Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving Proposed Rule Change as Modified by Amendment No. 1 Thereto To Establish the Nasdaq Daily Share Volume Service and To Establish Fees for the Service, 12169-12170 [E9-6147]
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Federal Register / Vol. 74, No. 54 / Monday, March 23, 2009 / Notices
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,33 that the
proposed rule change (SR–NASDAQ–
2006–056), as modified by Amendment
No. 2 be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.34
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–6146 Filed 3–20–09; 8:45 am]
BILLING CODE
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59580; File No. SR–
NASDAQ–2007–006]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Order
Approving Proposed Rule Change as
Modified by Amendment No. 1 Thereto
To Establish the Nasdaq Daily Share
Volume Service and To Establish Fees
for the Service
March 13, 2009.
On February 7, 2007, The NASDAQ
Stock Market LLC (‘‘Nasdaq’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to establish the Nasdaq Daily
Share Volume Service (‘‘Service’’) and
to establish fees for the Service. The
Service will provide the volume of
shares traded each day by issue for
participating market participants on a
T+1 basis. The volume data will consist
of trades from the Nasdaq Execution
System.3 Subscribers will have File
Transfer Protocol (‘‘FTP’’) access to the
full underlying data set to create custom
reports. Subscribers will also be able to
redistribute the data, although the
subscriber will be required to enter into
a distributor agreement.
Nasdaq proposes to charge $2,500 per
month for the Service. Participation by
eligible market participants will be
voluntary, and eligible market
participants who choose to participate
will be able to decide whether to
33 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Nasdaq also proposed to include internalized
prints from the FINRA/Nasdaq Trade Reporting
Facility (‘‘TRF’’) in the Service. However, as part of
Amendment No. 1, Nasdaq has represented that it
will not include any TRF data in the Service until
FINRA has submitted a separate filing to include
TRF data in the Service, and the Commission has
acted favorably upon that filing. See note 5 infra.
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34 17
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15:28 Mar 20, 2009
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advertise their trade volume by market
participant ID code and issue.
The proposed rule change was
published in the Federal Register on
March 16, 2007.4 The Commission
received no comments on the proposal.
On March 6, 2009, Nasdaq filed
Amendment No. 1 to the proposed rule
change.5
The Commission has reviewed
carefully the proposed rule change and
finds that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange 6 and, in particular,
Section 6(b)(4) of the Act,7 which
requires, among other things, that
Nasdaq’s rules provide for the equitable
allocation of reasonable dues, fees and
other charges among members and
issuers and other persons using any
facility or system which Nasdaq
operates or controls. The Commission
also finds that the proposed rule change
is consistent with Section 6(b)(5) of the
Act,8 which requires, among other
things, that Nasdaq’s rules are not
designed to unfairly discriminate
between customers, issuers, brokers or
dealers.
The Commission finds that the
proposed rule change is consistent with
these statutory standards. Use of the
Service is optional, and the fee
associated with the Service will be
imposed on all subscribers equally. The
fee for the Service is intended to cover
the costs of establishing and
maintaining the Service.9
In addition, the proposal meets the
criteria, formulated by the
Commission 10 in connection with the
petition filed by NetCoalition,11 for
approval of proposed rule changes
4 See Securities Exchange Act Release No. 55444
(March 12, 2007), 72 FR 12648 (‘‘Notice’’).
5 In Amendment No. 1, Nasdaq clarified certain
aspects of the Service. For example, Nasdaq noted
that it will not include any data in the Service that
is received from the FINRA/Nasdaq TRF until
FINRA has submitted a separate filing to include
TRF data in the Service, and the Commission has
acted favorably upon that filing. Nasdaq also noted
that it is eliminating the individual access fee for
web subscribers from the Service, and deleted the
corresponding portion of the proposed rule text.
Because the Amendment is technical in nature, it
is not subject to notice and comment.
6 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
7 15 U.S.C. 78f(b)(4).
8 15 U.S.C. 78f(b)(5).
9 See Notice at 12649.
10 See Securities Exchange Act Release No. 59039
(December 2, 2008), 73 FR 74770 (December 9,
2008) (SR–NYSEArca–2006–21).
11 See Securities Exchange Act Release No. 55011
(December 27, 2006) (order granting petition for
review of SR–NYSEArca–2006–21).
PO 00000
Frm 00063
Fmt 4703
Sfmt 4703
12169
concerning the distribution of non-core
market data.12 In its order issued in
connection with the NetCoalition
petition, the Commission stated that
‘‘reliance on competitive forces is the
most appropriate and effective means to
assess whether the terms for the
distribution of non-core data are
equitable, fair and reasonable, and not
unreasonably discriminatory.’’ 13 As
such, the ‘‘existence of significant
competition provides a substantial basis
for finding that the terms of an
exchange’s fee proposal are equitable,
fair, reasonable, and not unreasonably
or unfairly discriminatory.’’ 14 If an
exchange ‘‘was subject to significant
competitive forces in setting the terms
of a proposal,’’ the proposal will be
approved unless the Commission
determines that ‘‘there is a substantial
countervailing basis to find that the
terms nevertheless fail to meet an
applicable requirement of the Exchange
Act or the rules thereunder.’’ 15
In its order approving NYSEArca–
2006–21, the Commission also stated
that the terms of a proposed rule change
to distribute market data for which the
exchange is the exclusive processor
must provide for an equitable allocation
of fees under Section 6(b)(4) of the
Act,16 not be designed to permit unfair
discrimination under Section 6(b)(5) of
the Act,17 be fair and reasonable under
Rule 603(a)(1),18 and not be
unreasonably discriminatory under Rule
603(a)(2).19 If the proposal involves
non-core market data, an analysis of
competitive forces may be used, and
that analysis will apply to findings
12 The Commission’s order distinguishes between
core market data, which is defined as ‘‘the bestpriced quotations and last sale information of all
markets in U.S.-listed equities that Commission
rules require to be consolidated and distributed to
the public by a single central processor,’’ and noncore market data. See 73 FR at 74771. Because the
Service, which provides daily traded share volume
for trades executed by, or reported to, Nasdaq
systems, does not involve core market data, this
proposed rule change is properly categorized as a
non-core market data proposal.
13 Id. at 74781.
14 Id. at 74781–82.
15 Id. at 74781. In approving NYSEArca–2006–21,
the Commission found that the proposed rule
change was consistent with Section 6(b)(4) of the
Act, 15 U.S.C. 78f(b)(4). See 73 FR at 74779. The
Commission also found that the proposal was
consistent with Section 6(b)(5) of the Act, 15 U.S.C.
78f(b)(5), Section 6(b)(8) of the Act, 15 U.S.C.
78f(b)(8), and Rule 603(a) of Regulation NMS, 17
CFR 242.603(a). See 73 FR at 74779. The
Commission noted that the presence of competitive
forces guided its analysis under both Section 6 of
the Act and Rule 603 of Regulation NMS. Id.
16 15 U.S.C. 78f(b)(4).
17 15 U.S.C. 78f(b)(5).
18 17 CFR 242.603(a)(1).
19 17 CFR 242.603(a)(2). See 73 FR at 74782.
E:\FR\FM\23MRN1.SGM
23MRN1
12170
Federal Register / Vol. 74, No. 54 / Monday, March 23, 2009 / Notices
under Section 6 of the Act, and to
findings under Rule 603.20
As noted above, use of the Service is
voluntary, and the fee for the Service
will be imposed equally on all
purchasers. In addition, vendors and
other exchanges currently make daily
broker volume reports available. For
example, the New York Stock Exchange
LLC (‘‘NYSE’’) provides a broker volume
report in a database format on a T+1
basis, which compiles the trading
volume of member firms based on trades
reported to NYSE.21 The cost of
receiving the Service is comparable to
the cost for receiving the NYSE broker
volume report.22
In formulating the terms of the
Service, Nasdaq was thus subject to
significant competitive forces—
specifically, the availability to market
participants of alternatives to
purchasing the Service. Because the
proposed Service here involves the
distribution of non-core market data,
and significant competitive forces are
present, the Service is thus consistent
with both Section 6(b)(4) 23 and Section
6(b)(5) of the Act,24 and with Rule
603(a).25 There is not a substantial
countervailing basis that would render
the proposal inconsistent with the Act
or the rules thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,26 that the
proposed rule change (SR–NASDAQ–
2007–006), as modified by Amendment
No. 1 be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.27
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–6147 Filed 3–20–09; 8:45 am]
BILLING CODE
SMALL BUSINESS ADMINISTRATION
[License No. 02/02–0535]
Argentum Capital Partners, LP; Notice
Seeking Exemption Under Section 312
of the Small Business Investment Act,
Conflicts of Interest
Notice is hereby given that Argentum
Capital Partners, LP, 60 Madison
Avenue, Suite 701, New York, NY
10010, a Federal Licensee under the
Small Business Investment Act of 1958,
as amended (‘‘the Act’’), in connection
with the financing of a small concern,
has sought an exemption under Section
312 of the Act and Section 107.730,
Financings which Constitute Conflicts
of Interest of the Small Business
Administration (‘‘SBA’’) Rules and
Regulations (13 CFR 107.730 (2009)).
Argentum Capital Partners, LP proposes
to provide a bridge loan to M Cubed
Technologies, Inc., 921 Main Street,
Monroe, CT 06468. The financing is
contemplated for working capital and
general corporate purposes.
The financing is brought within the
purview of § 107.730(a)(1) of the
Regulations because Argentum Capital
Partners II, LP, an Associate of
Argentum Capital Partners, LP, owns
more than ten percent of M Cubed
Technologies, Inc.
Therefore, this transaction is
considered a financing of an Associate
requiring an exemption. Notice is
hereby given that any interested person
may submit written comments on the
transaction within fifteen days of the
date of this publication to the Acting
Associate Administrator for Investment,
U.S. Small Business Administration,
409 Third Street, SW., Washington, DC
20416.
March 16, 2009.
Harry Haskins,
Acting Associate Administrator for
Investment.
[FR Doc. E9–6189 Filed 3–20–09; 8:45 am]
BILLING CODE
SOCIAL SECURITY ADMINISTRATION
20 See
73 FR at 74779.
https://www.nyxdata.com/page/584 (listing
of NYSE data products, including NYSE Broker
Volume Database).
22 Id.
23 15 U.S.C. 78f(b)(4).
24 15 U.S.C. 78f(b)(5).
25 17 CFR 242.603(a).
26 15 U.S.C. 78s(b)(2).
27 17 CFR 200.30–3(a)(12).
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21 See
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15:28 Mar 20, 2009
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Agency Information Collection
Activities: Proposed Request
The Social Security Administration
(SSA) publishes a list of information
collection packages requiring clearance
by the Office of Management and
Budget (OMB) in compliance with
Public Law (Pub. L.) 104–13, the
Paperwork Reduction Act of 1995,
PO 00000
Frm 00064
Fmt 4703
Sfmt 4703
effective October 1, 1995. This notice
includes a revision and extensions of
OMB-approved information collections.
SSA is soliciting comments on the
accuracy of the agency’s burden
estimate; the need for the information;
its practical utility; ways to enhance its
quality, utility, and clarity; and ways to
minimize the burden on respondents,
including the use of automated
collection techniques or other forms of
information technology. Mail, e-mail, or
fax your comments and
recommendations on the information
collection(s) to the OMB Desk Officer
and the SSA Reports Clearance Officer
to the addresses or fax numbers listed
below.
(OMB) Office of Management and
Budget, Attn: Desk Officer for SSA,
Fax: 202–395–6974, e-mail address:
OIRA_Submission@omb.eop.gov.
(SSA) Social Security Administration,
DCBFM, Attn: Reports Clearance
Officer, 1332 Annex Building, 6401
Security Blvd., Baltimore, MD 21235,
Fax: 410–965–6400, e-mail address:
OPLM.RCO@ssa.gov.
The information collections below are
pending at SSA. SSA will submit them
to OMB within 60 days from the date of
this notice. To be sure that we consider
your comments, we must receive them
no later than May 22, 2009. Individuals
can obtain copies of the collection
instruments by calling the SSA Reports
Clearance Officer at 410–965–3758 or by
writing to the e-mail address listed
above.
1. Surveys in Accordance With E.O.
12862 for the Social Security
Administration—0960–0526
Under the auspices of Executive
Order 12862, Setting Customer Service
Standards, SSA conducts multiple
customer satisfaction surveys each year.
These voluntary customer satisfaction
assessments include paper, Internet, and
telephone surveys; mailed
questionnaires; focus groups; and
customer comment cards. The purpose
of these questionnaires is to assess
customer satisfaction with the
timeliness, appropriateness, access, and
overall quality of existing SSA services
and proposed modifications/new
versions of services. The respondents
are recipients of SSA services (including
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professionals, and parties who work on
behalf of SSA beneficiaries.
Type of Request: Revision of an OMBapproved information collection.
E:\FR\FM\23MRN1.SGM
23MRN1
]]>Agencies
[Federal Register Volume 74, Number 54 (Monday, March 23, 2009)]
[Notices]
[Pages 12169-12170]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-6147]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59580; File No. SR-NASDAQ-2007-006]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order
Approving Proposed Rule Change as Modified by Amendment No. 1 Thereto
To Establish the Nasdaq Daily Share Volume Service and To Establish
Fees for the Service
March 13, 2009.
On February 7, 2007, The NASDAQ Stock Market LLC (``Nasdaq'') filed
with the Securities and Exchange Commission (``Commission''), pursuant
to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'')
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to establish
the Nasdaq Daily Share Volume Service (``Service'') and to establish
fees for the Service. The Service will provide the volume of shares
traded each day by issue for participating market participants on a T+1
basis. The volume data will consist of trades from the Nasdaq Execution
System.\3\ Subscribers will have File Transfer Protocol (``FTP'')
access to the full underlying data set to create custom reports.
Subscribers will also be able to redistribute the data, although the
subscriber will be required to enter into a distributor agreement.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Nasdaq also proposed to include internalized prints from the
FINRA/Nasdaq Trade Reporting Facility (``TRF'') in the Service.
However, as part of Amendment No. 1, Nasdaq has represented that it
will not include any TRF data in the Service until FINRA has
submitted a separate filing to include TRF data in the Service, and
the Commission has acted favorably upon that filing. See note 5
infra.
---------------------------------------------------------------------------
Nasdaq proposes to charge $2,500 per month for the Service.
Participation by eligible market participants will be voluntary, and
eligible market participants who choose to participate will be able to
decide whether to advertise their trade volume by market participant ID
code and issue.
The proposed rule change was published in the Federal Register on
March 16, 2007.\4\ The Commission received no comments on the proposal.
On March 6, 2009, Nasdaq filed Amendment No. 1 to the proposed rule
change.\5\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 55444 (March 12,
2007), 72 FR 12648 (``Notice'').
\5\ In Amendment No. 1, Nasdaq clarified certain aspects of the
Service. For example, Nasdaq noted that it will not include any data
in the Service that is received from the FINRA/Nasdaq TRF until
FINRA has submitted a separate filing to include TRF data in the
Service, and the Commission has acted favorably upon that filing.
Nasdaq also noted that it is eliminating the individual access fee
for web subscribers from the Service, and deleted the corresponding
portion of the proposed rule text. Because the Amendment is
technical in nature, it is not subject to notice and comment.
---------------------------------------------------------------------------
The Commission has reviewed carefully the proposed rule change and
finds that the proposed rule change is consistent with the requirements
of the Act and the rules and regulations thereunder applicable to a
national securities exchange \6\ and, in particular, Section 6(b)(4) of
the Act,\7\ which requires, among other things, that Nasdaq's rules
provide for the equitable allocation of reasonable dues, fees and other
charges among members and issuers and other persons using any facility
or system which Nasdaq operates or controls. The Commission also finds
that the proposed rule change is consistent with Section 6(b)(5) of the
Act,\8\ which requires, among other things, that Nasdaq's rules are not
designed to unfairly discriminate between customers, issuers, brokers
or dealers.
---------------------------------------------------------------------------
\6\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
\7\ 15 U.S.C. 78f(b)(4).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Commission finds that the proposed rule change is consistent
with these statutory standards. Use of the Service is optional, and the
fee associated with the Service will be imposed on all subscribers
equally. The fee for the Service is intended to cover the costs of
establishing and maintaining the Service.\9\
---------------------------------------------------------------------------
\9\ See Notice at 12649.
---------------------------------------------------------------------------
In addition, the proposal meets the criteria, formulated by the
Commission \10\ in connection with the petition filed by
NetCoalition,\11\ for approval of proposed rule changes concerning the
distribution of non-core market data.\12\ In its order issued in
connection with the NetCoalition petition, the Commission stated that
``reliance on competitive forces is the most appropriate and effective
means to assess whether the terms for the distribution of non-core data
are equitable, fair and reasonable, and not unreasonably
discriminatory.'' \13\ As such, the ``existence of significant
competition provides a substantial basis for finding that the terms of
an exchange's fee proposal are equitable, fair, reasonable, and not
unreasonably or unfairly discriminatory.'' \14\ If an exchange ``was
subject to significant competitive forces in setting the terms of a
proposal,'' the proposal will be approved unless the Commission
determines that ``there is a substantial countervailing basis to find
that the terms nevertheless fail to meet an applicable requirement of
the Exchange Act or the rules thereunder.'' \15\
---------------------------------------------------------------------------
\10\ See Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770 (December 9, 2008) (SR-NYSEArca-2006-21).
\11\ See Securities Exchange Act Release No. 55011 (December 27,
2006) (order granting petition for review of SR-NYSEArca-2006-21).
\12\ The Commission's order distinguishes between core market
data, which is defined as ``the best-priced quotations and last sale
information of all markets in U.S.-listed equities that Commission
rules require to be consolidated and distributed to the public by a
single central processor,'' and non-core market data. See 73 FR at
74771. Because the Service, which provides daily traded share volume
for trades executed by, or reported to, Nasdaq systems, does not
involve core market data, this proposed rule change is properly
categorized as a non-core market data proposal.
\13\ Id. at 74781.
\14\ Id. at 74781-82.
\15\ Id. at 74781. In approving NYSEArca-2006-21, the Commission
found that the proposed rule change was consistent with Section
6(b)(4) of the Act, 15 U.S.C. 78f(b)(4). See 73 FR at 74779. The
Commission also found that the proposal was consistent with Section
6(b)(5) of the Act, 15 U.S.C. 78f(b)(5), Section 6(b)(8) of the Act,
15 U.S.C. 78f(b)(8), and Rule 603(a) of Regulation NMS, 17 CFR
242.603(a). See 73 FR at 74779. The Commission noted that the
presence of competitive forces guided its analysis under both
Section 6 of the Act and Rule 603 of Regulation NMS. Id.
---------------------------------------------------------------------------
In its order approving NYSEArca-2006-21, the Commission also stated
that the terms of a proposed rule change to distribute market data for
which the exchange is the exclusive processor must provide for an
equitable allocation of fees under Section 6(b)(4) of the Act,\16\ not
be designed to permit unfair discrimination under Section 6(b)(5) of
the Act,\17\ be fair and reasonable under Rule 603(a)(1),\18\ and not
be unreasonably discriminatory under Rule 603(a)(2).\19\ If the
proposal involves non-core market data, an analysis of competitive
forces may be used, and that analysis will apply to findings
[[Page 12170]]
under Section 6 of the Act, and to findings under Rule 603.\20\
---------------------------------------------------------------------------
\16\ 15 U.S.C. 78f(b)(4).
\17\ 15 U.S.C. 78f(b)(5).
\18\ 17 CFR 242.603(a)(1).
\19\ 17 CFR 242.603(a)(2). See 73 FR at 74782.
---------------------------------------------------------------------------
As noted above, use of the Service is voluntary, and the fee for
the Service will be imposed equally on all purchasers. In addition,
vendors and other exchanges currently make daily broker volume reports
available. For example, the New York Stock Exchange LLC (``NYSE'')
provides a broker volume report in a database format on a T+1 basis,
which compiles the trading volume of member firms based on trades
reported to NYSE.\21\ The cost of receiving the Service is comparable
to the cost for receiving the NYSE broker volume report.\22\
---------------------------------------------------------------------------
\20\ See 73 FR at 74779.
\21\ See https://www.nyxdata.com/page/584 (listing of NYSE data
products, including NYSE Broker Volume Database).
\22\ Id.
---------------------------------------------------------------------------
In formulating the terms of the Service, Nasdaq was thus subject to
significant competitive forces--specifically, the availability to
market participants of alternatives to purchasing the Service. Because
the proposed Service here involves the distribution of non-core market
data, and significant competitive forces are present, the Service is
thus consistent with both Section 6(b)(4) \23\ and Section 6(b)(5) of
the Act,\24\ and with Rule 603(a).\25\ There is not a substantial
countervailing basis that would render the proposal inconsistent with
the Act or the rules thereunder.
---------------------------------------------------------------------------
\23\ 15 U.S.C. 78f(b)(4).
\24\ 15 U.S.C. 78f(b)(5).
\25\ 17 CFR 242.603(a).
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\26\ that the proposed rule change (SR-NASDAQ-2007-006), as
modified by Amendment No. 1 be, and it hereby is, approved.
---------------------------------------------------------------------------
\26\ 15 U.S.C. 78s(b)(2).
\27\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-6147 Filed 3-20-09; 8:45 am]
BILLING CODE
