[Federal Register Volume 75, Number 142 (Monday, July 26, 2010)]
[Notices]
[Pages 43587-43588]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-18165]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62526; File No. SR-NYSEAmex-2010-68]
Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending Its Fee
Schedule
July 19, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 7, 2010, NYSE Amex LLC (the ``Exchange'' or the ``NYSE
Amex'') 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 self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to temporarily suspend the collection of
marketing charges on Customer orders that trade within the Complex
Matching Engine contra to a Market Maker. Concurrent with this change
we are also proposing to reduce some of the transaction fees associated
with executions in the Complex Matching Engine.
A copy of this filing is available on the Exchange's Web site at
http://www.nyse.com, on the Commission's Internet Web site at http://www.sec.gov, 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 self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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
The Exchange is proposing to temporarily suspend the collection of
marketing charges on Customer orders that trade within the Complex
Matching Engine contra to a Market Maker. At present, our marketing
charges program is designed to allow for the collection of marketing
charges from Market Makers who trade contra to electronic Customer
orders. The marketing charges accrue to either the Directed Order
Market Maker or in the case of a non-directed order, the Specialist or
e-Specialist that is in control of the pool of marketing charge monies
that accrue from non-directed order flow.
Within our Complex Matching Engine we presently do not have
functionality that would permit Market Makers to receive Directed
Orders and therefore control the marketing charges associated with
those directed Customer orders. Given this limitation, the Exchange
feels it is appropriate to suspend the collection of marketing charges
for electronic Customer orders executed in the Complex Matching Engine
until such a time that we can offer Directed Order functionality within
the Complex Matching Engine. Once we create functionality that will
allow Directed Order Market Makers can [sic] receive Complex Directed
Orders that execute within the Complex Matching Engine, the Exchange
will file at that time to reinstate the collection of marketing
charges.
Concurrent with this change in marketing charges, the Exchange is
also proposing to reduce the transaction charges associated with
receiving an
[[Page 43588]]
execution in the Complex Matching Engine. Presently, the Exchange
charges all participants $.10 per contract except for when orders that
originate from the same firm interact with each other in which case the
charge is $.05 per contract. The Exchange intends to reduce the charge
for all participants to $.05 per contract for executions received in
the Complex Matching Engine regardless of whether the orders originate
from the same firm or not.
These changes are intended to be effective immediately for all
transactions beginning July 7, 2010.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\3\ in general, and Section
6(b)(4) of the Act,\4\ in particular, in that it is designed to provide
for the equitable allocation of reasonable dues, fees and other charges
among its members and other persons using its facilities.
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\3\ 15 U.S.C. 78f.
\4\ 15 U.S.C. 78f(b)(4).
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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
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A) of the Act \5\ and subparagraph (f)(2) of Rule
19b-4 \6\ thereunder, because it establishes a due, fee, or other
charge imposed by the NYSE Amex.
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\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 19b-4(f)(2).
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At any time within 60 days of the filing of such 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.
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 (http://www.sec.gov/rules/sro.shtml); or
Send an e-mail to [email protected]. Please include
File Number SR-NYSEAmex-2010-68 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-NYSEAmex-2010-68. This
file number should be included on the subject line if e-mail 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 Web site
viewing and printing in the Commission's Public Reference Room, 100 F
Street, NE., Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of the filing also will be
available for inspection and copying at NYSE's principal office and on
its Internet Web site at http://www.nyse.com. 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-NYSEAmex-2010-68 and should be submitted
on or before August 16, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 15 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-18165 Filed 7-23-10; 8:45 am]
BILLING CODE 8010-01-P