Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Increase the Annual Membership Fee for Nasdaq Members, 58142-58143 [E7-20120]
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Federal Register / Vol. 72, No. 197 / Friday, October 12, 2007 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Nancy M. Morris,
Secretary.
[FR Doc. E7–20081 Filed 10–11–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Increase the
Annual Membership Fee for Nasdaq
Members
October 4, 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 October
1, 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 the Exchange.
Nasdaq filed this proposed rule change
pursuant to section 19(b)(3)(A)(ii) of the
Act 3 and Rule 19b–4(f)(2) 4 thereunder,
which renders it effective upon filing
with the Commission. 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 Substance of
the Proposed Rule Change
Nasdaq proposes to increase the
annual membership fee for Nasdaq
members under Nasdaq Rule 7001. The
text of the proposed rule change is
available at Nasdaq, the Commission’s
Public Reference Room, and Nasdaq’s
Web site, https://www.nasdaq.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
jlentini on PROD1PC65 with NOTICES
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
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)(ii).
4 17 CFR 240.19b–4(f)(2).
1 15
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16:35 Oct 11, 2007
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
[Release No. 34–56617; File No. SR–
NASDAQ–2007–083]
15 17
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.
Nasdaq is increasing its annual
membership fee, which is assessed on
all Nasdaq members as of a date
determined by Nasdaq in December of
each year, from $1,200 to $3,000 per
year. The fee had initially been set at a
level to ease the transition of the Nasdaq
Market Center’s status as a facility of the
Financial Industry Regulatory
Authority, Inc. (f/k/a the National
Association of Securities Dealers, Inc.)
to a facility of a new self-regulatory
organization (‘‘SRO’’). Now that Nasdaq
has an established membership base,
Nasdaq believes that the fee increase is
warranted to ensure that its annual
membership fee funds a greater portion
of the cost of regulating the Nasdaq
market. Nasdaq believes that even with
the fee increase, the cost of Nasdaq
membership is generally lower than the
cost of membership in other SROs.5 In
this regard, it is particularly notable that
unlike other SROs, Nasdaq does not
charge annual registration fees for each
of a firm’s registered representatives.
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 it provides for
an equitable allocation of reasonable
dues, fees, and other charges among its
members and issuers and other persons
using any facility or system which
Nasdaq operates or controls. Nasdaq
believes that an increased annual
membership fee is reasonable and
equitable method of ensuring that its
annual membership fee funds a greater
portion of the cost of regulating the
Nasdaq market, and that the overall cost
of Nasdaq membership is reasonable as
5 See,
e.g., New York Stock Exchange Price List
2007 at https://www.nyse.com/pdfs/2007pricelist.pdf
(itemizing numerous registration, regulation, and
trading rights fees); NASD By-Laws, Schedule A,
Section 1 at https://nasd.complinet.com/nasd/
display/display.html?rbid=1189&element
_id=1159000126; Chicago Stock Exchange Fees and
Assessments at https://wallstreet.cch.com/CHXtools/
PlatformViewer.asp?SelectedNode=chp_1_
1&manual=/CHX/Admin/
chx-feesandassessments/.
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(4).
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
compared with the cost of membership
in other SROs.
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
The foregoing proposed rule change
has become effective upon filing with
the Commission pursuant to section
19(b)(3)(A)(ii) of the Act 8 and Rule 19b–
4(f)(2) thereunder,9 in that the proposed
rule change establishes or changes a
member due, fee, or other charge
imposed by the SRO. 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 rulecomments@sec.gov. Please include File
No. SR–NASDAQ–2007–083 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–2007–083. This
file number should be included on the
subject line if e-mail is used. To help the
8 15
9 17
E:\FR\FM\12OCN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
12OCN1
Federal Register / Vol. 72, No. 197 / Friday, October 12, 2007 / Notices
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 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–2007–083 and
should be submitted on or before
November 2, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Nancy M. Morris,
Secretary.
[FR Doc. E7–20120 Filed 10–11–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange, through its wholly
owned subsidiary NYSE Arca Equities,
proposes to amend its Schedule of Fees
and Charges for Exchange Services (the
‘‘Fee Schedule’’) to revise transaction
fees for orders submitted by ETP
Holders 5 (including Market Makers 6)
for securities listed on either the New
York Stock Exchange LLC (‘‘NYSE’’) or
The NASDAQ Stock Market LLC
(‘‘Nasdaq’’). The Exchange also proposes
to revise its routing fees for Nasdaqlisted securities. While changes to the
Fee Schedule pursuant to this proposal
were effective upon filing, the Exchange
designated the changes operative on
October 1, 2007. The text of the
proposed rule change is available on the
Exchange’s Web site at https://
www.nyse.com, at the Exchange’s Office
of the Secretary, and at the Commission.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[Release No. 34–56616; File No. SR–
NYSEArca-2007–99]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Modify the
Exchange’s Fees for Orders Submitted
for Certain NYSE and Nasdaq-Listed
Securities
October 4, 2007.
jlentini on PROD1PC65 with NOTICES
Inc. (‘‘NYSE Arca Equities’’), 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
Exchange. The Exchange has designated
this proposal as one establishing or
changing a due, fee, or other charge
imposed by the Exchange under section
19(b)(3)(A)(ii) of the Act 3 and Rule 19b–
4(f)(2) thereunder,4 which renders the
proposed rule change effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
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 28, 2007, NYSE Arca, Inc.
(the ‘‘Exchange’’), through its wholly
owned subsidiary NYSE Arca Equities,
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and basis for,
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.
3 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
5 See NYSE Arca Equities Rule 1.1(n).
6 See NYSE Arca Equities Rule 1.1(u).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
VerDate Aug<31>2005
16:35 Oct 11, 2007
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
As part of its continuing efforts to
enhance participation on the Exchange,
NYSE Arca Equities proposes to amend
relevant sections of its Fee Schedule
that apply to orders submitted for NYSE
and Nasdaq-listed securities, excluding
Exchange Traded Funds (‘‘ETFs’’) listed
on the NYSE. These changes will
narrow the margins of fees received and
credits paid by either: (1) For Nasdaqlisted securities, reducing the fees
assessed for orders that remove liquidity
from the NYSE Arca Equities book, or
(2) for NYSE-listed securities (other than
ETFs), increasing the credits provided
for orders that provide liquidity to the
book.
Currently, the fees and credits for
round lot orders in NYSE-listed
securities are $0.003 per share and
$0.002 per share, respectively. Pursuant
to this proposal, for NYSE-listed
securities (excluding ETFs), the
Exchange will increase the $0.002 per
share credit to $0.0025 per share.
Similarly, the fees and credits for
round lot orders in Nasdaq-listed
securities are $0.003 per share and
$0.002 per share, respectively. Pursuant
to this proposal, for Nasdaq-listed
securities, the Exchange will reduce the
$0.003 per share fee to $0.0025 per
share.
Additionally, the Exchange proposes
to reduce the fee for round lot and oddlot orders of Nasdaq-listed securities
submitted by ETP Holders routed away
from the Exchange, and executed by
another market center or participant,
from $0.004 per share to $0.0035 per
share.
By this filing, the Exchange has also
made clarifying amendments to the Fee
Schedule to reflect: (1) The approval of
Nasdaq as a national securities exchange
thereby classifying Nasdaq securities as
‘‘listed securities,’’ and (2) the
dissolution of the Intermarket Trading
System.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of section 6 of the Act 7
in general and furthers the objectives of
section 6(b)(4) of the Act 8 in particular,
in that it is designed to provide for the
equitable allocation of reasonable dues,
fees, and other charges among its
4 17
10 17
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PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
58143
7 15
8 15
E:\FR\FM\12OCN1.SGM
U.S.C. 78f.
U.S.C. 78f(b)(4).
12OCN1
]]>Agencies
[Federal Register Volume 72, Number 197 (Friday, October 12, 2007)]
[Notices]
[Pages 58142-58143]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-20120]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56617; File No. SR-NASDAQ-2007-083]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Increase the Annual Membership Fee for Nasdaq Members
October 4, 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 October 1, 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 the Exchange. Nasdaq filed this
proposed rule change pursuant to section 19(b)(3)(A)(ii) of the Act \3\
and Rule 19b-4(f)(2) \4\ thereunder, which renders it 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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq proposes to increase the annual membership fee for Nasdaq
members under Nasdaq Rule 7001. The text of the proposed rule change is
available at Nasdaq, the Commission's Public Reference Room, and
Nasdaq's Web site, https://www.nasdaq.com.
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 increasing its annual membership fee, which is assessed
on all Nasdaq members as of a date determined by Nasdaq in December of
each year, from $1,200 to $3,000 per year. The fee had initially been
set at a level to ease the transition of the Nasdaq Market Center's
status as a facility of the Financial Industry Regulatory Authority,
Inc. (f/k/a the National Association of Securities Dealers, Inc.) to a
facility of a new self-regulatory organization (``SRO''). Now that
Nasdaq has an established membership base, Nasdaq believes that the fee
increase is warranted to ensure that its annual membership fee funds a
greater portion of the cost of regulating the Nasdaq market. Nasdaq
believes that even with the fee increase, the cost of Nasdaq membership
is generally lower than the cost of membership in other SROs.\5\ In
this regard, it is particularly notable that unlike other SROs, Nasdaq
does not charge annual registration fees for each of a firm's
registered representatives.
---------------------------------------------------------------------------
\5\ See, e.g., New York Stock Exchange Price List 2007 at http:/
/www.nyse.com/pdfs/2007pricelist.pdf (itemizing numerous
registration, regulation, and trading rights fees); NASD By-Laws,
Schedule A, Section 1 at https://nasd.complinet.com/nasd/display/
display.html?rbid=1189&element_id=1159000126; Chicago Stock
Exchange Fees and Assessments at https://wallstreet.cch.com/CHXtools/
PlatformViewer.asp?SelectedNode=chp_1_1&manual=/CHX/Admin/ chx-
feesandassessments/.
---------------------------------------------------------------------------
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 it provides for an
equitable allocation of reasonable dues, fees, and other charges among
its members and issuers and other persons using any facility or system
which Nasdaq operates or controls. Nasdaq believes that an increased
annual membership fee is reasonable and equitable method of ensuring
that its annual membership fee funds a greater portion of the cost of
regulating the Nasdaq market, and that the overall cost of Nasdaq
membership is reasonable as compared with the cost of membership in
other SROs.
---------------------------------------------------------------------------
\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.
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 proposed rule change has become effective upon filing
with the Commission pursuant to section 19(b)(3)(A)(ii) of the Act \8\
and Rule 19b-4(f)(2) thereunder,\9\ in that the proposed rule change
establishes or changes a member due, fee, or other charge imposed by
the SRO. 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 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 No. SR-NASDAQ-2007-083 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-2007-083. This
file number should be included on the subject line if e-mail is used.
To help the
[[Page 58143]]
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 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-2007-083 and should be submitted
on or before November 2, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E7-20120 Filed 10-11-07; 8:45 am]
BILLING CODE 8011-01-P
