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]
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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 (https://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 (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 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 (https://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 (https://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
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]]>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]
-----------------------------------------------------------------------
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).
---------------------------------------------------------------------------
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.
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\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
\11\ 17 CFR 240.19b-4(f)(2).
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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-2007-087 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 (https://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\
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\12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-24897 Filed 12-21-07; 8:45 am]
BILLING CODE 8011-01-P
