45508 Federal Register / Vol. 73, No. 151 / Tuesday, August 5, 2008 / Notices 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3An exceptional system message is defined as 

any system (i.e., SuperDOT, the Exchange’s 

Designated Order Turnaround System) message, as 

measured by mnemonic (mnemonics, which are 

alphabetical identifiers issued by the NYSE to its 

member firms and their customers, are required for 

order entry and identification purposes) on a daily 

basis, that exceeds the following criteria: (i) The 

ratio of a mnemonic’s share of the total system 

messages to the mnemonic’s share of total executed 

system volume exceeds 10:1; and (ii) the 

mnemonic’s cancelled system orders as a 

percentage of its total system orders exceeds 90.0%. 

See Securities Exchange Act Release No. 53071 

(January 6, 2006), 71 FR 2281 (January 13, 2006) 

(SR–NYSE–2005–91). 

4 15 U.S.C. 78f. 

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

Number SR–FINRA–2008–041 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–FINRA–2008–041. 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 FINRA. 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–FINRA–2008–041 and 

should be submitted on or before 

August 26, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–17890 Filed 8–4–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58246; File No. SR–NYSE–

2008–64] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Eliminate 

the Exceptional Messaging Fee 

July 29, 2008. 

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 July 28, 

2008, the New York Stock Exchange 

LLC (the ‘‘Exchange’’ or the ‘‘NYSE’’) 

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. 

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 eliminate 

the exceptional system message fee of 

$0.01 per exceptional system message. 

While the change to the Exchange’s 

2008 Price List pursuant to this proposal 

will be effective upon filing, the change 

will become operative as of August 1, 

2008. The text of the proposed rule 

change is available on the Exchange’s 

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

Exchange’s Office of the Secretary, 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 NYSE 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 eliminate 

the exceptional system message fee of 

$0.01 per exceptional system message.3

This fee was originally introduced to 

compensate the Exchange for the cost of 

the incremental system capacity that 

needed to be readily available to 

accommodate trading strategies that 

resulted in significant volumes of 

system messages and cancellations. 

Since that time, the Exchange has 

increased its system capacity to a degree 

that it no longer incurs significant costs 

in maintaining system capacity to 

accommodate these sorts of trading 

strategies. As such, the Exchange no 

longer needs the fee revenue to cover 

the related costs. While the change to 

the Exchange’s 2008 Price List pursuant 

to this proposal will be effective upon 

filing, the change will become operative 

as of August 1, 2008. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the objectives of section 6 4 of the Act, 

in general, and furthers the objectives of 

section 6(b)(4),5 in particular, in that it 

is designed 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 the proposed 

elimination of the exceptional message 

fee is equitable as the costs it was 

designed to defray are not now material 

to the Exchange and, therefore, the 

Exchange will not have to recoup the 

lost revenues through the imposition of 

any other fees or charges. 

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 


dwashington3 on PRODPC61 with NOTICES
Federal Register / Vol. 73, No. 151 / Tuesday, August 5, 2008 / Notices 45509 

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

7 17 CFR 19b–4(f)(2). 

8 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

necessary or appropriate in furtherance 

of the purpose of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

Written comments were neither 

solicited nor received. 

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) of 

the Act 6 and Rule 19b–4(f)(2) 7

thereunder because it establishes or 

changes a due, fee, or other charge 

imposed on members by the NYSE. 

At any time within 60 days of the 

filing of such 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–2008–64 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–2008–64. 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–NYSE–2008–64 and should 

be submitted on or before August 26, 

2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–17842 Filed 8–4–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58253; File No. SR–NYSE–

2008–57] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing of Proposed Rule Change To 

Adopt on a Permanent Basis a Pilot 

Program Which Allows the Exchange 

To Adjust the Earnings of Companies 

for Purposes of Its Earnings Standard 

by Reversing the Income Statement 

Effects of Changes in Fair Value of 

Financial Instruments Extinguished at 

the Time of Listing 

July 30, 2008. 

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

Securities Exchange Act of 1934 (the 

‘‘Exchange Act’’),1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on July 23, 2008, New York Stock 

Exchange LLC (the ‘‘NYSE’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

changes as described in Items I, II, and 

III below, which items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

changes from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to adopt on a 

permanent basis an amendment to the 

earnings standard of Section 102.01C(I) 

of the Exchange’s Listed Company 

Manual (the ‘‘Manual’’) which is 

currently in force pursuant to a pilot 

program (the ‘‘Pilot Program’’). The 

amendment will enable the Exchange to 

adjust the earnings of companies by 

reversing the income statement effects 

for all periods of any changes in fair 

value of financial instruments classified 

as a liability recorded by the company 

in earnings, provided such financial 

instrument is either being redeemed 

with the proceeds of an offering 

occurring in conjunction with the listing 

or converted into or exercised for 

common stock of the company at the 

time of listing. 

The text of the proposed rule change 

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

NYSE, 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 these statements may be examined at 

the places specified in Item IV below. 

The NYSE 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 amend the 

earnings standard of Section 102.01C(I) 

of the Manual. The amendment will 

enable the Exchange to adjust the 

earnings of companies listing in 

conjunction with an initial public 

offering (‘‘IPO’’) by reversing the income 

statement effects for all periods of 

changes in fair value of financial 

instruments classified as a liability 

recorded by the company in earnings, 

provided such financial instrument is 

either being redeemed with the 

proceeds of an offering occurring in 

conjunction with the listing or 


dwashington3 on PRODPC61 with NOTICES