Federal Register / Vol. 75, No. 35 / Tuesday, February 23, 2010 / Notices 8161 

7The Commission expects all SROs to carefully 

review proposed rule changes before they are filed 

with the Commission. 

8 17 CFR 240.19b–4(f)(1). 

9 17 CFR 240.19b–4(f)(2). 

10See http://www.sec.gov/rules/sro/nasdaq/2009/ 

34-60430.pdf. 

11See Securities Exchange Act Release No. 60430 

(August 4, 2009), 74 FR 40279 (August 11, 2009) 

(SR–NASDAQ–2009–072). 

12See http://www.nasdaqtrader.com/ 

Trader.aspx?id=PriceListTrading2. 

13SR–NASDAQ–2010–014 (January 26, 2010). 

14 15 U.S.C. 78f. 

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

16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

inadvertently deleted, while language 

describing the fee for routing to NYSE 

was moved but without language that 

had formerly limited its applicability to 

orders sent to NYSE. Accordingly, a 

reader of the amended rule may 

conclude that the fee of $0.0020 or 

$0.0019 per share executed is applicable 

to ‘‘other’’ orders routed to venues other 

than NYSE. 7

As noted above, however, the filing 

that introduced this error in Rule 7018 

stated that it was not modifying any fees 

or credits, and in fact, was filed as a 

‘‘stated policy, practice, or interpretation 

with respect to the meaning, 

administration, or enforcement of an 

existing rule’’ under SEC Rule 19b– 

4(f)(1) 8 rather than a fee change under 

SEC Rule 19b–4(f)(2).9 Moreover, 

NASDAQ’s intent not to modify fees 

through SR–NASDAQ–2009–072 was 

reflected in the Commission’s notice of 

the filing on the SEC Web site 10 and in 

the Federal Register,11 and the 

applicable fees have been accurately 

described in the pricing schedule that 

appears on NASDAQ’s Web site.12

NASDAQ has been billing members in 

accordance with the correct fees since 

the effective date of SR–NASDAQ– 

2009–072 on July 24, 2009, and 

accordingly believes that all of its 

members are cognizant of the correct 

fee. NASDAQ submitted SR–NASDAQ– 

2010–01413 on an immediately effective 

basis to correct the error and is now 

submitting this filing to seek 

Commission approval to apply the 

correction retroactively to the period 

from July 24, 2009 through January 25, 

2010. 

2. Statutory Basis 

NASDAQ believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,14 in 

general, and with Section 6(b)(4) of the 

Act,15 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 

NASDAQ operates or controls. The 

proposed rule change will ensure that a 

recently filed correction of a 

typographical error in NASDAQ Rule 

7018 is applied retroactively throughout 

the entire period when the error was in 

the rule. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

NASDAQ 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 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

A. By order approve such proposed 

rule change, or 

B. Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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–NASDAQ–2010–015 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–NASDAQ–2010–015. 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 

Nasdaq. 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–NASDAQ–2010–015 and 

should be submitted on or before March 

16, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–3467 Filed 2–22–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Release No. 34–61523; File No. SR–CBOE– 

2010–013] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to the CBSX 

Market Data Infrastructure Fee 

February 16, 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 February 

2, 2010, the Chicago Board Options 

Exchange, Incorporated (‘‘CBOE’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

mstockstill on DSKH9S0YB1PROD with NOTICES

8162 Federal Register / Vol. 75, No. 35 / Tuesday, February 23, 2010 / Notices 

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

4 17 CFR 240.19b–4(f)(2). 

5See Exchange Act Release No. 55882 (June 8, 

2007), 72 FR 32931 (June 14, 2007). 

6See Exchange Act Release No. 56000 (July 2, 

2007), 72 FR 37554 (July 10, 2007), Exchange Act 

Release No. 57472 (March 11, 2008), 73 FR 14515 

(March 18, 2008), and Exchange Act Release No. 

61121 (December 7, 2009), 74 FR 66178 (December 

14, 2009). 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(4). 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(2). 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the CBOE. CBOE has 

designated this proposal as one 

establishing or changing a due, fee, or 

other charge applicable only to a 

member under Section 19(b)(3)(A)(ii) of 

the Act 3 and Rule 19b–4(f)(2) 

thereunder,4 which renders the proposal 

effective upon filing with the 

Commission. 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 

Chicago Board Options Exchange, 

Incorporated (‘‘CBOE’’ or ‘‘Exchange’’) 

proposes to amend the CBOE and CBSX 

Fees Schedules relating to the CBSX 

Market Data Infrastructure Fee. 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, 

CBOE 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. CBOE 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 

Change 

(a) Purpose 

The Exchange charges CBSX market 

participants a monthly fee to recoup 

fees the Exchange pays a third party 

market data vendor and other parties to 

help establish facilities at the Exchange 

through which the vendor can provide 

CBSX participants with certain market 

data.5 The fee has been amended three 

times.6 The current amount of the fee is 

$10,800 divided by the number of CBSX 

participants receiving the data. 

The Exchange proposes to amend the 

fee in a couple of respects. First, the 

Exchange proposes to amend the CBSX 

Fees Schedule to remove the current fee 

amount and replace it with a statement 

that the Exchange will pass-through to 

participants receiving the data the total 

costs incurred by the Exchange to 

provide the market data infrastructure. 

Each participant would continue to be 

assessed on a monthly basis an amount 

equal to the Exchange’s total monthly 

cost divided by the number of 

participants receiving the data. The 

Exchange believes this change is 

reasonable and appropriate in that the 

Exchange pays several third party costs 

(such as for equipment upgrades and 

connectivity) and these costs can vary 

frequently. The Exchange represents 

that any fee passed through to 

participants pursuant to this filing will 

reflect only the actual costs incurred by 

the Exchange in providing the market 

data infrastructure. Due to certain fixed 

costs incurred by the Exchange, each 

participant receiving the data as of 

February 15, 2010 will be obligated to 

pay its share of the fee through June 30, 

2010, even if such participant 

terminates its receipt of the data prior to 

June 30, 2010. 

Second, the Exchange proposes to add 

the fee to the CBOE Fees Schedule 

(under ‘‘Miscellaneous Fees’’) so that the 

fee would also apply to any CBOE 

member receiving the data that is not 

also a CBSX participant. Thus, if in 

addition to CBSX participants any 

CBOE member that is not also a CBSX 

participant receives the data, the fee 

would be divided by the number of 

CBOE members and CBSX participants 

receiving the data. 

(b) Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with Section 

6(b) of the Securities Exchange Act of 

1934 (‘‘Act’’),7 in general, and furthers 

the objectives of Section 6(b)(4) 8 of the 

Act 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 proposed rule 

change would help the Exchange to 

continue providing its members with an 

infrastructure for receiving certain third 

party market data by allowing the 

Exchange to pass-through its 

infrastructure costs in a more efficient 

manner. 

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 that is not 

necessary or appropriate in furtherance 

of [sic] 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 has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 9 and subparagraph (f)(2) of 

Rule 19b–4 10 thereunder. At any time 

within 60 days of the filing of the 

proposed rule change, the Commission 

may summarily abrogate 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–2010–013 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–2010–013. 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/ 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 75, No. 35 / Tuesday, February 23, 2010 / Notices 8163 

11 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. 59229 

(January 12, 2009) 74 FR 3119 (January 16, 2009) 

(SR–NYSE–2009–01). 

5See Securities Exchange Act Release No. 59491 

(March 3, 2009) 74 FR 10107 (March 9, 2009) (SR– 

NYSE–2009–20); see Securities Exchange Act 

Release No. 59864 (May 5, 2009) 74 FR 22194 (May 

12, 2009) (SR–NYSE–2009–44); see Securities 

Exchange Act Release No. 60278 (July 10, 2009) 74 

FR 34615 (July 16, 2009) (SR–NYSE–2009–67); see 

Securities Exchange Act Release No. 60439 (August 

5, 2009) 74 FR 40270 (August 11, 2009) (SR–NYSE– 

2009–78) and see also Securities Exchange Act 

Release No. 60949 (November 6, 2009) 74 FR 58665 

(November 13, 2009) (SR–NYSE–2009–110). 

6See Securities Exchange Act Release No. 61350 

(January 14, 2010) 75 FR 3767 (January 22, 2010) 

(SR–NYSE–2010–01). 

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

8 17 CFR 240.19b–4(f)(2). 

9Executions in the MatchPoint system occur 

when buy and sell interest in a security is entered 

on a matched basis (both buy and sell sides 

submitted together) or when interest submitted in 

the system by one user matches against contra side 

interest submitted by another user. 

10 15 U.S.C. 78a. 

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 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 CBOE. 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–2010–013 and 

should be submitted on or before March 

16, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–3468 Filed 2–22–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61520; File No. SR–NYSE– 

2010–06] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Extending the 

Waiver of all Transaction Fees for 

Shares Executed on the NYSE 

MatchPointSM System 

February 16, 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 January 

29, 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, II and III below, which Items 

have been prepared by the selfregulatory 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 extend the 

waiver of all transaction fees for shares 

executed on the NYSE MatchPointSM

(‘‘NYSE MatchPoint’’ or ‘‘MatchPoint’’) 

system effective February 1, 2010 

through March 31, 2010. The text of the 

proposed rule change is available at the 

Exchange, the Commission’s Public 

Reference Room, and http:// 

www.nyse.com. 

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 extend the 

waiver of all transaction fees for shares 

executed on the MatchPoint system, 

which will be effective from February 1, 

2010 through March 31, 2010. The 

NYSE 2010 Price List will reflect this 

extension of the fee waiver. 

Background 

On January 7, 2009, the Exchange 

filed with the Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’) a 

proposed rule change to adopt a 

temporary equity transaction fee for 

shares executed on the NYSE 

MatchPoint system, effective until 

February 28, 2009.4 The temporary 

equity transaction fee was extended 

numerous times since the original 

filing 5 and it was in effect until January 

7, 2010. On January 7, 2010, the 

Exchange proposed a transaction fee 

holiday waiving all MatchPoint 

transaction fees under the temporary 

equity transaction fee schedule until 

January 29, 2010 (‘‘transaction fee 

waiver’’).6 Each such filing was effective 

upon filing pursuant to Section 

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

subparagraph (f)(2) of Rule 19b–4.8

The Exchange believes that an 

extension of the transaction fee waiver 

will continue to induce users to enter 

more single-sided volume 9 into the 

MatchPoint system, which benefits all 

participants in MatchPoint, since it 

increases the likelihood of a match 

during the matching sessions (i.e., intraday and after hours matching sessions). 

The transaction fee waiver will apply to 

all Exchange members that access 

MatchPoint. Through this fee filing, the 

Exchange is seeking to extend the 

temporary transaction fee waiver from 

February 1, 2010 through March 31, 

2010. 

It is intended that new MatchPoint 

transaction fees will be in effect on or 

before April 1, 2010, after the 

transaction fee waiver terminates. The 

new transaction fees will also provide 

incentives for adding volume to the 

MatchPoint system. 

2. Statutory Basis 

The basis under the Securities 

Exchange Act of 1934 (the ‘‘Act’’) 10 for 

the proposed rule change is the 

requirement under Section 6(b)(4) that 

an exchange have rules that 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 an 

extension of the fee waiver for all 

MatchPoint executions is reasonable in 

that it provides a significant incentive 

for users to add volume into the 

MatchPoint system. Adding volume to 

the MatchPoint system will increase a 

user’s likelihood of obtaining an 

execution. Increased volume and 

trading activity will improve the overall 

mstockstill on DSKH9S0YB1PROD with NOTICES