40252 Federal Register / Vol. 74, No. 153 / Tuesday, August 11, 2009 / Notices 

8 In approving this proposal, the Commission has 

considered its impact on efficiency, competition, 

and capital formation. 15 U.S.C. 78c(f). 

9 15 U.S.C. 78f(b)(4). 

10See File No. SR–ISE–2009–57 (the ‘‘Member 

Fee Filing’’). 

11 Id. 

12 15 U.S.C. 78s(b)(2). 

13 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a et seq. 

3 17 CFR 240.19b–4. 

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 inspection and copying 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 ISE. 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–ISE–2009–58 and should be 

submitted on or before September 1, 

2009. 

IV. Commission’s Findings and Order 

Granting Accelerated Approval of 

Proposed Rule Change 

The Commission finds that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to a national securities 

exchange.8 Specifically, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(4) 9 of the Act, which requires that 

the rules of a national securities 

exchange provide for the equitable 

allocation of reasonable dues, fees, and 

other charges among members and 

issuers and other persons using its 

facilities. 

As described more fully above, ISE 

recently amended DECN’s fee schedule 

for ISE Members to, among other things, 

adopt a new Full Sweep Tier Rebate and 

adopt new fees and rebates in 

connection with the use of the ROLF 

and ROUC routing strategies.10 The fee 

changes made pursuant to the Member 

Fee Filing became operative on August 

1, 2009. DECN receives rebates and is 

charged fees for transactions it executes 

on EGDX or EDGA in its capacity as an 

introducing broker for its non-ISE 

member subscribers. 

The current proposal, which will 

apply retroactively to August 1, 2009, 

will allow DECN to pass through the 

revised rebates and fees to the non-ISE 

member subscribers for which it acts an 

introducing broker. The Commission 

finds that the proposal is consistent 

with the Act because it will provide 

rebates and charge fees to non-ISE 

member subscribers that are equivalent 

to those established for ISE member 

subscribers in the Member Fee Filing.11

ISE has requested that the 

Commission find good cause for 

approving the proposed rule change 

prior to the thirtieth day after 

publication of notice of filing thereof in 

the Federal Register. As discussed 

above, the proposal will allow DECN to 

pass through to non-ISE member 

subscribers the revised rebate and fees 

established for ISE member subscribers 

in the Member Fee Filing, resulting in 

equivalent rebates and fees for ISE 

member and non-member subscribers. 

In addition, because the proposal will 

apply the revised rebates and fees 

retroactively to August 1, 2009, the 

revised rebates and fees will have the 

same effective date, thereby promoting 

consistency in the DECN’s fee schedule. 

Accordingly, the Commission finds 

good cause, pursuant to Section 19(b)(2) 

of the Act, for approving the proposed 

rule change prior to the thirtieth day 

after the date of publication of notice of 

filing thereof in the Federal Register. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,12 that the 

proposed rule change (SR–ISE–2009–58) 

be, and hereby is, approved on an 

accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–19185 Filed 8–10–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60436; File No. SR–NYSE– 

2009–77] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by New York 

Stock Exchange LLC To Modify Certain 

Equity Transaction Fees and Rebates 

August 5, 2009. 

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 July 30, 

2009, New York Stock Exchange LLC 

(the ‘‘NYSE’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule changes 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 changes from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to make a 

number of changes to its schedule of 

equity transaction fees and rebates, with 

effect from August 1, 2009. The text of 

the proposed rule change is available on 

the Exchange’s Web site (http:// 

www.nyse.com), at the Exchange’s 

Office of the Secretary, 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 these statements may be examined at 

the places specified in Item IV below. 

The NYSE 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 

1. Purpose 

The Exchange proposes to make a 

number of changes to its schedule of 

equity transaction fees, with effect from 

August 1, 2009. 

The following are the proposed 

changes: 

• The Exchange is introducing a new 

pricing tier of $0.0017 per share when 

taking liquidity from the NYSE for 

member organizations which have an 

average daily trading volume (‘‘ADV’’) 

on the NYSE in the applicable month of 

at least 130 million shares, including (i) 

providing liquidity of an ADV of at least 

30 million shares and (ii) an ADV of at 

least 15 million shares total in market 

at-the-close (‘‘MOC’’) and limit at-theVerDate Nov<24>2008 20:51 Aug 10, 2009 Jkt 217001 PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 E:\FR\FM\11AUN1.SGM 11AUN1

sroberts on DSKD5P82C1PROD with NOTICES
Federal Register / Vol. 74, No. 153 / Tuesday, August 11, 2009 / Notices 40253 

4 15 U.S.C. 78f. 

5 15 U.S.C. 78f(b)(4). 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(2). 

8 17 CFR 200.30–3(a)(12). 

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

close (‘‘LOC’’) orders. Member 

organizations meeting these trading 

volume criteria will also qualify for a 

new pricing tier for MOC and LOC 

orders of $0.0006 per share. For 

transactions in stocks with a trading 

price below $1.00, member 

organizations that qualify for the new 

pricing tier will be charged (i) the lesser 

of 0.3% of the total dollar value of the 

transaction and $0.0017 per share when 

taking liquidity from the Exchange and 

(ii) the lesser of 0.3% of the total dollar 

value of the transaction or $0.0006 per 

share for MOC and LOC orders. The 

Exchange is setting the volume 

requirements for these pricing tiers at 

the specified levels for August in 

expectation of the typical cyclical 

reduction of trading activity in that 

month and intends to increase the 

volume requirements in September. 

• The transaction fee per share for 

market at-the-close and limit at-theclose orders will increase from $.0005 to 

$0.0007 per share. The $120 trading fee 

cap per transaction for MOC and LOC 

orders will be eliminated. 

• Executions at the open, which are 

currently free of charge, will be subject 

to a transaction fee of $0.0005 per share, 

subject to a monthly cap of $10,000 per 

member organization. For transactions 

in stocks with a trading price below 

$1.00, member will be charged the 

lesser of 0.3% of the total dollar value 

of the transaction and $0.0005 per share 

for executions at the open, subject to the 

$10,000 monthly cap. Executions at the 

open will continue to be free of charge 

for DMMs. 

• The transaction fee per share for 

executions of odd-lots and the odd-lot 

portions of partial round lots will 

increase from $0.0005 per share to 

$0.0018 per share. 

• The rebate per share paid to 

Designated Market Makers for 

executions of odd-lots and the odd-lot 

portions of partial round lots will be 

increased from $0.0004 per share to 

$0.0011 per share. 

• The per share charge for 

transactions in stocks with a price of 

less than $1.00, which is the lesser of 

0.3% of the dollar value of the 

transaction or $0.0018 per share, is 

being moved to the end of the 

applicable section of the Price List, as it 

is a more logical placement for it. The 

fee itself is not changing. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of Section 6 4 of the Act 

in general and furthers the objectives of 

Section 6(b)(4) 5 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 dues, fees and other 

charges as all member organizations will 

be subject to the same fee structure. 

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 purpose of the Act. 

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 Rule 19b– 

4(f)(2) 7 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–NYSE–2009–77 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–NYSE–2009–77. 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 inspection and copying 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 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–NYSE– 

2009–77 and should be submitted on or 

before September 1, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–19184 Filed 8–10–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60445; File No. SR–CBOE– 

2009–055] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to Temporary 

Membership Status and Interim 

Trading Permit Access Fees 

August 5, 2009. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 


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