Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Fees for Members Using the Nasdaq Market Center, 67989-67990 [E7-23316]
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Federal Register / Vol. 72, No. 231 / Monday, December 3, 2007 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56841; File No. SR–
NASDAQ–2007–089]
1. Purpose
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify Fees
for Members Using the Nasdaq Market
Center
November 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 October
1, 2007, The NASDAQ Stock Market
LLC (‘‘Nasdaq’’) filed with the Securities
and Exchange Commission (the
‘‘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 filed the proposed rule
change pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(2)
thereunder,4 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 modify pricing for
Nasdaq members using the Nasdaq
Market Center. Nasdaq will implement
this proposed rule change on November
1, 2007. The text of the proposed rule
change is available at the Exchange’s
Web site, www.nasdaq.complinet.com,
the Exchange and the Commission’s
Public Reference Room.
mstockstill on PROD1PC66 with NOTICES
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.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
2 17
VerDate Aug<31>2005
16:17 Nov 30, 2007
Jkt 214001
Effective November 1, 2007, Nasdaq is
implementing changes to its fees for
routing to the New York Stock Exchange
(‘‘NYSE’’) that reflect recently
announced changes to order execution
fees at that venue. Specifically, NYSE
has eliminated a transaction fee of
$0.0004 per share on ‘‘at the opening’’
and ‘‘at the opening only’’ orders in
equity securities (excluding exchangetraded funds).5 Similarly, Nasdaq is
eliminating the $0.0004 fee it charges to
members when their orders are routed
to NYSE and execute in the NYSE
opening process as ‘‘at the opening’’ or
‘‘at the opening only’’ orders.
In addition, effective October 1, 2007,
NYSE implemented a fee of $0.0004 per
share for odd lot transactions (including
the odd lot portions of partial round
lots).6 At that time, Nasdaq did not
implement a routing fee that specifically
distinguished these transactions from
other transactions executed at NYSE.
Nasdaq is now implementing such a fee
at the same $0.0004 per share level as
the NYSE execution fee, effective
November 1, 2007.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,7 in
general, and with Section 6(b)(4) of the
Act,8 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. The change
responds to fee changes by NYSE to
ensure that Nasdaq’s fees for routing to
NYSE are generally consistent with
charges that NYSE imposes on Nasdaq
when it routes orders to it.
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.
5 See Securities Exchange Act Release No. 56740
(November 5, 2007), 72 FR 63636 (November 9,
2007) (SR–NYSE–2007–100).
6 See Securities Exchange Act Release No. 56590
(October 1, 2007), 72 FR 57369 (October 9, 2007)
(SR–NYSE–2007–88).
7 15 U.S.C. 78f.
8 15 U.S.C. 78f(b)(4).
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
67989
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments on the proposed
rule change were neither solicited nor
received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is
filed pursuant to Section 19(b)(3)(A)(ii)
of the Act 9 and subparagraph (f)(2) of
Rule 19b–4 thereunder 10 because it
establishes or changes a due, fee, or
other charge applicable only to a
member imposed by a self-regulatory
organization. Accordingly, the proposal
is effective upon Commission receipt of
the filing. 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
Number SR–NASDAQ–2007–089 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–2007–089. 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
9 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
10 17
E:\FR\FM\03DEN1.SGM
03DEN1
67990
Federal Register / Vol. 72, No. 231 / Monday, December 3, 2007 / Notices
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–2007–089 and
should be submitted on or before
December 24, 2007.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Nancy M. Morris,
Secretary.
[FR Doc. E7–23316 Filed 11–30–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56842; File No. SR–NYSE–
2007–77]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Approving a Proposed Rule Change,
as Modified by Amendment Nos. 1, 2,
and 3 Thereto, To Amend Listing Fees
for Structured Products
mstockstill on PROD1PC66 with NOTICES
November 27, 2007.
On August 24, 2007, the New York
Stock Exchange LLC (‘‘NYSE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend certain provisions of its Listed
Company Manual (‘‘Manual’’) governing
structured product fees. Except as
described below, the proposed changes
would apply retroactively as of October
3, 2007. On October 3, 2007, the
Exchange filed Amendment No. 1 to the
proposed rule change. On October 12,
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
2007, the Exchange filed Amendment
No. 2 to the proposed rule change. On
October 22, 2007, the Exchange filed
Amendment No. 3 to the proposed rule
change. The proposed rule change and
Amendments Nos. 1, 2, and 3 thereto
were published for comment in the
Federal Register on October 26, 2007.3
The Commission received no comments
on the proposal. This order approves the
proposed rule change, as modified by
Amendment Nos. 1, 2, and 3.
Section 902.06 of the Manual sets
forth the listing and annual fees for
‘‘short-term’’ securities, i.e., those
having a term of seven years or less. The
Exchange proposes to revise Section
902.06 to clarify the scope of the rule’s
coverage. For example, proposed
Section 902.06 excludes from its
coverage certain short-term securities—
namely, securities listed pursuant to
Sections 703.15 (Foreign Currency
Warrants and Currency Index Warrants),
703.17 (Stock Index Warrants Listing
Standards), and 703.22 (Equity IndexLinked Securities, Commodity-Linked
Securities and Currency-Linked
Securities and Currency-Linked
Securities)—that would instead be
subject to lower fees set forth in
proposed new Section 902.09.
The proposed listing fees applicable
to securities subject to Section 902.09 of
Manual are based on the total number
of shares outstanding. The proposed
fees would apply each time an issuer
lists a security of one of the classes
specified in Section 902.09 of the
Manual and also to subsequent listings
of additional shares of the same
security. The Exchange would treat each
series of the security as a separate issue.
Proposed Section 902.09 would also
establish annual fees based on the total
number of shares outstanding. The
proposed annual fees would be billed in
January for the forthcoming year.
Additionally, a $2,500 fee for certain
changes that involve modifications to
Exchange records would apply.
The Exchange also proposes to amend
Section 902.05 of the Manual to provide
that the fees applicable to: (1)
Structured products listed under the
debt criteria set out in Section 703.19
(Other Securities) and traded on NYSE
Bonds are set forth in Section 902.08
(Listings Fees for Debt Securities); and
(2) short-term structured products are
set forth in Section 902.06.
Additionally, the Exchange seeks to
codify its existing practice whereby it
applies the fee schedules set forth in
Sections 902.05 and 902.06 of the
Manual to securities listed pursuant to
11 17
1 15
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16:17 Nov 30, 2007
3 Securities Exchange Act Release No. 56688
(October 23, 2007), 72 FR 60924.
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PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
Sections 703.15, 703.17 and 703.22 of
the Manual. However, Sections 902.05
and 902.06 of the Manual do not
identify Sections 703.15, 703.17 and
703.22 as securities to which the fees
would apply. Through this proposed
rule change, the Exchange proposes to
apply retroactively for the period from
June 7, 2006 to October 2, 2007 the fee
schedules set forth in Sections 902.05
and 902.06 of the Manual to all
securities previously listed pursuant to
Sections 703.15, 703.17 and 703.22 of
the Manual. Therefore, beginning
October 3, 2007, all securities listed
pursuant to Sections 703.15, 703.17 and
703.22 of the Manual would be subject
to the fee schedule set forth in Section
902.09 of the Manual.
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.4 In particular, the
Commission believes that the proposal
is consistent with Section 6(b)(4) of the
Act,5 which requires, among other
things, that the rules of a national
securities exchange be designed to
provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and issuers and
other persons using its facilities. The
Commission notes that no comments
have been received regarding the
proposed rule change, and that the
proposed fees are similar to those it
approved for the American Stock
Exchange LLC.6
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,7 that the
proposed rule change (File No. SR–
NYSE–2007–77), as modified by
Amendment Nos. 1, 2, and 3 thereto, be,
and hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Nancy M. Morris,
Secretary.
[FR Doc. E7–23317 Filed 11–30–07; 8:45 am]
BILLING CODE 8011–01–P
4 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
5 15 U.S.C. 78f(b)(4).
6 See Securities Exchange Act Release No. 45403
(February 6, 2002), 67 FR 6553 (February 12, 2002)
(SR–Amex–2001–100).
7 15 U.S.C. 78s(b)(2).
8 17 CFR 200.30–3(a)(12).
E:\FR\FM\03DEN1.SGM
03DEN1
]]>Agencies
[Federal Register Volume 72, Number 231 (Monday, December 3, 2007)]
[Notices]
[Pages 67989-67990]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-23316]
[[Page 67989]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56841; File No. SR-NASDAQ-2007-089]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify Fees for Members Using the Nasdaq Market Center
November 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 October 1, 2007, The NASDAQ Stock Market LLC (``Nasdaq'') filed with
the Securities and Exchange Commission (the ``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
filed the proposed rule change pursuant to Section 19(b)(3)(A) of the
Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ 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).
\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 modify pricing for Nasdaq members using the
Nasdaq Market Center. Nasdaq will implement this proposed rule change
on November 1, 2007. The text of the proposed rule change is available
at the Exchange's Web site, www.nasdaq.complinet.com, the Exchange and
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
Effective November 1, 2007, Nasdaq is implementing changes to its
fees for routing to the New York Stock Exchange (``NYSE'') that reflect
recently announced changes to order execution fees at that venue.
Specifically, NYSE has eliminated a transaction fee of $0.0004 per
share on ``at the opening'' and ``at the opening only'' orders in
equity securities (excluding exchange-traded funds).\5\ Similarly,
Nasdaq is eliminating the $0.0004 fee it charges to members when their
orders are routed to NYSE and execute in the NYSE opening process as
``at the opening'' or ``at the opening only'' orders.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 56740 (November 5,
2007), 72 FR 63636 (November 9, 2007) (SR-NYSE-2007-100).
---------------------------------------------------------------------------
In addition, effective October 1, 2007, NYSE implemented a fee of
$0.0004 per share for odd lot transactions (including the odd lot
portions of partial round lots).\6\ At that time, Nasdaq did not
implement a routing fee that specifically distinguished these
transactions from other transactions executed at NYSE. Nasdaq is now
implementing such a fee at the same $0.0004 per share level as the NYSE
execution fee, effective November 1, 2007.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 56590 (October 1,
2007), 72 FR 57369 (October 9, 2007) (SR-NYSE-2007-88).
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\7\ in general, and with Section
6(b)(4) of the Act,\8\ 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. The change responds to fee changes
by NYSE to ensure that Nasdaq's fees for routing to NYSE are generally
consistent with charges that NYSE imposes on Nasdaq when it routes
orders to it.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 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 on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is filed pursuant to Section
19(b)(3)(A)(ii) of the Act \9\ and subparagraph (f)(2) of Rule 19b-4
thereunder \10\ because it establishes or changes a due, fee, or other
charge applicable only to a member imposed by a self-regulatory
organization. Accordingly, the proposal is effective upon Commission
receipt of the filing. 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(ii).
\10\ 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 Number SR-NASDAQ-2007-089 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-2007-089. 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
[[Page 67990]]
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-2007-089 and should be submitted
on or before December 24, 2007.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E7-23316 Filed 11-30-07; 8:45 am]
BILLING CODE 8011-01-P
