[Federal Register Volume 78, Number 7 (Thursday, January 10, 2013)]
[Notices]
[Pages 2312-2313]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-00303]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68580; File No. SR-NYSE-2012-79]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending Its Price List To Adopt a Trading License Fee for Calendar
Year 2013
January 4, 2013.
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 December 21, 2012, New York Stock Exchange LLC (the
``Exchange'' or ``NYSE'') 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 its Price List to adopt a trading
license fee for calendar year 2013. The Exchange proposes to make the
rule change operative on January 1, 2013. The text of the proposed rule
change is available on the Exchange's Web site at www.nyse.com, at the
principal office of the Exchange, 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 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
The Exchange proposes to amend its Price List to adopt a trading
license fee for calendar year 2013.
NYSE Rule 300(b) provides that, in each annual offering, up to 1366
trading licenses for the following calendar year will be sold annually
at a price per trading license to be established each year by the
Exchange pursuant to a rule filing submitted to the Securities and
Exchange Commission (``Commission'') and that the price per trading
license will be published each year in the Exchange's price list. The
Exchange proposes to leave the current trading license fees in place
for 2013: $40,000 for the first two licenses held by a member
organization, and $25,000 for each additional license. Fees will
continue to be prorated for any portion of the year that a license may
be outstanding. The proposed changes are not otherwise intended to
address any other problem, and the Exchange is not aware of any
significant problem that the affected market participants would have in
complying with the proposed changes.
The Exchange proposes to make the rule change operative on January
1, 2013.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of 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 the proposal constitutes an equitable allocation of fees,
as all similarly situated member organizations will be subject to the
same fee structure and access to the Exchange's market is offered on
fair and non-discriminatory terms. The Exchange also believes that the
trading license fee is reasonable because it is the same as it has been
since June 2011.\5\
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\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(4).
\5\ See Securities Exchange Act Release Nos. 64582 (June 2,
2011), 76 FR 33390 (June 8, 2011) (SR-NYSE-2011-23) and 66108
(January 5, 2012), 77 FR 1768 (January 11, 2012) (SR-NYSE-2011-71).
The trading license fee was initially set at $40,000 in January
2009. See Securities Exchange Act Release No. 59140 (December 22,
2008), 73 FR 80488 (December 31, 2008) (SR-NYSE-2008-130). In June
2011, the fee was changed to $40,000 per license for the first two
licenses and $25,000 per license for any additional trading
licenses. See supra SR-NYSE-2011-23.
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[[Page 2313]]
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. The proposed rule change
will keep trading license fees the same as they have been since June
2011. As a result, the Exchange does not believe that the proposed rule
change will place an unreasonable burden on current members because
their trading license fees will remain the same. In addition, the
Exchange does not believe that the proposed rule change will place an
unreasonable burden on potential members because a potential member's
fees will be the same as for a current member and pro-rated for
licenses held for less than year.
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) \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 NYSE.
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend 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 email to [email protected]. Please include
File Number SR-NYSE-2012-79 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-2012-79. This file
number should be included on the subject line if email 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 Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 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-2012-79 and should be
submitted on or before January 31, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-00303 Filed 1-9-13; 8:45 am]
BILLING CODE 8011-01-P