Federal Register / Vol. 77, No. 51 / Thursday, March 15, 2012 / Notices 15429 

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. 

FINRA has satisfied this requirement. 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See NYSE Amex Options Fee Schedule dated 2/ 

1/12, endnote 5, available at http:// 

globalderivatives.nyx.com/sites/ 

globalderivatives.nyx.com/files/ 

nyseamexoptionsfeeschedule_020112.pdf. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend 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 email to rulecomments@sec.gov. Please include File 

Number SR–FINRA–2012–019 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–FINRA–2012–019. This file 

number should be included on the 

subject line if email 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 Web site viewing and 

printing 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 

FINRA. 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 publicly available. All 

submissions should refer to File 

Number SR–FINRA–2012–019 and 

should be submitted on or before April 

5, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–6240 Filed 3–14–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66561; File No. SR– 

NYSEAmex–2012–16] 

Self-Regulatory Organizations; NYSE 

Amex LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Implementing Changes to 

the Per Contract Execution Costs for 

Certain Participants 

March 9, 2012. 

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 

29, 2012, NYSE Amex LLC (the 

‘‘Exchange’’ or ‘‘NYSE Amex’’) 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 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 amend the 

NYSE Amex Options Fee Schedule 

(‘‘Fee Schedule’’) to increase the per 

contract execution costs for certain 

participants. The text of the proposed 

rule change is available at the Exchange, 

the Commission’s Public Reference 

Room, and www.nyse.com. 

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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Fee Schedule to increase the per 

contract execution costs for certain 

participants. The Exchange believes the 

proposed fees will better reflect the 

costs associated with supporting a larger 

number of option classes, option series, 

and overall transaction volumes that 

have grown over time. 

First, the Exchange proposes an 

increase of $.03 per contract applicable 

to all NYSE Amex Options Market 

Maker participants. In conjunction with 

this increase, NYSE Amex Options 

Market Maker participants will have the 

ability to earn back the lower existing 

rate by executing as a NYSE Amex 

Options Market Maker 50,000 contracts 

or more on average each day in a month, 

excluding either Strategy Executions or 

QCC trades. The existing monthly fee 

cap applicable to NYSE Amex Options 

Market Makers will continue to apply.3

NYSE Amex Options Specialists and 

eSpecialists currently pay $.10 per 

contract in transaction fees. Under the 

proposal, the charge applicable to NYSE 

Amex Options Specialist and 

eSpecialists would increase to $.13 per 

contract. If, however, a NYSE Amex 

Options participant executes on average 

at least 50,000 contracts each day in a 

month as a Market Maker, then the rate 

per contract applicable to those NYSE 

Amex Options Specialist or eSpecialist 

transactions would be reduced to $.10 

per contract for that month. 

NYSE Amex Options Market Makers 

that trade with directed order flow 

currently pay $.15 per contract in 

transaction fees. Under the proposal the 


srobinson on DSK4SPTVN1PROD with NOTICES
15430 Federal Register / Vol. 77, No. 51 / Thursday, March 15, 2012 / Notices 

4 In calculating ADV, the Exchange will consider 

all trading days in a month, regardless of the length 

of the trading day. 

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

6 15 U.S.C. 78f(b)(4). 7See NYSE Amex Rule 995NY(b). 

charge applicable to NYSE Amex 

Options Market Makers trading with 

directed order flow would increase to 

$.18 per contract. If, however, a NYSE 

Amex Options participant executes on 

average at least 50,000 contracts each 

day in a month as a Market Maker, then 

the rate per contract applicable to those 

transactions in which a NYSE Amex 

Options Market Maker traded with 

directed order flow would be reduced to 

$.15 per contract for that month. 

NYSE Amex Options Market Makers 

who trade with non-directed order flow 

currently pay $.17 per contract in 

transaction fees. Under the proposal the 

charge applicable to NYSE Amex 

Options Market Makers trading with 

non-directed order flow would increase 

to $.20 per contract. If, however, a NYSE 

Amex Options participant executes on 

average at least 50,000 contracts each 

day in a month as a Market Maker, then 

the rate per contract applicable to those 

transactions in which a NYSE Amex 

Options Market Maker traded with nondirected order flow would be reduced to 

$.17 per contract for that month. 

For purposes of calculating the 50,000 

contract average daily volume (‘‘ADV’’) 4

threshold, the Exchange will aggregate 

all of a NYSE Amex Options 

participant’s Market Maker activity. For 

example, a NYSE Amex Options 

participant in one month trades 30,000 

contracts ADV as a NYSE Amex Options 

Specialist, 20,000 contracts ADV as a 

NYSE Amex Options eSpecialist, 15,000 

contracts as a NYSE Amex Options 

Market Maker trading with directed 

order flow, and 15,000 contracts ADV 

trading as a NYSE Amex Options 

Market Maker trading with non-directed 

order flow. This NYSE Amex Options 

participant will be credited with 80,000 

contracts ADV attributable to NYSE 

Amex Options Market Maker activity 

and as such will be eligible for the 

reduced rate for those transactions that 

month. Additionally, in the calculation 

of the 50,000 contract or more ADV 

threshold, the Exchange will exclude 

both Strategy Trades and QCC trades. 

Professional Customers presently pay 

a fee of $.20 per contract for 

electronically executed transactions. 

Under the proposal, the charge 

applicable to electronically executed 

transactions on behalf of a Professional 

Customer will increase to $.23 per 

contract. The rate for manually executed 

or open outcry transactions for 

Professional Customers will remain 

unchanged at $.25 per contract. 

Non-NYSE Amex Options Market 

Makers presently pay a fee of $.40 per 

contract for electronically executed 

transactions. Under the proposal the 

charge applicable to electronically 

executed transactions on behalf of a 

Non-NYSE Amex Options Market Maker 

will increase to $.43 per contract. The 

rate for manually executed or open 

outcry transactions for Non-NYSE Amex 

Options Market Makers will remain 

unchanged at $.25 per contract. 

In addition, for purposes of 

consistency and clarity, in footnote five 

of the NYSE Amex Options Fee 

Schedule the Exchange is amending ‘‘eSpecialist’’ to ‘‘eSpecialist,’’ consistent 

with its use elsewhere in the Fee 

Schedule. 

The proposed changes will be 

operative on March 1, 2012. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6(b) 5 of the 

Securities Exchange Act of 1934 (the 

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

of the Act, in particular, in that it is 

designed to provide for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members and 

other persons using its facilities. 

The Exchange believes that the 

proposed change to increase the fee for 

NYSE Amex Specialists, eSpecialists, 

Market Makers who trade with directed 

and non-directed order flow, 

Professional Customers and Non-NYSE 

Amex Options Market Makers 

transacting on the Exchange is 

reasonable, given the growth in volumes 

over the past two years. The Exchange 

notes that ADV on the Exchange has 

increased from 1,653,156 contracts in 

January 2010 to 2,267,022 contracts 

ADV in January 2012, or an increase of 

over 37%. The proposed per contract 

increases range from a 7.5% increase for 

Non-NYSE Amex Options Market 

Makers to a 30% increase for Specialists 

and eSpecialists. The growth in trading 

volumes, option classes and messaging 

traffic has compelled the Exchange to 

continually invest in software, hardware 

and personnel, the cost of which can 

reasonably be expected to be borne by 

participants on the Exchange that 

consume the majority of those resources 

as evidenced by the volume of messages 

for quotes, orders and trades. For these 

reasons the Exchange believes it is 

reasonable to increase the per contract 

rate for NYSE Amex Specialists, 

eSpecialists, Market Makers that trade 

with directed and non-directed order 

flow, Professional Customers, and NonNYSE Amex Options Market Makers. 

The Exchange believes that the 

proposed change to increase the fee for 

NYSE Amex Specialists, eSpecialists, 

Market Makers who trade with directed 

and non-directed order flow, 

Professional Customers and Non-NYSE 

Amex Options Market Makers is 

equitable and not unfairly 

discriminatory since the fees as noted 

are generally tied to an overall increase 

in activity on the Exchange. This 

heightened activity results in greater 

costs to the Exchange, which in turn is 

being passed back through to those 

participants who utilize the resources of 

the Exchange. The Exchange notes, for 

example, that Customers are prohibited 

from engaging in activity that can be 

construed as market making, and as 

such Customers do not use quotes to 

trade nor do they enter more than 390 

orders per day on average, unlike the 

participants subject to the proposed fee 

change, resulting in less capacity usage 

than the participants subject to the 

proposed fee change.7 For these reasons, 

the Exchange believes that the proposed 

$.03 per contract increase for NYSE 

Amex Specialists, eSpecialists, Market 

Makers who trade with directed and 

non-directed order flow, Professional 

Customers and Non-NYSE Amex 

Options Market Makers is both equitable 

and not unfairly discriminatory. 

The Exchange notes that the proposed 

$.03 per contract increase is not 

applicable to Firm Proprietary 

electronic transactions or Broker Dealer 

electronic transactions. As noted above, 

the fee increase is designed to offset the 

higher costs associated with the growth 

in trading volumes, option classes and 

messaging traffic and is specifically 

targeted at those users who consume the 

majority of those resources. The 

Exchange has found that, historically 

and at present, both Firm Proprietary 

electronic transactions and Broker 

Dealer electronic transactions comprise 

a small portion of the electronic 

transactions relative to the electronic 

transactions of the participants affected 

by this fee change. In fact, the majority 

of Firm Proprietary and Broker Dealer 

volumes on the Exchange are executed 

in open outcry and therefore place little 

burden on the infrastructure of the 

Exchange. For these reasons the 

Exchange feels that it is reasonable, 

equitable and not unfairly 

discriminatory to increase the fees as 

proposed, while leaving the fees for 

Firm Proprietary and Broker Dealer 

electronic transactions as they are. 


srobinson on DSK4SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 51 / Thursday, March 15, 2012 / Notices 15431 

8See NYSE Amex Rules 925NY, 925.1NY(b), 

972NY(c), and 927.5NY. 

9See ISE fee schedule dated 2/1/2012, page 1 of 

22, available at http://www.ise.com/assets/ 

documents/OptionsExchange/legal/fee/ 

fee_schedule.pdf. 

10 Id. at 22. 

11See NASDAQ OMX PHLX LLC Fee Schedule 

dated 2/6/2012, page 6 of 39, available at http:// 

nasdaqomxtrader.com/content/marketregulation/ 

membership/phlx/feesched.pdf. 

12 15 U.S.C. 78s(b)(3)(A). 

13 17 CFR 240.19b–4(f)(2). 

The Exchange believes that the ability 

for NYSE Amex Specialists, 

eSpecialists, and Market Makers that 

trade with directed and non-directed 

order flow to earn back the lower rate 

by executing more than 50,000 contracts 

ADV each day in a month is reasonable, 

equitable and not unfairly 

discriminatory for several reasons. First, 

NYSE Amex Specialists, eSpecialists, 

and Market Makers that trade with 

directed and non-directed order flow all 

subject themselves to various 

obligations,8 including quoting 

obligations that compel them to put 

themselves at risk to trade with any and 

all interest in a large number of options 

at any one time. The Exchange believes 

it is important to continue to incentivize 

NYSE Amex Options Market Makers to 

obligate themselves to accept the risk of 

trading with any and all interest and as 

such it is warranted in permitting NYSE 

Amex Options Market Makers, which 

undertake those obligations as 

evidenced by their trading volumes, to 

earn back a lower per contract rate. 

Conversely, Professional Customers and 

Non-NYSE Amex Options Market 

Makers have no obligation whatsoever 

to post a bid or offer but rather can react 

selectively to the bids and offers posted 

by NYSE Amex Options Market Makers 

who do have obligations. It is these 

differing levels of obligations that cause 

the Exchange to believe that granting 

NYSE Amex Specialists, eSpecialists, 

and Market Makers that trade with 

directed and non-directed order flow 

the ability to earn back a lower rate by 

generating at least 50,000 contracts ADV 

each day in a month as a Market Maker 

is warranted. Further, the Exchange 

believes that excluding both Strategy 

Executions and QCC trades from the 

calculation of the 50,000 contract ADV 

threshold is appropriate since Strategy 

Trades are already subject to a lowered 

rate and are in turn capped while QCC 

trades can be effected without risk of 

trading with an unknown party. The 

Exchange does not believe that 

including QCC trades in the calculation 

of the 50,000 contract ADV threshold is 

appropriate, given the Exchange’s desire 

to continue to incentivize NYSE Amex 

Options Market Makers to continue to 

provide firm quotes accessible by all 

participants. For these reasons, the 

Exchange believes the proposed change 

is reasonable, equitable and not unfairly 

discriminatory. 

The Exchange also believes that the 

fees being proposed are reasonable 

because they are within the range of fees 

presently charged by other exchanges. 

For example, the International Stock 

Exchange (‘‘ISE’’) charges Non-ISE 

Market Makers $.45 per contract,9 as 

well as a $.29 fee for Professional 

Customers in select symbols.10

Additionally, NASDAQ OMX PHLX 

LLC charges market makers a rate of 

either $.22 or $.23 per contract 

depending on whether the option is part 

of the penny pilot or not.11

The Exchange operates in a highly 

competitive environment in which 

participants can not only move their 

business elsewhere, but also, if they 

choose, change the manner in which 

they access the Exchange. For example, 

Non-NYSE Amex Options Market 

Makers can avail themselves of the 

lower rates applicable to NYSE Amex 

Specialists, eSpecialists, and Market 

Makers that trade with directed and 

non-directed order flow by becoming 

NYSE Amex Options Market Makers. 

Likewise, a Professional Customers 

could either send fewer than 390 orders 

on average to begin trading as a 

Customer or they could register as a 

broker-dealer to trade on the Exchange 

as a Firm Proprietary trader or even a 

NYSE Amex Options Market Maker. 

For the reasons noted above, the 

Exchange believes that the proposed fee 

changes are fair, equitable, and not 

unfairly discriminatory. 

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) 12 of the Act and 

subparagraph (f)(2) of Rule 19b–4 13

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

NYSE Amex. 

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend 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 email to rulecomments@sec.gov. Please include File 

Number SR–NYSEAmex–2012–16 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–NYSEAmex–2012–16. This 

file number should be included on the 

subject line if email 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 Web site viewing and 

printing 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 


srobinson on DSK4SPTVN1PROD with NOTICES
15432 Federal Register / Vol. 77, No. 51 / Thursday, March 15, 2012 / Notices 

14 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 34–66266 

(January 27, 2012), 77 FR 5284 (February, 2012). In 

its filing with the Commission, OCC included 

statements concerning the purpose of and basis for 

the proposed rule change. The text of these 

statements is incorporated into the discussion of the 

proposed rule change in Section II below. 

4 15 U.S.C. 78s(b)(2)(B). 

5 15 U.S.C. 78q–1(b)(3)(C). 

6 15 U.S.C. 78q–1(b)(3)(F). 

7 15 U.S.C. 78s(b)(2). 

8 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition and capital formation. 

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

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3A Member is any registered broker or dealer, or 

any person associated with a registered broker or 

dealer, that has been admitted to membership in the 

Exchange. 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

NYSEAmex–2012–16 and should be 

submitted on or before April 5, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–6239 Filed 3–14–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66560; File No. SR–OCC– 

2012–01] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Order 

Approving Proposed Rule Change 

Relating to Public Directors 

March 9, 2012. 

I. Introduction 

On January 20, 2012, The Options 

Clearing Corporation (‘‘OCC’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) proposed 

rule change SR–OCC–2012–01 pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder.2 The proposed rule 

change was published for comment in 

the Federal Register on February 2, 

2012.3 The Commission received no 

comment letters regarding the proposal. 

For the reasons discussed below, the 

Commission is granting approval of the 

proposed rule change. 

II. Description 

The proposed rule change would 

modify the corporate governance 

structure of OCC by: (i) Increasing the 

number of public directors on OCC’s 

Board of Directors from one to three, (ii) 

creating a staggered term system for the 

public directors, and (iii) adding a 

public director to the Nominating 

Committee. 

III. Discussion 

Section 19(b)(2)(B) of the Act directs 

the Commission to approve a proposed 

rule change of a self-regulatory 

organization if it finds that such 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to such organization.4 In 

particular, Section 17A(b)(3)(C)5 of the 

Act requires that the rules of a clearing 

agency assure a fair representation of its 

shareholders and participants in the 

selection of its directors and 

administration of its affairs. 

The proposed change would allow 

OCC to increase the number of public 

directors from one to three, to create a 

staggered term system for the public 

directors, and to add a public director 

to the Nominating Committee. In 

proposing these changes to the 

composition of its Board of Directors, 

OCC stated that the changes would 

enhance the corporate governance 

structure at OCC. As such, the 

Commission finds that the proposed 

rule change is consistent with OCC’s 

obligation under Section 17A(b)(3)(F) 6

of the Act’s requirement that the rules 

of OCC be designed to remove 

impediments and perfect the 

mechanism of a national system for the 

clearance and settlement of securities 

transactions. 

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposal is 

consistent with the requirements of the 

Act and in particular with the 

requirements of Section 17A of the Act 

and the rules and regulations 

thereunder. 

It is therefore ordered, pursuant to 

Section 19(b)(2) 7 of the Act, that the 

proposed rule change (File No. SR– 

OCC–2012–01) be, and hereby is, 

approved.8

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–6238 Filed 3–14–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66558; File No. SR–EDGX– 

2012–06] 

Self-Regulatory Organizations; EDGX 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to Amendments 

to the EDGX Exchange, Inc. Fee 

Schedule 

March 9, 2012. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on February 

29, 2012 the EDGX Exchange, Inc. (the 

‘‘Exchange’’ or the ‘‘EDGX’’) 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 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 amend its 

fees and rebates applicable to Members 3

of the Exchange pursuant to EDGX Rule 

15.1(a) and (c). All of the changes 

described herein are applicable to EDGX 

Members. The text of the proposed rule 

change is available on the Exchange’s 

Internet Web site at http:// 

www.directedge.com, at the Exchange’s 

principal office, and at the Public 

Reference Room of the Commission. 

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. 


srobinson on DSK4SPTVN1PROD with NOTICES