Document ID: SEC-2007-1285-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: New York Stock Exchange LLC
Posted Date: 2007-09-18T04:00Z

[Federal Register: September 18, 2007 (Volume 72, Number 180)]
[Notices]               
[Page 53271-53273]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr18se07-77]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56384; File No. SR-NYSE-2007-80]

 
Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to the Elimination of One of its NYSE OpenBook[supreg] 
Services

September 11, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on August 30, 2007, the New York Stock Exchange LLC (``NYSE'' or the 
``Exchange'') filed

[[Page 53272]]

with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II and III below, which 
Items have been substantially prepared by the Exchange. The Commission 
is publishing this notice to solicit comment on the proposed rule 
change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 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 is proposing to eliminate one of its NYSE OpenBook 
[supreg] services as described below. The text of the proposed rule 
change is available at NYSE, the Commission's Public Reference Room, 
and http://www.nyse.com.

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 Exchange 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 Exchange 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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    NYSE OpenBook provides market participants with depth-of-market 
data. It is a compilation of limit order data that the Exchange 
provides to market data vendors, broker-dealers, private network 
providers, and other entities through a data feed. For every limit 
price, NYSE OpenBook includes the aggregate order volume.
    Currently, the Exchange provides two NYSE OpenBook services. One of 
the services updates NYSE OpenBook limit order information every five 
seconds (the ``Five-Second NYSE OpenBook Service''). The other NYSE 
OpenBook service updates NYSE OpenBook limit order information in real-
time (the ``Real-Time NYSE OpenBook Service''). The Five-Second NYSE 
OpenBook Service imposes a device fee of $50.00 per month for each 
terminal through which the end user is able to display the service. The 
Commission approved the Five-Second NYSE OpenBook Service device fee in 
December 2001.\3\ The Real-Time NYSE OpenBook Service imposes a device 
fee of $60.00 per month for each such terminal. The Commission approved 
the Real-Time NYSE OpenBook Service device fee in April 2006.\4\ The 
Exchange is not proposing to modify the NYSE OpenBook device or access 
fees in this proposed rule change.
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    \3\ See Securities Exchange Act Release No. 44138 (December 7, 
2001), 66 FR 64895 (December 14, 2001) (SR-NYSE-2001-42).
    \4\ See Securities Exchange Act Release No. 53585 (March 31, 
2006), 71 FR 17934 (April 7, 2006) (SR-NYSE-2004-43).
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    In order to minimize customer impact, the Exchange made the 
business decision to support both versions of OpenBook (the Five-Second 
NYSE OpenBook Service and the Real-Time NYSE OpenBook Service) for an 
undefined acceptance period. The Exchange has made the Real-Time NYSE 
OpenBook Service available for more than a year now. In that time, NYSE 
OpenBook subscribers have switched from the Five-Second NYSE OpenBook 
Service to the Real-Time NYSE OpenBook Service. The Exchange states 
that currently, all recipients of the NYSE OpenBook data feed receive 
the Real-Time NYSE OpenBook data feed, although a small and dwindling 
number of them also receive the Five-Second NYSE OpenBook data feed. In 
addition, more than 99 percent of all end-users of NYSE OpenBook 
information use Real-Time NYSE OpenBook rather than Five-Second NYSE 
OpenBook information.
    Due to lack of customer demand for the Five-Second NYSE OpenBook 
Service, the Exchange proposes to eliminate the Five-Second NYSE 
OpenBook Service, effective October 1, 2007.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act \5\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \6\ in particular, in that it 
is designed to promote just and equitable principles of trade, to 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system, and, in general, to protect 
investors and the public interest.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
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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

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change: (i) Does not 
significantly affect the protection of investors or the public 
interest; (ii) does not impose any significant burden on competition; 
and (iii) does not become operative for 30 days from the date on which 
it was filed, or such shorter time as the Commission may designate, if 
consistent with the protection of investors and the public interest, 
the proposed rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(6)(iii) thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6)(iii). Rule 19b-4(f)(6)(iii) requires 
the Exchange to give written notice to the Commission of its intent 
to file the proposed rule change at least five business days prior 
to filing. The Exchange complied with this requirement.
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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 No. SR-NYSE-2007-80 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-NYSE-2007-80. This 
file number should be included on the

[[Page 53273]]

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 Commissions Internet 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 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 such 
filing also will 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-2007-80 and should be submitted on or before 
October 9, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-18270 Filed 9-17-07; 8:45 am]

BILLING CODE 8010-01-P