Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Federal Register: March 9, 2009 (Volume 74, Number 44)
Notices
Page 10107-10108
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
DOCID:fr09mr09-93
SECURITIES AND EXCHANGE COMMISSION
Release No. 34-59491; File No. SR-NYSE-2009-20
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC
Extending a Temporary Equity Transaction Fee for Shares Executed on the
NYSE MatchPoint \SM\ System, Effective March 1, 2009 Until April 30, 2009
March 3, 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 February 26, 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.
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Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange proposes to extend a temporary equity transaction fee for shares executed on the NYSE MatchPoint\SM\ (``NYSE MatchPoint'' or
``MatchPoint'') system, effective March 1, 2009 until April 30, 2009.
The Exchange will charge each member organization using the MatchPoint system a per share fee scaled to the
Page 10108
average daily volume of shares it executes on the MatchPoint system.
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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.
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Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change 1. Purpose
On January 7, 2009, the Exchange filed with the Securities and
Exchange Commission (the ``Commission'') a proposed rule change to adopt a temporary equity transaction fee for shares executed on the
NYSE MatchPoint\SM\ system, effective until February 28, 2009 (the
``January filing'').\4\ Through this filing, the Exchange proposes to extend this equity transaction fee to be effective March 1, 2009 until
April 30, 2009.
\4\ See Securities Exchange Act Release No. 59229 (January 12, 2009) 74 FR 3119 (January 16, 2009), approving SR-NYSE-2009-01[sic].
Prior to the January filing, the equity transaction fee was $.0015 per share executed on the MatchPoint system. In the January filing, the
Exchange proposed 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:
Average daily volume of shares executed
rate
50,000 shares or less.................. $.0015 per share
Over 50,000 to 499,999................. $.0010 per share 500,000 and greater.................... $.0005 per share
The Exchange believes that the extension of the fee schedule until
April 30, 2009 will continue to reward those who have been using the
MatchPoint system for share execution, and will provide a continued incentive for new participants in MatchPoint.
It is intended that the MatchPoint fee will revert to the equity transaction fee of $.0015 per share beginning May 1, 2009. 2. Statutory Basis
The basis under the Securities Exchange Act of 1934 (the ``Act'')
\5\ 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 fees are reasonable in that they carry forward a reduction in fees that the
January filing established, and are equitable in that they are available to all members who access the MatchPoint system.
\5\ 15 U.S.C. 78a.
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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.
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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.
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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) \6\ of the Act and subparagraph (f)(2) of Rule 19b- 4 \7\ thereunder, because it establishes a due, fee, or other charge imposed by the NYSE.
\6\ 15 U.S.C. 78s(b)(3)(A).
\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.
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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-2009-20 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-2009-20. 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-2009-20 and should be submitted on or before March 30, 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. E9-4876 Filed 3-6-09; 8:45 am
BILLING CODE 8011-01-P
