Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Fees for Access to the Clearly Erroneous Functionality of the Nasdaq Regulation Reconnaissance Service, 61181-61183 [E8-24375]
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Federal Register / Vol. 73, No. 200 / Wednesday, October 15, 2008 / Notices
2. Statutory Basis
Electronic Comments
The Exchange believes that its
proposal to amend its schedule of fees
is consistent with Section 6(b) of the
Act 8 in general, and furthers the
objectives of Section 6(b)(4) of the Act 9
in particular, in that it is an equitable
allocation of reasonable fees and other
charges among Exchange members. The
Exchange believes that updating its fee
schedules to delete the above-referenced
fee will more accurately reflect the fees
that are currently assessed by the
Exchange, which should, in turn, help
to eliminate any member confusion as to
which fees apply. Additionally,
members who were assessed any of the
applicable fees set forth above, such as
the fees relating to telephone access to
the floor, should benefit financially
from the elimination of these fees.
• 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–Phlx–2008–71 on the
subject line.
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 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
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 10 and
paragraph (f)(2) of Rule 19b–4 11
thereunder. 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.
jlentini on PROD1PC65 with NOTICES
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:
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–Phlx–2008–71. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing will also be available
for inspection and copying at the
principal office of the self-regulatory
organization. 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–Phlx–
2008–71 and should be submitted on or
before November 5, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–24365 Filed 10–14–08; 8:45 am]
BILLING CODE 8011–01–P
8 15
U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(4).
10 15 U.S.C. 78s(b)(3)(A)(ii).
11 17 CFR 240.19b–4(f)(2).
VerDate Aug<31>2005
18:32 Oct 14, 2008
12 17
Jkt 217001
PO 00000
CFR 200.30–3(a)(12).
Frm 00165
Fmt 4703
Sfmt 4703
61181
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58752; File No. SR–
NASDAQ–2008–080]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Regarding
Fees for Access to the Clearly
Erroneous Functionality of the Nasdaq
Regulation Reconnaissance Service
October 8, 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 October
6, 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. Pursuant to
Section 19(b)(3)(A)(ii) of the Act 3 and
Rule 19b–4(f)(2) thereunder,4 Nasdaq
has designated this proposal as
establishing or changing a due, fee, or
other charge, which renders the
proposed rule change effective upon
filing.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes to establish fees for
access to the Clearly Erroneous
functionality provided by the Nasdaq
Regulation Reconnaissance Service.
The text of the proposed rule change
is below. Proposed new language is in
italics.5
*
*
*
*
*
7041. Nasdaq Regulation
Reconnaissance Service
(a) No change.
(b) The Clearly Erroneous Viewer will
be available to non-Regulation
Reconnaissance Service subscribers for
a subscription fee of $100 per MPID, per
month.
*
*
*
*
*
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii)
4 17 C.F.R. 240.19b–4(f)(2).
5 Changes are marked to the rule text that appears
in the electronic NASDAQ Manual found at http:
//nasdaqomx.cchwallstreet.com.
2 17
E:\FR\FM\15OCN1.SGM
15OCN1
61182
Federal Register / Vol. 73, No. 200 / Wednesday, October 15, 2008 / Notices
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
jlentini on PROD1PC65 with NOTICES
1. Purpose
Nasdaq proposes to establish fees for
limited access to the Clearly Erroneous
Module of the Nasdaq Regulation
Reconnaissance Service (‘‘Reg Recon’’).
Reg Recon is currently available as an
add-on to the Nasdaq Workstation and
Weblink ACT 2.0. Reg Recon includes a
Clearly Erroneous Module, which gives
a subscribing firm real-time alerts when
the firm has potentially erroneous
trades.
The Clearly Erroneous Module also
offers Reg Recon subscribers an
automated filing functionality, whereby
a user can select their erroneous trades
and electronically file them with
Nasdaq’s Market Watch Department in
lieu of locating the form on the Nasdaq
Web site and manually entering in all of
the required information.
Nasdaq proposes to offer access to the
Clearly Erroneous Module through the
Clearly Erroneous Viewer, which will
provide users with the same
functionality as the Clearly Erroneous
Module without having to pay for the
full suite of functionality provided by
the Nasdaq Workstation and Weblink
ACT 2.0. Regulation NMS monitoring is
typically conducted by a small number
of people within a firm’s compliance
group, and often requires look-ups in
ACT and/or Time and Sales, both of
which are offered by Nasdaq
Workstation and Weblink ACT 2.0.
Responsibility for a firm’s clearly
erroneous filings, however, is typically
spread out across a much larger group
of individuals at a firm. These
individuals do not need the additional
functionality that is provided by the
Nasdaq Workstation or Weblink 2.0, yet
to access the Clearly Erroneous Module
firms must pay the full amount for the
Nasdaq Workstation or Weblink ACT
2.0, currently $475 per user, per month
VerDate Aug<31>2005
18:32 Oct 14, 2008
Jkt 217001
and $375 per month, respectively.6 As
such, Nasdaq is proposing to offer the
Clearly Erroneous viewer for a
subscription fee of $100 per user, per
month. The proposed fee will cover the
costs associated with establishing the
service, responding to customer
requests, configuring Nasdaq’s systems,
programming to user specifications, and
administering the service, among other
things.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,7 in
general, and with Section 6(b)(4) of the
Act,8 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 the
Nasdaq operates or controls, and it does
not unfairly discriminate between
customers, issuers, brokers or dealers.
Use of the Clearly Erroneous Viewer is
voluntary and the subscription fees will
be imposed on all purchasers equally.
The proposed fees will cover the costs
associated with establishing the service,
responding to customer requests,
configuring Nasdaq’s systems,
programming to user specifications, and
administering the service, among other
things.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 9 and
subparagraph (f)(2) of Rule 19b–4
thereunder.10 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
6 Weblink users with up to an average of twenty
transactions per day each month are charged a fee
of $200 per month.
7 15 U.S.C. 78f.
8 15 U.S.C. 78f(b)(4).
9 15 U.S.C. 78s(b)(3)(A)(ii).
10 17 CFR 240.19b–4(f)(2).
PO 00000
Frm 00166
Fmt 4703
Sfmt 4703
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–2008–080 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–2008–080. 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 on official business days between
the hours of 10 a.m. and 3 p.m. Copies
of such filing also will be available for
inspection and copying at the principal
office of Nasdaq. All comments received
will be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NASDAQ–2008–080 and should be
submitted on or before November 5,
2008.
E:\FR\FM\15OCN1.SGM
15OCN1
Federal Register / Vol. 73, No. 200 / Wednesday, October 15, 2008 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–24375 Filed 10–14–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58732; File No. SR–NYSE–
2008–99]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by New York
Stock Exchange LLC To Extend Until
January 9, 2009, the Operation of
Interim NYSE Rule 128 (‘‘Clearly
Erroneous Executions for NYSE
Equities’’) Which Permits the
Exchange To Cancel or Adjust Clearly
Erroneous Executions if They Rise Out
of the Use or Operation of Any
Quotation, Execution or
Communication System Owned or
Operated by the Exchange, Including
Those Executions That Occur in the
Event of a System Disruption or
System Malfunction
October 3, 2008.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on October
1, 2008, New York Stock Exchange LLC
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’ or
‘‘SEC’’) the proposed rule change as
described in Items I and II below, which
Items have been prepared by the selfregulatory organization. NYSE
designated the proposed rule change as
‘‘non-controversial’’ under Section
19(b)(3)(A)(iii) of the Act 4 and Rule
19b–4(f)(6) thereunder,5 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
jlentini on PROD1PC65 with NOTICES
The Exchange proposes to extend
until January 9, 2009, the operation of
interim NYSE Rule 128 (‘‘Clearly
Erroneous Executions for NYSE
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(3)(A)(iii).
5 17 CFR 240.19b–4(f)(6).
18:32 Oct 14, 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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to extend
until January 9, 2009, the operation of
interim NYSE Rule 128 (‘‘Clearly
Erroneous Executions for NYSE
Equities’’) which permits the Exchange
to cancel or adjust clearly erroneous
executions if they arise out of the use or
operation of any quotation, execution or
communication system owned or
operated by the Exchange, including
those executions that occur in the event
of a system disruption or system
malfunction.
Prior to the implementation of NYSE
Rule 128 on January 28, 2008,6 the
NYSE did not have a rule providing the
Exchange with the authority to cancel or
adjust clearly erroneous trades of
securities executed on or through the
systems and facilities of the NYSE.
In order for the NYSE to be consistent
with other national securities exchanges
which have some version of a clearly
erroneous execution rule, the Exchange
is drafting an amended clearly
erroneous rule which will accommodate
such other exchanges but will be
appropriate for the NYSE market model.
The NYSE notes that the Commission
approved an amended clearly erroneous
execution rule for Nasdaq in May 2008.7
6 See Securities Exchange Act Release No. 57323
(February 13, 2008), 73 FR 9371 (February 20, 2008)
(SR–NYSE–2008–09).
7 See Securities Exchange Act Release No. 57826
(May 15, 2008), 73 FR 29802 (May 22, 2008) (SR–
NASDAQ–2007–001).
1 15
VerDate Aug<31>2005
Equities’’) which permits the Exchange
to cancel or adjust clearly erroneous
executions if they arise out of the use or
operation of any quotation, execution or
communication system owned or
operated by the Exchange, including
those executions that occur in the event
of a system disruption or system
malfunction.
Jkt 217001
PO 00000
Frm 00167
Fmt 4703
Sfmt 4703
61183
On July 28, 2008, the Exchange filed
with the SEC a request to extend the
operation of interim Rule 128 until
October 1, 2008 8 in order to review the
provisions of Nasdaq’s clearly erroneous
rule and to consider integrating similar
standards into its own amendment to
Rule 128. The Exchange has not
finalized its review of Nasdaq’s
amended rule and the possible proposed
amendment of Rule 128 and is,
therefore, requesting to extend the
operation of interim Rule 128 until
January 9, 2009. Prior to January 9,
2009, the Exchange intends to file a
19b–4 rule change amending interim
Rule 128, which, if approved by the
SEC, will be effective after January 9,
2009.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with and
furthers the objectives of Section 6(b)(5)
of the Act,9 in that it is designed to
prevent fraudulent and manipulative
practices, 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.
As articulated more fully above, the
proposed rule would place the NYSE on
equal footing with other national
securities exchanges. This will promote
the integrity of the market and protect
the public interest, since it would
permit all exchanges to cancel or adjust
clearly erroneous or trades when such
trades occur, rather than canceling them
on all other markets, but leaving them
standing on only one market.
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
No written comments were solicited
or received with respect to the proposed
rule change.
8 See Securities Exchange Act Release No. 58328
(August 8, 2008), 73 FR 47247 (August 13, 2008)
(SR–NYSE–2008–63).
9 15 U.S.C. 78f(b)(5).
E:\FR\FM\15OCN1.SGM
15OCN1
]]>Agencies
[Federal Register Volume 73, Number 200 (Wednesday, October 15, 2008)]
[Notices]
[Pages 61181-61183]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-24375]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58752; File No. SR-NASDAQ-2008-080]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Regarding Fees for Access to the Clearly Erroneous Functionality of the
Nasdaq Regulation Reconnaissance Service
October 8, 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 October 6, 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. Pursuant to Section 19(b)(3)(A)(ii) of
the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ Nasdaq has designated
this proposal as establishing or changing a due, fee, or other charge,
which renders the proposed rule change effective upon filing.
---------------------------------------------------------------------------
\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 C.F.R. 240.19b-4(f)(2).
---------------------------------------------------------------------------
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq proposes to establish fees for access to the Clearly
Erroneous functionality provided by the Nasdaq Regulation
Reconnaissance Service.
The text of the proposed rule change is below. Proposed new
language is in italics.\5\
---------------------------------------------------------------------------
\5\ Changes are marked to the rule text that appears in the
electronic NASDAQ Manual found at http: //
nasdaqomx.cchwallstreet.com.
---------------------------------------------------------------------------
* * * * *
7041. Nasdaq Regulation Reconnaissance Service
(a) No change.
(b) The Clearly Erroneous Viewer will be available to non-
Regulation Reconnaissance Service subscribers for a subscription fee of
$100 per MPID, per month.
* * * * *
[[Page 61182]]
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 proposes to establish fees for limited access to the Clearly
Erroneous Module of the Nasdaq Regulation Reconnaissance Service (``Reg
Recon''). Reg Recon is currently available as an add-on to the Nasdaq
Workstation and Weblink ACT 2.0. Reg Recon includes a Clearly Erroneous
Module, which gives a subscribing firm real-time alerts when the firm
has potentially erroneous trades.
The Clearly Erroneous Module also offers Reg Recon subscribers an
automated filing functionality, whereby a user can select their
erroneous trades and electronically file them with Nasdaq's Market
Watch Department in lieu of locating the form on the Nasdaq Web site
and manually entering in all of the required information.
Nasdaq proposes to offer access to the Clearly Erroneous Module
through the Clearly Erroneous Viewer, which will provide users with the
same functionality as the Clearly Erroneous Module without having to
pay for the full suite of functionality provided by the Nasdaq
Workstation and Weblink ACT 2.0. Regulation NMS monitoring is typically
conducted by a small number of people within a firm's compliance group,
and often requires look-ups in ACT and/or Time and Sales, both of which
are offered by Nasdaq Workstation and Weblink ACT 2.0. Responsibility
for a firm's clearly erroneous filings, however, is typically spread
out across a much larger group of individuals at a firm. These
individuals do not need the additional functionality that is provided
by the Nasdaq Workstation or Weblink 2.0, yet to access the Clearly
Erroneous Module firms must pay the full amount for the Nasdaq
Workstation or Weblink ACT 2.0, currently $475 per user, per month and
$375 per month, respectively.\6\ As such, Nasdaq is proposing to offer
the Clearly Erroneous viewer for a subscription fee of $100 per user,
per month. The proposed fee will cover the costs associated with
establishing the service, responding to customer requests, configuring
Nasdaq's systems, programming to user specifications, and administering
the service, among other things.
---------------------------------------------------------------------------
\6\ Weblink users with up to an average of twenty transactions
per day each month are charged a fee of $200 per month.
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\7\ in general, and with Section
6(b)(4) of the Act,\8\ 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 the Nasdaq operates or controls, and it does not unfairly
discriminate between customers, issuers, brokers or dealers. Use of the
Clearly Erroneous Viewer is voluntary and the subscription fees will be
imposed on all purchasers equally. The proposed fees will cover the
costs associated with establishing the service, responding to customer
requests, configuring Nasdaq's systems, programming to user
specifications, and administering the service, among other things.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Nasdaq does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \9\ and subparagraph (f)(2) of Rule 19b-4
thereunder.\10\ 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\ 15 U.S.C. 78s(b)(3)(A)(ii).
\10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NASDAQ-2008-080 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-2008-080. 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 on official
business days between the hours of 10 a.m. and 3 p.m. Copies of such
filing also will be available for inspection and copying at the
principal office of Nasdaq. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NASDAQ-2008-080 and should be submitted on or before
November 5, 2008.
[[Page 61183]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-24375 Filed 10-14-08; 8:45 am]
BILLING CODE 8011-01-P
