 NASDAQ Rule 7015(f) and Chapter XV, Section
3(a) of the Nasdaq Options Rules each assess
subscribing members a fee of $95 per user, per
month for TradeInfo if the subscribing member does
not have a subscription to the Nasdaq Workstation
(the Nasdaq Workstation includes access to
TradeInfo). BX Rule 7015 assesses subscribing
members a fee of $95 per user, per month for
TradeInfo BX.
7 15 U.S.C. 78f.
8 15 U.S.C. 78f(b)(4).
9 15 U.S.C. 78f(b)(5).
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6163
perfecting the mechanism of a free and
open market by providing a subscriber
clearer picture of its market activity and
providing it the ability to quickly cancel
orders should the participant determine
it necessary to do so.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
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
Because the foregoing proposed rule
change does not significantly affect the
protection of investors or the public
interest, does not impose any significant
burden on competition, and, by its
terms, does not become operative for 30
days from the date on which it was
filed, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 10 and Rule 19b–
4(f)(6) thereunder.11
The Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission believes that
waiver of the operative delay is
consistent with the protection of
investors and the public interest
because the proposal will provide a tool
for Exchange members to assist them in
the management of their Exchange
orders and is substantially similar to
those of other exchanges.12 Therefore,
the Commission designates the proposal
operative upon filing.13
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
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied the five-day prefiling requirement.
12 See supra notes 4 and 5.
13 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
11 17
E:\FR\FM\07FEN1.SGM
07FEN1
6164
Federal Register / Vol. 77, No. 25 / Tuesday, February 7, 2012 / Notices
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–Phlx–2012–04 on the
subject line.
Paper Comments
tkelley on DSK3SPTVN1PROD with NOTICES
• 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–2012–04. 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
10a.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–
2012–04 and should be submitted on or
before February 28, 2012.
VerDate Mar<15>2010
17:34 Feb 06, 2012
Jkt 226001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Kevin M. O’Neill,
Deputy Secretary.
CTCI fee ....................
WebLink ACT or
Nasdaq
Workstation Post
Trade.
[FR Doc. 2012–2641 Filed 2–6–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66288; File No. SR–
NASDAQ–2012–017]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to Modify Fees
Assessed for Subscription to WebLink
ACT under Rule 7015(e)
February 1, 2012.
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 January
24, 2012, The NASDAQ Stock Market
LLC (‘‘NASDAQ’’ 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 the Substance
of the Proposed Rule Change
NASDAQ is proposing to modify the
fees assessed for subscription to
WebLink ACT under NASDAQ Rule
7015(e). NASDAQ will implement the
proposed fees on February 1, 2012.
The text of the proposed rule change
is below. Proposed new language is
italicized; proposed deletions are in
brackets.
7015. Access Services
The following charges are assessed by
Nasdaq for connectivity to systems
operated by NASDAQ, including the
Nasdaq Market Center, the FINRA/
NASDAQ Trade Reporting Facility, and
FINRA’s OTCBB Service. The following
fees are not applicable to the NASDAQ
Options Market LLC. For related options
fees for Access Services refer to Rule
7053.
(a)–(d) No change.
(e) Specialized Services Related to
FINRA/NASDAQ Trade Reporting
Facility
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
ACT Workstation .......
*
$575/month.
[$375.00]$425/month
(full functionality) or
[$200.00]$225/month
(up to an average
of twenty transactions per day
each month) (For
the purposes of this
service only, a
transaction is defined as an original
trade entry, either
on trade date or asof transactions per
month.)
$525/logon/month.
(f)–(h) No change.
*
*
*
*
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
NASDAQ is proposing to amend the
fees assessed under Rule 7015(e) for
WebLink ACT. WebLink ACT, also
referred to as Nasdaq Workstation Post
Trade, is a web-based application used
for submission of trade reports.
WebLink ACT provides basic front-end
access to the Trade Reporting Facility
(‘‘TRF’’) operated by NASDAQ and the
Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’),3 FINRA’s
OTC Reporting Facility, as well as
access to ACT functionality still offered
by NASDAQ under authority delegated
by FINRA.
NASDAQ proposes to increase the
monthly fee assessed for greater than
twenty trades per day by $50, so that the
fee will be $425, and increase the
monthly fee assessed for less than
twenty trades a day by $25, so that the
3 NASDAQ notes that most FINRA members
seeking access to the TRF use a proprietary frontend system developed by the broker-dealer or a
product offered by a service bureau. WebLink ACT
is designed as a basic front-end system for low
volume users.
E:\FR\FM\07FEN1.SGM
07FEN1
]]>Agencies
[Federal Register Volume 77, Number 25 (Tuesday, February 7, 2012)]
[Notices]
[Pages 6162-6164]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-2641]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66284; File No. SR-Phlx-2012-04]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Offer a
New Product, TradeInfo PHLX, and Amend the Fee Schedule to Add a
Related Subscription Fee
February 1, 2012.
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 January 26, 2012, NASDAQ OMX PHLX LLC (``Exchange'' or
``PHLX'') 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 Exchange proposes to offer a new product, TradeInfo PHLX, to
amend the fee schedule to add a related subscription fee.
The text of the proposed rule change is available from the
Exchange's Web site at https://nasdaqomxphlx.cchwallstreet.com/NASDAQOMXPHLX/Filings/, 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.
[[Page 6163]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to offer a new product, TradeInfo PHLX,
and to amend its fee schedule to assess a fee of $95 per user, per
month for subscription to the new product.\3\ Through a secure Web
connection, TradeInfo PHLX will allow a subscribing member to scan for
their orders submitted to PHLX. A subscribing member will be able to
scan for all orders in a particular security or all orders of a
particular type, regardless of their status (open, canceled, executed,
etc.). A subscribing member will also be able to cancel open orders at
the order, port or firm mnemonic level. For example, after scanning for
open orders, a subscribing member is able to select an open order and
cancel the order. TradeInfo PHLX will also allow a subscribing member
to scan other order statuses, such as executed, cancelled, broken,
rejected and suspended orders. A subscribing member will be able to
generate reports of execution, order or cancel information, which can
be exported into a spreadsheet for review. TradeInfo PHLX will also
permit a subscribing member to manage their order flow and mitigate
risk by giving them the ability to view their orders and executions, as
well as the ability to perform cancels at the port level. Last,
TradeInfo PHLX will allow a subscribing member to download records of
their orders and executions for record-keeping purposes. The Exchange
currently offers PSX TradeInfo data to subscribing members for a fee of
$95 per user, per month for member's trading activity on the PSX
equities market.\4\ Under the proposed rule change, TradeInfo PHLX will
be available to PHLX members participating on the PHLX options market.
---------------------------------------------------------------------------
\3\ The Exchange is creating new Chapter XII ``PHLX Trading
Application Services'' of the NASDAQ OMX PHLX LLC Fee Schedule under
which it will place the proposed new fee.
\4\ See NASDAQ OMX PHLX LLC Fee Schedule (January 5, 2012),
Chapter VIII NASDAQ OMX PSX FEES, TradeInfo PSX, p. 23.
---------------------------------------------------------------------------
TradeInfo PHLX is similar to comparable products offered by the The
Nasdaq Stock Market (``Nasdaq'') and NASDAQ OMX BX (``BX'').\5\ PHLX is
proposing to offer the same functionality to its options participants
in regard to their PHLX trade activity for the same fee assessed for
the similar products offered by Nasdaq and BX.\6\
---------------------------------------------------------------------------
\5\ Securities Exchange Act Release No. 55135 (January 19,
2007), 72 FR 3893 (January 26, 2007) (SR-NASDAQ-2006-062). See also
Securities Exchange Act Release No. 60826 (October 14, 2009), 74 FR
54605 (October 22, 2009) (SR-BX-2009-062).
\6\ NASDAQ Rule 7015(f) and Chapter XV, Section 3(a) of the
Nasdaq Options Rules each assess subscribing members a fee of $95
per user, per month for TradeInfo if the subscribing member does not
have a subscription to the Nasdaq Workstation (the Nasdaq
Workstation includes access to TradeInfo). BX Rule 7015 assesses
subscribing members a fee of $95 per user, per month for TradeInfo
BX.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed fee is consistent with the
provisions of Section 6 of the Act,\7\ in general, and with Section
6(b)(4) of the Act,\8\ 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 believes that the
fee is reasonable since the functionally identical product is currently
offered for the same subscription fee to PSX participants, as well as
Nasdaq and BX members. The Exchange believes that the fee is equitably
allocated since subscription to the product is voluntary and the fee is
assessed only upon members that elect to subscribe to the product. The
fee is based on the number of subscriptions subscribed, so all
similarly-situated member firms would be assessed the same amount.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes the proposed rule change is consistent with
Section 6(b)(5) of the Act,\9\ which requires that the rules of an
exchange be designed to prevent fraudulent and manipulative acts and
practices, promote just and equitable principles of trade, foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, protect investors and the public interest. The
Exchange believes the proposed rule change is consistent with these
requirements because the TradeInfo PHLX offers a useful analytical tool
with which PHLX members may access information concerning their order
and trade activity occurring on PHLX, thus allowing such participants
to make informed decisions concerning such activity. The Exchange notes
that Nasdaq and BX offer the same type of product to their members.
Affording PHLX participants access to the same functionality promotes
the goal of perfecting the mechanism of a free and open market by
providing a subscriber clearer picture of its market activity and
providing it the ability to quickly cancel orders should the
participant determine it necessary to do so.
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\9\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended.
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
Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest, does not
impose any significant burden on competition, and, by its terms, does
not become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-
4(f)(6) thereunder.\11\
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied the five-day prefiling requirement.
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The Exchange has requested that the Commission waive the 30-day
operative delay. The Commission believes that waiver of the operative
delay is consistent with the protection of investors and the public
interest because the proposal will provide a tool for Exchange members
to assist them in the management of their Exchange orders and is
substantially similar to those of other exchanges.\12\ Therefore, the
Commission designates the proposal operative upon filing.\13\
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\12\ See supra notes 4 and 5.
\13\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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
[[Page 6164]]
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 rule-comments@sec.gov. Please include
File Number SR-Phlx-2012-04 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-2012-04. 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
10a.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-2012-04 and should be
submitted on or before February 28, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-2641 Filed 2-6-12; 8:45 am]
BILLING CODE 8011-01-P
