Federal Register / Vol. 74, No. 43 / Friday, March 6, 2009 / Notices 9853 

121 15 U.S.C. 78s(b)(2). 

122 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3On September 29, 2008, the Commission 

approved the Exchange’sbusiness combination with 

NYSE Euronext, Inc. (‘‘Merger’’). See Securities 

Exchange Act Release No. 58673 (September 29, 

2008), 73 FR 57707 (October 3, 2008) (order 

approving SR–NYSE–2008–60 and SR–Amex– 

2008–62). Pursuant to the Merger, NYSE Euronext 

became the overall parent company of the 

Exchange. NYSE Euronext now operates three selfregulatory entities: The Exchange, the NYSE, and 

NYSE Arca, Inc. ArcaSec is also a wholly owned 

subsidiary of NYSE Euronext, and is therefore an 

affiliate of the Exchange. 

4ArcaSec acts as the outbound order routing 

facility of the NYSE andNYSE Arca. See Securities 

Exchange Act Release No. 52497 (September 22, 

2005), 70 FR 56949 (September 29, 2005) (SR–PCX– 

2005–90). See also Securities Exchange Act Release 

Nos. 44983 (October 25, 2001), 66 FR 55225 

(November 1, 2001) (SR–PCX–00–25); 58681 

(September 29, 2008), 73 FR 58285 (October 6, 

2008) (order approving SR–NYSEArca-2008–90); 

55590 (April 5, 2007), 72 FR 18707 (April 13, 2007) 

(notice of immediate effectiveness of SR–NYSE– 

2007–29); and 58680 (September 29, 2008), 73 FR 

58283 (October 6, 2008) (order approving SR– 

NYSE–2008–76). 

On November 24, 2008, the Commission also 

approved ArcaSec to act as the outbound order 

routing facility for NYSE Alternext for the purpose 

of routing equities orders to away market centers. 

Securities Exchange Act Release No. 59009 

(November 24, 2008), 73 FR 73363 (December 2, 

2008) (SR–NYSEALTR–2008–07). 

Currently, FINRA is the examining authority for 

the Routing Broker designated by the Commission 

pursuant to Rule 17d–1 of the Act. As such, FINRA 

is responsible for the oversight and enforcement of 

the Routing Broker for compliance with the 

applicable financial responsibility rules. 

Act,121 for approving the proposal, as 

modified by Amendment No. 1, prior to 

the thirtieth day after the date of 

publication of notice of filing of 

Amendment No. 1 in the Federal 

Register. The changes made by 

Amendment No. 1 are designed to 

clarify the proposed rules and do not 

raise any novel or substantive issues. 

The proposal has otherwise been subject 

to a full comment period. Therefore, the 

Commission believes that good cause 

exists to approve the amended proposal 

on an accelerated basis. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the filing, as 

modified by Amendment No. 1, 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–NYSEALTR–2008–14 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–NYSEALTR–2008–14. 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 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 

available publicly. All submissions 

should refer to File Number SR– 

NYSEALTR–2008–14 and should be 

submitted on or before March 27, 2009. 

V. Conclusion 

It is therefore ordered, pursuant to 

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

proposed rule change (SR–NYSEALTR– 

2008–14), as amended, be, and hereby 

is, approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.122

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–4778 Filed 3–5–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59473; File No. SR– 

NYSEALTR–2009–18] 

Self-Regulatory Organizations; NYSE 

Alternext U.S. LLC; Notice of Filing and 

Order Granting Accelerated Approval 

of Proposed Rule Change To Use Its 

Broker Dealer Affiliate, Archipelago 

Securities, LLC, as Its Routing Broker 

for Options Orders 

February 27, 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 

25, 2009, NYSE Alternext U.S. LLC 

(‘‘NYSE Alternext’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’) 

the proposed rule change as described 

in Items I and II below, which Items 

have been substantially prepared by the 

Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons, and is granting 

accelerated approval to the proposed 

rule change. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to use its 

broker dealer affiliate,3 Archipelago 

Securities LLC (‘‘ArcaSec’’), as its 

Routing Broker to route options orders 4

to away market centers when that 

market center is displaying the national 

best bid and offer, in accordance with 

Exchange Rules. A copy of this filing is 

available on the Exchange’s Web site at 

http://www.nyse.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 

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 III 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 is proposing to use 

ArcaSec as its Routing Broker to route 

options orders to away market centers 

when that market center is displaying 

mstockstill on PROD1PC66 with NOTICES

9854 Federal Register / Vol. 74, No. 43 / Friday, March 6, 2009 / Notices 

5See Securities Exchange Act Release No. 58673, 

supra note 3. 

6 Id. See also Securities Exchange Act Release No. 

59009, supra note 4. 

7See Securities Exchange Act Release No. 58705 

(October 1, 2008), 73 FR 58995 (October 8, 2008) 

(order approving SR–Amex–2008–63). 

8Presently, ArcaSec does not route options orders 

directly to awaymarket centers and, as such, will 

not route options orders directly from NYSE 

Alternext to any affiliated markets, including NYSE 

Arca, Inc. Should ArcaSec route orders directly 

from NYSE Alternext to an affiliated market, it 

would do so only after the affiliated market has 

rules approved that authorize it to receive such 

routed options orders from its broker-dealer 

affiliate. 

9The term ‘‘facility’’ as defined in Section 3(a)(2) 

of the Securities Exchange Act of 1934, as amended 

provides, when used with respect to an exchange 

includes its premises, tangible or intangible 

property whether on the premises or not, any right 

to the use of such premises or property or any 

service thereof for the purpose of effecting or 

reporting a transaction on an exchange (including, 

among other things, any system of communication 

to or from the exchange, by ticker or otherwise, 

maintained by or with the consent of the exchange), 

and any right of the exchange to the use of any 

property or service. See 15 U.S.C. 78c. 

10 Id. 

11Comparable to the operation of ArcaSec in its 

capacity as a facility ofthe NYSE and NYSE Arca, 

the use of ArcaSec by the Exchange is only 

available to members of NYSE Alternext. 

12 15 U.S.C. 78f(b)(5). 

13 15 U.S.C. 78k–1(a)(1). 

the national best bid and offer in 

accordance with Exchange Rules. The 

Exchange intends to use ArcaSec as its 

Routing Broker, pending approval, as of 

the date that the Exchange implements 

its new electronic trading system in 

conjunction with the opening of its new 

options trading floor at 11 Wall Street in 

New York, New York. 

Rule 2B—NYSE Alternext Equities 

provides, in pertinent part, that: without 

prior SEC approval, the Exchange or any 

entity with which it is affiliated shall 

not, directly or indirectly, acquire or 

maintain an ownership interest in a 

member organization. 

In its Order approving the acquisition 

of the American Stock Exchange LLC by 

NYSE Euronext, the SEC, among other 

things, approved the affiliation between 

NYSE Alternext and ArcaSec, subject to 

certain conditions.5 The SEC also 

approved revisions to Rule 2B—NYSE 

Alternext Equities, in order to address 

inbound routing by affiliated members.6

The Exchange also recently received 

approval to implement Rule 17—NYSE 

Alternext Equities, which defines the 

term Routing Broker and establishes the 

conditions under which the Exchange’s 

Routing Broker operates.7

NYSE Alternext Rule 900.1NY— 

Applicability, Definitions, and 

References states that, unless otherwise 

specified or unless the context 

otherwise requires, the Rules and 

Policies of the Board of Directors shall 

be applicable to the trading of option 

contracts. As a result, Rules 2B and 17, 

as described above, encompass and 

apply to the trading of options contracts. 

Pursuant to Rule 2B—NYSE Alternext 

Equities, the Exchange now seeks 

authorization to use ArcaSec, an 

affiliated broker-dealer, to operate as its 

Routing Broker for the purpose of 

routing options orders to away market 

centers.8

Pursuant to the proposal, the 

Exchange systems will provide the 

Routing Broker with routing 

instructions, to route orders to other 

market centers and report such 

executions back to the Exchange. The 

Routing Broker cannot change the terms 

of an order or the routing instructions, 

nor does the Routing Broker have any 

discretion about where to route an 

order. 

The Routing Broker will operate as a 

‘‘facility’’ 9 of the Exchange in that it 

will serve as a ‘‘system of 

communication to or from’’ 10 the 

Exchange. When an order must be 

routed to an away market center for 

execution, the Exchange systems will 

affix all order handling information to 

the order. Exchange systems will 

automatically transmit the order and the 

relevant order handling information to 

the Routing Broker. In turn, the Routing 

Broker will facilitate the delivery of the 

received order to the destination away 

market. The Routing Broker will obtain 

receipts of executions and deliver those 

receipts of executions back to Exchange 

systems.11 The Routing Broker, as 

merely a conduit or system of 

communication between the Exchange 

and away market centers, cannot change 

the terms of an order, systemically reject 

an order, or otherwise perform data 

validation prior to delivery of the order 

to an away market center or after return 

receipt and delivery of the execution to 

the Exchange. 

In particular, and without limitation, 

under the Act, the Exchange will be 

responsible for filing with the 

Commission rule changes and fees 

relating to the functions performed by 

the Routing Broker for the Exchange and 

will be subject to exchange nondiscrimination requirements. 

Furthermore, the books, records, 

premises, officers, agents, directors, and 

employees of the Routing Broker, as a 

facility of the Exchange, shall be 

deemed to be the books, records, 

premises, officers, agents, directors, and 

employees of the Exchange for purposes 

of, and subject to oversight pursuant to, 

the Act. The books and records of the 

Routing Broker as a facility of the 

Exchange shall be subject at all times to 

inspection and copying by the Exchange 

and the Commission. 

The use of the Routing Broker to route 

orders to another market center will be 

optional. In the event a member 

organization does not want to use the 

Routing Broker, it must enter an 

immediate-or-cancel order or any such 

other order type available on the 

Exchange that is not eligible for routing. 

All bids and offers entered on the 

Exchange that are routed to other market 

centers via the Routing Broker which 

result in an execution shall be binding 

on the member organization that entered 

such bid and offer. 

The Routing Broker will not engage in 

any business for the Exchange other 

than its outbound router and facilitation 

functions as described above. In the 

event the Exchange seeks to have the 

Routing Broker engage in any other 

activities, it understands that the ability 

of the Routing Broker to engage in such 

new business activity would require 

Commission approval. 

The Exchange believes that the above 

described operation of the Routing 

Broker will serve as the most 

economically efficient execution of 

transactions in options contracts. 

Furthermore, the Routing Broker is 

necessary for the Exchange to comply 

with its Rules and best execution 

obligations. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the requirement under Section 6(b)(5) of 

the Act 12 that an Exchange have rules 

that are 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 proposed rule 

change also is designed to support the 

principles of Section 11A(a)(1) 13 in that 

it seeks to assure economically efficient 

execution of securities transactions. 

Specifically, the proposed rule change 

will allow the Exchange to establish and 

implement mechanisms to remain fully 

compliant with Exchange rules and its 

best execution obligations. 

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. 

mstockstill on PROD1PC66 with NOTICES

Federal Register / Vol. 74, No. 43 / Friday, March 6, 2009 / Notices 9855 

14 In approving this proposed rule change, the 

Commission hasconsidered the proposed rule’s 

impact on efficiency, competition, and capital 

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

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

16See supra note 3. 

17See Securities Exchange Act Release No. 58705, 

supra note 7. 

18 Id. 

19See Securities Exchange Act Release No. 59009, 

supra note 4. 

20See Securities Exchange Act Release No. 59472 

(February 27, 2009) (order approving SR– 

NYSEALTR–2008–14). 

21The Commission notes that the Exchange 

intends to transfer optionstrading to its new system 

on March 2, 2009. See e-mail from Andrew Stevens, 

Chief Counsel—U.S. Equities & Derivatives, NYSE 

Euronext, to Jennifer Dodd, Special Counsel, 

Division of Trading and Markets, Commission, 

dated February 26, 2009. 

22See, e.g., Securities Exchange Act Release 

Nos.58673, supra note 3; 54170 (July 18, 2006), 71 

FR 42149 (July 25, 2006) (SR–NASDAQ–2006–006) 

(order approving Nasdaq’s proposal to adopt 

Nasdaq Rule 2140, restricting affiliations between 

Nasdaq and its members); and 53382 (February 27, 

2006), 71 FR 11251 (March 6, 2006) (SR–NYSE– 

2005–77) (order approving the combination of the 

New York Stock Exchange, Inc. and Archipelago 

Holdings) at 11255. 

23The Commission notes that, as a facility of the 

Exchange, ArcaSec will be subject to Exchange 

oversight, as well as Commission oversight. Further, 

the Exchange will be responsible for filing with the 

Commission proposed rule changes and fees 

relating to ArcaSec’s outbound router function and 

ArcaSec’s outbound router function will be subject 

to exchange non-discrimination requirements. 

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. 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–NYSEALTR–2009–18 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–NYSEALTR–2009–18. 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, on official business days between 

the hours of 10 a.m. and 3 p.m. 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– 

NYSEALTR–2009–18 and should be 

submitted on or before March 27, 2009. 

IV. Commission’s Findings and Order 

Granting Accelerated Approval of a 

Proposed Rule Change 

The Commission finds that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to a national securities 

exchange.14 In particular, it is consistent 

with Section 6(b)(5) of the Act,15 which 

requires, among other things, that the 

rules of a national securities exchange 

be designed to prevent fraudulent and 

manipulative acts and practices; to 

promote just and equitable principles of 

trade; to foster cooperation and 

coordination with persons engaged in 

regulating, clearing, settling, processing 

information with respect to, and 

facilitating transactions in securities; 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; and are not designed to 

permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

On September 29, 2008, the 

Commission approved the Exchange’s 

business combination with NYSE 

Euronext.16 In conjunction with the 

Merger, the Exchange proposed to 

transfer trading from the American 

Stock Exchange LLC system to a new 

system based on NYSE’s existing 

system. Accordingly, the Exchange 

proposed new rules that would govern 

trading on the Exchange once trading 

was transferred to the new electronic 

system.17 Included in those recently 

approved rules were NYSE Alternext 

Equities Rules 13 and 17, which define 

the term Routing Broker and establish 

the conditions under which the 

Exchange’s Routing Broker shall 

operate.18 The Exchange also proposed, 

and the Commission approved, the 

Exchange’s use of ArcaSec, an affiliated 

broker-dealer, as its Routing Broker for 

the trading of equity orders on its new 

system.19 The Exchange recently 

proposed, and the Commission 

approved, new rules for the trading of 

options on its new trading system.20 In 

the instant filing, the Exchange proposes 

to use ArcaSec as its Routing Broker to 

route options orders to away market 

centers, in accordance with Exchange 

rules, as of the date that the Exchange 

implements its new system.21

In the past, the Commission has 

expressed concern that the affiliation of 

an exchange with one of its members 

raises potential conflicts of interest, and 

the potential for unfair competitive 

advantage.22 Although the Commission 

continues to be concerned about 

potential unfair competition and 

conflicts of interest between an 

exchange’s self-regulatory obligations 

and its commercial interests when the 

exchange is affiliated with one of its 

members, the Commission believes that 

it is consistent with the Act to permit 

ArcaSec to also provide outbound 

routing services for options orders to 

NYSE Alternext, subject to the same 

conditions that currently apply to 

ArcaSec providing outbound routing 

services to the Exchange for equities 

orders. 

NYSE Alternext Equities Rule 17 

imposes certain conditions on an 

Exchange Routing Broker, which would 

apply to ArcaSec as the Exchange’s 

outbound options order router as they 

do now in ArcaSec’s capacity as the 

Exchange’s outbound equities order 

router. For example, ArcaSec must: (1) 

Be a member of a self-regulatory 

organization unaffiliated with NYSE 

Alternext that is its designated 

examining authority; (2) establish and 

maintain procedures and internal 

controls reasonably designed to restrict 

the flow of confidential and proprietary 

information between NYSE Alternext 

and its facilities, including ArcaSec, and 

any other entity; (3) be regulated as a 

facility of the Exchange; 23 and (4) not 

engage in any business other than its 

outbound router function unless 

mstockstill on PROD1PC66 with NOTICES

9856 Federal Register / Vol. 74, No. 43 / Friday, March 6, 2009 / Notices 

24See NYSE Alternext Equities Rule 17(b). In 

addition, the books and records of ArcaSec, as a 

facility of the Exchange, will be subject at all times 

to inspection and copying by the Exchange and the 

Commission. Id. 

25See supra note 8. 

26See SR–NYSEALTR–2009–18, Item 7. 

27 Id. 

28See, e.g., Securities Exchange Act Release 

Nos.52497, 55590, and 59009, supra note 4. 

29 15 U.S.C. 78s(b)(2). 

30 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. 78f(b). 

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

otherwise approved by the Commission. 

Also, the books, records, premises, 

officers, agents, directors and employees 

of ArcaSec, as a facility of NYSE 

Alternext, will be deemed to be those of 

the Exchange for purposes of and 

subject to oversight pursuant to the 

Act.24 In addition, use of ArcaSec to 

route options orders from NYSE 

Alternext to away market centers is 

optional, and a NYSE Alternext member 

is free to route orders to other market 

centers through alternative means. The 

Commission also notes that ArcaSec 

will not route options orders to any 

affiliated market, unless such market 

has in place rules that authorize it to 

receive such routed options orders from 

its broker-dealer affiliate.25

In light of the protections discussed 

above and contained in NYSE Alternext 

Equities Rule 17, the Commission 

believes that it is consistent with the 

Act to permit NYSE Alternext to use its 

affiliate, ArcaSec, as its Routing Broker, 

as proposed. 

NYSE Alternext has asked the 

Commission to accelerate approval of 

the proposed rule change. NYSE 

Alternext states that accelerated 

approval ‘‘will permit the Exchange to 

establish and implement mechanisms to 

remain fully compliant with its best 

execution obligations and other 

Exchange rules immediately upon 

implementation of its new electronic 

trading system and in conjunction with 

the opening of its new trading floor at 

11 Wall Street.’’ 26 NYSE Alternext notes 

that it ‘‘intends to implement its new 

trading system and open its new trading 

floor on February 9, 2009.’’ 27 The 

Commission finds good cause for 

approving the proposed rule change 

before the thirtieth day after the date of 

publication of notice of filing thereof in 

the Federal Register. The Commission 

notes that NYSE Alternext’s proposal to 

use ArcaSec as its outbound order 

routing facility is consistent with prior 

Commission action.28 Accordingly, the 

Commission finds good cause, 

consistent with Section 19(b)(2) of the 

Act,29 to approve the proposed rule 

change on an accelerated basis. 

V. Conclusion 

It is therefore ordered, pursuant to 

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

proposed rule change (SR–NYSEALTR– 

2009–18) is hereby approved on an 

accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–4779 Filed 3–5–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59481; File No. SR– 

NYSEALTR–2009–20] 

Self-Regulatory Organizations; NYSE 

Alternext US, LLC; Notice of Filing and 

Order Granting Accelerated Approval 

of Proposed Rule Change as Modified 

by Amendment No. 1 Amending Its 

Schedule of Fees and Charges for 

Exchange Services 

March 2, 2009. 

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 

27, 2009, NYSE Alternext US LLC 

(‘‘NYSE Amex Options’’ 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 self-regulatory 

organization. On March 2, 2009, the 

Exchange filed Amendment No. 1 to the 

proposed rule change. The Commission 

is publishing this notice to solicit 

comments on the proposed rule change, 

as amended, from interested persons 

and is approving the proposed rule 

change, as modified by Amendment No. 

1, on an accelerated basis. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend its 

Schedule of Fees and Charges for 

Exchange Services. The text of the new 

Schedule is available on the Exchange’s 

Web site at http://www.nyse.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 

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 III 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this filing is to amend 

the existing Fee Schedule in order to 

reduce the Linkage Fee rates that are 

currently applied from $0.60 to $0.50. 

The proposed $0.50 fee will match the 

$0.50 fee charged to Broker Dealers 

executing electronic orders on the 

Exchange. All Linkage orders executed 

on the Exchange will be executed 

electronically. Absent this filing, orders 

that access the Exchange via Linkage 

will be charged more than similar 

electronic transactions on the Exchange. 

The Exchange plans to implement the 

new Fee Schedule on the first day of 

trading on the new NYSE Amex Options 

trading floor at 11 Wall Street, currently 

scheduled for March 2, 2009. 

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with Section 6(b) 

of the Act,3 in general, and Section 

6(b)(4),4 in particular, in that it provides 

for the equitable allocation of reasonable 

dues, fees and other charges among its 

members and other persons using its 

facilities for the purpose of executing 

Linkage orders that are routed to the 

Exchange from other market centers. 

This proposal decreases the Linkage Fee 

for Users. Absent this filing, orders that 

access the Exchange via Linkage will be 

charged more than similar electronic 

transactions executed on the Exchange. 

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. 

mstockstill on PROD1PC66 with NOTICES