Document ID: SEC-2010-1374-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2010-09-09T04:00Z

[Federal Register: September 9, 2010 (Volume 75, Number 174)]
[Notices]               
[Page 54928-54929]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09se10-123]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62826; File No. SR-NYSE-2010-63]

 
Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by New York Stock Exchange 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, 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 
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 to modify the 
fees it charges for all market at-the-close (``MOC'') and limit at-the-
close (``LOC'') orders executed in the NYSE Closing Auction. For stocks 
with a per share stock price of $1.00 or more, the fee will increase 
from $0.0007 per share executed to $0.00085 per share executed. For 
stocks with a per share stock price less than $1.00 per share, the fee 
will change from (A) the lesser of (i) 0.3% of the total dollar value 
of the transaction and (ii) $0.0007 per share executed to (B) the 
lesser of (i) 0.3% of the total dollar value of the transaction and 
(ii) $0.00085 per share executed. 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 to modify the 
fees it charges for all MOC and LOC orders executed in the NYSE Closing 
Auction. For stocks with a per share stock price of $1.00 or more, the 
fee will increase from $0.0007 per share executed to $0.00085 per share 
executed. For stocks with a per share stock price less than $1.00 per 
share, the fee will change from (A) the lesser of (i) 0.3% of the total 
dollar value of the transaction and (ii) $0.0007 per share executed to 
(B) the lesser of (i) 0.3% of the total dollar value of the transaction 
and (ii) $0.00085 per share executed. The Exchange notes that The 
NASDAQ Stock Market LLC 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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    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''),\5\ in general, and Section 6(b)(4) of the Act,\6\ 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, a competing exchange also 
recently implemented a similar fee change for its market participants, 
as described above.
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    \5\ 15 U.S.C. 78f(b) [sic].
    \6\ 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) \7\ of the Act and

[[Page 54929]]

subparagraph (f)(2) of Rule 19b-4 \8\ thereunder, because it 
establishes a due, fee, or other charge imposed by the NYSE.
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 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-NYSE-2010-63 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-2010-63. 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 website (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-NYSE-2010-63 and should be submitted on 
or before September 30, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Florence E. Harmon,
Deputy Secretary.
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    \9\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2010-22447 Filed 9-8-10; 8:45 am]
BILLING CODE 8010-01-P