Document ID: SEC-2010-1373-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Amex LLC
Posted Date: 2010-09-09T04:00Z

[Federal Register: September 9, 2010 (Volume 75, Number 174)]
[Notices]               
[Page 54926-54928]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09se10-122]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62825; File No. SR-NYSEAmex-2010-90]

 
Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by NYSE Amex 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, NYSE Amex LLC (``NYSE Amex'' 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.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \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 for equities to 
modify the fees it charges for all market at-the-close (``MOC'') and 
limit at-the-close (``LOC'') orders executed in the Exchange's closing 
transaction. For

[[Page 54927]]

securities with a per share price of $1.00 or more, the fee will 
increase from $0.0007 per share executed to $0.00085 per share 
executed. For securities with a per share price below $1.00 per share, 
the fee will change from (A) the lesser of (i) $0.0007 per share 
executed and (ii) 0.25% of the total dollar value of the transaction to 
(B) the lesser of (i) $0.00085 per share executed and (ii) 0.25% of the 
total dollar value of the transaction. The Exchange also proposes to 
lower the fee for taking liquidity from the Exchange from $0.0021 per 
share executed to $0.0013 per share executed for NASDAQ securities with 
a share price of $1.00 or more that trade on the Exchange pursuant to 
unlisted trading privileges (``UTP''). 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 for equities to 
modify the fees it charges for all MOC and LOC orders executed in the 
Exchange's closing transaction. For securities with a per share price 
of $1.00 or more, the fee will increase from $0.0007 per share executed 
to $0.00085 per share executed. For securities with a per share price 
below $1.00 per share, the fee will change from (A) the lesser of (i) 
$0.0007 per share executed and (ii) 0.25% of the total dollar value of 
the transaction to (B) the lesser of (i) $0.00085 per share executed 
and (ii) 0.25% of the total dollar value of the transaction. The 
Exchange notes that The NASDAQ Stock Market LLC (``NASDAQ'') 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\
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    \4\ See Securities Exchange Act Release No. 62592 (July 29, 
2010), 75 FR 47053 (August 4, 2010) (SR-NASDAQ-2010-095).
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    The Exchange also proposes to lower the fee for taking liquidity 
from the Exchange from $0.0021 per share executed to $0.0013 per share 
executed for NASDAQ securities with a share price of $1.00 or more that 
trade on the Exchange pursuant to UTP. This fee reduction for such 
transactions in NASDAQ securities will apply to all market participants 
as well as to Designated Market Makers and Supplemental Liquidity 
Providers. There will be no changes to the rebates for adding liquidity 
for trades on the Exchange in NASDAQ securities pursuant to UTP.
    Finally, because full implementation has now been achieved of the 
Exchange's recently approved rule changes providing for incorporation 
of the receipt and execution of odd-lot interest into the round lot 
market and decommissioning the use of the odd-lot system,\5\ the 
Exchange is taking this opportunity to delete several obsolete 
references in its 2010 Price List to separate execution pricing for odd 
lot interest and the odd lot portions of partial round lots.
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    \5\ See Securities Exchange Act Release No. 62578 (July 27, 
2010), 75 FR 45185 (August 2, 2010) (SR-NYSEAmex-2010-53).
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    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''),\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 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, with respect to the proposed fee 
change for MOC and LOC orders that are executed in the Exchange's 
closing transaction, a competing exchange also recently implemented a 
similar fee change for its market participants, as described above.
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    \6\ 15 U.S.C. 78f(b) [sic].
    \7\ 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 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) \8\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \9\ thereunder, because it establishes a due, fee, or other charge 
imposed by the NYSE Amex.
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 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 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 rule-comments@sec.gov. Please include 
File Number SR-NYSEAmex-2010-90 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-NYSEAmex-2010-90. This 
file number should be included on the

[[Page 54928]]

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\
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    \10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-22446 Filed 9-8-10; 8:45 am]
BILLING CODE 8010-01-P