Texas Disaster # TX-00334, 13295-13296 [E9-6742]
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Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Notices
market participants of alternatives to
purchasing NYSE’s data.
Table 1 below provides a recent
snapshot of the state of competition in
the U.S. equity markets in the month of
January 2009: 20
TABLE 1—REPORTED SHARE VOLUME IN U.S.-LISTED EQUITIES DURING JANUARY 2009 (%)
Trading venue
All stocks
NASDAQ .............................................................................................................................................................
All Non-Exchange ................................................................................................................................................
NYSE Arca ..........................................................................................................................................................
NYSE ...................................................................................................................................................................
BATS ...................................................................................................................................................................
International Stock Exchange .............................................................................................................................
National Stock Exchange ....................................................................................................................................
Chicago Stock Exchange ....................................................................................................................................
CBOE Stock Exchange .......................................................................................................................................
NYSE Alternext ...................................................................................................................................................
NASDAQ OMX BX ..............................................................................................................................................
27.1
26.7
17.9
14.8
10.7
1.3
0.6
0.4
0.2
0.1
0.0
NYSElisted
20.5
26.2
15.7
26.2
9.0
1.4
0.7
0.4
0.0
0.0
0.0
NASDAQlisted
39.9
31.0
15.8
0.0
10.8
1.4
0.7
0.3
0.1
0.0
0.0
that the proposal does not unreasonably
discriminate among types of users.
The market share percentages in Table
1 strongly indicate that NYSE must
compete vigorously for order flow to
maintain its share of trading volume.
The need to attract order flow imposes
significant pressure on NYSE to act
reasonably in setting its fees for NYSE
market data, particularly given that the
market participants that must pay such
fees often will be the same market
participants from whom NYSE must
attract order flow. These market
participants particularly include the
large broker-dealer firms that control the
handling of a large volume of customer
and proprietary order flow. Given the
portability of order flow from one
trading venue to another, any exchange
that sought to charge unreasonably high
data fees would risk alienating many of
the same customers on whose orders it
depends for competitive survival.
Moreover, distributing data widely
among investors, and thereby promoting
familiarity with the exchange and its
services, is an important exchange
strategy for attracting order flow.21
In addition to the need to attract order
flow, the availability of alternatives to
NYSE Trades significantly affect the
terms on which NYSE can distribute
this market data.22 In setting the fees for
its NYSE Trades, the Exchange must
consider the extent to which market
participants would choose one or more
alternatives instead of purchasing the
Exchange’s data.23 Of course, the most
basic source of information generally
available at an exchange is the complete
record of an exchange’s transactions that
is provided in the core data feeds.24 In
this respect, the core data feeds that
include an exchange’s own transaction
information are a significant alternative
to the exchange’s market data product.25
The various self-regulatory
organizations, the several Trade
Reporting Facilities of FINRA, and ECNs
that produce proprietary data, as well as
the core data feed, are all sources of
competition in non-core data products.
As Table 1 illustrates, share volume in
U.S.-listed equities is widely dispersed
among trading venues, and these venues
are able to offer competitive data
products as alternatives to NYSE
Trades. The Commission believes that
the availability of those alternatives, as
well as the NYSE’s compelling need to
attract order flow, imposed significant
competitive pressure on the NYSE to act
equitably, fairly, and reasonably in
setting the terms of its proposal.
Because NYSE was subject to
significant competitive forces in setting
the terms of the proposal, the
Commission will approve the proposal
in the absence of a substantial
countervailing basis to find that its
terms nevertheless fail to meet an
applicable requirement of the Act or the
rules thereunder. An analysis of the
proposal does not provide such a basis.
No comments were submitted on this
proposal, and the Commission notes
SUMMARY: This is an amendment of the
Administrative declaration of disaster
for the State of Texas dated 03/10/2009.
Incident: Bastrop County Wildland
Fire.
Incident Period: 02/28/2009 through
03/13/2009.
Effective Date: 03/17/2009.
Physical Loan Application Deadline
Date: 5/11/2009.
Economic Injury (EIDL) Loan
Application Deadline Date: 12/10/2009.
20 Source: ArcaVision (available at
www.arcavision.com).
21 See NYSE Arca Order at 74784 nn. 218–219
and accompanying text (noting exchange strategy of
offering data for free as a means to gain visibility
in the market place).
22 See Richard Posner, Economic Analysis of Law
§ 9.1 (5th ed. 1998) (discussing the theory of
monopolies and pricing). See also U.S. Dep’t of
Justice & Fed’l Trade Comm’n, Horizontal Merger
Guidelines § 1.11 (1992), as revised (1997)
(explaining the importance of alternatives to the
presence of competition and the definition of
markets and market power). Courts frequently refer
to the Department of Justice and Federal Trade
Commission merger guidelines to define product
markets and evaluate market power. See, e.g., FTC
v. Whole Foods Market, Inc., 502 F. Supp. 2d 1
(D.D.C. 2007); FTC v. Arch Coal, Inc., 329 F. Supp.
2d 109 (D.D.C. 2004). In considering antitrust
issues, courts have recognized the value of
competition in producing lower prices. See, e.g.,
Leegin Creative Leather Products v. PSKS, Inc., 127
S. Ct. 2705 (2007); Atlanta Richfield Co. v. United
States Petroleum Co., 495 U.S. 328 (1990);
Matsushita Elec. Indus. Co. v. Zenith Radio Corp.,
475 U.S. 574 (1986); State Oil Co. v. Khan, 522 U.S.
3 (1997); Northern Pacific Railway Co. v. U.S., 356
U.S. 1 (1958).
23 See NYSE Arca Order at 74783.
24 Id.
25 Id.
26 15 U.S.C. 78s(b)(2).
27 17 CFR 200.30–3(a)(12).
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IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,26 that the
proposed rule change (SR–NYSE–2009–
04), 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. E9–6722 Filed 3–25–09; 8:45 am]
BILLING CODE 8010–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration # 11690 and # 11691]
Texas Disaster # TX–00334
Small Business Administration.
Amendment 1.
AGENCY:
ACTION:
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Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Notices
Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416
SUPPLEMENTARY INFORMATION: The notice
of the Administrator’s disaster
declaration in the State of Texas, dated
03/10/2009, is hereby amended to
establish the incident period for this
disaster as beginning 02/28/2009 and
continuing through 03/13/2009.
All other information in the original
declaration remains unchanged.
ADDRESSES:
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Dated: March 18, 2009.
Darryl K. Hairston,
Acting Administrator.
[FR Doc. E9–6742 Filed 3–25–09; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
Advisory Committee on Veterans
Business Affairs; Meeting Notice
AGENCY: U.S. Small Business
Administration.
ACTION: Notice of open Federal Advisory
Committee meeting.
SUMMARY: The SBA is issuing this notice
to announce the location, date, time,
and agenda for the next meeting of the
Advisory Committee on Veterans
Business Affairs. The meeting will be
open to the public.
DATES: Tuesday, April 21, 2009, from 9
a.m. to 5 p.m. and Wednesday, April 22,
2009, from 9 a.m. to 5 p.m., Eastern
Standard Time.
ADDRESSES: U.S. Small Business
Administration, 409 3rd Street, SW.,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Pursuant
to section 10(a) (2) of the Federal
Advisory Committee Act (5 U.S.C.,
Appendix 2), SBA announces the
meeting of the Advisory Committee on
Veterans Business Affairs. The Advisory
Committee on Veterans Business Affairs
serves as an independent source of
advice and policy recommendation to
the Administrator of the U.S. Small
Business Administration.
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The purpose of the meeting is
scheduled as a full committee meeting.
The agenda will include: The purpose
for this meeting is to study, research,
and recommend Veterans Business
Development topics for the SBA’s
Administrator, the Congress, and to the
President.
FOR FURTHER INFORMATION CONTACT: The
meeting is open to the public; however,
advance notice of attendance is
requested. Anyone wishing to attend
and/or make a presentation to the
Advisory Committee on Veterans
Business Affairs must contact Cheryl
Simms, Program Liaison, by February 2,
2009, by fax or e-mail in order to be
placed on the agenda. Cheryl Simms,
Program Liaison, U.S. Small Business
Administration, Office of Veterans
Business Development, 409 3rd Street,
SW., Washington, DC 20416, Telephone
number: (202) 619–1697, Fax number:
202–481–6085, e-mail address:
cheryl.simms@sba.gov.
Additionally, if you need
accommodations because of a disability
or require additional information, please
contact Cheryl Simms, Program Liaison
at (202) 619–1697; e-mail address:
cheryl.simms@sba.gov, SBA, Office of
Veterans Business Development, 409
3rd Street, SW., Washington, DC 20416.
For more information, please visit our
Web site at https://www.sba.gov/vets.
Dated: March 11, 2009.
Bridget E. Bean,
Acting SBA Committee Management Officer.
[FR Doc. E9–6744 Filed 3–25–09; 8:45 am]
BILLING CODE
SMALL BUSINESS ADMINISTRATION
Small Business Size Standards:
Waiver of the Nonmanufacturer Rule
AGENCY: U.S. Small Business
Administration.
ACTION: Notice of periodic review of
approved class waivers from the
Nonmanufacturer Rule for products in
effect as of March 17, 2009.
SUMMARY: The U.S. Small Business
Administration (SBA) is conducting a
periodic review of approved class
waivers from the Nonmanufacturer Rule
for products in effect as of March 17,
2009. The purpose of this notice is to
determine if there are any small
business manufacturers or processors
for the products listed on the list of
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approved class waivers. The basis for a
waiver is that no small business
manufacturers are supplying these
classes of products to the Federal
government. The effect of a waiver
would be to allow otherwise qualified
small businesses dealers to supply the
products of any manufacturer on a
Federal contract set aside for small
businesses, service-disabled veteranowned small businesses or participants
in SBA’s 8(a) Business Development
Program.
DATES: Comments and source
information must be submitted within
April 27, 2009.
FOR FURTHER INFORMATION CONTACT:
Edith G. Butler, Program Analyst, by
telephone at (202) 619–0422; by FAX at
(202) 481–1788; or my e-mail at
Edith.Butler@sba.gov.
Section
8(a)(17) of the Small Business Act (Act),
15 U.S.C. 637(a)(17), requires that
recipients of Federal contracts set aside
for small businesses, or SBA’s 8(a)
Business Development Program provide
the product of a small business
manufacturer or processor, if the
recipient is other than the actual
manufacturer or processor of the
product. SBA’s regulations provided the
same for procurements set aside for
service-disabled veteran-owned small
business concerns 13 CFR 125.15. This
requirement is commonly referred to as
the Nonmanufacturer Rule. See 13 CFR
121.406(b). Section 8(a)(17)(b)(iv) of the
Act authorizes SBA to waive the
Nonmanufacturer Rule for any ‘‘class of
products’’ for which there are no small
business manufacturers or processors
available to participate in the Federal
market.
SUPPLEMENTARY INFORMATION:
In order to be considered available to
participate in the Federal market for a
class of products, a small business
manufacturer must have submitted a
proposal for a contract solicitation or
received a contract from the Federal
government within the last 24 months.
13 CFR 1202(c). The SBA defines ‘‘class
of products’’ based on the Office of
Management and Budget’s North
American Industry Classification
System (NAICS), and product service
codes.
The following are products listed on
SBA’s list of Approved Class Waivers in
Effect as of March 17, 2009.
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[Federal Register Volume 74, Number 57 (Thursday, March 26, 2009)]
[Notices]
[Pages 13295-13296]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-6742]
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SMALL BUSINESS ADMINISTRATION
[Disaster Declaration 11690 and 11691]
Texas Disaster TX-00334
AGENCY: Small Business Administration.
ACTION: Amendment 1.
-----------------------------------------------------------------------
SUMMARY: This is an amendment of the Administrative declaration of
disaster for the State of Texas dated 03/10/2009.
Incident: Bastrop County Wildland Fire.
Incident Period: 02/28/2009 through 03/13/2009.
Effective Date: 03/17/2009.
Physical Loan Application Deadline Date: 5/11/2009.
Economic Injury (EIDL) Loan Application Deadline Date: 12/10/2009.
[[Page 13296]]
ADDRESSES: Submit completed loan applications to: U.S. Small Business
Administration, Processing and Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster
Assistance, U.S. Small Business Administration, 409 3rd Street, SW.,
Suite 6050, Washington, DC 20416
SUPPLEMENTARY INFORMATION: The notice of the Administrator's disaster
declaration in the State of Texas, dated 03/10/2009, is hereby amended
to establish the incident period for this disaster as beginning 02/28/
2009 and continuing through 03/13/2009.
All other information in the original declaration remains
unchanged.
(Catalog of Federal Domestic Assistance Numbers 59002 and 59008)
Dated: March 18, 2009.
Darryl K. Hairston,
Acting Administrator.
[FR Doc. E9-6742 Filed 3-25-09; 8:45 am]
BILLING CODE 8025-01-P
