Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify the Opening of Trading on the NASDAQ Options Market, 29800-29802 [E8-11426]
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29800
Federal Register / Vol. 73, No. 100 / Thursday, May 22, 2008 / Notices
submit two test new issues using the
NIIDS Web Interface.
The NIIDS Autofeed Interface allows
underwriters to establish computer-tocomputer connections with DTCC either
directly or through a vendor to submit
automated files directly to NIIDS. For
underwriters planning to use the NIIDS
Autofeed Interface, the proposed rule
change would require underwriters to
submit two test new issues using
computer-to-computer connections.
DTCC will monitor underwriter
testing and provide status updates to the
MSRB. For purposes of determining
whether an underwriter has successfully
tested the NIIDS Web Interface or the
NIIDS Autofeed Interface, underwriters
must be able to submit a test new issue
in NIIDS and achieve ‘‘Trade Eligibility’’
status in less than two hours. To assist
in monitoring whether a test was
successful, underwriters should enter a
‘‘Time of Formal Award’’ in NIIDS that
reflects the time that the underwriter
begins submitting data into NIIDS so
that the Time of Formal Award can be
compared with the time at which Trade
Eligibility status is achieved.
2. Statutory Basis
The MSRB believes that the proposed
rule change is consistent with Section
15B(b)(2)(C) of the Act,7 which provides
that the MSRB’s rules shall:
Be designed to prevent fraudulent and
manipulative acts and practices, to promote
just and equitable principles of trade, to
foster cooperation and coordination with
persons engaged in regulating, clearing,
settling, processing information with respect
to, and facilitating transactions in municipal
securities, to remove impediments to and
perfect the mechanism of a free and open
market in municipal securities, and, in
general, to protect investors and the public
interest.
The MSRB believes that the proposed
rule change is consistent with the Act
because it will allow the municipal
securities industry to produce more
accurate trade reporting and
transparency.
rwilkins on PROD1PC63 with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The MSRB 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 since it would
apply equally to all brokers, dealers and
municipal securities dealers.
7 15
U.S.C. 78o–4(b)(2)(C).
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17:03 May 21, 2008
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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 on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
A. By order approve such proposed
rule change, or
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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–MSRB–2008–04 on the
subject line.
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 MSRB. 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–MSRB–2008–04 and should
be submitted on or before June 12, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–11434 Filed 5–21–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57822; File No. SR–
NASDAQ–2008–045]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to Modify the
Opening of Trading on the NASDAQ
Options Market
May 15, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
• Send paper comments in triplicate
notice is hereby given that on May 13,
to Nancy M. Morris, Secretary,
2008, The NASDAQ Stock Market LLC
Securities and Exchange Commission,
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
100 F Street, NE., Washington, DC
Securities and Exchange Commission
20549–1090.
(‘‘Commission’’) the proposed rule
All submissions should refer to File
change as described in Items I, II, and
Number SR–MSRB–2008–04. This file
III below, which Items have been
number should be included on the
substantially prepared by the Exchange.
subject line if e-mail is used. To help the Nasdaq has filed the proposal pursuant
Commission process and review your
to Section 19(b)(3)(A) of the Act 3 and
comments more efficiently, please use
Rule 19b–4(f)(5) thereunder,4 which
only one method. The Commission will renders the proposal effective upon
post all comments on the Commission’s filing with the Commission. The
Internet Web site (https://www.sec.gov/
Commission is publishing this notice to
rules/sro.shtml). Copies of the
solicit comments on the proposed rule
submission, all subsequent
change from interested persons.
amendments, all written statements
with respect to the proposed rule
8 17 CFR 200.30–3(a)(12).
change that are filed with the
1 15 U.S.C. 78s(b)(1).
Commission, and all written
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
communications relating to the
4 17 CFR 240.19b–4(f)(5).
proposed rule change between the
Paper Comments
PO 00000
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Federal Register / Vol. 73, No. 100 / Thursday, May 22, 2008 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes to modify the
opening of trading on the NASDAQ
Options Market (‘‘NOM’’) as set forth in
Chapter VI, Section 8 of the Nasdaq
Rules governing options trading. The
text of the proposed rule change is
available at Nasdaq, the Commission’s
Public Reference Room, and https://
nasdaq.complinet.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, 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.
rwilkins on PROD1PC63 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
2. Statutory Basis
1. Purpose
Nasdaq proposes to modify Chapter
VI, Section 8 of the rules governing
NOM, and in particular governing the
opening of trading in that market. Since
Nasdaq launched NOM on March 31,
2008, Nasdaq has monitored the
operation of the market to identify
instances where market efficiency can
be enhanced. Nasdaq believes that the
opening of the market, while currently
quite effective, can be further enhanced.
Nasdaq’s current opening processes
are set to occur at a fixed time (9:30
a.m.) even when it appears that NOM
would open at a price that is away from
the prevailing market. Deviation from
the prevailing market is somewhat
reconciled by automated adjustments
that occur within NOM’s execution
engine, preventing unacceptable harm
to investors or NOM participants.
Nonetheless, Nasdaq has determined
that the opening of options trading can
be enhanced by delaying the opening
until such time as the execution of the
Opening Cross or, where no Opening
Cross will occur, the opening print is in
line with the overall marketplace.
Specifically, Nasdaq proposes to
enhance its opening process by (1)
delaying the Opening Cross in the event
that after the execution of the Opening
Cross the NOM best bid and offer would
VerDate Aug<31>2005
17:03 May 21, 2008
Jkt 214001
be outside certain pre-determined
threshold amounts, and (2) delaying the
opening of trading if after the opening
print the NOM best bid and offer would
be outside the same pre-determined
threshold amounts in instances where
there is insufficient interest available to
initiate the Opening Cross.
Nasdaq believes this proposed
modification is superior to the current
process of opening of trading at a fixed
time at a price that is adjusted to fall
within the pre-determined threshold.
Delaying the opening will allow NOM
participants time to enter additional
liquidity into the system, resulting in a
more efficient opening process and
reducing potential volatility around the
open. If such a delay were to occur, the
Opening Cross, and thus regular market
trading, would not commence until
such time as it is determined that the
width requirements can be met. Nasdaq
believes this amendment will increase
efficiency of trading around the open.
Nasdaq plans to use the threshold
amounts prescribed in the obvious error
guidelines set forth in Chapter V, Sec.
6 of the NOM rules.
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6(b) of the Act,5 in
general, and with Section 6(b)(5) of the
Act,6 in particular, in that it is designed
to remove impediments to and perfect
the mechanism of a free and open
market and a national market system,
and, in general, to protect investors and
the public interest. Nasdaq believes that
the proposal is consistent with this
standard because the proposed rule
change is designed to improve
execution quality at the critical opening
of the market.
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. To the
contrary, Nasdaq believes that by
enhancing NOM’s opening of trading,
the proposed rule change will require
competing markets to improve their
opening processes and thereby enhance
competition between the markets.
5 15
6 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00068
Fmt 4703
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
Because the proposed rule change
does not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) have the
effect of limiting the access to or
availability of an existing order entry or
trading system of the Exchange, the
foregoing rule change has become
effective immediately pursuant to
Section 19(b)(3)(A)(iii) of the Act 7 and
Rule 19b–4(f)(5) thereunder.8 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–2008–045 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–2008–045. 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
7 15
8 17
Sfmt 4703
29801
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(5).
E:\FR\FM\22MYN1.SGM
22MYN1
29802
Federal Register / Vol. 73, No. 100 / Thursday, May 22, 2008 / Notices
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 the 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–2008–045 and
should be submitted on or before June
12, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–11426 Filed 5–21–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57826; File No. SR–
NASDAQ–2007–001]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing of Amendment No. 3 to an Order
Granting Accelerated Approval to
Proposed Rule Change, as Modified by
Amendment Nos. 2 and 3 Thereto, To
Amend Nasdaq’s Clearly Erroneous
Rule
rwilkins on PROD1PC63 with NOTICES
May 15, 2008.
I. Introduction
On January 22, 2007, The NASDAQ
Stock Market LLC (‘‘Nasdaq’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’),1 and
Rule 19b–4 thereunder,2 a proposed rule
change to amend Rule 11890, Nasdaq’s
‘‘Clearly Erroneous Rule,’’ and related
Interpretive Material. Nasdaq filed
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<31>2005
17:03 May 21, 2008
Jkt 214001
Amendment Nos. 1 and 2 to the
proposal on June 1, 2007 and June 12,
2007, respectively.3 The proposed rule
change, as modified by Amendment No.
2, was published for comment in the
Federal Register on June 27, 2007.4 The
Commission received two comment
letters regarding the proposed rule
change.5 On May 15, 2008, Nasdaq filed
Amendment No. 3 to the proposal.6 The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as modified by Amendment
Nos. 2 and 3 and simultaneously is
approving the proposed rule change, as
modified by Amendment Nos. 2 and 3,
on an accelerated basis.
II. Description of the Proposal
Nasdaq proposes several changes to
its Clearly Erroneous Rule and related
Interpretive Material. Specifically,
Nasdaq proposes to: (i) Set forth pricebased standards and provide guidance
on the application of those standards
when Nasdaq considers whether one or
more transactions are clearly erroneous
under Rule 11890; (ii) modify the
numerical threshold as applied to trades
occurring outside of the Regular
Session; 7 (iii) amend the time limits for
market participants to file for review
under Rule 11890(a) in cases where the
price of the transaction is significantly
different from the applicable inside
price; and (iii) make several procedural
modifications to the rule.
Nasdaq proposes to amend IM–
11890–4 and IM–11890–5 to incorporate
objective price-based standards and
provide guidance regarding the
application of those standards under
Rule 11890. Under Rule 11890, Nasdaq
is authorized to break trades when the
execution price is more than a specified
3 Amendment No. 1 replaced the proposed rule
change in its entirety and was withdrawn by
Nasdaq on June 14, 2007. Amendment No. 2
replaced the proposed rule change in its entirety.
4 See Securities Exchange Act Release No. 55937
(June 21, 2007), 72 FR 35279.
5 See letter from Michael T. Dorsey, Managing
Director, Trading Services & Compliance, Pink
Sheets LLC (‘‘Pink Sheets’’), dated July 18, 2007
(‘‘Pink Sheets Letter’’), and letter from Barbara Z.
Sweeney, Senior Vice President and Corporate
Secretary, Financial Industry Regulatory Authority
(‘‘FINRA’’), dated August 29, 2007 (‘‘FINRA
Letter’’).
6 Amendment No. 3 deleted the proposed
revisions to the Clearly Erroneous Rule relating to
the submission of unauthorized orders and use of
an account for manipulative purposes and clarified
the manner in which a request for review can be
submitted.
7 Regular Session means the primary trading
session for a particular security on its Primary
Market, which is generally 9:30 a.m. through 4 or
4:15 p.m. Primary Market means: (i) For a Nasdaq
security, the Nasdaq Market Center; and (ii) for a
non-Nasdaq security, the market designated as the
primary market under the Consolidated Tape
Association Plan.
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percentage (i.e., a Numerical Threshold)
away from a ‘‘Reference Price’’ that is
indicative of prior market conditions.
The Reference Price generally used
under Rule 11890 would be, for Nasdaq
securities, the best bid/best offer
(‘‘BBO’’) in Nasdaq at the time the
disputed transactions were first
executed (or the national BBO for nonNasdaq securities) for trading during the
Regular Session, and the closing price
for the security on its Primary Market
for trades outside the Regular Session.
Nasdaq, however, may use a different
Reference Price in unusual
circumstances. Thus, in a case where
material news about a security was
released after the market close for the
security and a trade occurred outside of
the Regular Session, Nasdaq may use a
Reference Price derived from after-hours
trading activity rather than the closing
price of the security. Similarly, in the
case of several large orders that execute
at multiple prices, a Reference Price
based on a weighted average of the BBO
at relevant times may be used rather
than a Reference Price based solely on
the BBO immediately prior to the
execution of the first share of the order.
Nasdaq proposes to amend the
Interpretive Material to add examples of
cases where Nasdaq may apply
alternative Numerical Thresholds in
determining which trades to break.
Nasdaq also may use different
Numerical Thresholds in events that
involve other markets in order to
coordinate a point beyond which trades
would be adjusted or broken that is
consistent across markets.
The Interpretive Material would
provide that Nasdaq could break or
modify all trades in a security if a
pervasive mistake resulted in trading
that should not have occurred. For
example, trades in a security that was
incorrectly authorized for trading prior
to the date of its actual initial public
offering could all be broken. Similarly,
if Nasdaq systems executed orders in
the Nasdaq opening cross or closing
cross at a price that was inconsistent
with the rules governing the operation
of the crosses, either due to a Nasdaq
system error or because an underlying
erroneous order resulted in an
erroneous opening or closing price,
Nasdaq could break or adjust all of the
affected trades.
Nasdaq also proposes to amend the
Numerical Thresholds under IM–
11890–4 for trading outside the Regular
Session, to establish wider ranges
within which trades would stand.
According to Nasdaq, this proposed
change reflects the diminished depth of
the market during after-hours and premarket trading sessions. Accordingly,
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]]>Agencies
[Federal Register Volume 73, Number 100 (Thursday, May 22, 2008)]
[Notices]
[Pages 29800-29802]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-11426]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57822; File No. SR-NASDAQ-2008-045]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Modify the Opening of Trading on the NASDAQ Options Market
May 15, 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 May 13, 2008, The NASDAQ Stock Market LLC (``Nasdaq'' 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. Nasdaq has filed the proposal pursuant to Section 19(b)(3)(A)
of the Act \3\ and Rule 19b-4(f)(5) 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
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)(5).
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[[Page 29801]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq proposes to modify the opening of trading on the NASDAQ
Options Market (``NOM'') as set forth in Chapter VI, Section 8 of the
Nasdaq Rules governing options trading. The text of the proposed rule
change is available at Nasdaq, the Commission's Public Reference Room,
and https://nasdaq.complinet.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Nasdaq proposes to modify Chapter VI, Section 8 of the rules
governing NOM, and in particular governing the opening of trading in
that market. Since Nasdaq launched NOM on March 31, 2008, Nasdaq has
monitored the operation of the market to identify instances where
market efficiency can be enhanced. Nasdaq believes that the opening of
the market, while currently quite effective, can be further enhanced.
Nasdaq's current opening processes are set to occur at a fixed time
(9:30 a.m.) even when it appears that NOM would open at a price that is
away from the prevailing market. Deviation from the prevailing market
is somewhat reconciled by automated adjustments that occur within NOM's
execution engine, preventing unacceptable harm to investors or NOM
participants.
Nonetheless, Nasdaq has determined that the opening of options
trading can be enhanced by delaying the opening until such time as the
execution of the Opening Cross or, where no Opening Cross will occur,
the opening print is in line with the overall marketplace.
Specifically, Nasdaq proposes to enhance its opening process by (1)
delaying the Opening Cross in the event that after the execution of the
Opening Cross the NOM best bid and offer would be outside certain pre-
determined threshold amounts, and (2) delaying the opening of trading
if after the opening print the NOM best bid and offer would be outside
the same pre-determined threshold amounts in instances where there is
insufficient interest available to initiate the Opening Cross.
Nasdaq believes this proposed modification is superior to the
current process of opening of trading at a fixed time at a price that
is adjusted to fall within the pre-determined threshold. Delaying the
opening will allow NOM participants time to enter additional liquidity
into the system, resulting in a more efficient opening process and
reducing potential volatility around the open. If such a delay were to
occur, the Opening Cross, and thus regular market trading, would not
commence until such time as it is determined that the width
requirements can be met. Nasdaq believes this amendment will increase
efficiency of trading around the open. Nasdaq plans to use the
threshold amounts prescribed in the obvious error guidelines set forth
in Chapter V, Sec. 6 of the NOM rules.
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6(b) of the Act,\5\ in general, and with
Section 6(b)(5) of the Act,\6\ in particular, in that it is designed to
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general, to protect
investors and the public interest. Nasdaq believes that the proposal is
consistent with this standard because the proposed rule change is
designed to improve execution quality at the critical opening of the
market.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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. To the contrary, Nasdaq
believes that by enhancing NOM's opening of trading, the proposed rule
change will require competing markets to improve their opening
processes and thereby enhance competition between the markets.
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
Because the proposed rule change does not: (1) Significantly affect
the protection of investors or the public interest; (2) impose any
significant burden on competition; and (3) have the effect of limiting
the access to or availability of an existing order entry or trading
system of the Exchange, the foregoing rule change has become effective
immediately pursuant to Section 19(b)(3)(A)(iii) of the Act \7\ and
Rule 19b-4(f)(5) thereunder.\8\ 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(5).
---------------------------------------------------------------------------
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-2008-045 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-2008-045. 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
[[Page 29802]]
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 the 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-2008-045 and should be submitted on or before
June 12, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-11426 Filed 5-21-08; 8:45 am]
BILLING CODE 8010-01-P
