[Federal Register Volume 77, Number 113 (Tuesday, June 12, 2012)]
[Notices]
[Pages 35092-35095]
[FR Doc No: 2012-14189]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67123; File No. SR-Phlx-2012-75]

Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Routing Fees

June 5, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that, on May 30, 2012, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``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 certain Routing Fees to recoup costs
incurred by the Exchange in routing to The NASDAQ Options Market LLC
(``NOM'').
    While the changes proposed herein are effective upon filing, the
Exchange has designated these changes to be operative on June 1, 2012.
    The text of the proposed rule change is available on the Exchange's
Web site at http://www.nasdaqtrader.com/micro.aspx?id=PHLXfilings, 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 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
    The purpose of this filing is to recoup costs that the Exchange
incurs for routing and executing certain orders in equity and index
options to NOM. The Exchange's Pricing Schedule at Section V currently
includes the following Routing Fees for routing Customer, Professional,
Firm, Broker-Dealer and Market Maker \3\ orders to away markets.
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    \3\ For the purposes of Routing Fees, a Market Maker includes
Specialists (see Rule 1020) and ROTs (Rule 1014(b)(i) and (ii),
which includes SQTs (see Rule 1014(b)(ii)(A)) and RSQTs (see Rule
1014(b)(ii)(B)).

----------------------------------------------------------------------------------------------------------------
                                                                                Firm/broker-
                         Exchange                               Customer        Professional      dealer/market
                                                                                maker
----------------------------------------------------------------------------------------------------------------
NYSE AMEX.................................................             $0.11             $0.31             $0.55
BATS Penny................................................              0.55              0.55              0.55
BATS non-Penny............................................              0.86              0.91              0.91
BOX.......................................................              0.11              0.11              0.55
CBOE......................................................              0.11              0.31              0.55
CBOE orders greater than 99 contracts in RUT, RMN, NDX,                 0.29              0.31              0.55
 MNX, ETFs, ETNs and HOLDRs...............................
C2........................................................              0.55              0.56              0.55
ISE.......................................................              0.11              0.29              0.55
ISE Select Symbols........................................              0.31              0.39              0.55
NYSE ARCA (Penny Pilot)...................................              0.55              0.55              0.55
NYSE ARCA (Standard)......................................              0.11              0.11              0.55
NOM.......................................................              0.54              0.54              0.55
NOM (NDX and MNX).........................................              0.56              0.56              0.55
----------------------------------------------------------------------------------------------------------------

    The Exchange is proposing to amend the current ``NOM (NDX and
MNX)'' Routing Fees by renaming those fees as ``NOM-MNX.'' The Exchange
is proposing to adopt separate Routing Fees for NOM-NDX as follows:

----------------------------------------------------------------------------------------------------------------
                                                                                Firm/broker-
                        Exchange                              Customer         Professional      dealer/market
                                                                                maker
----------------------------------------------------------------------------------------------------------------
NOM-NDX................................................             $0.11              $0.81              $0.81
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    NOM recently amended its fees relating to options on the Nasdaq 100
Index traded under the symbol NDX to assess Professionals, Firms, Non-
NOM Market Makers and NOM Market Makers (``Non-Customers'') a $0.70 per
contract Fee for Removing Liquidity.\4\ The Exchange is proposing to
amend its Routing Fees to adopt new NDX NOM Routing Fees to account for
the revised Customer and Non-Customer NOM NDX Fees to Remove Liquidity
and other routing costs incurred by the Exchange when routing to NOM.
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    \4\ See SR-NASDAQ-2012-068. NOM is not assessing a Customer a
Fee to Remove Liquidity in NDX. NOM previously assessed the
following Fees for Removing Liquidity for NDX and MNX: $0.50 per
contract for Customers, $0.50 per contract for Professionals, $0.50
per contract for Firms, $0.50 per contract for Non-NOM Market Makers
and $0.40 per contract for NOM Market Makers. The Exchange recently
adopted separate fees for NDX as noted herein.
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    In May 2009, the Exchange adopted Rule 1080(m)(iii)(A) to establish
Nasdaq Options Services LLC (``NOS''), a member of the Exchange, as the
Exchange's exclusive order router.\5\ NOS is utilized by the Exchange's
fully automated options trading system, PHLX XL[supreg],\6\ solely to
route orders in options listed and open for trading on the PHLX XL
system to destination markets. Each time NOS routes to away markets NOS
is charged a $0.06 clearing fee and, in the case of certain exchanges,
a transaction fee is also charged in certain symbols, which fees are
passed through to the Exchange. The Exchange

currently recoups clearing and transaction charges incurred by the
Exchange as well as certain other costs incurred by the Exchange when
routing to away markets, such as administrative and technical costs
associated with operating NOS, membership fees at away markets, and
technical costs associated with routing.\7\
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    \5\ See Securities Exchange Act Release No. 59995 (May 28,
2009), 74 FR 26750 (June 3, 2009) (SR-Phlx-2009-32).
    \6\ This proposal refers to ``PHLX XL'' as the Exchange's
automated options trading system. In May 2009 the Exchange enhanced
the system and adopted corresponding rules referring to the system
as ``Phlx XL II.'' See Securities Exchange Act Release No. 59995
(May 28, 2009), 74 FR 26750 (June 3, 2009) (SR-Phlx-2009-32). The
Exchange intends to submit a separate technical proposed rule change
that would change all references to the system from ``Phlx XL II''
to ``PHLX XL'' for branding purposes.
    \7\ The Exchange is therefore adopting NOM's Fees for Removing
Liquidity of $0.70 per contract for Professional, Firm, Non-NOM
Market Maker and NOM Maker Makers orders, a $0.06 clearing cost and
another $0.05 per contract associated with administrative and
technical costs associated with operating NOS, a total of $0.81 per
contract. The Exchange would only assess a Customer the 0.06
clearing cost and another $0.05 per contract associated with
administrative and technical costs associated with operating NOS (a
total of $0.11 per contract) because a Customer is not assessed a
Fee for Removing Liquidity on NOM.
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    The Exchange also proposes to amend Section V to relocate note 13
to reference the ISE Select Symbols Routing Fee and remove the stray
asterisk that is currently next to the ISE Select Symbols title. The
Exchange believes that the asterisk is more appropriately placed near
the fee it is describing.
    As with all fees, the Exchange may adjust these Routing Fees in
response to competitive conditions by filing a new proposed rule
change.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Pricing
Schedule is consistent with Section 6(b) of the Act \8\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \9\ in
particular, in that it is an equitable allocation of reasonable fees
and other charges among Exchange members.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that the proposed amendment to the current
NOM Routing Fees to rename the current fees to apply solely to options
on the one-tenth value of the Nasdaq 100 Index traded under the symbol
MNX and adopt separate fees for NDX orders routed to NOM is reasonable
because the two separate categories take into account the different
fees for removing liquidity assessed by NOM for MNX and NDX. The
Exchange seeks to recoup costs incurred when routing orders to NOM on
behalf of its members.
    The Exchange believes that the proposed amendment to the current
NOM Routing Fees to rename those fees as ``NOM-MNX'' and not otherwise
amend those fees but adopt separate Routing Fees for NDX options routed
to NOM is equitable and not unfairly discriminatory because the
Exchange will uniformly apply the NOM-MNX and NOM-NDX Routing Fees to
its members.
    The proposed NOM Routing Fees for NDX are reasonable because they
seek to recoup costs that are incurred by the Exchange when routing
Customer, Professional, Firm, Broker-Dealer and Market Maker orders to
NOM on behalf of members. Each destination market's transaction charge
varies and there is a standard clearing charge for each transaction
incurred by the Exchange along with other administrative and technical
costs that are incurred by the Exchange. The Exchange believes that the
proposed Routing Fees would enable the Exchange to recover the remove
fees assessed to Non-Customers by NOM for NDX options, plus clearing
and other administrative and technical fees for the execution of
Customer and Non-Customer orders when routed to NOM. The Exchange also
believes that the proposed NOM NDX Routing Fees are equitable and not
unfairly discriminatory because they would be uniformly applied to all
Non-Customer NDX orders that are routed to NOM and to cover the costs
for Customer NDX orders that are routed to NOM.
    The Exchange believes that the proposed technical amendment to
relocate the note in Section V is reasonable, equitable and not
unfairly discriminatory because it will further clarify the note and
the ISE Select Symbols Routing Fee.

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 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 either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\10\ At any time within 60 days of the
filing of the 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. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
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    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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_ADDRESS>Please include
File Number SR-Phlx-2012-75 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-Phlx-2012-75. 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-Phlx-

2012-75 and should be submitted on or before July 3, 2012.
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    \11\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-14189 Filed 6-11-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 141 (Monday, July 25, 2022)]
[Notices]
[Page 44163]
[FR Doc No: 2022-15781]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-124, OMB Control No. 3235-0107]

Submission for OMB Review; Comment Request: Extension: Form T-4

Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget this request for extension of the previously approved
collection of information discussed below.
    Form T-4 (17 CFR 269.4) is a form used by an issuer to apply for an
exemption under Section 304(c) (15 U.S.C. 77ddd (c)) of the Trust
Indenture Act of 1939 (77 U.S.C. 77aaa et seq.). Form T-4 takes
approximately 5 hours per response to prepare and is filed by
approximately 3 respondents. We estimate that 25% of the 5 burden hours
(1 hour per response) is prepared by the filer for a total reporting
burden of 3 hours (1 hour per response x 3 responses).
    An agency may conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a currently
valid control number.
    The public may view background documentation for this information
collection at the following website: www.reginfo.gov. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
by August 24, 2022 to (i) www.reginfo.gov/public/do/PRAMain and (ii)
David Bottom, Director/Chief Information Officer, Securities and
Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC
20549, or by sending an email to: [email protected].

    Dated: July 19, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-15781 Filed 7-22-22; 8:45 am]
BILLING CODE 8011-01-P