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, 73053-73055 [E7-24897]

Download as PDF Federal Register / Vol. 72, No. 246 / Wednesday, December 26, 2007 / Notices 2. Statutory Basis IV. Solicitation of Comments The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act 6 in general, and furthers the objectives of section 6(b)(5) of the Act 7 in particular, in that it is designed to promote just and equitable principles of trade, foster cooperation among persons engaged in facilitating securities transactions, and protect investors and the public interest. The Exchange believes that this proposal complies with the Act because the Exchange is amending its rules to update and/or generalize references to certain Exchange staff in order to facilitate compliance. 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: B. Self-Regulatory Organization’s Statement on Burden on Competition C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action pwalker on PROD1PC71 with NOTICES The foregoing proposed rule change has been designated as concerned solely with the administration of the Exchange pursuant to section 19(b)(3)(A)(iii) of the Act 8 and Rule 19b–4(f)(3) 9 thereunder. Accordingly, the proposal will take effect upon filing with the Commission. At any time within 60 days of the filing of such proposed rule change, the Commission may summarily abrogate such proposed 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. designated Exchange personnel within CBOE’s market control center. See Securities Exchange Act Release No. 56494 (September 21, 2007), 72 FR 55264 (September 28, 2007) (SR–CBOE–2007–110). Under the revised rules, ‘‘Trading Officials’’ now means two Exchange members designated as Floor Officials and one member of the Exchange’s staff designated to perform Trading Official functions. See CBOE Rules 6.25, Commentary 02 and 24.16, Commentary 02. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). 8 15 U.S.C. 78s(b)(3)(A)(iii). 9 17 CFR 240.19b–4(f)(3). VerDate Aug<31>2005 17:33 Dec 21, 2007 Jkt 214001 • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–CBOE–2007–148 on the subject line. • 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–CBOE–2007–148. 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 (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for 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 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–CBOE–2007–148 and should be submitted on or before January 16, 2008. PO 00000 Frm 00072 Fmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–24890 Filed 12–21–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Electronic Comments Paper Comments The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. 73053 Sfmt 4703 [Release No. 34–56905; File No. SR– NASDAQ–2007–087] 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 December 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 October 31, 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. 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, 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 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). 4 17 CFR 240.19b–4(f)(2). 1 15 E:\FR\FM\26DEN1.SGM 26DEN1 73054 Federal Register / Vol. 72, No. 246 / Wednesday, December 26, 2007 / Notices 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. pwalker on PROD1PC71 with NOTICES 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 a set of pricing changes relating to securities listed on exchanges other than Nasdaq and the New York Stock Exchange (‘‘NYSE’’).5 Specifically, for certain ‘‘Low-Volume Securities,’’ Nasdaq is adopting an enhanced liquidity provider rebate of $0.004 per share executed.6 A LowVolume Security is defined as a security listed on an exchange other than Nasdaq or the NYSE with an average daily volume on all venues during the preceding month of less than 200,000 shares. For each calendar month, the determination of Low-Volume Securities will be made on the 25th day of the preceding month, based on trading volumes since the 25th day of the month before. For example, the determination of Low-Volume Securities for trading during the calendar month of November would be made on October 25, based on trading volumes from September 25 until October 24. The list of Low-Volume Securities will be posted on the NasdaqTrader.com Web site. By announcing the list prior to the first of the month, Nasdaq believes that it will enable market participants to reflect on the list when making trading decisions at the beginning of the month. A security with seven or fewer trading days during an assessment period, such as a new listing, will not be considered a Low-Volume Security, regardless of its volume, since the lack of trading data does not provide a meaningful basis for determining the security’s potential volume during the following month. As a corollary to the enhanced liquidity provider rebate for LowVolume Securities, Nasdaq will be eliminating market data revenue sharing for these same securities. Nasdaq’s existing program for sharing 50% of market data revenue with liquidity providers in Tape B securities will remain in effect for Tape B securities that are not Low-Volume Securities. 5 Transaction reports for these securities are disseminated by the Consolidated Tape Association (‘‘CTA’’) on ‘‘Tape B.’’ 6 There is, however, no liquidity provider rebate if the execution price is less than $1 per share. VerDate Aug<31>2005 17:33 Dec 21, 2007 Jkt 214001 Nasdaq believes that because the amount of a liquidity provider rebate is known by market participants prior to order execution, it provides a more direct incentive for liquidity provision than market data revenue sharing, the exact amount of which is estimated monthly but confirmed on a quarterly basis and depends upon a range of factors beyond the control of a particular market participant. Accordingly, Nasdaq believes that substituting an enhanced rebate for market data revenue sharing may encourage market participants to make greater use of Nasdaq for trading the securities covered by the program. At present, Nasdaq’s only active program for market data revenue sharing is for liquidity providers in Tape B securities.7 Accordingly, the proposed enhanced rebate applies only to these securities. Moreover, Nasdaq’s initial focus is on Low-Volume Securities (as defined above and in the rule) because Nasdaq believes that an enhanced credit may encourage tighter spreads and more overall activity in these stocks. Moreover, the focus on these securities will allow Nasdaq to evaluate the financial and market behavior impact of the change without materially increasing the overall amount of liquidity provider credits that it pays. 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. 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. 7 The Financial Industry Regulatory Authority (‘‘FINRA’’)/NASDAQ Trade Reporting Facility also maintains a revenue sharing program, but Nasdaq’s program under Rule 7024, which allows for discretionary sharing of an unspecified percentage of certain operating revenues, is not currently in use. 8 15 U.S.C. 78f. 9 15 U.S.C. 78f(b)(4). PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 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 10 and subparagraph (f)(2) of Rule 19b–4 thereunder 11 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NASDAQ–2007–087 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–2007–087. 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 (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements 10 15 11 17 E:\FR\FM\26DEN1.SGM U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). 26DEN1 Federal Register / Vol. 72, No. 246 / Wednesday, December 26, 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–2007–087 and should be submitted on or before January 16, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–24897 Filed 12–21–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56976; File No. SR–NYSE– 2007–98] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, to Reduce From Six Months to Three Months the Period for Which a Company’s Average Global Market Capitalization Must Exceed the Levels Established by the Exchange’s Pure Valuation/Revenue Test pwalker on PROD1PC71 with NOTICES December 17, 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 29, 2007, 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 Exchange. On December 14, 2007, the CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. Exchange filed Amendment No. 1 to the proposed rule change. 3 The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Amendment No. 1, from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to reduce from six months to three months the period for which the average global market capitalization of prospective listed companies must exceed the levels established by the Exchange’s ‘‘pure valuation/revenue’’ test contained in section 102.01C of the Exchange’s Listed Company Manual (the ‘‘Manual’’). The text of the proposed rule change is included below. Proposed new language is italicized; proposed deletions are in [brackets]. VerDate Aug<31>2005 17:33 Dec 21, 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, the Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. NYSE Listed Company Manual * 1. Purpose * * * * 102.01 Minimum Numerical Standards—Domestic Companies— Equity Listings * * * * * 102.01C A company must meet one of the following financial standards. * * * * * (II) Valuation/Revenue Test Companies listing under this standard may satisfy either (a) the Valuation/ Revenue with Cash Flow Test or (b) the Pure Valuation/Revenue Test. * * * * * (b) Pure Valuation/Revenue Test— (1) At least $750,000,000 in global market capitalization, and (2) At least $75,000,000 in revenues during the most recent fiscal year*. In the case of companies listing in connection with an IPO, the company’s underwriter (or, in the case of a spin-off, the parent company’s investment banker or other financial advisor) must provide a written representation that demonstrates the company’s ability to meet the $750,000,000 global market capitalization requirement based upon the completion of the offering (or distribution). For all other companies, market capitalization valuation will be determined over a [six]three-month average. In considering the suitability for listing of a company pursuant to the provision in the immediately preceding sentence, the Exchange will consider whether the company’s business prospects and operating results indicate that the company’s market 3 The Exchange notes that Amendment No. 1 superseded the original filing in its entirety. Jkt 214001 capitalization value is likely to be sustained or increase over time. * * * * * A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 12 17 1 15 73055 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 The Exchange proposes to reduce from six months to three months the period for which the average global market capitalization of prospective listed companies must exceed the levels established by the Exchange’s financial listing criteria contained in section 102.01C of the Manual. Section 102.01C requires companies listing under the Exchange’s ‘‘pure valuation/revenue’’ test to have a global market capitalization of $750 million. In the case of companies listing other than in connection with an initial public offering or a spin-off or upon emergence from bankruptcy, section 102.01C provides that the company must have met the required level of market capitalization on the basis of a sixmonth average. The Exchange believes that a reduction of this requirement from six months to three months will not diminish the quality of companies listing under the relevant tests. Rather, the Exchange believes that the primary effect of the proposed amendment would be to permit the earlier listing of companies that would ultimately qualify on the basis of a six-month average.4 In accepting companies that 4 The Exchange notes that under The NASDAQ Stock Market LLC (‘‘Nasdaq’’) Global Market Standard 3, a company can list with $75 million in market value of listed securities (sustained over 90 consecutive trading days) and $20 million in market value of publicly held shares. See Nasdaq Rule 4420(c). The Exchange believes that, notwithstanding the proposed shift to a three-month from a six-month test period, the NYSE’s ‘‘pure valuation/revenue’’ standard’s requirement of a global market capitalization of $750 million is far more stringent than Nasdaq Global Market Standard 3. E:\FR\FM\26DEN1.SGM 26DEN1

Agencies

[Federal Register Volume 72, Number 246 (Wednesday, December 26, 2007)]
[Notices]
[Pages 73053-73055]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24897]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56905; File No. SR-NASDAQ-2007-087]


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

December 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 October 31, 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. 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).
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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, 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

[[Page 73054]]

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 a set of pricing 
changes relating to securities listed on exchanges other than Nasdaq 
and the New York Stock Exchange (``NYSE'').\5\ Specifically, for 
certain ``Low-Volume Securities,'' Nasdaq is adopting an enhanced 
liquidity provider rebate of $0.004 per share executed.\6\ A Low-Volume 
Security is defined as a security listed on an exchange other than 
Nasdaq or the NYSE with an average daily volume on all venues during 
the preceding month of less than 200,000 shares. For each calendar 
month, the determination of Low-Volume Securities will be made on the 
25th day of the preceding month, based on trading volumes since the 
25th day of the month before. For example, the determination of Low-
Volume Securities for trading during the calendar month of November 
would be made on October 25, based on trading volumes from September 25 
until October 24. The list of Low-Volume Securities will be posted on 
the NasdaqTrader.com Web site. By announcing the list prior to the 
first of the month, Nasdaq believes that it will enable market 
participants to reflect on the list when making trading decisions at 
the beginning of the month. A security with seven or fewer trading days 
during an assessment period, such as a new listing, will not be 
considered a Low-Volume Security, regardless of its volume, since the 
lack of trading data does not provide a meaningful basis for 
determining the security's potential volume during the following month.
---------------------------------------------------------------------------

    \5\ Transaction reports for these securities are disseminated by 
the Consolidated Tape Association (``CTA'') on ``Tape B.''
    \6\ There is, however, no liquidity provider rebate if the 
execution price is less than $1 per share.
---------------------------------------------------------------------------

    As a corollary to the enhanced liquidity provider rebate for Low-
Volume Securities, Nasdaq will be eliminating market data revenue 
sharing for these same securities. Nasdaq's existing program for 
sharing 50% of market data revenue with liquidity providers in Tape B 
securities will remain in effect for Tape B securities that are not 
Low-Volume Securities.
    Nasdaq believes that because the amount of a liquidity provider 
rebate is known by market participants prior to order execution, it 
provides a more direct incentive for liquidity provision than market 
data revenue sharing, the exact amount of which is estimated monthly 
but confirmed on a quarterly basis and depends upon a range of factors 
beyond the control of a particular market participant. Accordingly, 
Nasdaq believes that substituting an enhanced rebate for market data 
revenue sharing may encourage market participants to make greater use 
of Nasdaq for trading the securities covered by the program.
    At present, Nasdaq's only active program for market data revenue 
sharing is for liquidity providers in Tape B securities.\7\ 
Accordingly, the proposed enhanced rebate applies only to these 
securities. Moreover, Nasdaq's initial focus is on Low-Volume 
Securities (as defined above and in the rule) because Nasdaq believes 
that an enhanced credit may encourage tighter spreads and more overall 
activity in these stocks. Moreover, the focus on these securities will 
allow Nasdaq to evaluate the financial and market behavior impact of 
the change without materially increasing the overall amount of 
liquidity provider credits that it pays.
---------------------------------------------------------------------------

    \7\ The Financial Industry Regulatory Authority (``FINRA'')/
NASDAQ Trade Reporting Facility also maintains a revenue sharing 
program, but Nasdaq's program under Rule 7024, which allows for 
discretionary sharing of an unspecified percentage of certain 
operating revenues, is not currently in use.
---------------------------------------------------------------------------

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. 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.
---------------------------------------------------------------------------

    \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, 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 \10\ and subparagraph (f)(2) of Rule 19b-4 
thereunder \11\ 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.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \11\ 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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NASDAQ-2007-087 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-2007-087. 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 (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements

[[Page 73055]]

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-2007-087 and should be submitted 
on or before January 16, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-24897 Filed 12-21-07; 8:45 am]
BILLING CODE 8011-01-P