Federal Register / Vol. 75, No. 173 / Wednesday, September 8, 2010 / Notices 54681 

11 17 CFR 200.30–3(a)(12). 

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

2The text of the proposed rule change is attached 

as Exhibit 5 to NSCC’s filing and is available at 

http://www.dtcc.com/downloands/legal/ 

rule_filings/2010/nscc/2010–08.pdf. 

3 15 U.S.C. 78s(b)(3)(A)(iii) and 17 CFR 240.19b– 

4(f)(3). 

4The Commission has modified the text of the 

summaries prepared by NSCC. 

5NSCC’s rules are available at http:// 

www.dtcc.com/legal/rules_proc/dtc_rules.pdf. 

6Managing Director is a more senior level of 

officer than that of Vice President. 

7On August 20, 2010, FICC filed and on August 

23, 2010, DTC filed similar rule changes. Securities 

Exchange Act Release No. 62796 (August 30, 2010) 

[SR–FICC–2010–06] and 62795 (August 30, 2010) 

[File No. SR–DTC–2010–11] respectively. 

8 15 U.S.C. 78q–1. 

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

10 17 CFR 240.19b–4(f)(3). 

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 Web site viewing and 

printing in the Commission’s Public 

Reference Section, 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 filings 

also will be available for inspection and 

copying at the principal office of DTC 

and on DTC’s Web site, http:// 

www.dtcc.com. 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–DTC– 

2010–11 and should be submitted on or 

before September 29, 2010. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–22350 Filed 9–7–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62794; File No. SR–NSCC– 

2010–08] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rules Relating 

to Authority To Suspend or Waive 

NSCC Rules and Procedures 

August 30, 2010. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

August 23, 2010, the National Securities 

Clearing Corporation (‘‘NSCC’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change described in Items 

I, II, and III below, which items have 

been prepared primarily by NSCC.2

NSCC filed the proposed rule change 

pursuant to Section 19(b)(3)(A)(iii) and 

Rule 19b–4(f)(3) thereunder so that the 

proposed rule change was effective 

upon filing with the Commission.3 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested parties. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The proposed rule change will amend 

NSCC rules to provide that any officer 

having a rank of Managing Director or 

higher is authorized to suspend or 

waive NSCC rules and procedures. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

NSCC 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. NSCC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements.4

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

The proposed rule change amends 

Rule 22 of the NSCC’s Rules and 

Procedures 5 to state that the rules and 

procedures of NSCC may be suspended 

or waived by any officer having a rank 

of Managing Director or higher. Prior to 

the proposed amendment, Rule 22 

provided such authority to officers 

having a rank of Vice President or 

higher.6 This proposed rule change will 

also harmonize NSCC’s rules with those 

of FICC’s (‘‘FICC’’) Government 

Securities Division and MortgageBacked Securities Division, and with 

those of The Depository Trust Company 

(‘‘DTC’’) as such rules relate to the 

authority to suspend or waive rules.7

NSCC believes that the proposed rule 

change is consistent with the 

requirements of Section 17A of the Act8

and the rules and regulations 

thereunder that are applicable to NSCC 

because the proposed rule will require 

a more senior level of management to 

authorize a suspension or waiver of the 

NSCC rules under the proposed rule 

change, thereby ensuring more equitable 

compliance with NSCC’s rules and 

procedures. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

NSCC 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 Act. 

(C) Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments relating to the 

proposed rule change have been 

solicited or received. NSCC will notify 

the Commission of any written 

comments received by the NSCC. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A)(iii) of the Act 9 and Rule 

19b–4(f)(3) 10 thereunder because it is 

concerned solely with the 

administration of NSCC. At any time 

within sixty days of the filing of such 

rule change, the Commission summarily 

may temporarily suspend 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–NSCC–2010–08 on the 

subject line. 


jlentini on DSKJ8SOYB1PROD with NOTICES
54682 Federal Register / Vol. 75, No. 173 / Wednesday, September 8, 2010 / Notices 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3These fees are similar to the ‘‘maker/taker’’ fees 

currently assessed by NASDAQ OMX PHLX 

(‘‘PHLX’’). PHLX currently charges a fee for 

removing liquidity to the following class of market 

participants: (i) Customer, (ii) Directed Participant, 

(iii) Specialist, ROT, SQT and RSQT, (iv) Firm, (v) 

Broker-Dealer, and (vi) Professional. PHLX also 

provides a rebate for adding liquidity to the 

following class of market participants: (i) Customer, 

(ii) Directed Participant, (iii) Specialist, ROT, SQT 

and RSQT, and (iv) Professional. PHLX also charges 

a fee for adding liquidity to the following class of 

market participants: (i) Firm, and (ii) Broker-Dealer. 

See Securities Exchange Act Release Nos. 61684 

(March 10, 2010), 75 FR 13189 (March 18, 2010); 

61932 (April 16, 2010), 75 FR 21375 (April 23, 

2010); 61961 (April 22, 2010), 75 FR 22881 (April 

30, 2010); and 62472 (July 8, 2010), 75 FR 41250 

(July 15, 2010). 

4A Market Maker Plus is a market maker who is 

on the National Best Bid or National Best Offer 80% 

of the time for series trading between $0.03 and 

$5.00 (for options whose underlying stock’s 

previous trading day’s last sale price was less than 

or equal to $100) and between $0.10 and $5.00 (for 

options whose underlying stock’s previous trading 

day’s last sale price was greater than $100) in 

premium in each of the front two expiration months 

and 80% of the time for series trading between 

$0.03 and $5.00 (for options whose underlying 

stock’s previous trading day’s last sale price was 

less than or equal to $100) and between $0.10 and 

$5.00 (for options whose underlying stock’s 

previous trading day’s last sale price was greater 

than $100) in premium across all expiration months 

in order to receive the rebate. The Exchange 

determines whether a market maker qualifies as a 

Market Maker Plus at the end of each month by 

looking back at each market maker’s quoting 

statistics during that month. If at the end of the 

month, a market maker meets the Exchange’s stated 

criteria, the Exchange rebates $0.10 per contract for 

transactions executed by that market maker during 

that month. The Exchange provides market makers 

a report on a daily basis with quoting statistics so 

that market makers can determine whether or not 

they are meeting the Exchange’s stated criteria. 

5A Non-ISE Market Maker, or Far Away Market 

Maker (‘‘FARMM’’), is a market maker as defined in 

Section 3(a)(38) of the Securities Exchange Act of 

1934, as amended (‘‘Exchange Act’’), registered in 

the same options class on another options 

exchange. 

6A Customer (Professional) is a person who is not 

a broker/dealer and is not a Priority Customer. 

7A Priority Customer is defined in ISE Rule 

100(a)(37A) as a person or entity that is not a 

broker/dealer in securities, and does not place more 

than 390 orders in listed options per day on average 

during a calendar month for its own beneficial 

account(s). 

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–NSCC–2010–08. 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 website viewing and 

printing in the Commission’s Public 

Reference Section, 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 filings 

also will be available for inspection and 

copying at the principal office of NSCC 

and on NSCC’s Web site, http:// 

www.dtcc.com. 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–NSCC– 

2010–08 and should be submitted on or 

before September 29, 2010. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–22349 Filed 9–7–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62805; File No. SR–ISE– 

2010–90] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change Relating to Fees and Rebates 

for Adding and Removing Liquidity 

August 31, 2010. 

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 August 

24, 2010, the International Securities 

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

‘‘ISE’’) filed with the Securities and 

Exchange Commission the proposed 

rule change, as described in Items I and 

II 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 

transaction fees and rebates for adding 

and removing liquidity. 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, at the Commission’s 

Public Reference Room, and on the 

Commission’s Web site at http:// 

www.sec.gov. 

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. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to increase 

liquidity and attract order flow by 

amending its transaction fees and 

rebates for adding and removing 

liquidity (‘‘maker/taker fees’’).3 The 

Exchange’s maker/taker fees currently 

apply to the following categories of 

market participants: (i) Market Maker; 

(ii) Market Maker Plus; 4 (iii) Non-ISE 

Market Maker; 5 (iv) Firm Proprietary; 

(v) Customer (Professional); 6 (vi) 

Priority Customer,7 100 or more 


jlentini on DSKJ8SOYB1PROD with NOTICES