Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC

Federal Register: January 16, 2009 (Volume 74, Number 11)

Notices

Page 3119-3120

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

DOCID:fr16ja09-145

SECURITIES AND EXCHANGE COMMISSION

Release No. 34-59229; File No. SR-NYSE-2009-01

Self-Regulatory Organizations; Notice of Filing and Immediate

Effectiveness of Proposed Rule Change by New York Stock Exchange LLC

Adopting a Temporary Equity Transaction Fee for Shares Executed on the

NYSE MatchPoint\SM\ System, Effective Upon Filing With the Securities and Exchange Commission Until February 28, 2009

January 12, 2009.

Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on January 7, 2009, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange Commission

(the ``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.

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

\2\ 15 U.S.C. 78a.

\3\ 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 adopt a temporary equity transaction fee for shares executed on the NYSE MatchPoint\SM\ (``NYSE MatchPoint'' or

   ``MatchPoint'') system, effective upon filing with the Securities

   Exchange Commission [sic] (``SEC'') until February 28, 2009. The

   Exchange will charge each member organization using the MatchPoint system a per share fee scaled to the average daily volume of shares it executes on the MatchPoint system.

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 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.

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

      Statutory Basis for, the Proposed Rule Change 1. Purpose

      Through this filing, the Exchange proposes to amend its equity transaction fee schedule on the NYSE MatchPoint system effective upon filing with the SEC until February 28, 2009. The current equity transaction fee is $.0015 per share executed on the MatchPoint system.

      The Exchange proposes to adopt a scaled fee for MatchPoint users based on the average daily volume of shares executed during a calendar month through the MatchPoint system as follows:

      Rate (per

      Average daily volume of shares executed

      share)

      50,000 shares or less.....................................

      $.0015

      Over 50,000 to 499,999....................................

      .0010 500,000 and greater.......................................

      .0005

      Page 3120

      The MatchPoint fee will again revert to the current equity transaction fee of $.0015 per share beginning March 1, 2009. The temporary fee is designed to attract more users to the MatchPoint system. 2. Statutory Basis

      The basis under the Securities Exchange Act of 1934 (the ``Act'')

      \4\ for the proposed rule change is the requirement under Section 6(b)(4) that an exchange have rules that provide for the equitable allocation of reasonable dues, fees and other charges among its members and other persons using its facilities. The Exchange believes the new fees are reasonable in that they represent a reduction in fees, and are equitable in that they are available to all members who access the

      MatchPoint system.

      \4\ 15 U.S.C. 78a.

   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 rule change is effective upon filing pursuant to

   Section 19(b)(3)(A) \5\ of the Act and subparagraph (f)(2) of Rule 19b- 4 \6\ thereunder.

   \5\ 15 U.S.C. 78s(b)(3)(A).

   \6\ 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-NYSE-2009-01 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-2009-01. 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, 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 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-2009-01 and should be submitted on or before February 6, 2009.

   For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\

   \7\ 17 CFR 200.30-3(a)(12).

   Florence E. Harmon,

   Deputy Secretary.

   FR Doc. E9-931 Filed 1-15-09; 8:45 am

   BILLING CODE 8011-01-P