Document ID: SEC-2011-1946-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Amex LLC
Posted Date: 2011-12-15T05:00Z

[Federal Register Volume 76, Number 241 (Thursday, December 15, 2011)]
[Notices]
[Pages 78062-78063]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-32166]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65933; File No. SR-NYSEAmex-2011-96]

 Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Amending the NYSE 
Amex Options Fee Schedule

December 9, 2011.
    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 December 1, 2011, NYSE Amex LLC (the ``Exchange'' or ``NYSE Amex'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II, and III 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\ 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 proposes to [sic] amend the NYSE Amex 
Options Fee Schedule (``Fee Schedule'') to permit the Exchange to 
exclude data from the calculation of Excessive Bandwidth Utilization 
Fees and Cancellation Fees if one or more ATP Firms or the Exchange 
experiences a bona fide systems problem and make other technical 
changes. The proposed change will be operative on December 1, 2011. The 
text of the proposed rule change is available at the Exchange, 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 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 the Fee Schedule to permit the 
Exchange to exclude data from the calculation of Excessive Bandwidth 
Utilization Fees and Cancellation Fees if one or more ATP Firms or the 
Exchange experiences a bona fide systems problem and make other 
technical changes.
    The Exchange presently has three fees related to use of systems 
capacity: (1) The Cancellation Fee, (2) the Order To Trade Ratio Fee, 
and (3) the Messages To Contracts Traded Ratio Fee. The latter two fees 
are referred to as Excessive Bandwidth Utilization Fees. Under the 
current Fee Schedule, if an ATP Firm is liable for either or both of 
the Excessive Bandwidth Utilization Fees and/or for charges pursuant to 
the Cancellation Fee in a given month, that firm would only be charged 
the largest one of those three fees for the month.\3\ The Exchange may 
exclude one or more days of data in calculating the Messages To 
Contracts Traded Ratio Fee for an ATP Firm if the Exchange determines, 
in its sole discretion, that one or more ATP Firms or the Exchange 
experienced a bona fide systems problem. The Exchange proposes to amend 
the Fee Schedule to extend its discretion to exclude data in the event 
of a bona fide systems problem to the calculation of the Order To Trade 
Ratio Fee and the Cancellation Fee as well as the Messages To Contracts 
Traded Ratio Fee and to move the relevant text to proposed endnote 
12.\4\
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    \3\ See current Fee Schedule at n. 13.
    \4\ An ATP Firm seeking relief as a result of a systems problem 
will be required to notify the Exchange via email with a description 
of the systems problem and the Exchange will keep a record of all 
such requests. The Exchange will keep records of its determinations 
as to whether one or more ATP Firms or the Exchange experienced a 
bona fide systems problem and any exclusion of that day's activity 
from the calculation of an Excessive Bandwidth Utilization Fee or 
Cancellation Fee.

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[[Page 78063]]

    The Exchange also proposes to the move the placement of the 
Cancellation Fee in the Fee Schedule to a more logical location and 
renumber the endnotes accordingly.
    The proposed change will be operative on December 1, 2011.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6(b) \5\ of the Securities Exchange Act 
of 1934 (the ``Act''), in general, and Section 6(b)(4) \6\ of the Act, 
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 proposed change is equitable because it will apply to all ATP 
Firms equally. The Exchange believes that a bona fide systems problem 
is just as likely to cause an unfair result in the calculation of the 
Order To Trade Ratio Fee and the Cancellation Fee as it would in the 
calculation of the Messages To Contracts Traded Ratio Fee. Extending 
the Exchange's discretion to adjust such fees in such an event would 
help to prevent the imposition of an unreasonable fee.
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    \5\ 15 U.S.C. 78f(b).
    \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 subparagraph (f)(2) of Rule 19b-
4 \8\ thereunder, because it establishes a due, fee, or other charge 
imposed by the Exchange. At any time within 60 days of the filing of 
such 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.
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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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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 email to rule-comments@sec.gov. Please include 
File Number SR-NYSEAmex-2011-96 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-2011-96. This 
file number should be included on the subject line if email 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, 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, 100 F Street NW., 
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-NYSEAmex-2011-96 and should 
be submitted on or before January 5, 2012.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-32166 Filed 12-14-11; 8:45 am]
BILLING CODE 8011-01-P