[Federal Register Volume 75, Number 157 (Monday, August 16, 2010)]
[Notices]
[Pages 50012-50013]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-20150]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62671; File No. SR-NYSEAmex-2010-81]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending its Fee
Schedule
August 9, 2010.
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 August 4, 2010, NYSE Amex LLC. (``NYSE Amex'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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.
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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 establish a new participant category for
purposes of the fee schedule and to modify the fees for Firm
executions. The text of the proposed rule change is attached as Exhibit
5 to the 19b-4 form. A copy of this filing is available on the
Exchange's Web site at http://www.nyse.com, at the Exchange's principal
office, on the Commission's Web site at http://www.sec.gov, 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 those 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 parts 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 establish a new participant category
for purposes of the fee schedule. Presently, the Exchange makes no
distinction between Broker/Dealers who clear in the customer range and
Broker/Dealers who clear in the market maker range. Broker/Dealers who
clear in the market maker range are registered market makers at other
exchanges and accordingly will be identified on the fee schedule as
Non-NYSE Amex Option Market Makers.\3\
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\3\ The term ``Non-NYSE Amex Options Market Maker'' means a
market maker as defined in Section 3(a)(38) of the Securities and
Exchange Act of 1934 registered in the same option class on another
exchange.
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The Exchange will assess Non-NYSE Amex Option Market Makers a fee
of $.40 per contract for all electronic executions. The fee for Non-
NYSE Amex Option Market Maker orders executed manually will be $.25 per
contract. The Exchange notes that the $.40 per contract rate is
comparable to or less than the rate charged by other exchanges for
transactions by market makers who are registered as such in the same
options on another exchange.\4\
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\4\ See the ISE fee schedule dated July 1, 2010. The ISE charges
Non-ISE Market Makers a $.45 per contract charge for electronic
executions.
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Presently the Exchange charges for manual executions that clear in
the Firm range according to a tiered schedule. At this time the
Exchange intends to revert back to the pricing that was in effect
previously for manual executions that clear in the Firm range. The
tiered pricing will be replaced with a fixed per contract fee of $0.25
for all manual executions that clear in the Firm range. Additionally,
the Exchange intends to no longer charge for any Firm Facilitations,
which are defined as trades that clear in the Firm range (clearance
account ``F'') and customer on the contra (clearance account ``C'')
with the same clearing Firm symbol on both sides of the trade.
These changes are intended to be effective immediately for all
transactions beginning August 4, 2010.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) of the Act,\5\ in general, and
Section 6(b)(4) of the Act,\6\ 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.
The Exchange has determined, as part of an ongoing review of its
operations, that the proposed changes to the fee schedule are necessary
in the interests of better allocating the costs of operating the
Exchange in a fair and equitable manner, taking into account that NYSE
Amex Options market makers incur additional costs that Non-NYSE Amex
Options market makers who do transactions here do not incur.
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\5\ 15 U.S.C. 78f(b).
\6\ 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 is effective upon filing pursuant to
Section 19(b)(3)(A) \7\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \8\ thereunder, because it establishes a due, fee, or other charge
imposed by NYSE Amex.
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(2).
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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 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.
[[Page 50013]]
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-2010-81 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-2010-81. 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 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-
NYSEAmex-2010-81 and should be submitted on or before September 7,
2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-20150 Filed 8-13-10; 8:45 am]
BILLING CODE 8010-01-P