56624 Federal Register / Vol. 75, No. 179 / Thursday, September 16, 2010 / Notices 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 58613 

(September 22, 2008), 73 FR 57181 (October 1, 

2008) (SR–PHLX–2008–65). 

4Securities Exchange Act Release No. 62519 (July 

16, 2010), 75 FR 43597 (July 26, 2010) (SR–PHLX– 

2010–79). 

5See, e.g., Securities Exchange Act Release No. 

59452 (February 25, 2009), 74 FR 9456 (March 4, 

2009) (SR–BX–2009–012) (temporarily decreasing 

order execution fee to a level below prevailing 

liquidity provider rebate); BATS ECN Unveils UltraAggressive January Pricing Special (December 19, 

2006) (available at http://www.batstrading.com/

resources/press_releases/BATS%20ECN%20

Unveils%20Ultra-Aggressive%20January%20

Pricing%20Special.pdf). 

6 In contrast with the NASDAQ Exchange and BX, 

however, all orders designated as Displayed Orders 

will be displayed without attribution to the entering 

market participant. 

7These annual administrative fees may be waived 

for colleges and universities receiving the data for 

research and educational purposes. 

CBOE–2010–065; SR–CHX–2010–14; 

SR–EDGA–2010–05; SR–EDGX–2010– 

05; SR–ISE–2010–66; SR–NASDAQ– 

2010–079; SR–NYSE–2010–49; SR– 

NYSEAmex–2010–63; SR–NYSEArca– 

2010–61; SR–NSX–2010–08) be, and 

hereby are, approved. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–23074 Filed 9–15–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62876; File No. SR–Phlx2010–120] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NASDAQ 

OMX PHLX, Inc. To Establish Fees for 

NASDAQ OMX PSX 

September 9, 2010. 

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 August 

31, 2010, NASDAQ OMX PHLX, Inc. 

(‘‘Phlx’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘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 adopt new 

fees in connection with the trading of 

NMS stocks through the new NASDAQ 

OMX PSX system (‘‘PSX’’). The text of 

the proposed rule change is available on 

the Exchange’s Web site at http:// 

nasdaqtrader.com/ 

micro.aspx?id=PHLXfilings, on the 

Commission’s Web site at http:// 

www.sec.gov, 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 aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Shortly after its acquisition by The 

NASDAQ OMX Group, Inc. (‘‘NASDAQ 

OMX’’) in 2008, the Exchange ceased 

operation of XLE, its former system for 

trading NMS stocks.3 Earlier this year, 

the Exchange filed a proposed rule 

change to resume trading NMS stocks 

through a new electronic platform 

known as NASDAQ OMX PSX.4 In 

anticipation of approval and launch of 

PSX, the Exchange is filing this 

proposed rule change to establish fees, 

dues, and other charges applicable to 

PSX. The proposed fees are structurally 

similar to those of the Exchange’s 

affiliated exchanges, The NASDAQ 

Stock Market LLC (the ‘‘NASDAQ 

Exchange’’) and NASDAQ OMX BX, Inc. 

(‘‘BX’’), but with the omission of fees 

that are not pertinent to the Exchange’s 

planned business and with differences 

in the level of certain fees. 

Order Execution Fees 

Order execution fees will be uniform 

for all types of securities and member 

organizations. Specifically, for securities 

executed at prices of $1 or more, the 

Exchange will charge $0.0013 per share 

executed and pay a liquidity provider 

rebate of $0.0020 per share executed. 

For executions below $1, the execution 

fee will be 0.2% of the total transaction 

cost, and the rebate will be $0. The 

Exchange proposes this ‘‘inverted’’ 

pricing structure as a temporary 

promotional mechanism to attract 

liquidity to PSX. Other exchanges and 

trading venues have adopted inverted 

pricing in the past as a means to 

promote the development of a new 

market entrant.5

PSX TotalView 

The Exchange proposes to establish 

fees for its PSX TotalView data product. 

Like NASDAQ TotalView and BX 

TotalView, PSX TotalView will provide 

all Displayed Orders in the market at 

every price level.6 In recognition of the 

start-up nature of the new market, the 

data feed will be provided free of charge 

to subscribers and distributors for a 

period ending on the last day of the 

twelfth full calendar month of PSX’s 

operation. Thus, if PSX commences 

operations on September 27, 2010, PSX 

TotalView fees will be waived until 

October 1, 2011. 

After the initial free period, the 

Exchange will offer users a range of 

pricing options. In general, charges will 

be assessed to distributors of PSX Total 

View on a per distributor basis, with 

additional charges assessed on a per 

subscriber basis for each subscriber 

receiving the data from a distributor. A 

‘‘distributor’’ is defined as any entity that 

receives a feed or data file of Exchange 

data directly from the Exchange (a 

‘‘direct distributor’’) or indirectly 

through another entity (an ‘‘indirect 

distributor’’) and then distributes the 

data either internally (within that entity) 

or externally (outside that entity). 

Distributors of PSX TotalView will pay 

a $1,000 monthly fee to receive the data 

directly from the Exchange (including 

from the Exchange through an extranet); 

indirect distributors would not pay this 

charge. Distributors will also pay either 

a $500 monthly fee to distribute the data 

feed internally (i.e., to employees) or a 

$1,250 monthly fee to distribute to 

external customers (as well as 

internally, if applicable). All of the 

foregoing fees will be waived during the 

initial free period. Finally, distributors 

receiving any PSX TotalView or any 

other PSX data feed will be charged an 

annual administrative fee: either $500 

for delayed distribution of data, or 

$1,000 for real-time distribution.7 The 

administrative fees, which are assessed 

annually, will be charged at the 

beginning of the first calendar year after 

the launch of PSX, rather than being 

subject to the one-year free period 

applicable to other data fees. If, as the 

Exchange expects, PSX launches in 

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Federal Register / Vol. 75, No. 179 / Thursday, September 16, 2010 / Notices 56625 

8The administrative fees will also cover 

distribution of any other PSX data feeds, including 

free data feeds such as the PSX Last Sale Data Feeds 

described later in this proposed rule change, and 

other free or fee-liable feeds that the Exchange 

offers in the future. 

9The fee is comparable to the corresponding fee 

on BX, but BX bifurcates the product between a 

version of the product covering NASDAQ 

Exchange-listed securities and a version covering 

securities listed on other exchanges, charging $20 

per subscriber per month for each version. PSX 

TotalView will provide data about orders for all 

securities for a fee of $40 per subscriber per month. 

10A non-display device uses data from the PSX 

TotalView for calculations and routing decisions 

but does not provide means to display the 

information on a screen. 11 15 U.S.C. 80b–2(a)(11). 

2010, the fees would therefore be 

charged in January 2011.8

In addition to the distributor fees, the 

Exchange will also charge subscriber 

fees for controlled accesses to the 

TotalView data feed. ‘‘Subscriber’’ is 

defined with reference to instances of 

access to the data on computer 

equipment that can receive the data. 

Specifically, a ‘‘subscriber’’ is defined as 

any access that a distributor provides to 

(i) access the information in the PSX 

TotalView entitlement package, or (ii) 

communicate with a distributor so as to 

cause the distributor to access the 

information in the entitlement package. 

If a distributor provides its customers or 

employees an option to use or not to use 

PSX TotalView data on their computers, 

and the data is not actually used on a 

specific computer that has access to it, 

then the computer in question would 

not be charged as a subscriber. However, 

the burden is on the distributor to 

demonstrate that a particular computer 

with access is not using the data. 

Following the initial one-year free 

period, the Exchange will assess a 

monthly charge for each subscriber. The 

fee for each professional PSX TotalView 

subscriber is $40 per month.9

Alternatively, market participants using 

the data internally on non-display 

controlled devices may purchase an 

enterprise license at a rate of $16,000 

per month for internal use on an 

unlimited number of non-display 

devices within the firm, and thereby 

avoid individual subscription charges 

for these devices.10

In addition to the foregoing fees, 

which apply to professional users of 

PSX TotalView, the Exchange will also 

allow distributors to provide PSX 

TotalView to non-professional 

subscribers at a reduced rate. A ‘‘nonprofessional’’ is defined as a natural 

person who is neither (i) registered with 

the Commission, the Commodities 

Futures Trading Commission, a state 

securities agency, a securities exchange 

or securities association, or a 

commodities or futures contract market 

or association; (ii) engaged as an 

investment advisor as defined in 

Section 202(a)(11) of the Investment 

Advisors Act of 1940 11 (the ‘‘1940 Act’’) 

(whether or not the person is registered 

or qualified under the 1940 Act); nor 

(iii) employed by a bank or other 

organization exempt from registration 

under federal or state securities laws to 

perform functions that would require 

registration or qualification if performed 

for another organization. The nonprofessional fee is $1 per subscriber per 

month. This fee will also be waived 

until the end of the twelfth full calendar 

month following PSX’s launch. 

After the expiration of the one-year 

introductory period, the Exchange will 

allow distributors to provide PSX 

TotalView to new subscribers receiving 

PSX TotalView for the first time free of 

charge for an individual one-month trial 

period. The free trial period applies to 

individual subscribers receiving the 

data on a per-subscriber basis, and to 

broker-dealers that opt to receive the 

data under an enterprise license. The fee 

waiver would be applied to the first full 

month of charges following the date on 

which a new subscriber is first entitled 

by a distributor to receive access to PSX 

TotalView. 

The foregoing fee structure is similar 

to the structure for NASDAQ TotalView 

and BX TotalView, but the overall level 

of fees will be lower than for NASDAQ 

TotalView and comparable to those for 

BX TotalView. These fee levels reflect 

the start-up nature of the Exchange’s 

new equities trading platform, and will 

help to promote competition among 

exchanges with respect to the quoting 

and trading services. Specifically, the 

Exchange believes that the fees it sets 

for PSX TotalView will help to attract 

order flow to the Exchange. At 

inception, the Exchange will have zero 

market share and therefore must set its 

fees, including data fees, with a view to 

attracting order flow. Moreover, the 

alternatives that exist for market 

participants to determine market 

depth—such as other depth of book 

products that may be associated with 

markets with more liquidity, or order 

routing strategies designed to ascertain 

market depth—provide incentives for 

the Exchange to ensure that its fees for 

PSX TotalView are set reasonably. 

Accordingly, the Exchange will charge 

no fee at all for a period of more than 

twelve months, and thereafter will 

charge fees comparable to those already 

established for BX. 

The fees are not unreasonably 

discriminatory. The fees for subscribers 

are uniform for all subscribers, except 

with respect to reasonable and wellestablished distinctions between fees for 

professional and non-professional 

subscribers. These distinctions, 

previously approved by the Commission 

for the NASDAQ Exchange and BX, are 

designed to promote more widespread 

distribution to non-professional users. 

Similarly, the fees for distributors are 

uniform except with respect to 

reasonable and well-established 

distinctions between internal and 

external distribution and direct and 

indirect receipt of data. These 

distinctions, also previously approved 

by the Commission for the NASDAQ 

Exchange and BX, are designed to 

charge lower fees to distributors whose 

activities do not require the Exchange to 

establish and maintain direct 

connections to the distributor, and to 

distributors that do not establish and 

maintain external distribution networks 

requiring more extensive procedures to 

monitor subscriber usage. The fees are 

fair and reasonable in that they compare 

favorably to fees charged by other 

exchanges for comparable products. 

TradeInfo PSX 

TradeInfo PSX is an order and 

execution management tool, similar to 

comparable products offered by the 

NASDAQ Exchange and BX. TradeInfo 

PSX allows users to manage their order 

flow and mitigate risk by giving them 

the ability to view their orders and 

executions, as well as the ability to 

perform cancels at the port level. It also 

allows users to download records of 

their orders and executions for recordkeeping purposes. It will be available to 

PSX participants for a fee of $95 per 

user per month, which is the same as 

the fee for the comparable products of 

the NASDAQ Exchange and BX. 

Testing 

The Exchange proposes to establish 

fees for its testing facility, to be set at 

levels identical to the fees for the 

NASDAQ Exchange’s and BX’s testing 

facilities. In general, the Exchange will 

charge $285 per hour for an active 

connection during the facility’s normal 

operating hours and $333 per hour for 

an active connection at other times. The 

fees are waived for testing of new, 

enhanced, or modified services and/or 

software offered by the Exchange, as 

well as for modifications initiated by the 

Exchange and for a 30-day period for 

new subscribers to existing services. In 

addition, all testing fees will be waived 

for the period ending on the last day of 

the sixth full calendar month following 

the launch of PSX. Thereafter, as 

provided in the rule, the fees will be 

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56626 Federal Register / Vol. 75, No. 179 / Thursday, September 16, 2010 / Notices 

12This provision allows the Exchange to pass 

through any costs it incurs. 

13An administrative report is prepared at a 

member organization’s request regarding its 

activities to assist the firm in activities such as 

auditing its internal systems, verifying back-office 

processing, or projecting monthly costs. The fee is 

$25 per month. 

14This provision allows the Exchange to recoup 

costs associated with responding to ad hoc requests 

for market data, such as requests that may be made 

by news reporters or academic researchers. 

15This provision provides that market data 

distributors may elect to be billed on a prorated 

basis during the month of initiation or termination 

of service. 

16The Exchange will assess the annual 

administrative fee described above to all 

distributors receiving a data feed, including nonfee-liable feeds. The Exchange reserves the right to 

impose distributor and/or subscriber fees for these 

products at a later date by submitting a proposed 

rule change under Section 19 of the Act. 15 U.S.C. 

78s. 

17PSX also provides a time stamp and message 

type field for reference. 

18 15 U.S.C. 78f. 

19 15 U.S.C. 78f(b)(4). 

waived for a 30-day period for each new 

market participant. 

Other Fees 

Other fee rules relate to installation, 

removal or relocation of equipment at a 

subscriber’s premises,12 administrative 

reports,13 special data requests,14 and 

partial month charges 15 and are 

comparable to corresponding fees of the 

NASDAQ Exchange and BX. Fee 

language governing the aggregation of 

the activity of affiliated Exchange 

member organizations for purposes of 

volume pricing discounts would not be 

immediately operative, since the 

Exchange will not initially offer such 

discounts, but is being adopted at this 

time to address any such discounts 

adopted in the future. 

Non-Fee Liable Data 

The Exchange also proposes to make 

certain data feeds and other data 

products available without assessing 

any distributor or subscriber fees.16 If 

the Exchange opts to charge a fee for 

these feeds or products at a later date, 

it will file a proposed rule change under 

Section 19 of the Act to establish the 

fee. 

The feeds are comparable to 

corresponding feeds offered by BX. 

First, the Exchange will offer PSX Last 

Sale Data Feeds, which will provide 

real-time last sale information, 

including execution price, volume, and 

time for executions occurring within 

PSX. The Exchange believes that these 

data feeds will increase transparency 

and the efficiency of executions by 

enabling vendors to provide additional 

market data in a cost-efficient manner. 

The Exchange will offer the PSX Last 

Sale for NASDAQ and the PSX Last Sale 

for NYSE/Amex feeds, providing 

information for (i) NASDAQ Exchangelisted securities, and (ii) securities listed 

on the New York Stock Exchange 

(‘‘NYSE’’), NYSE Amex, and other 

exchanges. 

Second, the Exchange will offer realtime data feeds of PSX’s Best Bid and 

Offer (‘‘BBO’’). The Exchange will offer 

three different feeds, one providing the 

BBO for NASDAQ Exchange-listed 

securities, a second for NYSE-listed 

securities, and a third for NYSE Amexlisted securities. 

Third, the Exchange will offer the 

PSX Ouch BBO Feed, a data feed that 

will represent PSX’s internal view of the 

best bid and offer among all market 

centers other than PSX. The PSX Ouch 

BBO Feed will be available to all PSX 

market participants equally at no 

charge, and will offer all firms 

transparent, real-time data concerning 

the Exchange’s internal view of the 

BBO. This data feed reflects the 

Exchange’s view of the BBO, at any 

given time, based on orders executed on 

PSX and updated quote information 

from the SIPs. PSX will make the PSX 

Ouch BBO Feed available to all market 

participants via subscription through an 

established connection to PSX. 

The PSX Ouch BBO Feed will contain 

the following data elements: Symbol, 

bid price, and ask price.17 Unlike the 

PSX TotalView feed, the Ouch BBO feed 

will not contain information about 

individual orders, either those residing 

within the PSX system or those 

executed or routed by PSX. Unlike the 

SIP feeds containing the National Best 

Bid and Offer (‘‘NBBO’’), the PSX Ouch 

BBO Feed will not identify either the 

market center quoting the BBO or the 

size of the BBO quotes. It merely 

contains the symbol and bid and offer 

prices. 

By making the PSX Ouch BBO Feed 

data available, the Exchange will 

enhance market transparency and foster 

competition among orders and markets. 

Member organizations may use the PSX 

Ouch BBO Feed to more accurately 

price their orders based on PSX’s view 

of what the BBO is at any point in time, 

which may not be reflected in the 

official NBBO due to latencies inherent 

in the NBBO’s dissemination. As a 

consequence, firms may more accurately 

price their orders on PSX, thus avoiding 

price adjustments by PSX based on a 

quote that is no longer available. 

Additionally, market participants can 

price orders more aggressively to narrow 

the NBBO and provide better reference 

prices for investors. 

Fourth, the Exchange will make a 

version of NASDAQ OMX’s Weblink 

ACT product available for use by PSX 

participants. For PSX participants, 

Weblink Act will provide a convenient 

system for member organizations to 

access comprehensive records of their 

own trades in PSX. Weblink ACT will 

be provided free of charge at the time of 

PSX’s launch. Users will have the 

option of receiving the Weblink ACT 

service for PSX as a standalone product, 

or in addition to Weblink ACT for the 

NASDAQ Exchange service that they 

may already be receiving. In either case, 

the Exchange will not charge a fee for 

the PSX version. 

Finally, the PSX Trading and 

Compliance Data Package will provide 

PSX Participants with historical data 

reports containing trade-reporting 

information about the Participant’s own 

trades in PSX, for delivery on an endof-day or T+1 basis. The Exchange may 

modify the contents of the PSX Trading 

and Compliance Data Package from time 

to time based on subscriber interest. 

Users will have the option to request 

and download these reports as a 

standalone product, and subscribers to 

the existing NASDAQ Exchange Trading 

and Compliance Data package who are 

PSX Participants will also have the 

option to request PSX reports through 

their existing service. In either case, the 

Exchange will not charge a fee for the 

PSX version at this time. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 of the Act,18

in general and with Section 6(b)(4) of 

the Act,19 in particular, in that it 

provides an equitable allocation of 

reasonable dues, fees, and other charges 

among its members and other persons 

using its facilities. The Exchange makes 

all services and products subject to 

these fees available on a nondiscriminatory basis to similarly 

situated recipients. All fees are 

structured in manner comparable to 

corresponding fees of the NASDAQ 

Exchange or BX already in effect, and 

are set at levels equal to or lower than 

the levels of the comparable NASDAQ 

Exchange and BX fees. Most of the 

proposed fees, including transaction 

execution and testing fees, are uniform 

for all customers and are therefore 

equitably allocated based on usage of 

PSX services. The proposed fees for PSX 

TotalView are equitably allocated since 

the fees vary solely based on reasonable 

and well-established distinctions with 

respect to professional and nonprofessional users, internal and external 

distribution, and direct and indirect 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 75, No. 179 / Thursday, September 16, 2010 / Notices 56627 

20 15 U.S.C. 78s(b)(3)(A)(ii). 21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 In Amendment No. 1, the Exchange deleted a 

duplicative reference to the securities IYR, MDT, 

and MGM in the Fee Schedule and the Purpose 

section. 

receipt of data. The fees are fair and 

reasonable in that they compare 

favorably to fees charged by other 

exchanges for comparable products. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

Despite its long history, the Exchange 

will effectively be entering the highly 

competitive markets for trading NMS 

stocks as a start-up venture. 

Accordingly, its fees must be set at a 

level that will promote competition in 

these markets, or potential users of its 

services will simply continue to obtain 

services from the Exchange’s multiple 

competitors. If the Exchange sets fees at 

inappropriately high levels, market 

participants will seek to avoid using the 

Exchange. Thus, the products and 

services introduced by the Exchange 

will promote competition if they 

succeed in providing market 

participants with viable and costeffective alternatives to existing 

competitors. Conversely, they will 

impose no burden on competition if 

they fail to provide such alternatives. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or 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)(A)(ii) of the Act.20 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. If the Commission 

takes such action, the Commission shall 

institute proceedings to determine 

whether the proposed rule should be 

approved or disapproved. 

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–Phlx–2010–120 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–Phlx–2010–120. 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 Web site 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 such 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 No. SR–Phlx–2010– 

120 and should be submitted on or 

before October 7, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–23103 Filed 9–15–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62878; File No. SR–CBOE– 

2010–079] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change, as Modified by 

Amendment No. 1, To Change the 

Transaction Fees for 51 Securities on 

CBSX 

September 9, 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 

31, 2010, the Chicago Board Options 

Exchange, Incorporated (the ‘‘Exchange’’ 

or ‘‘CBOE’’) 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 Exchange. On September 7, 2010, 

the Exchanged filed Amendment No. 1 

to the proposed rule change.3 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 

CBOE proposes to amend the Fee 

Schedule of its CBOE Stock Exchange 

(‘‘CBSX’’) to modify the transaction fees 

for fifty securities currently traded on 

CBSX. The text of the proposed rule 

change is available on the Exchange’s 

Web site (http://www.cboe.org/legal), at 

the Exchange’s principal office, and at 

the Commission. 

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. 

mstockstill on DSKH9S0YB1PROD with NOTICES