Federal Register / Vol. 72, No. 54 / Wednesday, March 21, 2007 / Notices 13319 

11 17 CFR 200.30–3(a)(29). 

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)(2). 

5NYSE stipulated the implementation date to be 

March 5, 2007. 

6The Linkage Plan was filed with the 

Commission pursuant to Rule 608 of Regulation 

NMS under the Act. The purpose of the Linkage 

Plan is to enable the Plan Participants to act jointly 

in planning, developing, operating and regulating 

the NMS Linkage System electronically linking the 

Plan Participant Markets to one another, as 

described in the Linkage Plan. Following approval 

by the Commission, the Plan became operative on 

October 1, 2006. The Plan terminates on June 30, 

2007; however, participants that wish to extend the 

term could agree to do so, subject to Commission 

approval. See Securities Exchange Act Release No. 

54551 (Sept. 29, 2006), 71 FR 59148 (Oct. 6, 2006) 

(approving the Linkage Plan). 

7See Securities Exchange Act Release No. 54727 

(November 8, 2006); 71 FR 66820 (November 16, 

2006) (SR–NYSE–2006–79). 

8Archipelago Securities is billed by the 

destination markets for orders entered on the 

Exchange by entering firms but routed to other 

markets for execution. The Exchange assumed 

responsibility for fees paid by Archipelago 

Securities to Participant markets in its capacity as 

the Exchange’s Sponsoring Member. See id. 

9 15 U.S.C. 78f. 

10 15 U.S.C. 78f(b)(4). 

11 15 U.S.C. 78s(b)(3)(a)(ii). 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–OPRA–2007–02 and should 

be submitted on or before April 11, 

2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–5087 Filed 3–20–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55462; File No. SR–NYSE–

2007–18] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change to Amend the 

Linkage Order Fee 

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 

22, 2007, the New York Stock Exchange 

LLC (‘‘NYSE’’) 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 NYSE. NYSE 

submitted the proposed rule change 

under Section 19(b)(3)(A) of the Act 3

and Rule 19b–4(f)(2) thereunder,4 which 

renders the proposal effective upon 

filing with the Commission.5 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 modify the 

fee (the ‘‘Linkage Order Fee’’) it charges 

its member organizations in connection 

with orders in equities executed in 

another market pursuant to the ‘‘Plan for 

the Purpose of Creating and Operating 

an Intermarket Communications 

Linkage’’ (the ‘‘Linkage Plan’’).6 As of 

March 5, 2007, the Linkage Order Fee 

for transactions routed to any other 

market will be $0.0025 per share. The 

Linkage Order Fee will not apply to 

transactions where a broker on the 

Exchange trading floor placed the 

related order. 

The text of the proposed rule change 

is available on the NYSE’s Web site at 

http://www.nyse.com, at NYSE 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, 

NYSE 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 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’s Linkage Order fee is 

currently fixed at $0.000275 per share. 

As of March 5, 2007, the Linkage Order 

Fee for transactions routed to any other 

market will be $0.0025 per share. The 

Linkage Order Fee is the only 

transaction fee the Exchange charges its 

customers on transactions routed to 

other markets. These transactions are 

not subject to the Exchange’s regular 

equity transaction fees. The Linkage 

Order Fee will not apply to transactions 

where a broker on the Exchange trading 

floor placed the related order. Instead, if 

routed to another market, such 

transactions will be billed at the 

Exchange’s regular equity transaction 

fee rate. At the time of the Linkage 

Order Fee’s adoption,7 the Exchange 

stated that the Linkage Order Fee was 

intended to permit the Exchange to 

recover fees billed to Archipelago 

Securities LLC (‘‘Archipelago 

Securities’’), as the NYSE’s Sponsoring 

Member, by other markets for orders 

executed pursuant to the Linkage Plan. 

The current Linkage Order Fee is set at 

the level of the NYSE’s own equity 

transaction fee. However, as the 

Exchange is charged much higher fees 

than the current Linkage Order Fee in 

connection with most transactions 

routed to other markets, the current 

Linkage Order Fee is enabling the 

Exchange to recoup only a fraction of its 

routing costs.8 The revised Linkage 

Order Fee is more closely related to the 

actual transaction fees charged to 

Archipelago Securities by such other 

markets and will enable the Exchange to 

recoup most of the transaction fees for 

which it is responsible in relation to 

transactions it routes to other markets 

through the Linkage. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6(b) of the 

Act,9 in general, and Section 6(b)(4) of 

the Act,10 in particular, in that it is 

designed to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among the Exchange’s 

members and other persons using its 

facilities. The fee is intended to permit 

the Exchange to recover fees billed to 

Archipelago Securities, as a Sponsoring 

Member, by other markets for orders 

executed pursuant to the Linkage Plan. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

NYSE 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 

NYSE 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 

The proposed rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act 11 and 


jlentini on PROD1PC65 with NOTICES
13320 Federal Register / Vol. 72, No. 54 / Wednesday, March 21, 2007 / Notices 

12 17 CFR 240.19b–4(f)(2). 

13 13 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)(ii). 

4 17 CFR 240.19b–4(f)(2). 

5See Securities Exchange Act Release No. 55195 

(January 30, 2007) 72 FR 5469 (February 6, 2007) 

(Amex File No. 2006–117). 6This discussion originally stated, at various 

points, that the new transaction charges became 

effective January 3, 2007; however, the approved 

date of effectiveness was actually January 2, 2007. 

E-mail communication between Leah Mesfin, 

Special Counsel, Division of Market Regulation, 

Commission, and Claire P. McGrath, Senior Vice 

President and General Counsel, Amex, on March 2, 

2007. 7Customers are defined for purposes of the 

Equity and ETF Fee Schedules to include all market 

participants except specialists and registered 

traders. Therefore, customers (and the fees charged 

to them) include members’ off-floor proprietary 

accounts, competing market makers and other 

member and non-member broker-dealers. The 

Nasdaq UTP Fee Schedule defines customers to 

include any market participant other than a 

‘‘competing market maker.’’

subparagraph (f)(2) of Rule 19b–4 

thereunder,12 because it establishes or 

changes a due, fee, or other charge 

imposed by the NYSE. 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 

Number SR–NYSE–2007–18 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–NYSE–2007–18. 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 offices of NYSE. 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–2007–18 and should 

be submitted on or before April 11, 

2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.13

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–5117 Filed 3–20–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55458; File No. SR–Amex–

2007–23] 

Self-Regulatory Organizations; 

American Stock Exchange LLC; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change Relating to 

Transaction Charges for Equities, 

ETFs, and Nasdaq UTP Securities 

March 13, 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 

22, 2007, the American Stock Exchange 

LLC (‘‘Amex’’ 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. Amex has designated this 

proposal as one establishing or changing 

a due, fee, or other charge imposed by 

a self-regulatory organization 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 

The Exchange proposes to revise the 

equities, Exchange Traded Funds and 

Trust Issued Receipts (‘‘ETFs’’), and 

Nasdaq UTP Fee Schedules 

(collectively, the ‘‘Fee Schedule’’) to 

modify transaction charges in equities, 

ETFs, and Nasdaq UTP securities. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

(http://www.amex.com), at the 

Exchange’s principal office, 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 recently adopted new 

transaction charges for its members and 

member organizations largely relating to 

the Exchange’s new hybrid market 

trading platform (known as AEMI), the 

upcoming implementation of Regulation 

NMS, and changes in the competitive 

landscape for equities and ETFs.5 These 

new transaction charges became 

effective January 2, 2007.6 Since the 

adoption of the new transaction fees, the 

Exchange has been having difficulty 

with its billing system’s ability to obtain 

the data necessary to calculate an 

accurate bill and provide data to the 

clearing firms in a timely manner so 

they can accurately pass these charges 

on to their customers. As a result, the 

Exchange in this filing proposes to 

revert back to transaction charges for 

customers 7 in equities and ETFs in 

effect prior to January 2, 2007. In 


jlentini on PROD1PC65 with NOTICES