Document ID: SEC-2007-1040-0001
Agency: sec
Document Type: Notice
Title: Consolidated Tape Association Plan; amendments
Posted Date: 2007-08-01T04:00Z

[Federal Register: August 1, 2007 (Volume 72, Number 147)]
[Notices]               
[Page 42139-42141]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr01au07-118]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56134; File No. SR-CTA-2007-01]

 
Consolidated Tape Association; Notice of Filing of the Ninth 
Charges Amendment to the Second Restatement of the Consolidated Tape 
Association Plan

July 25, 2007.
    Pursuant to section 11A of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 608 thereunder,\2\

[[Page 42140]]

notice is hereby given that on July 20, 2007, the Consolidated Tape 
Association (``CTA'') Plan Participants (``Participants'') \3\ filed 
with the Securities and Exchange Commission (``SEC'' or ``Commission'') 
a proposal to amend the Second Restatement of the CTA Plan (the 
``Plan'').\4\ The proposal represents the ninth charges amendment to 
the Plan (``Ninth Charges Amendment'') and reflects changes unanimously 
adopted by the Participants. The proposed amendment would impose a 
limit on the maximum amount that any entity is required to pay for any 
calendar month's charge for broadcast, cable or satellite television 
distribution of a Network A ticker. The Commission is publishing this 
notice to solicit comments from interested persons on the proposed 
Ninth Charges Amendment to the Plan.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ Each Participant executed the proposed amendment. The 
Participants are the American Stock Exchange LLC; Boston Stock 
Exchange, Inc.; Chicago Board Options Exchange, Inc.; Chicago Stock 
Exchange, Inc.; International Securities Exchange, LLC; The NASDAQ 
Stock Market LLC; National Association of Securities Dealers, Inc.; 
National Stock Exchange, Inc.; New York Stock Exchange LLC.; NYSE 
Arca, Inc.; and Philadelphia Stock Exchange, Inc.
    \4\ The proposal was originally filed on June 19, 2007. However, 
it was refiled on July 20, 2007, to reflect technical revisions made 
in response to the Commission's staff comments.
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I. Rule 608(a)

A. Description and Purpose of the Amendment

    The Plan currently imposes a charge of $2.00 for every 1,000 
households reached on broadcast, cable and satellite television 
distribution of a Network A ticker (the ``Broadcast Charge''). A 
minimum monthly vendor payment of $2,000 applies. CTA permits prorating 
for those who broadcast the data for less than the entire business day, 
based upon the number of minutes that the vendor displays the real-time 
ticker, divided by the number of minutes the primary market is open for 
trading (currently 390 minutes).
    The Ninth Charges Amendment proposes to cap the Broadcast Charge by 
providing that no entity is required to pay more than the ``Television 
Ticker Maximum'' for any calendar month. For months falling in calendar 
year 2007, the Participants propose that the monthly ``Television 
Ticker Maximum'' shall be $150,000. For each subsequent calendar year, 
the monthly Television Ticker Maximum would increase by the ``Annual 
Increase Amount.''
    The ``Annual Increase Amount'' is an amount equal to the percentage 
increase in the annual composite share volume for the preceding 
calendar year, subject to a maximum annual increase of five percent. 
The ``Annual Increase Amount'' is the same adjustment factor that the 
Network A rate schedule has long applied to the monthly broker-dealer 
enterprise fee.

B. Additional Information Required by Rule 608(a)

1. Governing or Constituent Documents
    Not applicable.
2. Implementation of the Amendment
    The Participants have notified the vendors that would be affected 
by the proposed amendment. The Participants propose to apply the 
monthly maximum amount that any entity is required to pay for any 
calendar month's Broadcast Charge retroactively to May 1, 2007.
3. Development and Implementation Phases
    See Item I(B)(2) above.
4. Analysis of Impact on Competition
    The amendment will impose no burden on competition.
5. Written Understanding or Agreements relating to Interpretation of, 
or Participation in, Plan
    The Participants have no written understandings or agreements 
relating to interpretation of the Plan as a result of the amendment.
6. Approval by Sponsors in Accordance With Plan
    Under Section IV(b) of the Plan, each Plan Participant must execute 
a written amendment to the Plan before the amendment can become 
effective. The amendment is so executed.
7. Description of Operation of Facility Contemplated by the Proposed 
Amendment
a. Terms and Conditions of Access
    Not applicable.
b. Method of Determination and Imposition, and Amount of, Fees and 
Charges
    The Participants believe that the proposed cap on Broadcast Charges 
is fair and reasonable and provides for an equitable allocation of 
dues, fees, and other charges among vendors, data recipients and other 
persons using CTA Network A facilities.
c. Method of Frequency of Processor Evaluation
    Not applicable.
d. Dispute Resolution
    Not applicable.

II. Rule 601(a)

A. Equity Securities for Which Transaction Reports Shall be Required by 
the Plan.

    Not applicable.

B. Reporting Requirements

    Not applicable.

C. Manner of Collecting, Processing, Sequencing, Making Available and 
Disseminating Last Sale Information

    Not applicable.

D. Manner of Consolidation

    Not applicable.

E. Standards and Methods Ensuring Promptness, Accuracy and Completeness 
of Transaction Reports

    Not applicable.

F. Rules and Procedures Addressed to Fraudulent or Manipulative 
Dissemination

    Not applicable.

G. Terms of Access to Transaction Reports

    The Network A Participants and the vendors that the proposed 
amendment would affect have already entered into the Network A 
Participants' standard form of agreement. No new terms of access will 
apply, other than the cap on the Broadcast Charge.

H. Identification of Marketplace Execution

    Not applicable.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed 
Ninth Charges Amendment 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-CTA-2007-01 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

    All submissions should refer to File Number SR-CTA-2007-01. This 
file number should be included on the subject line if e-mail is used. 
To help the

[[Page 42141]]

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 Plan amendment that are filed with the 
Commission, and all written communications relating to the Plan 
amendment 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 Plan amendment also will be available for 
inspection and copying at the principal office of the CTA. 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-CTA-2007-01 and should be 
submitted on or before August 22, 2007.
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    \5\ 17 CFR 200.30-3(a)(27).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-14839 Filed 7-31-07; 8:45 am]

BILLING CODE 8010-01-P