Federal Register / Vol. 74, No. 22 / Wednesday, February 4, 2009 / Notices 6071 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5Capitalized terms not otherwise defined herein 

shall have the meanings prescribed within the BOX 

Rules. 

6See Securities Exchange Act Release No. 53516 

(March 20, 2006), 71 FR 15232 (March 27, 2006) 

(SR–BSE–2006–14). 

7See Securities Exchange Act Release No. 53357 

(February 23, 2006), 71 FR 10730 (March 2, 2006) 

(SR–BSE–2005–52). 

8See Securities Exchange Act Release No. 54082 

(June 30, 2006), 71 FR 38913 (July 10, 2006) (SR– 

BSE–2006–29). 

9See Securities Exchange Act Release No. 54469 

(September 19, 2006), 71 FR 56201 (September 26, 

2006) (SR–BSE–2006–38). 

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 

No. SR–BX–2009–005 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–BX–2009–005. 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–BX– 

2009–005 and should be submitted on 

or before February 25, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–2251 Filed 2–3–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59311; File No. SR–BX– 

2009–007] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change Extending the 

Effective Date of the Rule Governing 

Exchange’s Directed Order Process on 

the Boston Options Exchange 

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 

26, 2009, NASDAQ OMX BX, Inc. (the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, and II 

below, which items have been prepared 

by the Exchange. The Exchange has 

designated the proposed rule change as 

a ‘‘non-controversial’’ rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(6) 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 

The Exchange proposes to extend the 

effective date of the amended rule 

governing the Exchange’s Directed 

Order Process on the Boston Options 

Exchange (‘‘BOX’’) from January 31, 

2009 to May 29, 2009. The text of the 

proposed rule change is available from 

the principal office of the Exchange, at 

the Commission’s Public Reference 

Room and also on the Exchange’s 

Internet Web site at http:// 

nasdaqtrader.com/

Trader.aspx?id=Boston_Stock

_Exchange. 

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 Propose Rule 

Change 

1. Purpose 

On March 14, 2006, the Exchange 

proposed an amendment to the BOX 

Rules governing the Directed Order 5

process on BOX.6 The Rules were 

amended to clearly state that the BOX 

Trading Host identifies to an Executing 

Participant (‘‘EP’’) the identity of the 

firm entering a Directed Order. The 

amended rule was to be effective until 

June 30, 2006 (‘‘Pilot Program’’), while 

the Commission considered a 

corresponding Exchange proposal 7 to 

amend its rules to permit EPs to choose 

the firms from whom they will accept 

Directed Orders, while providing 

complete anonymity of the firm entering 

a Directed Order. 

On June 20, 2006, the Exchange 

proposed extending the effective date of 

the rule governing its Directed Order 

process on BOX from June 30, 2006 to 

September 30, 2006,8 while the 

Commission continued to consider the 

corresponding Exchange proposal. 

On September 11, 2006; January 16, 

2007; July 2, 2007; and January 18, 2008 

the Exchange proposed extending the 

effective date of the amended rule 

governing the Directed Order process on 

BOX from September 30, 2006 until 

January 31, 2007; 9 from January 31, 

6072 Federal Register / Vol. 74, No. 22 / Wednesday, February 4, 2009 / Notices 

10See Securities Exchange Act Release No. 55139 

(January 19, 2007), 72 FR 3448 (January 25, 2007) 

(SR–BSE–2007–01). 

11See Securities Exchange Act Release No. 56014 

(July 5, 2007), 72 FR 38104 (July 12, 2007) (SR– 

BSE–2007–31). 

12See Securities Exchange Act Release No. 57195 

(January 24, 2008), 73 FR 5610 (January 30, 2008) 

(SR–BSE–2008–04). 

13 In the event that the issue of anonymity in the 

Directed Order process is not resolved by May 29, 

2009 the Exchange will consider whether to submit 

another filing under Rule 19b–4(f)(6) extending this 

rule and system process. 

14 15 U.S.C. 78f(b). 

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

16 15 U.S.C. 78s(b)(3)(A). 

17 17 CFR 240.19b–4(f)(6). 

18 17 CFR 240.19b–4(f)(6)(iii). 

19 17 CFR 240.19b–4(f)(6). 

20 17 CFR 240.19b–4(f)(6)(iii). 

21 Id. 

22For purposes only of waiving the operative 

delay for this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

2007 until July 31, 2007; 10 from July 31, 

2007 until January 31, 2008; 11 and from 

January 31, 2008 until January 31, 

2009,12 respectively, while the 

Commission considered the 

corresponding Exchange proposal to 

amend the BOX Rules to permit EPs to 

choose the firms from whom they will 

accept Directed Orders, while providing 

complete anonymity of the firm entering 

a Directed Order. 

This filing from the Exchange again 

proposes extending the effective date of 

the amended rule governing its Directed 

Order process on BOX, from January 31, 

2009 to May 29, 2009.13 In the event the 

Commission reaches a decision with 

respect to the corresponding Exchange 

proposal to amend the BOX Rules before 

May 29, 2009, the amended rule 

governing the Directed Order process on 

the BOX will cease to be effective at the 

time of that decision. 

2. Statutory Basis 

The amended rule is designed to 

clarify the information contained in a 

Directed Order. This proposed rule 

filing seeks to extend the amended 

rule’s effectiveness from January 31, 

2009 to May 29, 2009. This extension 

will afford the Commission the 

necessary time to consider the 

Exchange’s corresponding proposal to 

amend the BOX rule to permit EPs to 

choose the firms from whom they will 

accept Directed Orders while providing 

complete anonymity of the firm entering 

a Directed Order. Accordingly, the 

Exchange believes that this proposal is 

consistent with the requirements of 

Section 6(b) of the Act,14 in general, and 

Section 6(b)(5) of the Act,15 in 

particular, in that it is designed to foster 

cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with 

respect to, and facilitating transactions 

in securities, to remove impediments to 

and perfect the mechanism for a free 

and open market and a national market 

system and, in general, to protect 

investors and the public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange 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. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has neither solicited 

nor received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change: (1) Does not significantly affect 

the protection of investors or the public 

interest; (2) does not impose any 

significant burden on competition; and 

(3) by its terms does not become 

operative for 30 days after the date of 

this filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest, the proposed rule 

change has become effective pursuant to 

Section 19(b)(3)(A) 16 of the Act and 

Rule 19b–4(f)(6) thereunder.17 As 

required under Rule 19b–4(f)(6)(iii),18

the Exchange provided the Commission 

with written notice of its intent to file 

the proposed rule change, along with a 

brief description and text of the 

proposed rule change, at least five 

business days prior to the date of the 

filing of the proposed rule change. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 19 normally may not 

become operative prior to 30 days after 

the date of filing. However, Rule 19b– 

4(f)(6)(iii) 20 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange requests that the Commission 

waive the 30-day operative delay, as 

specified in Rule 19b–4(f)(6)(iii),21

which would make the rule change 

effective and operative upon filing. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because such waiver 

would continue to conform the BOX 

rules to BOX’s current practice and 

clarify that Directed Orders on BOX are 

not anonymous without interruption.22

Accordingly, the Commission 

designates the proposed rule change 

operative upon filing with the 

Commission. 

At any time within 60 days of the 

filing of such 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–BX–2009–007 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–2009–007. 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 

Federal Register / Vol. 74, No. 22 / Wednesday, February 4, 2009 / Notices 6073 

23 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Exchange notes that it will make NYSE 

Trades available to vendors no earlier than it makes 

its last sale information available to the processor 

under the CTA Plan. 

4See Release No. 34–57966; 73 Federal Register 

35182 (June 20, 2008); File No. SR–NYSE–2007–04. 

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–2009–007 and should 

be submitted on or before February 25, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–2297 Filed 2–3–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59309; File No. SR–NYSE– 

2009–04] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing of Proposed Rule Change To 

Establish Fees for NYSE Trades 

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 

27, 2009, the New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘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 

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 introduce 

its NYSE Trades service and to establish 

fees for that service. NYSE Trades is a 

new NYSE-only market data service that 

allows a vendor to redistribute on a realtime basis the same last sale information 

that NYSE reports to the Consolidated 

Tape Association (‘‘CTA’’) for inclusion 

in CTA’s consolidated data stream and 

certain other related data elements 

(‘‘NYSE Last Sale Information’’). 

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 self-regulatory organization 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 

a. The Service. The Exchange 

proposes to introduce NYSE Trades, a 

new service pursuant to which it will 

allow vendors, broker-dealers and 

others (‘‘NYSE-Only Vendors’’) to make 

available NYSE Last Sale Information on 

a real-time basis.3 NYSE Last Sale 

Information would include last sale 

information for all securities that are 

traded on the Exchange. 

The Exchange will make NYSE Last 

Sale Information available through its 

new NYSE Trades service at the same 

time as it provides last sale information 

to the processor under the CTA Plan. In 

addition to the information that the 

Exchange provides to CTA, NYSE Last 

Sale Information will also include a 

unique sequence number that the 

Exchange assigns to each trade and that 

allows an investor to track the context 

of the trade through such other 

Exchange market data products as NYSE 

OpenBook® and NYSE Info Tools®. 

Contemporaneously with the 

proposed rule change, the Exchange 

submitted a proposed rule change that 

seeks to establish a pilot program for the 

receipt and redistribution of the NYSE 

Trades datafeed(s) without charge to 

either the datafeed recipient or the enduser. The Exchange proposes to provide 

that free offering on a pilot program 

basis until the later of Commission 

approval of the proposed rule change 

and the end of the pilot period. 

b. The Fees. 

i. Access Fee. For the receipt of access 

to the datafeeds of NYSE Last Sale 

Information that the Exchange will 

make available, the Exchange proposes 

to charge $1500 per month. For that fee, 

the datafeed recipient will receive 

access to each of the NYSE Last Sale 

Information datafeeds that NYSE makes 

available. Currently, the Exchange 

trades only Network A securities. The 

Exchange does not propose to impose 

any program classification charges for 

the use of NYSE Trades. 

ii. Device Fee. The Exchange proposes 

to charge each subscriber to an NYSEOnly Vendor’s NYSE Trades service $15 

per month per display device for the 

receipt and use of NYSE Last Sale 

Information. The Exchange does not 

currently perceive a demand for a 

nonprofessional subscriber fee for NYSE 

Trades, but will monitor customer 

response. 

In a proposed rule change that the 

Exchange anticipates filing 

contemporaneously with the proposed 

rule change (the ‘‘Unit-of-Count 

Filing’’), the Exchange will propose to 

revise the unit of count that determines 

the device fees payable by NYSE 

OpenBook® data recipients. Upon 

Commission approval of that filing, the 

Exchange proposes to incorporate the 

unit of count set forth in the Unit-ofCount Filing into the NYSE Trades 

service. 

Under the Unit-of-Count Filing, the 

Exchange would no longer define the 

Vendor-subscriber relationship based on 

the manner in which a data feed 

recipient or subscriber receives data 

(i.e., through controlled displays or 

through data feeds). Instead, the 

Exchange would adopt billing criteria 

that are more objective. Those criteria 

would newly define ‘‘Vendors,’’ 

‘‘Subscribers,’’ ‘‘Subscriber 

Entitlements’’ and ‘‘Subscriber 

Entitlement Controls’’ as the basis for 

setting device fees. The Exchange 

believes that these changes more closely 

align with current data consumption 

and will reduce costs for the Exchange’s 

customers. 

c. The Fees are Non-Discriminatory. 

No investors or broker-dealers are 

required to subscribe to the product, as 

they can find the same NYSE last sale 

prices in the Exchange’s NYSE Realtime 

Reference Prices service.4 Or, they can 

find them integrated with the prices that 

other markets make available under the 

CTA Plan. Indeed, even though NYSE 

Trades’ Last Sale Information provides a 

less expensive alternative to the 

consolidated price information that 

investors and broker-dealers receive 

from CTA, the Exchange believes that 

the information that NYSE contributes 

to the CTA consolidated datafeed and