Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Nasdaq Market Center Fees, 18499-18500 [E7-6879]
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Federal Register / Vol. 72, No. 70 / Thursday, April 12, 2007 / Notices
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. Copies of such 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 publicly available. All
submissions should refer to File
Number SR–ISE–2007–18 and should be
submitted on or before May 2, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.6
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–6870 Filed 4–11–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55588; File No. SR–
NASDAQ–2007–038]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify
Nasdaq Market Center Fees
rmajette on PROD1PC67 with NOTICES
April 5, 2007.
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 April 3,
2007, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’), filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been substantially prepared by Nasdaq.
Nasdaq has designated the proposal as
constituting a ‘‘non-controversial’’
proposed rule change under Section
19(b)(3)(A) of the Act 3 and Rule 19b–
4(f)(6) thereunder,4 which renders the
proposal effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 4 17 CFR 240.19b–4(f)(6).
15:49 Apr 11, 2007
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes to modify the
pricing for Nasdaq members using the
Nasdaq Market Center. Nasdaq proposes
to make the proposed rule change
retroactively effective with respect to
the Nasdaq Market Center’s invoices for
executions of non-Nasdaq securities
priced under $1 during the period from
March 5, 2007 to March 21, 2007.5 The
text of the proposed rule change is
available at Nasdaq, on the Exchange’s
Web site at https://www.nasdaq.com, and
in 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,
Nasdaq 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. Nasdaq 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
Nasdaq recently reduced its fee for
executing orders in non-Nasdaq
securities priced under $1 to 0.1% of
the cost of the transaction, effective
March 22, 2007, on an immediately
effective basis; this is the same as the
comparable fee for Nasdaq-listed
securities that had previously been in
effect.6 Prior to this change, the
execution fee for non-Nasdaq securities
priced under $1 had ranged from
$0.0026 to $0.003 per share executed.
Nasdaq notes, however, that Rule
610(c)(2) of Regulation NMS 7 limits the
fee on an execution of an order against
a protected quotation, if the price of the
protected quotation is less than $1, to
0.3% of the quotation’s price per share.
Accordingly, Nasdaq is proposing to
reduce the execution fee for non-Nasdaq
5 Telephone conversation between John Yetter,
Vice President and Deputy General Counsel,
Nasdaq, and Sara Gillis, Attorney, Division of
Market Regulation, Commission, on April 5, 2007.
6 See Securities Exchange Act Release No. 55576
(April 3, 2007) (SR–NASDAQ–2007–026).
7 17 CFR 242.610(c)(2).
6 17
VerDate Aug<31>2005
comments on the proposed rule change
from interested persons.
Jkt 211001
PO 00000
Frm 00043
Fmt 4703
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18499
securities to 0.25% of the transaction
cost for the period from March 5, 2007
(the effective date of Rule 610) through
March 21, 2007 (the day before the
effectiveness of SR–NASDAQ–2007–
026). The change will result, in all
circumstances, in a reduction of the
execution fees previously payable with
respect to orders in non-Nasdaq
securities priced under $1. Nasdaq is
not, however, proposing to modify the
routing fees or liquidity provider rebates
applicable to transactions in these
securities during the same time period.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,8 in
general, and with Section 6(b)(4) of the
Act,9 in particular, in that it provides for
the equitable allocation of reasonable
dues, fees, and other charges among
members and issuers and other persons
using any facility or system which
Nasdaq operates or controls. This
change will reduce execution fees for
trading non-Nasdaq securities at prices
under $1 in a manner consistent with
the requirements of Rule 610 of
Regulation NMS.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change will result in 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
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (1)
Does not significantly affect the
protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) does not become operative for 30
days after the date of the filing, or such
shorter time as the Commission may
designate if consistent with the
protection of investors and the public
interest, the proposed rule change has
become effective pursuant to Section
8 15
9 15
E:\FR\FM\12APN1.SGM
U.S.C. 78f.
U.S.C. 78f(b)(4).
12APN1
18500
Federal Register / Vol. 72, No. 70 / Thursday, April 12, 2007 / Notices
19(b)(3)(A) of the Act 10 and Rule 19b–
4(f)(6) thereunder.11
The Exchange has asked the
Commission to waive the 30-day
operative delay and allow the proposed
rule change to become operative
immediately. The Commission hereby
grants that request.12 The Commission
believes that the Exchange’s proposal
raises no regulatory issues, as the
Exchange represents that proposed rule
change will result in a retroactive
reduction in fees for all executions in
non-Nasdaq securities priced under $1
from March 5, 2007 to March 21, 2007.
Furthermore, this rule change will allow
the Exchange to immediately comply
with the requirements of Rule 610(c)(2)
of Regulation NMS, which limits the fee
on an execution of an order against a
protected quotation, if the price of the
protected quotation is less than $1, to
0.3% of the quotation’s price per
share.13 Therefore, the Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest.
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to
rule-comments@sec.gov. Please include
File Number SR–NASDAQ–2007–038
on the subject line.
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). As required by Rule
19b–4(f)(6)(iii) under the Act, the Exchange also
provided with the Commission with written notice
of its intent to file the proposed rule change, along
with a brief description and text of the proposed
rule change, at least five business days prior to the
date of the proposed rule change.
12 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
13 17 CFR 242.610(c)(2).
rmajette on PROD1PC67 with NOTICES
11 17
VerDate Aug<31>2005
15:49 Apr 11, 2007
Jkt 211001
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55585; File No. SR–NYSE–
2006–75]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Granting Approval to Proposed Rule
All submissions should refer to File
Change as Modified by Amendment
Number SR–NASDAQ–2007–038. This
No. 1 Thereto To List and Trade Four
file number should be included on the
subject line if e-mail is used. To help the iShares GS Commodity Indexed
Trusts
Commission process and review your
comments more efficiently, please use
April 5, 2007.
only one method. The Commission will
I. Introduction
post all comments on the Commission’s
On September 22, 2006, the New York
Internet Web site (https://www.sec.gov/
Stock Exchange LLC (‘‘NYSE’’ or
rules/sro.shtml). Copies of the
‘‘Exchange’’) filed with the Securities
submission, all subsequent
and Exchange Commission
amendments, all written statements
(‘‘Commission’’), pursuant to Section
with respect to the proposed rule
19(b)(1) of the Securities Exchange Act
change that are filed with the
of 1934 (‘‘Act’’) 1 and Rule 19b–4
Commission, and all written
thereunder,2 a proposed rule change to
communications relating to the
list and trade under NYSE Rules 1300B,
proposed rule change between the
et seq. four iShares GS Commodity
Commission and any person, other than Indexed Trusts. The Exchange filed
those that may be withheld from the
Amendment No. 1 to the proposed rule
public in accordance with the
change on November 22, 2006.3 The
provisions of 5 U.S.C. 552, will be
proposed rule change, as amended, was
available for inspection and copying in
published for comment in the Federal
the Commission’s Public Reference
Register on December 29, 2006 for a 15Room. Copies of such filing also will be day comment period.4 The Commission
received no comments on the proposed
available for inspection and copying at
rule change. This order approves the
the principal office of Nasdaq. All
proposed rule as modified by
comments received will be posted
Amendment No. 1.
without change; the Commission does
not edit personal identifying
II. Description
information from submissions. You
The Exchange proposes to list and
should submit only information that
trade under NYSE Rules 1300B et seq.
you wish to make available publicly. All (‘‘Commodity Trust Shares’’) shares of
submissions should refer to File
the following (‘‘Shares’’): iShares GS
Number SR–NASDAQ–2007–038 and
Commodity Light Energy Indexed Trust;
should be submitted on or before May
iShares GS Commodity Industrial
3, 2007.
Metals Indexed Trust; iShares GS
Commodity Livestock Indexed Trust;
For the Commission, by the Division of
and iShares GS Commodity Non Energy
Market Regulation, pursuant to delegated
Indexed Trust (collectively, the
authority.14
‘‘Trusts’’). Each Trust is a Delaware
Florence E. Harmon,
statutory trust that will issue units of
Deputy Secretary.
beneficial interest called Shares,
[FR Doc. E7–6879 Filed 4–11–07; 8:45 am]
representing fractional undivided
BILLING CODE 8010–01–P
beneficial interests in its net assets.
Substantially all of the assets of each
Trust consist of holdings of the limited
liability company interests of a specified
commodity pool (‘‘Investing Pool
Interests’’), which are the only securities
in which the Trust may invest. The
Trusts and the Investing Pools are each
commodity pools managed by a
commodity pool operator registered as
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1 replaced and superseded the
original filing in its entirety.
4 See Securities Exchange Act Release No. 54992
(December 21, 2006), 71 FR 78482 (‘‘Notice’’).
2 17
14 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00044
Fmt 4703
Sfmt 4703
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]]>Agencies
[Federal Register Volume 72, Number 70 (Thursday, April 12, 2007)]
[Notices]
[Pages 18499-18500]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-6879]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55588; File No. SR-NASDAQ-2007-038]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify Nasdaq Market Center Fees
April 5, 2007.
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 April 3, 2007, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange''), filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been substantially prepared by Nasdaq.
Nasdaq has designated the proposal as constituting a ``non-
controversial'' proposed rule change under Section 19(b)(3)(A) of the
Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. 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\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 4 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq proposes to modify the pricing for Nasdaq members using the
Nasdaq Market Center. Nasdaq proposes to make the proposed rule change
retroactively effective with respect to the Nasdaq Market Center's
invoices for executions of non-Nasdaq securities priced under $1 during
the period from March 5, 2007 to March 21, 2007.\5\ The text of the
proposed rule change is available at Nasdaq, on the Exchange's Web site
at https://www.nasdaq.com, and in the Commission's Public Reference
Room.
---------------------------------------------------------------------------
\5\ Telephone conversation between John Yetter, Vice President
and Deputy General Counsel, Nasdaq, and Sara Gillis, Attorney,
Division of Market Regulation, Commission, on April 5, 2007.
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Nasdaq 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. Nasdaq 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
Nasdaq recently reduced its fee for executing orders in non-Nasdaq
securities priced under $1 to 0.1% of the cost of the transaction,
effective March 22, 2007, on an immediately effective basis; this is
the same as the comparable fee for Nasdaq-listed securities that had
previously been in effect.\6\ Prior to this change, the execution fee
for non-Nasdaq securities priced under $1 had ranged from $0.0026 to
$0.003 per share executed. Nasdaq notes, however, that Rule 610(c)(2)
of Regulation NMS \7\ limits the fee on an execution of an order
against a protected quotation, if the price of the protected quotation
is less than $1, to 0.3% of the quotation's price per share.
Accordingly, Nasdaq is proposing to reduce the execution fee for non-
Nasdaq securities to 0.25% of the transaction cost for the period from
March 5, 2007 (the effective date of Rule 610) through March 21, 2007
(the day before the effectiveness of SR-NASDAQ-2007-026). The change
will result, in all circumstances, in a reduction of the execution fees
previously payable with respect to orders in non-Nasdaq securities
priced under $1. Nasdaq is not, however, proposing to modify the
routing fees or liquidity provider rebates applicable to transactions
in these securities during the same time period.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 55576 (April 3,
2007) (SR-NASDAQ-2007-026).
\7\ 17 CFR 242.610(c)(2).
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\8\ in general, and with Section
6(b)(4) of the Act,\9\ in particular, in that it provides for the
equitable allocation of reasonable dues, fees, and other charges among
members and issuers and other persons using any facility or system
which Nasdaq operates or controls. This change will reduce execution
fees for trading non-Nasdaq securities at prices under $1 in a manner
consistent with the requirements of Rule 610 of Regulation NMS.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f.
\9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Nasdaq does not believe that the proposed rule change will result
in 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
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (1) Does not significantly affect
the protection of investors or the public interest; (2) does not impose
any significant burden on competition; and (3) does not become
operative for 30 days after the date of the filing, or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest, the proposed rule change has
become effective pursuant to Section
[[Page 18500]]
19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). As required by Rule 19b-
4(f)(6)(iii) under the Act, the Exchange also provided with the
Commission with written notice of its intent to file the proposed
rule change, along with a brief description and text of the proposed
rule change, at least five business days prior to the date of the
proposed rule change.
---------------------------------------------------------------------------
The Exchange has asked the Commission to waive the 30-day operative
delay and allow the proposed rule change to become operative
immediately. The Commission hereby grants that request.\12\ The
Commission believes that the Exchange's proposal raises no regulatory
issues, as the Exchange represents that proposed rule change will
result in a retroactive reduction in fees for all executions in non-
Nasdaq securities priced under $1 from March 5, 2007 to March 21, 2007.
Furthermore, this rule change will allow the Exchange to immediately
comply with the requirements of Rule 610(c)(2) of Regulation NMS, which
limits the fee on an execution of an order against a protected
quotation, if the price of the protected quotation is less than $1, to
0.3% of the quotation's price per share.\13\ Therefore, the Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest.
---------------------------------------------------------------------------
\12\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
\13\ 17 CFR 242.610(c)(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.
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 (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NASDAQ-2007-038 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NASDAQ-2007-038.
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 (https://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. Copies of such
filing also will be available for inspection and copying at the
principal office of Nasdaq. 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-NASDAQ-2007-038 and should be submitted on or before May
3, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-6879 Filed 4-11-07; 8:45 am]
BILLING CODE 8010-01-P
