Document ID: SEC-2007-1148-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: Chicago Board Options Exchange, Inc.
Posted Date: 2007-08-16T04:00Z

[Federal Register: August 16, 2007 (Volume 72, Number 158)]
[Notices]               
[Page 46118]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16au07-127]                         

[[Page 46118]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56231; File No. SR-CBOE 2007-73]

 
Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Order Approving a Proposed Rule Change To Assess, on a 
Retroactive Basis, Certain CBOE and CBSX Market Data Fees

August 9, 2007.
    On June 28, 2007, the Chicago Board Options Exchange, Incorporated 
(``CBOE'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission''), pursuant to section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Act'' or ``Exchange Act'') \1\ and 
Rule 19b-4 thereunder,\2\ a proposal to retroactively apply certain 
recently modified market data fees. The proposal was published for 
comment in the Federal Register on July 10, 2007.\3\ The Commission 
received no comments on the proposal. This order approves the proposed 
rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 56000 (July 2, 
2007), 72 FR 37554.
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    The Exchange proposes to retroactively apply the recent increase in 
monthly fees for enhanced TickerXpress (``TX'') \4\ market data from 
$200 per month to $300 per month and the recently adopted fee of $100 
per TX user per month for use of TX software for the use and display of 
market data. The Exchange also proposes to retroactively apply CBSX's 
recently adopted market data infrastructure fee, which is a monthly fee 
assessed to recoup fees paid to a third-party market data vendor and 
other parties to help establish facilities at CBSX through which the 
third-party market data vendor can provide CBSX participants with 
certain market data. The market data infrastructure fee is equal to 
$19,400 divided by the number of CBSX participants receiving the market 
data.
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    \4\ TX is an Exchange service that supplies market data to 
Exchange market makers trading on the Hybrid Trading System.
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    These changes in the Exchange's market data fees became effective 
on June 1, 2007, pursuant to a previous rule change submitted by the 
Exchange.\5\ The Exchange now proposes to retroactively apply these fee 
changes for the period April 1, 2007, through May 31, 2007.
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    \5\ See Securities Exchange Act Release No. 55882 (June 8, 
2007), 72 FR 32931 (June 14, 2007) (notice of filing and immediate 
effectiveness of SR-CBOE-2007-54).
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    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange.\6\ 
Specifically, the Commission finds that the proposal is consistent with 
section 6(b)(4) of the Act,\7\ which requires the equitable allocation 
of reasonable dues, fees, and other charges among Exchange members and 
other persons using Exchange facilities. In approving this proposal, 
the Commission notes the Exchange's statements that: (1) Retroactively 
applying the TX market data fees will compensate the Exchange for its 
increased costs in providing the TX data and will partially offset the 
license fees paid by the Exchange to its third-party provider for 
making the TX software available to users during this time period; and 
(2) retroactively applying the market data infrastructure fee will 
enable the Exchange to recoup the fees CBSX paid during this time 
period for providing the infrastructure to make the market data 
available to CBSX participants.
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    \6\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78f(b)(4).
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    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\8\ that the proposed rule change (File No. SR-CBOE-2007-73) be, 
and it hereby is, approved.
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-16053 Filed 8-15-07; 8:45 am]

BILLING CODE 8010-01-P