[Federal Register Volume 75, Number 173 (Wednesday, September 8, 2010)]
[Notices]
[Pages 54688-54689]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-22289]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62804; File No. SR-BX-2010-060]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
the Options Regulatory Fee
August 31, 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 27, 2010, NASDAQ OMX BX, Inc. (the ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
prepared by the self-regulatory organization. The Exchange filed the
proposed rule change pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\
and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Fee Schedule of the Boston
Options Exchange Group, LLC (``BOX''), effective September 1, 2010, to
assess the Options Regulatory Fee to each BOX Market Maker or Order
Flow Provider that is fully certified to transact business on the
Exchange. The text of the proposed rule change is available from the
principal office of the Exchange, at the Commission's Public Reference
Room, on the Exchange's Internet Web site at http://nasdaqomxbx.cchwallstreet.com/NASDAQOMXBX/Filings/, and on the
Commission's Web site at http://www.sec.gov.
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 purpose of the proposed rule change is to revise the
circumstances under which the Exchange will assess the Options
Regulatory Fee. In particular, the Exchange will assess the Options
Regulatory Fee to BOX Options Participants that (i) are registered with
the Exchange pursuant to Chapter II of the Rules of BOX; and (ii) have
satisfied the technological requirements to be a fully certified BOX
Market Maker or Order Flow Provider. Market Makers and Order Flow
Providers are not capable of transacting business on the Exchange until
the firm has been technologically certified by BOX (``fully
certified''). In certain instances, particularly at the outset of
becoming a Participant, a Market Maker or an Order Flow Provider may be
registered with the Exchange prior to obtaining the requisite
technological certification. BOX believes that it is not equitable to
assess the Options Regulatory Fee on a Market Maker or Order Flow
Provider that, prior to initially satisfying certain technology
requirements, is not capable of availing itself of the benefits of its
status as a BOX Participant. BOX does not desire to assess the Options
Regulatory Fee to such Market Makers and Order Flow Providers until
they are fully certified to transact business on the Exchange. The
proposed change will have no effect on the assessment of fees for
current BOX Market Makers and Order Flow Providers that are fully
certified to transact business on the Exchange and will have no effect
on Participants that are only clearing transactions for other BOX
Participants.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\5\ in general, and Section
6(b)(5) [sic] of the Act,\6\ in particular, in that it provides [sic]
the equitable allocation of reasonable dues, fees, and other charges
among its members and issuers and other persons using its facilities.
The proposed changes provide that newly registered Market Makers and
Order Flow Providers will be assessed the Options Regulatory Fee once
fully certified and will not alter the assessment of the Options
Regulatory Fee on current BOX Market Makers and Order Flow Providers
that are fully certified to transact business on the Exchange and on
Participants that are only clearing transactions for other BOX
Participants.
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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
The Exchange has neither solicited nor received comments on 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 pursuant to Section
19(b)(3)(A)(ii) of the Exchange Act \7\ and Rule 19b-4(f)(2)\8\
thereunder, because it establishes or changes a due, fee, or
[[Page 54689]]
other charge applicable only to a member.
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\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\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 the action is necessary or
appropriate in the public interest, for the protection of investors, or
would otherwise further 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-BX-2010-060 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-2010-060. 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 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. SR-BX-2010-060 and should be
submitted on or before September 29, 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. 2010-22289 Filed 9-7-10; 8:45 am]
BILLING CODE 8010-01-P