[Federal Register Volume 75, Number 174 (Thursday, September 9, 2010)]
[Notices]
[Pages 54928-54929]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-22447]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62826; File No. SR-NYSE-2010-63]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by New York Stock Exchange 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, New York Stock Exchange LLC (``NYSE''
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 to modify the
fees it charges for all market at-the-close (``MOC'') and limit at-the-
close (``LOC'') orders executed in the NYSE Closing Auction. For stocks
with a per share stock price of $1.00 or more, the fee will increase
from $0.0007 per share executed to $0.00085 per share executed. For
stocks with a per share stock price less than $1.00 per share, the fee
will change from (A) the lesser of (i) 0.3% of the total dollar value
of the transaction and (ii) $0.0007 per share executed to (B) the
lesser of (i) 0.3% of the total dollar value of the transaction and
(ii) $0.00085 per share executed. 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 to modify the
fees it charges for all MOC and LOC orders executed in the NYSE Closing
Auction. For stocks with a per share stock price of $1.00 or more, the
fee will increase from $0.0007 per share executed to $0.00085 per share
executed. For stocks with a per share stock price less than $1.00 per
share, the fee will change from (A) the lesser of (i) 0.3% of the total
dollar value of the transaction and (ii) $0.0007 per share executed to
(B) the lesser of (i) 0.3% of the total dollar value of the transaction
and (ii) $0.00085 per share executed. The Exchange notes that The
NASDAQ Stock Market LLC 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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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''),\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 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, a competing exchange also
recently implemented a similar fee change for its market participants,
as described above.
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\5\ 15 U.S.C. 78f(b) [sic].
\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
[[Page 54929]]
subparagraph (f)(2) of Rule 19b-4 \8\ thereunder, because it
establishes a due, fee, or other charge imposed by the NYSE.
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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. 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-NYSE-2010-63 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-NYSE-2010-63. 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 website (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-NYSE-2010-63 and should be submitted on
or before September 30, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Florence E. Harmon,
Deputy Secretary.
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\9\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2010-22447 Filed 9-8-10; 8:45 am]
BILLING CODE 8010-01-P