Federal Register / Vol. 74, No. 38 / Friday, February 27, 2009 / Notices 9013 

8 In approving this proposal, the Commission has 

considered the proposed rule change’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 17c(f). 

9 15 U.S.C. 78s(b)(2). 

10 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. 58817 

(October 20, 2008), 73 FR 63744 (October 27, 2008). 

The ORF is $.0045 per contract and is assessed to 

each member for all options transactions executed 

by the member that are cleared by The Options 

Clearing Corporation (‘‘OCC’’) in the customer range 

(i.e., that clear in a customer account at OCC), 

excluding Options Intermarket Linkage Plan 

(‘‘Linkage’’) orders. The ORF is imposed upon all 

such transactions executed by a member, even if 

such transactions do not take place on the 

Exchange. The ORF is collected indirectly from 

members through their clearing firms by OCC on 

behalf of the Exchange. 

4See Securities Exchange Act Release No. 59182 

(December 30, 2008), 74 FR 730 (January 7, 2009), 

and Securities Exchange Act Release No. 59355 

(February 3, 2009), 74 FR 6677 (February 10, 2009). 

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

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

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and 

protect investors and the public 

interest.8 The Commission believes that 

the proposal is consistent with Section 

6(b)(5) of the Exchange Act because the 

proposed rule change will clarify the 

use of certain terms consistent with 

their use by other self-regulatory 

organizations, and also will clarify the 

Exchange’s options confirmation 

procedure rules. 

III. Conclusion 

It is therefore ordered, pursuant to 

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

proposed rule change (SR–BSE–2008– 

56) be, and hereby is, approved.9

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–4183 Filed 2–26–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59427; File No. SR–CBOE– 

2009–008] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to the Options 

Regulatory Fee 

February 20, 2009. 

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 

18, 2009, the Chicago Board Options 

Exchange, Incorporated (‘‘CBOE’’ or the 

‘‘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 

by CBOE. 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 

Chicago Board Options Exchange, 

Incorporated (‘‘CBOE’’ or ‘‘Exchange’’) 

proposes to amend its Fees Schedule 

relating to the Options Regulatory Fee. 

The text of the proposed rule change is 

available on the Exchange’s Web site 

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

Exchange’s Office of the Secretary, 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, 

CBOE 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. CBOE 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 

(a) Purpose 

In October 2008, the Exchange filed a 

proposed rule change to eliminate 

Registered Representative Fees and 

establish a transaction-based ‘‘Options 

Regulatory Fee’’ (‘‘ORF’’).3 The ORF was 

to be effective January 1, 2009. In 

December 2008 and January 2009, the 

Exchange filed proposed rule changes 

waiving the ORF for January and 

February, to allow additional time for 

the Exchange, the Options Clearing 

Corporation (‘‘OCC’’) and firms to put in 

place appropriate procedures to 

implement the fee.4

The Exchange has reevaluated the 

current amount of the ORF in light of 

the waiver of the ORF for the first two 

months of 2009 and recent volume 

levels. The Exchange has determined 

that it would experience a regulatory 

revenue shortfall for 2009 if the ORF 

remained at $.0045 per contract. To 

avoid a regulatory revenue shortfall for 

2009, the Exchange proposes to change 

the ORF from $.0045 per contract to 

$.006 per contract. The amount of the 

ORF will be one-cent in the case of a 

one-contract trade, i.e., there is a 

minimum one-cent charge per trade. 

The Exchange represents that the 

proposed new ORF rate would generate 

approximately the same amount of 

revenue for calendar year 2009 that 

would have been generated by the 

current ORF if the ORF had not been 

waived for two months. 

As stated in its rule filing establishing 

the ORF, the Exchange will monitor the 

amount of revenue collected from the 

ORF to ensure that it, in combination 

with its other regulatory fees and fines, 

does not exceed regulatory costs. The 

Exchange expects to monitor regulatory 

costs and revenues at a minimum on an 

annual basis. If the Exchange 

determines regulatory revenues exceed 

regulatory costs, the Exchange would 

adjust the ORF by submitting a fee 

change filing to the Commission. The 

Exchange will notify members of 

adjustments to the ORF via regulatory 

circular. 

The Exchange also proposes to delete 

references to Registered Representative 

fees from Section 12 of the Fees 

Schedule. All of the proposed rule 

changes will become operative on 

March 1, 2009. 

(b) Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with Section 

6(b) of the Securities Exchange Act of 

1934 (‘‘Act’’) 5, in general, and furthers 

the objectives of 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 the revised ORF is reasonable 

because it relates to the recovery of the 

costs of supervising and regulating 

members and it is expected to generate 

approximately the same amount of 

revenue for calendar year 2009 that 

would have been generated by the 

current ORF if the ORF had not been 

waived for the first two months of 2009. 


rwilkins on PROD1PC63 with NOTICES2
9014 Federal Register / Vol. 74, No. 38 / Friday, February 27, 2009 / Notices 

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

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. 

3The establishment of fees on the NYSE 

Alternext for the same services was formally 

submitted to the Securities and Exchange 

Commission through a separate filing, SR– 

NYSEALTR–2009–12. 

4See Securities Exchange Act Release No. 59354 

(February 3, 2009), 74 FR 6683 (February 10, 2009) 

(SR–NYSE–2008–101). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE does not believe that the 

proposed rule change will impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of 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 has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 7 and subparagraph (f)(2) of 

Rule 19b–4 8 thereunder. 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–CBOE–2009–008 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–CBOE–2009–008. 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 publicly available. All 

submissions should refer to File 

Number SR–CBOE–2009–008 and 

should be submitted on or before March 

20, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–4153 Filed 2–26–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59430; File No. SR–NYSE– 

2009–15] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Establishing a 

Fee for Its New Risk Management 

Gateway Service 

February 20, 2009. 

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, 2009, the New York Stock Exchange 

LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the Exchange. 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 establish a 

fee for its new Risk Management 

Gateway (‘‘RMG’’) service. 

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 proposes to offer, 

through its wholly-owned subsidiary 

NYSE Euronext Advanced Trading 

Solutions, Inc., the Risk Management 

Gateway (‘‘RMG’’) service to NYSE 

member organizations. NYSE Transact 

Tools, Inc, a division of the NYSE 

Euronext Advanced Trading Solutions 

Group (‘‘NYXATS’’), owns RMG.3 This 

proposed rule change establishes fees 

for that service. 

Background 

On December 12, 2008, the Exchange 

filed with the Securities and Exchange 

Commission to establish its RMG 

service.4 RMG is a service designed to 

facilitate the ability of Sponsoring 

Member Organizations to monitor and 

oversee the sponsored access activity of 

their Sponsored Participants. NYXATS 

offers an order-verification service to 

Sponsoring Member Organizations that 

acts as a risk filter by causing the orders 

of Sponsored Participants to pass 

through RMG prior to entering the 

Exchange’s trading systems for 

execution. When a Sponsored 

Participant’s order passes through RMG, 


rwilkins on PROD1PC63 with NOTICES2