Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Temporarily Waive Risk Management Workstation Fees, 43309-43310 [E7-15069]
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Federal Register / Vol. 72, No. 149 / Friday, August 3, 2007 / Notices
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, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of the ISE. 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–ISE–2007–64 and should be
submitted on or before August 24, 2007.
CTCI fee ..............................................................
WebLink ACT or Nasdaq Workstation Post
Trade..
ACT Workstation. ..............................................
mstockstill on PROD1PC66 with NOTICES
(f)–(g) No Change.
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
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E7–15093 Filed 8–2–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56153; File No. SR–
NASDAQ–2007–057]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to Temporarily
Waive Risk Management Workstation
Fees
July 27, 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 June 6,
2007, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’) 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 substantially prepared by
Nasdaq. Pursuant to section
19(b)(3)(A)(ii) of the Act 3 and Rule 19b–
4(f)(2) thereunder,4 Nasdaq has
designated this proposal as establishing
or changing a due, fee, or other charge,
which renders the proposed rule change
effective immediately upon filing.
The Commission is publishing this
notice to solicit comments on the
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 is proposing to offer free
access to its enhanced Risk Management
3 15
1 15
4 17
18:17 Aug 02, 2007
Jkt 211001
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
Nasdaq proposes to offer free access to
its enhanced Risk Management
workstation functionality to clearing
firms that elect to use Nasdaq’s away
market execution drop copy service for
a trial period extending through third
quarter 2007. Nasdaq will implement
this rule change immediately.
The text of the proposed rule change
is below. Proposed new language is in
italics.5
7015. Access Services.
The following charges are assessed by
Nasdaq for connectivity to the Nasdaq
Market Center (NMC), the NASD/
NASDAQ Trade Reporting Facility, and
the NASD’s OTCBB Service. The fees
established under Rule 7015 for nonNasdaq members using Nasdaq services
for connectivity to the NMC, the NASD/
NASDAQ Trade Reporting Facility, or
the NASD’s OTCBB Service shall be the
fees established for members under this
Rule 7015, as in effect on the date of
Nasdaq’s registration as a national
securities exchange and as amended by
SR–NASDAQ–2006–024 and SR–
NASDAQ–2006–025, and as applied to
non-members by SR–NASDAQ–2006–
026.
(a)–(d) No Change
(e) Specialized Services Related to
NASD/NASDAQ Trade Reporting
Facility
$575/month.
$375/month (full functionality) or $200/month (up to an average of twenty transactions per
day each month) (For the purposes of this service only, a transaction is defined as an
original trade entry, either on trade date or as-of transactions per month.)
For a trial period ending September 30, 2007, the above fee shall not be imposed on any
number of workstations equal to, or less than, the number of away market centers from
which a clearing firm elects to have Nasdaq’s Risk Management System receive execution drop copies,
$525/logon/month
12 17
VerDate Aug<31>2005
43309
PO 00000
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
Frm 00088
Fmt 4703
Sfmt 4703
workstation functionality to clearing
firms that elect to use Nasdaq’s away
market execution drop copy service for
a trial period extending through the
third quarter of 2007. Nasdaq Risk
Management is a credit risk
management tool that allows clearing
firms to view in real time the dollars
engaged by their correspondents
(executing brokers) by side and security
in U.S. equity transactions. Historically,
this product was able to capture only
5 Changes are marked to the rule text that appears
in the electronic Nasdaq Manual found at https://
nasdaq.complinet.com.
E:\FR\FM\03AUN1.SGM
03AUN1
43310
Federal Register / Vol. 72, No. 149 / Friday, August 3, 2007 / Notices
Nasdaq Market Center trading activity.
Recently, however, Nasdaq enhanced
the Risk Management product to allow
drop copies of execution reports on
trades taking place in other market
centers to be delivered to a clearing
firm’s Nasdaq Risk Management
workstation.
Nasdaq has decided to provide access
to this enhanced Risk Management
workstation functionality free of charge
to clearing firms for each away market
center from which the clearing firm
elects to have Nasdaq’s Risk
Management system receive execution
drop copies for a trial period ending
September 30, 2007 to provide an
incentive for clearing firms to take
advantage of this new Risk Management
functionality, and to enhance the
exposure of the new Risk Management
functionality to the marketplace. At the
end of the promotional trial period,
clearing firms will have the option to
discontinue their use of this new Risk
Management functionality or begin
paying for it at the normal $375 permonth per-workstation rate.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of section 6 of the Act,6 in
general, and with section 6(b)(4) of the
Act,7 in particular, in that they provide
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. In
particular, Nasdaq believes that its
proposal to waive this fee for a trial
period provides appropriate incentives
to encourage clearing firms’ use of
Nasdaq’s enhanced Risk Management
workstation functionality and drop copy
service on an equitable basis.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
mstockstill on PROD1PC66 with NOTICES
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, as amended.
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.
6 15
7 15
U.S.C. 78f.
U.S.C. 78f(b)(4).
VerDate Aug<31>2005
18:17 Aug 02, 2007
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 8 and
subparagraph (f)(2) of Rule 19b–4
thereunder because it establishes or
changes a due, fee, or other charge
imposed by Nasdaq on its members.9 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, as amended, 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 rulecomments@sec.gov. Please include File
Number SR–NASDAQ–2007–057 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2007–057. 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
8 15
9 17
Jkt 211001
PO 00000
U.S.C. 78s(b)(3)(a)(ii).
CFR 240.19b–4(f)(2).
Frm 00089
Fmt 4703
Sfmt 4703
the Commission’s Public Reference
Section, 100 F Street, NE., Washington,
DC 20549–1090, on official business
days between the hours of 10 a.m. and
3 p.m. Copies of such filing also will be
available for inspection and copying at
the principal offices 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–NASDAQ–2007–057 and
should be submitted on or before
August 24,2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Nancy M. Morris,
Secretary.
[FR Doc. E7–15069 Filed 8–2–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56169; File No. SR–NYSE–
2007–69]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to an
Information Memorandum That
Reflects the Changes to Disciplinary
Proceedings at NYSE Regulation, Inc.
as a Result of the Regulatory
Consolidation With the National
Association of Securities Dealers, Inc.
July 30, 2007.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 26,
2007, the New York Stock Exchange
LLC (‘‘NYSE’’ 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 substantially prepared by the
NYSE. The NYSE has designated the
proposed rule change as constituting a
stated policy, practice, or interpretation
with respect to the meaning,
administration, or enforcement of an
existing rule of the self-regulatory
organization under section 19(b)(3)(A)(i)
of the Act 3 and Rule 19b–4(f)(1)
thereunder,4 which renders the proposal
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(i).
4 17 CFR 240.19b–4(f)(1).
1 15
E:\FR\FM\03AUN1.SGM
03AUN1
]]>Agencies
[Federal Register Volume 72, Number 149 (Friday, August 3, 2007)]
[Notices]
[Pages 43309-43310]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-15069]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56153; File No. SR-NASDAQ-2007-057]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Temporarily Waive Risk Management Workstation Fees
July 27, 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 June 6, 2007, The NASDAQ Stock Market LLC (``Nasdaq'') 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 substantially prepared by Nasdaq. Pursuant to section
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\
Nasdaq has designated this proposal as establishing or changing a due,
fee, or other charge, which renders the proposed rule change effective
immediately upon filing.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
Nasdaq proposes to offer free access to its enhanced Risk
Management workstation functionality to clearing firms that elect to
use Nasdaq's away market execution drop copy service for a trial period
extending through third quarter 2007. Nasdaq will implement this rule
change immediately.
The text of the proposed rule change is below. Proposed new
language is in italics.\5\
---------------------------------------------------------------------------
\5\ Changes are marked to the rule text that appears in the
electronic Nasdaq Manual found at https://nasdaq.complinet.com.
---------------------------------------------------------------------------
7015. Access Services.
The following charges are assessed by Nasdaq for connectivity to
the Nasdaq Market Center (NMC), the NASD/NASDAQ Trade Reporting
Facility, and the NASD's OTCBB Service. The fees established under Rule
7015 for non-Nasdaq members using Nasdaq services for connectivity to
the NMC, the NASD/NASDAQ Trade Reporting Facility, or the NASD's OTCBB
Service shall be the fees established for members under this Rule 7015,
as in effect on the date of Nasdaq's registration as a national
securities exchange and as amended by SR-NASDAQ-2006-024 and SR-NASDAQ-
2006-025, and as applied to non-members by SR-NASDAQ-2006-026.
(a)-(d) No Change
(e) Specialized Services Related to NASD/NASDAQ Trade Reporting
Facility
------------------------------------------------------------------------
------------------------------------------------------------------------
CTCI fee..................... $575/month.
WebLink ACT or Nasdaq $375/month (full functionality) or $200/
Workstation Post Trade.. month (up to an average of twenty
transactions per day each month) (For
the purposes of this service only, a
transaction is defined as an original
trade entry, either on trade date or as-
of transactions per month.)
For a trial period ending September 30,
2007, the above fee shall not be imposed
on any number of workstations equal to,
or less than, the number of away market
centers from which a clearing firm
elects to have Nasdaq's Risk Management
System receive execution drop copies,
ACT Workstation.............. $525/logon/month
------------------------------------------------------------------------
(f)-(g) No Change.
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 is proposing to offer free access to its enhanced Risk
Management workstation functionality to clearing firms that elect to
use Nasdaq's away market execution drop copy service for a trial period
extending through the third quarter of 2007. Nasdaq Risk Management is
a credit risk management tool that allows clearing firms to view in
real time the dollars engaged by their correspondents (executing
brokers) by side and security in U.S. equity transactions.
Historically, this product was able to capture only
[[Page 43310]]
Nasdaq Market Center trading activity. Recently, however, Nasdaq
enhanced the Risk Management product to allow drop copies of execution
reports on trades taking place in other market centers to be delivered
to a clearing firm's Nasdaq Risk Management workstation.
Nasdaq has decided to provide access to this enhanced Risk
Management workstation functionality free of charge to clearing firms
for each away market center from which the clearing firm elects to have
Nasdaq's Risk Management system receive execution drop copies for a
trial period ending September 30, 2007 to provide an incentive for
clearing firms to take advantage of this new Risk Management
functionality, and to enhance the exposure of the new Risk Management
functionality to the marketplace. At the end of the promotional trial
period, clearing firms will have the option to discontinue their use of
this new Risk Management functionality or begin paying for it at the
normal $375 per-month per-workstation rate.
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of section 6 of the Act,\6\ in general, and with section
6(b)(4) of the Act,\7\ in particular, in that they provide 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. In particular, Nasdaq believes that
its proposal to waive this fee for a trial period provides appropriate
incentives to encourage clearing firms' use of Nasdaq's enhanced Risk
Management workstation functionality and drop copy service on an
equitable basis.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 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, as amended.
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
The foregoing rule change has become effective pursuant to section
19(b)(3)(A)(ii) of the Act \8\ and subparagraph (f)(2) of Rule 19b-4
thereunder because it establishes or changes a due, fee, or other
charge imposed by Nasdaq on its members.\9\ 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(a)(ii).
\9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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-2007-057 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NASDAQ-2007-057.
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 Section, 100 F Street,
NE., Washington, DC 20549-1090, on official business days between the
hours of 10 a.m. and 3 p.m. Copies of such filing also will be
available for inspection and copying at the principal offices 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-NASDAQ-2007-057 and
should be submitted on or before August 24, 2007.
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
Nancy M. Morris,
Secretary.
[FR Doc. E7-15069 Filed 8-2-07; 8:45 am]
BILLING CODE 8010-01-P
