[Federal Register Volume 74, Number 181 (Monday, September 21, 2009)]
[Notices]
[Pages 48110-48111]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-22515]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60664; File No. SR-NYSEArca-2009-81]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Implementing Its
Schedule of Fees and Charges for Exchange Services
September 14, 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 September 4, 2009, NYSE Arca, Inc. (``NYSE Arca'' 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 amend the section of its Schedule of Fees
and Charges for Exchange Services (the ``Schedule'') in order to
establish a fee for its Risk Management Gateway (``RMG'') service. The
amended section of the Schedule is included as Exhibit 5 hereto. A copy
of this filing is available on the Exchange's Web site at http://www.nyse.com, at the Exchange's principal office 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
On August 28, 2009 the Exchange filed with the Securities and
Exchange Commission to establish its RMG Service. RMG is a service
designed to facilitate the ability of Sponsoring ETP Holders to monitor
and oversee the sponsored access activity of their Sponsored
Participants. NYXATS offers an order-verification service to Sponsoring
ETP Holders that acts as a risk filter by causing the orders of
Sponsored Participants to pass through RMG prior to entering the
Exchange's trading system for execution. When a Sponsored Participant's
order passes through RMG, RMG software determines whether the order
complies with order criteria that the Sponsoring ETP Holder has
established for that Sponsored Participant. The order criteria reviewed
by RMG may include the size of the order or the credit limit that the
Sponsoring ETP Holder has established for the Sponsored Participant.
This proposed rule change establishes fees for the RMG service.
The Exchange proposes to charge each RMG user Three Thousand
Dollars ($3,000) per month for the first Connection plus One Thousand
Dollars ($1,000) per month for each additional Connection.
A ``Connection'' is defined as up to 1000 messages per second
inbound, regardless of the connection's actual capacity (i.e., if the
NYXT infrastructure allows any single End User connection to support
more than 1000 messages per second inbound, such connection will be
deemed to be multiple Connections).
The Exchange believes that the proposed fee is fair and reasonable
and reflects an equitable allocation of charges among its members.
The fee compares favorably with the fees that the Exchange's
competitors charge for similar services, and is the same as the fee
charged by the NYSE for its similar service.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Securities Exchange Act of 1934
(the ``Act''),\3\ in general, and Section 6(b)(4) of the Act,\4\ 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 RMG will promote marketplace efficiency by providing security
safeguards to the trading of securities by means of sponsored access
and believes that the proposed fee is fair and reasonable for the
reasons cited above.
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\3\ 15 U.S.C. 78f(b).
\4\ 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
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 proposed rule change is effective upon filing
pursuant to Section 19(b)(3)(A)(ii) of the Act \5\ and Rule 19b-4(f)(2)
thereunder,\6\ because it establishes a due, fee, or other charge
imposed by NYSE Arca on its members.
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\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\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
[[Page 48111]]
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 [email protected]. Please include
File Number SR-NYSEArca-2009-81 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-NYSEArca-2009-81. 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-NYSEArca-2009-81 and should be submitted on or before
October 13, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
Florence E. Harmon,
Deputy Secretary.
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\7\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E9-22515 Filed 9-18-09; 8:45 am]
BILLING CODE 8010-01-P