Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Fees for Members Using the NASDAQ Market Center and NASDAQ Options Market, 22619-22621 [E9-11164]

Download as PDF Federal Register / Vol. 74, No. 91 / Wednesday, May 13, 2009 / Notices IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposal is consistent with the Act. Comments may be submitted by any of the following methods: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–11169 Filed 5–12–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION 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 No. SR–ISE–2009–21 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File No. SR–ISE–2009–21. 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 changes between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of ISE. 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 No. SR–ISE–2009–21 and should be submitted on or before June 3, 2009. [Release No. 34–59879; File No. SR– NASDAQ–2009–041] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Fees for Members Using the NASDAQ Market Center and NASDAQ Options Market May 6, 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 May 1, 2009, The NASDAQ Stock Market LLC (‘‘NASDAQ’’ or 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 NASDAQ proposes to modify pricing for NASDAQ members using the Nasdaq Market Center. This proposed rule change, which is effective upon filing, will become operative on May 1, 2009. The text of the proposed rule change is available at https://nasdaqomx.cchwall street.com/, at NASDAQ’s principal office, and at the Commission’s Public Reference Room. 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. CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 18:44 May 12, 2009 Jkt 217001 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 is modifying the price of trading equities and options on NASDAQ in several ways. First, NASDAQ is increasing the rebate for providing liquidity in equities traded on NASDAQ for members that actively trade both equities and options on NASDAQ. Currently, NASDAQ offers rebates of $0.0020 to $0.00295 per share for all members that provide liquidity in equities traded on NASDAQ depending on the volume of liquidity provided in equities. Effective May 1, 2009, a member firm that accesses liquidity of more than 200,000 contracts per day from The NASDAQ Options Market (‘‘NOM’’) and provides average daily volume of liquidity exceeding 25 million shares per day in the NASDAQ equities market, will be credited a rebate of $0.0029 for providing liquidity in securities listed on NASDAQ or the New York Stock Exchange (‘‘NYSE’’) or on other exchanges. A member that provides 25 million shares of liquidity per day in equities and does not have the requisite options participation receives a rebate of $0.0025 per share. Second, also effective May 1, 2009, member firms will have the opportunity to earn a waiver of applicable fees charged for executing Mid-point Pegged orders (as defined in Nasdaq Rule 4751(f)(4)). Firms can earn this fee waiver by providing average daily volume of liquidity through the Nasdaq Market Center in all securities during the month of more than 125 million shares. Third, NASDAQ is implementing pricing for the routing strategy set forth in Nasdaq Rule 4758(a)(1)(A)(i), as set forth in SR–NASDAQ–2009–036.3 Specifically, NASDAQ modified Rule 4758, Order Routing, to provide market participants with the option of entering orders that do not check the Nasdaq Market Center book prior to routing. Market participants using that routing strategy for all securities will be assessed a fee of $0.0005 per share executed for orders that execute on venues other than in the NYSE or NASDAQ OMX BX. For securities that utilize this strategy and that execute on 10 17 1 15 VerDate Nov<24>2008 22619 PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 3 Securities Exchange Act Release No. 59807 (Apr. 21, 2009); 74 FR 19251 (Apr. 28, 2009). E:\FR\FM\13MYN1.SGM 13MYN1 22620 Federal Register / Vol. 74, No. 91 / Wednesday, May 13, 2009 / Notices NASDAQ OMX BX, NASDAQ will passthrough the fees or rebates currently assessed by NASDAQ OMX BX or $0.0006 rebate per share executed for Nasdaq-listed and NYSE-listed securities and $0.0014 charge per share executed for other securities. An order that is routed but does not execute and is returned to the Nasdaq Market Center will be assessed fees or provided rebates consistent with those approved for orders that execute or provide liquidity on the Nasdaq Market Center. Fourth, NASDAQ is also eliminating from Rule 7018 all provisions related to process that were in effect from April 1 through April 14, 2009. 2. Statutory Basis NASDAQ believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,4 in general, and with Section 6(b)(4) of the Act,5 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. The proposed fee change applies uniformly to all similarly situated NASDAQ members. The impact of the changes upon the net fees paid by a particular market participant will depend upon a number of variables, including its monthly volume in equities and options, the prices of its quotes and orders (i.e., its propensity to add or remove liquidity) in equities and options, and the listing venue for the securities that it trades. NASDAQ notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive. The proposed rule change reflects a significant reduction in the overall cost of trading on NASDAQ. NASDAQ believes that the applicable fees and credits remain competitive with those charged by other venues and therefore continue to be reasonable and equitably allocated to those members that opt to direct orders to NASDAQ rather than competing venues. NASDAQ is also responding to the convergence of trading in which members simultaneously trade different asset classes within a single strategy. This has been true of equities and options trading which is increasing, and is now visible in equities and futures trading. For example, on April 1, 2009, NYSE Euronext LLC announced the ‘‘Futures Incentive Program’’ or ‘‘FIP’’ 4 15 5 15 U.S.C. 78f. U.S.C. 78f(b)(4). VerDate Nov<24>2008 18:44 May 12, 2009 which coordinates fee schedules between NYSE Liffe US and NYSE Arca with respect to trading gold and silver futures contracts on NYSE Liffe US and gold and silver based exchange traded funds on NYSE Arca. Like the NYSE Euronext FIP proposal, NASDAQ’s current proposal enables NASDAQ members to continue to recognize the full benefit of trading on NASDAQ. Additionally, NASDAQ and its members will both recognize additional operational and administrative efficiencies from linking the billing of equities and options trading. In addition to the efficiencies associated with existing volume discounts for equities trading, this proposal will enable NASDAQ to issue a single invoice to replace two invoices in various circumstances. Finally, this proposal is voluntary with respect to all firms and should be considered as one among many alternatives within NASDAQ’s current tiered pricing structure. For example, Nasdaq is offering to waive execution fees for Mid-point Pegged Orders for firms with high equities trading volume. This fee waiver lowers the total cost of trading on Nasdaq, and responds to a similar waiver by the ArcaNYSE [sic] Exchange. 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 6 and subparagraph (f)(2) of Rule 19b–4 thereunder.7 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. 6 15 7 17 Jkt 217001 PO 00000 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–2009–041 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NASDAQ–2009–041. 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 the filing also will be available for inspection and copying at the principal office of the Exchange. 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–2009–041 and should be submitted on or before June 3, 2009. U.S.C. 78s(b)(3)(a)(ii) [sic]. CFR 240.19b–4(f)(2). Frm 00112 Fmt 4703 Sfmt 4703 E:\FR\FM\13MYN1.SGM 13MYN1 Federal Register / Vol. 74, No. 91 / Wednesday, May 13, 2009 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–11164 Filed 5–12–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59872; File No. SR–FINRA– 2009–026] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Implement NonSubstantive Changes to the Code of Arbitration Procedure for Customer Disputes and the Code of Arbitration Procedure for Industry Disputes May 6, 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 Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) (f/k/a National Association of Securities Dealers, Inc. (‘‘NASD’’)) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) on April 17, 2009, the proposed rule change as described in Items I and II below, which Items have been prepared by FINRA. FINRA has designated the proposed rule change as constituting a ‘‘non-controversial’’ rule change under paragraph (f)(6) of Rule 19b–4 under the Act,3 which renders the proposal effective upon receipt of this filing by 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 FINRA is proposing to amend the Code of Arbitration Procedure for Customer Disputes (‘‘Customer Code’’) and the Code of Arbitration Procedure for Industry Disputes (‘‘Industry Code’’) to correct typographical errors and implement other non-substantive technical changes. The text of the proposed rule change is available on FINRA’s Web site at https:// www.finra.org, at the principal office of FINRA and at the Commission’s Public Reference Room. CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, FINRA 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. FINRA 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 FINRA is proposing several technical amendments to the Customer and Industry Codes that would correct typographical errors and implement other non-substantive changes. FINRA will discuss the proposed changes as they appear in the Codes, beginning with the proposed amendments to the Customer Code. Proposed Technical Amendments to the Customer Code Rule 12504—Motions to Dismiss On December 31, 2008, the Commission approved new Rules 12504 and 13504 and amendments to Rules 12206 and 13206, which establish procedures that govern motions to dismiss.4 FINRA is proposing to amend Rule 12504(b) to make a conforming change to the reference to ‘‘subparagraph (a)’’ in the rule. In other rules of the Code, FINRA refers to lettered provisions by ‘‘paragraph,’’ not ‘‘subparagraph.’’ Thus, for consistency in the Codes, FINRA is proposing to change the reference in Rule 12504(b) to ‘‘paragraph (a).’’ Rule 12514—Pre-Hearing Exchange of Documents and Witness Lists Before Hearing FINRA is proposing to conform the spelling of the term ‘‘pre-hearing’’ in the title of Rule 12514 to other instances in the Codes where it is spelled without the hyphen. Thus, the term ‘‘prehearing’’ would be changed to ‘‘prehearing.’’ Rule 12904(g)—Explained Decisions On February 4, 2009, the SEC approved a proposal to amend Rule 8 17 1 15 VerDate Nov<24>2008 18:44 May 12, 2009 4 See Securities Exchange Act Release No. 59189 (December 31, 2008), 74 FR 731 (January 7, 2009) (Order Approving File No. SR–FINRA–2007–021). Jkt 217001 PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 22621 12904 of the Customer Code and Rule 13904 of the Industry Code to require arbitrators to provide an explained decision upon the joint request of the parties.5 FINRA is proposing to correct a typographical error in Rule 12904(g)(2). The relevant sentence of the rule states that ‘‘an explained decision is a fact-based award stating the general reasons(s) for the arbitrators’ decision.’’ The word ‘‘reasons(s)’’ should be changed to ‘‘reason(s).’’ FINRA is also proposing to correct a typographical error in Rule 12904(g)(6). The paragraph states that ‘‘this paragraph (g) will not apply to simplified cases decided without a hearing under Rules 12800 or to default cases conducted under Rule 12801.’’ The phrase ‘‘Rules 12800’’ should be changed to ‘‘Rule 12800.’’ Further, FINRA is proposing to change the term ‘‘pre-hearing’’ in Rule 12904(g)(3) to ‘‘prehearing’’ to conform the spelling with other instances in the Codes. Proposed Technical Amendments to the Industry Code 6 Rule 13504—Motions To Dismiss For an explanation of the proposed amendment, see the relevant section under ‘‘Proposed Technical Amendments to the Customer Code’’ above. Rule 13514—Pre-Hearing Exchange of Documents and Witness Lists Before Hearing For an explanation of the proposed amendment, see the relevant section under ‘‘Proposed Technical Amendments to the Customer Code’’ above. Rule 13904(g)—Explained Decisions For an explanation of the proposed amendment, see the relevant section under ‘‘Proposed Technical Amendments to the Customer Code’’ above. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions 5 See Securities Exchange Act Release No. 59358 (February 4, 2009); 74 FR 6928 (February 11, 2009) (Order Approving File No. SR–FINRA–2008–051). 6 Most rules of the Customer and Industry Codes are identical, except for panel composition, references to document production lists that apply only in customer cases, and rules relating to employment discrimination and injunctive relief that apply only to industry claims. Wherever possible, the last three digits of the rule numbers in the Customer and Industry Codes are the same. Thus, the explanations in this filing for the proposed amendments in the Customer Code also apply to the proposed amendments in the Industry Code. E:\FR\FM\13MYN1.SGM 13MYN1

Agencies

[Federal Register Volume 74, Number 91 (Wednesday, May 13, 2009)]
[Notices]
[Pages 22619-22621]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-11164]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59879; File No. SR-NASDAQ-2009-041]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Modify Fees for Members Using the NASDAQ Market Center and NASDAQ 
Options Market

May 6, 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 May 1, 2009, The NASDAQ Stock Market LLC (``NASDAQ'' or 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    NASDAQ proposes to modify pricing for NASDAQ members using the 
Nasdaq Market Center. This proposed rule change, which is effective 
upon filing, will become operative on May 1, 2009. The text of the 
proposed rule change is available at https://nasdaqomx.cchwallstreet.com/, at NASDAQ's principal office, and at the 
Commission's Public Reference Room.

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 is modifying the price of trading equities and options on 
NASDAQ in several ways. First, NASDAQ is increasing the rebate for 
providing liquidity in equities traded on NASDAQ for members that 
actively trade both equities and options on NASDAQ. Currently, NASDAQ 
offers rebates of $0.0020 to $0.00295 per share for all members that 
provide liquidity in equities traded on NASDAQ depending on the volume 
of liquidity provided in equities.
    Effective May 1, 2009, a member firm that accesses liquidity of 
more than 200,000 contracts per day from The NASDAQ Options Market 
(``NOM'') and provides average daily volume of liquidity exceeding 25 
million shares per day in the NASDAQ equities market, will be credited 
a rebate of $0.0029 for providing liquidity in securities listed on 
NASDAQ or the New York Stock Exchange (``NYSE'') or on other exchanges. 
A member that provides 25 million shares of liquidity per day in 
equities and does not have the requisite options participation receives 
a rebate of $0.0025 per share.
    Second, also effective May 1, 2009, member firms will have the 
opportunity to earn a waiver of applicable fees charged for executing 
Mid-point Pegged orders (as defined in Nasdaq Rule 4751(f)(4)). Firms 
can earn this fee waiver by providing average daily volume of liquidity 
through the Nasdaq Market Center in all securities during the month of 
more than 125 million shares.
    Third, NASDAQ is implementing pricing for the routing strategy set 
forth in Nasdaq Rule 4758(a)(1)(A)(i), as set forth in SR-NASDAQ-2009-
036.\3\ Specifically, NASDAQ modified Rule 4758, Order Routing, to 
provide market participants with the option of entering orders that do 
not check the Nasdaq Market Center book prior to routing. Market 
participants using that routing strategy for all securities will be 
assessed a fee of $0.0005 per share executed for orders that execute on 
venues other than in the NYSE or NASDAQ OMX BX. For securities that 
utilize this strategy and that execute on

[[Page 22620]]

NASDAQ OMX BX, NASDAQ will pass-through the fees or rebates currently 
assessed by NASDAQ OMX BX or $0.0006 rebate per share executed for 
Nasdaq-listed and NYSE-listed securities and $0.0014 charge per share 
executed for other securities. An order that is routed but does not 
execute and is returned to the Nasdaq Market Center will be assessed 
fees or provided rebates consistent with those approved for orders that 
execute or provide liquidity on the Nasdaq Market Center.
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 59807 (Apr. 21, 2009); 
74 FR 19251 (Apr. 28, 2009).
---------------------------------------------------------------------------

    Fourth, NASDAQ is also eliminating from Rule 7018 all provisions 
related to process that were in effect from April 1 through April 14, 
2009.
2. Statutory Basis
    NASDAQ believes that the proposed rule change is consistent with 
the provisions of Section 6 of the Act,\4\ in general, and with Section 
6(b)(4) of the Act,\5\ 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. The proposed fee change applies 
uniformly to all similarly situated NASDAQ members. The impact of the 
changes upon the net fees paid by a particular market participant will 
depend upon a number of variables, including its monthly volume in 
equities and options, the prices of its quotes and orders (i.e., its 
propensity to add or remove liquidity) in equities and options, and the 
listing venue for the securities that it trades.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    NASDAQ notes that it operates in a highly competitive market in 
which market participants can readily direct order flow to competing 
venues if they deem fee levels at a particular venue to be excessive. 
The proposed rule change reflects a significant reduction in the 
overall cost of trading on NASDAQ. NASDAQ believes that the applicable 
fees and credits remain competitive with those charged by other venues 
and therefore continue to be reasonable and equitably allocated to 
those members that opt to direct orders to NASDAQ rather than competing 
venues.
    NASDAQ is also responding to the convergence of trading in which 
members simultaneously trade different asset classes within a single 
strategy. This has been true of equities and options trading which is 
increasing, and is now visible in equities and futures trading. For 
example, on April 1, 2009, NYSE Euronext LLC announced the ``Futures 
Incentive Program'' or ``FIP'' which coordinates fee schedules between 
NYSE Liffe US and NYSE Arca with respect to trading gold and silver 
futures contracts on NYSE Liffe US and gold and silver based exchange 
traded funds on NYSE Arca. Like the NYSE Euronext FIP proposal, 
NASDAQ's current proposal enables NASDAQ members to continue to 
recognize the full benefit of trading on NASDAQ.
    Additionally, NASDAQ and its members will both recognize additional 
operational and administrative efficiencies from linking the billing of 
equities and options trading. In addition to the efficiencies 
associated with existing volume discounts for equities trading, this 
proposal will enable NASDAQ to issue a single invoice to replace two 
invoices in various circumstances.
    Finally, this proposal is voluntary with respect to all firms and 
should be considered as one among many alternatives within NASDAQ's 
current tiered pricing structure. For example, Nasdaq is offering to 
waive execution fees for Mid-point Pegged Orders for firms with high 
equities trading volume. This fee waiver lowers the total cost of 
trading on Nasdaq, and responds to a similar waiver by the ArcaNYSE 
[sic] Exchange.

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 \6\ and subparagraph (f)(2) of Rule 19b-4 
thereunder.\7\ 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.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(a)(ii) [sic].
    \7\ 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-2009-041 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2009-041. 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 the 
filing also will be available for inspection and copying at the 
principal office of the Exchange. 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-2009-041 and should be submitted on or before 
June 3, 2009.


[[Page 22621]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-11164 Filed 5-12-09; 8:45 am]
BILLING CODE 8010-01-P
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