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SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission
DOCUMENT ID: [Release No. 34-58945; File No. SR-NYSEArca-2008-118]
NOTICE: NOTICES
ACTION: Self-Regulatory Organizations; Proposed Rule Changes:
SUBJECT CATEGORY: Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change Amending Its Schedule of Fees and Charges for Exchange Services
DOCUMENT SUMMARY: November 13, 2008.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given
that on November 3, 2008, NYSE Arca, Inc. (``NYSE Arca'' 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 240.19b4.
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange proposes to amend its Schedule of Fees and Charges for
Exchange Services. A copy of the new Schedule, showing changes pursuant
to this filing is available on the Exchange's Web site at http://
www.nyse.com, at the Exchange's principal office and at the Commission's Public Reference Room.
II. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NYSE Arca included statements concerning the purpose of, and basis for, the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. NYSE Arca 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 Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to amend the existing Schedule in order to include foreign currency options (``FCO'') in the Linkage Fees rates that are currently applied only to issues included in the Penny Pilot.
The Exchange has recently proposed an amendment to its rules that
will enable the Exchange to list and trade FCOs.\3\ In addition to the
issues included in the Penny Pilot, FCOs will also be quoted and traded
in one cent increments. Presently, the Exchange charges $0.45 for all
electronically executed Linkage Orders in Penny Pilot issues.\4\
Pursuant to the proposed change, the Exchange will also charge $0.45
for all electronically executed Linkage Orders in FCO's. Upon approval,
the Exchange intends to apply this reduced fee (as compared to fees
charged for Linkage Orders executed in noneligible issues).
\3\ See Securities and Exchange Commission Release No. 3458800,
October 16, 2008, (notice of immediate effectiveness of SRNYSEArca 2008109).
\4\ The Exchange may trade option contracts in one cent
increments in certain approved issues as part of the Penny Pilot,
through March 27, 2009. See Securities Exchange Act Release No. 34 56568 (September 27, 2007), 72 FR 56422 (October 3, 2007).
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) \5\ of the Act, in general, and section 6(b)(4),\6\
in particular, in that it provides for the equitable allocation of
reasonable dues, fees and other charges among its members and other
persons using its facilities for the purpose of executing Linkage
orders that are routed to the Exchange from other market centers. In
most instances, this proposal decreases the applicable fees for Users. [[Page 71073]]
Without this filing, orders in FCOs that access the Exchange via
Linkage will be charged more than similar electronic transactions on the Exchange.
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4).
B. SelfRegulatory 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. 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
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to which the Exchange consents, the Commission will:
(A) By order approve the proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule change should be 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
Paper Comments
All submissions should refer to File Number SRNYSEArca2008118. 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 (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, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SRNYSEArca2008118 and should be submitted on or before December 15, 2008.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\
\7\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Acting Secretary.
[FR Doc. E827877 Filed 112108; 8:45 am]
BILLING CODE 801101P
SUMMARY: NYSE Arca, Inc.,
DOCUMENT BODY 2: November 13, 2008.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given
that on November 3, 2008, NYSE Arca, Inc. (``NYSE Arca'' 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 240.19b4.
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange proposes to amend its Schedule of Fees and Charges for
Exchange Services. A copy of the new Schedule, showing changes pursuant
to this filing is available on the Exchange's Web site at http://
www.nyse.com, at the Exchange's principal office and at the Commission's Public Reference Room.
II. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NYSE Arca included statements concerning the purpose of, and basis for, the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. NYSE Arca 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 Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to amend the existing Schedule in order to include foreign currency options (``FCO'') in the Linkage Fees rates that are currently applied only to issues included in the Penny Pilot.
The Exchange has recently proposed an amendment to its rules that
will enable the Exchange to list and trade FCOs.\3\ In addition to the
issues included in the Penny Pilot, FCOs will also be quoted and traded
in one cent increments. Presently, the Exchange charges $0.45 for all
electronically executed Linkage Orders in Penny Pilot issues.\4\
Pursuant to the proposed change, the Exchange will also charge $0.45
for all electronically executed Linkage Orders in FCO's. Upon approval,
the Exchange intends to apply this reduced fee (as compared to fees
charged for Linkage Orders executed in noneligible issues).
\3\ See Securities and Exchange Commission Release No. 3458800,
October 16, 2008, (notice of immediate effectiveness of SRNYSEArca 2008109).
\4\ The Exchange may trade option contracts in one cent
increments in certain approved issues as part of the Penny Pilot,
through March 27, 2009. See Securities Exchange Act Release No. 34 56568 (September 27, 2007), 72 FR 56422 (October 3, 2007).
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) \5\ of the Act, in general, and section 6(b)(4),\6\
in particular, in that it provides for the equitable allocation of
reasonable dues, fees and other charges among its members and other
persons using its facilities for the purpose of executing Linkage
orders that are routed to the Exchange from other market centers. In
most instances, this proposal decreases the applicable fees for Users. [[Page 71073]]
Without this filing, orders in FCOs that access the Exchange via
Linkage will be charged more than similar electronic transactions on the Exchange.
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4).
B. SelfRegulatory 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. 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
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to which the Exchange consents, the Commission will:
(A) By order approve the proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule change should be 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
Paper Comments
All submissions should refer to File Number SRNYSEArca2008118. 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 (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, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SRNYSEArca2008118 and should be submitted on or before December 15, 2008.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\
\7\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Acting Secretary.
[FR Doc. E827877 Filed 112108; 8:45 am]
BILLING CODE 801101P
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