20428 Federal Register / Vol. 76, No. 70 / Tuesday, April 12, 2011 / Notices 

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. 

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–BX–2011–020 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–2011–020. 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, NW., 

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–BX– 

2011–020 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. 2011–8582 Filed 4–11–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–64195; File No. SR– 

NYSEAmex–2011–21] 

Self-Regulatory Organizations; NYSE 

Amex LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending the Exchange 

Price List 

April 5, 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 March 

29, 2011, 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, II, and 

III 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend its 

2011 Price List (‘‘Price List’’) for equities 

to amend the fees charged for taking 

liquidity in Nasdaq securities priced at 

$1.00 or more and traded pursuant to 

unlisted trading privileges (‘‘UTP’’). The 

Exchange proposes to create a new tier 

with a reduced ‘‘take’’ fee of $0.0019 per 

share (compared with $0.0027 

currently) for market participants and 

Designated Market Makers (‘‘DMMs’’) 

that meet certain average daily executed 

volume requirements in either shares or 

a combination of shares and contracts 

traded on the NYSE Amex options 

market. Market participants and DMMs 

who meet these executed volume 

requirements will also qualify for a 

reduced routing fee of $0.0019 per share 

(compared with $0.0029 currently) for 

executions on other markets as a result 

of routing. The Exchange also proposes 

to eliminate all fees shown in the Price 

List for Supplemental Liquidity 

Providers (‘‘SLPs’’), regardless of price, 

for taking liquidity and for routing 

because those categories are not 

applicable to SLPs. The amended 

pricing will become operative on April 

1, 2011. The text of the proposed rule 

change is available at the Exchange, on 

the Exchange’s Web site at http:// 

www.nyse.com, on the Commission’s 

Web site at http://www.sec.gov, 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, 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 

The Exchange proposes to amend its 

Price List for equities to modify the fees 

charged to market participants and 

DMMs for taking liquidity in Nasdaq 

securities traded pursuant to UTP 

whose share price is $1.00 or more. The 

corresponding fees for such securities 

whose share price is below $1.00 will 

remain unchanged from the current 

formulation regardless of whether the 

volume requirements described below 

are met. 

Currently, market participants and 

DMMs are charged a fee of $0.0027 per 

share for orders in Nasdaq securities 

traded pursuant to unlisted trading 

privileges and priced at $1.00 or more 

that take liquidity. Under the proposal, 

the fee will be reduced to $0.0019 per 

share for orders that take liquidity if 

either of the following volume 

requirements is met: 

• Execution of an average daily volume 

(‘‘ADV’’) in the current month of greater than 

three million shares when taking liquidity 

and routing to other markets for execution 

(combined); or 

• Execution of an ADV in the current 

month of greater than 1 million shares when 

taking liquidity and routing to other markets 

for execution (combined) and execution of an 

ADV of 130,000 total contracts or more on 

the NYSE Amex options market. 


srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 76, No. 70 / Tuesday, April 12, 2011 / Notices 20429 

4See Securities Exchange Act Release No. 62488 

(July 13, 2010), 75 FR 41912 (July 19, 2010) (File 

No. SR–NYSEAmex–2010–69). 

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

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

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

8 17 CFR 240.19b–4(f)(2). 9 17 CFR 200.30–3(a)(12). 

The second alternative above for 

meeting the volume requirements is 

being provided for the purpose of 

encouraging and rewarding active 

participation in both of the NYSE Amex 

markets (equities and options) and to 

recognize those participants that are 

active on both markets. A party that 

does no options business could still 

obtain the lower charge based solely on 

its UTP equities business. 

Currently, market participants and 

DMMs are charged a fee of $0.0029 per 

share for orders in Nasdaq securities 

traded pursuant to unlisted trading 

privileges and priced at $1.00 or more 

that are routed to other markets and 

execute there. Under the proposal, the 

fee will be reduced to $0.0019 per share 

for executions of such routed orders if 

either of the above volume requirements 

is met. The corresponding fee for such 

securities whose share price is below 

$1.00 will remain unchanged from the 

current formulation regardless of 

whether the volume requirements are 

met. 

The Exchange believes that these 

reduced fees for taking liquidity and 

executions from routing will attract 

more volume to the Exchange and 

thereby result in a more competitive 

market in the trading of Nasdaq UTP 

securities. 

Finally, the Exchange proposes to 

eliminate all fees shown in the Price 

List for SLPs, regardless of price, for 

taking liquidity and for routing, because 

those categories are not applicable to 

SLPs and should not have been added 

when the fee and credit structure for 

trading Nasdaq listed securities 

pursuant to UTP was adopted.4 As 

indicated in the Price List for its listed 

securities, the only prices applicable to 

SLPs are credits for adding liquidity. 

The applicable charges for taking 

liquidity and routing are already 

covered in that portion of the Price List 

that relates more generally to fees and 

credits applicable to market participants 

for transactions in Nasdaq securities 

pursuant to UTP, which would include 

fees for taking liquidity and routing that 

are charged to the firm with which the 

SLP is associated. 

These changes are intended to become 

operative for all transactions beginning 

April 1, 2011. 

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. The 

Exchange believes that these reduced 

fees for taking liquidity and executions 

from routing will attract more volume to 

the Exchange and thereby result in a 

more competitive market in the trading 

of Nasdaq UTP securities. 

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 

subparagraph (f)(2) of Rule 19b–4 8

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

NYSE Amex. 

At any time within 60 days of the 

filing of such 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–NYSEAmex–2011–21 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–2011–21. 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 

publicly available. All submissions 

should refer to File Number SR– 

NYSEAmex–2011–21 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. 2011–8581 Filed 4–11–11; 8:45 am] 

BILLING CODE 8011–01–P 


srobinson on DSKHWCL6B1PROD with NOTICES