Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving Proposed Rule Change to Reduce Fees for NASDAQ Basic Data Feeds, 24889-24890 [E9-12143]
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Federal Register / Vol. 74, No. 99 / Tuesday, May 26, 2009 / Notices
previous rule change that was filed by
the Exchange for immediate
effectiveness.6 The Exchange now
proposes to rebate dues to any lessor
member who received such a payment
from the Exchange during the period
August 1, 2008,7 through April 30, 2009.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with Section
6(b) of the Securities Exchange Act of
1934 (‘‘Act’’),8 in general, and furthers
the objectives of Section 6(b)(4) 9 of the
Act in particular, in that it is designed
to provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its facilities. The Exchange
believes the proposed rebate of member
dues is equitable and reasonable in that
it would help the Exchange place a
lessor member who received
compensation from the Exchange for an
open lease under the ITP program prior
to May 1, 2009, in a similar position as
if the lessor’s membership had been
leased, consistent with Exchange Rule
3.27(d).
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve such proposed
rule change, or
6 See
SR–CBOE–2009–027.
ITP program was approved by the
Commission on July 17, 2008. See Securities
Exchange Act Release No. 58178 (July 17, 2008), 73
FR 42634 (July 22, 2008).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(4).
7 The
VerDate Nov<24>2008
20:08 May 22, 2009
Jkt 217001
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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:
24889
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–12090 Filed 5–22–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 59933; File No. SR–NASDAQ–
2009–028]
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–CBOE–2009–028 on the
subject line.
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Order
Approving Proposed Rule Change to
Reduce Fees for NASDAQ Basic Data
Feeds
May 15, 2009.
I. Introduction
Paper Comments
On March 27, 2009, The NASDAQ
Stock Market LLC (‘‘NASDAQ’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
All submissions should refer to File
of 1934 (‘‘Act’’) 1 and Rule 19b–4
Number SR–CBOE–2009–028. This file
thereunder,2 a proposed rule change to
number should be included on the
reduce the fees for NASDAQ Basic, a
subject line if e-mail is used. To help the real time data feed combining both
Commission process and review your
NASDAQ’s Best Bid and Offer
comments more efficiently, please use
(‘‘QBBO’’) and the NASDAQ Last Sale.
only one method. The Commission will The proposed rule change was
post all comments on the Commission’s published for comment in the Federal
Internet Web site (https://www.sec.gov/
Register on April 14, 2009.3 The
rules/sro.shtml). Copies of the
Commission received no comment
submission, all subsequent
letters on the proposal. This order
amendments, all written statements
approves the proposed rule change.
with respect to the proposed rule
II. Description of the Proposal
change that are filed with the
Commission, and all written
NASDAQ Basic is a ‘‘Level 1’’ data
communications relating to the
product containing quotation
proposed rule change between the
information from the NASDAQ Market
Commission and any person, other than Center and last sale data from the
those that may be withheld from the
NASDAQ Market Center. NASDAQ
public in accordance with the
Basic was approved on March 16, 2009,4
provisions of 5 U.S.C. 552, will be
as a pilot program and includes fees for
available for inspection and copying in
usage and distribution of the data.
the Commission’s Public Reference
NASDAQ Basic is available in three
Room, 100 F Street, NE., Washington,
forms, NASDAQ Basic for NASDAQ,
DC 20549, on official business days
NASDAQ Basic for NYSE, and
between the hours of 10 a.m. and 3 p.m. NASDAQ Basic for Alternext. NASDAQ
Copies of the filing will also be available Basic is designed to meet the needs of
for inspection and copying at the
current and prospective subscribers that
principal office of the self-regulatory
do not need or are unwilling to pay for
organization. All comments received
the consolidated data provided by the
will be posted without change; the
consolidated Level 1 products.
Commission does not edit personal
identifying information from
10 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
submissions. You should submit only
2 17 CFR 240.19b–4.
information that you wish to make
3 See Securities Exchange Act Release No. 59712
available publicly. All submissions
(April 6, 2009), 74 FR 17273.
should refer to File Number SR–CBOE–
4 See Securities Exchange Act Release No. 59582
2009–028 and should be submitted on
(March 16, 2009) 74 FR 12423 (March 24, 2009)
or before June 16, 2009.
(SR–NASDAQ–2008–102) (‘‘Pilot Approval Order’’).
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
PO 00000
Frm 00121
Fmt 4703
Sfmt 4703
E:\FR\FM\26MYN1.SGM
26MYN1
24890
Federal Register / Vol. 74, No. 99 / Tuesday, May 26, 2009 / Notices
NASDAQ assesses a monthly fee for
distributors of NASDAQ Basic in
addition to applicable monthly per user
fees. Currently, each Distributor of
NASDAQ Basic for NASDAQ-listed
stocks currently pays a monthly fee of
$1,500 for either internal or external
distribution, each Distributor of
NASDAQ Basic for NYSE-listed stocks
pays a monthly fee of $250 for internal
distribution or $625 for external
distribution, and each Distributor of
NASDAQ Basic for Alternext-listed
stocks pays a monthly fee of $250 for
internal distribution or $625 for external
distribution. In addition, each
Distributor that receives Direct Access
to the NASDAQ Basic pays a monthly
fee of $2,000 for NASDAQ-listed stocks,
$1,000 for NYSE-listed stocks, and
$1,000 for Alternext-listed stocks.
NASDAQ proposes to reduce the
distribution fees for NASDAQ Basic.
First, NASDAQ proposes to make all
three feeds available for a single
monthly Distributor Fee of $1,500,
rather than add separate fees for NYSEand Alternext-listed securities. Second,
NASDAQ proposes to eliminate the fee
for Direct Access to NASDAQ Basic,
currently set forth in Rule 7047(b).
Finally, NASDAQ proposes to credit
each Distributor of NASDAQ Basic up to
$1,500 per month based upon that
Distributor’s monthly usage fees. For
example, a Distributor that reports
$1,500 or more of monthly usage of
NASDAQ Basic will pay no net
Distributor Fee, whereas a Distributor
that reports $1,000 of monthly usage
will pay a net of $500 for the Distributor
Fee.
III. Discussion and Commission
Findings
The Commission 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.5 In particular, it is consistent
with Section 6(b)(4) of the Act,6 which
requires that the rules of a national
securities exchange provide for the
equitable allocation of reasonable dues,
fees, and other charges among its
members and issuers and other parties
using its facilities, and Section 6(b)(5) of
the Act,7 which requires, among other
things, that the rules of a national
securities exchange be designed to
promote just and equitable principles of
trade, to remove impediments to and
5 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
6 15 U.S.C. 78f(b)(4).
7 15 U.S.C. 78f(b)(5).
VerDate Nov<24>2008
20:08 May 22, 2009
Jkt 217001
perfect the mechanism of a free and
open market and a national market
system and, in general, to protect
investors and the public interest, and
not be designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers.
The Commission also finds that the
proposed rule change is consistent with
the provisions of Section 6(b)(8) of the
Act,8 which requires that the rules of an
exchange not impose any burden on
competition not necessary or
appropriate in furtherance of the
purposes of the Act. Finally, the
Commission finds that the proposed
rule change is consistent with Rule
603(a) of Regulation NMS,9 adopted
under Section 11A(c)(1) of the Act,
which requires an exclusive processor
that distributes information with respect
to quotations for or transactions in an
NMS stock to do so on terms that are
fair and reasonable and that are not
unreasonably discriminatory.10
This proposal would reduce the
distribution fees for NASDAQ Basic by
charging a single monthly Distributor
Fee of $1,500 for all three NASDAQ
Basic feeds, eliminating the fee for
Direct Access to NASDAQ Basic, and
providing a credit to each Distributor of
NASDAQ Basic up to $1,500 per month
based upon that Distributor’s monthly
usage fees. The Commission has
reviewed the proposal using the
approach set forth in the NYSE Arca
Order for non-core market data fees.11
The Commission recently found that
NASDAQ was subject to competitive
forces in setting fees for NASAQ Basic
in the Pilot Approval Order.12 There are
a variety of alternative sources of
information that impose significant
competitive pressures on NASDAQ in
setting the terms for distributing
NASDAQ Basic. The Commission
believes that the availability of those
alternatives, as well as NASDAQ’s
compelling need to attract order flow,
imposed significant competitive
pressure on NASDAQ to act equitably,
8 15
U.S.C. 78f(b)(6).
CFR 242.603(a).
10 NASDAQ is an exclusive processor of
NASDAQ Basic under Section 3(a)(22)(B) of the
Act, 15 U.S.C. 78c(a)(22)(B), which defines an
exclusive processor as, among other things, an
exchange that distributes information with respect
to quotations or transactions on an exclusive basis
on its own behalf.
11 See Securities Exchange Act Release No. 59039
(December 2, 2008), 73 FR 74770 (December 9,
2008) (SR–NYSEArca–2006–21) (‘‘NYSE Arca
Order’’). In the NYSE Arca Order, the Commission
describes the competitive factors that apply to noncore market data products. The Commission hereby
incorporates by reference the data and analysis from
the NYSE Arca Order into this order.
12 See Pilot Approval Order, supra note 4.
9 17
PO 00000
Frm 00122
Fmt 4703
Sfmt 4703
fairly, and reasonably in setting the
terms of its proposal.
Because NASDAQ 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.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,13 that the
proposed rule change (SR–NASDAQ–
2009–028), be, and it hereby is,
approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–12143 Filed 5–22–09; 8:45 am]
BILLING CODE 8010–01–P
DEPARTMENT OF STATE
[Public Notice: 6632]
Title: 60-Day Notice of Proposed
Information Collection: Form DS–3097,
Exchange Visitor Program Annual
Report, and OMB Control Number
1405–0151
ACTION: Notice of request for public
comments.
SUMMARY: The Department of State is
seeking Office of Management and
Budget (OMB) approval for the
information collection described below.
The purpose of this notice is to allow 60
days for public comment in the Federal
Register preceding submission to OMB.
We are conducting this process in
accordance with the Paperwork
Reduction Act of 1995.
• Title of Information Collection:
Exchange Visitor Program Annual
Report.
• OMB Control Number: 1405–0151.
• Type of Request: Revision of a
Currently Approved Collection.
• Originating Office: Bureau of
Educational and Cultural Affairs, Office
of Private Sector Exchange, ECA/EC.
• Form Number: Form DS–3097.
• Respondents: Designated J–1
program sponsors.
• Estimated Number of Respondents:
1,460.
• Estimated Number of Responses:
1,460 annually.
13 15
14 17
E:\FR\FM\26MYN1.SGM
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
26MYN1
]]>Agencies
[Federal Register Volume 74, Number 99 (Tuesday, May 26, 2009)]
[Notices]
[Pages 24889-24890]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-12143]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 59933; File No. SR-NASDAQ-2009-028]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order
Approving Proposed Rule Change to Reduce Fees for NASDAQ Basic Data
Feeds
May 15, 2009.
I. Introduction
On March 27, 2009, The NASDAQ Stock Market LLC (``NASDAQ'' or
``Exchange'') 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 reduce the fees for NASDAQ Basic, a real time
data feed combining both NASDAQ's Best Bid and Offer (``QBBO'') and the
NASDAQ Last Sale. The proposed rule change was published for comment in
the Federal Register on April 14, 2009.\3\ The Commission received no
comment letters on the proposal. This order approves the proposed rule
change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 59712 (April 6,
2009), 74 FR 17273.
---------------------------------------------------------------------------
II. Description of the Proposal
NASDAQ Basic is a ``Level 1'' data product containing quotation
information from the NASDAQ Market Center and last sale data from the
NASDAQ Market Center. NASDAQ Basic was approved on March 16, 2009,\4\
as a pilot program and includes fees for usage and distribution of the
data. NASDAQ Basic is available in three forms, NASDAQ Basic for
NASDAQ, NASDAQ Basic for NYSE, and NASDAQ Basic for Alternext. NASDAQ
Basic is designed to meet the needs of current and prospective
subscribers that do not need or are unwilling to pay for the
consolidated data provided by the consolidated Level 1 products.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 59582 (March 16,
2009) 74 FR 12423 (March 24, 2009) (SR-NASDAQ-2008-102) (``Pilot
Approval Order'').
---------------------------------------------------------------------------
[[Page 24890]]
NASDAQ assesses a monthly fee for distributors of NASDAQ Basic in
addition to applicable monthly per user fees. Currently, each
Distributor of NASDAQ Basic for NASDAQ-listed stocks currently pays a
monthly fee of $1,500 for either internal or external distribution,
each Distributor of NASDAQ Basic for NYSE-listed stocks pays a monthly
fee of $250 for internal distribution or $625 for external
distribution, and each Distributor of NASDAQ Basic for Alternext-listed
stocks pays a monthly fee of $250 for internal distribution or $625 for
external distribution. In addition, each Distributor that receives
Direct Access to the NASDAQ Basic pays a monthly fee of $2,000 for
NASDAQ-listed stocks, $1,000 for NYSE-listed stocks, and $1,000 for
Alternext-listed stocks.
NASDAQ proposes to reduce the distribution fees for NASDAQ Basic.
First, NASDAQ proposes to make all three feeds available for a single
monthly Distributor Fee of $1,500, rather than add separate fees for
NYSE- and Alternext-listed securities. Second, NASDAQ proposes to
eliminate the fee for Direct Access to NASDAQ Basic, currently set
forth in Rule 7047(b). Finally, NASDAQ proposes to credit each
Distributor of NASDAQ Basic up to $1,500 per month based upon that
Distributor's monthly usage fees. For example, a Distributor that
reports $1,500 or more of monthly usage of NASDAQ Basic will pay no net
Distributor Fee, whereas a Distributor that reports $1,000 of monthly
usage will pay a net of $500 for the Distributor Fee.
III. Discussion and Commission Findings
The Commission 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.\5\ In
particular, it is consistent with Section 6(b)(4) of the Act,\6\ which
requires that the rules of a national securities exchange provide for
the equitable allocation of reasonable dues, fees, and other charges
among its members and issuers and other parties using its facilities,
and Section 6(b)(5) of the Act,\7\ which requires, among other things,
that the rules of a national securities exchange be designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system and, in general, to protect investors and the public interest,
and not be designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
---------------------------------------------------------------------------
\5\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\6\ 15 U.S.C. 78f(b)(4).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Commission also finds that the proposed rule change is
consistent with the provisions of Section 6(b)(8) of the Act,\8\ which
requires that the rules of an exchange not impose any burden on
competition not necessary or appropriate in furtherance of the purposes
of the Act. Finally, the Commission finds that the proposed rule change
is consistent with Rule 603(a) of Regulation NMS,\9\ adopted under
Section 11A(c)(1) of the Act, which requires an exclusive processor
that distributes information with respect to quotations for or
transactions in an NMS stock to do so on terms that are fair and
reasonable and that are not unreasonably discriminatory.\10\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b)(6).
\9\ 17 CFR 242.603(a).
\10\ NASDAQ is an exclusive processor of NASDAQ Basic under
Section 3(a)(22)(B) of the Act, 15 U.S.C. 78c(a)(22)(B), which
defines an exclusive processor as, among other things, an exchange
that distributes information with respect to quotations or
transactions on an exclusive basis on its own behalf.
---------------------------------------------------------------------------
This proposal would reduce the distribution fees for NASDAQ Basic
by charging a single monthly Distributor Fee of $1,500 for all three
NASDAQ Basic feeds, eliminating the fee for Direct Access to NASDAQ
Basic, and providing a credit to each Distributor of NASDAQ Basic up to
$1,500 per month based upon that Distributor's monthly usage fees. The
Commission has reviewed the proposal using the approach set forth in
the NYSE Arca Order for non-core market data fees.\11\ The Commission
recently found that NASDAQ was subject to competitive forces in setting
fees for NASAQ Basic in the Pilot Approval Order.\12\ There are a
variety of alternative sources of information that impose significant
competitive pressures on NASDAQ in setting the terms for distributing
NASDAQ Basic. The Commission believes that the availability of those
alternatives, as well as NASDAQ's compelling need to attract order
flow, imposed significant competitive pressure on NASDAQ to act
equitably, fairly, and reasonably in setting the terms of its proposal.
---------------------------------------------------------------------------
\11\ See Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770 (December 9, 2008) (SR-NYSEArca-2006-21) (``NYSE
Arca Order''). In the NYSE Arca Order, the Commission describes the
competitive factors that apply to non-core market data products. The
Commission hereby incorporates by reference the data and analysis
from the NYSE Arca Order into this order.
\12\ See Pilot Approval Order, supra note 4.
---------------------------------------------------------------------------
Because NASDAQ 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.
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\13\ that the proposed rule change (SR-NASDAQ-2009-028), be, and it
hereby is, approved.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-12143 Filed 5-22-09; 8:45 am]
BILLING CODE 8010-01-P
