[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]
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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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 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 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.
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
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)
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50,000 shares or less..................................... $.0015
Over 50,000 to 499,999.................................... .0010
500,000 and greater....................................... .0005
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[[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.
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\4\ 15 U.S.C. 78a.
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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) \5\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \6\ thereunder.
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\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 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
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\
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\7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-931 Filed 1-15-09; 8:45 am]
BILLING CODE 8011-01-P