Federal Register / Vol. 74, No. 51 / Wednesday, March 18, 2009 / Notices 11621 

1Each Participant executed the proposed 

amendment. The Participants are the American 

Stock Exchange LLC (n/k/a NYSE Alternext U.S. 

LLC); Boston Stock Exchange, Inc. (n/k/a NASDAQ 

OMX BX, Inc.); Chicago Board Options Exchange, 

Incorporated; Chicago Stock Exchange, Inc.; 

Financial Industry Regulatory Authority, Inc., 

International Securities Exchange, LLC; The 

NASDAQ Stock Market LLC (‘‘Nasdaq’’); National 

Stock Exchange, Inc.; New York Stock Exchange 

LLC (‘‘NYSE’’); NYSE Arca, Inc.; and Philadelphia 

Stock Exchange, Inc. (n/k/a NASDAQ OMX PHLX, 

Inc.). 

2 17 CFR 240.608. 

3 15 U.S.C. 78k–1. 

4See Securities Exchange Act Release Nos. 10787 

(May 10, 1974), 39 FR 17799 (order approving CTA 

Plan); 15009 (July 28, 1978), 43 FR 34851 (August 

7, 1978) (order temporarily approving CQ Plan); and 

16518 (January 22, 1980), 45 FR 6521 (order 

permanently approving CQ Plan). The most recent 

restatement of both Plans was in 1995. The CTA 

Plan, pursuant to which markets collect and 

disseminate last sale price information for nonNASDAQ listed securities, is a ‘‘transaction 

reporting plan’’ under Rule 601 under the Act, 17 

CFR 242.601, and a ‘‘national market system plan’’ 

under Rule 608 under the Act, 17 CFR 242.608. The 

CQ Plan, pursuant to which markets collect and 

disseminate bid/ask quotation information for listed 

securities, is a ‘‘national market system plan’’ under 

Rule 608 under the Act, 17 CFR 242.608. 

5See Securities Exchange Act Release No. 59230 

(January 12, 2008), 74 FR 3659 (‘‘Notice’’). 

would also adversely affect over 1,500 

employees that are involved in such 

services. 

7. None of the Applicants have 

previously received an order under 

section 9(c) of the Act. 

Applicants’ Condition 

Applicants agree that any order 

granting the requested relief will be 

subject to the following condition: 

Any temporary exemption granted 

pursuant to the application shall be 

without prejudice to, and shall not limit 

the Commission’s rights in any manner 

with respect to, any Commission 

investigation of, or administrative 

proceedings involving or against, 

Covered Persons, including without 

limitation, the consideration by the 

Commission of a permanent exemption 

from section 9(a) of the Act requested 

pursuant to the application or the 

revocation or removal of any temporary 

exemptions granted under the Act in 

connection with the application. 

Temporary Order 

The Commission has considered the 

matter and finds that the Applicants 

have made the necessary showing to 

justify granting a temporary exemption. 

Accordingly, 

It is hereby ordered, pursuant to 

section 9(c) of the Act, that Applicants 

and any other Covered Persons are 

granted a temporary exemption from the 

provisions of section 9(a), solely with 

respect to the Injunction, subject to the 

condition in the application, from 

March 11, 2009, until the Commission 

takes final action on their application 

for a permanent order. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–5785 Filed 3–17–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a Closed Meeting 

on Thursday, March 19, 2009 at 2 p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(5), (7), 9(B) and (10) and 

17 CFR 200.402(a)(5), (7), 9(ii) and (10), 

permit consideration of the scheduled 

matters at the Closed Meeting. 

Commissioner Walter, as duty officer, 

voted to consider the items listed for the 

Closed Meeting in closed session. 

The subject matter of the Closed 

Meeting scheduled for Thursday, March 

19, 2009 will be: 

Institution and settlement of injunctive 

actions; 

Institution and settlement of administrative 

proceedings of an enforcement nature; 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: 

The Office of the Secretary at (202) 

551–5400. 

March 12, 2009. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–5791 Filed 3–17–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold an Open Meeting 

on Wednesday, April 8, 2009 at 10 a.m., 

in the Auditorium, Room L–002. 

The subject matter of the Open 

Meeting will be: 

The Commission will consider 

whether to propose short sale price test 

rules. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: 

The Office of the Secretary at (202) 

551–5400. 

Dated: March 13, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–5932 Filed 3–16–09; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59552; File No. SR–CTA/ 

CQ–2008–05] 

Consolidated Tape Association; Order 

Approving the Thirteenth Substantive 

Amendment to the Second 

Restatement of the Consolidated Tape 

Association Plan and the Ninth 

Substantive Amendment to the 

Restated Consolidated Quotation Plan 

March 10, 2009. 

I. Introduction 

On December 15, 2008, the 

Consolidated Tape Association (‘‘CTA’’) 

Plan and Consolidated Quotation 

(‘‘CQ’’) Plan participants 

(‘‘Participants’’) 1 filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) pursuant to Rule 608 2

under the Securities Exchange Act of 

1934 (‘‘Act’’) 3 a proposal to amend the 

CTA and CQ Plans (collectively, the 

‘‘Plans’’) 4 to provide that the 

Participants will pay the Network A 

Administrator a fixed annual fee 

(‘‘Annual Fixed Payment’’) in exchange 

for its performance of Network A 

administrator functions under the Plans. 

The proposed Amendments were 

published for comment in the Federal 

Register on January 21, 2008.5 No 

comment letters were received in 

response to the Notice. This order 

approves the Amendments. 


tjames on PRODPC61 with NOTICES
11622 Federal Register / Vol. 74, No. 51 / Wednesday, March 18, 2009 / Notices 

6The Commission notes that the Transmittal 

Letter accompanying the proposed Amendments 

included language not voted on by the Participants 

and thus not included in the proposed 

Amendments: ‘‘Network A Administrator will not 

incur any extraordinary expense on behalf of the 

Network A Participants unless the Network A 

Participants determine by majority vote to approve 

the incurrence of that extraordinary expense.’’ This 

language is not part of the proposed Amendments 

that the Commission is approving today. 

7See Notice, supra note 5 at 3660 for a more 

detailed description of how the fee will be assessed 

8The Commission has considered the proposed 

amendments’ impact on efficiency, competition, 

and capital formation. 15 U.S.C. 78c(f). 

9 15 U.S.C. 78k–1(a)(1). 

10 17 CFR 240.608. 

11The Commission notes that Nasdaq similarly 

receives a fixed fee for its performance of 

administrative functions under the ‘‘Joint SelfRegulatory Organization Plan Governing the 

Collection, Consolidation and Dissemination of 

Quotation and Transaction Information for NasdaqListed Securities Traded on Exchanges on Unlisted 

Trading Privileges Basis.’’ 

12 15 U.S.C. 78k–1. 

13 17 CFR 240.608. 

14 17 CFR 200.30–3(a)(27). 

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

2 17 CFR 240.19b–4. 

3Premium Products is defined in the Schedule of 

Fees as the products enumerated therein. 

II. Description of the Proposal 

Section XII (‘‘Financial Matters’’) of 

the CTA Plan and Section IX 

(‘‘Financial Matters’’) of the CQ Plan 

each provide that a network’s Operating 

Expenses are to be deducted from the 

network’s Gross Income before 

determining the amounts that the 

network’s administrator will distribute 

to the Participants. Both Section XII(c)(i) 

(‘‘Determination of Operating 

Expenses’’) of the CTA Plan and Section 

IX(c)(i) (‘‘Determination of Operating 

Expenses’’) of the CQ Plan currently 

provide that a network’s Operating 

Expenses include all costs and expenses 

that the network’s administrator incurs 

in ‘‘collecting, processing and making 

available Network A market data.’’ The 

Network A Administrator stated that 

accounting for operating costs, 

especially the allocation of organization 

overhead costs to the Network A 

Administrator function, is 

administratively burdensome. And as a 

result, the Network A Participants have 

proposed to replace their payment to the 

Network A Administrator of Operating 

Expenses with an Annual Fixed 

Payment. In the case of NYSE as the 

CTA and CQ Network A Administrator, 

the Participants proposed that 

‘‘Operating Expenses’’ for any calendar 

year equal: (1) The Annual Fixed 

Payment for that year; plus (2) 

‘‘Extraordinary Expenses.’’ 

Extraordinary Expenses would include 

that portion of legal and audit expenses 

and marketing and consulting fees that 

are outside of the ordinary and 

customary functions that a network 

administrator performs.6

For calendar year 2008, the Network 

A Participants voted to set the Annual 

Fixed Payment at $6,000,000 to 

compensate the Network A 

Administrator for its Network A 

administrative services during 2008 

under both the CTA and CQ Plans. For 

each subsequent calendar year the 

Annual Fixed Payment shall increase 

(but not decrease) by the percentage 

increase (if any) in the annual cost-ofliving adjustment (‘‘COLA’’) that the 

U.S. Social Security Administration 

applies to the Supplemental Security 

Income for the calendar year preceding 

that subsequent year, subject to a 

maximum annual increase of five 

percent.7

Discussion 

After careful review, the Commission 

finds that the Amendments to the Plans 

are consistent with the requirements of 

the Act and the rules and regulations 

thereunder,8 and, in particular, Section 

11A(a)(1) of the Act 9 and Rule 608 

thereunder 10 in that they are necessary 

or appropriate in the public interest, for 

the protection of investors and the 

maintenance of fair and orderly markets, 

to remove impediments to, and perfect 

the mechanisms of, a national market 

system. The Commission believes that 

permitting the Network A Administrator 

to assess a flat fee should increase the 

efficiency of the administration of the 

Plans.11 Additionally, the Commission 

notes that every two years the Network 

A Administrator is required to provide 

a report detailing any significant 

changes to the administrative expenses 

during the preceding two years to 

enable the Participants to review and 

determine by majority vote whether to 

continue the Annual Fixed Payment at 

its then current level. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 11A of the Act,12 and Rule 608 

thereunder,13 that the proposed 

amendments to the CTA and CQ Plans 

(SR–CTA/CQ–2008–05) are approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–5767 Filed 3–17–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59567; File No. SR–ISE– 

2009–12] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to Fee Changes 

March 12, 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 March 6, 

2009, the International Securities 

Exchange, LLC (the ‘‘Exchange’’ or the 

‘‘ISE’’) filed with the Securities and 

Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change, as described in Items I, II, and 

III below, which items have been 

prepared by the self-regulatory 

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 ISE is proposing to amend its 

Schedule of Fees to establish fees for 

transactions in options on 2 Premium 

Products.3 The text of the proposed rule 

change is available on the Exchange’s 

Web site (http://www.ise.com), at the 

principal office of the Exchange, 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 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. 


tjames on PRODPC61 with NOTICES