20392 Federal Register / Vol. 76, No. 70 / Tuesday, April 12, 2011 / Notices 

11 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 64027 

(March 3, 2011), 76 FR 13011 (March 9, 2011) (SR– 

CBOE–2011–020). 

4See footnote 1. 

5 15 U.S.C. 78f(b). 

6 15 U.S.C. 78f(b)(4). 

7 15 U.S.C. 78s(b)(3)(A). 

Number SR–CBOE–2011–034 and 

should be submitted on or before 

May 3, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–8621 Filed 4–11–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–64199; File No. SR–CBOE– 

2011–035] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend CBSX Maker 

and Taker Transaction Fees and 

Rebates for Transactions in Securities 

Priced $1 or Greater 

April 6, 2011. 

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 March 31, 

2011, the Chicago Board Options 

Exchange, Incorporated (‘‘Exchange’’ or 

‘‘CBOE’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change as described 

in Items I, II, and III 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

CBOE Stock Exchange (‘‘CBSX’’) 

transaction fees. The text of the 

proposed rule change is available on the 

Exchange’s Web site (http:// 

www.cboe.org/legal), at the Exchange’s 

Office of the Secretary, and at the 

Commission. 

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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

This filing proposes to make changes 

to the CBSX Fees Schedule. On March 

1, 2011, CBOE modified the CBSX 

Maker and Taker transaction fees and 

rebates for transactions in securities 

priced $1 or greater.3 Following that 

change, transactions in securities priced 

$1 or greater in a select group of stocks 

(BAC, BIL, BGZ, C, CIM, DXD, FAZ, 

IAU, LVLT, NBG, PVI, QID, SDS, SIRI, 

SKF, SNV, UDN, UNG, UUP, XLF) 

became subject to Maker fees of $0.0018 

per share and Taker rebates of $0.0014 

per share. Transactions in securities 

priced $1 or greater in another select 

group of stocks (AA, AMAT, AMD, 

ATML, BRCD, BSX, CMCSA, COCO, 

CSCO, CX, DELL, DIA, DOW, DRYS, 

DUK, EBAY, EMC, EWJ, EWT, FAS, 

FAX, F, FITB, FLEX, GBG, GDX, GE, 

GLD, GLW, HBAN, HPQ, IDIX, INTC, 

IWM, IYR, JPM, KEY, LVS, MDT, MFE, 

MGM, MO, MRVL, MSFT, MU, NLY, 

NOK, NVDA, NWSA, ONNN, ORCL, 

PBR, PFE, PSQ, QCOM, Q, QLD, QQQQ, 

RF, RFMD, SBUX, S, SH, SLV, SMH, 

SNDK, SPLS, SPXU, SPY, SSO, SYMC, 

TBT, T, TLT, TNA,TSM, TWM, TXN, 

TZA, UCO, USO, UWM, UYG, VALE, 

VWO, VXX, VZ, WFC, XHB, XLB, XLE, 

XLI, XLK, XLP, XLU, XLV, XLY, XRT, 

XRX, YHOO) became subject to Maker 

fees of $0.0009 per share and Taker 

rebates of $0.0006 per share. 

Transactions in securities priced $1 or 

greater for all other securities became 

subject to a $0.0001 fee. 

The Exchange now proposes to 

change the specific securities in the 

groups. Under the proposed rule 

change, transactions in the following 

securities priced $1 or greater would be 

subject to Maker fees of $0.0018 per 

share and Taker rebates of $0.0014 per 

share: ALU, BAC, BIL, C, CIM, IAU, 

LVLT, PVI, SIRI, SNV, UDN, UNG, UUP. 

Transactions in the following securities 

priced $1 or greater would be subject to 

Maker fees of $0.0009 per share and 

Taker rebates of $0.0006 per share: AA, 

AMD, BGZ, BRCD, BSX, CSCO, CX, 

DGZ, DIA, DRYS, DUK, DXD, DZZ, EWJ, 

FAX, F, GBG, GLD, INTC, IWM, KEY, 

MSFT, NBG, NOK, PFE, Q, QQQ, RF, 

RFMD, SDS, S, SH, SLV, SPF, SPXU, 

SPY, SSO, TBT, TLT, TWM, TZA, UCO, 

USO, UWM, VXX, XLI, XLP. 

Transactions in securities priced $1 or 

greater for all other securities will 

remain subject to a $0.0001 fee. The 

Exchange is modifying the securities in 

the groups and customizing transaction 

fees by security due to the different 

liquidity attributes of the different 

securities and CBSX’s experience in 

trades involving those securities. 

The Exchange also proposes to re-add 

a reference to footnote 4, which defines 

a ‘‘Qualified Contingent Trade’’. This 

reference was inadvertently removed in 

re-organizing the CBSX Fees Schedule 

in the previous filing.4

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),5 in general, and furthers the 

objectives of Section 6(b)(4) 6 of the Act 

in particular, in that it is designed to 

provide for the equitable allocation of 

reasonable dues, fees, and other charges 

among CBOE Trading Permit Holders 

and other persons using Exchange 

facilities. The Exchange is modifying 

the securities in the groups and 

customizing transaction fees by security 

due to the different liquidity attributes 

of the different securities and CBSX’s 

experience in trades involving those 

securities. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE does not believe that the 

proposed rule change will impose any 

burden on competition 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 proposed rule change is 

designated by the Exchange as 

establishing or changing a due, fee, or 

other charge, thereby qualifying for 

effectiveness on filing pursuant to 

Section 19(b)(3)(A) of the Act 7 and 


srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 76, No. 70 / Tuesday, April 12, 2011 / Notices 20393 

8 17 CFR 240.19b–4(f)(2). 

9 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 62252 

(June 10, 2010), 75 FR 34186 (June 16, 2010) 

approving SR–CHX–2010–10. 

5See Securities Exchange Act Release No. 62884 

(September 10, 2010), 75 FR 56618 (September 16, 

2010) approving SR–CHX–2010–14. 

6See Securities Exchange Act Release No. 34– 

63498 (December 9, 2010), 75 FR 78310 December 

15, 2010) approving SR–CHX–2010–24. 

subparagraph (f)(2) of Rule 19b–4 8

thereunder. 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 rulecomments@sec.gov. Please include File 

Number SR–CBOE–2011–035 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–CBOE–2011–035. 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 Number SR–CBOE– 

2011–035 and should be submitted on 

or before May 3, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–8622 Filed 4–11–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–64203; File No. SR–CHX– 

2011–05] 

Self-Regulatory Organizations; 

Chicago Stock Exchange, Inc.; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change to Extend 

the Pilot Program Relating to 

Individual Securities Circuit Breakers 

April 6, 2011. 

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 April 5, 

2010, the Chicago Stock Exchange, Inc. 

(‘‘CHX’’ or 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 Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

CHX proposes to amend its rules to 

extend the pilot program relating to 

individual securities circuit breakers. 

The text of this proposed rule change is 

available on the Exchange’s Web site at 

(http://www.chx.com) and in 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 

CHX included statements concerning 

the purpose of and basis for the 

proposed rule changes and discussed 

any comments it received regarding the 

proposal. The text of these statements 

may be examined at the places specified 

in Item IV below. The CHX 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 

Changes 

1. Purpose 

In June, 2010, CHX obtained 

Commission approval to amend Article 

20, Rule 2 to create circuit breakers in 

individual securities on a pilot basis to 

end on December 10, 2010.4 Shortly 

thereafter, in September, the 

Commission approved another 

amendment to Article 20, Rule 2 to add 

securities included in the Russell 1000®

Index (‘‘Russell 1000’’) and certain 

specified Exchange Traded Products 

(‘‘ETP’’) to the pilot rule.5 This program 

was subsequently extended until April 

11, 2011.6 The proposed rule change 

merely extends the duration of the pilot 

program to the earlier of August 11, 

2011 or the date on which a limit up/ 

limit down mechanism to address 

extraordinary market volatility, if 

adopted, applies. Extending the pilot in 

this manner will allow it to continue 

until the limit up/limit down 

mechanism to address extraordinary 

market volatility, if adopted, applies. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b)(5) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’), which requires the rules of an 

exchange to promote just and equitable 

principles of trade, to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest. The proposed rule 

change also is designed to support the 

principles of Section 11A(a)(1) of the 

Act in that it seeks to assure fair 

competition among brokers and dealers 

and among exchange markets. The 

Exchange believes that the proposed 

rule meets these requirements in that it 

promotes uniformity across markets 

concerning decisions to pause trading in 

a security when there are significant 

price movements. 


srobinson on DSKHWCL6B1PROD with NOTICES