Federal Register / Vol. 74, No. 104 / Tuesday, June 2, 2009 / Notices 26453 

16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Exchange’s two modes of order interaction 

are described in NSX Rule 11.13(b). 

4As set forth in the Explanatory Endnotes to the 

Fee Schedule, prior to implementation of the 

instant rule change, ‘‘Liquidity Adding ADV’’ 

means, with respect to an ETP Holder, ‘‘the number 

of shares such ETP Holder has executed as a 

liquidity provider on average per trading day 

(excluding partial trading days and securities under 

one dollar) across all tapes on NSX for the calendar 

month (or partial month, as applicable) in which 

the executions occurred’’. The proposed rule 

change would modify the foregoing definition by 

adding the following statement: ‘‘Notwithstanding 

the foregoing, for purposes of determining whether 

the volume tier thresholds are achieved in AutoEx 

with respect to rebates applicable to displayed 

orders that add liquidity for Tape A and C 

securities, securities priced under one dollar will be 

included’’. 

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–NYSEArca–2009–41 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. 

All submissions should refer to File 

Number SR–NYSEArca–2009–41. 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 20549–1090 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 

NYSE Arca’s principal office and on its 

Internet Web site at http:// 

www.nyse.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– 

NYSEArca–2009–41 and should be 

submitted on or before June 23, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–12715 Filed 6–1–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59974; File No. SR–NSX– 

2009–03] 

Self-Regulatory Organizations; 

National Stock Exchange, Inc.; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change To Amend 

the Fee and Rebate Schedule Issued 

Pursuant to Exchange Rule 16.1(c) in 

Order to Include Securities Priced at 

Less Than One Dollar in the 

Calculation of Volume Thresholds 

Used To Determine Rebates Payable 

for Displayed Order Liquidity Adding 

Tape A and C Securities Executed at 

One Dollar or Above 

May 26, 2009. 

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 May 15, 

2009, National Stock Exchange, Inc. 

(‘‘NSX’’ or ‘‘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. The 

Commission is publishing this notice to 

solicit comment 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 is proposing to amend 

the Fee and Rebate Schedule (the ‘‘Fee 

Schedule’’) issued pursuant to Exchange 

Rule 16.1(c) in order to include 

securities priced at less than one dollar 

in the calculation of volume thresholds 

used to determine rebates payable for 

displayed order liquidity adding Tape A 

and C securities executed at one dollar 

or above. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://www.nsx.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 

Purpose 

With this rule change, the Exchange is 

proposing to modify the Fee Schedule’s 

calculation of ‘‘Liquidity Adding 

Average Daily Volume’’ (‘‘Liquidity 

Adding ADV’’) used to determine 

rebates payable for displayed orders of 

Tape A and C securities in the 

Automatic Execution Mode of order 

interaction (‘‘AutoEx’’) 3 (the ‘‘AutoEx 

Displayed Order Liquidity Adding Tape 

A/C Rebate’’) so as to include securities 

priced under one dollar for purposes of 

determining whether a volume tier has 

been achieved. 

The AutoEx Displayed Order 

Liquidity Adding Tape A/C Rebate is 

currently $0.0026, $0.0027 or $0.0028 

per share where an ETP Holder achieves 

Liquidity Adding ADV 4 of less than 25 

million, less than 40 million and 40 

million or more, respectively. Currently, 

securities priced under one dollar are 

excluded from the calculation of 

‘‘Liquidity Adding ADV’’. The Proposed 

Rule Change would modify the 

definition of ‘‘Liquidity Adding ADV’’ 

with respect only to the tiers used in 

calculation of the AutoEx Displayed 

Order Liquidity Adding Tape A/C 

Rebate so as to include securities under 

one dollar in the calculation of whether 

the above referenced tiers are achieved. 

The Proposed Rule Change would not 

modify other calculations of average 

daily volume in the Fee Schedule. 

Rationale 

The Exchange has determined that 

these changes are necessary to increase 

the volume of Displayed Orders of subdollar Tape A and C securities in 

26454 Federal Register / Vol. 74, No. 104 / Tuesday, June 2, 2009 / Notices 

5The Exchange has determined that its 

application of the proposed modification of the 

calculation of average daily volume as it applies to 

the entire current calendar month could only 

benefit ETP Holders by serving to increase the 

amount of their AutoEx Displayed Order Liquidity 

Adding Tape A/C Rebate for such month. In 

addition, the Exchange has determined that such 

application will not adversely impact the general 

operating revenues of the Exchange. 

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

7 15 U.S.C. 78f(b)(4). 

8 15 U.S.C. 78s(b)(3)(A)(ii). 

9 17 CFR 240.19b–4 [sic]. 

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. 

AutoEx for the purpose of increasing the 

revenue of the Exchange and adequately 

funding its regulatory and general 

business functions. The proposed 

modifications are reasonable and 

equitably allocated to those ETP Holders 

that opt to provide Tape A and C 

Displayed Orders in AutoEx, and are not 

discriminatory because ETP Holders are 

free to elect whether or not to send such 

orders. Based upon the information 

above, the Exchange believes that the 

proposed rule change is consistent with 

the protection of investors and the 

public interest. 

Operative Date and Notice 

The Exchange intends to utilize the 

proposed calculation effective upon 

filing of this proposed rule as it 

performs the calculations to determine 

the May, 2009 AutoEx Displayed Order 

Liquidity Adding Tape A/C Rebates.5

Pursuant to Exchange Rule 16.1(c), the 

Exchange will ‘‘provide ETP Holders 

with notice of all relevant dues, fees, 

assessments and charges of the 

Exchange’’ through the issuance of a 

Regulatory Circular of the changes to the 

Fee Schedule and will post a copy of the 

rule filing on the Exchange’s Web site 

(http://www.nsx.com). 

Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6(b) of the 

Act,6 in general, and Section 6(b)(4) of 

the Act,7 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 the facilities of the 

Exchange. Moreover, the proposed fee 

and rebate structure is not 

discriminatory in that all ETP Holders 

are eligible to submit (or not submit) 

liquidity adding trades and quotes, and 

may do so at their discretion in the daily 

volumes they choose during the course 

of the measurement period. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any inappropriate burden on 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The proposed rule change has taken 

effect upon filing pursuant to Section 

19(b)(3)(A)(ii) of the Act 8 and 

subparagraph (f)(2) of Rule 19b–4 9

thereunder, because, as provided in 

(f)(2), it changes ‘‘a due, fee or other 

charge applicable only to a member’’ 

(known on the Exchange as an ETP 

Holder). At any time within sixty (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–NSX–2009–03 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–NSX–2009–03. 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 the filing will also be available 

for inspection and copying at the 

principal office of the self-regulatory 

organization. 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–NSX– 

2009–03 and should be submitted on or 

before June 23, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–12713 Filed 6–1–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59979; File No. SR–NYSE– 

2009–52] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Amending the 

Fees Charged for the Floor Member 

Continuing Education Program for 

Qualified Floor Members Pursuant to 

NYSE Rule 103A 

May 27, 2009. 

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 May 22, 

2009, 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, II, and III below, which Items 

have been prepared by the selfregulatory organization. The 

Commission is publishing this notice to