6188 Federal Register / Vol. 74, No. 23 / Thursday, February 5, 2009 / Notices 

13For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

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

14 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. 59281 

(January 22, 2008) 74 FR 5014 (January 28, 2009) 

(SR–NYSE–2008–120) and Securities Exchange Act 

Release No. 59282 (January 22, 2009), 74 FR 5009 

(January 28, 2009) (SR–NYSE–2008–119). 

protection of investors and the public 

interest to allow limited partnerships to 

distribute annual reports to their limited 

partners under the same terms and 

conditions as Nasdaq’s other listed 

operating companies. The Commission 

believes that waiving the 30-day 

operative delay for limited partnerships 

will also allow these partnerships who 

have just filed, or are about to file, their 

annual reports with the Commission, to 

immediately take advantage of the same 

means of distribution under Nasdaq 

rules that are available for any other 

operating company. For these reasons, 

the Commission designates that the 

proposed rule change become operative 

immediately upon filing.13

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

the 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–NASDAQ–2009–003 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–2009–003. 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 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– 

NASDAQ–2009–003 and should be 

submitted on or before February 26, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–2427 Filed 2–4–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59327; File No. SR–NYSE– 

2009–09] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Implementing 

an Equity Transaction Fee for Shares 

Executed on or Through the New York 

Block Exchange Effective Upon Filing 

With the Commission 

January 30, 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 

28, 2009, 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 implement 

an equity transaction fee effective 

January 29, 2009, for shares executed on 

the New York Block Exchange SM

(‘‘NYBX’’ or the ‘‘Facility’’).4 The 

Exchange will charge each Member 

Organization $.0025 per share executed 

on the NYBX. 

The text of the proposed rule change 

is available at http://www.nyse.com, the 

Exchange, and 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 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to implement 

an equity transaction fee for executions 

on or through the New York Block 

Exchange system with effect from the 

scheduled launch date of January 29, 

2009. The NYBX will be an electronic 

facility of the Exchange to provide for 

the continuous matching and execution 

of securities listed on the NYSE of all 

non-displayed orders with the aggregate 

of all displayed and non-displayed 

orders of the NYSE Display Book®

(‘‘Display Book’’ or ‘‘DBK’’) while also 

considering protected quotations of all 

automated trading centers (‘‘away 

markets’’). The proposed transactional 

fee of $.0025 per executed share will be 

charged to both the buyer(s) and 

seller(s) of the executed shares. The fee 

will be charged for all executions of 

NYBX orders, including those NYBX 

executions that take place in the DBK or 


rwilkins on PROD1PC63 with NOTICES
Federal Register / Vol. 74, No. 23 / Thursday, February 5, 2009 / Notices 6189 

5 15 U.S.C. 78f. 

6 15 U.S.C. 78a. 

7 15 U.S.C. 78f(b)(4). 

8See the BATS Exchange, Inc. Price List for 2009. 

9See the Nasdaq Price List for 2009. 

10See the International Securities Exchange Price 

List for 2009. 

11See the NYSE Arca Price List for 2009. 

12See the Direct Edge Price List for 2009. 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f)(2). 15 17 CFR 200.30–3(a)(12). 

in away markets. Only NYSE members, 

member organizations and sponsoring 

member organizations will be charged 

this transaction fee. Transaction fees for 

executions of orders entered by 

sponsored participants will be charged 

to the sponsoring member organization. 

The following example will 

demonstrate how the proposed NYBX 

transactional fee will be charged: 

Example No 1: 

User A enters a buy order into NYBX 

for 10,000 shares of XYZ security. User 

B enters a sell order into NYBX for 

10,000 shares of XYZ security. User A’s 

buy order for 10,000 shares of XYZ 

security and User B’s sell order for 

10,000 shares of XYZ security execute 

in or through NYBX. User A is charged 

$.0025 per executed share (10,000 

shares × $.0025 = $25.00). User B is also 

charged $.0025 per executed share 

(10,000 shares × $.0025 = $25.00). 

NYBX Executions in the DBK or in 

Away Markets: 

The NYBX transactional fee will be 

charged for all executions of all orders 

entered into the NYBX facility, whether 

such executions take place in the NYBX 

facility, the DBK or in away markets. 

Therefore, in the example above, if the 

execution of 10,000 shares of XYZ 

security takes place within the NYBX 

facility, Users A and B would each be 

charged $.0025 per executed share 

(10,000 shares × $.0025 = $25.00). 

However, if Users A and B’s NYBX 

orders are routed to the DBK for 

execution, and the execution of the 

orders take place in the DBK, Users A 

and B would each be charged $.0025 per 

executed share (10,000 shares × $.0025 

= $25.00). Similarly, if Users A and B’s 

NYBX orders are routed to away 

markets pursuant to Rule 611 of 

Regulation NMS, and the execution of 

the orders take place on the away 

markets, Users A and B would each be 

charged $.0025 per executed share 

(10,000 shares × $.0025 = $25.00). 

Therefore, Users A and B will not pay 

any additional transactional fee for the 

execution of NYBX orders to the extent 

that an NYBX order or a portion thereof 

may be executed in the DBK or in the 

away markets. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 5 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 6 in general and Section 6(b)(4) of 

the Act 7 in particular, in that it provides 

for the equitable allocation of reasonable 

dues, fees and other charges among its 

members and other persons using its 

facilities. Specifically, the proposed 

transaction fee is reasonable in light of 

the costs incurred by the Exchange for 

the operation of the NYBX system. 

Further, the NYBX fee is consistent with 

some exchanges’ fees and lower than 

other exchanges’ fees for removal of 

liquidity. For example, the BATS 

Exchange, Inc. fee for removal of 

liquidity is $.0025 per execution,8 while 

the Nasdaq 9 and International 

Securities Exchange (‘‘ISE’’) 10 fee is 

$.0030, NYSE Arca is $.0029 11 and 

Direct Edge is $.0026.12 Additionally, 

the transaction fee is equitable as the fee 

is applied to all users of the NYBX 

system equally. 

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 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 is effective 

upon filing pursuant to Section 

19(b)(3)(A) 13 of the Act and 

subparagraph (f)(2) of Rule 19b–4 14

thereunder, because it establishes a due, 

fee, or other charge imposed by NYSE. 

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–NYSE–2009–09 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–2009–09. 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 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–2009–09 and should 

be submitted on or before February 26, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–2429 Filed 2–4–09; 8:45 am] 

BILLING CODE 8011–01–P 


rwilkins on PROD1PC63 with NOTICES