Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Routing Fees, 68879-68881 [2012-27925]
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Federal Register / Vol. 77, No. 222 / Friday, November 16, 2012 / Notices
Each destination market’s transaction
charge varies and there is a standard
clearing charge for each transaction
incurred by the Exchange along with
other administrative and technical costs
that are incurred by the Exchange. The
Exchange believes that the proposed
Customer Routing Fee would enable the
Exchange to recover the remove fee
assessed to NOM Options Participants
by ISE in Select Symbols, plus clearing
and other administrative and technical
fees for the execution of certain
Customer orders routed to ISE. The
Exchange also believes that the
proposed Customer Routing Fee is
equitable and not unfairly
discriminatory because the Exchange
would assess the ISE Select Symbol
Customer Routing Fee uniformly to all
Customer orders that are routed to ISE.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NASDAQ 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. In addition, a NOM
Options Participant may designate an
order as not available for routing to
avoid routing fees.9
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
19(b)(3)(A)(ii) of the Act.10 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
Number SR–NASDAQ–2012–125 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68188; File No. SR–BX–
2012–071]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to
Routing Fees
November 8, 2012.
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–2012–125. 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 20549–1090, 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
inspection and copying at NASDAQ’s
principal office and on its Internet Web
site. 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–2012–125, and
should be submitted on or before
December 7, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–27924 Filed 11–15–12; 8:45 am]
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 October
31, 2012, NASDAQ OMX BX, Inc. (‘‘BX’’
or ‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘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
Chapter XV, Section 2 entitled ‘‘BX
Options Market—Fees and Rebates.’’
Specifically, the Exchange proposes to
amend a Customer fee for routing
options to the International Securities
Exchange, LLC (‘‘ISE’’). While changes
pursuant to this proposal are effective
upon filing, the Exchange has
designated the proposed amendment to
be operative on November 1, 2012.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.nasdaqtrader.com/
micro.aspx?id=BXRulefilings, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
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.
BILLING CODE 8011–01–P
NOM Rules at Chapter VI, Section 11.
10 15 U.S.C. 78s(b)(3)(A)(ii).
9 See
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15:43 Nov 15, 2012
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1 15
11 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00149
Fmt 4703
68879
Sfmt 4703
2 17
E:\FR\FM\16NON1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
16NON1
68880
Federal Register / Vol. 77, No. 222 / Friday, November 16, 2012 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to recoup
costs that the Exchange incurs for
routing and executing certain orders in
equity options to ISE. The Exchange’s
Pricing Schedule at Chapter XV, Section
2(4) currently includes the following
fees for routing Customer, Firm, Market
Maker, Broker-Dealer and Professional
orders to away markets:
Exchange
Customer
BATS (Penny Pilot) ..................................................................................................................................
BOX .........................................................................................................................................................
CBOE .......................................................................................................................................................
CBOE orders greater than 99 contracts in ETFs, ETNs and HOLDRS) ................................................
C2 ............................................................................................................................................................
ISE (Standard) .........................................................................................................................................
ISE (Select Symbols) * .............................................................................................................................
NOM .........................................................................................................................................................
NYSE Arca (Penny Pilot) .........................................................................................................................
NYSE Amex .............................................................................................................................................
PHLX (for all options other than PHLX Select Symbols) ........................................................................
PHLX Select Symbols ** ..........................................................................................................................
$0.55
0.11
0.11
0.29
0.55
0.11
0.31
0.55
0.55
0.11
0.11
0.50
Firm/market
maker/
brokerdealer
Professional
$0.55
0.55
0.55
N/A
0.55
0.55
0.55
0.55
0.55
0.55
0.55
0.55
$0.55
0.11
0.31
0.31
0.55
0.29
0.39
0.55
0.55
0.31
0.36
0.55
* These fees are applicable to orders routed to ISE that are subject to Rebates and Fees for Adding and Removing Liquidity in Select Symbols. See ISE’s Schedule of Fees for the complete list of symbols that are subject to these fees.
** These fees are applicable to orders routed to PHLX that are subject to Rebates and Fees for Adding and Removing Liquidity in Select Symbols. See PHLX’s Pricing Schedule for the complete list of symbols that are subject to these fees.
mstockstill on DSK4VPTVN1PROD with NOTICES
The Exchange is proposing to amend
the ISE (Select Symbols) Customer
Routing Fee from $0.31 to $0.35 per
contract when routing Select Symbols to
ISE. ISE amended its fee for removing
liquidity for Priority Customer orders
from $0.20 to $0.25 per contract.3 The
Exchange is seeking to amend the
Customer Routing Fee for ISE Select
Symbols to recoup the fee increase
when routing to ISE.
Nasdaq Options Services LLC
(‘‘NOS’’), a member of the Exchange, is
the Exchange’s exclusive order router.4
NOS is the Routing Facility for BX
Options. Each time NOS routes to away
markets NOS is charged a clearing fee 5
and, in the case of certain exchanges, a
transaction fee is also charged in certain
symbols, which fees are passed through
to the Exchange. The Exchange
currently recoups clearing and
transaction charges incurred by the
Exchange as well as certain other costs
incurred by the Exchange when routing
to away markets, such as administrative
and technical costs associated with
operating NOS, membership fees at
away markets, and technical costs
Securities Exchange Act Release No. 67628
(August 9. 2012), 77 FR 49049 (August 15, 2012)
(SR–ISE–2012–71).
4 See BX Options Rules at Chapter VI, Section
11(e) (Order Routing).
5 The Options Clearing Corporation (‘‘OCC’’)
recently amended its clearing fee to $0.01 per
contract side. See Securities Exchange Act Release
No. 68025 (October 10, 2012), 77 FR 63398 (October
16, 2012) (SR–OCC–2012–18).
associated with routing.6 The Exchange
is proposing to assess a fixed fee of
$0.10 per contract in addition to the
actual transaction fee of $0.25 per
contract which is assessed by ISE when
routing a Customer order in a Select
Symbol for a total of $0.35 per contract.
As with all fees, the Exchange may
adjust these Routing Fees in response to
competitive conditions by filing a new
proposed rule change.
2. Statutory Basis
BX believes that its proposal to amend
its rules is consistent with Section 6(b)
of the Act 7 in general, and furthers the
objectives of Section 6(b)(4) of the Act 8
in particular, in that it is an equitable
allocation of reasonable fees and other
charges among Exchange members.
The Exchange believes that the
proposed Customer ISE Select Symbols
Routing Fee is reasonable because the
Exchange seeks to recoup costs incurred
by the Exchange when routing Customer
orders to ISE in Select Symbols on
behalf of BX Options Participants. Each
destination market’s transaction charge
varies and there is a standard clearing
charge for each transaction incurred by
the Exchange along with other
3 See
VerDate Mar<15>2010
15:43 Nov 15, 2012
Jkt 229001
6 The Exchange incurs costly connectivity charges
related to telecommunication lines and other
related costs when routing orders. Also, in addition
to membership fees and transaction fees, the
Exchange also incurs an Options Regulatory Fee
when routing to an away market that assesses that
fee.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4).
PO 00000
Frm 00150
Fmt 4703
Sfmt 4703
administrative and technical costs that
are incurred by the Exchange. The
Exchange believes that the proposed
Customer Routing Fee would enable the
Exchange to recover the remove fee
assessed to BX Options Participants by
ISE in Select Symbols, plus clearing and
other administrative and technical fees
for the execution of certain Customer
orders routed to ISE. The Exchange also
believes that the proposed Customer
Routing Fee is equitable and not
unfairly discriminatory because the
Exchange would assess the ISE Select
Symbol Customer Routing Fee
uniformly to all Customer orders that
are routed to ISE.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
BX 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. In addition, a BX
Options Participant may designate an
order as not available for routing to
avoid routing fees.9
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.
9 See
E:\FR\FM\16NON1.SGM
BX Rules at Chapter VI, Section 11(e).
16NON1
Federal Register / Vol. 77, No. 222 / Friday, November 16, 2012 / 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
19(b)(3)(A)(ii) of the Act.10 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
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549–1090, 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
inspection and copying at the
Exchange’s principal office and on its
Internet Web site. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–BX–
2012–071, and should be submitted on
or before December 7, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–27925 Filed 11–15–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
Paper Comments
mstockstill on DSK4VPTVN1PROD with NOTICES
• 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–BX–2012–071 on the
subject line.
November 14, 2012.
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–BX–2012–071. 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
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of DIAS
Holding, Inc. because it has not filed
any periodic reports since the period
ended September 30, 2009.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of EarthBlock
Technologies, Inc. because it has not
filed any periodic reports since the
period ended December 31, 2007.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Ensurapet,
Inc. because it has not filed any periodic
reports since the period ended
December 31, 2008.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of FIIC
Holdings, Inc. because it has not filed
any periodic reports since the period
ended September 30, 2007.
10 15
U.S.C. 78s(b)(3)(A)(ii).
VerDate Mar<15>2010
15:43 Nov 15, 2012
DIAS Holding, Inc., EarthBlock
Technologies, Inc., Ensurapet, Inc.,
FIIC Holdings, Inc., GeM Solutions,
Inc., Gold Star Tutoring Services Inc.,
and GPS Industries, Inc.; Order of
Suspension of Trading
11 17
Jkt 229001
PO 00000
Fmt 4703
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Gold Star
Tutoring Services, Inc. because it has
not filed any periodic reports since the
period ended September 30, 2009.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of GeM
Solutions, Inc. because it has not filed
any periodic reports since the period
ended March 31, 2007.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of GPS
Industries, Inc. because it has not filed
any periodic reports since the period
ended March 31, 2009.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
companies. Therefore, it is ordered,
pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that
trading in the securities of the abovelisted companies is suspended for the
period from 9:30 a.m. EST on November
14, 2012, through 11:59 p.m. EST on
November 28, 2012.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2012–28017 Filed 11–14–12; 11:15 am]
BILLING CODE 8011–01–P
CFR 200.30–3(a)(12).
Frm 00151
68881
Sfmt 4703
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
Small Business Administration.
Notice of Reporting
Requirements Submitted for OMB
Review.
AGENCY:
ACTION:
Under the provisions of the
Paperwork Reduction Act (44 U.S.C.
Chapter 35), agencies are required to
submit proposed reporting and
recordkeeping requirements to OMB for
review and approval, and to publish a
notice in the Federal Register notifying
the public that the agency has made
such a submission.
DATES: Submit comments on or before
December 17, 2012. If you intend to
comment but cannot prepare comments
promptly, please advise the OMB
Reviewer and the Agency Clearance
Officer before the deadline.
Copies: Request for clearance (OMB
83–1), supporting statement, and other
documents submitted to OMB for
SUMMARY:
E:\FR\FM\16NON1.SGM
16NON1
]]>Agencies
[Federal Register Volume 77, Number 222 (Friday, November 16, 2012)]
[Notices]
[Pages 68879-68881]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-27925]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68188; File No. SR-BX-2012-071]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Routing Fees
November 8, 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 October 31, 2012, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``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 Chapter XV, Section 2 entitled ``BX
Options Market--Fees and Rebates.'' Specifically, the Exchange proposes
to amend a Customer fee for routing options to the International
Securities Exchange, LLC (``ISE''). While changes pursuant to this
proposal are effective upon filing, the Exchange has designated the
proposed amendment to be operative on November 1, 2012.
The text of the proposed rule change is available on the Exchange's
Web site at https://www.nasdaqtrader.com/micro.aspx?id=BXRulefilings, at
the principal office of the Exchange, and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the 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 68880]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to recoup costs that the Exchange
incurs for routing and executing certain orders in equity options to
ISE. The Exchange's Pricing Schedule at Chapter XV, Section 2(4)
currently includes the following fees for routing Customer, Firm,
Market Maker, Broker-Dealer and Professional orders to away markets:
------------------------------------------------------------------------
Firm/market
maker/
Exchange Customer broker- Professional
dealer
------------------------------------------------------------------------
BATS (Penny Pilot).............. $0.55 $0.55 $0.55
BOX............................. 0.11 0.55 0.11
CBOE............................ 0.11 0.55 0.31
CBOE orders greater than 99 0.29 N/A 0.31
contracts in ETFs, ETNs and
HOLDRS)........................
C2.............................. 0.55 0.55 0.55
ISE (Standard).................. 0.11 0.55 0.29
ISE (Select Symbols) *.......... 0.31 0.55 0.39
NOM............................. 0.55 0.55 0.55
NYSE Arca (Penny Pilot)......... 0.55 0.55 0.55
NYSE Amex....................... 0.11 0.55 0.31
PHLX (for all options other than 0.11 0.55 0.36
PHLX Select Symbols)...........
PHLX Select Symbols **.......... 0.50 0.55 0.55
------------------------------------------------------------------------
* These fees are applicable to orders routed to ISE that are subject to
Rebates and Fees for Adding and Removing Liquidity in Select Symbols.
See ISE's Schedule of Fees for the complete list of symbols that are
subject to these fees.
** These fees are applicable to orders routed to PHLX that are subject
to Rebates and Fees for Adding and Removing Liquidity in Select
Symbols. See PHLX's Pricing Schedule for the complete list of symbols
that are subject to these fees.
The Exchange is proposing to amend the ISE (Select Symbols)
Customer Routing Fee from $0.31 to $0.35 per contract when routing
Select Symbols to ISE. ISE amended its fee for removing liquidity for
Priority Customer orders from $0.20 to $0.25 per contract.\3\ The
Exchange is seeking to amend the Customer Routing Fee for ISE Select
Symbols to recoup the fee increase when routing to ISE.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 67628 (August 9.
2012), 77 FR 49049 (August 15, 2012) (SR-ISE-2012-71).
---------------------------------------------------------------------------
Nasdaq Options Services LLC (``NOS''), a member of the Exchange, is
the Exchange's exclusive order router.\4\ NOS is the Routing Facility
for BX Options. Each time NOS routes to away markets NOS is charged a
clearing fee \5\ and, in the case of certain exchanges, a transaction
fee is also charged in certain symbols, which fees are passed through
to the Exchange. The Exchange currently recoups clearing and
transaction charges incurred by the Exchange as well as certain other
costs incurred by the Exchange when routing to away markets, such as
administrative and technical costs associated with operating NOS,
membership fees at away markets, and technical costs associated with
routing.\6\ The Exchange is proposing to assess a fixed fee of $0.10
per contract in addition to the actual transaction fee of $0.25 per
contract which is assessed by ISE when routing a Customer order in a
Select Symbol for a total of $0.35 per contract.
---------------------------------------------------------------------------
\4\ See BX Options Rules at Chapter VI, Section 11(e) (Order
Routing).
\5\ The Options Clearing Corporation (``OCC'') recently amended
its clearing fee to $0.01 per contract side. See Securities Exchange
Act Release No. 68025 (October 10, 2012), 77 FR 63398 (October 16,
2012) (SR-OCC-2012-18).
\6\ The Exchange incurs costly connectivity charges related to
telecommunication lines and other related costs when routing orders.
Also, in addition to membership fees and transaction fees, the
Exchange also incurs an Options Regulatory Fee when routing to an
away market that assesses that fee.
---------------------------------------------------------------------------
As with all fees, the Exchange may adjust these Routing Fees in
response to competitive conditions by filing a new proposed rule
change.
2. Statutory Basis
BX believes that its proposal to amend its rules is consistent with
Section 6(b) of the Act \7\ in general, and furthers the objectives of
Section 6(b)(4) of the Act \8\ in particular, in that it is an
equitable allocation of reasonable fees and other charges among
Exchange members.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes that the proposed Customer ISE Select Symbols
Routing Fee is reasonable because the Exchange seeks to recoup costs
incurred by the Exchange when routing Customer orders to ISE in Select
Symbols on behalf of BX Options Participants. Each destination market's
transaction charge varies and there is a standard clearing charge for
each transaction incurred by the Exchange along with other
administrative and technical costs that are incurred by the Exchange.
The Exchange believes that the proposed Customer Routing Fee would
enable the Exchange to recover the remove fee assessed to BX Options
Participants by ISE in Select Symbols, plus clearing and other
administrative and technical fees for the execution of certain Customer
orders routed to ISE. The Exchange also believes that the proposed
Customer Routing Fee is equitable and not unfairly discriminatory
because the Exchange would assess the ISE Select Symbol Customer
Routing Fee uniformly to all Customer orders that are routed to ISE.
B. Self-Regulatory Organization's Statement on Burden on Competition
BX 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. In addition, a BX Options Participant may
designate an order as not available for routing to avoid routing
fees.\9\
---------------------------------------------------------------------------
\9\ See BX Rules at Chapter VI, Section 11(e).
---------------------------------------------------------------------------
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.
[[Page 68881]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\10\ 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.
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\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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-BX-2012-071 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-BX-2012-071. 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 20549-1090, 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 inspection and copying at the Exchange's principal office
and on its Internet Web site. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-BX-2012-071, and should be submitted on or before
December 7, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-27925 Filed 11-15-12; 8:45 am]
BILLING CODE 8011-01-P
