Federal Register / Vol. 74, No. 4 / Wednesday, January 7, 2009 / Notices 749 

5 15 U.S.C. 78f. 

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

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. 

3See Securities Exchange Act Release No. 57966 

(June 16, 2008), 73 FR 35182 (June 20, 2008) (SR– 

NYSE–2007–04). 

the provisions of Section 6 of the Act 5

in general and furthers the objectives of 

Section 6(b)(4) of the Act 6 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. 

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 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 

Because the foregoing rule change 

establishes or changes a due, fee, or 

other charge imposed by the Exchange, 

it has become effective pursuant to 

Section 19(b)(3)(A) of the Act 7 and 

subparagraph (f)(2) of Rule 19b–4 

thereunder.8 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–2008–137 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSE–2008–137. 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 NYSE. 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–NYSE–2008–137 and 

should be submitted on or before 

January 28, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E9–4 Filed 1–6–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59185; File No. SR–NYSE– 

2008–141] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Order Granting Accelerated 

Approval of Proposed Rule Change To 

Extend the Pilot Period for the NYSE 

Realtime Reference Prices Pilot 

Program 

December 30, 2008. 

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 December 

29, 2008, the New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘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, and is 

approving the proposal on an 

accelerated basis. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

NYSE proposes to extend the 

expiration date of its pilot program for 

the NYSE Realtime Reference Prices 

service until March 31, 2009. There is 

no new rule text. 

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 

In File No. SR–NYSE–2007–04, the 

Exchange established a pilot program 

that allows the Exchange to test the 

viability of a new NYSE-only market 

data service that allows a vendor to 

redistribute on a real-time basis last sale 

prices of transactions that take place on 

the Exchange (‘‘NYSE Realtime 

Reference Prices’’) and to establish a flat 

monthly fee for that service. The 

Commission approved that pilot 

program on June 16, 2008.3

The Exchange intends for the NYSE 

Realtime Reference Prices service to 

accomplish three goals: 

750 Federal Register / Vol. 74, No. 4 / Wednesday, January 7, 2009 / Notices 

4See Securities Exchange Act Release Nos. 57965 

(June 16, 2008), 73 FR 35178 (June 20, 2008) (SR– 

NASDAQ–2006–060); 57973 (June 16, 2008), 73 FR 

35430 (June 23, 2008) (SR–NASDAQ–2008–050). 

5See Securities Exchange Act Release No. 58444 

(August 29, 2008), 73 FR 51872 (September 5, 2008) 

(SR–NYSEArca–2008–96). 

6The Exchange notes that it will make the NYSE 

Realtime Reference Prices available to vendors no 

earlier than it makes those prices available to the 

processor under the CTA Plan. 

7See Securities Exchange Act Release No. 58893 

(October 31, 2008), 73 FR 66093 (November 6, 2008) 

(SR–NYSE–2008–113). 

8 15 U.S.C. 78f(b)(4). 

9 15 U.S.C. 78f(b)(5). 

10 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

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

11 15 U.S.C. 78f(b)(4). 

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

13 15 U.S.C. 78f(b)(8). 

14 17 CFR 242.603(a). 

1. To provide a low-cost service that 

will make real-time prices widely 

available to millions of casual investors; 

2. To provide vendors with a real-time 

substitute for delayed prices; and 

3. To relieve vendors of 

administrative burdens. 

This pilot program is similar to pilot 

programs that the Nasdaq Stock Market, 

Inc.4 and NYSE Arca, Inc.5 have 

established. 

The pilot program allows internet 

service providers, traditional market 

data vendors, and others to make 

available NYSE Realtime Reference 

Prices on a real-time basis.6 The NYSE 

Realtime Reference Price information 

includes last sale prices for all securities 

that trade on the Exchange. It includes 

only prices, and not the size of each 

trade and not bid/asked quotations. 

It features a flat, fixed monthly vendor 

fee, no user-based fees, no vendor 

reporting requirements, and no 

professional or non-professional 

subscriber agreements. 

The Exchange established November 

1, 2008 as the end date for the pilot 

program. The Exchange then extended 

that end date to December 31, 2008.7

The Exchange now seeks to extend that 

end date to March 31, 2009. Prior to the 

end of the pilot period, the Exchange 

will assess its experience with the 

product and either will submit a 

proposed rule change that seeks to 

extend or modify the pilot program or 

to make it permanent, or it will 

announce publicly that it does not seek 

to extend the pilot program beyond the 

program’s termination date. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(4)8 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 and the 

requirements under Section 6(b)(5)9 that 

the rules of an exchange be designed to 

promote just and equitable principles of 

trade and not to permit unfair 

discrimination between customers, 

issuers, brokers or dealers. 

The Exchange believes that the pilot 

program benefits investors by 

facilitating their prompt access to 

widespread, free, real-time pricing 

information contained in the NYSE 

Realtime Reference Prices service. 

Extending the pilot program will extend 

those benefits while the Exchange 

assesses the service. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

this 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 

The Exchange has not received any 

unsolicited written comments from 

members or other interested parties. 

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–NYSE–2008–141 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSE–2008–141. 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–NYSE– 

2008–141 and should be submitted on 

or before January 27, 2009. 

IV. Commission’s Findings and Order 

Granting Accelerated Approval of a 

Proposed Rule Change 

The Commission finds that the 

proposed rule change, to extend the 

pilot program for three months, is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.10 In particular, it is 

consistent with Section 6(b)(4) of the 

Act,11 which requires that the rules of 

a national securities exchange provide 

for the equitable allocation of reasonable 

dues, fees, and other charges among its 

members and issuers and other parties 

using its facilities, and Section 6(b)(5) of 

the Act,12 which requires, among other 

things, that the rules of a national 

securities exchange be 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, and 

not be designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Commission also finds that the 

proposed rule change is consistent with 

the provisions of Section 6(b)(8) of the 

Act,13 which requires that the rules of 

an exchange not impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. Finally, the 

Commission finds that the proposed 

rule change is consistent with Rule 

603(a) of Regulation NMS,14 adopted 

under Section 11A(c)(1) of the Act, 

Federal Register / Vol. 74, No. 4 / Wednesday, January 7, 2009 / Notices 751 

15NYSE is an exclusive processor of its last sale 

data under Section 3(a)(22)(B) of the Act, 15 U.S.C. 

78c(a)(22)(B), which defines an exclusive processor 

as, among other things, an exchange that distributes 

data on an exclusive basis on its own behalf. 

16See supra notes 3 and 7. NYSE reduced the flat 

monthly fee for NYSE Realtime Reference Prices 

from $100,000 per month to $70,000 per month. See 

Securities Exchange Act Release No. 58443 (August 

29, 2008), 73 FR 52436 (September 9, 2008) (SR– 

NYSE–2008–79). 

17See Securities Exchange Act Release No. 59039 

(December 2, 2008), 73 FR 74770 (December 9, 

2008) (Order Setting Aside Action by Delegated 

Authority and Approving Proposed Rule Change 

Relating to NYSE Arca Data). 

18See supra notes 3 and 7. 

19The Exchange represents that it intends to file 

a proposal seeking permanent approval of NYSE 

Realtime Reference Prices. Telephone conversation 

between Ronald Jordan, Executive Vice President, 

Market Data Services, NYSE Euronext, and John 

Roeser, Assistant Director, Division of Trading and 

Markets, Commission, on December 30, 2008. 

20 15 U.S.C. 78s(b)(2). 

21 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 56804 

(November 16, 2007), 72 FR 66002 (November 26, 

2007) (SR–Amex–2006–107) (‘‘ABC Proposal’’). 

5See Securities Exchange Act Release No. 57770 

(May 2, 2008), 73 FR 26452 (May 9, 2008) (SR– 

Amex–2008–37). 

which requires an exclusive processor 

that distributes information with respect 

to quotations for or transactions in an 

NMS stock to do so on terms that are 

fair and reasonable and that are not 

unreasonably discriminatory.15

The Commission approved the fee for 

NYSE Realtime Reference Prices for a 

pilot period which runs until December 

31, 2008.16 The Commission notes that 

the Exchange proposes to extend the 

pilot program for three months. The 

Exchange proposes no other changes to 

the existing pilot program. 

On December 2, 2008, the 

Commission issued an approval order 

(‘‘Order’’) that sets forth a market-based 

approach for analyzing proposals by 

self-regulatory organizations to impose 

fees for ‘‘non-core’’ market data 

products, such as NYSE Realtime 

Reference Prices.17 The Commission 

believes that NYSE’s proposal to 

temporarily extend the pilot program is 

consistent with the Act for the reasons 

noted in the Order.18 The Commission 

believes that approving NYSE’s 

proposal to temporarily extend the pilot 

program that imposes a fee for NYSE 

Realtime Reference Prices for an 

additional three months will be 

beneficial to investors and in the public 

interest, in that it is intended to allow 

continued broad public dissemination 

of increased real-time pricing 

information. In addition, extending the 

pilot program for an additional three 

months will allow NYSE, consistent 

with its representation,19 to file, the 

public to comment on, and the 

Commission to analyze consistent with 

the Order and in light of Section 19(b) 

of the Act, a proposal to permanently 

approve the fee for NYSE Realtime 

Reference Prices. 

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. Accelerating 

approval of this proposal is expected to 

benefit investors by continuing to 

facilitate their access to widespread, 

free, real-time pricing information 

contained in NYSE Realtime Reference 

Prices. Therefore, the Commission finds 

good cause, consistent with Section 

19(b)(2) of the Act,20 to approve the 

proposed rule change on an accelerated 

basis to extend the operation of the pilot 

until March 31, 2009. 

V. Conclusion 

It is therefore ordered, pursuant to 

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

proposed rule change (SR–NYSE–2008– 

141) is hereby approved on an 

accelerated basis until March 31, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E9–9 Filed 1–6–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59176; File No. SR– 

NYSEALTR–2008–20] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Alternext U.S. LLC Extending the 

Implementation of the NYSE Alternext 

Book Clerk Program From January 1, 

2009 Through March 31, 2009 

December 30, 2008. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on December 

29, 2008, NYSE Alternext U.S. LLC (the 

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

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by NYSE Alternext. 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 extend the 

implementation of the NYSE Alternext 

Book Clerk program from January 1, 

2009 through March 31, 2009. 

The text of the proposed rule change 

is available at http://www.nyse.com, 

NYSE Alternext, and 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 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 Commission previously approved 

a proposed rule change by the American 

Stock Exchange (‘‘Amex’’), the 

predecessor of the Exchange before 

Amex’s acquisition by NYSE Euronext, 

Inc. on October 1, 2008 (the 

‘‘Acquisition’’), to (1) Eliminate the 

obligation and ability of an Amex 

options specialist to act as an agent in 

connection with orders in his or her 

assigned options classes, (2) establish an 

Amex Book Clerk (now NYSE Alternext 

Book Clerk) program (‘‘ABC program’’) 

to designate unaffiliated persons 

responsible for operating and 

maintaining the customer limit order 

book and effecting proper executions, 

and (3) amending certain Amex rules 

relating to the operation of the ABC 

program.4

Exchange Rule 995–ANTE originally 

provided that the roll-out of the ABC 

program would occur over a six-month 

period ending on May 1, 2008. On May 

1, 2008, Amex filed a proposal to extend 

the roll-out of the ABC program from 

May 2, 2008 through December 31, 

2008, and that proposal was designated 

by the Commission as operative upon 

filing.5 Due to integration activities 

subsequent to the Acquisition, the 

Exchange seeks an additional extension 

of the roll-out period from January 1,