Federal Register / Vol. 74, No. 69 / Monday, April 13, 2009 / Notices 16899 

1Notice of the change in the pickup on demand 

fee for domestic Express Mail and Priority Mail was 

published with other changes to the Domestic Mail 

Manual in the Federal Register on February 23, 

2009 (74 FR 8009). 

POSTAL SERVICE 

Change in Rates of General 

Applicability for Competitive Products; 

Correction 

AGENCY: Postal Service. TM

ACTION: Notice; correction. 

SUMMARY: The Postal Service published 

in the Federal Register of February 24, 

2009 (74 FR 8434), in accordance with 

39 U.S.C. 3632(b)(2), a Notice document 

providing the February 3, 2009 Decision 

of the Governors of the United States 

Postal Service on Changes in Rates and 

Classes of General Applicability for 

Certain Competitive Products 

(Governors Decision No. 09–01), and a 

record of the proceedings in connection 

with the Decision. The Decision did not 

include planned increases to pickup on 

demand fees for Express Mail®, Priority 

Mail®, GXG, Express Mail International 

(EMI), and Priority Mail International 

(PMI) services to conform to the change 

in the Pickup on Demand TM service fee 

for Parcel Post® Single-Piece, which was 

raised in Postal Regulatory Commission 

Docket No. R2009–2 from $14.75 to 

$15.30. This document accordingly sets 

forth a correction to the prior notice to 

give effect to the planned change in 

Pickup on Demand fees for competitive 

services, to include Express Mail, 

Priority Mail, GXG, EMI, and PMI 

services. 

DATES: This correction is effective April 

13, 2009 and is applicable on May 11, 

2009. 

FOR FURTHER INFORMATION CONTACT: 

Anthony Alverno, 202–268–2997. 

SUPPLEMENTARY INFORMATION: 

Background 

On February 3, 2009, the Governors of 

the Postal Service established prices and 

classification changes for competitive 

products, pursuant to their authority 

under 39 U.S.C. 3632. On February 24, 

2009, the Governors’ Decision and the 

record of proceedings in connection 

with the Decision were published in the 

Federal Register as required by 39 

U.S.C. 3632(b)(2). Following the 

adoption of the Governors’ Decision, it 

was discovered that pickup on demand 

fees for Express Mail®, Priority Mail®, 

GXG, EMI, and PMI services set out in 

sections 2105.6, 2110.6, 2205.6, and 

2215.7 of the Mail Classification 

Schedule were not identified as 

increasing from $14.75 to $15.30. This 

increase in the fee when combined with 

these services conforms to the increase 

in fees for Pickup on Demand service 

provided in connection with Parcel Post 

Single-Piece service. The fee for Pickup 

on Demand provided in connection 

with Parcel Post Single-Piece was 

changed in Postal Regulatory 

Commission (PRC) Docket No. R2009–2 

at section 1405.6 of the Mail 

Classification Schedule and is to 

become effective on May 11, 2009. See 

United States Postal Service Notice of 

Price Adjustment, PRC Docket No. 

R2009–2 (filed February 10, 2009); PRC 

Order No. 191 (March 16, 2009).1

Postal Service management has 

advised the Governors of this matter and 

has provided them with information 

concerning the corrected fees. 

Concurrently with the submission of 

this notice to the Federal Register, the 

Postal Service will file with the PRC a 

corresponding notice of correction in 

PRC Docket No. CP2009–23. 

Need for Correction 

The rates for Pickup on Demand 

service in sections 2105.6, 2110.6, 

2205.6, and 2215.7 of the Mail 

Classification Schedule, attached to 

Governors’ Decision No. 09–01, did not 

incorporate the correct fees for pickup 

on demand services combined with 

Express Mail, Priority Mail, GXG, 

Express Mail International (EMI), and 

Priority Mail International (PMI) 

services. 

Correction 

Corrections to the Mail Classification 

Schedule, which is marked as 

Attachment B to Governors’ Decision 

09–01, published in the Federal 

Register of February 24, 2009, should 

read as follows: 

Mail Classification Schedule 

* * * * * 

2001 COMPETITIVE PRODUCT 

DESCRIPTIONS 

* * * * * 

2100 DOMESTIC PRODUCTS 

2105 Express Mail 

* * * * * 

2105.6 Prices 

* * * * * 

Pickup on Demand 

Add $15.30 for each Pickup on 

Demand stop. 

* * * * * 

2110 Priority Mail 

* * * * * 

2110.6 Prices 

Retail Pickup on Demand 

Add $15.30 for each Pickup on 

Demand stop. 

* * * * * 

Commercial Base Priority Mail Zone/ 

Weight 

* * * * * 

Commercial Pickup On Demand 

Add $15.30 for each Pickup on 

Demand stop. 

* * * * * 

Commercial Plus Priority Mail Zone/ 

Weight 

* * * * * 

Commercial Pickup on Demand 

Add $15.30 for each Pickup on 

Demand stop. 

2200 INTERNATIONAL PRODUCTS 

2205 Outbound International 

Expedited Services 

* * * * * 

2205.6 Prices 

* * * * * 

Pickup on Demand 

Add $15.30 for each Pickup on 

Demand stop. 

* * * * * 

2215 Outbound Priority Mail 

International 

* * * * * 

2215.7 Prices 

Pickup on Demand 

Add $15.30 for each Pickup on 

Demand stop. 

* * * * * 

Stanley F. Mires, 

Chief Counsel, Legislative. 

[FR Doc. E9–8501 Filed 4–9–09; 4:15 pm] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59709; File No. SR–BATS– 

2009–008] 

Self-Regulatory Organizations; BATS 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Related to Fees for Use 

of BATS Exchange, Inc. 

April 6, 2009. 

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

Securities Exchange Act of 1934 (the 

16900 Federal Register / Vol. 74, No. 69 / Monday, April 13, 2009 / Notices 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

5The CYCLE routing strategy routes orders to any 

market center or execution venue other than a dark 

liquidity pool. Orders are routed to dark liquidity 

pools through the Exchange’s DART routing 

strategy. Orders executed through DART cost 

$0.0020 per share, which the Exchange has not 

proposed to change at this time. 

6As defined in BATS Rule 1.5(s). 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 31, 

2009, BATS Exchange, Inc. (‘‘BATS’’ 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 the Exchange. BATS has designated 

the proposed rule change as one 

establishing or changing a member due, 

fee, or other charge imposed by the 

Exchange under Section 19(b)(3)(A)(ii) 

of the Act 3 and Rule 19b–4(f)(2) 

thereunder,4 which renders the 

proposed rule change effective upon 

filing with the Commission. 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 modify its 

fee schedule applicable to use of the 

Exchange. While changes to the fee 

schedule pursuant to this proposal will 

be effective upon filing, the changes will 

become operative on April 1, 2009. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at http://www.batstrading.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 

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 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 proposes to modify its 

fee schedule applicable to use of the 

Exchange effective April 1, 2009, in 

order to: (i) Reduce the rebate provided 

to Members who add liquidity to the 

Exchange in Tape A securities and Tape 

C securities from $0.0024 per share to 

$0.0023 per share; (ii) expand the 

securities for which the Exchange does 

not pay a rebate to all securities priced 

below $5.00, rather than securities 

priced below $1.00, and provide a 

rebate of $0.0001 per share for trades 

that remove liquidity in securities 

priced below $5.00; (iii) decrease the fee 

charged by the Exchange for its 

‘‘CYCLE’’ routing strategy from $0.0029 

per share to $0.0026 per share; and (iv) 

make modifications to certain of the 

Exchange’s non-standard routing 

charges. In addition to these specific 

changes, which are discussed in further 

detail below, the Exchange has 

proposed additional modifications to its 

fee schedule for clarity. For instance, 

the Exchange has proposed re-ordering 

the list of non-standard routing changes, 

added language to certain headings to 

make clear the distinction between 

securities priced at $5.00 or above and 

below $5.00, and proposed modified 

language describing non-displayed 

liquidity and Modified Destination 

Specific Orders to more closely reflect 

the language typically used by Members 

of the Exchange. The Exchange has also 

proposed removing a descriptive chart 

that it previously included on its fee 

schedule. 

(i) Reduction of Tape A and C Rebates 

The Exchange proposes to reduce the 

rebate provided to Members who add 

liquidity to the Exchange in Tape A and 

Tape C securities from $0.0024 per 

share to $0.0023 per share. The 

Exchange believes that this proposed fee 

change is consistent with its long-term 

goal of providing access to the Exchange 

at competitive rates that do not expose 

the Exchange to significant losses or 

capital outlays. 

(ii) Securities Priced Below $5.00 

The Exchange does not currently 

charge fees for removing liquidity nor 

does the Exchange provide a rebate for 

adding liquidity in any securities priced 

below $1.00. The Exchange proposes to 

expand the no-rebate structure for 

liquidity adders to all securities priced 

below $5.00. In addition, the Exchange 

proposes to provide a rebate of $0.0001 

per share for all orders that remove 

liquidity in securities priced below 

$5.00. The Exchange believes that this 

proposed fee structure, which differs 

depending on whether a security trades 

below $5.00 or at or above $5.00, will 

benefit both the Exchange and Members 

of the Exchange by encouraging market 

participants to send order flow in lower 

priced securities to the Exchange for 

execution, resulting in higher liquidity 

and better execution quality. In 

addition, the Exchange believes that the 

fee and rebate rates it proposes are 

reasonable. 

(iii) Decrease of Standard Routing Fee 

The Exchange proposes to decrease 

the fee charged by the Exchange for its 

CYCLE routing strategy 5 from $0.0029 

per share to $0.0026 per share. This 

proposed change reflects decreases 

recently made by certain other protected 

markets to their access fees. 

(iv) Changes to Non-Standard Routing 

Charges 

As described below, the Exchange 

also proposes certain changes to the 

non-standard routing charges charged to 

Members. First, the Exchange proposes 

to modify the routing charges applicable 

to Destination Specific Orders sent to all 

market centers that display Protected 

Quotations 6 (each a ‘‘Protected Market 

Center’’) other than the NYSE, NYSE 

Arca or NASDAQ, by increasing the 

standard charge for all such orders from 

$0.0029 per share to $0.0030 per share. 

Second, for Destination Specific Orders 

routed to NYSE, the Exchange proposes 

providing a discounted price from the 

NYSE’s current removal fee of $0.0018 

per share by charging $0.0017 per share 

for such orders. Third, with respect to 

Destination Specific Orders routed to 

NYSE Arca and NASDAQ, the Exchange 

will charge the lowest transaction fee 

currently available at such market 

centers in each Tape. Specifically, the 

Exchange will charge: (A) $0.0028 per 

share for Destination Specific orders 

executed at NYSE Arca; (B) $0.0026 per 

share for Destination Specific orders in 

Tape A securities and Tape C securities 

executed at NASDAQ; and (C) $0.0029 

per share for Destination Specific orders 

in Tape B securities executed at 

NASDAQ. Finally, to be consistent with 

the change to the CYCLE routing fee 

described above, the Exchange proposes 

to charge 0.26%, rather than 0.29%, of 

the total dollar value of the execution 

for any security (all Tapes) priced under 

$1.00 per share that is routed away from 

the Exchange. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder that 

Federal Register / Vol. 74, No. 69 / Monday, April 13, 2009 / Notices 16901 

7 15 U.S.C. 78f. 

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

9 15 U.S.C. 78s(b)(3)(A)(ii). 

10 17 CFR 240.19b–4(f)(6) [sic]. 

11 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. 59459 

(February 26, 2009), 74 FR 9860 (‘‘Notice’’). 

4See the Registration Statement on Form N–1A of 

the SPDR Series Trust, dated January 15, 2009 (File 

Nos. 333–57793 and 811–08839) (‘‘Registration 

Statement’’). 

5An Investment Company Unit is a security that 

represents an interest in a registered investment 

company that holds securities comprising, or 

otherwise based on or representing an interest in, 

an index or portfolio of securities (or holds 

securities in another registered investment 

Continued 

are applicable to a national securities 

exchange, and, in particular, with the 

requirements of Section 6 of the Act.7

Specifically, the Exchange believes that 

the proposed rule change is consistent 

with Section 6(b)(4) of the Act,8 in that 

it provides for the equitable allocation 

of reasonable dues, fees and other 

charges among members and other 

persons using any facility or system 

which the Exchange operates or 

controls. The Exchange notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive. The 

Exchange believes that its fees and 

credits are competitive with those 

charged by other venues and that the 

various changes it has proposed to 

reduce its fees will benefit Members 

both due to the obvious economic 

savings and due to the potential of 

increased available liquidity at the 

Exchange. For those proposed changes 

that will result in increased fees charged 

to Members or lower rebates received by 

Members, such as the reduction of the 

rebate in Tape A and C securities, the 

Exchange believes that any additional 

revenue it receives will allow the 

Exchange to devote additional capital to 

its operations, which may, in turn, 

benefit Members of the Exchange. 

Finally, the Exchange believes that the 

proposed rates are equitable in that they 

apply uniformly to all Members. 

(B) Self-Regulatory Organization’s 

Statement of Burden on Competition 

The Exchange does not believe that 

the proposed rule change imposes any 

burden on competition. 

(C) Self-Regulatory Organization’s 

Statement on Comments Regarding the 

Proposed Rule Change Received From 

Members, Participants or Others 

No written comments were solicited 

or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing proposed rule change 

has been designated as a fee change 

pursuant to Section 19(b)(3)(A)(ii) of the 

Act 9 and Rule 19b–4(f)(2) thereunder,10

because it establishes or changes a due, 

fee or other charge imposed on members 

by the Exchange. Accordingly, the 

proposal is effective upon filing with 

the Commission. 

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 proposal 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 

No. SR–BATS–-2009–008 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 No. 

SR–BATS–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 changes 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 BATS. 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–BATS–2009–008 and should be 

submitted on or before May 4, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–8323 Filed 4–10–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59708; File No. SR– 

NYSEArca–2009–12] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Approving Proposed 

Rule Change Relating to SPDR 

Barclays Capital Convertible Bond ETF 

April 6, 2009. 

I. Introduction 

On February 18, 2009, NYSE Arca, 

Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’), 

through its wholly owned subsidiary, 

NYSE Arca Equities, Inc. (‘‘NYSE Arca 

Equities’’), filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a 

proposed rule change to list and trade 

shares (‘‘Shares’’) of the SPDR® Barclays 

Capital Convertible Bond ETF. The 

proposed rule change was published for 

comment in the Federal Register on 

March 6, 2009.3 The Commission 

received no comment letters on the 

proposed rule change. This order 

approves the proposed rule change. 

II. Description of the Proposed Rule 

Change 

The Exchange proposes to list and 

trade the SPDR® Barclays Capital 

Convertible Bond ETF (‘‘Fund’’) 4 under 

NYSE Arca Equities Rule 5.2(j)(3), the 

Exchange’s listing standards for 

Investment Company Units (‘‘Units’’).5