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
Federal Register / Vol. 74, No. 38 / Friday, February 27, 2009 / Notices 9015 

5 15 U.S.C. 78f(b)(4). 

6 15 U.S.C. 78s(b)(3)(A)(ii). 

7 17 CFR 240.19b–4(f)(2). 8 17 CFR 200.30–3(a)(12). 

RMG software determines whether the 

order complies with order criteria that 

the Sponsoring Member Organization 

has established for that Sponsored 

Participant. The order criteria reviewed 

by RMG may include the size of the 

order or the credit limit that the 

Sponsoring Member Organization has 

established for the Sponsored 

Participant. 

If the order is consistent with the 

parameters set by the Sponsoring 

Member Organization, RMG allows the 

order to continue along its path to the 

Exchange’s trading systems. If the order 

falls outside of those parameters, then 

RMG returns the order to the Sponsored 

Participant. RMG will only return an 

order to the Sponsored Participant when 

the order fails to comply with the 

criteria set by the Sponsoring Member 

Organization. 

The Exchange does not require 

Sponsoring Member Organizations to 

use RMG. Sponsoring Member 

Organizations are free to use a 

competing risk-management service or 

to use none at all. 

The Exchange believes that RMG will 

offer its member organizations another 

option in the efficient risk management 

of its Sponsored Participant’s access to 

the NYSE. 

Fees 

NYXATS proposes to charge each 

Sponsoring Member Organization Three 

Thousand Dollars ($3,000) per month 

for the first Connection plus One 

Thousand Dollars ($1,000) per month 

for each additional Connection. 

A ‘‘Connection’’ is defined as up to 

1000 messages per second inbound, 

regardless of the connection’s actual 

capacity (i.e., if the NYXT infrastructure 

allows any single End User connection 

to support more than 1000 messages per 

second inbound, such connection will 

be deemed to be multiple Connections). 

The Exchange believes that the 

proposed fee would be fair and 

reasonable and would reflect an 

equitable allocation of charges among 

members and others. The fee compares 

favorably with the fees that NYXATS’ 

competitors charge for similar services. 

Of course, the marketplace will 

determine if the fee is too high relative 

to the value that the RMG service 

provides because any market participant 

that feels that the fee is too high will 

simply elect to use the risk management 

services of one of NYXATS’ 

competitors. 

2. Statutory Basis 

The basis under the Securities 

Exchange Act of 1934 (the ‘‘1934 Act’’) 

for this proposed rule change are the 

requirement under Section 6(b)(4) 5 that 

an exchange have rules that 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 

RMG will promote marketplace 

efficiency by providing security 

safeguards to the trading of securities by 

means of sponsored access and believes 

that the proposed fee is fair and 

reasonable for the reasons cited above. 

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 Exchange 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 is 

effective upon filing pursuant to Section 

19(b)(3)(A)(ii) of the Act 6 and Rule 19b– 

4(f)(2) thereunder,7 because it 

establishes or changes a due, fee, or 

other charge applicable only to a 

member imposed by the Exchange. 

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–2009–15 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–NYSE–2009–15. 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 will also 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 No. SR–NYSE– 

2009–15 and should be submitted on or 

before March 20, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–4182 Filed 2–26–09; 8:45 am] 

BILLING CODE 8011–01–P 


rwilkins on PROD1PC63 with NOTICES2