Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change and Amendment No. 1 Thereto To Establish Fees for Members Using the NASDAQ Pre-Trade Risk Management Functionality, 3786-3788 [E8-993]
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3786
Federal Register / Vol. 73, No. 14 / Tuesday, January 22, 2008 / Notices
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
and furthers the objectives of Section
6(b)(5) of the Act 7 in that it is designed
to promote just and equitable principles
of trade, to remove impediments to and
perfect the mechanisms of a free and
open market and a national market
system and, in general, to protect
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
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.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has designated the
proposed rule change as one that: (1)
Does not significantly affect the
protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) does not become operative for 30
days from the date of filing, or such
shorter time as the Commission may
designate if consistent with the
protection of investors and the public
interest. Therefore, the foregoing rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 8 and
subparagraph (f)(6) of Rule 19b–4
thereunder.9 The Exchange has asked
the Commission to waive the operative
delay to permit the Pilot Program
extension to become effective prior to
the 30th day after filing.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
7 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
provide the Commission with written notice of its
intent to file the proposed rule change, along with
a brief description and text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has fulfilled this requirement.
sroberts on PROD1PC70 with NOTICES
8 15
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because it will allow the benefits of the
IWM Pilot Program to continue without
interruption.10 Therefore, the
Commission designates the proposal
operative upon filing.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
the 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.
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–ISE–2008–03 and should be
submitted on or before February 12,
2008.
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–967 Filed 1–18–08; 8:45 am]
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–ISE–2008–03 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–ISE–2008–03. 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
10 For
purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
PO 00000
Frm 00127
Fmt 4703
Sfmt 4703
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57146; File No. SR–
NASDAQ–2008–003]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change and
Amendment No. 1 Thereto To Establish
Fees for Members Using the NASDAQ
Pre-Trade Risk Management
Functionality
January 14, 2008.
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 January 7,
2008, 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 prepared substantially by
Nasdaq. On January 10, 2008, Nasdaq
filed Amendment No. 1 to the proposed
rule change to make certain clarifying
changes in its description. Nasdaq has
designated this proposal as one
establishing or changing a member 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 proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
11 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)(ii).
4 17 CFR 240.19b–4(f)(2).
1 15
E:\FR\FM\22JAN1.SGM
22JAN1
Federal Register / Vol. 73, No. 14 / Tuesday, January 22, 2008 / Notices
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq is proposing to establish
member charges for the use of NASDAQ
new pre-trade risk management
(‘‘PRM’’) functionality. The text of the
proposed rule change is available at
https://www.nasdaq.complinet.com, the
principal offices of 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
2. Statutory Basis
sroberts on PROD1PC70 with NOTICES
1. Purpose
Nasdaq is proposing to establish the
following charges for the use of
Nasdaq’s new PRM functionality:
There will be a charge of $100 per
month for each port enabled for PRM
functionality. This charge will be in
addition to other applicable port
charges. Each PRM-enabled port will
provide (at no additional charge) ‘‘fat
finger’’ checks for orders being placed
through the port. A fat finger check will
compare price instructions on the order
against the current composite displayed
size and price at the relevant levels, and
will automatically reject the order if it
is priced outside the acceptable range
previously specified by the user.
Users of PRM Modules will be
assessed a further charge of $500 per
month per Module. Since a PRM
Module can function only through PRMenabled ports, all Module users will also
be responsible for the charges described
above to enable at least one port for
PRM.
A PRM Module helps users control
risk by checking each order, before it is
accepted into the system, against certain
parameters pre-specified by the user,
such as maximum order size or value,
order type restrictions, market session
VerDate Aug<31>2005
20:38 Jan 18, 2008
Jkt 214001
restrictions (pre/post market), security
restrictions, including per-security
limits, restricted stock list, and certain
other criteria. These checks are in
addition to the fat finger checks that are
available for all orders submitted
through a PRM-enabled port. A Module
can be configured to pre-trade-manage a
user’s order flow for a specified market
participant ID (‘‘MPID’’), for a specified
MPID and PRM-enabled port, or for an
account within an MPID.
There will be an additional charge for
PRM Module users who wish also to use
the Aggregate Total Checks
functionality: $0.025 per each side that
is being checked, capped at $2,000 per
month per PRM Module. Whereas PRM
Modules validate individual orders
against pre-specified parameters,
Aggregate Totals Checks allow users to
establish additional checks by limiting
in certain pre-specified ways their
overall daily trading activity.
Users of the NASDAQ Workstation or
WeblinkACT 2.0 who subscribe to PRM
Modules will receive one Workstation
add-on per Module. Additional add-ons
will be available, if needed, for $100 per
month.
Nasdaq believes that the proposed
rule change is consistent with the
provisions of section 6 of the Act,5 in
general, and with section 6(b)(4) of the
Act,6 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 PRM
functionality provides members with a
new optional tool at a reasonable cost.
Members are not required to use either
the NASDAQ PRM or any similar
functionality. Furthermore, some users
are already performing various pre-trade
checks either with their own tools or
with third-party software. The optional
nature of the service and competition
from both existing and possible future
sources and providers assures that the
proposed charges will remain marketcompetitive.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq 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, as amended.
5 15
6 15
PO 00000
U.S.C. 78f.
U.S.C. 78f(b)(4).
Frm 00128
Fmt 4703
Sfmt 4703
3787
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 been designated as a fee change
pursuant to section 19(b)(3)(A)(ii) of the
Act 7 and Rule 19b–4(f)(2) 8 thereunder,
because it establishes or changes a due,
fee, or other charge imposed on
members by Nasdaq. Accordingly, the
proposal is effective upon filing with
the Commission. 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
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–2008–003 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2008–003. 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/
7 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
9 For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change under Section
19(b)(3)(C) of the Act, the Commission considers
the period to commence on January 10, 2008, the
date on which Nasdaq filed Amendment No. 1.
8 17
E:\FR\FM\22JAN1.SGM
22JAN1
3788
Federal Register / Vol. 73, No. 14 / Tuesday, January 22, 2008 / Notices
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 onlyinformation that you
wish to make publicly available. All
submissions should refer to File
Number SR–NASDAQ–2008–003 and
should be submitted on or before
February 12, 2008.
rule change for the purpose of providing
a more detailed description of the
statutory basis for the proposed rule
change and correcting a minor
typographical error. Nasdaq has
designated this proposal as one
establishing or changing a member 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 proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–993 Filed 1–18–08; 8:45 am]
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.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57147; File No. SR–
NASDAQ–2008–001]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change and
Amendment No. 1 Thereto To Modify
Fees for Members Using the Nasdaq
Market Center
sroberts on PROD1PC70 with NOTICES
January 14, 2008.
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 January 2,
2008, 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 prepared substantially by the
Nasdaq. On January 11, 2008, Nasdaq
filed Amendment No. 1 to the proposed
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 rule change on January 2, 2008. The
text of the proposed rule change is
available at https://
www.nasdaq.complinet.com, the
principal offices of the Exchange, and
the Commission’s Public Reference
Room.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Nasdaq is revising its pricing
schedule for transaction execution and
routing to enhance incentives for
liquidity provision and display of
quotes/orders that provide liquidity.
Nasdaq is also adopting different pricing
schedules for each of the types of
securities that it trades that reflect
modest increases in some of the fees to
access liquidity or route orders. For
securities listed on Nasdaq,5 the fees are
3 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
5 As described in Nasdaq Interpretive Material
4390, securities that are dually listed on Nasdaq
and the New York Stock Exchange (‘‘NYSE’’) are
largely unchanged, except that the
liquidity provider rebate will be
reduced by $0.0001 per share executed
for quotes/orders that are designated for
posting to the Nasdaq book without
being displayed to other market
participants. Although Nasdaq, like
other markets, gives market participants
the option of posting undisplayed
liquidity, Nasdaq believes that it is
appropriate to use pricing incentives to
encourage display of liquidity to the
greatest extent possible.
With regard to fees for executing
orders in securities listed on NYSE,
routing such orders to venues other than
NYSE, and routing of orders for
exchange-traded funds (‘‘ETFs’’) to
NYSE for execution, Nasdaq is
increasing both its order execution and
routing fees and its liquidity provider
rebate. For these transactions, members
with an average daily volume through
the Nasdaq Market Center in all
securities during the month of (i) more
than 35 million shares of liquidity
provided, and (ii) more than 55 million
shares of liquidity accessed and/or
routed; or members with an average
daily volume through the Nasdaq
Market Center in all securities during
the month of (i) more than 25 million
shares of liquidity provided, and (ii)
more than 65 million shares of liquidity
accessed and/or routed, will pay
$0.0028 per share executed (up from
$0.0026 per share executed) for order
execution and routing of orders that
check the Nasdaq book for the full size
of the order prior to routing. Members
with an average daily volume through
the Nasdaq Market Center in all
securities during the month of (i) more
than 20 million shares of liquidity
provided, and (ii) more than 35 million
shares of liquidity accessed and/or
routed will pay $0.0029 per share
executed (up from $0.0028 per share
executed). Other members will continue
to pay $0.003 per share executed.
However, the liquidity provider rebates
for these securities will also increase as
follows: Members with an average daily
volume through the Nasdaq Market
Center in all securities during the month
of more than 35 million shares of
liquidity provided will receive $0.0027
per share executed (up from $0.0025 per
share executed). Members with an
average daily volume through the
Nasdaq Market Center in all securities
during the month of more than 20
million shares of liquidity provided will
receive $0.0023 per share executed (up
from $0.0022), and other members will
4 17
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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20:38 Jan 18, 2008
Jkt 214001
PO 00000
Frm 00129
Fmt 4703
Sfmt 4703
treated as NYSE-listed securities for most purposes
under Nasdaq rules, including execution and
routing fees.
E:\FR\FM\22JAN1.SGM
22JAN1
]]>Agencies
[Federal Register Volume 73, Number 14 (Tuesday, January 22, 2008)]
[NOTIC]
[Pages 3786-3788]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-993]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57146; File No. SR-NASDAQ-2008-003]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
and Amendment No. 1 Thereto To Establish Fees for Members Using the
NASDAQ Pre-Trade Risk Management Functionality
January 14, 2008.
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 January 7, 2008, 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 prepared substantially by Nasdaq. On January 10, 2008, Nasdaq
filed Amendment No. 1 to the proposed rule change to make certain
clarifying changes in its description. Nasdaq has designated this
proposal as one establishing or changing a member 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 proposal
effective upon filing with the Commission. The Commission is publishing
this notice to solicit
[[Page 3787]]
comments on the proposed rule change, as amended, 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 is proposing to establish member charges for the use of
NASDAQ new pre-trade risk management (``PRM'') functionality. The text
of the proposed rule change is available at https://
www.nasdaq.complinet.com, the principal offices of 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
Nasdaq is proposing to establish the following charges for the use
of Nasdaq's new PRM functionality:
There will be a charge of $100 per month for each port enabled for
PRM functionality. This charge will be in addition to other applicable
port charges. Each PRM-enabled port will provide (at no additional
charge) ``fat finger'' checks for orders being placed through the port.
A fat finger check will compare price instructions on the order against
the current composite displayed size and price at the relevant levels,
and will automatically reject the order if it is priced outside the
acceptable range previously specified by the user.
Users of PRM Modules will be assessed a further charge of $500 per
month per Module. Since a PRM Module can function only through PRM-
enabled ports, all Module users will also be responsible for the
charges described above to enable at least one port for PRM.
A PRM Module helps users control risk by checking each order,
before it is accepted into the system, against certain parameters pre-
specified by the user, such as maximum order size or value, order type
restrictions, market session restrictions (pre/post market), security
restrictions, including per-security limits, restricted stock list, and
certain other criteria. These checks are in addition to the fat finger
checks that are available for all orders submitted through a PRM-
enabled port. A Module can be configured to pre-trade-manage a user's
order flow for a specified market participant ID (``MPID''), for a
specified MPID and PRM-enabled port, or for an account within an MPID.
There will be an additional charge for PRM Module users who wish
also to use the Aggregate Total Checks functionality: $0.025 per each
side that is being checked, capped at $2,000 per month per PRM Module.
Whereas PRM Modules validate individual orders against pre-specified
parameters, Aggregate Totals Checks allow users to establish additional
checks by limiting in certain pre-specified ways their overall daily
trading activity.
Users of the NASDAQ Workstation or WeblinkACT 2.0 who subscribe to
PRM Modules will receive one Workstation add-on per Module. Additional
add-ons will be available, if needed, for $100 per month.
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of section 6 of the Act,\5\ in general, and with section
6(b)(4) of the Act,\6\ 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 PRM functionality provides
members with a new optional tool at a reasonable cost. Members are not
required to use either the NASDAQ PRM or any similar functionality.
Furthermore, some users are already performing various pre-trade checks
either with their own tools or with third-party software. The optional
nature of the service and competition from both existing and possible
future sources and providers assures that the proposed charges will
remain market-competitive.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f.
\6\ 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 impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has been designated as a fee
change pursuant to section 19(b)(3)(A)(ii) of the Act \7\ and Rule 19b-
4(f)(2) \8\ thereunder, because it establishes or changes a due, fee,
or other charge imposed on members by Nasdaq. Accordingly, the proposal
is effective upon filing with the Commission. 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\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
\9\ For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change under
Section 19(b)(3)(C) of the Act, the Commission considers the period
to commence on January 10, 2008, the date on which Nasdaq filed
Amendment No. 1.
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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-2008-003 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NASDAQ-2008-003. 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/
[[Page 3788]]
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 onlyinformation that you wish to make publicly available. All
submissions should refer to File Number SR-NASDAQ-2008-003 and should
be submitted on or before February 12, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-993 Filed 1-18-08; 8:45 am]
BILLING CODE 8011-01-P
