54928 Federal Register / Vol. 75, No. 174 / Thursday, September 9, 2010 / Notices 

10 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. 62592 

(July 29, 2010), 75 FR 47053 (August 4, 2010) (SR– 

NASDAQ–2010–095). 

5 15 U.S.C. 78f(b) [sic]. 

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

7 15 U.S.C. 78s(b)(3)(A). 

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 

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 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 the filing will 

also 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– 

NYSEAmex–2010–90 and should be 

submitted on or before September 30, 

2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–22446 Filed 9–8–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62826; File No. SR–NYSE– 

2010–63] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by New York 

Stock Exchange LLC To Amend the 

Exchange Price List 

September 1, 2010. 

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 August 

30, 2010, New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) 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 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 Exchange proposes to amend its 

2010 Price List to modify the fees it 

charges for all market at-the-close 

(‘‘MOC’’) and limit at-the-close (‘‘LOC’’) 

orders executed in the NYSE Closing 

Auction. For stocks with a per share 

stock price of $1.00 or more, the fee will 

increase from $0.0007 per share 

executed to $0.00085 per share 

executed. For stocks with a per share 

stock price less than $1.00 per share, the 

fee will change from (A) the lesser of (i) 

0.3% of the total dollar value of the 

transaction and (ii) $0.0007 per share 

executed to (B) the lesser of (i) 0.3% of 

the total dollar value of the transaction 

and (ii) $0.00085 per share executed. 

The amended pricing will take effect on 

September 1, 2010. The text of the 

proposed rule change is available at the 

Exchange, at http://www.nyse.com, 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 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 Exchange proposes to amend its 

2010 Price List to modify the fees it 

charges for all MOC and LOC orders 

executed in the NYSE Closing Auction. 

For stocks with a per share stock price 

of $1.00 or more, the fee will increase 

from $0.0007 per share executed to 

$0.00085 per share executed. For stocks 

with a per share stock price less than 

$1.00 per share, the fee will change from 

(A) the lesser of (i) 0.3% of the total 

dollar value of the transaction and (ii) 

$0.0007 per share executed to (B) the 

lesser of (i) 0.3% of the total dollar 

value of the transaction and (ii) 

$0.00085 per share executed. The 

Exchange notes that The NASDAQ 

Stock Market LLC recently made a 

similar filing increasing the fee that it 

charges for MOC and LOC orders in its 

closing cross from $0.0007 per share 

executed to $0.0010 per share 

executed.4

These changes are intended to be 

effective immediately for all 

transactions beginning September 1, 

2010. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),5 in general, and 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. The 

Exchange believes that the proposal 

does not constitute an inequitable 

allocation of fees, as all similarly 

situated member organizations will be 

charged the same amount and access to 

the Exchange’s market is offered on fair 

and non-discriminatory terms. Further, 

a competing exchange also recently 

implemented a similar fee change for its 

market participants, as described above. 

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 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 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 

The foregoing rule change is effective 

upon filing pursuant to Section 

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

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 75, No. 174 / Thursday, September 9, 2010 / Notices 54929 

8 17 CFR 240.19b–4(f)(2). 

9 17 CFR 200.30–3(a)(12). 

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

2Securities Exchange Act Release No. 62478 (July 

9, 2010), 75 FR 41908 (July 19, 2010). 

3 DTC and NSCC already classify U.S. branches or 

agencies of foreign banks as domestic Members. 

This is reflected in Section 2 of DTC’s Policy 

Statements on the Admission of Participants and in 

Addendum O of NSCC’s Rules titled ‘‘Admission of 

Non-U.S. Entities as Direct NSCC Members.’’ 

4 In the United States, ‘‘ring-fencing’’ refers to the 

procedure for dealing with branches or agencies of 

insolvent foreign banks in the United States 

pursuant to which the federal or state regulator, as 

applicable, will seize and administer the local 

assets of an insolvent institution, with a preference 

for local creditors in a liquidation that is separate 

from the liquidation of the parent foreign bank as 

a whole. 

5Such members will no longer be required to 

submit annual updates to their foreign legal 

opinions as currently required by FICC rules for 

non-U.S. entities unless FICC deems it necessary to 

address legal risk. Applicants in this category will 

however continue to be required to submit an initial 

foreign legal opinion on their home country law 

with their membership application. 

6 15 U.S.C. 78q–1. 

7 15 U.S.C. 78q–1(b)(3)(F). 

subparagraph (f)(2) of Rule 19b–4 8

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

NYSE. 

At any time within 60 days of the 

filing of the proposed 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–NYSE–2010–63 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 

Number SR–NYSE–2010–63. 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 

website (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 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 the filing will 

also 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– 

2010–63 and should be submitted on or 

before September 30, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–22447 Filed 9–8–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62828; File No. SR–FICC– 

2010–02] 

Self-Regulatory Organizations; Fixed 

Income Clearing Corporation; Order 

Approving Proposed Rule Change To 

Amend the Rules of the Government 

Securities Division and the MortgageBacked Securities Division To Change 

the Classification of U.S. Branches or 

Agencies of Non-U.S. Banks From 

Foreign to U.S. Members 

September 2, 2010. 

I. Introduction 

On June 24, 2010, Fixed Income 

Clearing Corporation (‘‘FICC’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) proposed 

rule change SR–FICC–2010–02 pursuant 

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

Exchange Act of 1934 (‘‘Act’’).1 The 

proposed rule change was published for 

comment in the Federal Register on July 

19, 2010.2 No comment letters were 

received on the proposal. This order 

approves the proposal. 

II. Description 

FICC will amend the Rules of its 

Government Securities Division (‘‘GSD’’) 

and Mortgage Backed Securities 

Division (‘‘MBSD’’) to classify as U.S. 

Members those Members of the GSD and 

MBSD that are U.S. Branches or 

agencies of non-U.S. Banks (‘‘U.S. 

Branches’’). GSD and MBSD Rules 

currently classify the membership of 

such U.S. Branches as ‘‘Foreign.’’ 

The classification of U.S. Branches as 

U.S. Members harmonizes FICC’s Rules 

with the other clearing agency 

subsidiaries of The Depository Trust 

and Clearing Corporation, The 

Depository Trust Company (‘‘DTC’’) and 

the National Securities Clearing 

Corporation (‘‘NSCC’’).3 FICC also 

believes the rule change is appropriate 

because it reflects that U.S. Branches are 

regulated by a U.S. regulator or a state 

regulator. This means that the 

appropriate domestic regulator treats 

U.S. Branches as U.S. entities for most 

significant matters, and consequently an 

insolvency of such a member would be 

determined by applicable domestic 

‘‘ring-fence’’ laws.4 Under the Rule 

changes, such members will be treated 

as domestic members for all purposes 

under FICC’s Rules and Procedures 

unless FICC states otherwise in its 

Rules.5

III. Discussion 

The Commission finds that the 

proposed rule change is consistent with 

the requirements of the Act 6 and the 

rules and regulations thereunder 

applicable to FICC. In particular, the 

Commission believes that the 

amendments FICC is making to its Rules 

to will provide consistent treatment to 

all its Members that are regulated by a 

U.S. or state regulator and that are 

subject to a domestic insolvency regime 

are consistent with FICC’s obligations 

under Section 17A(b)(3)(F),7 which 

requires, among other things, that the 

rules of a clearing agency are designed 

to assure the safeguarding of securities 

and funds which are in the custody or 

control of the clearing agency or for 

which it is responsible. 

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposal is 

consistent with the requirements of the 

Act and in particular with the 

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