Federal Register / Vol. 72, No. 47 / Monday, March 12, 2007 / Notices 11067 

8 17 CFR 200.30–3(a)(27). 1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

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

6 15 U.S.C. 78f(b)(4). 

K. Dispute Resolution 

Not applicable. 

II. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed Plan 

amendment 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. 4–208 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 No. 

4–208. 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 Plan 

amendment that are filed with the 

Commission, and all written 

communications relating to the 

proposed Plan amendment 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 the Plan Amendment 

also will be available for inspection and 

copying at the principal office of the 

ITS. 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 No. 4–

208 and should be submitted on or 

before April 2, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–4326 Filed 3–9–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55395; File No. SR–CBOE–

2007–25] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Establishing Fees for the 

CBOE Stock Exchange 

March 2, 2007. 

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 March 1, 

2007, the Chicago Board Options 

Exchange, Incorporated (‘‘CBOE’’ 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 

substantially prepared by the Exchange. 

CBOE designated this proposal as one 

establishing or changing a due, fee, or 

other charge applicable only to its 

members pursuant to Section 

19(b)(3)(A)(ii) of the Act 3 and Rule 19b–

4(f)(2) 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 

CBOE proposes to establish fees 

applicable to the CBOE Stock Exchange 

(‘‘CBSX’’). The text of the proposed rule 

change is available on the Exchange’s 

Web site (http://www.cboe.org/legal), at 

the principal office of the Exchange, 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 

On March 5, 2007, CBOE intends to 

launch CBSX, which will serve as a 

stock trading facility of CBOE. This 

filing proposes to set forth the fee 

schedule for CBSX. Specifically, the 

CBSX fee schedule lists certain fees 

from the CBOE fee schedule that are 

applicable to CBSX users (these include 

facility fees and connectivity charges). 

The CBSX fee schedule also contains 

transaction fees for CBSX. These 

transaction fees are based on whether 

the executing member is ‘‘taking’’

liquidity or ‘‘making’’ liquidity in 

connection with the transaction. Takers 

will be charged a rate that varies 

between $0.26 to $0.29 per 100 shares 

executed based on the amount of total 

volume executed by that user during the 

month. Orders that are ‘‘routed’’ to other 

market centers will be charged the same 

rate as the Taker rate. Makers will 

receive a rebate of $0.24 per 100 shares, 

except that Remote Market-Makers and 

Designated Primary Market-Makers will 

receive enhanced rebates if they meet 

certain market quality bid/ask standards 

that are calculated on a monthly basis. 

Cross transactions will be free. Lastly, 

CBSX will rebate users 50% of monthly 

tape revenue received from the 

Consolidated Tape Association and 

Nasdaq UTP Plans. The proposed fees 

will not take effect until March 5, 2007. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the Act,5

in general, and furthers the objectives of 

Section 6(b)(4) of the Act,6 in particular, 

in that it is designed to provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among CBOE 

members and other persons using its 

facilities. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE does not believe that the 

proposed rule change will impose any 


pwalker on PROD1PC71 with NOTICES
11068 Federal Register / Vol. 72, No. 47 / Monday, March 12, 2007 / Notices 

7 15 U.S.C. 78s(b)(3)(A)(ii). 

8 17 CFR 240.19b–4(f)(2). 

9 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. 55070 

(January 9, 2007), 72 FR 2049 (January 17, 2007) 

(SR–CHX–2006–37). 

4Thus, the credit for November 2006 is $25,000; 

the credit for December 2006 is $50,000; and the 

credit for January 2007 is $25,000. 

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 proposed rule change 

has become effective pursuant to 

Section 19(b)(3)(A)(ii) of the Act 7 and 

Rule 19b–4(f)(2) thereunder 8 because it 

establishes or changes a due, fee, or 

other charge applicable only to 

Exchange members. 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 

No. SR–CBOE–2007–25 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–CBOE–2007–25. 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 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–CBOE–2007–25 and should 

be submitted on or before April 2, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–4292 Filed 3–9–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55408; File No. SR–CHX–

2007–02] 

Self-Regulatory Organizations; The 

Chicago Stock Exchange, Inc.; Notice 

of Filing of Proposed Rule Change To 

Amend the CHX Fee Schedule on a 

Retroactive Basis to Clarify the 

Application of a Credit Against 

Specialist Fixed Fees 

March 6, 2007. 

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 February 

12, 2007, the Chicago Stock Exchange, 

Inc. (‘‘CHX’’ 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 substantially by the 

CHX. 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 amend its 

Schedule of Participant Fees and Credits 

(‘‘Schedule’’), on a retroactive basis, to 

clarify application of a monthly 

specialist fixed fee credit. The text of 

the proposed rule change is available at 

the Exchange, http://www.chx.com/ 

rules/proposed_rules.htm, 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 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change. The text of 

these statements may be examined at 

the places specified in Item IV below. 

The CHX 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 seeks to amend the 

Schedule on a retroactive basis to clarify 

application of a monthly specialist fixed 

fee credit. 

On November 21, 2006, the Exchange 

amended the Schedule, providing for a 

monthly specialist fixed fee credit of 

$25,000, to be in effect while the 

Exchange completed implementation of 

its new trading model and issues were 

transitioned from being traded by CHX 

specialists to a market maker model.3

At that time, the Exchange envisioned 

that the credit would be applied on a 

cumulative basis for November and 

December of 2006, so that the November 

credit would be $25,000 and the 

December credit would be $50,000. 

Subsequently, at the December 12, 2006 

meeting of its Board of Directors, the 

Exchange determined that it would 

make the credit available for the month 

of January 2007, but that the credit for 

January would be reduced to $25,000. 

The proposed rule language in the 

instant proposed rule change clarifies 

the total amount of the credit available 

for each month.4


pwalker on PROD1PC71 with NOTICES