Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Letters of Guarantee for Options Participants, 46668-46670 [E8-18383]

Download as PDF 46668 Federal Register / Vol. 73, No. 155 / Monday, August 11, 2008 / Notices comments from members or other interested parties. Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 9 and Rule 19b–4(f)(6) thereunder 10 because the foregoing proposed rule change: (1) Does not significantly affect the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) by its terms, does not become operative for 30 days after the date of filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest.11 The Exchange has asked the Commission to waive the 30-day operative delay and designate the proposed rule change as operative upon filing. The Commission hereby grants the Exchange’s request and believes that doing so is consistent with the protection of investors and the public interest.12 The Exchange’s proposed rule change is based on a similar proposal that was previously approved by the Commission 13 and does not raise any novel or significant issues. Therefore, the Commission designates the proposed rule change operative upon 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. Electronic Comments [Release No. 34–58282; File No. SR– NASDAQ–2008–067] 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. 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 11 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 19b–4(f)(6)(iii) requires the self-regulatory organization to give the Commission 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. ISE has satisfied this requirement. 12 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 13 See Securities Exchange Act Release No. 58119 (July 8, 2008), 73 FR 40646 (July 15, 2008) (SR– CBOE–2008–53). rmajette on PRODPC74 with NOTICES 10 17 VerDate Aug<31>2005 15:22 Aug 08, 2008 Jkt 214001 • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–ISE–2008–62 on the subject line. Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Letters of Guarantee for Options Participants August 1, 2008. Paper Comments 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 July 29, 2008, The NASDAQ Stock Market LLC (‘‘Nasdaq’’) filed with the Securities and All submissions should refer to File Exchange Commission (‘‘Commission’’) Number SR–ISE–2008–62. This file the proposed rule change as described number should be included on the in Items I, II, and III below, which Items subject line if e-mail is used. To help the have been prepared by Nasdaq. Nasdaq Commission process and review your has designated the proposed rule change comments more efficiently, please use as constituting a non-controversial rule only one method. The Commission will change under Rule 19b–4(f)(6) under the post all comments on the Commission’s Act,3 which renders the proposal Internet Web site (http://www.sec.gov/ effective upon filing with the rules/sro.shtml). Copies of the Commission. The Commission is submission, all subsequent publishing this notice to solicit amendments, all written statements comments on the proposed rule change with respect to the proposed rule from interested persons. change that are filed with the I. Self-Regulatory Organization’s Commission, and all written Statement of the Terms of the Substance communications relating to the of the Proposed Rule Change proposed rule change between the Commission and any person, other than Nasdaq is filing a proposed rule those that may be withheld from the change for the NASDAQ Options Market public in accordance with the (‘‘NOM’’) to modify Chapter VII, Section provisions of 5 U.S.C. 552, will be 8 of its options rules to require Letters available for inspection and copying in of Guarantee for each options the Commission’s Public Reference participant, rather than each market Room, 100 F Street, NE., Washington, maker. DC 20549, on official business days The text of the proposed rule change between the hours of 10 a.m. and 3 p.m. is below. Proposed new language is in Copies of such filing also will be italics; proposed deletions are in brackets.4 available for inspection and copying at the principal office of the Exchange. All * * * * * comments received will be posted Chapter VII Market Participants without change; the Commission does not edit personal identifying * * * * * information from submissions. You Sec. 8 Letters of Guarantee should submit only information that (a) Required of Each Options you wish to make publicly available. All Participant [Market Maker]. No Options submissions should refer to File Number SR–ISE–2008–62 and should be Participant [Market Maker] shall make any transactions on NOM unless a Letter submitted on or before September 2, of Guarantee has been issued for such 2008. Participant by a Clearing Participant and For the Commission, by the Division of filed with Nasdaq Regulation, and Trading and Markets, pursuant to delegated unless such Letter of Guarantee has not 14 • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. authority. Florence E. Harmon, Acting Secretary. [FR Doc. E8–18367 Filed 8–8–08; 8:45 am] BILLING CODE 8010–01–P 14 17 PO 00000 CFR 200.30–3(a)(12). Frm 00087 Fmt 4703 Sfmt 4703 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 4 Changes are marked to the rule text that appears in the electronic manual of The NASDAQ Stock Market, LLC found at http:// nasdaq.cchwallstreet.com/. 2 17 E:\FR\FM\11AUN1.SGM 11AUN1 Federal Register / Vol. 73, No. 155 / Monday, August 11, 2008 / Notices been revoked pursuant to paragraph (c) of this Section. (b)–(c) No change. * * * * * 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. rmajette on PRODPC74 with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Nasdaq has determined that requiring a Letter of Guarantee for each options participant would decrease the individual risk exposure of each options participant as well as the systemic risk of exposure to Nasdaq’s options marketplace. Requiring a Letter of Guarantee of market makers provides a measure of protection but it does not provide protection with respect to options participants that enter orders and liquidity into the market in the same fashion as market makers but to a lesser degree. It will also provide incremental protection to clearing brokers by providing advanced notice and requiring acknowledgment that a new firm will be using their clearing services. Nasdaq’s determination is based in part on conversations with current options participants as well as potential options participants. It is also based on Rule 3.28 of the Chicago Board Options Exchange which requires letters of guarantee for all trading activity on that exchange regardless of whether the firm is a registered specialist or not. In addition, all options participants are required by Chapter VI, Section 15 of Nasdaq’s options rules to document its relationship with a clearing firm by submitting one of several documents, including a Letter of Guarantee. Nasdaq will work with its membership to ensure full and timely compliance with this proposed rule change. While many members are familiar with Letters of Guarantee through, for example, compliance with Chapter VI, Section 15 or their membership at other exchanges, Nasdaq VerDate Aug<31>2005 15:22 Aug 08, 2008 Jkt 214001 will provide all members 45 days from the date of filing of the proposed rule change to comply with the new requirement. In addition, Nasdaq will issue an Options Trader Alert to members explaining the new requirement and providing notice of the compliance date. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Securities Exchange Act of 1934, in general and with Section 6(b)(5) of the Act, 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; and are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers, or to regulate by virtue of any authority conferred by this title matters not related to the purposes of this title or the administration of the exchange. The proposed changes are consistent with the statute in that they are designed to facilitate transactions in options on the Nasdaq Options Market by minimizing counter-party risk and encouraging participants to provide liquidity in Quarterly Options Series. 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, the proposal is designed to enhance competition and is based upon the rules of another national securities exchange that trades standardized options. 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 foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 46669 19(b)(3)(A) of the Act 5 and Rule 19b– 4(f)(6) thereunder.6 Nasdaq will make the proposed rule change operative 45 days from the date of filing this proposal. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NASDAQ–2008–067 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NASDAQ–2008–067. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549 on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at 5 15 6 17 E:\FR\FM\11AUN1.SGM U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 11AUN1 46670 Federal Register / Vol. 73, No. 155 / Monday, August 11, 2008 / Notices Nasdaq’s principal office. 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–2008–067, and should be submitted on or before September 2, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Florence E. Harmon, Acting Secretary. [FR Doc. E8–18383 Filed 8–8–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58299; File No. SR–NYSE– 2008–68] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change To Enable the Exchange To Determine That a Company Meets the Exchange’s Market Value Requirements by Relying on a Third-Party Valuation of the Company August 4, 2008. rmajette on PRODPC74 with NOTICES Pursuant to section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’),2 and Rule 19b–4 thereunder,3 notice is hereby given that on July 31, 2008, New York Stock Exchange LLC (the ‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission the proposed rule changes as described in Items I, II and III below, which items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule changes from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend sections 102.01B and 102.01C of the Exchange’s Listed Company Manual (the ‘‘Manual’’) to provide that the Exchange will, on a case by case basis, exercise discretion to list a company whose stock is not previously registered under the Exchange Act, where such a company is listing without a related underwritten offering upon effectiveness of a registration statement 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 215 U.S.C. 78a. 317 CFR 240.19b–4. 15:22 Aug 08, 2008 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 self-regulatory organization 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 NYSE 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 The Exchange proposes to amend sections 102.01B and 102.01C of the Manual to provide that the Exchange will, on a case by case basis, exercise discretion to list a company whose stock is not previously registered under the Exchange Act, where such a company is listing without a related underwritten offering upon effectiveness of a registration statement registering only the resale of shares sold by the company in earlier private placements. The proposed amendment would allow the Exchange to determine that such a company has met its market value requirements by relying on a third-party valuation of the company. Section 102.01B of the Manual requires that companies listing on the Exchange in connection with their initial public offering (‘‘IPO’’) or as a result of a spin-off or under the Affiliated Company standard must have $60 million in market value of publiclyheld shares at the time of listing and all other companies must have a market value of publicly-held shares of $100 million.4 In addition, the Valuation/ Revenue with Cash Flow, Pure 4 Shares held by directors, officers, or their immediate families and other concentrated holding of 10 percent or more are excluded in calculating the number of publicly-held shares. 115 VerDate Aug<31>2005 registering only the resale of shares sold by the company in earlier private placements. The proposed amendment would permit the Exchange to determine that such a company has met its market value requirements by relying on a third-party valuation of the company. The text of the proposed rule change is available at http://www.nyse.com, the NYSE, and the Commission’s Public Reference Room. Jkt 214001 PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 Valuation/Revenue, and Affiliated Company standards of Section 102.01C require global market capitalization of $500 million, $750 million, and $500 million, respectively. Sections 102.01B and 102.01C provide that, in connection with a company’s IPO, the Exchange will rely on a written commitment from the underwriter to represent the anticipated value of the company’s offering in order to determine a company’s compliance with this listing standard. In the case of a spin-off, the company may rely on a letter from the parent company’s investment banker or other financial adviser. The Exchange has in recent years been approached by a number of private companies that would like to list upon the effectiveness of a selling shareholder registration statement. These private companies typically have sold a significant amount of their common stock to qualified institutional buyers in one or more private placements and, as a condition to those sales, will have agreed to file a registration statement to facilitate the resale of the privatelyplaced shares. These companies may meet all of the financial criteria for listing on the Exchange, except that they have not had any prior public market for their common stock and they are not contemplating an underwritten offering in connection with their selling shareholder registration statement. As such, the Exchange cannot rely on trading on any predecessor public market to evaluate the company’s market value, as would be possible with a company transferring from another market. Nor is there a public offering whose price would provide the basis for a letter of the type provided by underwriters for companies listing in conjunction with an IPO. The Exchange believes that a company of this sort which otherwise meets the Exchange’s listing criteria should not be barred from listing. As such, the Exchange proposes to list such companies if there is available an independent third-party valuation of the company (a ‘‘Valuation’’) and information regarding trading in a private placement trading market that, taken together, provide evidence that the company meets the relevant market value tests. Therefore, the Exchange proposes to amend sections 102.01B and 102.10C to provide that, in the case of a company whose stock is not previously registered under the Exchange Act that is listing upon effectiveness of a registration statement without a related underwritten offering, the Exchange will have the discretion to determine that such company has met the applicable E:\FR\FM\11AUN1.SGM 11AUN1

Agencies

[Federal Register Volume 73, Number 155 (Monday, August 11, 2008)]
[Notices]
[Pages 46668-46670]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-18383]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58282; File No. SR-NASDAQ-2008-067]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Regarding Letters of Guarantee for Options Participants

August 1, 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 July 29, 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 by Nasdaq. Nasdaq has designated the proposed rule 
change as constituting a non-controversial rule change under Rule 19b-
4(f)(6) under the Act,\3\ 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\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    Nasdaq is filing a proposed rule change for the NASDAQ Options 
Market (``NOM'') to modify Chapter VII, Section 8 of its options rules 
to require Letters of Guarantee for each options participant, rather 
than each market maker.
    The text of the proposed rule change is below. Proposed new 
language is in italics; proposed deletions are in brackets.\4\
---------------------------------------------------------------------------

    \4\ Changes are marked to the rule text that appears in the 
electronic manual of The NASDAQ Stock Market, LLC found at http://
nasdaq.cchwallstreet.com/.
---------------------------------------------------------------------------

* * * * *

Chapter VII Market Participants

* * * * *

Sec. 8 Letters of Guarantee

    (a) Required of Each Options Participant [Market Maker]. No Options 
Participant [Market Maker] shall make any transactions on NOM unless a 
Letter of Guarantee has been issued for such Participant by a Clearing 
Participant and filed with Nasdaq Regulation, and unless such Letter of 
Guarantee has not

[[Page 46669]]

been revoked pursuant to paragraph (c) of this Section.
    (b)-(c) No change.
* * * * *

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 has determined that requiring a Letter of Guarantee for each 
options participant would decrease the individual risk exposure of each 
options participant as well as the systemic risk of exposure to 
Nasdaq's options marketplace. Requiring a Letter of Guarantee of market 
makers provides a measure of protection but it does not provide 
protection with respect to options participants that enter orders and 
liquidity into the market in the same fashion as market makers but to a 
lesser degree. It will also provide incremental protection to clearing 
brokers by providing advanced notice and requiring acknowledgment that 
a new firm will be using their clearing services.
    Nasdaq's determination is based in part on conversations with 
current options participants as well as potential options participants. 
It is also based on Rule 3.28 of the Chicago Board Options Exchange 
which requires letters of guarantee for all trading activity on that 
exchange regardless of whether the firm is a registered specialist or 
not. In addition, all options participants are required by Chapter VI, 
Section 15 of Nasdaq's options rules to document its relationship with 
a clearing firm by submitting one of several documents, including a 
Letter of Guarantee.
    Nasdaq will work with its membership to ensure full and timely 
compliance with this proposed rule change. While many members are 
familiar with Letters of Guarantee through, for example, compliance 
with Chapter VI, Section 15 or their membership at other exchanges, 
Nasdaq will provide all members 45 days from the date of filing of the 
proposed rule change to comply with the new requirement. In addition, 
Nasdaq will issue an Options Trader Alert to members explaining the new 
requirement and providing notice of the compliance date.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Securities Exchange Act of 
1934, in general and with Section 6(b)(5) of the Act, 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; and are not 
designed to permit unfair discrimination between customers, issuers, 
brokers, or dealers, or to regulate by virtue of any authority 
conferred by this title matters not related to the purposes of this 
title or the administration of the exchange. The proposed changes are 
consistent with the statute in that they are designed to facilitate 
transactions in options on the Nasdaq Options Market by minimizing 
counter-party risk and encouraging participants to provide liquidity in 
Quarterly Options Series.

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, the proposal 
is designed to enhance competition and is based upon the rules of 
another national securities exchange that trades standardized options.

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 foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \5\ and Rule 19b-
4(f)(6) thereunder.\6\ Nasdaq will make the proposed rule change 
operative 45 days from the date of filing this proposal.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(3)(A).
    \6\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NASDAQ-2008-067 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2008-067. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for inspection 
and copying in the Commission's Public Reference Room, 100 F Street, 
NE., Washington, DC 20549 on official business days between the hours 
of 10 a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at

[[Page 46670]]

Nasdaq's principal office. 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-2008-067, and should be submitted on or before September 2, 
2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-18383 Filed 8-8-08; 8:45 am]
BILLING CODE 8010-01-P