12242 Federal Register / Vol. 72, No. 50 / Thursday, March 15, 2007 / Notices 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6). 

12 17 CFR 240.19b–4(f)(6)(iii). Rule 19b–4(f)(6)(iii) 

requires hat a self-regulatory organization submit to 

the Commission 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 filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

satisfied this requirement. 

13 17 CFR 240.19b–4(f)(6)(iii). 

14For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s on efficiency, competition, and 

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

15See NYSE Arca Rule 5.3(d)(1)–(7) (setting forth 

the Exchange’s rules with respect to shareholder 

approval of equity compensation plans). The 

proposed rule change would only eliminate the 

application of subparagraphs (8) through (11) to 

Rule 5.3(d) to limited partnerships. The 

Commission believes that it is desirable for the 

Exchange to have retained the requirements 

pertaining to shareholder approval of equity 

compensation plans for NYSEArca–listed limited 

partnerships. 16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 54978 

(December 20, 2006), 71 FR 78254. 

4 In Amendment No. 3, Phlx clarified (1) in its fee 

schedule that a retail broker dealer is conducting a 

material portion of its business via one or more 

Internet Web sites if at least 20% of the brokerdealer’s business were conducted via the Internet; 

and (2) that the current and closing index values 

underlying all of Phlx’s proprietary indexes are 

being disseminated through PBOT. 

the 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) of the Act 10 and 

Rule 19b–4(f)(6) thereunder.11

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. 

A proposed rule change normally may 

not become operative prior to 30 days 

after the date of filing.12 However, Rule 

19b–4(f)(iii) 13 permits the Commission 

to designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay. The Commission believes that 

waiver of the 30 day operative delay is 

consistent with the protection of 

investors and the public interest.14 The 

Commission notes that because there are 

no LPs presently listed on the NYSE 

Arca, there are no shareholders 

retroactively or currently impacted by 

the proposed rule change. Further, the 

proposed rule change will eliminate the 

competitive disadvantage to the NYSE 

Arca resulting from the present 

disparity in shareholder approval 

requirements between the NYSE Arca’s 

and Nasdaq’s treatment of LPs, while 

still retaining for NYSE Arca-listed LPs 

the provisions of the Exchange’s rules 

relating to shareholder approval of 

equity compensation plans.15

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change, as amended, 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 e-mail to rulecomments@sec.gov. Please include File 

Number SR–NYSEArca–2007–21 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to file 

Number SR–NYSEArca–2007–21. 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. Copies of such filings will also 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–NYSEArca–2007–21 and should be 

submitted by April 5, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.16

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–4692 Filed 3–14–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55424; File No. SR–Phlx–

2006–63] 

Self-Regulatory Organizations; 

Philadelphia Stock Exchange, Inc.; 

Notice of Filing of Amendment No. 3 to 

the Proposed Rule Change, and Order 

Granting Accelerated Approval of 

Proposed Rule Change as Amended, 

Relating to a Philadelphia Board of 

Trade Enterprise License Fee for 

Dissemination of Certain Market Data 

March 8, 2007. 

I. Introduction 

On September 28, 2006, the 

Philadelphia Stock Exchange, Inc. 

(‘‘Phlx’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposal to add an 

Enterprise License Fee of $10,000 per 

year or $850 per month that would be 

assessed by the Exchange’s wholly 

owned subsidiary, the Philadelphia 

Board of Trade (‘‘PBOT’’), on eligible 

market data vendors or subvendors 

(collectively ‘‘Vendors’’) for certain 

index values that subscribers receive 

over PBOT’s Market Data Distribution 

Network (‘‘MDDN’’). The Phlx filed 

Amendment No. 1 to the proposed rule 

change on November 1, 2006 and filed 

Amendment No. 2 on December 20, 

2006. The proposed rule change, as 

amended, was published for comment 

in the Federal Register on December 28, 

2006.3 The Phlx filed Amendment No. 

3 to the proposed rule change on March 

2, 2007.4 The Commission received no 

comments regarding the proposal. The 

Commission hereby issues notice of the 

filing of Amendment No. 3 and 

simultaneously grants accelerated 

approval to the proposed rule change as 

amended. 

II. Description of the Proposal 

The Phlx proposes to add an 

Enterprise License Fee for eligible 

Vendors of market data disseminated 


rmajette on PROD1PC67 with NOTICES
Federal Register / Vol. 72, No. 50 / Thursday, March 15, 2007 / Notices 12243 

5The MDDN is an internet protocol multicast 

network developed by PBOT and SAVVIS 

Communications. 

6PBOT has contracted with one or more major 

Market Data Vendors to receive real-time and 

closing index values over the MDDN and promptly 

redistribute such values. 

7See Securities Exchange Act Release No. 53790 

(May 11, 2006), 71 FR 28738 (May 17, 2006) 

(‘‘Original Approval Order’’). The subscriber fees 

are set out in agreements that PBOT executed with 

various market data vendors for the right to receive, 

store, and retransmit the current and closing index 

values transmitted over the MDDN. 

8The agreements provide that ‘‘Device’’ shall 

mean, in case of each Subscriber and in such 

Subscriber’s discretion, either any Terminal or any 

End User. A Subscriber’s Device may be exclusively 

Terminals, exclusively End Users or a combination 

of Terminals or End Users and shall be reported in 

a manner that is consistent with the way the Vendor 

identifies such Subscriber’s access to Vendor’s data. 

An ‘‘End User’’ is defined as an individual 

authorized or allowed by a Vendor to access and 

display real-time market data that is distributed by 

PBOT over the MDDN; and a ‘‘Terminal’’ is any 

type of equipment (fixed or portable) that accesses 

and displays such market data. 

9See Securities Exchange Act Release No. 55111 

(January 16, 2007), 72 FR 3188 (January 24, 2007) 

(increasing the snapshot fee to $.0025 per request). 

10The index values may also be made available 

by Vendors on a delayed basis (i.e., no sooner than 

twenty minutes following receipt of the data by 

vendors) at no charge. 

11A firm that qualifies for the Enterprise License 

Fee may instead choose to pay the device fee and/ 

or the snapshot fee as appropriate. 

12To be eligible for the Enterprise License Fee, 

the Exchange’s fee schedule states that an Eligible 

Firm will be considered to conduct a material 

portion of its business via one or more Internet Web 

sites if at least twenty percent (20%) of the firm’s 

business were conducted via the Internet. 

13A non-professional user is defined in the fee 

schedule as any natural person who is not: (a) 

registered or qualified in any capacity with the 

Commission, the Commodities Futures Trading 

Commission, any state securities agency, any 

securities exchange or association, or any 

commodities or futures contract market or 

association; (b) engaged as an ‘‘investment advisor’’

as that term is defined in Section 202(11) of the 

Investment Advisors Act of 1940, 15 U.S.C. 80b–

2(11), (whether or not registered or qualified under 

that Act); nor, (c) employed by a bank or other 

organization exempt from registration under federal 

or state securities laws to perform functions that 

would require registration or qualification if such 

functions were performed for an organization not so 

exempt. 

14As an example, if data recipient ABC Corp. has 

100 customers that receive PBOT Market Data of 

which 10 are professional users and 90 are retail 

(non-professional) users the Enterprise License Fee 

would be available to the firm because 10 

professional users/100 total users = 10%. 

15A firm that has entered into an agreement with 

PBOT to receive Market Data over the MDDN but 

is not qualified for the Enterprise License Fee may 

pay the device fee and/or the snapshot fee as 

appropriate. 

over PBOT’s MDDN.5 The Phlx has 

licensed the current and closing index 

values underlying all of the Phlx’s 

proprietary indexes to PBOT for the 

purpose of selling, reproducing, and 

distributing the index values over 

PBOT’s MDDN (‘‘Market Data’’). On 

each trading day, the Exchange or its 

third party designee calculates and 

makes available to PBOT a real-time 

index value every 15 seconds and a 

closing index value at the end of each 

trading day. In exchange for subscriber 

fees paid to PBOT, market data vendors 

are allowed to widely disseminate all 

the values of Phlx’s proprietary indexes 

to their subscribers.6

As approved by the Commission, 

PBOT charges the following subscriber 

fees to Vendors of Market Data for all 

the values of Phlx’s proprietary indexes 

disseminated by PBOT’s MDDN: 7 a 

monthly fee of: (a) $1.00 per ‘‘Device,’’ 8

that is used by Vendors and their 

subscribers to receive and re-transmit 

Market Data on a real-time basis 

(‘‘device fee’’), and (b) $.0025 per 

request for snapshot data,9 which is 

essentially Market Data that is refreshed 

no more frequently than once every 60 

seconds, or $1,500 per month for 

unlimited snapshot data requests 

(‘‘snapshot fee’’).10 All market data 

vendors which provide market data to 

200,000 or more Devices in any month 

qualify for a 15% Administrative Fee 

credit for that month, to be deducted 

from the monthly Subscriber Fees that 

they collect and are obligated to pay 

PBOT under the Vendor/Subvendor 

Agreement. 

The Exchange proposes to add an 

Enterprise License Fee of $10,000 per 

year or $850 per month that would be 

available to eligible Vendors as an 

alternative to the device fee or snapshot 

fee.11 A Vendor is eligible for the 

Enterprise License Fee if it is a firm 

acting as a retail broker-dealer 

conducting a material portion of its 

business via one or more proprietary 

Internet Web sites by which the firm 

distributes Market Data to 

predominately non-professional Market 

Data users with whom the firm has a 

brokerage relationship (‘‘Eligible 

Firm’’).12 An Eligible Firm may also 

distribute Market Data to professional 

users with whom such firm has a 

brokerage relationship, provided such 

Market Data distribution is 

predominantly to non-professional 

users.13 As stated in the proposed fee 

schedule, the Eligible Firm’s Market 

Data distribution to professional users 

cannot exceed 10%.14 The 15% 

Administrative Fee credit discount also 

applies to the Enterprise License Fee. 

To be eligible for the Enterprise 

License Fee, an Eligible Firm must 

certify to PBOT that it qualifies for the 

Enterprise License Fee, including that 

market distribution is predominantly to 

non-professional users, and must 

immediately notify PBOT if it can no 

longer certify its qualification.15

III. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change, as amended, 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–Phlx–2006–63 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–Phlx–2006–63. 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. Copies of such filing also will be 

available for inspection and copying at 

the principal office of the Phlx. 

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–Phlx–2006–63 and should 

be submitted on or before April 5, 2007. 

IV. Discussion 

After careful consideration, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 


rmajette on PROD1PC67 with NOTICES
12244 Federal Register / Vol. 72, No. 50 / Thursday, March 15, 2007 / Notices 

16 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

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

17 15 U.S.C. 78f. 

18 15 U.S.C. 78f(b)(5). 

19Nasdaq offers a TotalView Non-Professional 

Enterprise Fee License to qualified firms that 

distribute TotalView to their non-professional users 

with whom they have a professional relationship. 

A description of Nasdaq market data fees is 

available at http://www.nasdaqtrader.com/trader/ 

mds/nasdaqother/pricing.stm (last visited on 

January 17, 2007). 

20A description of OPRA market data fees is 

available at http://www.opradata.com/pdf/ 

prof_pub_fee_schd_revised.pdf (last visited on 

January 17, 2007). 

21See supra notes 12–15 and accompanying text 

for eligibility standards for the Enterprise License 

Fee. 

22 15 U.S.C. 78f(b)(4). 

23 17 CFR 242.603. 

24 15 U.S.C. 78s(b)(2). 

25 15 U.S.C. 78s(b)(2). 

26 17 CFR 200.30–3(a)(12). 

a national securities exchange 16 and, in 

particular, the requirements of Section 6 

of the Act.17 Specifically, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,18 which requires, 

among other things, that the rules of a 

national securities exchange be 

designed to promote just and equitable 

principles of trade, to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. 

The Commission believes that the 

reduced alternate fee structure available 

through the Enterprise License Fee to 

eligible market data recipients should 

help to encourage a wider distribution 

of market data, especially to nonprofessional customers. The 

Commission notes that other industry 

organizations have similar fee structures 

which make various market data 

available to non-professional 

subscribers for a discounted fee relative 

to professional subscribers. For 

example, the Nasdaq Stock Market, Inc. 

(‘‘Nasdaq’’) has fees schedules that are 

higher for professional or corporate 

subscribers than for non-professional 

subscribers for UTP Level 1 fees, 

TotalView fees, and Nasdaq MAX fees.19

The Options Price Reporting Authority 

(‘‘OPRA’’), a national market system 

plan, also offers a reduced fee to 

nonprofessional subscribers, which is 

not available to professional options 

data subscribers.20

The Commission also believes that 

Phlx’s eligibility standards in 

determining the type of retail brokerdealers who can use the new Enterprise 

License Fee appears to be reasonably 

related to its purpose of providing a 

discount to those retail broker-dealers 

who have primarily a proprietary 

Internet based business to nonprofessional users.21 As noted above, 

eligible firms are also free to pay, as an 

alternative, the device fee or snapshot 

fee should they so choose. 

Based on the above, the Commission 

believes that the proposal is consistent 

with Section 6(b)(4) of the Act,22 in that 

the proposed rule change provides for 

the equitable allocation of reasonable 

dues, fees, and other charges among the 

Exchange’s members and issuers and 

other persons using its facilities. The 

Commission also continues to believe 

that PBOT’s MDDN fee structure is 

consistent with Rule 603 under the 

Act 23 regarding the distribution, 

consolidation, and display of 

information with respect to quotations 

for and transactions in NMS stocks. 

The Commission finds good cause for 

approving Amendment No. 3 to the 

proposed rule change prior to the 

thirtieth day after the notice is 

published for comment in the Federal 

Register pursuant to Section 19(b)(2) of 

the Act.24 Amendment No. 3 clarifies 

the Exchange’s proposal and does not 

raise any new regulatory issues. Further, 

the materiality standard in the Eligible 

Firm definition drafted into the fee 

schedule pursuant to Amendment No. 3 

was the same standard published for 

comment with the filing and no 

comments were received. Finally, the 

Commission believes that it is 

appropriate to accelerate approval of the 

proposed rule change so that the 

Exchange can immediately provide the 

discounted fee to eligible firms that will 

disseminate the index values of Phlx’s 

proprietary index options. Accordingly, 

the Commission finds good cause to 

approve Amendment No. 3 prior to the 

thirtieth day after the notice is 

published for comment in the Federal 

Register. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,25 that the 

proposed rule change (SR–Phlx–2006–

63), as amended, be, and it hereby is, 

approved on an accelerated basis. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.26

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–4722 Filed 3–14–07; 8:45 am] 

BILLING CODE 8010–01–P 

SOCIAL SECURITY ADMINISTRATION 

Agency Information Collection 

Activities: Proposed Request and 

Comment Request 

The Social Security Administration 

(SSA) publishes a list of information 

collection packages that will require 

clearance by the Office of Management 

and Budget (OMB) in compliance with 

Pub. L. 104–13, the Paperwork 

Reduction Act of 1995, effective October 

1, 1995. The information collection 

packages that may be included in this 

notice are for new information 

collections, approval of existing 

information collections, revisions to 

OMB-approved information collections, 

and extensions (no change) of OMBapproved information collections. 

SSA is soliciting comments on the 

accuracy of the agency’s burden 

estimate; the need for the information; 

its practical utility; ways to enhance its 

quality, utility, and clarity; and on ways 

to minimize burden on respondents, 

including the use of automated 

collection techniques or other forms of 

information technology. Written 

comments and recommendations 

regarding the information collection(s) 

should be submitted to the OMB Desk 

Officer and the SSA Reports Clearance 

Officer. The information can be mailed, 

faxed or e-mailed to the individuals at 

the addresses and fax numbers listed 

below: 

(OMB), Office of Management and 

Budget, Attn: Desk Officer for SSA, 

Fax: 202–395–6974, E-mail address: 

OIRA_Submission@omb.eop.gov. 

(SSA), Social Security Administration, 

DCFAM, Attn: Reports Clearance 

Officer, 1333 Annex Building, 6401 

Security Blvd., Baltimore, MD 21235, 

Fax: 410–965–6400, E-mail address: 

OPLM.RCO@ssa.gov. 

I. The information collections listed 

below are pending at SSA and will be 

submitted to OMB within 60 days from 

the date of this notice. Therefore, your 

comments should be submitted to SSA 

within 60 days from the date of this 

publication. You can obtain copies of 

the collection instruments by calling the 

SSA Reports Clearance Officer at 410–

965–0454 or by writing to the address 

listed above. 

1. Work History Report—20 CFR 

404.1512 and 416.912—0960–0578. The 

information collected by form SSA–

3369 is needed to determine disability 

by the State Disability Determination 

Services (DDS). The information will be 

used to document an individual’s past 

work history. The respondents are 

applicants for Supplemental Security 


rmajette on PROD1PC67 with NOTICES