[Federal Register Volume 75, Number 174 (Thursday, September 9, 2010)]
[Notices]
[Pages 54926-54928]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-22446]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62825; File No. SR-NYSEAmex-2010-90]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Amex LLC To Amend the
Exchange Price List
September 1, 2010.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on August 30, 2010, NYSE Amex LLC (``NYSE Amex'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
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\ 15 U.S.C. 78a.
\3\ 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 amend its 2010 Price List for equities to
modify the fees it charges for all market at-the-close (``MOC'') and
limit at-the-close (``LOC'') orders executed in the Exchange's closing
transaction. For
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securities with a per share price of $1.00 or more, the fee will
increase from $0.0007 per share executed to $0.00085 per share
executed. For securities with a per share price below $1.00 per share,
the fee will change from (A) the lesser of (i) $0.0007 per share
executed and (ii) 0.25% of the total dollar value of the transaction to
(B) the lesser of (i) $0.00085 per share executed and (ii) 0.25% of the
total dollar value of the transaction. The Exchange also proposes to
lower the fee for taking liquidity from the Exchange from $0.0021 per
share executed to $0.0013 per share executed for NASDAQ securities with
a share price of $1.00 or more that trade on the Exchange pursuant to
unlisted trading privileges (``UTP''). The amended pricing will take
effect on September 1, 2010. The text of the proposed rule change is
available at the Exchange, at http://www.nyse.com, at the Commission's
Public Reference Room, 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 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 proposes to amend its 2010 Price List for equities to
modify the fees it charges for all MOC and LOC orders executed in the
Exchange's closing transaction. For securities with a per share price
of $1.00 or more, the fee will increase from $0.0007 per share executed
to $0.00085 per share executed. For securities with a per share price
below $1.00 per share, the fee will change from (A) the lesser of (i)
$0.0007 per share executed and (ii) 0.25% of the total dollar value of
the transaction to (B) the lesser of (i) $0.00085 per share executed
and (ii) 0.25% of the total dollar value of the transaction. The
Exchange notes that The NASDAQ Stock Market LLC (``NASDAQ'') recently
made a similar filing increasing the fee that it charges for MOC and
LOC orders in its closing cross from $0.0007 per share executed to
$0.0010 per share executed.\4\
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\4\ See Securities Exchange Act Release No. 62592 (July 29,
2010), 75 FR 47053 (August 4, 2010) (SR-NASDAQ-2010-095).
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The Exchange also proposes to lower the fee for taking liquidity
from the Exchange from $0.0021 per share executed to $0.0013 per share
executed for NASDAQ securities with a share price of $1.00 or more that
trade on the Exchange pursuant to UTP. This fee reduction for such
transactions in NASDAQ securities will apply to all market participants
as well as to Designated Market Makers and Supplemental Liquidity
Providers. There will be no changes to the rebates for adding liquidity
for trades on the Exchange in NASDAQ securities pursuant to UTP.
Finally, because full implementation has now been achieved of the
Exchange's recently approved rule changes providing for incorporation
of the receipt and execution of odd-lot interest into the round lot
market and decommissioning the use of the odd-lot system,\5\ the
Exchange is taking this opportunity to delete several obsolete
references in its 2010 Price List to separate execution pricing for odd
lot interest and the odd lot portions of partial round lots.
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\5\ See Securities Exchange Act Release No. 62578 (July 27,
2010), 75 FR 45185 (August 2, 2010) (SR-NYSEAmex-2010-53).
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These changes are intended to be effective immediately for all
transactions beginning September 1, 2010.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Securities Exchange Act of 1934
(the ``Act''),\6\ in general, and Section 6(b)(4) of the Act,\7\ 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 believes
that the proposal does not constitute an inequitable allocation of
fees, as all similarly situated member organizations will be charged
the same amount and access to the Exchange's market is offered on fair
and non-discriminatory terms. Further, with respect to the proposed fee
change for MOC and LOC orders that are executed in the Exchange's
closing transaction, a competing exchange also recently implemented a
similar fee change for its market participants, as described above.
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\6\ 15 U.S.C. 78f(b) [sic].
\7\ 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) \8\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \9\ thereunder, because it establishes a due, fee, or other charge
imposed by the NYSE Amex.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 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. 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-2010-90 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-2010-90. This
file number should be included on the
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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 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 website 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 will also 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-2010-90 and should be submitted on or before
September 30, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-22446 Filed 9-8-10; 8:45 am]
BILLING CODE 8010-01-P