[Federal Register Volume 75, Number 236 (Thursday, December 9, 2010)]
[Notices]
[Pages 76766-76767]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-30965]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63432; File No. SR-BX-2010-082]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Modify
Fees for the NASDAQ OMX BX Equities System
December 3, 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 November 24, 2010, NASDAQ OMX BX, Inc. (``BX'') 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 BX. 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
BX proposes to modify pricing for BX members using the NASDAQ OMX
BX Equities System by clarifying that partial trading days will not be
counted in the calculation of average daily trading volume for purposes
of determining a member's eligibility for recently adopted pricing
tiers in BX's fee schedule. BX will implement the proposed change
immediatley [sic]. The text of the proposed rule change is available at
http://nasdaqomxbx.cchwallstreet.com, at BX'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, BX 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. BX 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
BX recently modified its fees for trades that execute at prices at
or above $1.\3\ Effective November 1, 2010, BX introduced a tiered
pricing structure for the fee that it charges to orders that add
liquidity, under which members adding a daily average of more than 50
million shares of liquidity during a month are charged $0.00025 per
share executed, while members adding a daily average of 50 million or
fewer shares during the month are charged $0.0004 per share executed.
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\3\ Securities Exchange Act Release No. 63285 (November 9,
2010), 75 FR 70310 (November 17, 2010) (SR-BX-2010-074).
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Through this proposed rule change, BX is adding language to BX Rule
7018 to clarify that any day that the market is not open for the entire
trading day will be excluded from the calculation of a member's average
daily volume. The change recognizes that many members may have
extremely light trading volumes on days such as the day after
Thanksgiving, when the markets are not open for an entire trading day.
Accordingly, excluding this day from average daily volume calculations
provides a more accurate assessment of the member's volume during the
month. There have been no partial trading days during the month of
November prior to the date of submission of this filing, so the filing
is not retroactive in effect.
2. Statutory Basis
BX believes that the proposed rule change is consistent with the
provisions of Section 6 of the Act,\4\ in general, and with Section
6(b)(4) of the Act,\5\ in particular, in that it provides for the
equitable allocation of reasonable dues, fees and other charges among
members and issuers and other persons using any facility or system
which BX operates or controls. The change will clarify the application
of a recent pricing change by excluding partial trading days from
average daily volume calculations, making it easier for members to
achieve more favorable pricing tiers by excluding trading days when
their volume is likely to be lower.
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\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
BX does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
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) \6\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \7\ thereunder, because it establishes a due, fee, or other charge
imposed by BX on its members.
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 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-BX-2010-082 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-2010-082. 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
[[Page 76767]]
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.\8\ 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-BX-2010-082 and should be submitted on
or before December 30, 2010.
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\8\ The text of the proposed rule change is available on the
Commission's Web site at http://www.sec.gov.
\9\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-30965 Filed 12-8-10; 8:45 am]
BILLING CODE 8011-01-P