Self-Regulatory Organizations; Proposed Rule Change: NYSE Amex LLC

Federal Register: April 14, 2009 (Volume 74, Number 70)

Notices

Page 17242-17243

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

DOCID:fr14ap09-117

SECURITIES AND EXCHANGE COMMISSION

Release No. 34-59715; File No. SR-NYSEAmex-2009-08

Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Implementing a New

Transaction Fee for Floor Brokers

April 6, 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 March 30, 2009, NYSE Amex LLC (``NYSE Amex'' 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.

\1\ 15 U.S.C. 78s(b)(1).

\2\ 17 CFR 240.19b-4.

1. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change

   The Exchange proposes to establish a separate transaction fee for floor brokers and to eliminate the transaction fee for agency cross trades of less than 10,000. The revised transaction fee for floor brokers will take effect on April 1, 2009. The text of the proposed rule change is available at the Exchange's principal office, the

   Commission's Public Reference Room, and http://www.nyse.com.

2. 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.

   1. Self-Regulatory Organization's Statement of the Purpose of, and

      Statutory Basis for, the Proposed Rule Change 1. Purpose

      The Exchange proposes to adopt a transaction fee of $0.0020 per share applicable to floor brokers when taking liquidity from the

      Exchange, effective April 1, 2009. Floor brokers currently pay the

      $0.0025 per share fee applicable to all customers when taking liquidity from the Exchange. The Exchange believes that the reduced take fee will encourage floor brokers to participate more in the market, helping to make the Exchange a more attractive market in which to post liquidity in NYSE Amex listed securities.

      Agency cross trades (i.e., a trade where a Member Organization has customer orders to buy and sell an equivalent amount of the same security) of less than 10,000 shares are currently subject to a $0.0005 per share charge. The Exchange is modifying the 2009 NYSE Amex Price

      List to eliminate this fee with immediate effect. Agency cross trades of less than 10,000 shares will now be free of charge, as is the case with agency cross trades of 10,000 shares or more.\3\

      \3\ See e-mail from John Carey, Chief Counsel--U.S. Equities,

      NYSE Euronext, to Nathan Saunders, Special Counsel, and Brian

      O'Neill, Attorney, Division of Trading and Markets, Commission, dated April 6, 2009 (revising the language of this paragraph).

      2. Statutory Basis

      The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\4\ in general, and Section 6(b)(4) of the

      Page 17243

      Act,\5\ 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.

      \4\ 15 U.S.C. 78f(b).

      \5\ 15 U.S.C. 78f(b)(4).

   2. 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.

   3. 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.

3. 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 \6\ and Rule 19b-4(f)(2) thereunder.\7\

   \6\ 15 U.S.C. 78s(b)(3)(A)(ii).

   \7\ 17 CFR 240.19b-4(f)(2).

   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.

4. 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-NYSEAmex-2009-08 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-2009-08. 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-NYSEAmex-2009-08 and should be submitted on or before May 5, 2009.

   For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\

   \8\ 17 CFR 200.30-3(a)(12).

   Florence E. Harmon,

   Deputy Secretary.

   FR Doc. E9-8418 Filed 4-13-09; 8:45 am

   BILLING CODE 8010-01-P