Document ID: SEC-2009-0818-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2009-06-17T04:00Z

[Federal Register Volume 74, Number 115 (Wednesday, June 17, 2009)]
[Notices]
[Pages 28748-28749]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-14171]

[[Page 28748]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60088; File No. SR-NYSE-2009-56]

Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Adopt a Fee for Use of a Hand Held Device Configured To Provide Only 
Opening and Closing Order Imbalance Data

June 10, 2009.
    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 June 5, 2009, the New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') 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 Exchange. 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 adopt a $250 monthly fee for use of an 
NYSE e-Broker[supreg] Hand Held Device that is configured to provide 
access only to opening and closing order imbalance data. The text of 
the proposed rule change is available on the Exchange's Web site 
(http://www.nyse.com), at the Exchange's Office of the Secretary, and 
at the Commission's Public Reference Room.

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
    The e-Broker[supreg] Hand Held Device (``Hand Held''), which is 
proprietary to the Exchange, provides Exchange floor brokers with 
messaging capability, the ability to receive orders electronically 
while on the floor of the Exchange, and access to market data. The 
Exchange charges an annual fee of $5,000 per Hand Held. The Exchange 
now proposes to make available a reconfigured Hand Held that provides 
access to opening and closing order imbalance data, but without any of 
the other market data or other capabilities normally provided by Hand 
Helds. With effect from July 1, 2009, the Exchange proposes to charge a 
monthly fee of $250.00 for each Hand Held that is configured to provide 
only opening and closing order imbalance data. Opening and closing 
order imbalance data is currently available on the trading floor only 
to floor brokers with access to the full service Hand Held. By making 
the reconfigured Hand Held available, the Exchange is enabling non-
broker employees of member organizations, such as floor clerks, to have 
access to this information while working on the trading floor.\3\ Floor 
clerks interact with customers on behalf of their Member Organization 
employers. Part of the service floor clerks provide to those customers 
is to act as a source of current information about market developments. 
Consequently, floor clerks need to have access to all relevant 
information about market activity, including opening and closing trade 
imbalances. Currently, floor clerks can access opening and closing 
trade imbalance information either by speaking to a floor trader who 
has a full-service Hand Held or by accessing Bloomberg, which requires 
the firm to maintain a costly subscription. The proposed reconfigured 
Hand Held will create efficiencies as floor brokers will no longer have 
to devote time to communicating trade imbalance data to floor clerks. 
It will also provide a low cost alternative to the expense of 
subscribing to Bloomberg for the sole purpose of accessing opening and 
closing trade imbalance data.
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    \3\ While it is believed that Bloomberg is the only market data 
vendor that currently provides its customers with opening and 
closing order imbalances data, the Exchange provides this 
information feed to all market data vendors for their distribution 
to subscribers.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 \4\ 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 dues, fees 
and other charges as all Member Organizations will be able to avail of 
the Hand Held service on the same terms.
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    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78a et seq.
    \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

    Written comments were neither solicited nor received.

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

    The foregoing proposed rule change is effective upon filing 
pursuant to Section 19(b)(3)(A)(ii) of the Act \7\ and Rule 19b-4(f)(2) 
thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \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 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

[[Page 28749]]

     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2009-56 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-2009-56. 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 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, on official business 
days between the hours of 10 a.m. and 3 p.m. Copies of such 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 No. SR-NYSE-
2009-56 and should be submitted on or before July 8, 2009.

    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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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-14171 Filed 6-16-09; 8:45 am]
BILLING CODE 8010-01-P