Document ID: SEC-2010-0393-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2010-03-15T04:00Z

[Federal Register: March 15, 2010 (Volume 75, Number 49)]
[Notices]               
[Page 12321-12323]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15mr10-99]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61672; File No. SR-NYSE-2010-16]

 
Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC To 
Adopt a Reservation Fee for Next Generation Trading Floor Booth Space

March 8, 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 March 4, 2010, New York Stock Exchange LLC (the ``NYSE'' 
or the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the

[[Page 12322]]

proposed rule changes 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 changes from 
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a et seq.
    \3\ 17 CFR 240.19b-4.
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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 establish a 
fee in connection with the reservation of booth space as part of its 
Next Generation Trading Floor renovation. The text of the proposed rule 
change is available on the Exchange's Web site (http://www.nyse.com), 
at the Exchange's Office of the Secretary, 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 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 NYSE 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is in the process of creating its ``Next Generation 
Trading Floor'' by renovating Floor broker booths that will utilize 
cutting edge technology and will enable member organizations to conduct 
all of their trading activities (including non-NYSE trading) on the 
Exchange's trading floor. The first phase of the Next Generation 
Trading Floor has been completed and the first member organization will 
occupy its new booth space on March 8, 2010. This new construction will 
allow member organizations to blend the advantages of an NYSE floor 
presence with those of an upstairs trading desk. To defray a portion of 
the costs of constructing the Next Generation Trading Floor, the 
Exchange proposes to permit member organizations to reserve Next 
Generation Trading Floor booth trading positions on a first-come, 
first-served basis for a reservation fee of $12,000 per position, 
subject to a cap of $240,000 per member organization. There is no limit 
on the amount of Next Generation Trading Floor booth space a member 
organization may occupy, subject to availability. The reservation fee 
is the only new fee that member organizations will be required to pay 
in connection with their occupancy of Next Generation Trading Floor 
booth space. However, member organizations will continue to be subject 
to the equipment and other fees that are currently set forth in the 
Exchange Price List.
    The Exchange reserves the right to establish a booth space rental 
fee at some future date.\1\ If, in future, the Exchange establishes a 
rental fee for such booth space, a member organization will be exempt 
from the payment of rent with respect to any trading position for which 
it has paid a reservation fee until the third anniversary of the date 
on which it took possession of that trading position.
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    \1\ The Exchange will submit a rule filing to the SEC prior to 
the adoption of any rental charge.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the objectives of Section 6 \2\ of the Act in general and furthers 
the objectives of Section 6(b)(4) \3\ in particular, in that it is 
designed 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 dues, fees and other charges, as all 
member organizations will be able to reserve Next Generation Trading 
Floor trading positions on the same terms, on a first-come, first-
served basis.
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    \2\ 15 U.S.C. 78f.
    \3\ 15 U.S.C. 78f(b)(4).
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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 purpose of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

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) \4\ of the Act and Rule 19b-4(f)(2) \5\ thereunder.
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    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of the 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 rule-comments@sec.gov. Please include 
File Number SR-NYSE-2010-16 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-2010-16. 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,\6\ 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, on official 
business days between the hours of 10 a.m. and 3 p.m. Copies of the 
filing also will be available for inspection and copying at

[[Page 12323]]

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-2010-16 and should be submitted on 
or before April 5, 2010.
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    \6\ The text of the proposed rule change is available on the 
Commission's Web site at http://www.sec.gov/rules/sro.shtml.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-5533 Filed 3-12-10; 8:45 am]
BILLING CODE 8011-01-P