Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify Rule 7050 Governing Pricing for Nasdaq Members Using the NASDAQ Options Market (“NOM”), 8130-8132 [E9-3741]
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8130
Federal Register / Vol. 74, No. 34 / Monday, February 23, 2009 / Notices
jlentini on PROD1PC65 with NOTICES
contact the nearest field office of the
RRB to resolve the discrepancy. Once a
PRC is obtained from the RRB, the
requestor can apply for a PIN/Password
online. Once the PIN/Password has been
established, the requestor has access to
RRB Internet-based services. The RRB
estimates that approximately 9,756
requests for PRC’s and 9,756 PIN/
Passwords are established annually and
that it takes 5 minutes per response to
secure a PRC and 1.5 minutes to
establish a PIN/Password. Two
responses are requested of each
respondent and completion is
voluntary. However, the RRB will be
unable to provide a PRC or allow a
requestor to establish a PIN/Password
(thereby denying system access), if the
requests are not completed. The RRB
proposes no changes to the PRC and
PIN/Password screens.
The RRB invites comments on the
proposed collection of information to
determine: (1) The practical utility of
the collection; (2) the accuracy of the
estimated burden of the collection; (3)
ways to enhance the quality, utility and
clarity of the information that is the
subject of collection; and (4) ways to
minimize the burden of collections on
respondents, including the use of
automated collection techniques or
other forms of information technology.
Comments to RRB or OIRA must contain
the OMB control number of the ICR. For
proper consideration of your comments,
it is best if RRB and OIRA receive them
within 30 days of publication date.
Previous Requests for Comments: The
RRB has already published the initial
60-day notice (73 FR 78399 on
December 22, 2008) required by 44
U.S.C. 3506(c)(2). That request elicited
no comments.
Information Collection Request (ICR)
Title: Request for Internet Services.
OMB Control Number: 3220–0198.
Form(s) submitted: N/A.
Type of request: Extension of a
currently approved collection.
Affected public: Individuals or
households.
Abstract: The Railroad Retirement
Board collects information needed to
provide customers with the ability to
request a Password Request Code and
subsequently, to establish an individual
PIN/Password, the initial steps in
providing the option of conducting
transactions with the RRB on a routine
basis through the Internet.
Changes Proposed: The RRB proposes
no changes to the PRC and PIN/
Password screens.
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16:31 Feb 20, 2009
Jkt 217001
The burden estimate for the ICR is as
follows:
Estimated annual number of
respondents: 9,756.
Total annual responses: 19,512.
Total annual reporting hours: 1,057.
Additional Information or Comments:
Copies of the screens and supporting
documents can be obtained by
contacting Charles Mierzwa, the agency
clearance officer, at (312–751–3363) or
Charles.Mierzwa@rrb.gov.
Comments regarding the information
collection should be addressed to
Ronald J. Hodapp, Railroad Retirement
Board, 844 North Rush Street, Chicago,
Illinois 60611–2092 or
Ronald.Hodapp@rrb.gov and to the
OMB Desk Officer for the RRB, at the
Office of Management and Budget,
Room 10230, New Executive Office
Building, Washington, DC 20503.
Charles Mierzwa,
Clearance Officer.
[FR Doc. E9–3770 Filed 2–20–09; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59273; File No. SR–FINRA–
2008–067]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing of
Proposed Rule Change to Adopt Rules
Governing Financial Responsibility in
the Consolidated FINRA Rulebook
Correction
In notice document E9–1807
beginning on page 4992 in the issue of
Wednesday, January 28, 2009 make the
following correction:
On page 4992, in the third column,
under the subject paragraph the date
‘‘January 22, 2009’’ should appear.
[FR Doc. Z9–1807 Filed 2–20–08; 8:45 am]
BILLING CODE 1505–01–D
PO 00000
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59405; File No. SR–
NASDAQ–2009–008]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change to Modify
Rule 7050 Governing Pricing for
Nasdaq Members Using the NASDAQ
Options Market (‘‘NOM’’)
February 13, 2009.
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 February
5, 2009, The NASDAQ Stock Market
LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III, below, which Items
have been prepared by the Exchange.
Nasdaq has filed this proposal 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 applicable only to
members, 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 has filed a proposed rule
change to modify Rule 7050 governing
pricing for Nasdaq members using the
NASDAQ Options Market (‘‘NOM’’),
Nasdaq’s facility for executing and
routing standardized equity and index
options. Proposed new language is
italicized; proposed deletions are in
brackets.5
*
*
*
*
*
7050. NASDAQ Options Market
The following charges shall apply to
the use of the order execution and
routing services of the NASDAQ
Options Market by members for all
securities that it trades.
(1) Fees for Execution of Contracts on
the NASDAQ Options Market
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
5 Changes are marked to the rule text that appears
in the electronic manual of Nasdaq found at
https://nasdaqomx.cchwallstreet.com.
2 17
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Federal Register / Vol. 74, No. 34 / Monday, February 23, 2009 / Notices
Except as specified below, the charge to member entering order that executes in the
NASDAQ Options Market.
For a pilot period ending July 31, 2009, charge for members or non-members entering order
via the Options Intermarket Linkage that executes in the Nasdaq Options Market.
Charge to members entering orders in options on QQQQ, SPY, DIA, [and] IWM, AAPL,
BAC, C, GS, JPM, RIMM, XLE, XLF, and XOM with an account type ‘‘Customer’’ that executes and remove liquidity entered by another member.
Credit to member providing liquidity through the NASDAQ Options Market: .........................
Credit to member providing liquidity using price-improving orders through the NASDAQ
Options Market:
*
(2)–(4) 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. The Exchange has
prepared summaries, set forth in
sections A, B, and C below, of the most
significant aspects of such statements.
jlentini on PROD1PC65 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Nasdaq is proposing to lower the fee
for the execution of options contracts for
certain orders in certain options on the
NASDAQ Options Market (‘‘NOM’’). On
January 12, 2009, Nasdaq began
permitting orders with an account type
of ‘‘Customer’’ to take liquidity 6 for free
in certain options. Nasdaq applied the
new fee provision to options on four
exchange-traded funds: QQQQ, SPY,
DIA, and IWM. That proposal
accomplished its goal of attracting
liquidity to the Nasdaq Options Market.
Accordingly, Nasdaq now proposes to
expand the application of that rule to
additional options classes. Specifically,
Nasdaq is proposing to apply the new
fee provision to options on the
following equities: AAPL, BAC, C, GS,
JPM, RIMM, XLE, XLF, and XOM.
Nasdaq will monitor the trading of
options on these equities to ensure that
the proposal is operating in a fashion
that promotes the interests of investors.
To ensure that this reduction applies
only to customers, the fee reduction will
apply only when a customer order
entered by one member takes liquidity
provided by a different member. When
a trade occurs in an included options
6 An order that takes liquidity is one that is
entered into NOM and that executes against an
order resting on the NOM book.
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class and the trade involves a customer
removing liquidity that has been
provided by the same broker dealer, the
customer side of the transaction will be
charged the standard rate for removing
liquidity. For example, if participant A
enters an order and then participant A
accesses that liquidity with an order
with an account type of ‘‘Customer’’, the
‘‘Customer’’ order is still charged $0.45
per executed contract.
This proposed rule change does not
impact the liquidity provider rebates set
forth in Nasdaq Rule 7050. Nor does it
impact the fees assessed for orders
executed in the Opening and Closing
Crosses, or those orders routed to away
markets.
Nasdaq believes that the proposed
fees are competitive, fair and
reasonable, and non-discriminatory in
that they apply equally to all members
and customers. As with all fees, Nasdaq
may adjust these proposed fees in
response to competitive conditions by
filing a new proposed rule change.
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
Nasdaq operates or controls. As the
seventh options market in the national
market system, Nasdaq’s fees must be
competitive and low in order for Nasdaq
to attract order flow, execute orders, and
grow as a market. Nasdaq believes that
its fees are fair and reasonable and
consistent with the Exchange Act.
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 has designed its fees to
compete effectively for the execution of
7 15
8 15
PO 00000
U.S.C. 78f.
U.S.C. 78f(b)(4).
Frm 00080
Fmt 4703
$0.45 per executed contract.
$0.45 per executed contract.
No fee.
$0.30 per executed contract.
$0.35 per executed contract.
options contracts and to reduce the
overall cost to investors of options
trading.
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
Pursuant to Section 19(b)(3)(A)(ii) of
the Act 9 and Rule 19b–4(f)(2)
thereunder,10 Nasdaq has designated
this proposal as establishing or changing
a due, fee, or other charge applicable
only to members, which renders the
proposed rule change effective upon
filing. Nasdaq will make the proposed
pricing schedule operational on
February 9, 2009.
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–2009–008 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
9 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
10 17
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8132
Federal Register / Vol. 74, No. 34 / Monday, February 23, 2009 / Notices
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2009–008. 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–
NASDAQ–2009–008 and should be
submitted on or before March 16, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–3741 Filed 2–20–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59407; File No. SR–BX–
2009–008]
jlentini on PROD1PC65 with NOTICES
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
of Proposed Rule Change Allowing
Entry of Orders Into the PIP at a Price
Matching the National Best Bid or Offer
February 13, 2009.
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 February
9, 2009, NASDAQ OMX BX, Inc. (the
‘‘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
prepared by the Exchange. 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
The Exchange proposes to amend
Chapter V, Section 18 (Price
Improvement Period) (‘‘PIP’’) of the
Rules of the Boston Options Exchange
Group, LLC (‘‘BOX’’) to allow Options
Participants to enter orders into the PIP
at a price that matches the national best
bid or offer (‘‘NBBO’’). The text of the
proposed rule change is available from
the principal office of the Exchange, at
the Commission’s Public Reference
Room and also on the Exchange’s
Internet Web site at https://nasdaqtrader.
com/Trader.aspx?id=Boston_Stock_
Exchange.
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
The purpose of this proposal is to
expand the applicability of BOX’s PIP
auction.3 The PIP currently allows
Options Participants to enter two-sided
orders for execution at a price that
improves upon the NBBO. The customer
side of these orders (‘‘PIP Order’’) is
then exposed to all market participants
to give them an opportunity to
participate in the trade at the proposed
cross price or better. This provides an
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See BOX Rules Chapter V, Section 18(e).
2 17
11 17
CFR 200.30–3(a)(12).
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16:31 Feb 20, 2009
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opportunity for the PIP Order to receive
additional price improvement. BOX
proposes to extend the application of
the PIP to permit an Options Participant
to enter an order (‘‘Improvement
Order’’) into the PIP at a price that is
equal to the NBBO when BOX’s best bid
or offer (‘‘BOX BBO’’) is equal or
inferior to the NBBO.4 This will allow
Options Participants to guarantee
execution of their customer orders on
BOX at a price that is at least as good
as the NBBO, while providing the
additional opportunity for price
improvement over the NBBO.
PIP Orders are submitted to BOX with
a matching guaranteed contra order, the
‘‘Primary Improvement Order’’, equal to
the full size of the PIP Order. Under the
proposal, the Primary Improvement
Order must represent a price that is
equal to or better than that of the NBBO
at the time of the commencement of the
PIP.5 BOX will commence a PIP by
broadcasting a message to all
Participants that (1) states that a Primary
Improvement Order has been processed;
(2) contains information concerning
series, size, price and side of the market,
and; (3) states when the PIP will
conclude (‘‘PIP Broadcast’’). At the
commencement of the PIP, in order to
maintain the price/time priority of any
orders on the BOX Book, BOX proposes
that all quotes and orders on the BOX
Book prior to the PIP Broadcast that are
equal to or better than the Primary
Improvement Order price (i.e. the PIP
start price), except any proprietary
quote or order from the Options
Participant who submitted the Primary
Improvement Order, will be
immediately executed against the PIP
Order in price/time priority.6
In addition, such proprietary quote or
order shall not be executed against the
PIP Order during the PIP. However,
these proprietary quotes or orders will
continue to be available for execution
with all other types of quotes and orders
as currently permissible under BOX
Rules. At the conclusion of the PIP, the
PIP Order shall be matched against the
best prevailing quote(s) 7 or order(s) on
4 Similarly, ISE Rule 723 permits ISE members to
enter an order into the PIM at a price that is equal
to the NBBO when the ISE’s best bid or offer is
inferior to the NBBO. See Securities Exchange Act
Release No. 57847 (May 21, 2008), 73 FR 30987
(May 29, 2008) (SR–ISE–2008–29).
5 See proposed BOX Rules Chapter V, Section
18(e).
6 See proposed BOX Rules Chapter V, Section
18(e)(i). Orders on the BOX Book will include AAO
Limit Orders on the BOX Book. The AAO will
immediately execute against the PIP Order at the
AAO Limit Order Price (i.e. the displayed price at
the minimum trading increment).
7 The proposal will also clarify that the PIP Order
currently executes with the best prevailing order(s)
and quote(s) on BOX.
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]]>Agencies
[Federal Register Volume 74, Number 34 (Monday, February 23, 2009)]
[Notices]
[Pages 8130-8132]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-3741]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59405; File No. SR-NASDAQ-2009-008]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change to Modify Rule 7050 Governing
Pricing for Nasdaq Members Using the NASDAQ Options Market (``NOM'')
February 13, 2009.
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 February 5, 2009, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III, below, which Items have been prepared by the
Exchange. Nasdaq has filed this proposal 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 applicable only to members, 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq has filed a proposed rule change to modify Rule 7050
governing pricing for Nasdaq members using the NASDAQ Options Market
(``NOM''), Nasdaq's facility for executing and routing standardized
equity and index options. Proposed new language is italicized; proposed
deletions are in brackets.\5\
---------------------------------------------------------------------------
\5\ Changes are marked to the rule text that appears in the
electronic manual of Nasdaq found at https://
nasdaqomx.cchwallstreet.com.
---------------------------------------------------------------------------
* * * * *
7050. NASDAQ Options Market
The following charges shall apply to the use of the order execution
and routing services of the NASDAQ Options Market by members for all
securities that it trades.
(1) Fees for Execution of Contracts on the NASDAQ Options Market
[[Page 8131]]
Except as specified below, the charge to $0.45 per executed
member entering order that executes in the contract.
NASDAQ Options Market.
For a pilot period ending July 31, 2009, $0.45 per executed
charge for members or non-members entering contract.
order via the Options Intermarket Linkage
that executes in the Nasdaq Options Market.
Charge to members entering orders in options No fee.
on QQQQ, SPY, DIA, [and] IWM, AAPL, BAC, C,
GS, JPM, RIMM, XLE, XLF, and XOM with an
account type ``Customer'' that executes and
remove liquidity entered by another member.
Credit to member providing liquidity through $0.30 per executed
the NASDAQ Options Market:. contract.
Credit to member providing liquidity using $0.35 per executed
price-improving orders through the NASDAQ contract.
Options Market:
(2)-(4) 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. 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 is proposing to lower the fee for the execution of options
contracts for certain orders in certain options on the NASDAQ Options
Market (``NOM''). On January 12, 2009, Nasdaq began permitting orders
with an account type of ``Customer'' to take liquidity \6\ for free in
certain options. Nasdaq applied the new fee provision to options on
four exchange-traded funds: QQQQ, SPY, DIA, and IWM. That proposal
accomplished its goal of attracting liquidity to the Nasdaq Options
Market.
---------------------------------------------------------------------------
\6\ An order that takes liquidity is one that is entered into
NOM and that executes against an order resting on the NOM book.
---------------------------------------------------------------------------
Accordingly, Nasdaq now proposes to expand the application of that
rule to additional options classes. Specifically, Nasdaq is proposing
to apply the new fee provision to options on the following equities:
AAPL, BAC, C, GS, JPM, RIMM, XLE, XLF, and XOM. Nasdaq will monitor the
trading of options on these equities to ensure that the proposal is
operating in a fashion that promotes the interests of investors.
To ensure that this reduction applies only to customers, the fee
reduction will apply only when a customer order entered by one member
takes liquidity provided by a different member. When a trade occurs in
an included options class and the trade involves a customer removing
liquidity that has been provided by the same broker dealer, the
customer side of the transaction will be charged the standard rate for
removing liquidity. For example, if participant A enters an order and
then participant A accesses that liquidity with an order with an
account type of ``Customer'', the ``Customer'' order is still charged
$0.45 per executed contract.
This proposed rule change does not impact the liquidity provider
rebates set forth in Nasdaq Rule 7050. Nor does it impact the fees
assessed for orders executed in the Opening and Closing Crosses, or
those orders routed to away markets.
Nasdaq believes that the proposed fees are competitive, fair and
reasonable, and non-discriminatory in that they apply equally to all
members and customers. As with all fees, Nasdaq may adjust these
proposed fees in response to competitive conditions by filing a new
proposed rule change.
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 Nasdaq operates or controls. As the seventh options market in the
national market system, Nasdaq's fees must be competitive and low in
order for Nasdaq to attract order flow, execute orders, and grow as a
market. Nasdaq believes that its fees are fair and reasonable and
consistent with the Exchange Act.
---------------------------------------------------------------------------
\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. To the contrary, Nasdaq has
designed its fees to compete effectively for the execution of options
contracts and to reduce the overall cost to investors of options
trading.
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
Pursuant to Section 19(b)(3)(A)(ii) of the Act \9\ and Rule 19b-
4(f)(2) thereunder,\10\ Nasdaq has designated this proposal as
establishing or changing a due, fee, or other charge applicable only to
members, which renders the proposed rule change effective upon filing.
Nasdaq will make the proposed pricing schedule operational on February
9, 2009.
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\9\ 15 U.S.C. 78s(b)(3)(A)(ii).
\10\ 17 CFR 240.19b-4(f)(2).
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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 rule-comments@sec.gov. Please include
File Number SR-Nasdaq-2009-008 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary,
[[Page 8132]]
Securities and Exchange Commission, 100 F Street, NE., Washington, DC
20549-1090.
All submissions should refer to File Number SR-NASDAQ-2009-008. 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-
NASDAQ-2009-008 and should be submitted on or before March 16, 2009.
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\11\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-3741 Filed 2-20-09; 8:45 am]
BILLING CODE 8011-01-P
