6076 Federal Register / Vol. 74, No. 22 / Wednesday, February 4, 2009 / Notices 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Exchange Act Release No. 58599 (September 

19, 2008), 73 FR 55883 (September 26, 2008) (SR– 

NYSE–2008–56). 

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

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–2252 Filed 2–3–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59313; File No. SR–NYSE– 

2009–03] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing of Proposed Rule Change To 

Adopt Listing Fees for Securities 

Listed Under Section 703.21 and 

703.22 and Traded on NYSE Bonds 

January 28, 2009. 

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 January 9, 

2009, New York Stock Exchange LLC 

(‘‘NYSE’’ or ‘‘Exchange’’) 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 proposal from 

interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to include a 

new section (proposed Section 902.10) 

in its Listed Company Manual (the 

‘‘Manual’’) establishing fees payable in 

connection with the listing of securities 

traded on NYSE Bonds that are listed 

under Section 703.21 (Equity-Linked 

Debt Securities) and Section 703.22 

(Equity Index-Linked Securities, 

Commodity-Linked Securities and 

Currency-Linked Securities). The filing 

also amends Section 902.09 to remove 

references to the securities that will be 

subject to the fees under proposed 

Section 902.10. 

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 

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, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to include a 

new section (proposed Section 902.10) 

in the Manual establishing fees payable 

in connection with the listing of 

securities traded on NYSE Bonds that 

are listed under Section 703.21 and 

Section 703.22. The filing also amends 

Section 902.09 to remove references to 

the securities that will be subject to the 

fees under proposed Section 902.10. 

Securities listed under Sections 

703.21 and 703.22 and traded on NYSE 

Bonds are currently subject to the fees 

set forth in Section 902.09. Section 

902.09 establishes a minimum initial 

listing fee of $5,000 (for issuances of one 

million securities or fewer) and a 

maximum initial listing fee (for 

issuances in excess of 15 million 

securities) of $45,000. The minimum 

annual listing fee under Section 902.09 

is $10,000 (for issues with 6 million 

securities outstanding or fewer) and the 

maximum annual listing fee is $55,000 

(for issues with more than 50 million 

securities outstanding). Under proposed 

Section 902.10, the initial listing fee for 

securities traded on NYSE Bonds and 

listed under Section 703.21 and 703.22 

will be a flat fee of $5,000 regardless of 

the size of the issuance and the annual 

fee will be a flat fee of $5,000 regardless 

of the number of securities outstanding. 

The Exchange notes that no issuer 

will pay higher initial listing fees as a 

result of the adoption of Section 902.10, 

as the proposed flat initial listing fee of 

$5,000 is the same as the current 

minimum charged under Section 

902.09, and most issuers will pay less 

than would currently be the case under 

Section 902.09. All issuers will be 

subject to lower annual fees, as the 

proposed flat rate of $5,000 is less than 

the current minimum of $10,000 

charged under Section 902.09. In order 

to be listed on NYSE Bonds, a security 

must have a $1,000 denomination. 

Typically, index-linked securities and 

equity-linked securities with $1,000 

denominations are marketed to 

institutional investors rather than retail 

investors and, because these purchasers 

are less concerned that securities they 

invest in should have an exchange 

listing, these securities are generally not 

listed on a national securities exchange. 

Consequently, the Exchange is adopting 

a low level of listing fees for these 

securities because it believes doing so 

will make an exchange listing attractive 

in connection with offerings where 

listing is not crucial to a successful 

marketing of the securities. The 

Exchange notes that securities listed on 

NYSE Bonds do not have the benefit of 

a Designated Market Maker and, as 

such, the Exchange incurs lower 

regulatory and administrative costs in 

connection with such securities than 

would be the case with floor-traded 

securities. As such, the proposed fees 

are set at a level that reflects the lower 

costs incurred by the Exchange in 

connection with the trading of securities 

on NYSE Bonds than on the equities 

trading floor, while remaining attractive 

to issuers for whom an exchange listing 

is not crucial. 

The Exchange recognizes that Section 

902.09 was amended quite recently to 

add securities listed under Sections 

703.21 and 703.22 and traded on NYSE 

Bonds to those subject to the fees set 

forth in that section.3 However, since 

the adoption of that amendment and as 

of the date of submission of this filing, 

the Exchange has not listed any 

securities under Sections 703.21 and 

703.22 and traded on NYSE Bonds and 

therefore no issuers have been charged 

those higher fees. For the reasons stated 

above, the Exchange has determined 

instead to apply the new fees 

established in this filing. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(4) 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 the proposed 

new fees for securities traded on NYSE 

Bonds and listed under Sections 703.21 

and 703.22 do not render the allocation 

of its listing fees inequitable in 

particular because no issuer will pay 

Federal Register / Vol. 74, No. 22 / Wednesday, February 4, 2009 / Notices 6077 

5 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. 

higher fees as a result of the adoption of 

Section 902.10 and most issuers will 

pay less than would currently be the 

case. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

this proposed rule change would 

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 

Written comments on the proposed 

rule change 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 the 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–NYSE–2009–03 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–NYSE–2009–03. 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 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, 100 F Street, NE., Washington, 

DC 20549, on official business days 

between the hours of 10 a.m. and 3 p.m. 

Copies of the 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–2009–03 and should 

be submitted on or before February 25, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.5

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–2253 Filed 2–3–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59304; File No. SR– 

NYSEALTR–2009–02] 

Self-Regulatory Organizations; Notice 

of Filing of Proposed Rule Change by 

NYSE Alternext US LLC To Revise Its 

Listing Fees 

January 27, 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 January 8, 

2009, NYSE Alternext US LLC (‘‘NYSE 

Alternext’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

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 revise its 

listing fees. The text of the proposed 

rule change is available on the 

Exchange’s Web site at (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. 

NYSE Alternext 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 

Following the October 2008 

acquisition by NYSE Euronext of NYSE 

Alternext’s predecessor entity, the 

American Stock Exchange, NYSE 

Euronext management reexamined 

NYSE Alternext’s listing fees in light of 

the cost of providing services to listed 

companies on an ongoing basis and the 

fees charged by competitor exchanges. 

In particular, the Exchange notes that it 

is now providing listed companies with 

a suite of services similar to services 

provided to listed companies by the 

New York Stock Exchange (‘‘NYSE’’), 

which is also a subsidiary of NYSE 

Euronext. These services, which the 

Exchange has either already begun 

providing or will roll out in early 2009, 

include: A daily summary of trading 

activity in a listed company’s stock 

delivered at the end of each trading day 

to the company’s executives (‘‘market 

focus reports’’); a summary of relevant 

market information delivered each 

morning with analysis of what may 

happen in the equity markets that day; 

access to NYSENet, which is a webbased system that provides listed 

companies with easy access to detailed 

trading data updated intraday on a realVerDate Nov<24>2008 14:33 Feb 03, 2009 Jkt 217001 PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 E:\FR\FM\04FEN1.SGM 04FEN1