Browse: Departments Dates Agencies
SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission
DOCUMENT ID: [Release No. 34-56928; File No. SR-Amex-2007-133]
NOTICE: NOTICES
ACTION: Self-regulatory organizations; proposed rule changes:
SUBJECT CATEGORY: Self-Regulatory Organizations; The American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Reduce Certain Clearing Fees
DOCUMENT SUMMARY: December 7, 2007.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'')\1\ and Rule 19b4 thereunder,\2\ notice is hereby given that
on November 30, 2007, the American Stock Exchange LLC (``Amex'' 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
Exchange has designated this proposal as one establishing or changing a
due, fee, or other charge imposed by the Exchange under section
19(b)(3)(A) of the Act \3\ and Rule 19b4(f)(2) thereunder,\4\ which
renders it effective upon filing with the Commission. 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 240.19b4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b4(f)(2).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposal Rule Change
The Exchange proposes to reduce the clearing charge for an order in equities or ETFs routed to and executed on another market center from $0.07 to $0.04 per hundred shares.
The text of the proposed rule change is available at Amex's
principal office, the Commission's Public Reference Room, and http://www.amex.com .
II. SelfRegulatory 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. SelfRegulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change
(1) Purpose
The Exchange proposes to amend its Equity Fee Schedule and its Exchange Traded Funds and Trust Issued Receipts Fee Schedule to reduce from $0.07 to $0.04 per hundred shares (or $0.0004 per share) the clearing charge for an Amex member order in equities or ETFs routed to and executed on another market center, thereby reducing overall transaction fees for such order routed away from $0.37 to $0.34 per hundred shares (including the $0.30 per hundred routing fee). This fee applies to Amex members only, and the Exchange's goal is to reduce cost disincentives to its members placing orders for Amexlisted securities on the Amex book.
(2) Statutory Basis
The proposed fee change is consistent with section 6(b)(4) of the
Act \5\ regarding the equitable allocation of reasonable dues, fees,
and other charges among exchange members for the following reasons. The
reduction of the clearing charge does not discriminate among Amex
members, as it is applicable to all Amex members. Further, the proposed
fee change will serve to make the Amex more competitive for order flow
by bringing its overall fees for routing orders to away markets for
execution closer in line with the fees charged by the away markets for
similar services. Currently, competitive market centers charge between
$0.26 and $0.30 per hundred shares (with the exception of NYSE Arca
which charges $0.40 per hundred) \6\ to route trades of Amexlisted
securities to the Amex itself for execution, and the new Amex aggregate
transaction fee of $0.34 per hundred to route orders to away markets
for execution (down from $0.37 per hundred as a function of the instant
reduction of the clearing fee) places Amex more competitively within that spectrum of fees.
\5\ 15 U.S.C. 78f(b)(4).
\6\ See, e.g., NASDAQ Rule 7018(a) ($0.26$0.30 per hundred,
depending on volume); NYSE Price List 2007, http://www.nyse.com/pdfs/2007pricelist.pdf , at page 3 ($0.30 per hundred); NYSE Arca
Schedule of Fees and Charges for Exchange Services, http://www.nyse.com/pdfs/NYSEArca_Equities_Fees.pdf , at page 1 ($0.40 per
hundred).
B. SelfRegulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of the Act.
C. SelfRegulatory 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 proposed rule change is filed pursuant to section
19(b)(3)(A)(ii) of the Act \7\ and subparagraph (f)(2) of Rule 19b4 thereunder \8\ because it
[[Page 70910]]
establishes or changes a due, fee, or other charge applicable only to a
member imposed by a selfregulatory organization. Accordingly, the
proposal is effective upon Commission receipt of the filing. At any
time within 60 days of the filing of the proposed rule change, the
Commission may summarily abrogate 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 240.19b4(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
Paper Comments
All submissions should refer to File No. SRAmex2007133. 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 at http://www.sec.gov/rules/sro.shtml. Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying 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. SRAmex2007133 and should be submitted on or before January 3, 2008.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\
\9\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E724118 Filed 121207; 8:45 am]
BILLING CODE 801101P
SUMMARY: American Stock Exchange LLC,
DOCUMENT BODY 2: December 7, 2007.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'')\1\ and Rule 19b4 thereunder,\2\ notice is hereby given that
on November 30, 2007, the American Stock Exchange LLC (``Amex'' 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
Exchange has designated this proposal as one establishing or changing a
due, fee, or other charge imposed by the Exchange under section
19(b)(3)(A) of the Act \3\ and Rule 19b4(f)(2) thereunder,\4\ which
renders it effective upon filing with the Commission. 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 240.19b4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b4(f)(2).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposal Rule Change
The Exchange proposes to reduce the clearing charge for an order in equities or ETFs routed to and executed on another market center from $0.07 to $0.04 per hundred shares.
The text of the proposed rule change is available at Amex's
principal office, the Commission's Public Reference Room, and http://www.amex.com .
II. SelfRegulatory 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. SelfRegulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change
(1) Purpose
The Exchange proposes to amend its Equity Fee Schedule and its Exchange Traded Funds and Trust Issued Receipts Fee Schedule to reduce from $0.07 to $0.04 per hundred shares (or $0.0004 per share) the clearing charge for an Amex member order in equities or ETFs routed to and executed on another market center, thereby reducing overall transaction fees for such order routed away from $0.37 to $0.34 per hundred shares (including the $0.30 per hundred routing fee). This fee applies to Amex members only, and the Exchange's goal is to reduce cost disincentives to its members placing orders for Amexlisted securities on the Amex book.
(2) Statutory Basis
The proposed fee change is consistent with section 6(b)(4) of the
Act \5\ regarding the equitable allocation of reasonable dues, fees,
and other charges among exchange members for the following reasons. The
reduction of the clearing charge does not discriminate among Amex
members, as it is applicable to all Amex members. Further, the proposed
fee change will serve to make the Amex more competitive for order flow
by bringing its overall fees for routing orders to away markets for
execution closer in line with the fees charged by the away markets for
similar services. Currently, competitive market centers charge between
$0.26 and $0.30 per hundred shares (with the exception of NYSE Arca
which charges $0.40 per hundred) \6\ to route trades of Amexlisted
securities to the Amex itself for execution, and the new Amex aggregate
transaction fee of $0.34 per hundred to route orders to away markets
for execution (down from $0.37 per hundred as a function of the instant
reduction of the clearing fee) places Amex more competitively within that spectrum of fees.
\5\ 15 U.S.C. 78f(b)(4).
\6\ See, e.g., NASDAQ Rule 7018(a) ($0.26$0.30 per hundred,
depending on volume); NYSE Price List 2007, http://www.nyse.com/pdfs/2007pricelist.pdf , at page 3 ($0.30 per hundred); NYSE Arca
Schedule of Fees and Charges for Exchange Services, http://www.nyse.com/pdfs/NYSEArca_Equities_Fees.pdf , at page 1 ($0.40 per
hundred).
B. SelfRegulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of the Act.
C. SelfRegulatory 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 proposed rule change is filed pursuant to section
19(b)(3)(A)(ii) of the Act \7\ and subparagraph (f)(2) of Rule 19b4 thereunder \8\ because it
[[Page 70910]]
establishes or changes a due, fee, or other charge applicable only to a
member imposed by a selfregulatory organization. Accordingly, the
proposal is effective upon Commission receipt of the filing. At any
time within 60 days of the filing of the proposed rule change, the
Commission may summarily abrogate 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 240.19b4(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
Paper Comments
All submissions should refer to File No. SRAmex2007133. 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 at http://www.sec.gov/rules/sro.shtml. Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying 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. SRAmex2007133 and should be submitted on or before January 3, 2008.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\
\9\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E724118 Filed 121207; 8:45 am]
BILLING CODE 801101P
Common CFR Searches
14 CFR Part 39 40 CFR Part 52 14 CFR Part 71 33 CFR Part 165 50 CFR Part 679 47 CFR Part 73 26 CFR Part 1 40 CFR Part 180 33 CFR Part 117 50 CFR Part 17 44 CFR Part 67 50 CFR Part 648 14 CFR Part 97 40 CFR Part 63 33 CFR Part 100 50 CFR Part 622 50 CFR Part 660 26 CFR Part 301 44 CFR Part 65 39 CFR Part 111 40 CFR Part 300 6 CFR Part 5 40 CFR Part 271 47 CFR Part 64 40 CFR Parts 52 and 81 50 CFR Part 665 10 CFR Part 50 44 CFR Part 64 49 CFR Part 571 39 CFR Part 3020