Federal Register / Vol. 75, No. 218 / Friday, November 12, 2010 / Notices 69477 

1 15 U.S.C. 78k–1. 

2 17 CFR 242.608. 

3The OPRA Plan is a national market system plan 

approved by the Commission pursuant to Section 

11A of the Act and Rule 608 thereunder (formerly 

Rule 11Aa3–2). See Securities Exchange Act 

Release No. 17638 (March 18, 1981), 22 S.E.C. 

Docket 484 (March 31, 1981). The full text of the 

OPRA Plan is available at http:// 

www.opradata.com. 

The OPRA Plan provides for the collection and 

dissemination of last sale and quotation information 

on options that are traded on the participant 

exchanges. The eight participants to the OPRA Plan 

are BATS Exchange, Inc., Chicago Board Options 

Exchange, Incorporated, C2 Options Exchange, 

Incorporated, International Securities Exchange, 

LLC, NASDAQW OMX BX, Inc., NASDAQ OMX 

PHLX, Inc., NASDAQ Stock Market LLC, NYSE 

Amex, Inc., and NYSE Arca, Inc. 

4 17 CFR 242.608(b)(3)(i). 

5 17 CFR 242.608(b)(2). 

3(a)(16) and 17a–4(b)(11) would be 

$3,570: ($3,213 + $357 = $3,570). 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information shall have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden of the proposed collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information to be collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 60 days of this 

publication. 

Please direct your written comments 

to Thomas Bayer, Chief Information 

Officer, Securities and Exchange 

Commission, C/O Remi Pavlik-Simon, 

6432 General Green Way, Alexandria, 

VA, 22312 or by sending an e-mail to: 

PRA_Mailbox@sec.gov. 

Dated: November 4, 2010. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–28543 Filed 11–10–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63273; File No. SR–OPRA– 

2010–03] 

Options Price Reporting Authority; 

Notice of Filing and Immediate 

Effectiveness of Proposed Amendment 

To Revise the Device-Based 

Professional Subscriber Fees Charged 

by OPRA for its Basic Service 

November 8, 2010. 

Pursuant to Section 11A of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 608 thereunder,2

notice is hereby given that on October 

29, 2010, the Options Price Reporting 

Authority (‘‘OPRA’’) submitted to the 

Securities and Exchange Commission 

(‘‘Commission’’) an amendment to the 

Plan for Reporting of Consolidated 

Options Last Sale Reports and 

Quotation Information (‘‘OPRA Plan’’).3

The proposed amendment would revise 

the device-based professional subscriber 

fees charged by OPRA in respect of its 

Basic Service. A conforming revision is 

proposed to be made to OPRA’s 

Enterprise Rate Professional Subscriber 

Fee. The Commission is publishing this 

notice to solicit comments from 

interested persons on the proposed 

OPRA Plan amendment. 

I. Description and Purpose of the Plan 

Amendment 

The purpose of the amendment is to 

make incremental increases in OPRA’s 

device-based professional subscriber 

fees in respect of its Basic Service and 

in the Enterprise Rate charged to those 

subscribers who elect that rate in place 

of device-based fees. These increases 

will be phased in over a four-year 

period. Specifically, it is proposed to 

increase the current $23 monthly per 

device fee by $1.00 in each of the years 

2011, 2012, 2013 and 2014. It is also 

proposed to increase the Enterprise 

Rate, currently a monthly fee of $23 

times the number of a subscriber’s U.S.- 

based registered representatives, by this 

same amount in each of these years and 

to make conforming changes to the 

minimum monthly fee under the 

Enterprise Rate. These increases will be 

effective on January 1 in each year. 

OPRA’s Basic Service currently consists 

of market data and related information 

pertaining to all of the options listed 

and traded on its member Exchanges 

(i.e., equity options and index options, 

including foreign currency index 

options) (‘‘OPRA Data’’). Professional 

subscribers are persons who subscribe 

to OPRA Data and do not qualify for the 

reduced fees charged to nonprofessional 

subscribers. OPRA’s Enterprise Rate is 

based on the number of a professional 

subscriber’s U.S. registered 

representatives and independent 

investment advisers who contract with 

the subscriber to provide advisory 

services to the subscriber’s customers. 

The proposed increases in the devicebased professional subscriber fee and in 

the Enterprise Rate are intended to 

generate revenues for OPRA and its 

member exchanges that are needed to 

cover actual and anticipated increases 

in the costs of collecting, consolidating, 

processing and disseminating options 

market information and assuring the 

reliability and integrity of that 

information, as well as increases in 

OPRA’s administrative costs. These 

increases reflect the higher costs of 

enhancements to and upgrades of the 

OPRA system and related exchange 

systems that are needed in order to 

enable OPRA, its participant exchanges 

and its vendors to handle a greater 

volume of market information as a result 

of the continuing expansion of listed 

options trading and to provide a greater 

degree of redundancy and security in 

the OPRA system. Increases in 

administrative costs largely reflect 

higher employee costs. Assuming the 

number of fee-liable devices and 

registered persons remains the same, 

OPRA estimates that the overall effect of 

the proposed increases in professional 

subscriber fees will be to increase 

revenues derived from these fees by 

approximately 4% in each of the four 

years covered by the proposal. 

The text of the proposed amendment 

to the OPRA Plan is available at OPRA, 

the Commission’s Public Reference 

Room, http://opradata.com, and on the 

Commission’s Web site at http:// 

www.sec.gov. 

II. Implementation of the OPRA Plan 

Amendment 

Pursuant to paragraph (b)(3)(i) of Rule 

608 under the Act,4 OPRA designated 

this amendment as establishing or 

changing a fee or other charge collected 

on behalf of all of the OPRA Participants 

in connection with access to or use of 

OPRA facilities. In order to give persons 

subject to these fees advance notice of 

the changes, the first of these changes is 

not proposed to be put into effect until 

January 1, 2011. Notice of these fee 

changes is being sent to OPRA Vendors 

and Professional Subscribers at or about 

the date of the filing. 

The Commission may summarily 

abrogate the amendment within sixty 

days of its filing and require refiling and 

approval of the amendment by 

Commission order pursuant to Rule 

608(b)(2) under the Act 5 if it appears to 

the Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or the maintenance of fair and orderly 

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69478 Federal Register / Vol. 75, No. 218 / Friday, November 12, 2010 / Notices 

6 17 CFR 200.30–3(a)(29). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

5The Exchange represents that the PULSe 

workstation is merely a new front-end system 

interface to existing C2 trading systems (i.e., it is a 

new means of connecting to these existing trading 

systems), and does not require any changes to the 

Exchange’s surveillance or communications rules. 

Further, there is no change to, or impact on, the 

Exchange’s market structure as a result of the 

PULSe workstations. 

6The workstation will also have the capability to 

enable a user to send orders for commodity futures 

and commodity options to designated contract 

markets and other venues of the user’s choice at 

which the user has trading privileges and to futures 

commission merchants (each, an ‘‘FCM’’) and 

introducing brokers (each, an ‘‘IB’’) of the user’s 

choice. The workstation may also have the 

capability to enable a user to send orders in other 

non-security products to one or more destinations 

of the user’s choice. 

markets, to remove impediments to, and 

perfect the mechanisms of, a national 

market system, or otherwise in 

furtherance of the purposes of the Act. 

III. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed OPRA 

Plan amendment 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 

No. SR–OPRA–2010–03 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–OPRA–2010–03. 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 plan 

amendment that are filed with the 

Commission, and all written 

communications relating to the 

proposed plan amendment 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 such filing 

also will be available for inspection and 

copying at the principal office of OPRA. 

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–OPRA–2010–03 and should 

be submitted on or before December 3, 

2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–28547 Filed 11–10–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63246; File No. SR–C2– 

2010–007] 

Self-Regulatory Organizations; C2 

Options Exchange, Incorporated: 

Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to PULSe Fees 

November 4, 2010. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on October 

28, 2010, C2 Options Exchange, 

Incorporated (the ‘‘Exchange’’ or ‘‘C2’’) 

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 Exchange has designated this 

proposal as one establishing or changing 

a due, fee, or other charge imposed by 

the Exchange under Section 

19(b)(3)(A)(ii) of the Act 3 and Rule 19b– 

4(f)(2) thereunder.4 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 

Fees Schedule to adopt fees for the use 

of a front-end order entry workstation, 

referred to as PULSe, that will be a 

facility of the Exchange. 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 

Exchange 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. The 

Exchange 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, Proposed Rule 

Change 

1. Purpose 

The purpose of this proposed rule 

change is to establish fees relating to the 

use of the PULSe order entry 

workstation on C2, which fees are 

modeled after the fees established for C2 

affiliates Chicago Board Options 

Exchange, Incorporated (‘‘CBOE’’) and 

the CBOE Stock Exchange (‘‘CBSX’’). 

The PULSe workstation is a front-end 

order entry system designed for use 

with respect to orders that may be sent 

to the trading systems of C2.5 In 

addition to providing the capability to 

send orders to the C2 market, the PULSe 

workstation will also provide a user 

with the capability to send options 

orders to other U.S. options exchanges 

(including CBOE) and stock orders to 

other U.S. stock exchanges (including 

CBSX) through a ‘‘PULSe Routing 

Intermediary’’ as further described 

below (‘‘away-market routing’’). 

Additionally, the PULSe workstation 

functionality will include access to 

consolidated real-time options and stock 

market data.6

The PULSe workstation will be made 

available by Signal Trading Systems, 

LLC (‘‘STS’’). STS is an affiliate of CBOE 

that is jointly owned by CBOE and 

FlexTrade Systems, Inc. (‘‘FlexTrade’’), a 

technology services provider. STS will 

grant licenses to use the workstation 

directly to C2 Permit Holders (‘‘Permit 

Holders’’) and their customers, 

including Sponsored Users. STS may 

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